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260506.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, May 6, 2026, Vol. 30, No. 126 Headlines 1701 BINGLE: Tom Howley Named Subchapter V Trustee 25350 PLEASANT: Amends Chantilly Property Sale to Pleasant Valley 410 SOUTH: Stone Group's Rem Mechanics Claim OK'd 451 HANCOCK: Salvatore LaMonica Named Subchapter V Trustee 9 LAKE REGION: Seeks Chapter 11 Bankruptcy for 2nd Time A.B. BOYD: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ABUNDANT LIFE: Behrