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260505.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, May 5, 2026, Vol. 30, No. 125 Headlines 307 COLLISION: Seeks to Hire Blue Law Office as Bankruptcy Counsel 5 STAR HOME: Plan of Reorganization Confirmed Under Sec. 1191(b) 57 CONCRETE: Seeks to Sell Excess Equipment at Auction 717 SOUTH: Gets OK to Tap Madison Bay Commercial as Estate Broker 7TH PAR HOLDINGS: Voluntary Chapter 11 Case Summary 7TH PAR: Seeks Chapter 11 Bankruptcy in California 84 ENERGY: Drew McManigle's Appointment as Chapter 11 Trustee OK'd ACHIEVEABILITY THERAPY: Hires Ford & Semach as Bankruptcy Counsel AD SERVICE: Steven Wallace Named Subchapter V Trustee AFC ACQUISITION: Files Emergency Bid to Use Cash Collateral ALASKA AIR: S&P Downgrades ICR to 'BB-', Alters Outlook to Stable ALEXCO-USA INC: Commences Subchapter V Bankruptcy in California ALLEN WALNUT: Seeks to Hire Michelle Steele as Accountant ALPHA GROUP: Commences Chapter 11 Bankruptcy in California ALPINE CORP: Plan Exclusivity Period Extended to Aug. 3 AMERICAN STRATEGIC: Issues 232,098 Shares for Adviser Pay AMKOR TECHNOLOGY: S&P Alters Outlook to Stable, Affirms 'BB' ICR ANR INSULATION: Seeks Cash Collateral Access Thru July 24 BALLAST DESIGN: Hires W Realty Atlanta LLC as Real Estate Broker BEINGWIZARD LLC: Claims to be Paid from Property Sale Proceeds BISHOP OF FRESNO: Seeks to Extend Plan Exclusivity to Oct. 26 BLACKBERRY LIMITED: BlackRock Holds 5% Equity Stake BLUE ONYX: Court Denies Bid to Vacate Cash Collateral Order BON MORRO: Seeks to Extend Plan Exclusivity to June 30 BRAND ENGAGEMENT: To Buy Cataneo in $19.5M Transaction BROADBAND TELECOM: Seeks to Extend Plan Exclusivity to Oct. 5 BROOKFIELD RESIDENTIAL: Moody's Affirms 'B1' CFR, Outlook Stable BRUNCH ROOM: Seeks to Hire Offit Kurman as Bankruptcy Counsel CAPITAL G: To Sell Harbor Islands Property to Raymond E. Humiston CERO THERAPEUTICS: Sells $500K Convertible Note to Keystone Capital CHAPMAN CBC: Has Deals on Cash Collateral Access CONDUENT INC: S&P Lowers ICR to 'B-' on Continued High Leverage CRAFT PUTT: Seeks to Tap Hinkle Law Firm LLC as Bankruptcy Counsel CSC HOLDINGS: Moody's Cuts CFR to Caa3 to Caa2, Outlook Negative DAVIS DIESEL: Unsecured Creditors Will Get 25% of Claims in Plan ECO-ALPHA ENVIRONMENTAL: Starts Chapter 11 Bankruptcy in California EL DORADO: Trustee Taps Pollard Petroleum as Petroleum Engineer ENCOMPASS ENTERPRISE: Seeks to Use Cash Collateral Until Oct 30 ENDOCRINOLOGY ASSOCIATES: Case Summary & 8 Unsecured Creditors ENERGY CONVERSION: Ovonyx, et al., Entitled to Summary Judgment EVOLUTION ACADEMY: S&P Affirms 'B' Rating on 2010A/Q Revenue Bonds FAT BRANDS: Reaches Deal to Sell 2 Restaurants in Chapter 11 FOUR CORNERS: Seeks to Use Cash Collateral FREE SPEECH: Texas Court Paused The Onion's Bid for Infowars FTX TRADING: Judge Rejects Sam Bankman-Fried's New Trial Bid FULLER'S SERVICE: Seeks Cash Collateral Access FURMAN HOLDINGS: Seeks Chapter 7 Bankruptcy in California G6 MATERIALS: Seeks Chapter 7 Bankruptcy in New York G6 MATERIALS: Seeks Chapter 7 Bankruptcy in New York GLOBAL ENTERPRISE: Gets Interim OK to Use Cash Collateral GLUCOTRACK INC: Exchanges $988,000 Note for 1.3M Shares GOLDEN ENTERTAINMENT: S&P Withdraws 'BB-' Issuer Credit Rating GRAPHENE LABORATORIES: Commences Chapter 7 Bankruptcy in New York GULF COAST HEALTH: Creditor Seeks Chapter 11 Trustee Appointment HAWTHORNE RACE: Court OKs Bid Rules for Racecourse Asset Sale HESTIA INSIGHT: To Divest Subsidiary in Settlement HIAWATHA MANOR: Sale of Properties to Benefit Estate, Co-Owners HOME SWEET HOME REALTY: Seeks Chapter 7 Bankruptcy in California IMH DALLAS: Lender Entitled to Stay Relief, Court Rules INTERTRADERONE LLC: Updates Unsecured Claims Details J. PATRICK LEE: Hires Regional Realty Group as Real Estate Broker JAGUAR HEALTH: Nasdaq Sets May 15 Bid Price Compliance Deadline JOSEPH & JUANITA: Hires Tax & Financial Guidance as Bookkeeper KAT CREATIVE: Seeks Chapter 7 Bankruptcy in California KC HOMES: Case Summary & 10 Unsecured Creditors KOMAL-MILAN LLC: Hires Paul Reece Marr PC as Bankruptcy Counsel KRT INC: Seeks to Hire Blue Law Office, LLC as Bankruptcy Counsel LAND GO: Seeks Approval to Hire Conroy Baran LLC as Attorney LELAND HOUSE: To Sell Detroit Property to Highest Bidder LIQUOR WORLD: Hires Gleichenhaus Marchese as Bankruptcy Counsel M & B HOLDINGS: Voluntary Chapter 11 Case Summary MACIAS CAPUCHINO: Commences Chapter 7 Bankruptcy in California MACON-BIBB COUNTY: Moody's Affirms Ba2 Rating on 2018A Rev. Bonds MACROFIT INC: Gets Interim OK to Use Cash Collateral MARTIN ENERGY: Markel Loses Bid to Partially Withdraw Reference MAWSON INFRASTRUCTURE: Gets Nasdaq Delist Notice, Changes Name MIZELL MEMORIAL: Case Summary & 20 Largest Unsecured Creditors MORRIS REAL: Seeks 120-Day Extension of Plan Filing Deadline MVP GROUP: Plan Exclusivity Period Extended to May 11 MY VAPE ORDER: Case Summary & 20 Largest Unsecured Creditors MYSTICAL STARS: To Sell Parsippany Properties to Multiple Buyers NAAS TECHNOLOGY: Shareholders Approve Share Capital Amendment NATIONAL BUILDERS: Updates Liquidating Plan Disclosures NEW FORTRESS: BlackRock, Inc. Holds 4% Equity Stake NEW GARDEN HOME: Seeks Chapter 7 Bankruptcy in New York NEXTNRG INC: Enters $1 Million Loan Agreement With Venture Debt OLIVER CORNERS: U.S. Trustee Seeks Chapter 11 Trustee Appointment OLIVER VILLAGE: U.S. Trustee Seeks Chapter 11 Trustee Appointment PALM GREENS: Trustee Taps Furr and Cohen P.A. as Legal Counsel PALWAUKEE HOSPITALITY: Files Amendment to Disclosure Statement PANIOLO CABLE: 9th Cir. Affirms Summary Judgment in Clearcom Case PARADISE LAND: Kevin Heard Named Subchapter V Trustee PARKERVISION INC: Extends 3.53M Stock Options to August 2029 PEOPLE'S MISSIONARY: Seeks Chapter 11 Bankruptcy in California PIONEER HOLDCO: S&P Assigns 'B' Issuer Credit Rating on Refinancing PLATINUM HANDS: Seeks Chapter 7 Bankruptcy in New York PODS LLC: Moody's Assigns 'B3' Rating to New Senior Secured Debt PRIORITY TOWING: Hires Frost & Associates as Bankruptcy Counsel QHSLAB INC: Marvin Smollar Family Trust Holds 14.8% Equity Stake QSR STEEL: Seeks to Hire Michael J. Barnaby as Special Counsel RAD DIVERSIFIED: Seeks to Sell Philadelphia Property at Auction RE/MAX HOLDINGS: Real Brokerage Deal No Impact on Moody's 'B2' CFR REEL TRIMS: Hires Steven E. Wallace PL as Bankruptcy Counsel RISEWELL HOMES: Moody's Alters Outlook on 'B2' CFR to Stable ROYAL EXPRESS DELIVERY: Commences Chapter 11 Bankruptcy in Calif. SABERT CORP: Moody's Alters Outlook on 'B1' CFR to Stable SABLE OFFSHORE: BlackRock, Inc. Holds 6.2% Equity Stake SAICP HOTEL: Seeks Chapter 11 Bankruptcy in California SAIG LAUNDRY: Seeks to Hire Elisabeth L. Gray as Bookkeeper SAN JOSE BIOCUBE: Seeks Chapter 7 Bankruptcy in California SAN MATEO SPORTS: Seeks Chapter 7 Bankruptcy in California SARC US: Files Supplemental Motion on Carol Stream Property Sale SCV GRAPHIC: Court OKs Equipment Sale to Parallax Digital Studios SF OAKLAND: Hires Martin M. Ron Associates as Land Surveyor SIMEON D: Seeks Chapter 7 Bankruptcy in California SLOAN SCHOOL: Gets Interim OK to Use Cash Collateral Until May 21 SPARHAWK LLC: WoodTrust Bank Loses Bid for Abstention SPIRIT AVIATION: Plan Exclusivity Period Extended to July 27 SPIRIT AVIATION: Says Govt. Bailout Loan Talks Still Underway ST. MICHAEL'S COLLEGE: Moody's Cuts Issuer Rating to B3 STAR ONE: Hires Behar Gutt & Glazer PA as Bankruptcy Counsel STEPHAN CO: June 4 FFIC Settlement Approval Hearing Set SV RNO PROPERTY: S&P Assigns (P) 'BB+' Rating to Sr. Secured Notes TRANQUILITY FARMS: Jennifer McLemore Named Subchapter V Trustee TRINET GROUP: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable VM SPV2: Seeks Chapter 11 Bankruptcy in New York W. GATES REAL: Case Summary & Eight Unsecured Creditors WHITE RHINO: Gets Interim OK to Use Cash Collateral Until May 15 WHITESTONE CROSSING: Hires Walker & Dunlop as Real Estate Broker WORKHORSE GROUP: Boosts Cash Flow Credit Line to $20M via Amendment WORKHORSE GROUP: CEO Compensation Memorialized With Severance Terms WSONE-55 INC: Has Deal on Cash Collateral Access Thru July 31 XOS INC: Signs Separation Deal With Former Counsel ZD SAND: Seeks to Hire Jones Murray LLP as General Counsel ZD SAND: Seeks to Hire Karen Nicolaou of Harney Partners as CRO [^] Turnarounds & Workouts Names Top Young Restructuring Lawyers ********* 307 COLLISION: Seeks to Hire Blue Law Office as Bankruptcy Counsel ------------------------------------------------------------------ 307 Collision Center, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Blue Law Office, LLC, as its attorneys. The firm will render these services: a. prepare pleadings and applications; b. advice regarding its rights, duties and obligations as a debtor in possession; c. perform legal services incidental to operation of the Debtor's business; d. negotiate, prepare and confirm a plan of reorganization; e. take other necessary and proper action in the preservation and administration of the bankruptcy estate. Ms. Blue's hourly rate is $400 per hour. Kelly Blue, principal of Blue Law, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Blue Law can be reached at: Kelly Blue, Esq. Blue Law Office, LLC 405 Ruby St. Kemmerer, WY 83101 Telephone: (307) 723-0341 Email: kelly.blue.atty@gmail.com About 307 Collision Center Inc. 307 Collision Center, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Wyo. Case No. 26-20025) on January 21, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Cathleen D. Parker oversees the case. Clark Stith is Debtor's legal counsel. 5 STAR HOME: Plan of Reorganization Confirmed Under Sec. 1191(b) ---------------------------------------------------------------- Judge Elisabetta G. M. Gasparini of the U.S. Bankruptcy Court for the District of South Carolina denied 5 Star Home Care, Inc.'s request to have its Plan of Reorganization confirmed as consensual under 11 U.S.C. Sec. 1191(a). The Plan is confirmed pursuant to 11 U.S.C. Sec. 1191(b). This Matter came before the Court for a confirmation hearing to consider the Plan of Reorganization and the Modified Plan of Reorganization filed by 5 Star Home Care, Inc. ("Debtor"). Debtor's counsel requested that the plan be confirmed under 11 U.S.C. Sec. 1191(a), but the United States Trustee objected. The chapter 11 plan of reorganization in this case classified creditors and equity in five separate classes -- four of which were classified as impaired. Three of the four impaired classes voted to accept the plan. Class 3, comprised of a claim by the U.S. Small Business Administration ("SBA") -- a creditor empowered to accept or reject a chapter 11 plan under 11 U.S.C. Sec. 1126(a) -- neither accepted nor rejected the plan. In the absence of any vote by an impaired class, the Court must resolve whether the class should be treated as having accepted the plan for purposes of consensual confirmation under Sec. 1191(a), or whether the plan must be confirmed under Sec. 1191(b). Debtor asserts that the Plan complies with the provisions of the Bankruptcy Code and is confirmable as a consensual plan pursuant to 11 U.S.C. Sec. 1191(a), notwithstanding Class 3's "silence." Debtor argues that the status of Class 3 is "unclear" and is "arguably unimpaired" since it is being paid in full at the contract interest rate, and the payment of the claim is accelerated to be fully paid during the plan term as opposed to the thirty (30) year contract term. Alternatively, if Class 3 is deemed impaired, Debtor contends that the Court should either treat Class 3 as having accepted the Plan or disregard the class altogether under the specific facts of this case. Debtor represents that the SBA, as the sole creditor in Class 3, purportedly follows a "policy" of not voting on chapter 11 plans, based on Sec. 1126(a), which provides that when the United States is a creditor, the Secretary of Treasury may vote on its behalf. Debtor further maintains that the Bankruptcy Code does not impose an express requirement that a silent class be treated as having rejected the Plan and that it is Congress's preference that subchapter V plans be confirmed as consensual. Thus, Debtor posits the Court should exercise its equitable powers to confirm Debtor's plan as consensual pursuant to 11 U.S.C. Sec. 1191(a). Finally, Debtor argues that the facts of this case are distinguishable from those requiring affirmative acceptance by impaired classes for confirmation under Sec. 1191(a), as this case involves a single class comprised of a single governmental creditor that failed to vote. The UST argues that the Plan cannot be confirmed under Sec. 1191(a) because Class 3 is impaired and failed to affirmatively accept the Plan. While acknowledging that Congress favors consensual plans in subchapter V cases, the UST maintains that the Bankruptcy Code unambiguously requires an affirmative vote for an impaired class to accept a plan. The UST, however, raises no objections to confirmation of the Plan under Sec. 1191(b). The Court is presented with two primary questions: (1) whether the SBA's claim is impaired, and (2) whether the Plan can be confirmed as consensual under Sec. 1191(a) when an impaired class -- consisting solely of a government agency -- fails to vote to accept or reject a plan. The Plan and Ballot Tally specifically designate Class 3 as an impaired class. From a procedural standpoint, it would be improper to solicit votes on a plan and thereafter change the classification of a class to "unimpaired" once voting has concluded -- at least without first amending the plan and resoliciting votes as required by Fed. R. Bankr. P. 3019(a). Accordingly, the Court will not permit Debtor to reclassify Class 3 to "unimpaired" after solicitation to secure "consensual" confirmation under 11 U.S.C. Sec. 1191(a). The Court finds that the failure of the creditors in Class 3 to submit a vote accepting or rejecting confirmation of the Plan is not equivalent to acceptance of the plan as required by Sec. 1126(c). Furthermore, the Court finds it difficult to reconcile the notion of "deemed acceptance" by an impaired class failing to vote with Sec. 1126(f), which provides that an unimpaired class is "conclusively presumed to have accepted the plan." Section 1126(f) is the only provision of the Bankruptcy Code specifying when a creditor is deemed to have accepted a plan without having submitted a ballot, and it is reasonable to assume that Congress intended §1126(f) as the exclusive means by which a creditor could be deemed to have accepted a plan in the absence of a ballot, as Congress could have specified other circumstances in which the concept applies. The case before this Court is more analogous to that of M.V.J. Auto World, where the Court held that a class's failure to vote should either not be treated as an acceptance of the plan by that class or disregarded for purposes of Sec. 1129(a). As in this case, the SBA was the lone member of its class, and that class was the only impaired class that failed to cast a ballot on the plan. Debtor argues that the facts differ because Ocean Bank, the UST, and the Subchapter V Trustee all objected to the plan being confirmed as consensual under Sec. 1191(a). In this Court's view, that is a distinction without substantive difference. The Court is unpersuaded that the M.V.J. Auto World court would have ruled differently merely because the sole objection to consensual confirmation was raised by the UST, as occurred in this case. The court in M.V.J. Auto World rejected the approach that failure to vote allows the class to be disregarded for purpose of Sec. 1129(a)(8) finding the Bankruptcy Code to be unambiguous. Rather, for a plan to be confirmed as consensual it must meet the requirements of Sec. 1129(a)(8). This Court agrees with the reasoning of M.V.J. Auto World and finds that the Bankruptcy Code is not ambiguous; therefore, a class's silence should not be disregarded or considered an acceptance. This Court concludes that the Bankruptcy Code is unambiguous and that classes of claims must affirmatively accept a chapter 11 plan for purposes of Sec. 1129(a)(8). Accordingly, the Court declines to construe the SBA's silence as acceptance of the Plan or to disregard it on the basis of its status as a governmental entity. The Court acknowledges that this result may appear harsh at first blush; however, it does not foreclose all avenues of relief for Debtor. The Bankruptcy Code itself provides a path forward: The Plan may still be confirmed, albeit under 11 U.S.C. Sec. 1191(b). Though that outcome may not be as attractive to Debtor, it still would result in Debtor receiving a discharge under Sec. 1192 "as soon as practicable" after Debtor completes the Plan payments. A copy of the Court's Memorandum Opinion dated April 24, 2026, is available at https://urlcurt.com/u?l=K1aUnx from PacerMonitor.com. About 5 Star Home Care Inc. 5 Star Home Care, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-04786) on December 4, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. W. Harrison Penn serves as Subchapter V trustee. Judge Elisabetta Gm Gasparini presides over the case. Christine E. Brimm, Esq., at Barton Brimm, PA represents the Debtor as legal counsel. 57 CONCRETE: Seeks to Sell Excess Equipment at Auction ------------------------------------------------------ 57 Concrete LLC and its affiliates, 57 RGV Machinery LLC, 57 Fuels LLC, and 57 Logistics LLC, seeks permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell excess equipment at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors' businesses are functionally interdependent. RGV Machinery owns and leases heavy equipment used in the production and delivery of ready-mix concrete, with 57 Concrete as its primary customer. Fuels and Logistics support operations through fuel-related activities, transportation, and ownership of certain related assets. The Debtors' financial affairs are similarly interconnected, including through ongoing intercompany transactions and receivables. The Debtors' capital structures are primarily comprised of secured equipment financing. RGV Machinery's equipment portfolio is largely financed by Commercial Credit Group, Inc. and other lenders holding security interests in substantially all of its equipment assets. Fuels and Logistics maintain similar, though smaller, secured financing arrangements. Certain obligations are supported by cross-entity guarantees, further tying the Debtors’ financial condition to that of 57 Concrete. The Debtors’ financial challenges arise primarily from the commencement of the 57 Concrete chapter 11 case and the resulting disruption to intercompany cash flows. As of that filing, RGV Machinery was owed a significant accounts receivable balance from 57 Concrete, which is now subject to the bankruptcy process, creating near-term liquidity constraints. Although the Debtors' operations remain viable, the disruption in cash flow has impacted their ability to service secured debt obligations. At the same time, the Debtors are evaluating the disposition of certain non-core assets, particularly within Fuels and Logistics, where certain equipment is not essential to ongoing operations. The Debtors anticipate that proceeds from such dispositions will be applied toward valid secured obligations. The Debtor seeks to retain the Auctioneer as auctioneer in the Chapter 11 cases because the Debtors require a qualified professional to market and sell certain equipment in an efficient and value-maximizing manner, and the Debtors lack the internal expertise to conduct such sales. The Auctioneer was selected based on its extensive experience, industry reputation, and demonstrated ability to conduct successful live, online, and hybrid auctions of heavy equipment and similar assets. The Debtors periodically identify equipment that is no longer necessary or beneficial to its operations. The Debtors propose to sell such Excess Equipment pursuant to the Sale Procedures. The Debtors have identified the Known Excess Equipment, including certain heavy equipment owned by 57 Concrete and RGV Machinery, and certain equipment owned by Fuels and Logistics, including equipment financed by CCG and other lenders, consisting of, among other things, concrete trucks and related equipment. The Debtors have determined that such Excess Equipment is not required for its ongoing operations and may be monetized to generate value for the estate. Continued retention of such equipment may result in unnecessary costs, including storage, insurance, and depreciation. The Debtors respectfully request that the Court authorize a structured framework governing the handling and distribution of proceeds from any equipment sales conducted pursuant to the Order. The Debtor submits that the Excess Equipment is not necessary for the Debtors' ongoing operations, may continue to incur carrying costs, and is subject to depreciation. About 57 Concrete LLC 57 Concrete LLC is a Texas-based concrete contracting company that provides concrete construction services for residential, commercial, and infrastructure projects. The company's operations typically include concrete pouring, finishing, and related site work for building and development projects across the region. 57 Concrete sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90818) on Dec. 19, 2025. In its petition, the Debtor reported assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Christopher M. Lopez presides over the case. The Debtor is represented by Charles Michael Rubio, Esq., and Lenard M. Parkins, Esq., at Parkins & Rubio, LLP. On January 26, 2026, the United States Trustee for the Southern District of Texas appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Grable Martin PLLC as its counsel. 717 SOUTH: Gets OK to Tap Madison Bay Commercial as Estate Broker ----------------------------------------------------------------- 717 South Michigan, LLC received approval from the U.S. Bankruptcy Court for the Western District of Washing ton to hire Madison Bay Commercial LLC as real estate broker. The firm will market and sell the Debtor's property located at 717 South Michigan St, Seattle, Washington 98108. Madison Bay will be paid a commission equal to 5% of the gross purchase price at closing, to be shared with any cooperating broker representing the purchaser. As disclosed in the court filings, Madison Bay Commercial LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Hugh Winskill Madison Bay Commercial LLC 9 Lake Bellevue Dr Ste 120 Bellevue, WA 98009 Phone: (206) 330-1794 Email: hwinskill@re-associates.com About 717 South Michigan, LLC 717 South Michigan, LLC is a Seattle-based commercial real estate holding company. 717 South Michigan, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10045) on January 8, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Christopher M. Alston handles the case. 7TH PAR HOLDINGS: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: 7th PAR Holdings, LLC 4490 Hwy 49 South Mariposa CA 95338 Business Description: 7th PAR Holdings, LLC is a Mariposa, California-based single-asset real estate company that owns and manages a short-term rental property. Chapter 11 Petition Date: April 28, 2026 Court: United States Bankruptcy Court Eastern District of California Case No.: 26-11904 Judge: Hon. Jennifer E. Niemann Debtor's Counsel: David Foyil, Esq. EQUAL JUSTICE LAW GROUP 601 Court Street Suite 106 Jackson CA 95642 Tel: 209-223-5363 E-mail: davidfoyil@equaljusticelawgroup.com Total Assets: $455,085 Total Debts: $1,073,517 The petition was signed by Kenneth Carver as managing member. The Debtor submitted the required list of its 20 largest unsecured creditors, but provided no names. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AP7FGYI/7th_PAR_Holdings_LLC__caebke-26-11904__0001.0.pdf?mcid=tGE4TAMA 7TH PAR: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------- On April 28, 2026, 7th Par Holdings, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About 7th Par Holdings, LLC 7th Par Holdings, LLC is a single asset real estate company. 7th Par Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11904) on April 28, 2026. In its petition, the debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Jennifer E. Niemann handles the case. The debtor is represented by David Foyil, Esq. 84 ENERGY: Drew McManigle's Appointment as Chapter 11 Trustee OK'd ------------------------------------------------------------------ Judge Eduardo Rodriguez of the U.S. Bankruptcy Court for the Southern District of Texas approved the appointment of Drew McManigle as Chapter 11 trustee for 84 Energy, LLC. Mr. McManigle was appointed on April 23 by the U.S. Trustee for Region 7, the Justice Department's bankruptcy watchdog overseeing 84 Energy's Chapter 11 case. In a court filing, Mr. McManigle declared that he does not have any connections with 84 Energy, creditors, the U.S. Trustee or any other parties in interest. Mr. McManigle is the chief executive officer and founder of MACCO Group, a nationwide business restructuring and business turnaround advisory firm. Drew McManigle MACCO Group 708 Main, 10th Floor Houston, TX 77002 Tel: (410) 350-1839 drew@macco.group About 84 Energy LLC 84 Energy, LLC is an independent oil and gas exploration and production company based in Richmond, Texas, operating across multiple counties in the state. The Company manages mineral and lease interests, and it produces crude oil, natural gas, and related hydrocarbons from its wells. Its operations include managing active production sites and associated assets within the Texas energy sector. 84 Energy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37093) on November 25, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Aaron Shimek, president of 84 Energy, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Richard L. Fuqua, II, Esq., at Fuqua & Associates, PC as legal counsel and David McGowan, CPA, as accountant. ACHIEVEABILITY THERAPY: Hires Ford & Semach as Bankruptcy Counsel ----------------------------------------------------------------- Achieveability Therapy Services, PL seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. as its bankruptcy counsel. The firm will provide these services: (a) analyzing the financial situation and providing advice regarding whether to file a Chapter 11 petition; (b) advising the Debtor-in-Possession regarding its powers and duties in operating the business and managing estate property; (c) preparing and filing the petition, schedules of assets and liabilities, statement of financial affairs, and other required documents; (d) representing the Debtor at the Sec. 341 meeting of creditors; (e) providing legal advice regarding the Debtor's responsibilities as Debtor-in-Possession; (f) advising on compliance with U.S. Trustee Operating Guidelines and court rules; (g) preparing motions, pleadings, applications, and other legal papers and appearing at hearings; (h) protecting the Debtor's interests in all matters before the Court; (i) representing the Debtor in negotiations with creditors and in the preparation of a Chapter 11 plan; and (j) performing all other necessary legal services for the Debtor-in-Possession. The firm will receive hourly rates of $550 for Buddy D. Ford, $500 for Jonathan A. Semach, $450 for Heather M. Reel, and $150 for paralegals. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has no connection with the Debtor, creditors, or other parties in interest. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Achieveability Therapy Services PL Achieveability Therapy Services, PL sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03241) on April 17, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Kimberly Hull, president of Achieveability Therapy Services, signed the petition. Buddy D. Ford, Esq., at Ford & Semach, P.A., represents the Debtor as legal counsel. AD SERVICE: Steven Wallace Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 13 appointed Steven Wallace as Subchapter V trustee for AD Service, LLC. Mr. Wallace will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Wallace declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven M. Wallace Goldenberg Heller & Antognoli P.C. 2227 South State Route 157 Edwardsville, Illinois 62025 Telephone: (618) 656-5150 Facsimile: (618) 656-6230 Email: steven@ghalaw.com About AD Service LLC AD Service LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-41666) on April 17, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Spencer P. Desai, Esq., at The Desai Law Firm, LLC represents the Debtor as bankruptcy counsel. AFC ACQUISITION: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------- AFC Acquisition Corporation asks the U.S. Bankruptcy Court for the District of New Mexico, for emergency authorization to use cash collateral and to provide adequate protection to its secured creditors during the early stages of its bankruptcy case. The company filed its Chapter 11 petition on March 4, 2026, and operates with two primary secured creditors asserting interests in its cash and operating accounts: the U.S. Small Business Administration, owed approximately $1.9 million under an Economic Injury Disaster Loan secured by substantially all accounts and deposit accounts, and BOKF, N.A. (Bank of Albuquerque), owed approximately $120,000 under a business loan secured in part by the Debtor's deposit accounts maintained at the bank. The Debtor seeks court approval to use cash collateral through June 30, 2026, in accordance with an updated interim budget. This request follows a prior emergency authorization and a hearing held on April 22, 2026, during which issues were raised by the U.S. Trustee regarding improper notice to several creditors due to incorrect address listings. In response, the Debtor amended its creditor matrix to correct the deficiencies and filed this supplement both to update its budget and to provide proper notice to affected parties, including identified trade and media creditors. The Debtor argues that continued use of cash collateral is essential to preserve its going-concern value and avoid immediate and irreparable harm, including cessation of operations. It explains that access to cash is necessary to maintain vendor and customer relationships, meet payroll and employee obligations, fund working capital needs, and support ongoing operations. Without such authority, the Debtor contends it would be forced to shut down, eliminating any possibility of a going-concern sale or reorganized plan and significantly harming creditors and stakeholders. As adequate protection, the Debtor proposes monthly cash payments to secured creditors: $9,580 per month to the SBA beginning April 2, 2026, and continued monthly payments of $1,516 to BOKF pursuant to its existing loan agreement. In addition, both creditors are to receive replacement liens on postpetition assets and proceeds of the same type and priority as their prepetition liens, securing any potential diminution in value of their collateral caused by its use during the case. These protections are intended to preserve the creditors' economic position while allowing the Debtor to operate. A copy of the motion is available at https://urlcurt.com/u?l=D6OETj from PacerMonitor.com. About AFC Acquisition Corporation, a Delaware Corporation AFC Acquisition Corporation, a Delaware Corporation, d/b/a American Home Furniture, sells living room, dining room, and bedroom furniture, mattresses, and home decor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 26-10283) on March 4, 2026. In the petition signed by Kenton Van Harten, CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert H. Jacobvitz oversees the case. Chris Gatton, Esq., at GATTON & ASSOCIATES, P.C., represents the Debtor as legal counsel. ALASKA AIR: S&P Downgrades ICR to 'BB-', Alters Outlook to Stable ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Alaska Air Group Inc. to 'BB-'. At the same time, S&P affirmed its 'A+' issue-level rating on Alaska's class A enhanced equipment trust certificates (EETCs). S&P revised the outlook to stable from negative based on its expectation for its credit measures to strengthen beyond this year, including funds from operations (FFO) to debt about 30% by the end of 2027. S&P said, "Given the ongoing Middle East conflict and material rise in oil and jet fuel prices, we expect Alaska Air Group Inc.'s metrics to be significantly pressured this year. "We no longer project FFO to debt to reach 30% this year, representing the third year that this measure will likely remain below our previous downside threshold. "The demand environment remains strong and increases in air fares should mitigate fuel price inflation, but not to an extent that will lead to credit measures we view as commensurate for our rating. "Our downgrade reflects our expectation for materially weaker cash flow this year, further delaying expected recovery in its credit measures due to sharply higher jet fuel prices. We now estimate the company's FFO to debt to be about 10% this year, which is much lower than our previous estimates. It also represents the third year that this measure will likely remain below our previous 30% rating threshold. "We raised our West Texas Intermediate (WTI) and Brent crude oil price assumptions by $15 per barrel (/bbl) for the remainder of 2026 to $95/bbl, reflecting larger and more persistent oil supply disruptions, alongside elevated geopolitical risk premiums, as U.S.-Iran peace talks remain at a standstill. In addition, Alaska has significant exposure to West Coast and Singapore refining margins. The latter--historically the lowest cost portion of its fuel supply--has surged by more than 400%. "We now expect its fuel expense (which historically represented over 20% of Alaska's operating expenses) to rise considerably and pose a significant cash flow headwind this year, with an estimated jet fuel price of about $3.83/gallon for the full year compared with our previous forecast of about $2.50/gallon. "We expect higher air fares will mitigate the impact of higher fuel costs on earnings and cash flow, but not to an extent that limits material downside to earnings this year. All airlines have recently announced successful price increases, citing resilient demand. As of April, Alaska indicated it is recovering about a third of incremental fuel costs, with further upside if demand remains strong. "However, we do not envision a sufficient increase in revenues to offset the pressure on earnings and cash flow this year. We also assume the proportion of fuel costs recovered by the company will lag that of certain peers, mainly based on public disclosure. We project revenue growth of about 11% this year, driven primarily by a 9% increase in unit revenue, translating to a recovery of about 45% of our forecasted incremental fuel cost through price increases. "Prior to the outbreak of the Middle East conflict, Alaska already had a limited downside cushion in its metrics, with our previous 2026 FFO to debt projection of 31%-32% only slightly exceeding the 30% downside threshold. In line with its peers, Alaska is proactively adjusting its capacity plans for the rest of the year, and close-in capacity reduction will likely put pressure on unit costs. We now project S&P EBITDA margins will be in the mid-to-high single-digit percent area this year, down from about 14% projected previously and 12% in 2025. "We expect negative free cash flow generation this year to result in greater financing needs, leading to a higher expected debt profile exiting 2026. Therefore, while we expect the operating environment to improve considerably next year, we project FFO to debt will only slightly exceed 30% by the end of 2027. "We expect Alaska to continue executing on its Alaska Accelerate plan, which should support improved metrics over the longer term, driven by higher-quality revenue from growth in premium offerings, international routes, and loyalty program. Aside from the fuel price environment, we note integration and synergy initiatives have been on track, notably with its single-passenger service system completed in the second quarter." Alaska also recently announced extension of its co-brand credit card agreement as well as amendments to the legacy Hawaiian cargo contract with Amazon, both of which should support margin expansion beyond this year. The company is executing on its higher-margin, long-haul routes expansion, where increased international service from its Seattle hub should enhance exposure to corporate customers. S&P acknowledges Alaska's track record of managing its cost structure and navigating industry dynamics, however certain events have contributed to earnings under performance over the past several years. Prior to the debt-funded acquisition of Hawaiian Airlines and various subsequent events (e.g., tariffs, IT outages, and a government shutdown in 2025) that slowed its deleveraging path, the company consistently maintained FFO to debt levels well above 30%. S&P said, "Our base case assumes the fuel environment will moderate toward the end of this year, with capacity growth returning to the mid-single-digit percent area in 2027. With the Hawaiian integration nearing completion, we expect growth to mitigate unit cost inflation and allow FFO to debt to recover, with further recovery in profitability and free cash flow generation beyond. That said, the airline industry remains volatile with limited visibility, and Alaska is still materially smaller than Southwest and the network carriers. "We expect Alaska to maintain its liquidity position through incremental debt issuances. We now project a free cash flow deficit (on a reported basis) of about $740 million this year. Alaska completed $250 million in share repurchases year-to-date (the full amount we projected for this year) but has announced a pause on further repurchases given uncertainty around the current outlook. "In order for the company to maintain its target liquidity position of about 15%-25% of trailing-twelve-month revenue (inclusive of its recently upsized $1.1 billion revolver), we forecast debt financing of $1.0 billion-$1.5 billion this year. We expect the company to aim for the higher end of the target range this year to preserve flexibility in light of ongoing elevated fuel prices. While we believe Alaska has ample borrowing capacity based on the considerable size of its unencumbered asset base, incremental financing increases its debt servicing burden and could further weaken metrics. "The stable outlook reflects our view that Alaska's cash flow and credit measures should meaningfully improve next year from weak 2026 levels. We assume operating performance will be pressured by elevated fuel costs over the next few quarters. However, we expect a continuing robust demand environment coupled with easing fuel prices to result in FFO to debt about 30% by the end of 2027. We expect the company to continue executing on its integration plan and strengthen the overall mix of its business by expanding higher-margin premium, international, and loyalty revenue streams. "We could lower the rating on Alaska if fuel prices remain elevated for longer than expected or the demand environment weakens such that the company is unable to raise fares sufficiently to cover incremental fuel costs, leading to FFO to debt remaining below 20% (or leverage above 4x area) beyond 2026. We could also lower the rating if the company sustains material free cash flow deficits or higher-than-expected share repurchases lead to higher debt financing. "We could raise our rating on Alaska if we expect FFO to debt to exceed 30% (or leverage below 3x) on a sustained basis. This could happen if the fuel prices materially moderate through next year without a corresponding decline in unit revenues. In this scenario, we would expect a continuing strong demand environment that supports steady capacity growth and continuing high airfares that more than offset unit cost inflation." ALEXCO-USA INC: Commences Subchapter V Bankruptcy in California --------------------------------------------------------------- On April 30, 2026, Alexco-USA Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of California. 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 9, 2026 at 01:00 PM To access telephonic 341 meeting, call 888-330-1716 and enter passcode 6374440#. About Alexco-USA Inc. Alexco-USA Inc. is a privately held company with limited publicly available information, potentially engaged in commercial or industrial operations. Alexco-USA Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01810) on April 30, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. The debtor is represented by Michael Jay Berger, Esq. of the Law Offices of Michael Jay Berger. ALLEN WALNUT: Seeks to Hire Michelle Steele as Accountant --------------------------------------------------------- Allen Walnut Ridge Trucking, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to hire Michelle Steele, a professional based in West Va., as its accountant. The firm will render these services: a. prepare Monthly Operating Reports: b. review all financial statements; c. review all tax returns; d. assist the Debtor's counsel in preparation of financial projections to be used in connection with the Reorganization Plan; e. prepare payroll and invoices; and f. prepare all tax returns. Ms. Steele will charge $75 per hour for her services. Ms. Steele 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 accountant can be reached through: Michelle Steele Michelle Steele Accounting Solutions, Inc. 5306 Dalewood Drive Cross Lanes, WV 25313 Telephone: (304) 553-2294 About Allen Walnut Ridge Trucking, Inc. Allen Walnut Ridge Trucking, Inc. is a transportation company engaged in freight hauling and logistics services. Allen Walnut Ridge Trucking, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20084) on April 10, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge B. McKay Mignault handles the case. The Debtor is represented by Joseph W. Caldwell, Esq. of Caldwell & Riffee. ALPHA GROUP: Commences Chapter 11 Bankruptcy in California ---------------------------------------------------------- On April 28, 2026, Alpha Group, Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of California. Court documents indicate the company owes between $1 million and $10 million to a creditor group ranging from 1 to 49 parties. About Alpha Group Inc Alpha Group, Inc. owns and operates income -producing commercial real estate. Alpha Group Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No.26-21163) on March 4, 2026. Ahmed Mohieldien, secretary/chief financial officer, signed the petition. Judge Christopher D. Jaime oversees the case. ALPINE CORP: Plan Exclusivity Period Extended to Aug. 3 ------------------------------------------------------- Judge Neil W. Bason of the U.S. Bankruptcy Court for the Central District of California extended Alpine Corporation's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 3 and Oct. 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that in order to formulate and file a feasible plan of reorganization, the Debtor requires resolution with its outstanding disputes with its secured creditor, IDB, and has been working diligently to right size its business operations and achieve profitability. These issues must be resolved in order for the Debtor to be able to formulate a plan. Moreover, since the case was recently filed, the Debtor requires additional time to effectuate a reorganization of its financial affairs so that it can determine the term of its Plan. The Debtor believes that the requested extension of its exclusivity periods is reasonable, appropriate and in the best interests of the estate. The Debtor believes that a reorganization under Chapter 11 will enable it to right-size its operations, restructure obligations, preserve jobs, maintain supplier and customer relationships, and maximize recoveries for creditors relative to a liquidation. The Debtor asserts that it is not feasible for the Debtor to file a Plan now given the pending issues. A premature Plan may ultimately result in further delay of the confirmation process and increase the administrative costs of this case as any Plan filed now will have to be amended following any resolution of disputes with IDB and/or further analysis of the operations of the Debtor. Alpine Corporation is represented by: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 11500 W. Olympic Blvd., Suite 400 Los Angeles, CA 90064 Telephone: (310) 954-1690 E-mail: mkogan@koganlawfirm.com About Alpine Corporation Alpine Corporation, founded in 1999 and based in California, designs, imports, and distributes home, garden, and holiday products, offering a range that includes outdoor lighting, fountains, planters, garden decor, seasonal items, and innovative new products such as Bluetooth speakers. The Company operates an in-house design team known for producing decorative and functional pieces, and maintains a global sourcing operation to ensure quality, competitive pricing, and timely delivery. Alpine serves both retail stores and online customers through its platform, positioning itself in the home and garden products industry. Alpine Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-10067) on January 5, 2026. At the time of the filing, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Kogan Law Firm, APC, is the Debtor's counsel. AMERICAN STRATEGIC: Issues 232,098 Shares for Adviser Pay --------------------------------------------------------- American Strategic Investment Co. issued 232,098 Class A common shares to New York City Advisors, LLC on April 30, according to a Form 8-K filing with the Securities and Exchange Commission. The company said it had accrued and owed the adviser cash compensation of $1,910,169.12 under its advisory agreement. The adviser elected to receive the compensation in the form of shares of the company's Class A common stock. The company's Compensation Committee approved the grant under the company's 2020 Advisor Omnibus Incentive Compensation Plan in full satisfaction of the compensation owed under the advisory agreement. The shares were issued under an exemption from registration set forth in Section 4(a)(2) of the Securities Act of 1933, as amended. About American Strategic Investment American Strategic Investment Co. is an externally managed Maryland company that owns and operates commercial real estate assets within New York City's five boroughs, primarily in Manhattan. The company, based in Newport, Rhode Island, was incorporated in 2013 and owns office properties and related real estate assets, including retail spaces, amenities, and parking garages. As of Dec. 31, 2025, American Strategic owned five properties totaling 0.7 million rentable square feet, excluding 1140 Avenue of the Americas, which was in a consensual foreclosure process. In an April 15, 2026 audit report, CBIZ CPAs P.C. issued a "going concern" qualilification noting that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2025, the company had $445.16 million in total assets, $380.40 million in total liabilities, and $64.76 million in total stockholders' equity. AMKOR TECHNOLOGY: S&P Alters Outlook to Stable, Affirms 'BB' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on outsourced semiconductor assembly and test (OSAT) provider Amkor Technology Inc. to stable from positive. S&P also affirmed its 'BB' issuer credit rating. S&P said, "The stable outlook reflects our expectation that while its FOCF will be negative due to elevated capex over the next 12 months, Amkor's revenue will grow at a high-single digit rate, its EBITDA margins will remain stable, and its leverage will remain below 3x. "We are still reviewing the impact of the new convertible notes on the issue-level ratings of the existing unsecured notes." Amkor will be building out its roughly $7 billion advanced packaging facility in Arizona over the next few years. S&P said, "We expect this facility to be funded with new $1 billion convertible notes, which we do not intend to rate; balance sheet cash; U.S. government funds; and potential customer consignment or investment. "While we believe this facility will provide growth opportunities for Amkor, we believe its leverage will increase and remain above its upgrade trigger while cash uses are higher over the next 12 months. "We expect solid revenue growth driven by advanced packaging, however, we expect elevated capex to drive leverage above 1.5x over the next 12 months. Amkor's buildout of its approximately $7 billion Arizona plant will require significant capex. It will fund this expansion with new $1 billion of convertible notes, roughly $1.8 billion of balance sheet cash, U.S. government rebates, and customer consignment or investment. We project Amkor will invest roughly $3 billion into capex in 2026. Amkor had conservatively managed leverage below the 0.5x area in recent years, but we expect increased debt and cash use to push leverage above the 1.5x area. "However, we still expect Amkor's leverage to be under our downgrade trigger of 3x. Demand for Amkor's advanced packaging solutions remained solid in 2025, as revenue grew in the mid-single-digit percent area. EBITDA margins also remained stable in the high-teens percent area as Amkor focused on operational efficiencies and ramped up its Vietnam facility. We expect Amkor's EBITDA to grow in 2026 on high-single-digit percent revenue growth and high-teens percent EBITDA margins, leading to leverage of 1.5x-1.8x, providing a meaningful cushion to its downgrade trigger. "Strong liquidity and stable EBITDA will support Amkor's elevated investment cycle. We expect capex to be around $3 billion in 2026 and remain elevated in 2027. While this investment will produce a large FOCF deficit in 2026, Amkor will fund capex primarily with balance sheet cash. Amkor has managed cash conservatively to save for potential investments; over the past few years, it did not pursue large acquisitions or shareholder returns. It ended the first quarter of 2026 with roughly $1.8 billion of balance sheet cash. This cash, together with new convertible notes and our expectation of growing operating cash flow, will support capex over the next few years. "We believe Amkor's facility investments will open additional growth opportunities with large customers planning to utilize U.S. advanced packaging solutions, and we expect FOCF will materially improve in 2027 once the U.S. government provides a rebate for 2026 capex investments." Healthy demand for advanced packaging solutions will provide revenue growth over the next 12 months. This underpins our expectation for Amkor's revenue to grow at a high-single-digit percent area in 2026. The communications segment has rebounded, driven by a good growth acceleration for smartphones and strong demand in computing segments tied to AI data centers. S&P said, "We project further strong computing demand as Amkor ramps up an AI advanced packaging program for a large customer. We also expect the automotive segment to continue to recover from demand lows from recent years." S&P said, "The stable outlook reflects our expectation that while its FOCF will be negative due to elevated capex over the next 12 months, Amkor's revenue will grow at a high-single digit rate, its EBITDA margins will remain stable, and its leverage will remain below 3x. "We could lower the rating if we expect Amkor to sustain leverage above 3x or generate a larger than expected FOCF deficit. This could result from additional debt-funded capex, larger-than-expected capex or working capital uses, prolonged end-market demand destruction, sustained pricing pressure, or structural changes in outsourcing arrangements. Although less likely, ratings could be pressured if Amkor shifts to a more aggressive financial policy, including debt-financed acquisitions or shareholder returns. "Although unlikely over the next 12 months, we could consider upgrading Amkor if it sustains leverage of less than 1.5x, supported by a recovery in FOCF generation to an average of at least $150 million over multiple years. This could occur if the company increases its revenue as expected because demand for its OSAT services recovers, and it expands EBITDA margins on utilization improvement." ANR INSULATION: Seeks Cash Collateral Access Thru July 24 --------------------------------------------------------- ANR Insulation, LLC asks the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral through July 24. The cash collateral is subject to asserted security interests by multiple creditors, including King Insulation of Arizona (alleged first-priority lien), Newtek (second-priority lien), Insulation Distributors, Lendistry, and various merchant cash advance lenders. The Debtor represents that it has been operating under prior cash collateral orders and has made required payments, while providing creditors with replacement liens and other forms of adequate protection without objection. The requested order would allow the Debtor to continue using cash collateral to fund ordinary business operations, including payroll, vendor payments, and administrative expenses, strictly in accordance with an attached budget. The Debtor proposes a 15% variance allowance from budgeted expenses, weekly reporting of revenues and expenditures, and continued weekly adequate protection payments of $3,500 to King Insulation. All secured creditors would receive replacement liens on post-petition assets with the same validity and priority as their pre-petition liens. The Debtor argues that continued use of cash collateral is necessary to preserve going-concern value and enable successful reorganization, while adequately protecting creditors from any diminution in collateral value. A continued hearing is scheduled for July 15, with objections due July 8. A copy of the motion is available at https://urlcurt.com/u?l=R6JdbJ from PacerMonitor.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. BALLAST DESIGN: Hires W Realty Atlanta LLC as Real Estate Broker ---------------------------------------------------------------- Ballast Design Build LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jessica Weeks of W Realty Atlanta LLC as broker. The firm will market and sell the Debtor's real property located at 454 Connally St SE, Atlanta, Georgia 30312. The broker will receive a commission totaling 6% of the gross purchase price consisting of 3% to broker and 3% to a buyer's broker. The Broker qualifies as a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Jessica Weeks W Realty Atlanta LLC 212 Cambridge Ave Decatur, GA 30030 Phone: (678) 876-0716 About Ballast Design Build LLC Ballast Design Build LLC is a limited liability corporation based in Georgia. Ballast Design Build sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-54381) on April 2, 2026. The Company listed $1 million to $10 million in assets and liabilities. Judge Barbara Ellis-Monro presides over the case. Leslie M. Pineyro, at Jones And Walden, LLC, is the Debtor's legal counsel. BEINGWIZARD LLC: Claims to be Paid from Property Sale Proceeds -------------------------------------------------------------- Beingwizard LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated April 23, 2026. The Debtor is a limited liability company organized under the laws of the State of California. It purchased the property at 39455 Avenida La Cresta, Murrieta, California 92562 ("Avenida La Cresta property"), and valued it at $2,800,000 in its schedules. Based upon a broker's opinion of value, it is believed that the property is now valued at a higher value, and is currently being listed for sale at $2,969,000. Tracy Ray was the sole manager for all times prior to the Bankruptcy, and remains so through this time. As a result of complaints for a neighbor, the County of Riverside investigated and determined that some of the activities taking place on the property required permits. Eventually, a lawsuit was filed by the county which sought injunctive relief against most of the activities. A Temporary Restraining Order was granted, and later a Preliminary Injunction. Once the Temporary Restraining Order was issued, the Debtor ceased those activities which were prohibited. At present, there is virtually no income realized from the property. A caretaker lives on the property in exchange for rent. The Sale of the Avenida La Cresta property will provide funds for the satisfaction of the claims of creditors, and thereafter the Debtor will go out of business. This is a liquidating Plan. In other words, the Proponent, seeks to accomplish payments under the Plan by selling its assets and using that money to pay its creditors. The Debtor will cease business upon distribution of its assets and closing of this case. The Effective Date of the proposed Plan is 60 days after entry of the Order Confirming this Plan. Class 4 consists of General Unsecured Claims. Allowed Claims will be paid pro rata up to 100% of their claims, without interest, upon the Effective Date of the Plan, or upon final, non-appealable order of allowance, whichever comes last. Debtor will object to McLeavy claim, bringing total down to $34,848.00. The allowed unsecured claims total $84,848.00. Class 6 consists of equity interest holder Tracy Ray. Equity holder will receive any proceeds after payment of all claims. The Plan will be funded by the proceeds from the sale of the Avenida La Cresta property. Tracy Ray will manage any affairs necessary to proceed with the Plan and make distributions to creditors, and will thereafter conduct any and all business affairs of to wind up the Debtor. A full-text copy of the Disclosure Statement dated April 23, 2026 is available at https://urlcurt.com/u?l=PutjXX from PacerMonitor.com at no charge. Counsel to the Debtor: Richard T. Baum, Esq. 6627 Maryland Drive Los Angeles, CA 90048 Tel: (310) 277-2040 Fax: (310) 286-9525 About Beingwizard LLC BeingWizard LLC owns and leases residential real estate in Murrieta, California. BeingWizard LLC in Murrieta, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-10770) on Jan. 30, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Tracy Ray as CEO, signed the petition. Judge Scott H Yun oversees the case. The LAW OFFICE OF DONALD W. REID serves as the Debtor's legal counsel. BISHOP OF FRESNO: Seeks to Extend Plan Exclusivity to Oct. 26 ------------------------------------------------------------- The Roman Catholic Bishop of Fresno asked the U.S. Bankruptcy Court for the Eastern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 26 and Dec. 28, 2026, respectively. The Debtor explains that this Bankruptcy Case is complex. Formulating a chapter 11 plan will require substantial time and effort and participation from all parties in interest. The Debtor claims that other diocesan bankruptcy cases where a plan of reorganization has been confirmed have involved substantial negotiations among the interested parties to settle disputes over insurance coverage, property of the estate, and the estimated claims of survivors. Now that the Bar Date has passed, the parties in interest have been working to analyze the survivor claims and available insurance coverage for such claims in anticipation of mediation to negotiate these issues and formulate a plan of reorganization. The Debtor believes that it has a reasonable prospect of filing a viable plan by, among other things, negotiating a pot plan among the parties in interest and settling disputes regarding insurance coverage, property of the bankruptcy estate, and estimated claims of survivors. Since the Bar Date has passed, parties in interest can now analyze claims and coverage for such claims. The Debtor is working with parties in interest towards beginning mediation to negotiate resolution of key issues to make formulating a plan possible. The Debtor asserts that it is not seeking to extend the Exclusivity Periods to pressure creditors. Rather, the Debtor has been working diligently to resolve key issues in this case for the benefit of its creditors, to lay the foundation for an anticipated global mediation process, and to allow for negotiations towards a just settlement of claims and a consensual plan of reorganization. The Debtor further asserts that it cannot formulate a consensual plan of reorganization until it can resolve the key issues in mediation. The Roman Catholic Bishop of Fresno is represented by: Hagop T. Bedoyan, Esq. Mart B. Oller IV, Esq. Garrett R. Leatham, Esq. Garrett J. Wade, Esq. McCormick Barstow Sheppard Wayte & Carruth LLP 7647 North Fresno Street Fresno, CA 93720 Telephone: (559) 433-1300 Facsimile: (559) 433-2300 Email: hagop.bedoyan@mccormickbarstow.com About The Roman Catholic Bishop of Fresno The Roman Catholic Bishop of Fresno, a corporation sole, is a California nonprofit religious organization that administers the temporal affairs of the Roman Catholic Diocese of Fresno. It provides leadership, support services, and resources to 87 parishes, diocesan schools, cemeteries, and Catholic-based social and community service organizations across the diocese. Its operations are primarily funded through parish and school assessments, donations, grants, service fees, cemetery pre-need sales, and investment income. The Roman Catholic Bishop of Fresno sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-12231) on July 1, 2025. In its petition, the Debtor reported between $50 million and $100 million in assets and liabilities. Judge Rene Lastreto II handles the case. The Debtor tapped Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP as counsel and GlassRatner Advisory & Capital Group LLC as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's claims and noticing agent. BLACKBERRY LIMITED: BlackRock Holds 5% Equity Stake --------------------------------------------------- BlackRock, Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 29,784,695 shares of BlackBerry Ltd's Common Stock, representing 5.0% of the shares outstanding. The Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting 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 BlackBerry 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, Inc.'s SEC report is available at: https://tinyurl.com/mrxve8ca About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. As of February 28, 2026, the Company had $1,245.2 million in total assets, $499.2 million in total liabilities, and $746.0 million in total stockholders' equity. * * * Egan-Jones Ratings Company on May 30, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BLUE ONYX: Court Denies Bid to Vacate Cash Collateral Order ----------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Wisconsin on May 1 denied a stipulation between Blue Onyx Systems, LLC and its secured lender, Old National Bank, seeking to vacate its prior interim order authorizing the use of cash collateral. Blue Onyx Systems and Old National Bank filed a stipulation to vacate the court's April 28 interim order that authorized the company to use the bank's cash collateral through May 20 and granted protection to the bank through a replacement lien on the cash collateral and a monthly payment of $10,000. Both agreed that enforcing the April 28 interim order would be unjust as it does not reflect their intent or agreement and would not support the efficient administration of Blue Onyx Systems' Chapter 11 case. In its May 1 order, the bankruptcy court said it entered its own interim cash collateral order on April 28 because it found Blue Onyx Systems' proposed order unacceptable. The court noted that the stipulation relied solely on Rule 60(b) for relief but that rule applies only to final orders and is, therefore, inapplicable to the April 28 interim order. The court also said it found no indication that the April 28 interim order is legally erroneous or based on any material factual error. "Nothing in the parties' filing suggests that [Blue Onyx Systems'] use of cash collateral in the interim period harms the bank or anyone else. And, if there are reasons to oppose [Blue Onyx Systems'] final use of cash collateral under the terms set by the interim order, parties in interest have until May 18 to file an objection raising them," the court further said. The May 1 order is available at https://is.gd/oLhdbJ from PacerMonitor.com. Blue Onyx Systems' cash collateral includes business cash, deposit accounts, and proceeds from operations. Aside from Old National Bank, the other creditors with potential interests in the cash collateral are Towne Realty, Inc., FANUC America Corporation, and CT Corporation as representative. Based on UCC searches, Old National Bank is the primary secured lender holding multiple loans and an operating line of credit, though it may be undersecured based on estimated collateral values. FANUC's claimed interest relates to equipment leases, which Blue Onyx Systems said do not implicate cash collateral while CT's filing appears tied to a merchant cash advance. Blue Onyx Systems' Chapter 11 filing was driven by financial strain tied to an attempted expansion into new markets. Its restructuring strategy is to reorganize its debts and repay creditors over time while continuing operations. About Blue Onyx Systems LLC Blue Onyx Systems, LLC designs and manufactures industrial automation equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 26-22269) on April 22, 2026. In the petition signed by Bryan Brisch, authorized representative, the Debtor disclosed up to $10 million in both assets and liabilities. Nicholas W. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. Old National Bank, as secured lender, is represented by: Christopher J. Schreiber, Esq. Michael Best & Friedrich, LLP 790 N. Water Street, Suite 2500 Milwaukee, WI 53202 Phone: (414) 225-8284 (Direct) Email: cjschreiber@michaelbest.com BON MORRO: Seeks to Extend Plan Exclusivity to June 30 ------------------------------------------------------ The Bon Morro, LLC and affiliates asked the U.S. Bankruptcy Court for the District of Massachusetts to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 30 and Aug. 29, 2026, respectively. The Debtors explain that the facts and circumstances of these Chapter 11 Cases demonstrate that sufficient cause exists to grant the Debtors' requested extension of the Exclusivity Periods. The extension is necessary and appropriate for the Debtors to have the opportunity contemplated by the Bankruptcy Code to analyze, negotiate, develop, and implement the Plan, in furtherance of the Debtors' notable efforts since the filing of the First Exclusivity Motion. The Debtors claim that extension of the Exclusivity Periods is warranted because it will give the Debtors sufficient time to definitively resolve the Collateral valuation dispute with Madison (consensually or by final order of the Court) – the key gating issue for any Plan going forward. Regardless of the outcome of the valuation dispute, the Debtors need to determine the value of the Collateral before they can devise and advance a Plan that offers treatment to Madison and the other claimants on account of such determination. The Debtors state that they continue to diligently advance these Chapter 11 Cases. Through stipulations, consensual negotiations, and mediation sessions with the landlord, Madison, and other creditors, the Debtors are laying the groundwork for Plan negotiations. The Debtors are eager to quickly exit from these Chapter 11 Cases and require additional exclusivity in order to continue their good-faith efforts to finalize and pursue confirmation of the Plan. The Debtors assert that by seeking extensions to the Exclusivity Periods, the companies aim not to leverage their creditors, but rather to have sufficient time to resolve the key disputes with the two main stakeholders in these Chapter 11 Cases. In that spirit, the Debtors have supported multiple extensions of interim cash collateral negotiations with Madison in the hopes of reaching a consensual solution without the need for further litigation. Upon determination of the value of Madison's Collateral, the Debtors intend to promptly finalize and prosecute a plan for the benefit of all parties-in-interest. The Debtors further assert that the Madison valuation dispute will not be resolved until such time as the Reply Briefs are submitted and the Court issues its ruling. Given the wide range of potential outcomes in the Collateral valuation dispute, it would be premature for the Debtors to attempt to formulate, structure, and finalize a Plan until they know the value of the Collateral and the resulting Plan treatment to which Madison and all other parties-in-interest will be entitled. Counsel to the Debtors: Douglas R. Gooding, Esq. M. Hampton Foushee, Esq. CHOATE HALL & STEWART LLP Two International Place Boston, MA 02110 Telephone: (617) 248-5000 E-mail: dgooding@choate.com hfoushee@choate.com About The Bon Morro, LLC The Bon Morro, LLC and its debtor affiliates, a Boston, MA-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street, filed for Chapter 11 protection on Nov. 2, 2025 in the U.S. Bankruptcy Court for the District of Massachusetts (Bankr. D. Mass. Case No. 25-12379). At the time of the filing, the Company reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Choate Hall & Stewart LLP is the Debtors' legal counsel. BRAND ENGAGEMENT: To Buy Cataneo in $19.5M Transaction ------------------------------------------------------ Brand Engagement Network Inc. entered into an April 30 agreement to acquire all outstanding equity interests of Cataneo GmbH for $19.5 million, according to a Form 8-K filing with the Securities and Exchange Commission. The Wilmington, Delaware-based company said the purchase price consists of $9 million in cash and 250,792 shares of its common stock at an agreed value of $37.88 per share, subject to customary adjustments and offsets. An aggregate of 26,399 shares issued as part of the equity consideration will be subject to a one-year escrow arrangement after the closing date. The escrow shares may be used to offset certain claims, fines, penalties, outstanding debts or other costs owed by the sellers after closing. The transaction is expected to close June 30, subject to conditions, including written confirmation that the company has not received any delisting notice or similar notification affecting its Nasdaq listing status; the receipt of customary third-party approvals and the release of the sellers from customary bank guarantees, securities and indemnities; the amendment of Cataneo's fiscal year to end June 30; and the completion of the company's due diligence investigation. Brand Engagement paid the sellers $1 million in cash at signing. The company said it secured capital commitments of $8 million to fund the remaining cash consideration, including $500,000 funded through the sale of common stock at $39.59 per share and warrants exercisable in one year at $39.59 per share. About Brand Engagement Network Inc. Brand Engagement Network Inc. builds secure, enterprise-grade artificial intelligence for the engagement layer between companies and consumers. The company's proprietary Engagement Language Model delivers conversational AI that connects human intent to organizational data, workflows and actions inside closed-loop, privacy-protective, governed environments. L J Soldinger Associates, LLC, the company's independent auditor, issued a "going concern" qualification in its April 15, 2026, report, citing the company's accumulated deficit of about $55.6 million, net loss of about $8.6 million for the year ended Dec. 31, 2025, and net cash used in operating activities of about $5.1 million. The auditor said these conditions raise substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company had $15.30 million in total assets, $11.84 million in total liabilities, and $3.46 million in total stockholders' equity. BROADBAND TELECOM: Seeks to Extend Plan Exclusivity to Oct. 5 ------------------------------------------------------------- Broadband Telecom, Inc. and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 5 and Dec. 4, 2026, respectively. The Debtors submit that ample "cause" exists for the Court to extend the Current Exclusive Periods requested in this Motion. Specifically, the following factors all weigh in favor of granting the requested extensions: * Only approximately eight and a half (8.5) months have passed since the Initial Debtors filed for protection under Chapter 11 and only approximately six months have passed since the Subsequent Debtors field for protection under Chapter 11. * Since appointment of the CRO, the Debtors have been engaged in an ongoing effort to analyze their assets and liabilities, and to evaluate restructuring options. Central to this analysis is the need to verify both the Debtors' current operations and historic operations. The Debtors have been largely focused on obtaining and pursuing said Rule 2004 examinations as well as reviewing and analyzing productions of documents in connection with the same. The Debtors will require additional time to continue and complete these efforts. * The Court entered that certain Order Establishing Amended Deadline for Filing Proofs of Claim and Directing the Form and Manner of Notice on November 14, 2025 (the "Bar Date Order"). Further, the Debtors and their professionals will need an opportunity to fully review and analyze the claims filed by both the non-governmental parties and any governmental units. Extension of the applicable Exclusive Periods will enable the Debtors to analyze the full universe of claims against their estates prior to proposing their respective Chapter 11 plans. * This request for an extension of the Debtors' Current Exclusive Periods is the Debtors' second such request. The Debtors expect to file proposed Chapter 11 plans within the time provided by this second requested extension of their applicable Current Exclusive Periods. * The Debtors are not seeking an extension of their applicable Current Exclusive Periods to exert pressure on any party. * The Debtors are proceeding diligently toward completion of these Bankruptcy Cases and will propose their respective plans as soon as practicable. Counsel to the Debtors: KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP Tracy L. Klestadt, Esq. John E. Jureller, Jr., Esq. Brendan M. Scott, Esq. Andrew C. Brown, Esq. Kevin Collins, Esq. 200 West 41st Street, 17th Floor New York, New York 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: tklestadt@klestadt.com jjureller@klestadt.com bscott@klestadt.com abrown@klestadt.com kcollins@klestadt.com About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. The case is jointly administered in Case No. 25-73095. In its petition, Broadband Telecom disclosed estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP. BROOKFIELD RESIDENTIAL: Moody's Affirms 'B1' CFR, Outlook Stable ---------------------------------------------------------------- Moody's Ratings has affirmed Brookfield Residential Properties ULC's (Brookfield Residential) B1 corporate family rating, B1-PD probability of default rating and B1 senior unsecured notes. The company's speculative grade liquidity rating (SGL) remains unchanged at SGL-2. The outlook is stable. RATINGS RATIONALE Brookfield Residential's B1 CFR benefits from: (1) geographic diversification with operations in Canada and the US, including homebuilding, land development and mixed-use properties; (2) sizable, long land holdings providing flexibility around pace of investment in new lot inventory; (3) presence in markets characterized by favorable housing trends; and (4) good gross profit margins (24% in 2025). The company's rating is constrained by: (1) highly levered capital structure with 50% debt to capitalization at Dec-25; (2) exposure to volatile and capital intensive land development business; and (3) cash distributions to parent (Brookfield Corporation, A3 stable) limiting cash flow capacity to reduce leverage. Brookfield Residential has good liquidity (SGL-2). Moody's estimates sources of about $644 million compared to uses of $100 million through June 2027. At December 2025, liquidity sources include about $367 million cash and about $277 million available under the company's committed $675 million revolver expiring August 2028. Uses reflect Moody's forecasts of around $100 million of free cash flow after dividends through June 2027. The company has $600 million notes maturing September 2027, which Moody's expects to be repaid or refinanced before they go current. Moody's expects the company to maintain adequate cushion under its financial covenants (maximum total debt to capitalization of 65% and minimum tangible net worth of $1.8 billion). The company has strong sources of alternate liquidity to raise cash given its robust land inventory position, with assets largely unencumbered. Brookfield Residential's senior unsecured notes are rated B1 (in-line with the CFR) because they make up the preponderance of the company's debt. The stable outlook reflects Moody's expectations that the company will sustain debt to capitalization in the 45-50% range in 2026 and 2027 while maintaining good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains gross debt to capitalization below 40%, EBIT profit margin above 15% and EBIT/interest rises towards 3.5x while maintaining a good liquidity profile. The ratings could be downgraded if the company's liquidity weakens, gross debt to capitalization is sustained above 55%, EBIT profit margin declines toward 10% or EBIT/interest coverage declines toward 2x. Brookfield Residential Properties ULC, incorporated in Alberta, Canada, is a wholly-owned subsidiary of Brookfield Corporation and has been developing land and building homes in Canada and the US for about 70 years. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BRUNCH ROOM: Seeks to Hire Offit Kurman as Bankruptcy Counsel ------------------------------------------------------------- Brunch Room Bistro LLC and French Quarter Daiquiris, LLC seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Offit Kurman as counsel. The firm will render these services: a. serve as counsel of record for the Debtors in all legal aspects of this Bankruptcy Case, including without limitation, the prosecution of actions on behalf of the Debtors; b. prepare pleadings in connection with the Bankruptcy Case; and c. appear before the Court to represent the interests of the Debtors in connection with the Bankruptcy Case. The firm will be paid at these hourly rates: Shareholders $695 Associates and Counsel $400 to $650 Paraprofessionals $175 to $230 Prior to the Petition Date, the firm received two $16,738 retainers. The firm can be reached through: Frances A. Smith, Esq. OFFIT KURMAN 700 North Pearl Street, Suite 1610 Dallas, TX 75201 Telephone: (214) 377-7879 Facsimile: (214) 377-9409 Email: frances.smith@offitkurman.com About Brunch Room Bistro LLC Brunch Room Bistro LLC is a Texas-based dining establishment specializing in brunch-style cuisine, offering a range of breakfast and lunch menu items in a casual setting. The company operates within the food and hospitality industry. Brunch Room Bistro LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31166) on March 20, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. The Debtor is represented by Frances Anne Smith of Offit Kurman. CAPITAL G: To Sell Harbor Islands Property to Raymond E. Humiston ----------------------------------------------------------------- Capital G Investments LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Florida to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Florida limited liability company formed on September 9, 2016. The Debtor owns real property located at 9100 W Bay Harbor Dr. Unit, 10B Bay Harbor Islands, FL, 33154. The Debtor employs Madeleine Romanello as realtor. The Debtor receives an offer from Raymond E. Humiston III, Trustee of the Irrevocable Qualified Personal Residence Trust Agreement in the purchase amount of $370,000.00. The contemplated transaction is an arms-length transaction, as the Purchaser is not a member or insider of the Debtor. The contract with Purchaser is the culmination of extensive and prolonged marketing of the Real Property by the Court approved Broker. The purchase price is the result of extensive negotiations and is the highest and best offer that the Debtor has received, and it is in line with current market prices. The deposit is $37,000.00 and is a cash offer. The property is sold "as-is, where-is, with no representations" and free and clear of all liens, claims and encumbrances. The closing date will be on May 15, 2026, or a later date subject to the Court’s approval. A 6% of Purchase Price consistent with the Exclusive Right of Sale Listing Agreement. The Debtor in the sound exercise of its business judgment has concluded that consummation of the sale of Real Property to the proposed Purchaser will best maximize the value of the estate for the benefit of creditors as the Purchaser is taking the Real Property "as is" and the proposed sale involves a cash offer. The sale is arms-length to a purchaser is acquiring the Real Property in good faith. About Capital G Investments Capital G Investments, LLC, is a Florida limited liability company which owns real property located at 9100 W Bay Harbor Dr Apt 10B Bay Harbor Islands, FL 33154-3628. The Debtor filed a Chapter 11 bankruptcy petition (Bankr. S.D. Fla. Case No. 23-14075) on May 24, 2023, with $100,001 to $500,000 in both assets and liabilities. Judge Laurel M. Isicoff oversees the case. The Debtor tapped Noble Law Firm as its bankruptcy counsel. CERO THERAPEUTICS: Sells $500K Convertible Note to Keystone Capital ------------------------------------------------------------------- CERo Therapeutics Holdings, Inc., issued and sold a convertible promissory note to Keystone Capital Partners, LLC on April 27, according to a Form 8-K filing with the Securities and Exchange Commission. The note had a purchase price of $400,000 and a principal face value of $500,000. Under the note, the company may borrow up to a maximum aggregate amount not to exceed $1,000,000. The note bears interest at 10% per year, matures April 27, 2027, and is convertible into shares of common stock. Keystone may convert outstanding principal and accrued but unpaid interest at a conversion price equal to the lesser of $0.05 and 80% of the average of the five lowest intraday trading prices during the 20 days before conversion is requested, subject to adjustments and limitations, including a 4.99% beneficial ownership limitation. The company said it must prepare and file a Form S-1 or Form S-3 registration statement covering resale of all shares issuable upon conversion of the note. The issuance was made in reliance on Section 4(a)(2) of the Securities Act of 1933 and Rule 506(b). About CERo Therapeutics CERo Therapeutics Holdings, Inc., a Delaware company based in South San Francisco, California, develops engineered T-cell therapeutics for cancer treatment. The company's cellular immunotherapy platform is designed to redirect patient-derived T cells to target tumors through cytotoxic and phagocytic mechanisms, including its CER-T cells and lead candidate CER-1236, an autologous T-cell product targeting TIM-4 ligand. Salberg & Company, P.A., the company's independent auditor, issued a "going concern" qualification in its April 15, 2026, report, citing that the company had no revenue, a net loss of $19.9 million and used $16.1 million in cash from operations during the year ended Dec. 31, 2025. The auditor also cited the company's accumulated deficit of $90.8 million, stockholders' deficit of $5.4 million and working capital deficit of $6.4 million as of Dec. 31, 2025. These matters raised substantial doubt about the company's ability to continue as a going concern. The company had $3.64 million in total assets, and $9.09 million in total liabilities as of Dec. 31, 2025. CHAPMAN CBC: Has Deals on Cash Collateral Access ------------------------------------------------ Chapman CBC, LLC asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to enter into cash collateral stipulations with two secured creditors: the U.S. Small Business Administration and Kapitus. These stipulations include a proposed operating budget covering necessary post-petition expenses required to maintain the business as a going concern, with a request for flexibility to deviate up to 15% from budgeted amounts both cumulatively and by category without further court approval. The Debtor also provides notice of the hearing and outlines procedural requirements for objections, emphasizing that failure to timely object may be deemed consent. The Debtor operates a family-owned craft brewery in Orange, California, producing and distributing various beers while maintaining a taproom. It filed for bankruptcy in May 2025 due to declining sales in the craft beer industry and burdensome prepetition merchant cash advance financing arrangements. Since filing, the Debtor has continued operations and pursued reorganization through a proposed plan, with an amended version filed in February 2026 and a confirmation hearing scheduled for July 2026. Prior to and during the bankruptcy, the Debtor entered into secured financing arrangements with the SBA and Kapitus, both of which hold security interests in the Debtor's assets. The Debtor has previously obtained multiple court orders authorizing interim and extended use of cash collateral and has now negotiated updated stipulations with these creditors to continue such use. Under the proposed stipulations, the Debtor will provide adequate protection to the secured creditors, including monthly payments ($2,942 to the SBA and $3,500 to Kapitus) and replacement liens on post-petition cash collateral to preserve their secured positions. The Debtor argues that use of cash collateral is essential for ongoing operations, as it funds payroll, production, and other necessary expenses, and without it, the Debtor's reorganization efforts would fail, harming creditors and stakeholders. A court hearing is set for May 26. A copy of the motion is available at https://urlcurt.com/u?l=ISh65H from PacerMonitor.com. About Chapman CBC Chapman CBC, LLC, a California-based craft brewery, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11286) on May 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Wil Dee, president of Chapman CBC, signed the petition. Judge Mark D. Houle oversees the case. Gregory K. Jones, Esq., at Stradling Yocca Carlson & Rauth, LLP, represents the Debtor as legal counsel. Kapitus, as lender, is represented by Rebecca Wicks, Esq., at STRADLING YOCCA CARLSON & RAUTH LLP. CONDUENT INC: S&P Lowers ICR to 'B-' on Continued High Leverage --------------------------------------------------------------- S&P Global Ratings lowered our issuer credit rating on Conduent Inc. to 'B-' from 'B' and its issue-level rating on the company's senior secured debt to 'B' from 'B+'. The negative outlook reflects the risk that negative free operating cash flow (FOCF) could persist beyond 2026, tightening liquidity such that S&P views the capital structure as unsustainable. Conduent's leverage and cash flow didn't improve as expected in 2025, and for 2026, S&P expects its S&P Global Ratings-adjusted leverage will remain well above its 6x downgrade threshold and cash flow will stay negative. Conduent's leverage has remained higher than expected due to a topline decline and one-time expenses. S&P said, "We expect leverage to remain well above our downside threshold of 6x in 2026 as Conduent continues to realize revenue losses, mainly from its commercial segment. We also believe one-time costs, including severance associated with recent leadership changes, will continue to pressure EBITDA. However, new management is implementing cost-saving initiatives to reduce its corporate overhead and is investing in technology to improve efficiency. We believe its refreshed business strategy could be beneficial, though it comes with uncertainty, as full details aren't yet available. We believe S&P Global Ratings-adjusted margins will improve in 2026, albeit at a slower pace than previously expected, to about 4.5%. We expect leverage will remain elevated at almost 9x, though this is an improvement from 10.5x in 2025." The company's ongoing portfolio rationalization could affect credit metrics, as it remains a high priority for management. As Conduent continues to assess assets and business segments, S&P believes this could improve profitability and cash conversion but hinder short-term metrics as the company may incur additional restructuring and one-time costs to remove stranded operating costs from divested assets. S&P said, "We believe Conduent has adequate liquidity, though it's more constrained as its revolver partially matures and the business generates negative cash flow. The company maintains availability under its revolver, which will be decreasing to $187 million total capacity when $170 million of capacity matures in October 2026. Conduent typically utilizes its revolver to manage its working capital. The company's year-end cash balance was about $230 million, but almost $100 million is held outside the U.S. and might not be easily accessible. "We are now forecasting negative reported FOCF of almost $50 million in 2026 due to continued revenue declines, the timing of contract payments, and pressured margins from restructuring costs. We believe these headwinds are partially offset by the company's cost-saving initiatives. We anticipate the company will experience negative free cash flow in the first half of the year, relying on its revolver, but expect positive cash generation to resume in the second half, driven by historically strong fourth-quarter inflows. "We expect further EBITDA improvement next year as the company realizes benefits from these initiatives and reduces its one-time expenses. However, uncertainty surrounding the timing of milestone and payment receipts from the company's transportation contracts introduces volatility in working capital, which could result in FOCF differing from our base-case projection. "The negative outlook reflects the risk that negative free operating cash flow (FOCF) could persist beyond 2026, tightening liquidity such that we view the capital structure as unsustainable. "We could lower the rating again if Conduent can't return to growth and improve margins, which would weaken its ability to generate positive cash flows, or if liquidity tightens. This would likely lead us to view the company's capital structure as unsustainable." This could occur if: -- Conduent is unable to grow revenues and new business wins are weaker than anticipated; -- S&P anticipates elevated restructuring and other one-time costs will persist, hindering margins; -- Working capital usage doesn't normalize, keeping cash flows negative; or -- The company prioritizes shareholder returns over debt repayment. S&P could revise the outlook to stable if FOCF generation becomes positive, with FOCF to debt in the low- to mid-single-digit percentages. This could occur if: -- Conduent returns the business to profitable organic growth while materially improving S&P Global Ratings-adjusted EBITDA margins; and -- Working capital usage normalizes. CRAFT PUTT: Seeks to Tap Hinkle Law Firm LLC as Bankruptcy Counsel ------------------------------------------------------------------ Craft Putt, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Hinkle Law Firm LLC as bankruptcy counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties; (b) advise the Debtor concerning and assist in the negotiation and documentation of financing agreements, cash collateral orders (if any) and related transactions; (c) investigate into the nature and validity of liens asserted against the property of the Debtor, and advise it concerning the enforceability of those liens; (d) investigate and advise the Debtor concerning and take such action as may be necessary to collect income and assets in accordance with applicable law and recover property for the benefit of its bankruptcy estate; (e) prepare on behalf of the Debtor such legal documents as may be necessary and appropriate, and review the financial and other reports to be filed; (f) advise the Debtor concerning and prepare responses to legal documents which may be filed and served; (g) counsel the Debtor in connection with the formulation, negotiation and promulgation of plan and related documents; and (h) perform such other legal services for and on behalf of the Debtor as may be necessary or appropriate in the administration of the case. The firm will be paid at these hourly rates: Nicholas Grillot, Attorney $340 Lora Smith, Attorney $285 Associates $230 Paralegal $160 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer from the Debtor in the sum of $15,000. Mr. Grillot 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: Nicholas R. Grillot, Esq. Hinkle Law Firm LLC 1617 N. Waterfront Parkway, Ste. 400 Wichita, KS 67206 Telephone: (316) 660-6211 Facsimile: (316) 660-6523 Email: ngrillot@hinklaw.com About Craft Putt LLC Craft Putt, LLC, based in Overland Park, operates an indoor venue combining a custom-designed mini-golf course with a bar and restaurant serving craft beer, cocktails, and food. The business integrates experiential leisure with food and beverage service and hosts private events and group bookings. It serves individual consumers, social groups, and corporate clients across the Kansas City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20586) on April 17, 2026. In the petition signed by Anthony J. Chinn, sole member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Dale L. Somers oversees the case. Nicholas R. Grillot, Esq., at Hinkle Law Firm, LLC, represents the Debtor as legal counsel. CSC HOLDINGS: Moody's Cuts CFR to Caa3 to Caa2, Outlook Negative ---------------------------------------------------------------- Moody's Ratings downgraded CSC Holdings, LLC's (CSC) corporate family rating to Caa3 from Caa2, and probability of default rating to Caa3-PD from Caa2-PD. Moody's also downgraded the company's senior secured bank credit facilities and senior unsecured guaranteed notes ratings to Caa2 from Caa1, and Moody's affirmed the company's senior unsecured notes ratings (which are not guaranteed) at Ca. The speculative grade liquidity (SGL) rating was downgraded to SGL-4 from SGL-3. The outlook for CSC remains negative. The rating action reflects lower recovery expectations in a default scenario, the untenable nature of CSC's capital structure given weak financial performance, very elevated and rising debt leverage (Moody's adjusted) and increasing competitive intensity across end markets. CSC is currently evaluating options to address its debt-heavy capital structure to better support long-term strategic objectives. The company faces a significant debt maturity tower in 2027 totaling over $6.3 billion (excluding debt maturities at 50.01% owned Cablevision Lightpath, LLC), or approximately 24% of Moody's adjusted total debt of $26.6 billion as of December 31, 2025; $4.1 billion of this 2027 debt matures on April 15, 2027. The ratings reflect the elevated risk of a distressed exchange over the near term which is heightened by the distressed trading levels of CSC's outstanding debt. RATINGS RATIONALE CSC's Caa3 CFR reflects debt leverage (Moody's adjusted) of 8.4x for the fiscal year ended December 31, 2025, which is untenable given this significantly exceeds cable broadband industry forward EBITDA-based enterprise multiples currently in the 5x-to-6x area. Moody's expects debt leverage (Moody's adjusted) to continue to rise higher over the next 12-18 months as a result of pressure on EBITDA. Intensely competitive broadband markets are contributing to CSC's persistently weak operating performance despite capital investing efforts to upgrade portions of the company's network infrastructure to fiber. The company's high-margin broadband business, previously an offset to negative operating trends in video and voice offerings, has experienced steadily falling subscribers since 2022 due to persistent competitive intensity from fixed wireless access (FWA) and fiber broadband providers taking market share. High growth from less profitable mobile service offerings is aiding some churn reduction through bundling economics. The company has countered these disruptive competitive pressures through selective network investment, which has resulted in capital investing as percentage of revenue rising to the high teens area. These network upgrades have contributed to worsening negative free cash flow without any material progress in slowing the pace of consolidated broadband subscriber losses. The company's ratings reflect the heightening risk of a distressed debt exchange over the next 12 months given distressed trading levels of outstanding debt. A distressed debt exchange is considered a default under Moody's definitions. The company's aggressive financial policy, which prioritizes shareholder interests and equity returns over debt repayment, results largely from concentrated ownership with a single investor controlling most of CSC's voting interest. Rated issuers Altice France SAS (Altice France, Caa1 stable) and Altice International S.a.r.l. (Altice International, Caa2 negative) are both commonly owned and controlled by the same single investor controlling CSC. Altice France recently underwent a significant debt for equity restructuring that left this single investor with continuing control. Altice International's creditors are currently dealing with an untenable capital structure. The company has also been highly aggressive in recent refinancings to the detriment of certain creditor classes in an ongoing effort to extend financial flexibility as it seeks to improve operating performance. In late November 2025, the company issued a new $2 billion first-lien term loan due 2028 (Structurally Senior TL) at indirect wholly-owned and unrestricted subsidiaries of Optimum Communications, Inc. (Optimum), CSC's parent. CSC concurrently entered into a 14th amendment to its credit agreement which made several changes to covenants and documentation previously modified in the 13th amendment. This action allowed for the issuance of the Structurally Senior TL under a new and separate credit agreement at Optimum's unrestricted subsidiaries: Cablevision Litchfield, LLC and CSC Optimum Holdings, LLC (Unrestricted Subsidiaries). As part of a two-step process, net proceeds from the Structurally Senior TL issued at the Unrestricted Subsidiaries were used to fully retire a previously and temporarily-issued incremental $2 billion term loan B-7 issued by CSC, proceeds from which had earlier been used to retire all outstanding debt under CSC's existing incremental term loan B-6 due January 17, 2028. The Structurally Senior TL at the Unrestricted Subsidiaries is unrated, secured on a structurally separate basis from CSC's existing secured debt and benefits from exclusive security in separate but valuable assets generating meaningful cash flow. Moody's views this Structurally Senior TL as structurally senior in priority to all existing secured debt in CSC's capital structure due to the material value of the pledged assets relative to this debt. On January 12, 2026, the company issued an additional $1.1 billion of Structurally Senior TL debt, proceeds of which fully repaid approximately $881 million outstanding at NYC ABS, a special-purpose entity that held certain receivables generated by the company's customers in its Bronx and Brooklyn service areas. CSC has weak liquidity (SGL-4) over the next year reflecting negative free cash flow and an approximately $2.3 billion senior secured revolving credit facility maturing July 2027 with only $200 million of availability as of December 2025. The company has cushion under existing covenants. Alternate liquidity is constrained given the distressed value of the business. The nearest significant debt maturities are in 2027 and total approximately $6.3 billion (excluding debt maturities at 50.01% owned Cablevision Lightpath, LLC). The company had $1.0 billion of unrestricted cash as of December 31, 2025. The instrument ratings reflect both the probability of default of CSC, as reflected in the Caa3-PD probability of default rating, an average expected family recovery rate of 50% at default and the loss given default assessment of the debt instruments in the capital structure based on a priority of claims. Moody's do not rate the structurally senior first-lien term loan due 2028 at unrestricted subsidiaries Cablevision Litchfield, LLC and CSC Optimum Holdings, LLC at Optimum Communications, Inc., CSC's parent. Moody's rates CSC's senior secured bank credit facilities Caa2, one notch above the CFR. The secured debt is collateralized by a stock pledge and is guaranteed by restricted operating subsidiaries of the company. Moody's also rates CSC's senior unsecured guaranteed notes at Caa2 as the notes benefit from a guarantee from the same restricted subsidiaries that guarantee CSC's senior secured credit facilities. In Moody's views, the stock pledge for secured lenders does not provide any additional benefit as the equity collateral is assumed to be worthless under a default scenario. Senior unsecured bonds at CSC (which are not guaranteed) are rated Ca, one notch below the CFR given their subordination in the company's capital structure. Senior lenders benefit from the loss absorption provided by these Ca-rated senior unsecured bonds, which are junior in the capital structure and are not guaranteed. Debt at Cablevision Lightpath LLC (Lightpath, unrated) is excluded from Moody's structural considerations under Moody's Loss Given Default for Speculative-Grade Companies rating methodology. While non-recourse to CSC and immaterial to CSC's instrument ratings, Moody's includes Lightpath's obligations in CSC's credit metrics given Optimum's 50.01% ownership interest and full GAAP consolidation of Lightpath. CSC's Credit Impact Score of CIS-5 reflects the governance risk driven by a tolerance for high debt leverage, an unpredictable financial policy, the potential for a distressed exchange and highly concentrated ownership. The company is also exposed to social risks, including cyber security breaches and pressure on its video business given persistent negative secular trends resulting in subscriber migration to streaming video from the company's distributed linear pay-TV programming. The negative outlook reflects Moody's expectations for distressed debt exchange actions over the next 12 months due to the untenable nature of current capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if the company transforms the sustainability of its capital structure through significant debt reduction or material improvement in operating performance. Ratings could be downgraded if the risk of default rises further or if recovery expectations in a default scenario deteriorate further. The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. Headquartered in Long Island City, New York, CSC Holdings, LLC passes over 10.0 million passings in 21 states and serves approximately 4.3 million residential and business customers. The company is wholly-owned by Optimum Communications, Inc. (Optimum), a public company with a controlling interest held by Patrick Drahi. For the 12 months ended December 31, 2025, CSC generated $8.6 billion in revenue. In 2020 Altice sold 49.99% of Lightpath Group (Cablevision Lightpath LLC and its subsidiaries), its fiber enterprise business, to Morgan Stanley Infrastructure Partners for an enterprise value of $3.2 billion. Optimum retains a 50.01% interest in Lightpath Group, maintains control of the company and consolidates its financial results. CSC's Caa3 CFR is two notches below the scorecard-indicated outcome of Caa1. The difference primarily reflects high execution challenges delivering sustainable revenue and EBITDA growth, an untenable capital structure, very sizable debt maturities within the next 12 months and uncertainty regarding expected debt recoveries under a potential default scenario due to the company's recent and aggressive refinancing actions which are to the detriment of certain creditor classes. DAVIS DIESEL: Unsecured Creditors Will Get 25% of Claims in Plan ---------------------------------------------------------------- Davis Diesel Service, LLC, filed with the U.S. Bankruptcy Court for the District of South Carolina a Disclosure Statement describing Plan of Reorganization dated April 23, 2026. The Debtor is owned and operated by Jeffrey Davis in his sole capacity as it has since its inception over 10 years ago. Jeff Davis lives with his wife at their home in Spartanburg County, South Carolina, and operates the debtor in possession at that location as well. Jeff has on that property a shop to "house" the business assets. The building also contains an office, where Jeff performs his bookkeeping duties. The business struggled during the Covid years as did almost every business in the United States. After the pandemic ended, Jeff began to "scale down," the business to focus on smaller jobs that required a smaller work force, and fewer assets. In discussions with his bankruptcy attorney, Jeff expressed that he had obtained some relief in "scaling down" as he felt the business had gotten somewhat "out of control" when it expanded too fast. Jeff feels as if he and the smaller staff can make sufficient money to fund the chapter 11 plan. The Debtor's Plan of Reorganization is based upon the Debtor's belief that the present forced liquidation (Chapter 7) net value of its principal assets is less than the current proposed payout to creditors under its chapter 11 plan. The Debtor believes that a Chapter 11 reorganization will allow a more substantial recovery to creditors. Class 6 consists of General Unsecured Creditors. The class 6 general unsecured creditors will receive a twenty-five percent payout of their allowed claims over a period of years in monthly payments with no interest. * AmTrust North America, Inc. (for Technology Insurance): This creditor filed a claim in the amount of $9,344.00. Therefore, this creditor will be paid the sum of $38.93 per month without interest for 60 months, which results in a twenty-five percent payout of the claim. * AmTrust North America, Inc. (for Technology Insurance): This creditor filed a claim in the amount of amount of $6,851.00. Therefore, the creditor will be paid the sum of $28.55 per month without interest for 60 months. This results in a twenty-five percent payout of the claim. * Bill Me Later, Inc: This creditor did not file a claim. However, the debtor scheduled a claim in an unknown amount. Therefore, the debtor will pay nothing to this creditor in this chapter 11 plan. * CDK Global, Inc. This creditor did not file a claim. However, the debtor scheduled a claim in the amount of $500. Therefore, this creditor will be paid the sum of 10.42 per month without interest for 12 months. This results in a twenty-five percent payout of the claim. * Cintas Corp.: This creditor did not file a claim. However, the debtor scheduled a claim in the amount of $8,000.00. Therefore, this creditor will be paid the sum of $33.33 per month without interest for 60 months. This results in a twenty-five percent payout of the claim. * DC Heavy Hydraulics: This creditor did not file a claim. However, the debtor scheduled a claim in the amount of $18,300. Therefore, the creditor will be paid the sum of $76.25 per month without interest for 60 months. This results in a twenty-five percent payout of the claim. * Internal Revenue Service: This creditor filed a claim in the amount of $85,436.63. As stated in class 2, the debtor will file an objection to this creditor's proof of claim, because most of the claim is based on "estimated" amounts. * John Deere Financial: This creditor did not file a claim. However, the debtor scheduled a claim in the amount of $17,000. Therefore, this creditor will be paid the sum of $70.83 per month without interest for 60 months. This results in a twenty-five percent payout of the claim. * S.C. Department of Revenue: This creditor filed a claim in the amount of $2,236.58. Therefore, it will be paid the sum of $23.30 per month without interest for 24 months. This results in a twenty-five percent payout of the claim. * S.C. Department of Employment & Workforce: This creditor did not file a claim. However, the debtor scheduled a claim in the amount of $500. Therefore, the creditor will be paid the sum of $10.42 per month without interest for 12 months. This results in a twenty-five percent payout of the claim. * South Carolina Federal Credit Union: This creditor filed a claim in the amount of $24,360.85. Therefore, the creditor will be paid the sum of $101.50 per month without interest for 24 months. This results in a twenty-five payout of the claim. * Truist Bank: This creditor filed a claim in the amount of $155.00. Therefore, the creditor will be paid the sum of $3.23 per month for 12 months. This results in a twenty-five percent payout of the claim. * Truist Bank This creditor filed a claim in the amount of $15,639.11. Therefore, the creditor will be paid $65.16 per month without interest for 60 months. This results in a twenty-five percent payout of the claim. * Waste Connections: This creditor did not file a claim. However, the debtor scheduled a claim in the amount of $500. Therefore, the creditor will be paid the sum of $10.41 per month without interest for 12 months. This results in a twenty-five percent payout of the claim. * WJMZ/FM: This creditor did not file a claim. However, the debtor filed a claim in the amount of $475. Therefore, the creditor will be paid the sum of $9.90 per month without interest for 12 months. This results in a twenty-five percent payout of the claim. A full-text copy of the Disclosure Statement dated April 23, 2026 is available at https://urlcurt.com/u?l=oF6XEu from PacerMonitor.com at no charge. Counsel to the Debtor: Robert H. Cooper, Esq. The Cooper Law Firm 1610 Gowdeysville Road Gaffney, SC 29340 Telephone: (864) 271-9911 Email: rhcooper@thecooperlawfirm.com About Davis Diesel Service Davis Diesel Service, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. S.C. Case No. 25-03778) on Sept. 29, 2025, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Robert H. Cooper, at The Cooper Law Firm, is serving as the Debtor's counsel. ECO-ALPHA ENVIRONMENTAL: Starts Chapter 11 Bankruptcy in California ------------------------------------------------------------------- On April 29, 2026, Eco-Alpha Environmental and Engineering Services 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 million and $10 million in debt owed to 1–49 creditors. About Eco-Alpha Environmental and Engineering Services Eco-Alpha Environmental and Engineering Services is a firm specializing in environmental consulting and engineering solutions, typically providing services such as site assessments, remediation, and compliance support. Eco-Alpha Environmental and Engineering Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14197) on April 29, 2026. In its petition, the debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Neil W. Bason handles the case. The debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. EL DORADO: Trustee Taps Pollard Petroleum as Petroleum Engineer --------------------------------------------------------------- Dawn M. Ragan, the duly appointed chapter 11 trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Pollard Petroleum Consulting as petroleum engineers and consultants. The firm will assist the Trustee with addressing the Debtors' remaining oil and gas assets and related matters, and to provide such services, including but not limited to: assistance with well evaluation, operations and assessment; review of well testing, reporting and compliance matters; provision of other petroleum engineering services as identified by the Trustee; and provision of expert assessment, reporting and testimony as needed. The current hourly rates of Pollard are: Senior Engineer $600 Junior Consultant/Engineer $360 to $480 Engineering Assistant $140 Computer Technician $140 The firm received a retainer in the amount of $10,000. As disclosed in the court filings, Pollard is disinterested and holds no claim or interest adverse to the Debtors' estate within the meaning of Bankruptcy Code sections 101(14) and 327. The firm can be reached through: Kerry Pollard Pollard Petroleum Consulting 2305 Barton Creek Blvd., Unit 24 Austin, TX 78735 Phone: (512) 263-2008 About El Dorado Gas & Oil Inc. and Hugoton Operating Company Hugoton and El Dorado are both Arkansas corporations engaged in the exploration, production, and development of crude oil and natural gas properties. El Dorado is a lease holder and operator of oil and gas wells covering about 4,000 net acres in South Texas. El Dorado also owns a substantial amount of oil field equipment and owns real estate in multiple locations and states. Hugoton also owns oil and gas interests and operates wells in South Texas. Hugoton Operating Company, Inc. filed a voluntary Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51139) on Aug. 14, 2023. El Dorado Gas & Oil, Inc., a company in Gulfport, Miss., filed Chapter 11 petition (Bankr. S.D. Miss. Case No. 23-51715) on Dec. 22, 2023, with $500 million to $1 billion in assets and $50 million to $100 million in liabilities. Thomas L. Swarek, president, signed the petition. Judge Jamie A. Wilson oversees the cases. Patrick Sheehan, Esq., at Sheehan & Ramsey, PLLC, is counsel to Debtor Bluestone Natural Resources II-South Texas, LLC and World Aircraft, Inc. R. Michael Bolen, Esq., at Hood & Bolen, PLLC; and Nancy Ribaudo, Esq., Katherine Hopkins, Esq., and Joseph Austin, Esq., at Kelly Hart & Hallman LLP, serve as counsel to Dawn Ragan, Chapter 11 Trustee for El Dorado Gas & Oil, Inc. and Hugoton Operating Company, Inc. ENCOMPASS ENTERPRISE: Seeks to Use Cash Collateral Until Oct 30 ---------------------------------------------------------------- Encompass Enterprises LLC asks the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, for authority to use cash collateral during the period from May 30 through October 30 in order to sustain ongoing operations and support its reorganization efforts. The company, a Maryland-based construction business engaged in residential and commercial projects such as custom homebuilding, renovations, structural relocation, and design-build services, experienced rapid growth prior to the COVID-19 pandemic. However, pandemic-related disruptions—including supply chain issues, rising material costs, project delays, and workforce challenges—significantly strained its cash flow. In an attempt to remain operational, the Debtor relied heavily on merchant cash advance loans, which carried high costs and aggressive repayment structures, ultimately worsening liquidity constraints and leading to a cycle of borrowing that depleted available funds and disrupted normal business operations. The Debtor now requests authority to use its cash collateral—primarily consisting of cash on hand and accounts receivable—to fund essential business expenses such as payroll, taxes, materials, rent, insurance, and other operational costs necessary to complete existing projects and generate new revenue. Although several creditors, including MCA lenders, have filed financing statements asserting security interests in the Debtor's assets, the Debtor contends that these liens likely do not attach to current assets due to the superior priority of federal tax liens filed by the Internal Revenue Service (IRS). The IRS has recorded multiple liens totaling significant amounts, and under applicable law, these liens take precedence over other creditors with respect to after-acquired property, effectively rendering other secured claims unsecured as to current cash collateral. As a result, the Debtor proposes to provide adequate protection primarily to the IRS, including monthly payments of $1,000, continued business operations that will generate new receivables, and maintenance of insurance coverage on assets. The Debtor emphasizes that continued access to cash collateral is critical to preserving the its going-concern value, maintaining jobs, and maximizing recoveries for creditors. Without such access, the business would likely be forced to cease operations, resulting in irreparable harm to the estate. The Debtor also proposes a flexible budgeting framework, recognizing the inherent variability in the construction industry. It seeks permission to deviate from budgeted amounts by up to 20% for smaller expense categories and 15% for larger ones, with a notice-and-objection procedure involving the IRS for greater deviations. Additionally, the Debtor requests the ability to roll over unused budget amounts across weeks and to allocate up to 75% of any excess revenues toward increased costs of goods sold, reflecting higher-than-expected business activity. A copy of the motion is available at https://urlcurt.com/u?l=XFgb2G from PacerMonitor.com. About Encompass Enterprises LLC Encompass Enterprises LLC specializes in building and renovating homes, elevating and relocating structures, commercial projects, and design-build services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-11403) on February 10, 2026. In the petition signed by Eugene (Gene) Benton, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor tapped Christopher L. Rogan, Esq., at RoganMillerZimmerman, PLLC as counsel and Richard Say, CPA, at Lucove, Say & Co. as accountant. ENDOCRINOLOGY ASSOCIATES: Case Summary & 8 Unsecured Creditors -------------------------------------------------------------- Debtor: Endocrinology Associates Inc. 72 West Third Ave. Columbus OH 43201 Business Description: Endocrinology Associates is a Columbus, Ohio-based clinic that provides medical care, research, consulting, and support services. The practice offers endocrine- related care, including telemedicine, genetic counseling, thyroid and hormone care, diabetic care, lipid management, weight management, and transgender care options. It serves patients with endocrine disorders, with a focus on metabolism, hormones, and related processes. Chapter 11 Petition Date: April 28, 2026 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 26-51969 Judge: Hon. Tiffany Strelow Cobb Debtor's Counsel: David Whittaker, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP 10 West Broad Street, Suite 2400 Columbus OH 43215 Tel: (614) 221-8500 E-mail: whittaker@asnalaw.com Total Assets: $40,500 Total Liabilities: $1,947,318 The petition was signed by Elena A. Christofides as president. A copy of the Debtor's list of its eight unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QRJTC5Y/Endocrinology_Associates_Inc__ohsbke-26-51969__0009.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AJ6YZEI/Endocrinology_Associates_Inc__ohsbke-26-51969__0001.0.pdf?mcid=tGE4TAMA ENERGY CONVERSION: Ovonyx, et al., Entitled to Summary Judgment --------------------------------------------------------------- Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan ruled on the cross-motions for summary judgment and Daubert motions in the adversary proceeding captioned as ENERGY CONVERSION DEVICES LIQUIDATION TRUST, Plaintiff, vs. OVONYX, INC., et al., Defendants, Adv. No. 18-432 (Bankr. E.D. Mich.). This adversary proceeding arises from an exclusive license to use intellectual property, given by a Chapter 11 debtor several years before it filed bankruptcy. Now before the Court are cross-motions for summary judgment, and motions to exclude certain expert evidence as inadmissible under Fed. R. Evid. 702: 1. The motion by Plaintiff Energy Conversion Devices Liquidation Trust (the "Trust"), entitled "Plaintiff Energy Conversion Devices Liquidation Trust's Motion for Partial Summary Judgment (Count I);" 2. The motion by Defendants Ovonyx, Inc., Micron Technology, Inc., and Ovonyx Memory Technology, LLC [f/k/a Carlow Innovations, LLC] ("OMT") (collectively, the "Defendants"), entitled "Defendants' Motion for Summary Judgment;" 3. The Trust's motion entitled "Plaintiff Energy Conversion Devices Liquidation Trust's Motion to Exclude Testimony of Defendants' Expert Charles Bullock;" and 4. The Defendants' motion entitled "Defendants' Motion to Exclude the Reports and Testimony of Jonathan D. Putnam." The summary judgment motions seek judgments on various causes of action in the Trust's Third Amended Complaint, which is the operative complaint. The Third Amended Complaint contains eight causes of action. The Court previously dismissed some of those claims, in prior rulings. As for the claims that remain, the Trust seeks partial summary judgment on only its "First Cause of Action" in the Third Amended Complaint, against Ovonyx for breach of contract, and only as to liability. The Defendants seek summary judgment on all of the counts of the Third Amended Complaint that were not previously dismissed. At issue in the Trust's breach of contract claim are the terms of two related contracts -- one made in 1998 and the other one made in 1999. The later of these two contracts is a contract that Ovonyx, Energy Conversion Devices, Inc. ("ECD"), and Tyler Lowrey ("Lowrey") entered into on August 2, 1999, entitled "LICENSE AND ASSIGNMENT AGREEMENT" (the "1999 License Agreement"). The earlier of the two contracts was made by ECD and Lowrey on December 17, 1998, and entitled "OVONIC INFORMATION HANDLING DEVICES DEVELOPMENT and COMMERCIALIZATION CONTRACT" (the "1998 Contract"). The Debtors proposed a plan of liquidation, and that plan (the "Plan") was confirmed on July 30, 2012. The "Effective Date" of the confirmed Plan was August 28, 2012. Under the confirmed Plan, and under 11 U.S.C. Sec. 365(a), ECD assumed the 1999 License Agreement, but rejected the 1998 Contract. In addition, ECD assumed an agreement entered into on February 4, 2000, entitled "Stockholder Agreement" (the "2000 Stockholders Agreement"), by and between Ovonyx and each of the stockholders of Ovonyx at that time, namely: ECD; Lowrey; Intel Corporation ("Intel"); and Ward Parkinson. Therefore, as of August 28, 2012, ECD assumed the 1999 License Agreement and the 2000 Stockholders Agreement, and rejected the 1998 Contract. Prior to the Effective Date of the confirmed Plan, on August 3, 2012, ECD filed a motion (the "Sale Motion")30 for an order granting it authority (1) to sell all of its shares in Ovonyx to Micron, "free and clear of all liens, claims, interests and encumbrances," under an equity purchase agreement; and (2) to assume and assign to Micron the 2000 Stockholders Agreement. The Sale Motion stated that ECD owned, and sought to sell, its " 38.6% equity interest (35.2% on a fully diluted basis) in Ovonyx." The Sale Motion stated, in relevant part, that the purchase price for the stock was $12 million, and that the equity purchase agreement required the stock sale to "close prior to the Effective [D]ate of the Debtor's confirmed Chapter 11 Plan." On August 22, 2012, after holding a hearing on the Sale Motion, the Court entered on order granting that motion. After ECD's sale of its stock in Ovonyx to Micron, Ovonyx decided to stop making royalty payments to ECD. Adversary Proceeding On July 12, 2018, the Trust filed a complaint against the Defendants, commencing this adversary proceeding. On August 8, 2018, the Trust filed its first amended complaint (the "First Amended Complaint"). The First Amended Complaint alleged, among other things, that as of the Effective Date of the Plan, ECD had all of the rights provided to it under the 1999 License Agreement, including a contractual right to the payment of a 0.5% royalty on all of Ovonyx's revenues (the Royalty Right), and that Ovonyx breached the 1999 License Agreement by, in relevant part, failing to pay ECD a royalty on all revenues Ovonyx earned. The Defendants each filed a motion to dismiss the First Amended Complaint (collectively, the "Motions to Dismiss"). The Court granted the Motions to Dismiss in part, and denied them in part, for the reasons stated in the Court's First Opinion. The Court refused to dismiss the Trust's breach of contract count against Ovonyx, with respect to the Royalty Right. The Trust seeks summary judgment as to liability only against Ovonyx on its "First Cause of Action" in the Third Amended Complaint, for breach of contract. The Trust seeks a determination that Ovonyx is liable for breach of the 1999 License Agreement, with respect to the Royalty Right. The Trust seeks a summary judgment that Ovonyx is liable to pay royalties based on its actual revenue received after 2012. It is undisputed that after 2012 Ovonyx had revenue, but paid no royalties. The Trust seeks a summary judgment that Ovonyx had, and has breached, an implied duty under the 1999 License Agreement to use reasonable efforts to exploit its intellectual property to generate revenue, and thereby generate royalties for the Trust. Ovonyx breached that implied duty, the Trust says, when Ovonyx transferred substantially all of its assets to OMT as part of the 2015 Transactions, for virtually nothing in exchange. According to the Trust, that transfer left Ovonyx with greatly reduced revenue, and thereby basically destroyed the Royalty Right under the 1999 License Agreement. Ovonyx disputes the Trust's breach of contract claim for several reasons, and seeks summary judgment it its favor, determining that is has no liability to the Trust on the First Cause of Action. The Defendants argue that Ovonyx did not have an obligation to pay royalties to ECD after the August 28, 2012 Effective Date of the Plan. The Court agrees. The Defendants argue that Ovonyx's obligation to pay ECD a royalty on the revenues it earned after May 2012 was excused, because of ECD's material breach of the 1998 Contract. According to the Defendants, ECD was the first to materially breach the 1998 Contract, and in fact repudiated that contract, and such breach and repudiation occurred no later than on the August 28, 2012 Effective Date of the Plan. The Defendants argue that ECD's rejection of the 1998 Contract, in ECD's bankruptcy case, was a material breach of that contract, and not only that, it also was a repudiation of the 1998 Contract. The Defendants also argue that ECD breached the 1998 Contract by failing to perform several specific obligations under that contract. The Court concludes that ECD's breach of the 1998 Contract matters, because Ovonyx's obligation to pay the royalty under the 1999 License Agreement derived from, and was dependent upon, the royalty provision in the 1998 Contract. Ovonyx's obligation to pay the royalty was nothing more than the obligation to pay whatever royalty was required by the 1998 Contract. The Court finds Ovonyx is not liable for any breach of contract based on such an implied duty. The Remaining Claims in the Third Amended Complaint's Second, Third, and Fifth Causes of Action In the "Second Cause of Action" in the Third Amended Complaint, the Trust seeks to hold Micron liable for Ovonyx's alleged breach of the 1999 License Agreement, based on alter ego and/or successor liability theories of recovery. The Third Amended Complaint's "Second Cause of Action," against Micron, seeks to hold Micron liable, under an alter ego theory, for Ovonyx's alleged breach of the 1999 License Agreement: (1) by Ovonyx failing to pay ECD a royalty on the revenues Ovonyx received for the period beginning in July 2015, when Micron became the 100% shareholder of Ovonyx under the Merger; and (2) by Ovonyx failing to meet an alleged implied duty to use its best efforts to generate revenues that would result in royalty payments for ECD. The Defendants now seek summary judgment on what remains of the Trust's alter ego claim against Micron. In the "Third Cause of Action" in the Third Amended Complaint, the Trust seeks to hold Micron liable for damages caused by Micron's alleged tortious interference with ECD's contractual rights under the 1998 Contract and the 1999 Licensing Agreement. The Trust alleges that Micron, with knowledge of ECD's Royalty Right and First Refusal Right under the 1998 Contract and the 1999 License Agreement, caused Ovonyx and Lowrey to breach those rights. According to the Trust, those alleged breaches caused ECD to suffer damages, in the form of lost royalty payments, and a loss of the opportunity to exercise its First Refusal Right. The "Fifth Cause of Action" in the Third Amended Complaint, against OMT and Micron, alleges an "actual fraudulent transfer" under the Michigan Uniform Voidable Transfers Act Secs. 566.31-566.45 ("MUVTA"). The Court concludes that the Defendants are entitled to summary judgment in their favor on all of the Plaintiff's claims that have not been dismissed by its prior rulings. The Court will recommend that the United States District Court enter a final order: (1) granting summary judgment for the Defendants on all of the Plaintiff Trust's claims in the Third Amended Complaint that were not previously dismissed; and (2) adopting this Court's previous orders that dismissed certain of the Plaintiff Trust's claims in the Third Amended Complaint. Motions to Exclude Expert Evidence The Trust's motion seeks to exclude testimony of Charles Bullock, an attorney retained as an expert witness by the Defendants. Mr. Bullock authored a written expert report, and was deposed. The Defendants' motion seeks to exclude testimony of Jonathan D. Putnam, a valuation and damages expert retained by the Trust. Mr. Putnam authored written expert reports, and was deposed. The Court will enter an order denying the motions to exclude expert evidence. A copy of the Court's Opinion dated April 17, 2026, is available at https://urlcurt.com/u?l=5gUnwb from PacerMonitor.com. About Energy Conversion Based in Detroit, Energy Conversion Devices -- http://energyconversiondevices.com/-- was a pioneer in materials science and renewable energy technology development. The company was awarded over 500 U.S. patents and international counterparts for its achievements. ECD's United Solar wholly owned subsidiary was a global leader in building-integrated and rooftop photovoltaics for over 25 years. The company manufactured, sold and installed thin-film solar laminates that convert sunlight to clean, renewable energy using proprietary technology. ECD and affiliate United Solar Ovonic LLC sought Chapter 11 protection (Bankr. E.D. Mich. Case No. 12-43166 and 12-43167) on Feb. 14, 2012. Affiliate Solar Integrated Technologies, Inc., filed a petition for relief under Chapter 7 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 12-43169) on the same day. William Christopher Andrews, chief financial officer and executive vice president, signed the petitions. Judge Thomas J. Tucker presided over the cases. Aaron M. Silver, Esq., Judy B. Calton, Esq., and Robert B. Weiss, Esq., at Honigman Miller Schwartz & Cohn LLP, in Detroit, Michigan, served as counsel to the Debtors. ECD estimated assets and debt between $100 million and $500 million as of the Petition Date. ECD had estimated in court papers that it was worth $986 million, based on nearly $800 million of investment in the manufacturing unit. An official committee of unsecured creditors was represented by Foley and Lardner, LLP, as counsel and Scouler & Company, LLC, as financial advisor. The Debtors canceled an auction to sell USO as a going concern and discontinued the court-approved sale process after failing to receive an acceptable qualified bid by the bid deadline. Quarton Partners served as the companies' investment banker. The Debtors also hired auction services provider Hilco Industrial to prepare for an orderly sale of the companies' assets. In August 2012, the Debtors won confirmation of their Second Amended Chapter 11 Plan of Liquidation. The Plan was declared effective in September 2012. Under the Plan, unsecured creditors owed up to $337 million in claims were to expect a recovery between 50.1% and 59.3%. The Plan created a trust to sell remaining assets and distribute proceeds in the order of priority laid out in bankruptcy law. EVOLUTION ACADEMY: S&P Affirms 'B' Rating on 2010A/Q Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B' long-term rating on Texas Public Finance Authority Charter School Finance Corp.'s series 2010A education revenue bonds and series 2010Q taxable education revenue bonds (qualified school construction bonds, direct pay), all issued for Evolution Academy Charter School (EA). The outlook is stable. Based on data from S&P Global Sustainable 1, physical risks in Texas are typically elevated in service areas proximate to the Gulf Coast, a region that has experienced increased incidents of extreme weather such as hurricanes and flooding in recent years. S&P said, "Given one campus school's proximity to the coast in Houston, we believe acute events could affect enrollment should population displacement occur or should chronic physical risk lead to lower growth. Both could affect our view of the organization's market position over time. However, the school maintains flood and hurricane insurance, and its primary student base and other facilities are located in more inland areas of the Houston area, partially mitigating these risks. We view Evolution Academy's social and governance factors as neutral in our credit rating analysis. "The stable outlook reflects our view that EA will maintain enrollment near current levels and will achieve its projected financial results for fiscal 2026, with no material draws on liquidity or additional debt plans. "We could take negative rating action if the school fails to achieve its projected results for fiscal year 2026, leading to further weakening of lease-adjusted MADS coverage or softer liquidity levels. We could also lower the rating if enrollment materially declines, which would likely further pressure the school's budget. "We could consider a positive rating action if the school demonstrates a trend of structurally balanced operations, improved MADS coverage, and sustained liquidity at current or higher levels." FAT BRANDS: Reaches Deal to Sell 2 Restaurants in Chapter 11 ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that FAT Brands Inc. reached a key milestone in its bankruptcy after lenders won an auction to take control of most of its restaurant brands through a credit bid, alongside $10.5 million in cash sales for two concepts. The successful bidders include lenders that extended $46 million in new financing during the Chapter 11 case. Their bid covers substantially all brand assets, excluding those tied to Hot Dog on a Stick and Elevation Burger, the report states. The company entered bankruptcy in January 2026 carrying about $1.45 billion in liabilities and has been working to restructure through asset dispositions and creditor negotiations. The auction outcome reflects efforts to reduce leverage and preserve value, according to Bloomberg Law. If approved by the court, the deals will shift ownership of key brands to lenders while providing liquidity from the cash transactions, supporting FAT Brands’ broader reorganization plan, the report relays. 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. FOUR CORNERS: Seeks to Use Cash Collateral ------------------------------------------ Four Corners Foot and Ankle, PC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor filed its bankruptcy case after experiencing significant financial distress caused largely by a major Medicare reimbursement reduction exceeding 50% for key services, coupled with retroactive adjustments and ongoing withholding of payments to offset alleged overpayments. These disruptions severely reduced revenue and strained liquidity, prompting the filing to preserve operations and reorganize debt while continuing patient care services. Prepetition, the Debtor entered into multiple loan and credit arrangements with Alpine Bank, including two 2021 promissory notes totaling over $600,000 and a 2025 note for $750,000, all secured by substantially all of the Debtor’s assets, including cash, receivables, and other cash equivalents. Alpine perfected its security interests through properly filed UCC-1 financing statements, and the Debtor acknowledges that Alpine is owed approximately $497,000 as of the petition date. The Debtor's principal assets consist of significant accounts receivable and cash on hand, though collection has been impaired post-petition due to Medicare withholding, which the Debtor intends to challenge through turnover efforts. Despite liquidity constraints, the Debtor continues operations and is replacing cash and receivables through ongoing patient services, maintaining its intent to reorganize and continue business operations. The proposed final cash collateral order, negotiated with Alpine Bank, permits continued use of cash collateral under a court-approved budget with limited deviations and requires bi-weekly financial reporting and monthly adequate protection payments of $11,000. The order also provides Alpine with replacement liens on post-petition assets to the extent of any diminution in collateral value, automatic perfection of those liens, and, if necessary, a superpriority administrative expense claim under section 507(b) to ensure adequate protection. Additionally, the Debtor stipulates to the validity, priority, and enforceability of Alpine's liens, waives any potential claims or defenses against Alpine arising prepetition, and agrees that these provisions will bind the estate and any future trustee. A copy of the motion is available at https://urlcurt.com/u?l=oV9Xef from PacerMonitor.com. About Four Corners Foot and Ankle PC Four Corners Foot and Ankle, PC, based in Durango, Colorado, provides podiatric care focused on diagnosing and treating conditions affecting the feet, ankles, and lower legs, including bunions, heel pain, hammertoes, and diabetic foot issues. The practice offers both conservative treatments and minimally invasive surgery, aiming to restore mobility and alleviate pain for patients. It serves individuals seeking specialized medical attention for musculoskeletal and dermatological foot concerns. Four Corners Foot and Ankle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-11002) on Feb. 20, 2026. In the petition signed by Kayse Lake, authorized representative, the Debtor disclosed $1,220,464 in total assets and $8,948,216 in total liabilities. Judge Michael E. Romero oversees the case. The Debtor tapped Keri L. Riley, Esq., at Kutner Brinen Dickey Riley, PC as counsel. FREE SPEECH: Texas Court Paused The Onion's Bid for Infowars ------------------------------------------------------------ James Nani of Bloomberg Law reports that a Texas appeals court has temporarily halted The Onion's bid to take over intellectual property tied to Alex Jones' Infowars, stalling a planned transition. The late Wednesday, April 29, 2026, order from the Texas Court of Appeals in Austin freezes any transfer of assets and also suspends consideration of a broader appeal involving defamation judgments against Jones related to Sandy Hook conspiracy claims. Under the ruling, the receiver managing Free Speech Systems LLC is required to pause actions aimed at completing the licensing arrangement with The Onion. The decision delays creditor recovery efforts and prolongs uncertainty around the future of Infowars and its associated intellectual property, Bloomberg Law reports. 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. FTX TRADING: Judge Rejects Sam Bankman-Fried's New Trial Bid ------------------------------------------------------------ Bob Van Voris of Bloomberg Law reports that Sam Bankman-Fried was denied a new trial after a federal judge rejected his pro se motion citing newly discovered evidence. Judge Lewis Kaplan ruled Tuesday, April 28, 2026, in New York that the request lacked merit, reaffirming the outcome of Bankman-Fried's 2023 conviction and his 25-year sentence. Despite attempting to withdraw the motion, arguing potential judicial bias, Bankman-Fried was unsuccessful, as Kaplan dismissed both the withdrawal request and the underlying motion, the report states. The ruling underscores the court's view that the evidence presented did not justify reopening the case, which stemmed from the collapse of FTX and related fraud allegations, according to Bloomberg. 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. FULLER'S SERVICE: Seeks Cash Collateral Access ---------------------------------------------- N. Neville Reid, the Chapter 11 Trustee of Fuller's Service Center Inc., asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to, among other things, use cash collateral and provide adequate protection. The Trustee seeks court approval to retain Aprio Advisory Group, LLC as tax accountants for the estate and to authorize payment of their fees using cash collateral and, if necessary, funds from an existing line of credit with Cornerstone National Bank & Trust Company. The request arises in a case that began on January 29, 2025, with the Trustee appointed in December 2025 following a motion by the United States Trustee. The estate is subject to secured claims held by parties including an SBA-related assignee and another creditor, and prior court orders have already authorized procedures for compensating professionals and the use of cash collateral and credit facilities to fund estate operations. The Trustee explains that Aprio is a qualified accounting and advisory firm with experience in bankruptcy matters, and that its engagement—retroactive to February 13, 2026—is necessary to ensure timely preparation and filing of required tax returns, determination of tax liabilities, and provision of general accounting services not otherwise handled by other professionals. The Trustee outlines Aprio's proposed fee structure, which includes tiered hourly rates for various personnel, with a reduced rate specifically negotiated for the supervising partner, Lois West. Compensation will remain subject to court approval and compliance with bankruptcy procedures governing professional fees. The Trustee asserts that Aprio is disinterested, holds no adverse interests to the estate, and was retained through an arm’s-length, good-faith agreement on reasonable terms consistent with similar cases. Additionally, the Trustee requests authority to pay Aprio's fees through previously approved mechanisms, including the use of secured creditors' cash collateral and draws on the credit line, in accordance with an existing payment procedures order. The Trustee emphasizes that Aprio's services are essential for proper estate administration, particularly in fulfilling tax obligations, and that retroactive approval is warranted because the firm began work promptly after the Trustee's appointment with the understanding that formal approval would follow. A copy of the motion is available at https://urlcurt.com/u?l=uMiDJs from PacerMonitor.com. About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. FURMAN HOLDINGS: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On April 28, 2026, Furman Holdings LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 27, 2026 at 08:00 AM via Zoom - Golden: Meeting ID 227 931 0235, Passcode 0647511609, Phone 1 657 222 4074. About Furman Holdings LLC Furman Holdings LLC is a privately held company with limited publicly available operational details, typically functioning as a holding or investment entity. Furman Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11308) on April 28, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Mark D. Houle handles the case. The debtor is represented by Michael D. Franco, Esq. of the Law Office of Michael D. Franco. G6 MATERIALS: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On April 27, 2026, G6 Materials Corp. filed for Chapter 7 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. About G6 Materials Corp. G6 Materials Corp. is a materials science company focused on advanced materials, including graphene and related nanotechnology products, often used in industrial, research, and commercial applications. G6 Materials Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35444) on April 27, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The debtor is represented by Erica Feynman Aisner, Esq. of Kirby Aisner & Curley LLP. G6 MATERIALS: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On April 27, 2026, G6 Materials Corp. filed for Chapter 7 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. A meeting of creditors under Section 341(a) to be held on May 21, 2026 at 01:15 PM at Zoom.us - Stevens: Meeting ID 313 193 2089, Passcode 5923670847, Phone 1 (929) 547-4822. About G6 Materials Corp. G6 Materials Corp. is a materials science and technology company involved in the development and commercialization of advanced graphene-based and industrial materials. G6 Materials Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35444) 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. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by Erica Feynman Aisner, Esq. of Kirby Aisner & Curley LLP. GLOBAL ENTERPRISE: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Global Enterprise of South Florida, Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses set forth in an approved budget, which provides a four-week cash flow forecast outlining expected receipts and necessary expenditures. This authorization will continue until further order of the court. The Debtor's cash collateral consists of funds in which its secured lenders, the U.S. Small Business Administration and Newtek Bank, N.A., claim an interest. As protection, the SBA, Newtek and other secured creditors will receive replacement liens on the pre-petition collateral, with the same validity, priority and extent as their pre-petition liens. In case the replacement liens prove inadequate, secured creditors will receive superpriority administrative expense claims. The order is available at https://is.gd/i4ROPb from PacerMonitor.com. The court will hold a further hearing on May 27. Global Enterprise of South Florida operates a disaster restoration business in Pompano Beach, Florida, providing emergency mitigation and recovery services. Prior to its Chapter 11 filing on April 17, the Debtor experienced severe financial distress, including cash-flow shortages, mounting creditor pressure, tax delinquencies, and risks that certain aggressive creditors might interfere with receivables by issuing lien notices to customers or payment processors. These conditions threatened to disrupt the Debtor's ability to collect revenue and continue operations as a going concern. About Global Enterprise of South Florida Inc. Global Enterprise of South Florida, Inc. operates a disaster restoration business in Pompano Beach, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14885) on April 17, 2026. In the petition signed by Tivadar Bodorlo, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Scott M. Grossman oversees the case. Andrew Kamensky, Esq., at Tax Workout Group, PA, represents the Debtor as legal counsel. GLUCOTRACK INC: Exchanges $988,000 Note for 1.3M Shares ------------------------------------------------------- Glucotrack, Inc. entered into an exchange agreement on April 29 to swap a $988,000 partitioned promissory note for 1,300,000 common shares, according to a Form 8-K filing with the Securities and Exchange Commission. The Rutherford, New Jersey-based company said the note was partitioned from an existing promissory note previously issued to an investor in the principal amount of $3.6 million, which had been reduced by $600,000 under an April 13 exchange agreement. The exchange consisted solely of the surrender and cancellation of the partitioned note in exchange for the shares, with no cash or other consideration paid by the investor. The issuance is subject to a beneficial ownership limitation that generally prevents the investor and its affiliates from owning more than 19.9% of Glucotrack's outstanding common stock, calculated under Section 13(d) of the Securities Exchange Act of 1934. If the limit applies, the shares may be issued in one or more tranches, and any unexchanged portion of the partitioned note will remain outstanding and exchangeable under the agreement. Glucotrack said the partitioned note was issued in a private placement under Section 4(a)(2) of the Securities Act of 1933. The exchange shares are being issued under Section 3(a)(9) of the Securities Act. About Glucotrack, Inc. Glucotrack, Inc., a Rutherford, New Jersey-based medical device company incorporated in Delaware in 2010, develops an implantable continuous blood glucose monitor for people with Type 1 diabetes and insulin-using Type 2 diabetes, as well as patients at risk for hypoglycemia. The company, which previously developed a non-invasive glucose monitoring device that used an earlobe sensor and received CE Mark approval, shifted its focus in 2023 to its implantable continuous blood glucose monitor and is no longer commercializing or developing further versions of its earlier product. In an audit report dated March 30, 2026, CBIZ CPAs P.C. included a going concern qualification, stating that the company had a significant working capital deficit, sustained substantial losses and required additional financing to meet its obligations and continue operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2026, the Company had $7.84 million in total assets, $5.01 million in total liabilities, and $2.83 million in total stockholders' equity. GOLDEN ENTERTAINMENT: S&P Withdraws 'BB-' Issuer Credit Rating -------------------------------------------------------------- S&P Global Ratings withdrew its 'BB-' issuer credit rating on Golden Entertainment Inc. S&P also discontinued its ratings on the company's senior secured credit facility, which has been fully repaid. The withdrawals follow the completion of Golden's sale of its real estate assets to VICI Properties Inc. At the same time, it sold its gaming operations to a newly formed entity owned and controlled by Blake Sartini, its current chairman and CEO. At the time of the withdrawal, our outlook on Golden was stable. GRAPHENE LABORATORIES: Commences Chapter 7 Bankruptcy in New York ----------------------------------------------------------------- On April 27, 2026, Graphene Laboratories Inc. filed for Chapter 7 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 Graphene Laboratories Inc. Graphene Laboratories Inc. is a materials science company focused on the development, research, and commercialization of graphene-based products and advanced nanomaterials. Graphene Laboratories Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35445) 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 case is before Honorable Bankruptcy Judge Kyu Young Paek, with legal representation provided by Erica Feynman Aisner, Esq. of Kirby Aisner & Curley LLP. GULF COAST HEALTH: Creditor Seeks Chapter 11 Trustee Appointment ---------------------------------------------------------------- John Freeman, a secured claimant, asked the U.S. Bankruptcy Court for the District of Delaware to appoint a Chapter 11 trustee for Gulf Coast Health Care, LLC and affiliates. In a court filing, Mr. Freeman raised the need to appoint an independent trustee to manage the bankruptcy cases, saying that Gulf Coast and its related entities are insolvent, with no realistic chance of reorganization to protect his interests. Mr. Freeman said he has not received financial reports detailing the value, performance, or condition of the 62 skilled nursing facilities in the bankruptcy estate. The claimant also said he has not received CMS, Medicare, Medicaid, or other regulatory reports regarding patient care, compliance, or the impact of current management on the facilities' value and estate assets. Mr. Freeman said the lack of reporting prevents him from evaluating whether his asserted secured interest is protected, whether estate value is being eroded, and whether the facilities remain in compliance in a way that safeguards creditors and the estate. Appointment of a trustee is warranted to investigate the status of the skilled nursing facilities, obtain the financial and regulatory information necessary to evaluate their condition, and determine what action is needed to preserve estate value and maintain CMS and related regulatory compliance, Mr. Freeman further said. A copy of the motion is available for free at https://urlcurt.com/u?l=FWHRA7 from Epiq, claims agent. About Gulf Coast Health Care Gulf Coast Health Care is a licensed operator of 28 skilled nursing facilities comprising nearly 3,350 licensed beds across Florida, Georgia, and Mississippi. It provides short-term rehabilitation, comprehensive post-acute skilled care, long-term care, assisted living, and therapy services in each of their Facilities. Gulf Coast Health Care, LLC, and 61 affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 21-11336) on Oct. 14, 2021. In the petition signed by Benjamin M. Jones as chief restructuring officer, Gulf Coast Health Care estimated assets of between $10 million and $50 million and estimated liabilities of between $100 million to $500 million. The cases are handled by Honorable Judge Karen B. Owens. McDermott Will & Emery LLP is the Debtors' counsel, and Ankura Consulting Group LLC is the financial advisor. Epiq is the claims agent. HAWTHORNE RACE: Court OKs Bid Rules for Racecourse Asset Sale ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, has granted Hawthorne Race Course Inc. and its affiliates, Post Time Catering, Inc., Suburban Downs, Inc., and Carey Heirs Properties, LLC, to conduct bidding procedures for the sale of substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors, located less than 10 miles from downtown Chicago, own and operate one of the longest running horse racing courses in the United States, and the oldest gaming institution in the State of Illinois. The Court has authorized the Debtor to conduct a bidding procedures for the sale of substantially all Assets. The Debtors are authorized to take any and all actions reasonably necessary or appropriate to implement the Bid Procedures. The dates and deadlines below are approved but may also be modified by the Debtors to the extent permitted under the Bid Procedures. Sale approval shall be considered at the Sale Hearing, which shall take place on July 13, 2026, at 10:00 a.m. (prevailing Central Time). The Sale Hearing may be adjourned or rescheduled without further notice by an announcement of the adjourned date at the Sale Hearing. Any party that seeks to object to the relief requested in the Motion pertaining to approval of the Sale of the Assets shall file and serve an objection that complies with the procedures. The Debtors are authorized, but not obligated, in consultation with the Consultation Parties, to designate a Stalking Horse and negotiate the terms of a Stalking Horse APA and, as necessary, an Operations Transfer Agreement with the Stalking Horse’s designated operator(s). The Debtors may provide a break-up fee, which shall be calculated as a percentage of the cash purchase price plus reimbursement of actual expenses, and a minimum bid increment for competing bidders, along with other buyer protections, provided, however, that the amount of the Break-Up Fee and any other bid protections are subject to Court approval. The Stalking Horse, if approved by the Court, automatically will be deemed a Qualified Bidder and its bid automatically will be deemed a Qualified Bid, and the Stalking Horse shall be entitled to credit bid the amount of its Break-Up Fee. Potential Bidders who satisfy the Participation Requirements will be deemed "Qualified Bidders," and their bids deemed "Qualified Bids." The Debtors will advise each Potential Bidder of their status before the Auction and provide copies of all Qualified Bids to the Consultation Parties. The Earnest Money Deposit of the Back-Up Bidder will be retained by the Debtors until the Back-Up Bid Expiration Date and returned within five business days thereafter (or applied to the purchase price if the Back-Up Bid becomes the Successful Bid). Deposits of all other bidders will be returned within five business days following the selection of the Successful Bidder and Back-Up Bidder. Any forfeited deposit shall become property of the Debtors' estates. If more than one Qualified Bid is received, the Debtors may conduct an Auction for the sale of substantially all the Assets. Each Qualified Bidder participating must confirm on the record that it has not engaged in any collusion. About Hawthorne Race Course, Inc. Hawthorne Race Course Inc. operates a historic racetrack that provides Thoroughbred and Standardbred racing events along with off-track betting throughout Chicago. Hawthorne Race Course Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03505) on February 27, 2026. In its petition, the Debtor reports assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Barry A. Chatz, Esq. of Saul Ewing Arnstein & Lehr LLP. Getzler Henrich & Associates serves as Financial Advisor, Omni Agent Solutions as Claims Agent. HESTIA INSIGHT: To Divest Subsidiary in Settlement -------------------------------------------------- Hestia Insight Inc.'s board executed a strategic divestiture and settlement agreement with Director Edward Lee on April 25, according to a Form 8-K filing with the Securities and Exchange Commission. The Las Vegas-based company said the agreement noted that Lee had never taken a salary in six years of service, which was equated to $500,000. In lieu of cash or equity, Hestia agreed to divest itself of its 100% wholly owned subsidiary Hestia Investments Inc., along with any assets that inure to it, and grant it to Lee. The company said the transaction eradicates any and all debts owed by the issuer in full accord and satisfaction. Lee will remit to the company 20% of any annual earnings the subsidiary is able to produce for the next two calendar years. About Hestia Insight Inc. Hestia Insight Inc., a Las Vegas-based company incorporated in Nevada in 2003, provides AI-powered capital markets advisory and business consulting services for startups, small businesses and emerging growth companies. The company, formerly known as Luxshmi Investments Inc. before changing its name in 2019, uses its artificial intelligence platform to support fundraising strategy, market research, financial modeling, investor materials preparation, investor outreach and investor relations. Hestia Insight also provides fractional executive support, including chief strategy officer and chief financial officer services, and seeks strategic relationships and acquisition opportunities in the healthcare and biotechnology sectors. Victor Mokuolu, CPA PLLC, the company's independent registered public accounting firm, issued a going concern qualification in its March 2, 2026, report, citing accumulated deficits of $1.1 million and $114,322 as of Nov. 30, 2025, and 2024, respectively, and insufficient cash on hand to cover expected operating costs over the next 12 months. While the company generated significant revenue in the year ended Nov. 30, 2024, the revenue was largely non-cash and did not provide sufficient cash receipts from operations to fund the business. These factors, among others, raised substantial doubt about the company's ability to continue as a going concern. As of Nov. 30, 2025, the company had $395,131 in total assets, $278,245 in total liabilities, and 116,886 in total stockholders' equity. HIAWATHA MANOR: Sale of Properties to Benefit Estate, Co-Owners --------------------------------------------------------------- Chief Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee granted Hiawatha Manor Association, Inc.'s motions for summary judgment in the adversary proceedings captioned as: 1. HIAWATHA MANOR ASSOCIATION, INC., Plaintiff, v. CHARLES H. ABERNATHY, et al., Defendants, Adv. Pro. No. 2:25-ap-90051 (Bankr. M.D. Tenn.); and 2. HIAWATHA MANOR ASSOCIATION, INC., Plaintiff, v. CAROL JO CARRARA, et al. Defendants, Adv. Pro. No. 2:25-ap-90052 (Bankr. M.D. Tenn.). Plaintiff Hiawatha Manor Association, Inc. (the "Debtor") filed a Chapter 11 bankruptcy on May 6, 2025, with the stated goal of selling two improved parcels of real property that are divided into condominium units and then fractionally owned in weekly timeshare intervals. Bankruptcy is sometimes used as a mechanism to facilitate sales of property. In this case, the bankruptcy sales process is being used in a somewhat unconventional manner to take timeshare property interests held by several thousand owners and convert the real estate back to fee simple ownership. The Debtor is a Tennessee non-profit corporation and the condominium owners' association for Hiawatha Manor Resort (the "East Property"), located at 8005 Cherokee Trail, Crossville, Tennessee 38572. This is the property at issue in Hiawatha Manor Association, Inc. v. Abernathy, Adv. Pro. No. 2:25-ap-90051. The East Property has 47 condominium units, and the Debtor owns approximately 1,764 timeshare intervals as tenant-in-common with other timeshare owners. There are at least 1,500 other timeshare owners who are defendants in the East Property adversary proceeding. Hiawatha Manor West (the "West Property", and together with the East Property, the "Properties"), located at 8007 Cherokee Trail, Crossville, Tennessee 38572, is the property at issue in Hiawatha Manor Association, Inc. v. Carrara, Adv. Pro. No. 2:25-ap-90052. The West Property has 70 condominium units, and the Debtor owns 70 timeshare intervals as tenant-in-common with other timeshare owners. The West Property has a separate owner's association, the Hiawatha Manor West Association, Inc. (the "West Association"), which holds and administers timeshare interests in that property. There are approximately 2,800 timeshare intervals not owned by the Debtor, and the West Association itself also owns a portion of the timeshare intervals. With the exception of the West Association, the other timeshare owners are named as defendants in that adversary proceeding. The Properties are currently managed by HPP Property Services LLC, d/b/a Lemonjuice Solutions ("Lemonjuice"). The Debtor described years of declining ownership participation in the payment of homeowner fees, resulting in declining maintenance of the Properties. Since 1979, thousands of timeshare intervals have been sold in Hiawatha East, but owner delinquencies have climbed to approximately 75 percent, leading to severe shortfalls in collection of dues or maintenance fees. Many owners have abandoned their interests or transferred their interests to timeshare relief companies, which typically do not pay maintenance fees. With the loss of funds, the Debtor has been unable to sustain normal resort operations, maintain the properties, or make capital improvements. According to Lemonjuice, Hiawatha West has suffered similar financial losses and difficulty maintaining its property. Unable to obtain the required owner consent to sell outside bankruptcy, the Debtor filed for Chapter 11 bankruptcy in May 2025. In November 2025, the Debtor filed a motion for approval of bidding procedures, auction, and sale of the Properties (the "Sale Motion"). The Court approved the bid procedures and allowed the Debtor to proceed with the sale process, subject to further objection by March 9, 2026, and a determination of the § 363(h) issue in these proceedings. No party filed an objection to the sale by the March 9 deadline. The auction is scheduled to occur May 25-27, 2026, and the final sale hearing is scheduled June 9, 2026. Adversary Proceedings and Motions for Summary Judgment The Debtor commenced the two adversary proceedings contemporaneously with its Chapter 11 filing in May 2025. While the Debtor is pursuing approval pursuant to 11 U.S.C. Sec. 363 of most aspects of its proposed sale of the properties in the main bankruptcy case, it seeks a determination by the Court in the adversary proceedings that it may sell non-consenting co-owners' interests pursuant to Sec. 363(h). On January 19, 2026, the Debtor moved for summary judgment on that issue. Linda Simmons, a co-owner in the East Property and a defendant in the Abernathy proceeding, objected to summary judgment in both proceedings and objected to most of the Debtor's statements of material fact. However, the Court finds that she did not create a genuine dispute as to any material fact. The Debtor requests a determination on summary judgment that it may sell the Properties, including co-owners' shares, free and clear of co-owners' interests pursuant to Sec. 363(h). According to the Debtor, its timeshare intervals have no market value. Conversely, each Property could sell as a whole for several million dollars, which would generate enough for the estate to pay all creditors in full. The Court finds the Debtor has provided ample proof that sale of the whole Properties will realize significantly more for the estate than the unsaleable timeshare interests. According to the Court, the Debtor has also shown that "the benefit to the estate of a sale of such property free of the interests of co-owners outweighs the detriment, if any, to such co-owners." The sale is estimated to provide the estate $1,000,000, which is substantially more than necessary to satisfy the estate's obligations of approximately $240,000. After payment of creditors, with there being no equity holders, excess proceeds from the Debtor's share will be added to the distributions to be paid to co-owners for their ownership interests. The Debtor estimates that owners in the East Property may be entitled to receive approximately $622 per timeshare interval, and owners in the West Property could receive approximately $1,868 per timeshare interval. Therefore, individual co-owners should directly benefit financially from the sale of the Properties. On the other hand, continued ownership by the existing owners would likely be detrimental. The physical condition of the Properties is declining to the extent of units becoming uninhabitable. With no prospect for increased ownership and maintenance fee payments, there is no likelihood of the Debtor or the West Association improving the condition of the Properties and maintaining them into the future. Continued ownership would cost the individual owners approximately $1,113 in maintenance fees annually for the East Property and $2,287 for the West Property. Therefore, continued ownership is costly. Simply put, outside of the proposed sale of the whole Properties, it appears that the co-owners cannot unload their intervals without expending substantial sums, while a sale should result in some modest return and avoidance of liability for any delinquent maintenance fees. Based on the undisputed material facts, the Court concludes that the Debtor's proposed sale of the East Property and the West Property as whole properties, including co-owner interests, benefits both the estate and the co-owners and satisfies all conditions of Sec. 363(h). The Debtor may sell the whole Properties, including co-owner interests, subject to other necessary approvals connected to the sale process in the main bankruptcy case. A copy of the Court's Memorandum Opinion dated April 22, 2026, is available at https://urlcurt.com/u?l=mBsAsI from PacerMonitor.com. About Hiawatha Manor Association Hiawatha Manor Association, Inc., oversees the management of the timeshare condominiums known as Hiawatha Manor and Hiawatha Manor I. Hiawatha Manor Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Randal S. Mashburn handles the case. The Debtor is represented by Blake D. Roth, Esq., at Holland & Knight, LLP. HOME SWEET HOME REALTY: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------------- On April 29, 2026, Home Sweet Home Realty and Funding filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Home Sweet Home Realty and Funding Home Sweet Home Realty and Funding is a real estate and financing firm, typically engaged in property brokerage, mortgage services, and real estate investment activities. Home Sweet Home Realty and Funding sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30363) on April 29, 2026. In its petition, the debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Dennis Montali handles the case. IMH DALLAS: Lender Entitled to Stay Relief, Court Rules ------------------------------------------------------- The Hon. J. Barrett Marum of the U.S. Bankruptcy Court for the Southern District of California will grant RREF IV – D Clairemont Drive, LLC's motion for stay relief under sections 362(d)(2) and (d)(3) in the bankruptcy case of IMH Dallas Arioso, LLC. On December 1, 2025, IMH Dallas Arioso, LLC (the "Debtor") filed a Voluntary Petition under Chapter 11 (the "Petition"), identifying itself as a Single Asset Real Estate ("SARE") Debtor. The Debtor owns and operates its business renting out the residential property located at 3030 Claremont Drive, Grand Prairie, Texas 75052 (the "Property") consisting of nineteen buildings and 288 apartments. The Debtor purchased the Property in February 2022 for $64,000,000. In the Debtor's Schedules, the Debtor now values the Property at $45,000,000. To complete the purchase, the Debtor borrowed $56,000,000 from RREF IV – D Clairemont Drive, LLC's (the "Lender's") predecessor in interest by way of the "Senior Loan" as identified in the Debtor's Schedules. The Senior Loan is secured by a Deed of Trust against the Property. Through a series of assignments, the Lender became the owner of the Senior Loan. After the Debtor filed the Petition, the Lender filed a claim totaling $63,790,457.73 (the "Claim"), which accounted for unpaid principal on the Senior Loan, accrued interest, fees, obligations and other liabilities, costs, and attorneys' fees. The portion of the Claim that exceeds the value of the Property (the "Lender's Deficiency Claim") is unsecured. It is undisputed that the Property is underwater and that the Debtor has not commenced making the monthly payments that a SARE debtor may make to hold off stay relief after the 90th day of a bankruptcy case. The Debtor's Lender has therefore moved for stay relief under sections 362(d)(2) and (d)(3). The Lender argued the Debtor's lack of equity in the Property and inability to successfully reorganize (and thus that the Property is not necessary to an effective reorganization) entitled it to stay relief. The Debtor opposed, arguing that the Debtor would be able to propose a confirmable plan because the Debtor contended the Lender's Deficiency Claim is secured by, among other things, a Guaranty (the "Guaranty"). The Debtor claimed the Guaranty justifies separately classifying the Lender's Deficiency Claim from other unsecured creditors (mainly vendors that provided services to the Property), thereby creating the possibility there will be an impaired consenting class notwithstanding the Lender's anticipated rejection of the plan. On March 2, 2026, the Debtor filed its Initial Chapter 11 Plan (the "Plan"). The parties agree the Debtor lacks any equity in the Property. The Debtor concedes the value of the Property is lower than the total of the encumbrances upon it. The Court concludes the Plan improperly classifies the Lender's Deficiency Claim separately from other general unsecured claims based on the Guaranty executed on February 10, 2022, by and between the Lender's predecessor in interest and three individuals. As a threshold matter, the Guaranty does not serve as "security" for the Lender's Deficiency Claim as the Debtor argued. The Court points out the Guarantors did not pledge specific assets or funds by way of the Guaranty. Although the Guaranty in theory provided the Lender with recourse for the Debtor's default under the loan, it does not function as security for the loan. According to the Court, the Lender's unsecured deficiency claim is substantially similar to other unsecured claims and the Guaranty cannot justify separate classification. The Court says the Debtor can only successfully reorganize within a reasonable time if the Debtor can separately classify the Lender's claims, otherwise no impaired consenting class will exist (because the Lender will vote its unsecured claim against confirmation) and the Plan will not be confirmed. But the Debtor has not adequately demonstrated the Lender has a non-debtor source of repayment for the Lender's Deficiency Claim, nor that the Debtor has a legitimate business or economic reason for separate classification. Moreover, the Lender's Deficiency Claim swamps the other claims' aggregate value within the general unsecured class. This, plus the dubious rationales the Debtor has offered to support the separate classification, strongly indicates that the Debtor's attempt to separately classify the Lender's Deficiency Claim in the first instance constitutes impermissible gerrymandering of claims for the purpose of plan confirmation, the Court finds. The Plan's proposed treatment of the classes of claims further supports this conclusion. Accordingly, the Court concludes the Debtor has no reasonable possibility of a successful reorganization within a reasonable time; the Debtor cannot separately classify the Lender's Deficiency Claim and the Lender indicated it will vote against a plan when properly classified with the remaining vendor claims such that the Debtor will not be able to confirm a plan. The Court concludes stay relief to allow the foreclosure sale to proceed is appropriate pursuant to both subsections 362(d)(2) and (d)(3). It is clear the Plan the Debtor filed has no hope of ever being confirmed, much less being confirmed within a reasonable time. It is also apparent that the Plan represents the kind of visionary scheme that Congress was specifically addressing when it added section (d)(3) to the Bankruptcy Code. The Court will therefore grant the Motion. A copy of the Court's Memorandum Decision is available at https://urlcurt.com/u?l=as4HQV from PacerMonitor.com. About IMH Dallas Arioso LLC IMH Dallas Arioso, LLC, doing business as Arioso Apartments & Townhomes, provides residential apartment and townhome rentals in Grand Prairie, Texas, offering bedroom units with features such as open-concept layouts, wood-inspired flooring, and private patios or balconies. The community operates multiple on-site amenities including swimming pools, a fitness center, and outdoor barbecue and picnic areas set within landscaped grounds. It serves residents across the Grand Prairie area with convenient access to retail centers, parks, schools, and major employers. IMH Dallas Arioso, a company in Carlsbad, Calif., sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 25-05061) on Dec. 1, 2025, listing between $50 million and $100 million in both assets and liabilities. Ed Monce, chief executive officer, signed the petition. Judge J. Barrett Marum oversees the case. The Law Office of Donald W. Reid serves as the Debtor's bankruptcy counsel. INTERTRADERONE LLC: Updates Unsecured Claims Details ---------------------------------------------------- Intertraderone, LLC submitted a First Amended Disclosure Statement describing Plan of Reorganization dated April 23, 2026. Since the filing of the case, the Debtor has employed a realtor and put the Property on the market. The Property is listed in two MLS platforms, the Indian River MLS and the Flex MLS which serves agents all the way to South Florida. The Property is marketed extensively on major platforms, including Homes.com, Zillow, and Trulia to ensure maximum visibility. The realtor has also sent property blasts to all agents in Indian River County and those subscribed to the Flex and Beaches MLS, covering areas throughout South Florida. The realtor has also utilized newspaper and Facebook advertisements. While the Property is currently priced at $550,000 which is well below market value, construction in the community is ongoing. The builder is also offering significant incentives, such as deep discounts, paid closing costs, and free Grand Harbor Club memberships, which impacts current interest in the Property. It is the Debtor's intention to use any sales proceeds to satisfy the claims of all creditors. The interest on the judgment accrues at approximately $200.14 per day or $6,000.00 per month. The Debtor has been making adequate protection payments of $3,572.92. This amount is the contract rate. If the Property should sell at the current listing price of $550,000.00, the Debtor should net, after closing costs, approximately $495,000.00. The Debtor's ability to fully fund the plan depends solely on the Debtor's sale of the Property. Class 3 consists of the secured claim of the Indian River County Tax Collector in the amount of $6,613.11. This claim will be paid in full upon the sale of the Property. The class is impaired. Class 4 consists of unsecured creditors. The only allowed unsecured claims total $6,000.00. Proceeds of the sale will be put aside and paid after closing. This class is impaired. Class 5 consists of equity holder. The equity holder in the Debtor will continue to own and operate the Debtor. A full-text copy of the Amended Disclosure Statement dated April 23, 2026 is available at https://urlcurt.com/u?l=cSpeSX from PacerMonitor.com at no charge. Counsel to the Debtor: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: briankmcmahon@gmail.com About Intertraderone LLC Intertraderone, LLC, is a Florida corporation that operates as a seafood broker. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23754) on Nov. 20, 2025, listing up to $1 million in estimated assets and up to $500,000 in estimated liabilities. Judge Mindy A. Mora oversees the case. Brian K. McMahon, PA, is serving as the Debtor's legal counsel. J. PATRICK LEE: Hires Regional Realty Group as Real Estate Broker ----------------------------------------------------------------- J. Patrick Lee Construction LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Regional Realty Group, LLC as real estate broker. The firm will market and sell the Debtor's property located at 2800 Lakeview Road, Hattiesburg, Mississippi. The broker will receive a flat commission of $6,000. As disclosed in the court filings, Regional Realty Group, LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Harry L. Frierson, Jr. Regional Realty Group, LLC P.O. Box 308 Kiln, MI 39556 Phone: (228) 220-3599 About J. Patrick Lee Construction J. Patrick Lee Construction, LLC, based in Picayune, Mississippi, engages in heavy and civil engineering construction projects, including local infrastructure, municipal improvements, and residential site development. The Company participates in public and private construction contracts within Pearl River County and surrounding areas. J. Patrick Lee Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51858) on December 10, 2025. In the petition signed by Patrick Lee, owner/managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Katharine M. Samson oversees the case. The Debtor is represented by the Law Offices of Geno and Steiskal, PLLC. JAGUAR HEALTH: Nasdaq Sets May 15 Bid Price Compliance Deadline --------------------------------------------------------------- Jaguar Health, Inc. disclosed in a regulatory filing that it received a decision letter from the Nasdaq Hearings Panel granting the request to continue its listing on The Nasdaq Stock Market LLC, subject to the condition that, on or before May 15, 2026, the Company shall demonstrate compliance with Nasdaq Listing Rule 5550(a)(2). This decision follows the Company's hearing before the Panel on April 7, 2026, regarding its non-compliance with the Bid Price Rule. As previously reported in a Current Report on Form 8-K filed on March 6, 2026, the Company received written notice from the staff of the Listing Qualifications Department of Nasdaq indicating that because the bid price for the Company's common stock for the previous 30 consecutive business days had closed below the minimum $1.00 per share, the Company was no longer in compliance with the requirement for continued listing on Nasdaq under the Bid Price Rule. Further, the Notice stated that, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company was not eligible for any compliance period specified in Nasdaq Listing Rule 5810(c)(3)(A) due to the fact that the Company effected a reverse stock split over the prior one-year period or effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. The Company requested a hearing before the Panel, at which it presented its plan to cure the bid price deficiency. In its written notice, the Panel stated that the Company shall demonstrate compliance with the Bid Price Rule by evidencing a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days on or before May 15, 2026. The Panel may defer a compliance determination for up to 20 business days. The Panel further stated that during the granted exception period the Company must promptly notify the Panel of any significant events that occur during this time that may affect the Company's compliance with Nasdaq requirements, including, but not limited to, any event that may call into question the Company's ability to meet the terms of the exception granted, and that the Panel reserves the right to reconsider the terms of this exception based on any event, condition or circumstance that exists or develops that would, in the opinion of the Panel, make continued listing of the Company's securities on Nasdaq inadvisable or unwarranted. The Panel also stated that it would maintain jurisdiction over the Company until September 1, 2026, the end of its discretion in this matter, and that should the Company fall out of compliance with any Nasdaq Listing Rule during that time, the Company would be delisted. The Company is diligently working to timely satisfy the terms of the Panel's decision; however, there can be no assurance that the Company will be able to do so. In the event that the Company is unable to meet the terms of the Panel's decision, the Company will be subject to delisting from Nasdaq. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. RBSM LLP, the Company's auditor since 2022, issued a going concern qualification in its report dated April 7, 2026, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $38.3 million in total assets, $57 million in total liabilities, and $18.7 million in total stockholders' deficit. JOSEPH & JUANITA: Hires Tax & Financial Guidance as Bookkeeper -------------------------------------------------------------- Joseph & Juanita Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Laura K. Schexnader and the Tax & Financial Guidance Center, LLC to prepare the business tax returns. The Debtor has determined that the services of an experienced tax preparer is necessary to assist in the preparation of 2023, 2024, and 2025 business tax returns. Ms. Schexnader assured the court that Tax & Financial Guidance Center neither holds nor represents an interest adverse to the Debtor estates or has any connection to the Debtor, its creditors or other parties in interest in this Chapter 11 case. The firm can be reached through: Laura K. Schexnader Tax & Financial Guidance Center, LLC 7163 Jefferson Hwy. Baton Rouge, LA 70806 Phone: (225) 923-2299 About Joseph & Juanita Enterprises LLC Joseph & Juanita Enterprises LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 26-50107) on Feb. 9, 2026, listing up to $1 million in assets and up to $10 million in liabilities. Judge John W. Kolwe oversees the case. The Debtor tapped Kathryn A. Wiley, Esq., at Wiley and Jowers, LLC as counsel. KAT CREATIVE: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On April 28, 2026, Kat Creative Corp. 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 $0 and $100,000 in debt owed to 1–49 creditors. About Kat Creative Corp. Kat Creative Corp., dba Kat Creative Nail & Spa, is a beauty and personal care business providing nail services, spa treatments, and related salon services. Kat Creative Corp dba Kat Creative Nail & Spa sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13342) on April 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. KC HOMES: Case Summary & 10 Unsecured Creditors ----------------------------------------------- Debtor: KC Homes and Investments, LLC 1453 Smolian Place Birmingham, AL 35209 Business Description: KC Homes and Investments, LLC is an Alabama real estate company that owns and leases residential and land properties in Birmingham, Montgomery and Prattville. The company holds fee-simple interests in a portfolio of properties with an aggregate value of about $3.42 million. Chapter 11 Petition Date: April 28, 2026 Court: United States Bankruptcy Court Northern District of Alabama Case No.: 26-01498 Judge: Hon. Tamara O Mitchell Debtor's Counsel: Robert C. Keller, Esq. RUSSO, WHITE & KELLER, P.C. 315 Gadsden Highway Suite D Birmingham, AL 35235 Tel: (205) 833-2589 Email: rkeller@rwkattorneys.com Total Assets: $3,581,500 Total Liabilities: $3,745,500 The petition was signed by Chance Wheeler as manager. A copy of the Debtor's list of its 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MNMZP6A/KC_Homes_and_Investments_LLC__alnbke-26-01498__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MEWPZNQ/KC_Homes_and_Investments_LLC__alnbke-26-01498__0001.0.pdf?mcid=tGE4TAMA KOMAL-MILAN LLC: Hires Paul Reece Marr PC as Bankruptcy Counsel --------------------------------------------------------------- Komal-Milan, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, P.C. as its bankruptcy attorneys. The firm's services include: (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's current rates are: Paul Reece Marr, Esq. $500 per hour Paralegal $295 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Marr 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: Paul Reece Marr, Esq. Paul Reece Marr, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About Komal-Milan, L.L.C. Komal-Milan, L.L.C. is a limited liability company engaged in commercial business operations, potentially including retail, hospitality, or service-based activities. The company focuses on managing day-to-day operations and maintaining business assets within its sector. Komal-Milan, L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-54669) on April 7, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sage M. Sigler handles the case. The Debtor is represented by Paul Reece Marr, Esq. of Paul Reece Marr, PC. KRT INC: Seeks to Hire Blue Law Office, LLC as Bankruptcy Counsel ----------------------------------------------------------------- KRT Inc. seeks approval from the U.S. Bankruptcy Court for the District of Wyoming to hire Blue Law Office, LLC, as its attorneys. The firm will render these services: a. prepare pleadings and applications; b. advice regarding its rights, duties and obligations as a debtor in possession; c. perform legal services incidental to operation of the Debtor's business; d. negotiate, prepare and confirm a plan of reorganization; e. take other necessary and proper action in the preservation and administration of the bankruptcy estate. Ms. Blue's hourly rate is $400 per hour. Kelly Blue, principal of Blue Law, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estate. Blue Law can be reached at: Kelly Blue, Esq. Blue Law Office, LLC 405 Ruby St. Kemmerer, WY 83101 Phone: (307) 723-0341 Email: kelly.blue.atty@gmail.com About KRT Inc. KRT Inc. operates within the specialized freight trucking industry. KRT Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Wyo. Case No. 25-20036) on February 7, 2025. In its petition, the Debtor reports total assets of $6,382,948 and total liabilities of $7,272,774. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Clark D. Stith, Esq. at CLARK D. STITH. LAND GO: Seeks Approval to Hire Conroy Baran LLC as Attorney ------------------------------------------------------------ Land Go Properties, L.L.C. seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri to hire Conroy Baran, LLC as attorneys. The firm will provide the customary services required in representing a Chapter 11 Debtor-in-Possession. The firm's current hourly rates are: Robert Baran $325 Aaron Othmer $256 Paralegals $95 to $168 Conroy Baran has received a retainer in the amount of $23,500 including the filing fee of $1,738. Robert Baran, Esq., a member of Conroy Baran, assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Robert S. Baran, Esq. Ryan E. Shaw, Esq. CONROY BARAN 1316 Saint Louis Ave., 2nd FL Kansas City, MO 64101 Telephone: (816) 616-5009 Email: rbaran@conroybaran.com rshaw@conroybaran.com About Land Go Properties L.L.C. Land Go Properties, L.L.C. is a real estate company engaged in property ownership, development, and investment activities. Land Go Properties sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-30117) on April 10, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $500,001 to $1 million. Honorable Bankruptcy Judge Brian T. Fenimore handles the case. The Debtor is represented by Robert Baran, Esq., at Conroy Baran. LELAND HOUSE: To Sell Detroit Property to Highest Bidder -------------------------------------------------------- Leland House Limited Partnership Company seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and operates the Leland House, a 20-story Beaux-Arts Detroit landmark built in 1927 and located at 400 Bagley Street, Detroit, Michigan. The Property was encumbered with 13 mortgages and liens having an aggregate face value of $18,877,346.26. Additionally, the Property was leased to approximately 40 tenants pursuant to month-to-month leases. The Property is presently not habitable because it lost power on December 10, 2025, and its tenants were relocated on an emergency basis by the City of Detroit. The Debtor retains Savills Inc. to market the Property on January 27, 2026. The Savills has further marketed the Property through Ten-X, an online auction platform with access to potential purchasers across the U.S. and internationally. The Debtor, in consultation with Next Bridge Funding LLC, selected Mudhish Development Company LLC to be the stalking horse and filed its $3 million stalking horse agreement. The Debtor held the Auction from Noon on April 27, 2026 through approximately Noon on April 29, 2026 using the Ten-X on-line platform. Mudhish was the only Person to bid on the Property at the Auction. At the conclusion of the Auction, Mudhish was selected with the Winning Bid of $3 million. The Debtor proposes to sell the Property to the Winning Bidder. The proposed Sale of the Property to the Winning Bidder satisfies each of the Engineering Products factors and results in the highest and best price for the Property. The Sale has been negotiated at arm's-length and in good faith, and will be on the terms set forth in the Motion. The remaining personal property consists of used appliances and maintenance tools and equipment of de minus value. After the closing on the Sale, the Debtor has no need for the property and estimates that the cost of removal will exceed the value of the property. The Debtor proposes to abandon all such personal property and any party in interest asserting a lien on such property shall have until May 29, 2026 to take possession and remove the property. About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on Nov. 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor tapped Ryan D. Heilman, Esq., at Heilman Law, PLLC, as counsel and Harmon Partners as financial advisor. LIQUOR WORLD: Hires Gleichenhaus Marchese as Bankruptcy Counsel --------------------------------------------------------------- Liquor World of Syracuse Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to hire Gleichenhaus, Marchese & Weishaar, PC as general counsel. The firm's services include: i. obtaining financial information and documentation, performing an analysis of the Debtor's financial situation, and rendering legal advice with respect to the available relief under the applicable Chapters of the Bankruptcy Code, in order to assist the Principal in determining whether to file a petition on behalf of the Debtor and under what Chapter of the Code; ii. preparing and filing the Petition, lists, schedules, statements, reports, motions, applications, answers to objections, and other legal papers, and any amendments thereto, as may be necessary to comply with Court rules and to confirm and effectuate a Plan of Reorganization; iii. rendering legal advice concerning the Debtor's powers and duties as a debtor in the continued operation of its business and in the management of property; iv. preparing for and representing the Debtor at the Sec. 341 Meeting of Creditors and any adjournments; v. preparing for and appearing in support of confirmation of the plan at the Confirmation Hearing and any adjournments; vi. negotiating with secured creditors regarding valuation and treatment of secured claims under the Chapter 11 Plan, and preparation of a Plan and Disclosure Statement; vii. taking necessary action to avoid liens against property and such other actions to remove any encumbrances or liens which are avoidable, which were placed against the Debtor's property prior to the filing of the Chapter 11 proceeding; and, viii. taking necessary action to enjoin and stay until final decree any attempts by secured creditors to enforce liens upon property, and actions by unsecured creditors to collect any prepetition debt. The firm will charge its customary hourly rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Michael Weishaar, Esq., a partner at Gleichenhaus, Marchese & Weishaar, PC, 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 A. Weishaar, Esq. Gleichenhaus, Marchese & Weishaar, PC 43 Court Street, Suite 930 Buffalo, NY 14202 Tel: (716) 846-6446 About Liquor World of Syracuse Inc. Liquor World of Syracuse, based in East Syracuse, New York, operates as a retail liquor store offering a wide selection of wines, spirits, and beers, while featuring staff-curated picks and hosting tastings and events designed to introduce customers to new products. The store serves local residents through in-store purchases and delivery, and its online platform allows customers to browse inventory organized by type, country, and region, check promotions, and manage accounts, combining convenience with a community-focused shopping experience. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 26-30231) on March 27, 2026, with $479,500 in assets and $1,973,714 in liabilities. Kirandeep Nafri, president, signed the petition. Judge Wendy A. Kinsella presides over the case. Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar, P.C. represents the Debtor as legal counsel. M & B HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: M & B Holdings of Delaware, LLC 812 Downtowner Blvd., Suite H Mobile, AL 36609 Chapter 11 Petition Date: April 29, 2026 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 26-11230 Judge: Hon. Henry A Callaway Debtor's Counsel: Edward J. Peterson, Esq. BERGER SINGERMAN LLP 101 E. Kennedy Blvd. Suite 1165 Tampa, FL 33602 Tel: 813-498-3400 Email: epeterson@bergersingerman.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Judy Belk as manager. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QNX5SAI/M__B_Holdings_of_Delaware_LLC__alsbke-26-11230__0001.0.pdf?mcid=tGE4TAMA MACIAS CAPUCHINO: Commences Chapter 7 Bankruptcy in California -------------------------------------------------------------- On April 28, 2026, Macias Capuchino filed for Chapter 7 bankruptcy 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. About Macias Capuchino Macias Capuchino, dba Easy Wireless, is a telecommunications retail business specializing in wireless services, mobile devices, and related offerings. Macias Capuchino dba Easy Wireless sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14139) on April 28, 2026. The petition shows estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Jaime A. Cuevas, Jr., Esq., Law Offices of Jaime A. Cuevas, Jr. MACON-BIBB COUNTY: Moody's Affirms Ba2 Rating on 2018A Rev. Bonds ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 rating on Macon-Bibb County Urban Development Authority's (GA) Multifamily Housing Revenue Bonds (Dempsey Apartments Project), Series 2018A, affecting $9.08 million of outstanding debt. The outlook remains stable. RATINGS RATIONALE The Ba2 rating reflects the project's satisfactory - financial performance and stable occupancy, despite ongoing delays in unit turnover, with average occupancy of 92% as of Q3 2026. Audited FY2025 (fiscal year ended June 30, 2025) debt service coverage of 1.10x is adequate; however, performance relies in part on approved reimbursements from the repair and replacement fund. Demand for the project remains strong, supported by a waiting list of 147 applicants for one bedroom units. As of December 2025, the project transitioned from senior housing to traditional affordable housing serving families, which management expects will support faster lease up and improved long term occupancy. Roofing and plumbing issues, due to the age of the project, continues to pose operational challenges. RATING OUTLOOK The stable outlook reflects Moody's expectations that the project will continue to maintain satisfactory operating performance driven by stable demand and expenditures over the outlook period. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Occupancy growth that could positively impact debt service coverage above 1.34x -- Gradual but sustained increase in rental rates that positively impact the project revenues FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Expectation of future taps to the debt service reserve in order to pay debt service -- Additional declines in occupancy that results in continuous declines of debt service coverage below 1.09x -- Sustained increase in expenses -- HAP contract is not renewed upon expiration in October of 2026 or other disruptions to future HAP payments PROFILE The issuer, Macon-Bibb County Urban Development Authority, is the sole member of, UDA Dempsey, LLC, a Georgia limited liability company, the owner of the project and obligor of the Bonds. METHODOLOGY The principal methodology used in this rating was Global Housing Projects published in August 2024. MACROFIT INC: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Macrofit, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its interim budget. The initial budget is intentionally narrow and designed to cover only critical short-term expenses such as payments to contractors, inventory, marketing, shipping, and certain compensation, ensuring business continuity during the early stages of the Debtor's Chapter 11 case. The Debtor has identified at least five recorded liens against its assets believed to be associated with merchant cash advance lenders though it has not yet completed a full reconciliation of these obligations or matched them to specific claims. Despite these uncertainties, the Debtor asserts that its ongoing revenues may be subject to these liens and, therefore, constitute cash collateral. Lenders will receive "adequate protection" liens, with the same validity, priority and scope as their pre-petition liens, and superpriority claims on account of any post-petition diminution in the value of their collateral. The order is available at https://is.gd/zOBrNc from PacerMonitor.com. The next hearing is set for May 12. Macrofit, a Delaware corporation operating in California and led by CEO Michael DeVerna, is a connected fitness company that sells home gym equipment and digital fitness products, including Pilates reformers, directly to consumers and through partnerships. Although the business continues to generate revenue and maintain customer demand, it has encountered financial distress due to rising tariffs affecting costs, reduced marketing expenditures, liquidity constraints, and disruptions involving payment processors and restricted access to funds held by lenders. 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, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13505) on April 11, 2026. In its petition, the Debtor reports estimated assets of $100,001â€“$1,000,000 and estimated liabilities of $1,000,000-$10,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. MARTIN ENERGY: Markel Loses Bid to Partially Withdraw Reference --------------------------------------------------------------- Judge Jane Triche Milazzo of the U.S. District Court for the Eastern District of Louisiana denied Markel International Insurance Co. Ltd.'s motion to partially withdraw the reference to the U.S. Bankruptcy Court for the Eastern District of Louisiana, or alternatively to sever the non-core claims against it, and to stay proceedings in the case In re: Babin v. Crescent Civil Action Drilling & Production, Inc. et al., Case No. 2:25-cv-02048 (E.D. La.). On June 8, 2023, an Involuntary Petition for relief under Chapter 11 of the Bankruptcy Code was filed against Martin Energy, LLC ("Debtor"). The bankruptcy proceeding was converted to one seeking relief under Chapter 7 of the Bankruptcy Code, and Plaintiff Wilbur J. "Bill" Babin, Jr. was appointed as trustee for the Debtor. On September 30, 2024, Plaintiff initiated an adversary proceeding against Defendants Crescent Drilling & Production, Inc. ("CDP") and Crescent Drilling Foreman, Inc. ("CDF"). On August 29, 2025, Plaintiff filed his Second Amended and Restated Complaint, asserting additional claims against Defendants Markel and Lloyd's Syndicate 1036. At the time the bankruptcy proceeding began, the Debtor owned interests in, and was the designated operator for, two oil and gas wells ("the Wells"). Plaintiff alleges that, on June 21, 2021, the Debtor entered into a Master Service Agreement with CDP and CDF to operate the Wells on its behalf. Plaintiff asserts that CDP and CDF mismanaged or negligently operated the Wells, causing them to become non- or underproductive and requiring recompletion. Plaintiff further alleges that the Debtor maintained its own insurance policy through Markel that covers the losses caused by CDP and CDF's mismanagement of the Wells. Plaintiff prays for judgment holding Markel liable to the Debtor's estate for those covered losses. On October 1, 2025, Markel filed the instant Motion requesting withdrawal of the reference from Bankruptcy Court. Plaintiff opposes. Two weeks later, Markel filed a Motion to Dismiss in the adversary proceeding, arguing that the Court lacked subject matter jurisdiction and that Plaintiff failed to state a claim for which relief can be granted. As of this Order, Markel's Motion to Dismiss is still pending before the Bankruptcy Court. In its Motion, Markel asks this Court for an order withdrawing the reference of the claims against it. It argues that cause exists for partially withdrawing the reference from the Bankruptcy Court. Plaintiff opposes, arguing that withdrawal of the reference is premature until the Bankruptcy Court has determined whether the claims against Markel are core or non-core and has decided all pretrial matters. Markel argues that any claims against it are non-core, but in the event the Court determines the claims are core, the Bankruptcy Court would lack jurisdiction to enter final judgment on said claims. The Bankruptcy Court has not yet determined whether Plaintiff's claims are core or non-core, but even assuming Plaintiff's claims are non-core, it may issue findings of fact and conclusions of law that the District Court can review de novo. Accordingly, the District Court need not decide at this stage of the litigation exactly which claims are core or non-core. Markel maintains that it is entitled to a jury trial as to the claims against it, and thus, withdrawal is appropriate. It further argues that judicial economy is served by withdrawing the reference at this early stage in the adversary proceeding. Plaintiff does not appear to dispute that Markel is entitled to a jury trial in the District Court should one become necessary. Instead, Plaintiff contends withdrawal is premature and requests that all pre-trial matters be conducted before the Bankruptcy Court in the interest of judicial economy. In this case, it is not yet clear that a jury trial involving Markel will be necessary because its Motion to Dismiss is currently pending before the Bankruptcy Court. Thus, the goals of judicial efficiency and economical use of the estate's resources are best met by allowing the suit to remain in the Bankruptcy Court until the matter is ready to proceed to trial. Accordingly, the District Court finds that the reference should be maintained at this time. A copy of the Court's Order dated April 22, 2026, is available at https://urlcurt.com/u?l=jzi2k1 from PacerMonitor.com. Martin Energy, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. La. Case No. 23-10898) on June 8, 2023. The case was converted to Chapter 7. Plaintiff Wilbur J. Babin, Jr. is the Chapter 7 trustee. MAWSON INFRASTRUCTURE: Gets Nasdaq Delist Notice, Changes Name -------------------------------------------------------------- Mawson Infrastructure Group Inc. received a Nasdaq delist determination and filed to change its name to Big Digital Energy, Inc., according to an April 23 Form 8-K filing with the Securities and Exchange Commission. The Midland, Pennsylvania-based company said Nasdaq notified it April 17 that it no longer satisfied Nasdaq Listing Rule 5550(b), based on reported stockholders' equity as of Dec. 31, 2025. The rule requires either $2.5 million in stockholders' equity, a market value of listed securities of $35 million or $500,000 in net income in the past fiscal year or two of the past three fiscal years. The company said it plans to timely request a hearing before the Nasdaq Hearings Panel, which will stay any further suspension or delisting action at least until the hearing concludes and any compliance period granted by the panel expires. Mawson said it believes that, as of the filing date, it has stockholders' equity in excess of the minimum $2.5 million threshold. The company filed a certificate of amendment with Delaware on April 20 to change its name to Big Digital Energy, Inc., effective April 24. The company said its common stock is expected to begin trading on The Nasdaq Capital Market under the new symbol "BGDE" at the market open April 30 and stop trading under "MIGI." The CUSIP number will not change. About Mawson Infrastructure Mawson Infrastructure Group Inc. is a U.S.-based technology company that designs, builds and operates digital infrastructure platforms. The company provides services spanning artificial intelligence, high performance computing, digital assets, including Bitcoin mining, and other intensive compute applications, with 129 megawatts of capacity online and more under development. Wolf & Company, P.C., based in Boston, Massachusetts, issued a going concern qualification in its March 31, 2026, report, citing the company's history of net losses since inception, negative working capital and need for additional funding to sustain operations, conditions that raise substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company had $57.44 million in total assets, $60.56 million in total liabilities, and a total stockholders' deficit of $3.12 million. At Dec. 31, 2025, the company reported an accumulated deficit of $252.5 million, cash and cash equivalents of $13.3 million, negative working capital of $31.3 million and total debt of $25.2 million. MIZELL MEMORIAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Mizell Memorial Hospital Incorporated 702 N. Main Street Opp, AL 36467 Business Description: Mizell Memorial Hospital, Inc. is a private, not-for-profit acute care facility located in Opp, Alabama. Founded through a charter accepted in 1945 and dedicated in 1949, the hospital provides general medical, surgical, inpatient, outpatient, and emergency room care. Its services include diagnostic, rehabilitation, therapy, pharmacy, laboratory, radiology, respiratory care, behavioral care, sleep disorder, clinic, wellness, and home health services. Mizell Memorial Hospital is licensed for 99 beds, operates with a 59-bed capacity, participates in Medicare and Medicaid programs, and is governed by a local volunteer board of directors. Chapter 11 Petition Date: April 29, 2026 Court: United States Bankruptcy Court Middle District of Alabama Case No.: 26-31120 Judge: Hon. Christopher L Hawkins Debtor's Counsel: Stuart Maples, Esq. THOMPSON BURTON PLLC 200 Clinton Ave. W Huntsville, AL 35801 Tel: (256) 489-9779 Email: smaples@thompsonburton.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Debbie Franklin as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/X2BYB6Y/Mizell_Memorial_Hospital_Incorporated__almbke-26-31120__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Alcon Vision LLC Trade Debt $22,431 Dallas JPMC Bank/Lockbox 735843 Po Box 735843 Dallas, TX 75373 2. Amerisourcebergen Trade Debt $71,645 Po Box 978526 Dallas, TX 75397 3. Canon Medical Trade Debt $7,258 Systems USA, Inc Po Box 7476 Carol Stream, IL 60197 4. Computer Programs & Trade Debt $65,108 Systems Inc P.O. Box 11407 Dept. #6448 Birmingham, AL 35246 5. Concord Radiology PLLC Trade Debt $52,498 1602 Ave Q Lubbock, TX 79401 6. Draffin & Tucker, LLP Trade Debt $24,399 Po Box 71309 Albany, GA 31708 7. Felder Services Trade Debt $59,480 PO Box 70171 Mobile, AL 36670 8. Fisher Healthcare Trade Debt $22,910 P.O. Box 404705 Atlanta, GA 30384 9. Innovative Healing Trade Debt $900,000 c/o Amy Lea Drushal Trenam, Kemper, Scharf, Barkin Frye, O'Neill And Mullis 101 E. Kennedy Blvd, Ste. 2700 Tampa, FL 33602 10. IPFS Corporation Of The South Trade Debt $11,341 Po Box 730223 Dallas, TX 75373 11. Mckesson Medical Surgical Trade Debt $16,986 Po Box 660266 Dallas, TX 75266 12. Medline Industries Inc Trade Debt $57,508 Dept Ch 14400 Palatine, IL 60055 13. Mutual Of Omaha Payment Insurance $8,952 Processing Center Po Box 2147 Omaha, NE 68103 14. Newgen Emergency Medicine Trade Debt $165,187 1006 N Baylen St Pensacola, FL 32501 15. Quest Diagnostics Trade Debt $7,981 Po Box 912502 Pasadena, CA 91110 16. Siemens Fin Services, Inc. Trade Debt $13,761 Po Box 2083 Carol Stream, IL 60132 17. Smith And Nephew Inc Trade Debt $16,116 Po Box 842935 Dallas, TX 75284 18. The Intermed Group, Inc. Trade Debt $9,205 13301 US Hwy 441 Alachua, FL 32615 19. US Foods, Inc. Trade Debt $23,149 P.O. Box 405873 Atlanta, GA 30384 20. Valbridge Property Advisors Trade Debt $7,000 P.O. Box 834 Mount Pleasant, SC 29465 MORRIS REAL: Seeks 120-Day Extension of Plan Filing Deadline ------------------------------------------------------------ Morris Real Estate Solutions, asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization for additional one-hundred twenty days. The Debtor is a business operating in the Commonwealth of Pennsylvania. The Debtor initiated this Chapter 11 case to restructure secured mortgage debts. The Debtor's obligations consist mostly of secured debts on real property The Debtor explains that it has an open matter with the Allegheny County Health Department, the resolution of which will impact the creation of a feasible Chapter 11 Plan. The Debtor claims that it has complied with all of their post filing Chapter 11 obligations. In addition, under Section 1121(b), a party filing for Chapter 11 has one-hundred twenty days from the order for relief to exclusively file a plan for reorganization, after that, creditors or other parties in interest may file their own proposed plans. This 120-day period was the period initially granted to the Debtors by the Court to file its Plan. Morris Real Estate Solutions is represented by: Brian C. Thompson, Esq. Thompson Law Group, PC 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 Email: bthompson@thompsonattorney.com About Morris Real Estate Solutions Morris Real Estate Solutions, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa., Case No. 25-22958-GLT) on Oct. 31, 2025. The Debtor tapped Thompson Law Group, PC, as counsel. MVP GROUP: Plan Exclusivity Period Extended to May 11 ----------------------------------------------------- Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida extended MVP Group, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 11 and July 10, 2026, respectively. In a court filing, the Debtor explains that although this case is not particularly large, there are approximately 450 creditors. Moreover, the Debtor acquires most products from overseas, and, from an operational standpoint, the Debtor's operations got off to a relatively slow start due to the negotiation of a new warehouse agreement and the transitioning of inventory from the old to the new warehouse. The Debtor claims that this case is approximately seven months old; however, the Debtor had very limited access to inventory during the first month of the case. The Debtor has been engaged in discussions with a plan sponsor and its senior secured lender, which have culminated in term sheets with the plan sponsor and the secured lender. Accordingly, the Debtor is finalizing a draft of a plan of reorganization, which will need to be reviewed by the plan sponsor and secured lender. Accordingly, more time is necessary to finalize and file a plan of reorganization, and to seek and obtain confirmation. Thus far, this case have been marked with material progress. The Debtor negotiated a new warehouse agreement and transitioned inventory from the old to the new warehouse. The Debtor also recently filed motions pertaining to an inventory arrangement, as well as a possession/license agreement with the plan sponsor. These agreements will facilitate the Debtor's fulfillment of customer orders, improve cash flow, and reduce monthly rent. The Debtor asserts that it is not seeking to use exclusivity to pressure creditors into accepting a plan they find unacceptable or as a delay tactic. Rather, the Debtor legitimately requires additional time to finalize and file a plan of reorganization, as well as to seek and obtain confirmation. MVP Group LLC is represented by: Michael D. Seese, Esq. Seese, P.A. 101 N.E. 3rd Avenue, Suite 1500 Ft. Lauderdale, FL 33301 Tel: (954) 745-5897 Email: mseese@seeselaw.com About MVP Group LLC MVP Group LLC is a Fort Lauderdale-headquartered distributor of commercial food service equipment. The Company supplies products to restaurants, hotels, schools, government institutions, and other foodservice operators, with clients including global chains such as Subway, Burger King, Marriott and Best Western. MVP Group supports its operations through a network of warehouses, inventory centers and authorized service agents throughout North America. MVP Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20199) on Aug. 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Michael D. Seese, Esq. at SEESE, P.A. MY VAPE ORDER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: My Vape Order, Inc. c/o Kyle Godrey 173 Linkside Cir Ponte Vedra Beach, FL 32082 Business Description: My Vape Order, Inc., led by Chief Executive Officer Kyle Godfrey, is an Irvine, California-based wholesale company that provides nicotine e-liquid products. Founded in 2016, the company submitted a Premarket Tobacco Application to the U.S. Food and Drug Administration for its e-liquids in 2020 and serves customers in the vape and nicotine-products market. Chapter 11 Petition Date: April 29, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01900 Judge: Hon. Jacob A Brown Debtor's Counsel: Bryan K. Mickler, Esq. LAW OFFICES OF MICKLER & MICKLER, LLP 5452 Arlington Expy. Jacksonville FL 32211 E-mail: bkmickler@planlaw.com Total Assets: $215,509 Total Liabilities: $5,507,034 The petition was signed by Kyle Godfrey as CEO. 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/7XUHEOQ/MY_VAPE_ORDER_INC__flmbke-26-01900__0001.0.pdf?mcid=tGE4TAMA MYSTICAL STARS: To Sell Parsippany Properties to Multiple Buyers ---------------------------------------------------------------- Kenneth A. Rosen, Liquidating Trustee of Mystical Stars LLC f/k/a Arya International Inc., seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtors operated various dance studios headquartered in Parsippany, New Jersey. Debtor Rupal Patel purchased various residential properties in Morris County where her dance instructors and family members lived. In addition, Debtor Rupal Patel acquired the dance studio property located at 1751 Route 46, Parsippany, New Jersey which is held in the name Arya Village LLC (Dance Studio Property). On April 29, 2026, the auction for the Dance Studio Property occurred. In addition, the residential property located at 90 Crown Point Road, Parsippany, New Jersey was auctioned on April 29, 2026. After the Debtors’ unsuccessful attempt to reorganize, certain mediation occurred before the Honorable Mark E. Hall, United States Bankruptcy Judge. As a result of the Mediation, the Official Unsecured Creditors' Committee and Farmers and Merchants Bank reached an accommodation to liquidate the properties against which Farmers and Merchants Bank holds a first mortgage lien against with an indebtedness in excess of $12 million. The agreement provides that the Liquidating Trust will receive 20% of the net proceeds. The Liquidating Trustee retained Max Spann Auctions and AJ Willner Auctions to market and sell the Real Estate Assets. The fee agreed to by the auctioneers was a 5% buyers’ premium. In addition, if any third-party broker preregistered, that licensed broker will receive 2% of the purchase price not including the buyers’ premium. A total of 331 potential bidders pre-registered to bid. All bidders were required to post a deposit of $30,000 for the residential property and $50,000 for the Dance Studio Property. a. 90 Crown Point Road, Parsippany The highest bidder was Rahimoddin Mohammed and Nausheer Jahan Rahimoddin Mohammed at $570,000 plus the buyer’s premium of $28,500. The proposed Buyers have no connection to the Liquidating Trustee, the Liquidating Trustee's professionals, the Debtors, Farmers & Merchants Bank, or any member of the Official Unsecured Creditors Committee. b. 1571 Route 46, Parsippany (the Dance Studio Property) The highest bidder was Steven DiSarro at $6,650,000 plus the buyer's premium of $332,500. The proposed Buyer has no connection to the Liquidating Trustee, the Liquidating Trustee's professionals, the Debtors, Farmers & Merchants Bank, or any member of the Official Unsecured Creditors Committee. The proposed Sales satisfy the "sound business judgment" test. There is equity in the Real Properties that will go into the Liquidating Trust can be used to fund the Plan and reorganize the Debtor. The Liquidating Trustee further request that the Bankruptcy Court authorize the Sales of the Real Properties free and clear of all encumbrances. About Mystical Stars Mystical Stars, LLC, f/k/a Arya International, Inc. is a dance academy that teaches Indian dance styles throughout the country. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-18290) on August 21, 2024, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Judge Stacey L. Meisel presides over the case. Anthony Sodono, III, Esq., at Mcmanimon, Scotland & Baumann, LLC represents the Debtor as counsel. NAAS TECHNOLOGY: Shareholders Approve Share Capital Amendment ------------------------------------------------------------- NaaS Technology Inc. shareholders approved two proposed resolutions at an April 29 extraordinary general meeting in Langfang, Hebei Province, according to a Form 6-K filing with the Securities and Exchange Commission. Shareholders approved an ordinary resolution to amend the company's authorized share capital from US$52,000 to US$369,200. After the amendment, the authorized and issued share capital is US$369,200, divided into 369,200,000,000 shares. The share capital consists of 365,300,000,000 Class A ordinary shares, 300,000,000 Class B ordinary shares, 1,400,000,000 Class C ordinary shares, 16,000,000 Class D ordinary shares and 2,184,000,000 shares of a class or series the directors may determine, each with a par value of US$0.000001 where specified. Shareholders also approved an ordinary resolution authorizing the company's directors, officers and agents to carry out the amendment. The meeting notice had been furnished to the SEC on April 2, 2026, under cover of Form 6-K. About Naas Technology NaaS Technology Inc. provides new energy asset operation services for the electric vehicle charging market in China. Based in Beijing, the company uses artificial intelligence technology to match charging supply with demand, connect electric vehicle owners with charging infrastructure, and support charging station operators through mobility connectivity, station operation, SaaS, and energy solutions. Its services include charging platform connectivity through Kuaidian, site selection, hardware procurement, engineering, procurement and construction support, electricity procurement, and other services for charging station operators, auto OEMs, energy asset owners, and end-users. In an audit report issued on April 17, 2026, Guangdong Prouden CPAs GP included a going concern qualification for NaaS Technology Inc. and its subsidiaries. The qualification noted that the company recorded a RMB450.0 million net loss for the year ended Dec. 31, 2025, and, as of that date, had accumulated losses of RMB8,690.6 million and a RMB909.1 million working capital deficit, conditions that raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company had RMB312.57 million in total assets, RMB1.21 billion in total liabilities, and a total deficit of RMB892.67 million. NATIONAL BUILDERS: Updates Liquidating Plan Disclosures ------------------------------------------------------- National Builders & Acceptance Corporation submitted a Disclosure Statement to accompany Amended Plan of Liquidation dated April 23, 2026. The Debtor owns a building located at 219-223 Atwood Street, Pittsburgh, Pennsylvania 15213 ("219-223 Atwood Street"). On the Petition Date, the Debtor was the lessor on six leases at 219-223 Atwood Street (five private residential leases, and one business lease). As of April 23, 2026 the Debtor leases six residential units at 219-223 Atwood Street, which generate revenue for the Debtor. The Debtor has an additional residential lease at 219-223 Atwood Street which will commence in August, 2027. The Debtor also owns additional real estate investment assets, including real property located in Armstrong County, Pennsylvania, and interests in two Delaware Statutory Trusts, namely, "Lakewood Ranch SFR II DST" and "Sun Belt SFR Portfolio DST" (collectively, the "Trusts"). Funding for this Plan will primarily be derived from the sale of 219-223 Atwood Street, which the Debtor is projecting to occur on or before the Plan Effective Date of September 1, 2026. Proceeds from the sale of 219-223 Atwood Street will be used to pay Allowed Secured Claims to the greatest extent possible. To the extent that there is a deficiency in the payment of Allowed Secured Claims in full after the sale of 219-223 Atwood Street, the remainder of Allowed Secured Claims will be paid from future revenue of the Debtor and through the sale of other assets of the Debtor, including the Trusts. In the event a closing on the sale of 219-223 Atwood Street does not occur on or by September 1, 2026, the Debtor will commence liquidating its other asserts, including the Trusts. General unsecured creditors will be paid from future revenue and will begin to receive payments under this Plan starting on the Effective Date, regardless of whether the sale of 219-223 Atwood Street has occurred by that time. The Debtor will fund administrative expenses from cash on hand on the Effective Date plus additional revenue generated between the date of this Plan and the Effective Date. * Cash on hand (as of April 22,2026) $76,224.66 (Current). * Cash on hand $136,663.548 (Estimated amount available on the Plan Effective Date). Like in the prior iteration of the Plan, Class 3 consists of General Unsecured Non-Tax Claims. * Lynch Law Group with a claim amount of $65,564.04 shall receive 100% of Allowed Claim, to be paid pro rata in six equal, monthly installments of up to $12,451.88 commencing on the Effective Date, to be funded from future revenue of the Debtor. * Neal Scoratow shall receive no distribution under the Plan. * Oakland Business Improvement District with a claim amount of $2,701.38 shall receive 100% of Allowed Claim, to be paid pro rata in six equal, monthly installments of up to $12,451.88 commencing on the Effective Date, to be funded from future revenue of the Debtor. * PNC Bank, National Association with a claim amount of $2,044.41 shall receive 100% of Allowed Claim, to be paid pro rata in six equal, monthly installments of up to $12,451.88 commencing on the Effective Date, to be funded from future revenue of the Debtor. The Plan proposes to pay 100% of Allowed Claims. The Debtor is in the best position to efficiently liquidate assets for the benefit of creditors. The Debtor is also in the best position to pursue the Appeals and any other claim objections. The Debtor owns interest in two Delaware Statutory Trusts, which are trusts formed under Delaware law that allow purchasers to obtain passive, fractional ownership interests in real estate portfolios while qualifying as a "like-kind" real estate replacement property under Section 1031 of the Bankruptcy Code. The Debtor owns interests in "Sun Belt SFR Portfolio DST" (3.2796% of Ownership) and "Lakewood Ranch SFR II DST" (0.7342% of Ownership). The Debtor purchased its interest in Sun Belt SFR Portfolio DST on October 19, 2021 with an initial investment of $4,494,651.71, and the Debtor purchased its interest in Lakewood Ranch SFR II DST on April 4, 2023 with an initial investment of $459,507.47. A full-text copy of the Amended Disclosure Statement dated April 23, 2026 is available at https://urlcurt.com/u?l=KEIKfK from PacerMonitor.com at no charge. National Builders & Acceptance Corporation is represented by: Ryan J. Cooney, Esq. Paul R. Toigo, Esq. COONEY LAW OFFICES, LLC Benedum Trees Building 223 Fourth Avenue, 4th Floor Pittsburgh, PA 15222 (412) 546-1234 (phone) (412) 546-1235 (facsimile) Email: rcooney@cooneylawyers.com ptoigo@cooneylawyers.com About National Builders & Acceptance National Builders & Acceptance Corporation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22277) on August 28, 2025, with up to $10 million in both assets and liabilities. Judge John C. Melaragno presides over the case. Ryan J. Cooney, at Cooney Law Offices LLC, is the Debtor's counsel. NEW FORTRESS: BlackRock, Inc. Holds 4% Equity Stake --------------------------------------------------- BlackRock, Inc. disclosed in a Schedule 13 (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 11,509,060 shares of New Fortress Energy Inc.'s Class A Stock, representing 4.0% of the class. The Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting 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 New Fortress Energy Inc., 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, Inc.'s SEC report is available at: https://tinyurl.com/4ezdhysh About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its Company credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEW GARDEN HOME: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On April 28, 2026, New Garden Home LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About New Garden Home LLC New Garden Home LLC is a limited liability company engaged in residential real estate, property management, or home-related business operations. New Garden Home LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22426) 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. NEXTNRG INC: Enters $1 Million Loan Agreement With Venture Debt --------------------------------------------------------------- NextNRG, Inc. entered into a $1,000,000 business loan and security agreement with Venture Debt, LLC on April 27, according to a Form 8-K filing with the Securities and Exchange Commission. The company received net disbursement proceeds of $930,000 after a $70,000 origination fee. The loan carries a $450,000 interest expense, resulting in a total repayment obligation of $1,450,000. The loan is scheduled to be repaid in 24 weekly installments of $60,417, beginning immediately after disbursement, with a maturity date of Oct. 13, 2026. The annual percentage rate is approximately 203.17%. NextNRG may prepay the loan in whole or in part. If it prepays the loan in full, it is entitled to a 25% reduction of unpaid interest remaining at the time of prepayment, while 75% of remaining unpaid interest remains due and payable. Partial prepayments will not reduce total interest expense over the life of the loan. The agreement restricts additional indebtedness, including any loan arrangement involving the sale or assignment of future receipts with a party other than Venture Debt if the arrangement carries an interest rate greater than 10%, subject to exceptions. Venture Debt may impose a $145,000 fee for each violation of that provision. Michael D. Farkas, the company's chief executive officer, chairman and significant stockholder, personally guaranteed the obligations. The loan is secured by a security interest in all of the company's and Farkas' assets and personal property. About NEXTNRG, INC. NextNRG, Inc. provides AI- and machine-learning-enabled energy infrastructure solutions, including renewable energy management, smart microgrids, battery storage, wireless EV charging, and on-demand mobile fuel delivery. The company is based in Miami Beach, Florida, and its common stock trades on the Nasdaq Capital Market under the symbol NXXT. Its utility operating system and smart microgrids are designed to support energy efficiency, cost reduction, and grid resiliency for commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, government properties, and fleet customers. In its April 15, 2026 report, M&K CPAS, PLLC included a going concern qualification, noting that the Company incurred a significant operating loss and does not currently generate enough revenue or income to fully support its operations, which factors raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company had $11.06 million in total assets, $33.18 million in total liabilities, and a total stockholders' deficit of $22.11 million. OLIVER CORNERS: U.S. Trustee Seeks Chapter 11 Trustee Appointment ----------------------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, asked the U.S. Bankruptcy Court for the Northern District of Georgia to appoint a Chapter 11 trustee in Oliver Corners Apartments, LLC's bankruptcy case. In a court filing, the U.S. trustee raised the need to appoint an independent trustee to manage the case, saying the Debtor's management failed to justify transferring funds to related entities that did not provide equivalent value in goods or services. The U.S. trustee said the Debtor's disclosures and testimony show it prioritized paying insiders over secured creditors, which payments may be voidable preferences or fraudulent transfers. The U.S. trustee also argued that insider payments may amount to self-dealing or waste and that a significant share of revenues was diverted to insiders or personal expenses, further supporting appointment of a trustee. The bankruptcy watchdog further argued that the management's inability to pursue claims against itself or affiliated entities constitutes a failure of its fiduciary duties. The court will hold a hearing on May 20. A copy of the motion is available for free at https://urlcurt.com/u?l=b8TPof from PacerMonitor.com. About Oliver Corners Apartments LLC Oliver Corners Apartments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61617) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. KeyBank National Association, as secured lender, is represented by: Gwendolyn J. Godfrey, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 ggodfrey@polsinelli.com OLIVER VILLAGE: U.S. Trustee Seeks Chapter 11 Trustee Appointment ----------------------------------------------------------------- Guy A. Van Baalen, the Acting U.S. Trustee for Region 21, asked the U.S. Bankruptcy Court for the Northern District of Georgia to appoint a Chapter 11 trustee for Oliver Village Apartments, LLC. In a court filing, the U.S. trustee raised the need to appoint an independent trustee to manage the bankruptcy case, saying the Debtor's management has been unable to provide a sound business justification for causing Debtor to transfer funds to various entities they own and which have not been shown to provide goods or services to the Debtor commensurate with the value received. The U.S. trustee said that the Debtor's account statements and the testimony of its representatives show that the Debtor's management has consistently made payments to insiders instead of making payments to its secured creditors, which militates in favor of appointing a trustee. The U.S. trustee argued that the Debtor's statement of financial affairs, account statements, and the testimony of its representatives show that the Debtor has made payments to insiders that appear, based on the information provided to date, to potentially constitute voidable preferences or fraudulent transfers. Moreover, the Debtor's payments to insiders and for the benefit of insiders may constitute self-dealing and waste, the U.S. trustee further argued. A court hearing is scheduled for May 20. A copy of the motion is available for free at https://urlcurt.com/u?l=I12bAz from PacerMonitor.com. About Oliver Village Apartments LLC Oliver Village Apartments, LLC filed Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61614) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. KeyBank National Association, as secured lender, is represented by: Ashley D. Champion, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 achampion@polsinelli.com PALM GREENS: Trustee Taps Furr and Cohen P.A. as Legal Counsel -------------------------------------------------------------- Robert C. Furr, trustee of Palm Greens at Villa Del Ray Recreation Condominium Association, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Furr and Cohen, P.A. as his counsel. The firm will represent the Trustee in the bankruptcy case, and perform ordinary and necessary legal services required in the administration of the estates. The firm will be paid at these rates: Robert C. Furr $800 per hour Alvin S. Goldstein $700 per hour Alan R. Crane $700 per hour Marc Barmat $685 per hour Jason Rigoli $625 per hour Jonathan Crane $425 per hour Manager $350 per hour Paralegals $300 per hour Legal Assistants $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Alvin S. Goldstein, Esq., a partner at Furr and Cohen, P.A., 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: Alvin S. Goldstein, Esq. Furr and Cohen, P.A. 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Telephone: (561) 395-0500 Facsimile: (561) 338-7532 Email: agoldstein@furrcohen.com About Palm Greens at Villa Del Ray Recreation Condominium Palm Greens at Villa Del Ray Recreation Condominium oversees recreational amenities and common property for a residential condominium community in Florida. The Debtor filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11060) on January 28, 2026, listing $10 million to $50 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped the Law Office of Mark S. Roher, PA as counsel and PM Accounting Services LLC as accountant. PALWAUKEE HOSPITALITY: Files Amendment to Disclosure Statement -------------------------------------------------------------- Palwaukee Hospitality LLC, submitted an Amended Disclosure Statement describing Amended Plan of Liquidation dated April 23, 2026. The Debtor is the proponent of this Plan as well as the Disbursing Agent. This Plan provides for distributions to the holders of allowed claims from income generated through the income of the Debtor and the liquidation of the Debtor's assets. The Debtor's Plan of Liquidation provides for distributions to the holders of allowed claims from a carve out of a total of $100,000.001 from the sale in May, 2025 of the hotel owned by the Debtor located at 600 N. Milwaukee, Prospect Heights, Illinois 60070 relating to 03-24-202-058-0000 including all permanent buildings and other improvements thereon, all easements, rights of way, reservations, privileges, appurtenances, and other estates and rights of Seller pertaining to the land and improvements, and all tangible and intangible and personal property, including without limitation, all equipment, furniture fixtures, inventories, supplies, licenses, permits, warranties, guarantees, plans, phone numbers, and other assets used exclusively in connection with the ownership, use, operation or maintenance of the Property as described herein and the "Holiday Inn Express" hotel operated from the Property ("Hotel") generated through the liquidation of the Debtor's assets. The Debtor has liquidated its assets in order to allow payments to creditors in accordance with the terms of the proposed Plan of Liquidation. The only payments to be made to any creditors under this Plan shall be from the $100,000.00 carve out. This Liquidating Plan provides for the distribution of the $100,000.00 carve out as required by the distributions required by the Bankruptcy Code ("the waterfall"). To that extent, 1) all Administrative Claims will be paid in full (as funds permit) and if there are insufficient funds to pay all Administrative Claims those claims shall be paid pro rata; 2) all Unsecured Priority Claims will be paid in full (as funds permit) and if there are insufficient funds to pay all Unsecured Priority Claims those claims shall be paid pro rata; and 3) all Unsecured Non-Priority Claims will be paid in full (as funds permit) and if there are insufficient funds to pay all Unsecured Non-Priority Claims those claims shall be paid pro rata. It is unlikely that any payment will be made to unsecured non priority creditors. After the Distribution of the $100,000.00, the Debtor will be dissolved as an entity, and any remaining debt will not be paid. Class 1 consists of Allowed General Unsecured Claims. The Debtor has attached a detailed list of creditors, which identifies the allowed general unsecured creditors, totaling $776,672.60. Distributions to General Unsecured Creditors shall be paid from the $100,000.00 care out after the payment to Administrative Claimants and Priority Creditors pro rata. No distribution to general unsecured creditors is anticipated. The Plan is self-executing. The Debtor shall not be required to execute any newly created documents to effectuate the terms of the Plan. The Debtor will fund this this Plan only through the $100,000.00 carve out. A full-text copy of the Amended Disclosure Statement dated April 23, 2026 is available at https://urlcurt.com/u?l=iQRg1d from PacerMonitor.com at no charge. Palwaukee Hospitality, LLC is represented by: Paul M. Bach, Esq. Penelope N. Bach, Esq. Bach Law Offices, Inc. P.O. BOX 1285 Northbrook, IL 60062 Telephone: (847) 564 0808 About Palwaukee Hospitality Palwaukee Hospitality LLC operates a hotel property located at 600 N. Milwaukee Avenue in Prospect Heights, Illinois. Palwaukee Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-02685) on Feb. 23, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Bankruptcy Judge Deborah L. Thorne handles the case. Penelope N. Bach, at Bach Law Offices, is the Debtor's counsel. PANIOLO CABLE: 9th Cir. Affirms Summary Judgment in Clearcom Case ----------------------------------------------------------------- In the appeal styled CLEARCOM, INC., Appellant v. DAVID C. FARMER, Plan Agent, Successor-in-interest to Michael Katzenstein, Appellee, No. 25-2900 (9th Cir.), Judges Jay S. Bybee, Ryan D. Nelson and Danielle J. Forrest the U.S. Court of Appeals for the Ninth Circuit affirmed the decision issued by the U.S. Bankruptcy Court for the District of Hawaii granting partial summary judgment to Paniolo Cable Company, LLC's chapter 11 trustee. This adversarial proceeding between Chapter 11 Trustee Michael Katzenstein (succeeded in interest by David C. Farmer) and Defendant Clearcom, Inc. arises out of the bankruptcy of the Paniolo Cable Company, which owns undersea telecommunications infrastructure connecting five of the Hawaiian Islands. The bankruptcy court awarded partial summary judgment to Trustee and denied Clearcom's motion for reconsideration, and the Bankruptcy Appellate Panel (BAP) affirmed. Clearcom timely appealed. Clearcom contends that the bankruptcy court improperly concluded that there was no dispute of material fact with respect to whether Clearcom breached its contractual obligation to Paniolo. The panel disagrees. As proof of breach, Trustee relies on two agreements between Clearcom and Time Warner Entertainment Co. (Charter). The first, the Master Services Agreement (MSA), does not refer to the Paniolo infrastructure directly, but Clearcom acknowledged during the litigation that the MSA was concerned with the use of, or access to, the Paniolo infrastructure. Though the MSA stated that it would "terminate" after "thirty six (36) months," it also provided that its terms "shall continue thereafter unless terminated by written notice by one of the p]arties." A reasonable factfinder could conclude that the MSA was meant to stay in effect until one of the parties filed a written notice of termination. The second, the Emergency Service Order (ESO), also did not refer directly to the Paniolo infrastructure, but there is sufficient evidence for a factfinder to conclude that the ESO involved a lease of access to the Paniolo infrastructure. There is also sufficient evidence for a reasonable factfinder to conclude that the ESO was in effect when Clearcom made its settlement guarantee, including its reference to a "Monthly Recurring Charge" and receipts for payments in the same amount as late as February 2022. The burden therefore shifts to Clearcom to show that there is a dispute of material fact. To meet that burden, Clearcom had to introduce evidence that the MSA and ESO did not actually relate to the Paniolo infrastructure or that they were no longer in effect when Clearcom made its settlement guarantee. Clearcom has not introduced any evidence of what assets other than the Paniolo infrastructure these agreements might concern. Thus, the Circuit Judges affirm the bankruptcy court's grant of summary judgment on this claim. Clearcom argues that the bankruptcy court erred in declining to reconsider its summary-judgment ruling given the difficulties it faced in obtaining a declaration from Charter employee Norman Santos. Clearcom has not explained why it could not have used formal discovery processes, such as subpoenas, to secure Santos's testimony. Thus, the panel concludes that the bankruptcy court did not abuse its discretion in denying reconsideration. A copy of the Court's Memorandum dated April 28, 2026, is available at https://urlcurt.com/u?l=APeCs7 About Paniolo Cable Company Paniolo Cable Company, LLC, owns a fiber optic network connecting five major Hawaiian Islands. Paniolo Cable Company filed a Chapter 11 petition (Bankr. D. Hawaii Case No. 18-01319) on Nov. 13, 2018, and was represented by Andrew V. Beaman, Esq., in Honolulu, Hawaii. Michael Katzenstein was appointed as the Chapter 11 Trustee of Paniolo Cable Company. Ducera Partners LLC is the Trustee's investment banker. PARADISE LAND: Kevin Heard Named Subchapter V Trustee ----------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Kevin Heard, Esq., at Heard, Ary & Dauro, LLC as Subchapter V trustee for Paradise Land, LLC. The Subchapter V trustee can be reached at: Kevin D. Heard Heard, Ary & Dauro, LLC 303 Williams Avenue SW Park Plaza Suite 921 Huntsville, AL 35801 256-535-0817 Email: kheard@heardlaw.com About Paradise Land LLC Paradise Land, LLC operates Paradise Homes Park, a residential mobile home park in Boaz, Alabama that provides lots and mobile home housing with common areas, security cameras, designated storage, and enclosed space. The community also offers water, sewer, and electricity connections, paved roads, and housing financing arrangements through Zippy Home Loans and Triad Financial Services. Paradise Land filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80915) on April 21, 2026, with $2,268,238 in assets and $1,983,478 in liabilities. Anthony D. Moreno Bernabel, partner, signed the petition. Judge Clifton R. Jessup Jr. presides over the case. Stuart Maples, Esq., at Thompson Burton, PLLC represents the Debtor as legal counsel. PARKERVISION INC: Extends 3.53M Stock Options to August 2029 ------------------------------------------------------------ ParkerVision, Inc. disclosed in a regulatory filing that the Compensation Committee of the Board of Directors, approved the modification of certain outstanding nonqualified stock options held by its Chief Executive Officer, Jeffrey Parker, and its Chief Financial Officer, Cynthia French, in order to extend the expiration date of the options from August 7, 2026 to August 7, 2029 to preserve the intended long-term incentive value of the awards. The modified options include 2,660,000 options awarded to Mr. Parker and 870,550 options awarded to Ms. French on August 7, 2019, with an exercise price of $0.171 per share and an original term of seven years. The options were fully vested as of the modification date and the Company expects to record a one-time non-cash share-based compensation charge of approximately $360,000 in connection with the modification of these awards. The extension of the expiration date is the only modification made to these awards, and no changes were made to the exercise price, the number of shares subject to the awards, vesting status or any other terms of the awards. No additional securities were issued in connection with the modification. About ParkerVision Jacksonville, Fla.-based ParkerVision, Inc., and its wholly-owned German subsidiary, ParkerVision GmbH is in the business of innovating fundamental wireless hardware technologies and products. The Company has designed and developed proprietary RF technologies and integrated circuits based on those technologies, and the Company licenses its technologies to others for use in wireless communication products. Atlanta, Georgia-based Frazier & Deeter, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 23, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has losses from operations, negative operating cash flows and an accumulated deficit. These factors raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $5.4 million in total assets, $50.5 million in total liabilities, and $45.1 million in total shareholders' deficit. PEOPLE'S MISSIONARY: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On April 30, 2026, People's Missionary Baptist Church of Oakland filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About People's Missionary Baptist Church of Oakland People’s Missionary Baptist Church of Oakland is a religious organization serving its local community through worship services, outreach programs, and faith-based initiatives. People's Missionary Baptist Church of Oakland sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40916) on April 30, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The debtor is represented by counsel not disclosed in the filing. PIONEER HOLDCO: S&P Assigns 'B' Issuer Credit Rating on Refinancing ------------------------------------------------------------------- S&P Global Ratings assigned a 'B' issuer credit rating to gaming operator Pioneer HoldCo LLC and a 'B' issue-level rating to its senior secured credit facility, consisting of the term loan b and revolving credit facility. The outlook is stable. Pioneer is refinancing its capital structure with a $1.175 billion term loan B, $500 million revolving credit facility, and $1.175 billion of other secured debt. Pioneer operates The Venetian Resort Las Vegas and The Venetian Expo and Convention Center (collectively, "The Venetian"). S&P said, "The stable outlook reflects our expectation of mid-single-digit percent revenue growth in 2026, supported by a strong group and event calendar in Las Vegas. Good S&P Global Ratings-adjusted EBITDA coverage of interest expense of 1.7x through 2027 partially offsets high lease-adjusted leverage of 8.9x in 2026, with potential for improvement to the mid-8x area by the end of 2028, supported by consistent revenue and EBITDA growth. "We assigned our 'B' issuer credit rating to Pioneer Hold Co. It reflects high leverage, financial sponsor ownership, and geographic concentration given its single property on the Las Vegas Strip. These factors are partially mitigated by our view of the company's solid competitive position, high-quality asset in a favorable location, and balanced mix of leisure and gaming customers, and a strong percentage of recurring group and convention business. Recent renovations to the casino resort and its ability to attract high-income gaming customers support our expectation that the Venetian will likely increase revenue 5%-7% in 2026 and by low-single-digit percents in 2027, in line with our consumer spending expectations. "We view the company's financial risk as highly leveraged, which reflects our expectation of S&P Global Ratings adjusted debt leverage in the high-8x area through 2027. Pioneer's S&P Global Ratings-adjusted leverage is very high, mitigated by good forecast adjusted EBITDA coverage of interest expense of 1.7x through 2027. Our adjusted debt measure incorporates the balance sheet lease liability for its triple-net lease (TNL), which includes the initial 30-year term from 2022 and two 10-year extension options. As a result, its balance sheet obligation as a multiple of rent is significantly higher than that of gaming peers, including MGM Resorts and Caesars Inc. "We forecast 6% revenue expansion in 2026, driven by a stronger event calendar in Las Vegas than last year, which we believe will boost group and convention visitation and mitigate leisure softness. Moreover, Pioneer is focused on increasing the proportion of high-value gaming customers. Its hotel occupancy mix reached approximately 28% gaming customers in 2025, compared with 14% in 2019, a shift that has increased win-per-trip and slot market share. Casino revenue improved approximately 16% in 2025, benefiting from low baccarat hold in 2024 and targeted marketing efforts to drive high-volume play. Non-baccarat revenue is a partial headwind because of market conditions. Hotel revenue declined 1%, reflecting fewer available suites due to Venetian North Tower renovations and broader soft market conditions, partially mitigated by a higher average daily rate. We project hotel revenue growth in the mid-single-digit percentages in 2026 as the company will benefit from its completed hotel room renovations and a more favorable event calendar. "We forecast S&P Global Ratings-adjusted EBITDA margins of 34%-35% over the next 12-24 months, modestly exceeding gaming peers on premium offerings. While we anticipate margins will remain flat, Pioneer expanded margins the past several years with staffing efficiency gains, including a shift toward part-time workers, and improved overall productivity." Limited geographic diversity heightens exposure to disruption risk. As a single gaming property on the Las Vegas Strip, The Venetian faces increased competition or an economic downturn, which can lead to operating performance volatility. It compares unfavorably to diversified gaming operators. However, the Venetian benefits from a diversified revenue stream, including a robust meetings, incentives, conferences, and exhibitions business that provides revenue stability due to high visibility into upcoming events. These events increase mid-week occupancy and management estimates about 25% of available room nights in 2027 are already in the booking pipeline for MICE related customers. Additionally, the company strategically targets high-value casino guests to maximize revenue per room. Las Vegas is a highly competitive gaming market with many casinos on and around the Strip. S&P said, "We believe limited favorable locations around the Las Vegas Strip constrain new entrants. However, Hard Rock is scheduled to open a 3,700-room resort and casino directly across from The Venetian at the end of 2027. We anticipate this will likely increase overall foot traffic, potentially benefiting The Venetian's food and beverage foot traffic and opportunities to capture secondary casino play. However, substantially more rooms will also increase supply and competition. We will continue to monitor this impact on The Venetian's market position, average daily rates, and occupancy, as well as the overall effect on the Strip's competitive dynamics." S&P said, "We expect that significant growth capital expenditure will limit free cash flow. The company intends to spend approximately $500-$600 million in growth capex over 2026 and 2027 to renovate and improve its property, bringing total capital investment to over $1.5 billion since the beginning of 2023.Approximately 45% of capital expenditure (capex) has been allocated to hotel room renovations, encompassing multiple projects across all three hotel towers. The Venetian is renovating the Palazzo Tower, with completion expected in 2027. The investment plan includes adding new restaurants, enhancing nightlife offerings, and refreshing the casino. We believe this will continue attracting its target market of high-income clientele. However, these investments have constrained recent cash generation. We expect a reported free operating cash flow (FOCF) deficit in 2026 and sustained positive FOCF as capex declines beginning in 2027 and normalizes in 2028. We project maintenance capex of approximately 2% of revenue on an ongoing basis. "We view financial sponsor ownership as an increased risk for aggressive policies. Financial sponsors are generally more inclined to pursue debt-funded acquisitions and shareholder returns. While our base-case scenario does not incorporate acquisitions, we believe financial sponsor ownership increases the potential for financial policies that could constrain deleveraging. Nevertheless, we anticipate Pioneer will benefit from declining capex. "The stable outlook reflects our expectation of mid-single-digit percent revenue growth in 2026, supported by a strong group and event calendar in Las Vegas. In addition, good S&P Global Ratings-adjusted EBITDA coverage of interest expense of 1.7x through 2027 partially offsets very high adjusted leverage. We forecast lease-adjusted leverage will be 8.9x in 2026, with potential for improvement to the mid-8x area by the end of 2028, supported by consistent revenue and EBITDA increases." S&P could lower the rating on Pioneer if it anticipates EBITDA interest coverage falling below 1.5x. This could occur because of: -- Operating underperformance to our base-case forecast due to a macroeconomic slowdown, reducing visitation to Las Vegas and spending by its customers; or -- A more aggressive financial policy, including debt-financed shareholder returns or acquisitions, increasing leverage. S&P said, "We believe an upgrade is unlikely over the next 12 months given our expectation for elevated capex and high lease adjusted leverage. However, we could raise the rating if we believe EBITDA interest coverage will exceed 2.25x on a sustained basis, incorporating operating volatility." PLATINUM HANDS: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On April 28, 2026, Platinum Hands Boxing Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Platinum Hands Boxing Inc. Platinum Hands Boxing Inc. is a sports and fitness company, likely involved in boxing training, coaching, and athletic program development. Platinum Hands Boxing Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42072) on April 28, 2026. In its petition, the debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The debtor is represented by Kafi Harris Harris, Esq. PODS LLC: Moody's Assigns 'B3' Rating to New Senior Secured Debt ---------------------------------------------------------------- Moody's Ratings assigned B3 ratings to PODS LLC's (PODS) new senior secured bank credit facility and issuance of senior secured notes. The planned senior secured bank credit facility comprises of a new $150 million revolving credit facility and a new term loan B. The company's existing ratings, including its B3 corporate family rating, B3-PD probability of default rating and B3 senior secured bank credit facility rating are unaffected. The outlook is stable. PODS plans to refinance its existing debt structure with the new senior secured bank credit facility and proceeds from the new senior secured notes. The debt balance is expected to remain unchanged. The ratings on the existing bank credit facility will be withdrawn when repaid in full. RATINGS RATIONALE PODS' B3 CFR reflects the company's modest scale and high leverage which is reflective of an aggressive financial policy. A debt-funded distribution, franchise acquisitions and significant capital expenditures contributed to the company's debt burden, partially offset by a capital contribution from PODS' shareholder in 2025. A muted housing market resulted in modest revenue growth and Moody's expects revenue to increase in the low single digits over the next 12 to 18 months. The rating also reflects PODS' strong brand recognition and solid niche market position. The company's service offerings for its target market provide flexibility and cost benefits to consumers. The cost structure includes a significant variable component as the operating model benefits from container usage with limited personnel and minimal maintenance. Moody's expects PODS to maintain good liquidity with more than $100 million of cash pro forma for the refinancing and associated expenses. Furthermore, Moody's anticipates free cash flow to remain positive in 2026 after the company turned free cash flow positive in 2025. The revolving credit facility will increase to $150 million with the refinancing which will also support liquidity. The stable outlook reflects Moody's expectations of modest EBITDA margin expansion, driven by improved customer conversion rates and cost containment, and a gradual decline in leverage over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if PODS improves its operating performance and materially reduces its financial leverage while maintaining adequate liquidity. More specifically, the ratings could be upgraded if debt to EBITDA declines below 6.0x and the company is expected to generate sustained positive free cash flow. The ratings could be downgraded if PODS does not materially improve its operating performance and reduce financial leverage. The ratings could also be downgraded if liquidity weakens either through inability to sustain positive free cash flow or increased reliance on the revolver. A downgrade could also occur if EBITDA to interest expense was expected to be at or below 1.5x on a sustained basis. The principal methodology used in these ratings was Surface Transportation and Logistics published in December 2025. PODS LLC is a leader in consumer-focused containerized moving and storage. The company offers a full range of services, including moving within or between cities, storage at a customer's site and storage at one of PODS' warehouses. PODS has been owned by Ontario Teachers' Pension Plan since 2015. PRIORITY TOWING: Hires Frost & Associates as Bankruptcy Counsel --------------------------------------------------------------- Priority Towing and Recovery Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Frost & Associates, LLC as bankruptcy counsel. The firm will render these services: a. prepare bankruptcy petitions, schedules, and financial statements for filing; b. provide the Debtor with legal advice with respect to their powers and duties pursuant to the Bankruptcy Code; c. prepare on behalf of the Debtor all necessary applications, answers, orders, reports, and other legal papers; d. assist in analyses and representation with respect to lawsuits to which the Debtor is or may be a party; e. negotiate, prepare, file, and seek approval of a plan of reorganization; f. represent the Debtor at all hearings, meetings of creditors, and other proceedings; and g. perform all other legal services for the Debtor which may be necessary to serve the best interests of the Debtor and their bankruptcy estate in this proceeding. The Debtor paid Frost an advance retainer of $10,000. As disclosed in the court filings, Frost & Associates neither represents nor holds any interest adverse to the Debtor or their estate, and is a disinterested party, as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel A. Staeven, Esq. Frost & Associates, LLC 400 E Pratt St, 8th Floor Baltimore, MD 21202 Phone: (443) 743-3381 Email: daniel.staeven@askfrost.com About Priority Towing and Recovery Inc. Priority Towing and Recovery Inc. is a Columbia, Maryland-based towing and roadside assistance company founded in 2014. It offers 24/7 highway towing service, including light-duty, medium-duty and heavy-duty towing, and serves Baltimore and surrounding areas in Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-14108) on April 17, 2026, with $1,040,648 in assets and $3,394,828 in liabilities. Steve Palmer, owner, signed the petition. Judge Nancy V. Alquist presides over the case. Daniel Staeven, Esq. at Frost Law represents the Debtor as bankruptcy counsel. QHSLAB INC: Marvin Smollar Family Trust Holds 14.8% Equity Stake ---------------------------------------------------------------- Marvin Smollar Family Trust dtd 2/13/2023 disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of January 29, 2026, it beneficially owns 2,226,280 shares of QHSLab, Inc.'s Common Stock, representing 14.8% of the 15,032,788 shares outstanding as of March 30, 2026, as reported in the Issuer's Annual Report on Form 10-K filed with the Commission on or about March 31, 2026. The 2,226,280 shares were acquired through three separate transactions: (i) Tranche 1 -- 584,079 shares originally issued to Marvin Smollar on June 29, 2021, as a pro-rata distribution from MedScience Research Group, Inc. in connection with USA Equities Corp's (now QHSLab, Inc.) acquisition of certain MedScience assets, subsequently transferred to the Trust; (ii) Tranche 2 -- 181,313 shares received on September 28, 2021, upon conversion of a 10% convertible promissory note at $0.55 per share, totaling $99,722.00, subsequently transferred to the Trust; and (iii) Tranche 3 -- 1,460,888 shares received directly by the Trust on January 29, 2026, as a pro-rata distribution from MedScience Research Group, Inc. arising from QHSLab's issuance of 1,568,432 shares to MedScience in full satisfaction of outstanding obligations under a promissory note with principal and accrued interest totaling approximately $470,529 as of December 31, 2025. The Trust is an irrevocable trust arising upon the death of its grantor, Marvin Smollar, on November 27, 2025, and is being administered for estate settlement purposes by co-successor trustees Justin Smollar and Jeremy Smollar. The Trust intends to distribute all 2,226,280 shares pursuant to the terms of the Trust instrument and applicable estate administration procedures. The Reporting Person acknowledges that applicable filing deadlines were not met and that this statement is being filed on a late basis. Marvin Smollar Family Trust dtd 2/13/2023 may be reached through: Justin Smollar, Co-Trustee; Jeremy Smollar, Co-Trustee 16469 Bridlewood Circle, Delray Beach, FL 33445 Tel: (312) 648-6800 A full-text copy of Marvin Smollar Family Trust dtd 2/13/2023's SEC report is available at: https://tinyurl.com/57ju8fz6 About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Florida-based Astra Audit & Advisory, LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 30, 2026, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2,171,006 in total assets and $546,078 in total liabilities, and total stockholders' equity of $1,624,928. QSR STEEL: Seeks to Hire Michael J. Barnaby as Special Counsel -------------------------------------------------------------- QSR Steel Corporation, LLC seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Law Offices of Michael J. Barnaby as its special counsel. The firm will represent the Debtor in adversary proceedings #24-02021 and #24-02023. The firm will charge its ordinary and customary hourly rates. On April 17, 2026, the firm received a retainer of $10,000 from the Debtor. As disclosed in the court filings, Law Offices of Michael J. Barnaby is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Michael J. Barnaby, Esq. Law Offices of Michael J. Barnaby 66 Field Point Rd. Greenwich, CT 06830 Phone: (212) 354-8989 About QSR Steel Corporation QSR Steel Corporation, LLC is a one-stop, full service structural steel company based in Hartford, Conn., offering everything from steel buildings to stairs and railings. QSR Steel filed Chapter 11 petition (Bankr. D. Conn. Case No. 24-20562) on June 18, 2024, listing $2,838,179 in assets and $2,124,057 in liabilities as of March 31, 2024. Glenn Salamone, a member, signed the petition. Judge James J. Tancredi oversees the case. The Law Offices of Jeffrey Hellman, LLC serves as the Debtor's counsel. RAD DIVERSIFIED: Seeks to Sell Philadelphia 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 238 N. 53rd Street, Philadelphia, Pennsylvania. The Property consists of a 10,034 square foot lot, improved with a 6,366 square foot structure. The Title Report reflects that The City of Philadelphia has filed certain municipal liens and judgments against Debtor totaling $23,471.54 that may constitute a lien against the Property. The City of Philadelphia Department of Revenue may assert an interest in the Property for unpaid real property taxes for 2024 in the amount of $11,735.52, 2025 in the amount of $14,155.94, 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. The Debtor employs Soldnow, LLC d/b/a Tranzon Driggers 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. The Debtor respectfully requests the Court to hold an expedited hearing on the Motion so that the marketing process can begin and the auction process concluded promptly. The Property will be sold subject to ad valorem taxes, with past due ad valorem taxes paid by the buyer at closing, and current year’s taxes pro-rated. 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. RE/MAX HOLDINGS: Real Brokerage Deal No Impact on Moody's 'B2' CFR ------------------------------------------------------------------ Moody's Ratings said that RE/MAX Holdings, Inc.'s (RE/MAX) ratings, including the B2 corporate family rating, B2-PD probability of default rating and stable outlook, are unaffected following The Real Brokerage Inc.'s ("Real") April 27, 2026 announcement that it had entered into a definitive agreement to acquire RE/MAX for $880 million. The newly combined company will be named Real REMAX Group. As proposed the transaction would include full repayment of all of RE/MAX's existing debt upon close, which is to occur in the second half of 2026 subject to regulatory and shareholder approval, along with customary closing conditions. At close, Moody's will withdraw RE/MAX's existing ratings including the company's senior secured credit facilities held at RE/MAX, LLC consisting of a $439 million outstanding term loan due 2028 and $50 million revolver expiring 2028. As of December 31, 2025, no amounts were outstanding on the revolver. Under the terms of the agreement, RE/MAX has agreed to be acquired by Real for $880 million. RE/MAX shareholders can elect to receive 5.15 shares of the new Real RE/MAX Group or $13.8 in cash subject to a $60 million minimum and $80 million maximum disbursement. As part of the financing, Real has publicly stated that it has entered into a $550 million financing commitment to refinance RE/MAX's existing debt and to fund the cash portion of the transaction and related costs. Ratings are unaffected, as pro forma credit metrics could weaken or remain largely unchanged due to the expected incremental debt burden and Real's relatively low profitability. The combined business will be larger and have more diverse revenue streams within the US residential real estate brokerage and franchise space, however, the two companies have different operating profiles. The Real Brokerage Inc. (NYSE: REAX) derives revenue primarily from transaction-based commission splits and agent revenue sharing, resulting in a more cyclical and volume-sensitive earnings profile compared with RE/MAX's higher-margin, royalty-based franchisor model. As a result, the combined entity would be more exposed to housing market cyclicality and exhibit reduced earnings visibility relative to RE/MAX's largely recurring franchise fee structure. Headquartered in Denver, Colorado, RE/MAX, LLC is a consolidated subsidiary of RE/MAX Holdings, Inc. (NYSE: RMAX) and operates as a franchisor of real estate brokerage services in the US, Canada, and internationally, as well as a franchisor of mortgage brokerage services in the US. RE/MAX derives its revenue primarily from continuing franchise fees, annual dues, broker fees, new franchise sales and renewals, and other revenue. RE/MAX generated $292 million of revenue in 2025. REEL TRIMS: Hires Steven E. Wallace PL as Bankruptcy Counsel ------------------------------------------------------------ Reel Trims LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Steven E. Wallace, P.L. as bankruptcy counsel. The firm will provide these services: a. advise the Debtor with respect to its powers and duties as a 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 $500 per hour for attorneys and $100 per hour for paralegals. The retainer is $17,538. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven E. Wallace, Esq., a partner at Steven E. Wallace, P.L., 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: Steven E. Wallace, Esq. Steven E. Wallace, P.L. 1375 Gateway Boulevard Bynton Beach, FL 33426 Tel: (561) 400-3896 Email: wallacelaw1@me.com ecfwallacelaw@gmail.com About Reel Trims LLC Reel Trims LLC, established in 2008 in Port Saint Lucie, Florida, provides doors, trim, moulding, and hardware for residential construction and renovation projects, offering entry, interior, and sliding doors alongside finishing materials and hardware designed for durability and precise installation. The company serves contractors and homeowners, supplying components for upgrades and new builds while emphasizing craftsmanship and project-specific fit. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14072) on March 31, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ronald Turba, owner, signed the petition. Judge Erik P. Kimball presides over the case. Steven E. Wallace, Esq., at Steven E. Wallace, PL represents the Debtor as legal counsel. RISEWELL HOMES: Moody's Alters Outlook on 'B2' CFR to Stable ------------------------------------------------------------ Moody's Ratings affirmed the B2 corporate family rating, B2-PD probability of default rating and B2 senior unsecured rating of Risewell Homes Inc. At the same time Moody's changed the outlook to stable from positive. "The affirmation of the B2 ratings reflects Risewell Homes' increased scale, improved geographic diversification and increased product mix of entry-level homes following the Landsea acquisition in 2025," said Griselda Bisono, Moody's Ratings Vice President-Senior Credit Officer. "However, these gains have not been sufficient to offset profit margin erosion in a softer housing market, where the company has leaned on incentives to sustain sales volumes. As a result, Moody's expects credit metrics to be more consistent with a B2 rating at least through the next 12 months." The stable outlook reflects Moody's expectations of gradual improvement in financial metrics over the next 12-18 months, supported by synergy realization from the Landsea acquisition, community count growth and targeted G&A cost reductions. These factors should also contribute to improving interest coverage and maintaining adequate liquidity. RATINGS RATIONALE Risewell Homes' B2 CFR reflects its conservative land strategy and focus on entry-level and first move-up homes that serve affordability-constrained buyers. The rating also incorporates enhanced local market scale and reduced concentration in California, which now accounts for roughly one-quarter of total land inventory. These factors are tempered by the company's weak profitability, which has resulted in low interest coverage and reduced covenant headroom. Nevertheless, Moody's expects the company to maintain adequate headroom under financial covenants even if interest coverage remains weak given the minimum liquidity covenant of just $10 million, which switches to trailing 12-months of interest incurred if the interest coverage falls below the covenant threshold. Moody's expects EBIT margins to improve to around 5% in fiscal 2026 and 9% in fiscal 2027, from around 2% on a pro forma basis in fiscal 2025. Moody's forecasts reflects the realization of cost synergies from the Landsea acquisition, including headcount reduction, procurement savings and construction costs. The cyclical nature of the homebuilding industry remains a key risk, as a sustained downturn could lead to prolonged revenue and profitability declines. Moody's expects Risewell Homes' liquidity to remain adequate over the next 18 months, despite Moody's forecasts for negative free cash flow in 2026 and 2027 as a result of increased investment to grow the business. Growth will be supported by a combination of debt, which has already been raised, and equity previously injected from the sponsor, Apollo. Moody's assessments of Risewell's liquidity incorporates regular draws on the company's $745 million unsecured revolving credit facility that matures in February 2030, the absence of near-term maturities and limited financial covenant cushion. Additional flexibility stems from an unencumbered land position and a fully unsecured capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded should Risewell Homes successfully integrate the Landsea acquisition, resulting in increased scale and geographic diversification. A ratings upgrade would also reflect the maintenance homebuilding debt to book capitalization below 50% and EBIT to interest coverage above 3.0x. Finally, upward ratings movement would require maintenance of positive industry conditions, good liquidity and sustained positive free cash flow to fund growth. The ratings could be downgraded if debt to book capitalization approaches 60%, EBIT to interest coverage declines below 2.0x, or if the company's liquidity were to weaken. A downgrade could also result from weakening industry conditions causing meaningful declines in revenue and gross margin. The principal methodology used in these ratings was Homebuilding and Property Development published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ROYAL EXPRESS DELIVERY: Commences Chapter 11 Bankruptcy in Calif. ----------------------------------------------------------------- On April 28, 2026, Royal Express Delivery 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 $0 and $100,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 5/28/2026 at 10:00 AM at UST-SVND1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5961145. About Royal Express Delivery Inc. Royal Express Delivery Inc. is a logistics and delivery services company, typically engaged in transportation and distribution of goods for commercial and retail clients. Royal Express Delivery Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10909) on April 28, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. The debtor is represented by Michael D. Kwasigroch, Esq. SABERT CORP: Moody's Alters Outlook on 'B1' CFR to Stable --------------------------------------------------------- Moody's Ratings affirmed Sabert Corporation's ("Sabert") Corporate Family Rating at B1, probability of default rating at B1-PD, and backed senior secured first lien term loan B at B2. At the same time, Moody's assigned a B2 rating to the company's proposed $412 million extended backed senior secured first lien term loan B due December 2028. The outlook was changed to stable from positive. Proceeds from the new first lien term loan will be used to repay the outstanding balance on the existing term loan maturing December 2026. Moody's expects to withdraw rating on the existing backed senior secured first lien term loan B following the close of the transaction. The company's unrated $140 million asset-based revolver expiring December 2026 will also be extended to December 2028 as a result of this transaction. The affirmation of Sabert's rating at B1 with a stable outlook reflects the company's conservative leverage profile below 3.5x debt/EBITDA, along operational execution that has sustained EBIT margins above 10%, even in a subdued demand environment. The company's track record of positive free cash flow generation also supports the affirmation. While the proposed extension of Sabert's term loan and ABL addresses its near-term refinancing risk, uncertainty remains regarding the company's longer term plan to address its capital structure and financial policy. RATINGS RATIONALE Sabert's credit quality is supported by its end market stability in food and food service, and substrate diversification into paper and plastic packaging and expansion of its pulp-based packaging to meet increasing demand for alternatives to plastic packaging. It is also supported by long-term relationships with customers and some geographic diversification to Europe and Asia. The company can pass through raw material costs through contracts in most of its business, albeit with some time lag. However, the ratings are constrained by the company's moderate scale, high customer concentration and exposure to raw materials costs, mostly plastic resin prices. The company is also exposed to key person risk related to its founder, Albert Salama, who owns 100% of the company. Although the company's end markets, including supermarkets, food processors, national casual dining chains, independent restaurants and quick service restaurants, are considered largely stable, continued softness in demand and low consumer sentiment will likely restrain revenue and earnings growth over the next 12 months. Despite the long tenure and operational know-how of Sabert's management team, it remains to be seen whether the company would maintain its current financial policy in the event of a change in ownership from its current owner, Albert Salama. Having a clearer succession plan with respect to the future control of the company would reduce the risk of sudden and fundamental change in the company's financial policy. The company's lack of a track record to refinance debt maturities well in advance of the maturity becoming current is also constraining Moody's assessments of the company's financial policy. Moody's projects Sabert to maintain good liquidity over the next 12 to 18 months, supported by $17 million of cash on the balance sheet as of September 30, 2025, and Moody's expectations of positive free cash flow generation in 2026 and 2027. Moody's also expects the company to have sufficient availability under its extended $140 million asset-based revolver expiring December 2028. The stable outlook reflects Moody's views that new business wins and resilient volumes will support modest earnings growth even in a subdued demand environment over the next year, with a leverage profile maintained below 3.5x debt/EBITDA and interest coverage close to 3.5x debt/EBITDA. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could consider upgrading the rating if Sabert increases scale and end-market diversity, demonstrates further earnings growth and debt reduction while maintaining the following credit metrics: debt/EBITDA below 4.0x, free cash flow/debt above 5%, EBITDA/interest expense coverage above 3.5x, and EBITDA margin above 20%. Moody's could downgrade the company's rating if the operating and competitive environments deteriorate. Specifically, the ratings could be downgraded if debt/EBITDA remains above 5.0x, EBITDA/interest is below 3.0x or if the company fails to generate free cash flow. Moody's could also downgrade the company if there is evidence of a more aggressive financial policy. Headquartered in Sayreville, NJ, Sabert Corporation is a manufacturer of plastic and fiber-based packaging for food and food service. Sabert is privately owned by its founder Albert Salama. The company recorded about $960 million of sales in the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. SABLE OFFSHORE: BlackRock, Inc. Holds 6.2% Equity Stake ------------------------------------------------------- BlackRock, Inc. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 9,126,401 shares of Sable Offshore Corp's Class A Stock, representing 6.2% of the shares outstanding. The Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting 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 Sable Offshore 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, Inc.'s SEC report is available at: https://tinyurl.com/ydpv4h7d About Sable Offshore Corp. Sable Offshore Corp. (formerly known as Flame Acquisition Corp. is an independent oil and gas company headquartered in Houston, Texas. Flame was initially formed as a special purpose acquisition company for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's independent auditor, Ham, Langston & Brezina, L.L.P., based in Houston, Texas, and serving since 2024, included a "going concern" qualification in its report dated February 27, 2026, attached to the Annual Report on Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025 citing that uncertainties related to obtaining the remaining regulatory approvals necessary to resume sales of production, along with the uncertainty of obtaining additional financing, or refinancing the Senior Secured Term Loan raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $1.7 billion in total assets, $1.2 billion in total liabilities, and $534.3 million in total stockholders' equity. SAICP HOTEL: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On April 30, 2026, Saicp Hotel, LLC 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 $50 million and $100 million in debt owed to 1–49 creditors. About Saicp Hotel, LLC Saicp Hotel, LLC is a hospitality company that likely owns or operates hotel properties, providing lodging and related services to business and leisure travelers. Saicp Hotel, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14338) on April 30, 2026. In its petition, the debtor reports estimated assets of $50 million–$100 million and estimated liabilities of $50 million–$100 million. Honorable Bankruptcy Judge Barry Russell handles the case. The debtor is represented by Michael Jay Berger, Esq. SAIG LAUNDRY: Seeks to Hire Elisabeth L. Gray as Bookkeeper ----------------------------------------------------------- Saig Laundry LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Elisabeth L. Gray Bookkeeping & Taxes LLC as bookkeeper. The Debtor requires bookkeeping services in connection with its operation and this chapter 11 case, including reconciliation of bank accounts, preparation of income and expense statements and balance sheets, posting transactions, bank reconciliations, journal entries, monthly financial statements, and related tax and sales tax reporting services, as needed. The terms of Gray Bookkeeping's engagement are: a. Catch-up bookkeeping for July 2025 through February 2026 at a total fee of $2,000; b. Ongoing monthly bookkeeping effective March 2026 at $250 per month for up to 75 transactions, with rates subject to increase if transaction volume exceeds that threshold; c. Corporate tax return services at $1,200 per return; d. Quarterly sales tax reports at $150 per quarter; and e. Sales tax application services at $200, if applicable. As disclosed in the court filings, Gray Bookkeeping does not hold or represent any interest adverse to the Debtor or the estate and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Elisabeth L. Gray Elisabeth L. Gray Bookkeeping & Taxes, LLC 3636 Worthington Way Plano, TX 75023 Email: info@elisabethlgraybookkeeping.com Phone: (972) 762-2207 About Saig Laundry LLC Saig Laundry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-30980) on March 6, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Judge Michelle V. Larson oversees the case. Manalo Santiago, Esq., at Herrin Law, PLLC represents the Debtor as counsel. SAN JOSE BIOCUBE: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On April 28, 2026, San Jose Biocube IV LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About San Jose Biocube IV LLC San Jose Biocube IV LLC is a limited liability company involved in property or asset-holding operations connected to commercial development activities. San Jose Biocube IV LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50671) 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 Stephen L. Johnson handles the case. The Debtor is represented by Ralph P. Guenther, Esq. of Guenther Law Group. SAN MATEO SPORTS: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------------- On April 29, 2026, San Mateo Sports & Fashion Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About San Mateo Sports & Fashion Inc. San Mateo Sports & Fashion Inc. is a retail company likely engaged in the sale of apparel, footwear, and sporting goods to consumers. San Mateo Sports & Fashion Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40910) on April 29, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The debtor is represented by Edward W. Suh, Esq. of Suh Law Group, APC. SARC US: Files Supplemental Motion on Carol Stream Property Sale ---------------------------------------------------------------- Sarc US LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Missouri, Southeastern Division, in a supplemental motion to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor seeks authority for the sale of certain commercial real estate, free and clear of all liens, claims, and encumbrances, pursuant to the terms of a post-confirmation sale contract. On February 23, 2025, the Debtor filed its First Amended Plan of Reorganization. On April 9, 2025, the Court entered its order confirming the Plan A Second Motion to Dismiss or Convert to a Case Under Chapter 7 was filed by the Office of the United States Trustee on March 5, 2026 and is set for hearing before the Court on May 4, 2026. Debtor owns certain commercial real estate located at 855-865 E. Geneva Road, Carol Stream, Illinois. Debtor is indebted to MRV Bank, which lender holds a security interest in the Property. The Debtor seeks authority to sell the Property to Praveen Mothe pursuant to the terms of a certain Purchase and Sale Contract dated March 4, 2026. The Purchaser has contractually agreed to purchase the Property for $1,700,000.00. The closing date requested by Purchaser under the terms of the Sale Contract is April 18, 2026. The Sale Contract will be amended to extend the closing date until such time as the Court has an opportunity to hear and rule upon the Motion. MRV Bank has consented to the Sale of the Property free and clear of all liens, claims, and encumbrances in accordance with the terms of the Sale Contract. About SARC US SARC US, LLC owns real estate in Carol Stream, Illinois, which generates rental income. SARC US, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 24-10335) on June 20, 2024, with $1 million to $10 million in both assets and liabilities. Steven Caton, manager, signed the petition. Spencer Desai, Esq., at The Desai Law Firm represents the Debtor as legal counsel. SCV GRAPHIC: Court OKs Equipment Sale to Parallax Digital Studios ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, has granted SCV Graphic Productions Inc. to sell equipment to Parallax Digital Studios, Inc., 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. The Debtor wants to sell certain Equipment attached as Exhibit A. https://urlcurt.com/u?l=RBbRzS 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 Court has authorized the Debtor to sell the equipment to Parallax for a purchase price of $220,000.00, payable in cash at closing. The sale of the Equipment is hereby approved free and clear of all liens, claims, and encumbrances. The liens held by Mitsubishi HC Capital America, Inc., Banc of America Leasing & Capital, LLC, and Wells Fargo Bank, N.A. on the Equipment being sold shall be satisfied and released upon each lienholder’s receipt of its respective net payment at closing. The Kuka 4-Axis Router (RMC60 Base System Package), the Magforms Helios P800 SLA 3D Printer, and the 2020 Mercedes-Benz Sprinter Van are excluded from the free-and-clear sale authorized by the Order. The Debtor shall distribute the proceeds of the sale of the Equipment at closing in accordance with the Original Sale Order. Any distribution to a secured creditor from the proceeds of the sale shall be solely on account of such creditor's allowed secured claim. The Debtor is authorized to take all actions and to execute and deliver all documents and instruments necessary to implement the relief granted in the Order. 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. SF OAKLAND: Hires Martin M. Ron Associates as Land Surveyor ----------------------------------------------------------- SF Oakland Bay, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to Martin M. Ron Associates, Inc. as a land surveyor. The firm will render these services: a) creation of a tentative map; b) creation of a final map; and c) creation of a condominium plan for the parking spaces. The firm has agreed to these flat fees: a. Tentative Map, including the preparation of the tentative map package - $24,088; b. Final Map - $15,100; and c. Condominium Plan - $43,000. As disclosed in the court filings, Martin M. Ron Associates is a "disinterested person" as defined by § 101(14), as modified by Sec. 1107(b). The firm can be reached through: David Ron Martin M. Ron Associates, Inc. 859 Harrison St. Suite 200 San Francisco, CA 94107 Phone: (415) 543 4500 Email: Info@MartinRon.com About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SIMEON D: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------- On April 28, 2026, Simeon D Ltd. 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 June 2, 2026 at 10:00 AM via Zoom - Pringle: Meeting ID 340 853 2781, Passcode 3286389205, Phone 1 213 592 2163. About Simeon D Ltd. Simeon D Ltd. is a privately held entity with limited publicly available information, likely operating as a small business or holding company. Simeon D Ltd. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14124) on April 28, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The debtor is represented by Leon Nazaretian, Esq. of Nazaretian And Besnilian. SLOAN SCHOOL: Gets Interim OK to Use Cash Collateral Until May 21 ----------------------------------------------------------------- Sloan School of Music, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through May 21 in accordance with its budget. The Debtor needs to use cash collateral to fund ordinary business expenses necessary to maintain operations, serve students, and preserve going-concern value while it pursues reorganization. The Debtor's schedules show total assets of approximately $215,479, with cash collateral estimated at roughly $50,000. Secured creditors with broad blanket liens or purchase-money security interests in substantially all of the Debtor's assets include Tri-County Council for Western Maryland, WebBank/PayPal Loan Builder, Wells Fargo, United Bank, Newtek, Tandem Bank (later assigned to Heritage Bank), and additional lenders including Everest, National Funding, Precise Services, and an unidentified secured creditor. Based on a review of Uniform Commercial Code filings, only Tri-County and PayPal/WebBank hold senior secured positions likely to be fully recognized while other lenders may hold purchase-money security interests in specific inventory items. As of the petition date, no creditor other than PayPal holds a present secured interest in cash collateral. As protection for the Debtor's use of their cash collateral, lenders will receive a replacement lien on all post-petition assets of the Debtor and their proceeds, with the same priority and extent as their pre-petition interest. The order is available at https://is.gd/vagoF7 from PacerMonitor.com. The final hearing is set for May 20. The deadline for filing objections is on May 13. Sloan School of Music was formed in 2019 and expanded rapidly in Maryland, opening multiple locations and investing heavily in staffing, facilities, and educational resources. Growth was significantly disrupted by the COVID-19 pandemic, which caused increased operating costs, supply chain issues, and financial strain. To sustain operations, the Debtor relied on a mix of SBA-backed loans, bank financing, and merchant cash advance funding. Although the business continued to generate enrollment and revenue, escalating debt service obligations eventually outpaced cash flow, leading to financial distress despite extensive cost-cutting measures, including restructuring, raising tuition, reducing staff and owner compensation, and eliminating certain lease obligations. About Sloan School of Music LLC Sloan School of Music, LLC is a Maryland-based music store and lesson provider with locations in Hagerstown and Frederick. Founded in 2019, it offers private lessons, group classes, master classes and bands, while also retailing instruments and accessories from brands including Fender, Yamaha and PRS Guitars. The company also operates an online store. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-14152) on April 17, 2026. In the petition signed by David Sloan, as co-founder and chairman, the Debtor disclosed $215,479 in total assets and $1,253,609 in total liabilities. Matthew Abbott, Esq., at Wolff & Orenstein, LLC, represents the Debtor as legal counsel. SPARHAWK LLC: WoodTrust Bank Loses Bid for Abstention ----------------------------------------------------- The Hon. Catherine J. Furay of the U.S. Bankruptcy Court for the Western District of Wisconsin denied the WoodTrust Bank's motion for abstention in the bankruptcy case of Sparhawk LLC and its affiliated debtors. Sparhawk LLC, Sparhawk Properties LLC, Sparhawk Trucking, Inc., and Sparhawk Truck and Trailer, Inc. ("Debtors"), each filed voluntary petitions under Chapter 11 of the Bankruptcy Code on March 13, 2026. A motion for joint administration was granted on March 15, 2026. On March 25, WoodTrust Bank (the "Bank") moved for entry of an order abstaining from and dismissing these cases. Debtors object to the request. In January 2024, Debtors were sued related to a train derailment caused by one of their trucks. That accident involved the release of hazardous chemicals. To address cash flow issues, Sparhawk approached the Bank to discuss the cash issue. The Bank agreed to a period of interest-only debt service. Working capital had been eroding, overdrafts had occurred, and both payroll and insurance payments were coming due. When the cash flow problems continued, Sparhawk again met with the Bank. In June 2025, he was asked to sign a letter forbearance agreement. Contrary to the Bank's position, there will be a disruption in the efficient administration of the bankruptcy estate if the Court abstains. As part of the receivership, the receiver agreed and asked the state court to (1) waive and relinquish any and all claims that might exist against the Bank; (2) grant first priority liens in substantially all of the property of the Debtors; and (3) include in the assets being assigned to the Bank any claims that might exist for preference or fraudulent conveyances. The proper and efficient administration of the estate, consideration of the interests of all creditors, and the preservation of any potential claims against the Bank can only be served in this Court. The Court says abstention might delay proceedings in the main case. It would not address or protect the interests of other creditors. It may also increase the costs and fees of administration. The Court can timely adjudicate issues that may arise. Accordingly, the Court finds abstention under 28 U.S.C. Sec. 1334(c)(1) is not warranted. A copy of the Court's Decision dated April 24, 2026, is available at https://urlcurt.com/u?l=IEDwmc from PacerMonitor.com. About Sparhawk, LLC Sparhawk LLC and affiliated entities -- Sparhawk Trucking, Inc., Sparhawk Properties, LLC; and Sparhaw Truck and Trailer, Inc. -- support trucking operations, equipment management and property holdings related to the group's transportation activities. Founded in 1981, the Sparhawk group operates within the general freight trucking industry in the United States. Sparhawk and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wisc. Lead Case No.26-10527) on March 13, 2026. In the petition signed by Mark A. Sparhawk, sole member, Sparhawk disclosed up to $10 million in both assets and liabilities. Judge Catherine J Furay oversees the cases. Jerome R. Kerkman, Esq., and Nicholas W. Kerkman, Esq., at Kerkman & Dunn, represent the Debtors as legal counsel. SPIRIT AVIATION: Plan Exclusivity Period Extended to July 27 ------------------------------------------------------------ Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York extended Spirit Aviation Holdings, Inc. and its subsidiaries' exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 27 and Sept. 23, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they continue to make timely payments on account of their undisputed postpetition obligations as they come due and, as applicable, in accordance with the terms of the relevant settlements negotiated during the pendency of the Chapter 11 Cases. As such, this factor also weighs in favor of allowing the Debtors to extend the Exclusive Periods. The Debtors claim that only seven months have elapsed in the Chapter 11 Cases, which is not long for cases of this size and complexity. During this short time, the Debtors have accomplished a great deal despite the complexity of these Chapter 11 Cases and the numerous parties involved, and continue to work diligently towards their timely emergence from chapter 11. Accordingly, the Debtors respectfully submit that a further extension of the Exclusive Periods is appropriate. The Debtors assert that they are not seeking to extend exclusivity to pressure or prejudice their stakeholders. To the contrary, all creditor groups (or their advisors) have had ample opportunity to actively participate in substantive discussions with the Debtors throughout these Chapter 11 Cases. Continued exclusivity will permit the Debtors to continue diligently working with many various creditor groups and other parties in interest, and to preserve and capitalize on the progress made to date in their restructuring negotiations. The Debtors further assert that they have only recently filed the Plan, which is supported by the Consenting DIP Lenders, and are working to build consensus among additional groups to facilitate a successful confirmation and expedited emergence. At this critical stage, the prospect of competing plans would be detrimental to an efficient resolution of the Chapter 11 Cases, harming the Debtors and creditors alike. Counsel to the Debtors: Marshall S. Huebner, Esq. Darren S. Klein, Esq. Christopher S. Robertson, Esq. Joseph W. Brown, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 E-mail: marshall.huebner@davispolk.com darren.klein@davispolk.com christopher.robertson@davispolk.com joseph.brown@davispolk.com About Spirit Aviation Holdings Inc. 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 August 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. SPIRIT AVIATION: Says Govt. Bailout Loan Talks Still Underway ------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that Spirit Aviation Holdings Inc. said it is still in discussions over a $500 million government rescue loan, while delaying a bankruptcy court hearing related to the proposed financing. According to a court filing, the airline said a Thursday hearing would not take place because it has yet to formally request approval to draw on the potential government-backed funds. The hearing, initially expected around April 30, had been highlighted earlier after company attorneys revealed that talks with government officials were at an advanced stage, the report states. Spirit said it continues to engage with lenders and a committee representing unsecured creditors as it seeks to negotiate terms and move closer to securing the financing needed to support its restructuring efforts. About Spirit Aviation Holdings Inc. 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 August 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. ST. MICHAEL'S COLLEGE: Moody's Cuts Issuer Rating to B3 ------------------------------------------------------- Moody's Ratings has downgraded Saint Michael's College (VT) issuer and revenue bond ratings to B3 from B1. For fiscal 2025, the college recorded total outstanding debt of $57.9 million. The outlook is revised to stable from negative. The downgrade and outlook revision reflect persistent operating deficits driven by ongoing challenges to balance expense growth against a materially smaller revenue base. Social considerations are a key driver of this rating action, reflecting a competitive student market and evolving consumer trends that have contributed to significant declines in enrollment and net tuition revenue, the college's largest revenue source. While financial reserves still provide some runway to improve operating performance, continued deficits and liquidity depletion could place further negative pressure on the rating. RATINGS RATIONALE The B3 issuer rating reflects Saint Michael's established niche as a small, faith-based, private liberal arts college with an experiential learning focus. Good financial reserves of just under $100 million provide some near-term flexibility for management to pursue enrollment stabilization and operational improvement initiatives. However, continued reliance on reserves to fund deficits will increasingly test financial sustainability. Gift support and investment performance may help slow balance sheet erosion in the near term but are unlikely to fully offset structural operating pressures absent meaningful improvement in enrollment and margins. Looking ahead, the college's ability to translate previously articulated strategic initiatives into improved operating performance will be critical. While management has historically taken steps to align budgets with revenue pressures, the persistence of operating deficits underscores a mixed record of execution. This demonstrated track record is a key governance consideration and an important driver of the rating action. Execution challenges to date have resulted in three consecutive years of negative EBIDA through fiscal 2025 and continued enrollment declines and a growing discount rate. Inability to reduce expenses in line with revenue will result in continued reserve usage, constraining financial flexibility and limiting capacity for reinvestment. Deferred investment in campus facilities is reflected in a high average age of plant of 24 years, potentially further weakening the institution's competitive position. The B3 revenue bond rating reflects the issuer rating and the college's general unsecured obligation to pay. RATING OUTLOOK The stable outlook reflects expectations that ongoing operating pressure will be partially mitigated by institutional resources. While reliance on student charges and enrollment challenges remain constraints, gift support and investment returns provide some capacity to moderate wealth deterioration and support credit stability despite continued use of reserves. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Substantial improvements of operating performance leading to multi-year positive EBIDA margins -- Marked advancement in strategic positioning, evidenced by multi-year growth in net tuition revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Erosion of cash and investments resulting in debt coverage below 1.3x -- Inability to show meaningful progress towards stabilizing operating performance -- Increase in leverage PROFILE Saint Michael's College is a small private coeducational Catholic institution located in Colchester, Vermont, and founded in 1904 by the Society of Saint Edmund, a Roman Catholic order of priests and brothers. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. STAR ONE: Hires Behar Gutt & Glazer PA as Bankruptcy Counsel ------------------------------------------------------------ Star One Transport LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Behar, Gutt & Glazer, PA as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with rules of the Court; (c) prepare legal documents necessary in the administration of the case; and (d) protect the interests of the Debtor with its creditors in the preparation of a Chapter 11 Plan. The firm's counsel and staff will be paid at these hourly rates: Partners $610 Associates $485 Paralegals $275 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $17,000 from the Debtor. Brian Behar, Esq., an attorney at Behar, Gutt & Glazer, 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: Brian S. Behar, Esq. Behar, Gutt & Glazer PA 1855 Griffin Road Fort Lauderdale, FL 33004 Email: bsb@bgglaw.com About Star One Transport LLC Star One Transport LLC, based in Miami, Florida, provides interstate freight transportation services, including the hauling of general freight and hazardous materials, and operates as a small carrier with a limited fleet. The company, founded in 2014, serves commercial shipping customers across state lines under U.S. Department of Transportation authority. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14202) on April 3, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Jose Luis Fernandez, manager, signed the petition. Judge Robert A. Mark presides over the case. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A. represents the Debtor as legal counsel. STEPHAN CO: June 4 FFIC Settlement Approval Hearing Set ------------------------------------------------------- UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA TAMPA DIVISION In re: THE STEPHAN CO., Debtor. Chapter 11 Case No. 8:25-bk08937-CPM NOTICE OF DEBTOR'S MOTION PURSUANT TO SECTIONS 105(a) AND 363 OF THE BANKRUPTCY CODE AND BANKRUPTCY RULES 2002, 6004 AND 9019(a) FOR AN ORDER (I) APPROVING THE FFIC SETTLEMENT AGREEMENT, RELEASE AND POLICY BUYBACK, (II) APPROVING THE SALE OF THE FFIC POLICIES FREE AND CLEAR, (III) ENJOINING CLAIMS, AND (IV) GRANTING RELATED RELIEF IF YOU HAVE (1) A CLAIM AGAINST THE STEPHAN CO. AS TO WHICH INSURANCE COVERAGE IS OR MAY BE AVAILABLE, (2) AN INTEREST IN ANY OF THE STEPHAN CO.'S INSURANCE POLICIES OR CERTIFICATES, OR (3) ANY CLAIMS AGAINST THE SETTLING INSURER (AS DEFINED BELOW) RELATING TO THE FOREGOING, PLEASE READ THIS NOTICE — YOUR RIGHTS MAY BE AFFECTED. On April 22, 2026, The Stephan Co. (the "Debtor"), by and through its undersigned counsel, filed the Debtor's Motion Pursuant to Sections 105(a) and 363 of the Bankruptcy Code and Bankruptcy Rules 2002, 6004, and 9019(a) for an Order (I) Approving the FFIC Settlement Agreement, Release and Policy Buyback, (II) Approving the Sale of the FFIC Policies Free and Clear, (III) Enjoining Claims, and (IV) Granting Related Relief (the "Motion") with the United States Bankruptcy Court for the Middle District of Florida (the "Court"). Pursuant to the Motion, the Debtor (on its own behalf and on behalf of certain non-debtor related entities defined as the Additional Insureds) is seeking entry of an order approving a proposed "Agreement" with Fireman's Fund Insurance Company and Fireman's Fund Insurance Company of Wisconsin (collectively, "FFIC" or the "Settling Insurer"), pursuant to which the Settling Insurer will buy back from the Debtor and the Additional Insureds (a) any and all insurance policies issued or allegedly issued by FFIC to the Debtor and/or the Additional Insureds, whether known or unknown at the time of the Agreement, including but not limited to those policies identified on Schedule 1 to the Agreement (the "Policies") along with (b) certain related Claims of the Debtor and the Additional Insureds (together with the Policies, the "Purchased Property"), in exchange for a settlement payment in the aggregate amount of $7,145,150. The transaction contemplated in the proposed Agreement is subject to the occurrence of certain conditions precedent, including, without limitation, the confirmation of a chapter 11 plan and the issuance of one or more injunctions enjoining the prosecution of certain claims against the Settling Insurer (as set forth in greater detail immediately below). In connection with the Motion, the Debtor (on its own behalf and on behalf of the Additional Insureds) is seeking to settle and sell, free and clear of all liens, claims, encumbrances, and other interests, the Purchased Property. This "free and clear" sale of the Purchased Property entails certain releases, injunctions, and other protective provisions in favor of the Settling Insurer. The sale proposes a Settling Insurer Injunction that permanently enjoins all Persons who have held or asserted, or may in the future hold or assert, any Claims from taking any action, directly or indirectly, for purposes of asserting, enforcing, or attempting to assert or enforce any Barred Claim against FFIC, its Related Persons or the FFIC Released Parties, or the property or assets of each (all as defined in the Agreement). The Debtor (on its own behalf and on behalf of the Additional Insureds) is seeking to fully release any Claims against FFIC, its Related Persons or the FFIC Released Parties arising from or related in any way to the Policies, including all extra-contractual claims. There are additional provisions in the Agreement -- beyond those set forth in the preceding sentences -- which should be reviewed to understand completely the Agreement and its effect on your rights. A hearing on the Motion will be held before the Honorable Catherine Peek McEwen, United States Bankruptcy Judge, in the United States Bankruptcy Court for the Middle District of Florida, Courtroom 8B, 801 N. Florida Avenue, Suite 555, Tampa, Florida 33602 on June 4, 2026 at 3:30 p.m. (prevailing Eastern Time), which may be continued, as necessary, without further notice except as may be ¿led on the Court's docket or as otherwise announced by the Court on the record at such hearing. Responses in opposition to the relief requested in the Motion, if any, must be filed and served upon all of the following on or before May 13, 2026: (a) counsel for the Debtor, Verrill Dana LLP, One Portland Sq., 10th Floor, Portland, Maine, 04101, (Attention: Robert J. Keach, Esq.), and Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A., Museum Tower, Suite 2200, 150 West Flagler Street, Miami, Florida 33130 (Attention: Patricia A. Redmond); (b) counsel to the Talc Claimants' Committee, Caplin & Drysdale, Chartered, 1200 New Hampshire Avenue NW, 8th Floor, Washington, DC 20036 (Attention: Allegra N. Kauffman, Esq., Todd E. Phillips, Esq., and James P. Wehner, Esq.); (c) the Future Claimants' Representative; (d) the Office of the United States Trustee, 501 E. Polk Street, Suite 1200, Tampa, Florida 33602 (Attention: Guy Van Baalen, Esq. and Nathan A. Wheatley, Esq.); (e) counsel to FFIC, Parker, Hudson, Rainer & Dobbs LLP, 303 Peachtree Street, NE, Suite 3600, Atlanta, Georgia 30308 (Attention: Harris B. Winsberg, Esq. and Matthew G. Roberts, Esq.); and (f) all other Persons who have formally appeared in the case and requested service pursuant to Fed. R. Bankr. P. 2002. The Debtor may file one or more Motion Supplements attaching any revisions or additions to the previously filed Agreement. Notice of any Motion Supplements will be served only upon those parties who have formally appeared in this Chapter 11 Case and requested notice in accordance with Rule 2002 of the Federal Rules of Bankruptcy Procedure. A copy of the Motion and any Motion Supplements (once filed) may be (i) obtained, for a fee, on the Court's website at https://www.flmb.uscourts.gov/ (the required PACER password can be obtained at https://www.pacer.gov); or (ii) viewed and downloaded, free of charge, at the Debtor's restructuring website — https://restructuring.ra.kroll.com/Stephan. Dated: April 29, 2026, Counsel for the Debtors: Patricia A. Redmond, Esq., STEARNS WEAVER MILLER WEISSLER ALHADEFF & SITTERSON, P.A., 150 West Flagler Street, Miami, FL 33130 Telephone: (305) 789-3553 Facsimile: (305) 789-3395 E-mail: predmond@stearnsweaver.com - and - Robert J. Keach, Esq. Letson D. Boots, Esq. Jennifer S. Novo, Esq. VERRILL DANA LLP, One Portland Square, 10th Floor, Portland, ME 04101-4054 Telephone: (207) 774-4000 Facsimile:(207) 774-7499 E-mail: rkeach@verrill-law.com, lboots@verrill-law.com jnovo@verrill-law.com About The Stephan Co. The Stephan Co., based in St. Petersburg, Florida, distributes barber, beauty, and personal care products through a network of companies including Morris Flamingo, Williamsport Bowman Barber Supply, MD Barber, 614 Barber Supply, Appleton Barber Supply, and Norva Barber Supply. Founded in 1897 in Worcester, Massachusetts, it was the first professional men's hair care company in the United States and pioneered distribution through the barber shop channel. The Company markets brands such as Campbell's, Latherking, Stephan, Barbermate, Stix Fix, and SuperCut, serving the professional beauty and barber products industry. The Stephan Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. Case No. 25-08937) on Nov. 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. The Debtor tapped Verrill Dana, LLP as general bankruptcy counsel; Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. as Florida co-counsel; and Getzler Henrich as financial advisor. SV RNO PROPERTY: S&P Assigns (P) 'BB+' Rating to Sr. Secured Notes ------------------------------------------------------------------ S&P Global Ratings assigned a preliminary 'BB+' rating to the senior secured notes. The recovery rating is '1' indicating a very high likelihood of recovery in the event of default. S&P said, "We will convert the rating to final once the mortgage on real estate and a perfected security interest over substantially all the project's assets has been established. "The stable outlook reflects our expectation that the construction budget and contracted completion schedule are achievable and that the risk profile during operations will allow to repay debt in full within the initial lease term, given the triple-net lease with a highly creditworthy counterparty." On Feb. 24, 2026, SV RNO Property Owner 1 LLC (the issuer or project) issued $3.8 billion of 5.875%, 144A senior secured notes due 2031. The notes, along with $400 million in equity contributed at financial close and $136 million of revenue expected during construction, will fund a $4.33 billion, 200 megawatt (MW) critical IT capacity data center project and substation in Reno, Nevada, and will pay other associated costs. The project's construction phase profile reflects the relatively low complexity of the works and the early stages of development with a guaranteed maximum price yet to be determined. The operating risk profile reflects stable cash flows underpinned by a 16.4-year triple net lease with an investment-grade rated tenant with more than $3 trillion market cap, offset by refinancing risk and structural features that allow the project more latitude than is customary for project finance transactions. During operations, S&P anticipates a minimum DSCR of 1.16x under its base case, which includes a refinancing interest rate of 7.5% and assumes commencement of operation based on the contracted utility schedule. Fleet Data Centers I LP, an investment vehicle managed by Tract Capital Management LP, created special purpose entity SV RNO Property Owner 1 LLC to develop a 230-MW utility capacity, build-to-suit cloud data center on a 252-acre site in Storey County, Nevada, about 13 miles east of Reno. The project will support 200 MW of critical IT computing capacity and is 100% preleased to the tenant under a 16.4-year, triple-net lease with two 10-year renewal options. The project includes design, construction, and fit-out of a 200 MW data center, consisting of 20 data halls, each providing 10 MW of capacity. Design is in the early stages. Although the issuer has entered into a construction contract with Clark Construction Group (not rated), the guaranteed maximum price will not be determined until July 2026. The project will receive 200 MW of power from Sierra Pacific Power Co. (dba NVEnergy, NVE; A-/Stable/A-2) under an energy supply agreement. The project is scheduled to deliver the first 100 MW by April 2028 under the lease with the tenant and contracted completion is scheduled for August 2029. However, the issuer has agreed to accelerate each milestone and complete the project by June 2028, supported with behind the meter (BTM) power. There are no penalties to the project for failure to achieve the accelerated schedule. S&P's base case assumes the contracted schedule and not the accelerated completion. A triple-net lease with a highly rated tenant and credit-supportive provisions back the debt service obligations. The tenant will pay base rent based on 9.5% of actual capex and will reimburse all operating expenses (including taxes, insurance premiums, utility bills, and property management fees) and maintenance costs. Rent is paid in advance, reducing working capital needs, and the base rent will escalate annually at a rate equal to the greater of the U.S. Consumer Price Index (CPI) or 3.25% (subject to the cap of 3.5%; however if CPI exceeds 7%, the base rent will be adjusted by the sum of 3.5% and the difference between the CPI and 7%), higher than other data center transactions. While the project does include a service level agreement--if breached, it can result in rent credits--the lenders' technical advisor (LTA) believes that the related key performance indicators are suitable and unlikely to be breached. Unlike other data center transactions, the tenant cannot terminate the lease for failure to maintain service level agreements, which S&P views as a positive feature. Termination rights during operations are limited to condemnation resulting in a total taking, casualty where the project cannot be reinstated within five years, casualty if the reinstatement period exceeds 180 days during the last three years, and prohibited sale of the facilities. The tenant cannot terminate the lease for convenience. Contingency and lease protections reduce construction risk. Construction of the data center campus and associated infrastructure, including the substation, is straightforward. However, the level 5 commissioning requirement (integrated system testing under full tenant load) is relatively stringent, which introduces complexity. This risk is compounded by Fleet's unique design and a relatively low targeted power usage effectiveness (PUE) ratio. In other large data center projects, S&P frequently observes level 3 commissioning, which entails confirmation that individual components in isolation are properly installed and operational, with PUE ratios well in excess of 1.1x. The project design is in progress, and a guaranteed maximum price with experienced contractor, Clark Construction, is not yet finalized, exposing it to potential delays and cost escalations. These concerns are largely offset by strong protections. The project has a reasonable schedule and buffer; limited delay penalties; pass-through of certain construction cost increases to the tenant; contingencies built into the initial financing including development fee; and a broad definition of force majeure that protects the project. Refinancing may expose the project to higher-than-expected rates eroding the debt service coverage cushion. The 144A notes mature in March 2031, exposing lenders to refinancing risk. The triple-net lease will run for an initial term of 197 months from when the first 10 MW are delivered and will mature in 2044. The lease term greatly mitigates refinancing risk because the debt outstanding at maturity can be amortized prior to the expiry of initial lease term, insulating lenders from market risk related to reletting or lease renewal. S&P said, "Unless the interest rate is worse than we expect at refinancing, we anticipate strong debt service coverage ratio (DSCR) of around 1.16x (using our refinancing interest rate assumption of 7.5%) based on our assumption of the commencement of operation based on the contracted utility schedule." Structural features and debt covenants are weaker than traditional project finance structures. In particular, the issuer can: -- Raise additional debt without maintaining minimum DSCR or rating agency confirmation tests from the agencies then rating the debt (that said, the additional debt issuance is constrained by net operating income and loan-to-cost thresholds); -- Make distributions without a requirement to meet minimum DSCR threshold (e.g., permitted tax distributions, distribution of unused contingency without forward looking DSCR threshold); and -- Merge, consolidate, and make investments in joint ventures, with some restrictions. Any of these features could introduce new risks that weaken the credit profile. Overall, the project rating is constrained by these weaker structural features. Additionally, the issuer has the right to release certain project assets from the security package; however release of these assets from the security net is neutral to the credit as the project can operate in accordance with the terms of the lease without them. Security over physical assets is a key component of our project finance rating methodology. Mortgages on real property were not delivered at financial close. The finance documents allow for 180 days (or longer if the issuer is using commercially reasonable efforts) for delivery, but the issuer can waive certain requirements if the cost outweighs the practical benefits. S&P said, "We will convert the preliminary rating on the notes to a final rating when we have received documentation indicating a perfected security interest over substantially all the issuer's assets, including real assets. "The stable outlook reflects our expectation that the construction budget and contracted completion schedule are achievable. We view the cash contingency (including a development fee) in the issuer's construction budget and the ability to rent out a further 13% in cost overruns as mitigants to the budget risk given that the guaranteed maximum price was not known as of financial close. "During operations, we anticipate a minimum DSCR of 1.16x under our refinancing assumptions, given the triple-net lease with a highly creditworthy counterparty and the ability to fully repay debt within the initial lease term. "We could lower the rating if cost overruns or delays in our view would not be covered by the contingency in the budget or passed on to the tenant. During construction, we could also lower the rating if our view of the construction contractors' creditworthiness deteriorates. We could also downgrade the project debt to 'BB' if DSCRs are below 1.15x during operations." A downgrade could occur if: -- Refinancing rates increase beyond our expectations; -- The project incurs additional debt; or -- Unused contingency during construction is distributed without regarding DSCRs after the refinancing. S&P is unlikely to raise the rating until: -- Construction and refinancing of the debt are complete; and -- The project has a track record of prudent financial management such that incurring additional debt or other events do not impair its credit profile. TRANQUILITY FARMS: Jennifer McLemore Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jennifer McLemore, Esq., at Williams Mullen as Subchapter V trustee for Tranquility Farms, LLC. Ms. McLemore will be paid an hourly fee of $530 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McLemore declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jennifer M. McLemore, Esq. Williams Mullen 200 S. 10th St.; Ste. 1600 Richmond, Virginia 23219 (804) 420-6330 Email: jmclemore@williamsmullen.com About Tranquility Farms LLC Tranquility Farms, LLC is a Louisa, Virginia-based company classified under the traveler accommodation industry. Tranquility Farms filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-31623) on April 18, 2026, with $1 million to $10 million in assets and $500,000 to $1 million in liabilities. Arlene D. Simmons, manager, signed the petition. Judge Keith L. Phillips presides over the case. Robert B. Easterling, Esq., at Robert B. Easterling, Attorney at Law represents the Debtor as bankruptcy counsel. TRINET GROUP: Moody's Cuts CFR to Ba2 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings downgraded TriNet Group, Inc.'s (TriNet) corporate family rating to Ba2 from Ba1 and probability of default rating to Ba2-PD from Ba1-PD. Moody's also downgraded TriNet's senior unsecured notes ($500 million due 2029, $400 million due 2031) to Ba3 from Ba2. The speculative grade liquidity rating remains unchanged at SGL-1. The outlook was changed to stable from negative. TriNet is a professional employer organization (PEO) which provides outsourced human resource functions, including payroll, benefits acquisition and regulatory compliance management to small and mid-sized businesses (SMBs). The ratings downgrade is driven by the company's continued erosion of EBITDA margins and Moody's expectations for leverage to sustain above 2.5x debt/EBITDA over the next 12-18 months. The downgrade also reflects expected weakness in TriNet's core SMB market and continued uncertainty related to elevated medical insurance claims. "As TriNet attempts to execute on its transformation strategy, the company's business profile fundamentals continue to deteriorate, reflecting higher leverage, weaker profitability, and Moody's expectations of revenue contraction in 2026", said Michael Aroian, Moody's Ratings Vice President – Senior Analyst. ESG risk considerations, specifically governance risk, were a key driver of the rating action. These governance risks reflect Moody's expectations that the company will maintain an opportunistic shareholder-friendly capital policy, including dividend distributions and a recently expanded share buyback program. RATINGS RATIONALE The Ba2 rating reflects the company's increased, though still moderate, financial leverage, with debt/EBITDA of 2.5x for the twelve months ended December 31, 2025, which Moody's do not expect to improve until after 2026. Trinet's credit profile is negatively impacted by exposure to economic cyclicality, as periods of high unemployment typically weigh on operating performance due to declines in the company's base of worksite employees (WSE), as evidenced in fiscal year 2025 and Moody's expectations for further softness. A TriNet WSE is an employee who benefits from HR services and benefits provided by TriNet, while working under the direction of TriNet's client company. Fluctuations in WSEs have a direct impact on TriNet's topline, given its per employee per month (PEPM) pricing model. Volatility in TriNet's insurance services segment, particularly in periods of elevated medical insurance claims, also presents uncertainty. Higher medical and pharmaceutical costs drove higher insurance claims in recent quarters, pressuring profit margins and contributing to an increase in leverage, with debt/EBITDA rising above 2.5x for the twelve months ended 31 December 2025. All financial metrics cited reflect Moody's standard adjustments. The company's Ba2 rating is supported by good business predictability from a recurring revenue business model, healthy longer term revenue growth prospects and modest capital expenditures, which support the company's good free cash flow that Moody's expects to exceed 10% of its debt over the next 12 to 18 months. The company's business model has historically demonstrated resiliency through macroeconomic cycles. The Ba3 senior unsecured notes rating is one notch below the Ba2 CFR, reflecting the senior ranking and priority of subsidiary TriNet USA's unrated, $900 million senior secured revolving credit facility expiring 2028 in the capital structure relative to the rated notes. Moody's views TriNet's liquidity as very good, as reflected in the SGL-1 speculative grade liquidity rating, with a cash balance of $287 million as of December 31, 2025. Moody's expects the company to generate close to $120 million of annual free cash flow (before WSE working capital fluctuations) over the next 12 to 15 months, corresponding to free cash flow/debt of at least 10%. However, pressure on the company's profit margins and elevated medical claim costs that have pushed up its insurance cost ratio (ICR) highlight risk to Moody's free cash flow expectations. The availability from the $700 million revolver, with no balance outstanding as of December 31, 2025, also supports liquidity. The revolver might be needed to fund seasonal cash needs and potential acquisitions. The revolver is subject to a financial covenant based on a maximum net leverage ratio test of 4.0x. Moody's expects that the company would be able to maintain an ample cushion under its financial covenant if it is tested over the next 12 to 15 months. The stable outlook reflects Moody's expectations that TriNet will maintain leverage between 2.5x and 3.0x debt/EBITDA and moderately improve its EBITDA margins over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if TriNet restores its profit margins and demonstrates improved management of its medical claims exposure. An upgrade would also require debt/EBITDA to be sustained below 2.5x, EBITDA margins maintained over 10%, and very good liquidity, including a strong cash position. The company would also be expected to maintain a disciplined financial policy. The ratings could be downgraded if the company's operating performance continues to deteriorate, including organic revenue declines or continued profit margin contraction, resulting in debt/EBITDA sustained above 3.5x. A downgrade could also result from further deterioration in free cash flow generation, lower cash balances, or a shift toward a more aggressive shareholder focused financial strategy. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. TriNet (NYSE: TNET), headquartered in Dublin, CA, and publicly traded with concentrated ownership by Atairos Group, Inc., is a PEO which provides outsourced human resource functions, including payroll, benefits acquisition, and regulatory compliance management to small and mid-sized businesses. Moody's expects TriNet to generate net (of insurance costs) service revenues of about $1.2 billion in 2026. VM SPV2: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------ On April 28, 2026, VM SPV2 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 $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 June 1, 2026 at 02:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. About VM SPV2 LLC VM SPV2 LLC is a special purpose vehicle, typically established to hold specific assets, investments, or financial interests for structured transactions. VM SPV2 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42057) on April 28, 2026. In its petition, the debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. W. GATES REAL: Case Summary & Eight Unsecured Creditors ------------------------------------------------------- Debtor: W. Gates Real Estate Holdings, LLC 2794 Sanford Road Nolensville, TN 37135 Business Description: W. Gates Real Estate Holdings, LLC owns a residential real estate property in Nolensville, Tennessee, at 2794 Sanford Road. Chapter 11 Petition Date: April 29, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-11110 Judge: Hon. Nicholas W. Whittenburg Debtor's Counsel: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW 6112 Shallowford Road Chattanooga, TN 37421 Tel: (423) 424-3116 Fax: (423) 499-6311 E-mail: tom@tombiblelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by William Coffee as managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7N7AZZA/W_Gates_Real_Estate_Holdings_LLC__tnebke-26-11110__0001.0.pdf?mcid=tGE4TAMA WHITE RHINO: Gets Interim OK to Use Cash Collateral Until May 15 ---------------------------------------------------------------- White Rhino Productions, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through May 15 in accordance with its budget to pay $3,000 in operating costs, freelancer and subcontractor expenses, and payroll and related taxes. The Debtor's cash collateral consists of cash, receivables and other liquid assets, subject to security interests of Rockland Trust, N.A. As protection for the Debtor's use of its cash collateral, Rockland Trust will be granted replacement liens on the Debtor's post-petition property similar to its pre-bankruptcy collateral, with the same priority as its pre-bankruptcy liens. The replacement liens do not apply to any avoidance powers. The order is available at https://is.gd/Jh4fIw from PacerMonitor.com. The next hearing is set for May 13. The deadline for filing objections is on May 11. White Rhino, a strategic marketing and digital firm founded in 1996, has faced significant financial strain due to a combination of factors, including costly overruns and nonpayment on a major client project, reduced client spending, broader healthcare industry funding pressures, and investments in new technology initiatives. These challenges led to severe cash flow constraints, prompting the bankruptcy filing. Despite these setbacks, the Debtor maintains that continued operations will maximize asset value and improve the chances of a successful reorganization. About White Rhino Productions Inc. White Rhino Productions, Inc. is a marketing and digital firm founded in 1996. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-10909) on April 22, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Daniel Greenwald, president of White Rhino Productions, signed the petition. Jesse Redlener, Esq., at Ascendant Law Group, LLC, represents the Debtor as legal counsel. WHITESTONE CROSSING: Hires Walker & Dunlop as Real Estate Broker ---------------------------------------------------------------- Whitestone Crossing Austin, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Walker & Dunlop Investment Sales, LLC as real estate broker. The firm will market and sell the Debtor's property located at 1201 West Whitestone Boulevard, Cedar Park, Texas 78613. Walker & Dunlop will receive a 1.25% commission of the gross sales price of the property. As disclosed in the court filings, Walker & Dunlop is a "disinterested person" as that term is defined in Section 101(14) of the bankruptcy Code. The firm can be reached through: Kevin Dufour Walker & Dunlop Investment Sales, LLC 1111 W 6th Street, Suite 220 Austin, TX 78703 Phone: (737) 236-0535 About Whitestone Crossing Austin Whitestone Crossing Austin, LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as nine-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Abhijit Modak, Esq., at Abhijit Modak, Attorney at Law. LFT CRE 2021-FL1, Ltd., acting through Lument Real Estate Capital, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214-969-1700 E-mail: brent.mcilwain@hklaw.com chris.bailey@hklaw.com WORKHORSE GROUP: Boosts Cash Flow Credit Line to $20M via Amendment ------------------------------------------------------------------- Workhorse Group Inc. disclosed in a regulatory filing that it entered into an Omnibus Amendment No. 1 to Credit Agreements, which amends the Company's: (i) Credit Agreement (Customer Orders) (the "Customer Order Credit Agreement") and (ii) Credit Agreement (Cash Flow) (the "Cash Flow Credit Agreement" and together with the Customer Order Credit Agreement, the "Credit Agreements" and such transactions, collectively, the "Closing Debt Financing"), each dated as of December 15, 2025, by and among Workhorse, as borrower, certain subsidiaries of Workhorse, as guarantors, and Motive GM Holdings II LLC, as lender. The Omnibus Amendment: (i) amends the Cash Flow Credit Agreement to increase the Commitment (as defined in the Cash Flow Credit Agreement) thereunder from $10,000,000 to $20,000,000 in accordance with Section 10.01 of the Cash Flow Credit Agreement, (ii) amends the Cash Flow Credit Agreement to defer interest payments on the additional $10,000,000 Loan made pursuant to the Omnibus Amendment until the first Interest Payment Date (as defined in the Cash Flow Credit Agreement) occurring after September 30, 2026 and (iii) amends the Customer Order Credit Agreement to reduce the Commitment thereunder from $40,000,000 to $30,000,000 in accordance with Section 10.01 of the Customer Order Credit Agreement. A full text copy of the Omnibus Amendment is available at https://tinyurl.com/4d9773r7 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. WORKHORSE GROUP: CEO Compensation Memorialized With Severance Terms ------------------------------------------------------------------- Workhorse Group Inc. disclosed in a regulatory filing that the Company and Chief Executive Officer Scott Griffith, entered into an employment letter agreement memorializing the terms of his compensation retroactive to December 15, 2025, including: (i) the previously approved annual base salary of $600,000 and eligibility to participate in the Company's Short-Term Incentive Plan, with a target bonus amount of 50% of base salary; (ii) eligibility for long-term incentive awards; and (iii) severance benefits in the event that Mr. Griffith's employment is terminated by the Company other than for Cause or by Mr. Griffith for Good Reason (each as defined in the Letter Agreement), which include 100% of his then-current annual base salary, paid in 12 monthly installments, and 100% of his cash bonus target for the current year, paid in a lump sum, subject to the execution of a release of claims. A full text copy of the Letter Agreement is available at https://tinyurl.com/3dejsce7 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. WSONE-55 INC: Has Deal on Cash Collateral Access Thru July 31 ------------------------------------------------------------- Wsone-55, Inc. and the U.S. Small Business Administration advice the U.S. Bankruptcy Court for the Central District of Califoria, San Fernando Valley Division, that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The SBA is a secured creditor based on a $150,000 COVID Economic Injury Disaster Loan issued in July 2020, which, as of the petition date, had an outstanding balance of approximately $145,408. The loan is secured by a broad security interest in substantially all of the Debtor's personal property, including inventory, equipment, accounts, deposit accounts, general intangibles, receivables, and related proceeds, all perfected through UCC filings. Under the agreement, the parties recognize that certain collateral constitutes cash collateral under the Bankruptcy Code, and the SBA consents to the Debtor's use of that cash collateral from April 30 through July 31, strictly for ordinary and necessary post-petition operating expenses. To protect the SBA's secured position, the stipulation provides for replacement liens on post-petition revenues to the extent the cash collateral is diminished through use, with those liens deemed automatically perfected as of the petition date and carrying the same validity and priority as the SBA's prepetition liens. The replacement liens exclude avoidance actions and related recoveries under the Bankruptcy Code. In addition, the Debtor must continue making monthly adequate protection payments of $731, beginning May 1, reflecting the SBA loan's scheduled repayment obligation. The SBA is also granted a potential super-priority administrative claim under 11 U.S.C. sections 503(b) and 507(b), limited to any diminution in value of its collateral caused by the Debtor's use of cash collateral. The stipulation confirms that the Debtor may seek renewal or modification of cash collateral authority only through further agreement or court order. The agreement imposes additional operational safeguards, including restrictions on insider payments absent compliance with bankruptcy requirements, obligations to maintain insurance on collateral naming the SBA as loss payee, and requirements to provide regular financial reporting, including monthly operating reports. The SBA expressly reserves all rights to object to any future reorganization plan and to enforce its loan documents, and the stipulation does not waive any existing defaults or alter the underlying loan obligations. It further clarifies that the arrangement is temporary, ending no later than July 31 (unless extended, replaced, or superseded by plan confirmation, conversion, or dismissal of the case), and that the court retains jurisdiction to enforce its terms. A hearing on the matter is set for June 24, at 1:30 p.m. A copy of the motion is available at https://urlcurt.com/u?l=WQzhvu from PacerMonitor.com. About Wsone-55 Inc. Wsone-55, Inc. operates as a franchisee of Wingstop, a quick-service restaurant chain specializing in chicken wings and related menu items, managing and operating its location in Van Nuys, California, and offering dine-in, takeout, and delivery services to customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10404) on Feb. 27, 2026, with $603,619 in assets and $1,942,717 in liabilities. Mia Boykin Ulutika, vice president, signed the petition. Judge Martin R. Barash presides over the case. Stella A. Havkin, Esq. at Havkin & Shrago represents the Debtor as legal counsel. XOS INC: Signs Separation Deal With Former Counsel -------------------------------------------------- Xos, Inc., entered into a confidential separation agreement with former General Counsel and Secretary Christen T. Romero on April 24, according to a Form 8-K filing with the Securities and Exchange Commission. The Los Angeles-based company said Romero resigned as general counsel and secretary effective Jan. 10, 2025. The agreement was entered into to clarify the terms of his separation. Under the agreement, Romero will receive a cash lump sum payment of $110,000. The company said 120,000 restricted stock units previously granted to Romero will accelerate and become fully vested, with the released shares subject to a lock-up that is released incrementally over 21 months. Romero may also become entitled to an additional $50,000 in cash if certain liquidity targets or transactions are achieved by Xos within three years after the agreement becomes effective. Xos also agreed to reimburse up to $9,500 of Romero's attorney's fees in connection with the agreement. About Xos, Inc. Xos, Inc., a Los Angeles-based company, provides mobile charging, energy storage and electric vehicle technologies for commercial and fleet customers. The company's products include Xos Energy Solutions, including the Xos Hub mobile charging and energy storage platform; Class 5 and Class 6 medium-duty electric commercial vehicles; the Powered by Xos powertrain business; and Xosphere fleet management software. Xos also develops systems that combine power delivery, rapid charging and energy management for temporary and long-term power installations. Grant Thornton LLP said in its March 30, 2026, audit report that substantial doubt exists about the Company's ability to continue as a going concern, citing the Company's net loss of $25.3 million for the year ended Dec. 31, 2025, accumulated deficit of $228.7 million and other matters. The Company generated $5.4 million of cash from operating activities during the year and had working capital of $26.2 million, including $14.0 million in cash and cash equivalents, as of Dec. 31, 2025. As of Dec. 31, 2025, Xos had $60.36 million in total assets, $37.08 million in total liabilities, and $23.29 million in total stockholders' equity. ZD SAND: Seeks to Hire Jones Murray LLP as General Counsel ---------------------------------------------------------- ZD Sand LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Jones Murray LLP as general counsel. The Firm would continue to represent the Debtor in its capacity as debtor-in-possession in this case as general counsel. This is expected to include advice and representation throughout the chapter 11 case, motions practice, attendance at Court hearings and conferences, negotiations with counterparties, litigation as necessary, and other legal services as appropriate. The firm's normal hourly rate for attorneys is $900 per hour. The firm received a retainer in the amount of $100,000. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Christopher Murray, Esq., a partner at Jones Murray LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Erin E. Jones, Esq. Christopher R. Murray, Esq. JONES MURRAY LLP 602 Sawyer St., Suite 400 Houston, TX 77007 Telephone: (832) 529-1999 Facsimile: (832) 529-3633 Email: erin@jonesmurray.com chris@jonesmurray.com About ZD Sand LLC ZD Sand LLC, doing business as ZD Sand & Rock LLC, provides sand, rock, and aggregate materials from its headquarters in Voca, Texas, including concrete and masonry sand, boulders, topsoil, and various gravels and palleted rocks. The company serves contractors, suppliers, and regional buyers, offering delivery services to support construction and landscaping projects. ZD Sand LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32398) on April 6, 2026, listing $50 million to $100 million in assets and $1 million to $10 million in liabilities. The petition was signed by Thomas A. Dickinson as manager and representative of the Debtor. ZD SAND: Seeks to Hire Karen Nicolaou of Harney Partners as CRO --------------------------------------------------------------- ZD Sand LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Harney Partners as financial advisor and designate Karen Nicolaou as chief restructuring officer. The Debtor has determined that the services of a chief restructuring officer are essential to maximize the likelihood of success in this chapter 11 case. In particular, a CRO is needed to prepare financial reporting to the Court and others in the specific format appropriate for bankruptcy cases, to prepare and review schedules and the statement of financial affairs, analyze and track cash flows and expenses, and provide experienced fiduciary oversight of business operations, including transactions with insiders and affiliated entities. Ms. Nicolaou's hour rate is $650. Other professionals may perform services at her direction as appropriate at rates up to $900 based on role and seniority. Ms. Nicolaou 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: Karen Nicolaou, CPA Harney Partners 1000 Main Street, Suite 2300 Houston, TX 77002 Tel: (281) 656-6508 Email: knicolaou@harneypartners.com About ZD Sand LLC ZD Sand LLC, doing business as ZD Sand & Rock LLC, provides sand, rock, and aggregate materials from its headquarters in Voca, Texas, including concrete and masonry sand, boulders, topsoil, and various gravels and palleted rocks. The company serves contractors, suppliers, and regional buyers, offering delivery services to support construction and landscaping projects. ZD Sand LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32398) on April 6, 2026, listing $50 million to $100 million in assets and $1 million to $10 million in liabilities. The petition was signed by Thomas A. Dickinson as manager and representative of the Debtor. [^] Turnarounds & Workouts Names Top Young Restructuring Lawyers ---------------------------------------------------------------- Turnarounds & Workouts released its list of Outstanding Young Restructuring Lawyers 2026. The annual recognition honors 12 exceptional attorneys 40 years of age or under who demonstrate outstanding skill, leadership, and results in complex corporate restructurings, bankruptcies, and distressed situations, and play key roles in high-profile matters, delivering innovative solutions for clients including debtors, creditors, sponsors, and other stakeholders. The 2026 Outstanding Young Restructuring Lawyers are: 1. Andrea Amulic, White & Case LLP 2. Chase Bentley, Weil, Gotshal & Manges LLP 3. Agustina Berro, Glenn Agre Bergman & Fuentes, LLP 4. Jarret Erickson, Davis Polk & Wardwell LLP 5. Ciara Foster, Kirkland & Ellis LLP 6. Christopher Hopkins, Paul, Weiss, Rifkind, Wharton & Garrison LLP 7. Matthew Koch, Proskauer Rose LLP 8. Matthew Kremer, O’Melveny & Myers LLP 9. Francis Petrie, Gibson, Dunn & Crutcher LLP 10. Isaac Sasson, Paul Hastings LLP 11. Kieran Sharma, Sidley Austin LLP 12. Allyson Smith, Willkie Farr & Gallagher LLP The full list of honorees, along with their profiles and notable accomplishments, appears in the April 2026 edition of Turnarounds & Workouts (https://www.turnaroundsworkouts.com/). The awardees will be honored at the Annual Distressed Investing Conference, held every Wednesday after Thanksgiving in midtown Manhattan. Congratulations to all the recognized attorneys on this well-deserved honor. About Turnarounds & Workouts Turnarounds & Workouts is the oldest and most respected newsletter about the corporate restructuring industry for corporate restructuring professionals. For more information, visit www.turnaroundsworkouts.com. Media Contact: Peter A. Chapman Turnarounds & Workouts / Beard Group E-mail: peter@beardgroup.com Phone: (215) 945-7000 ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***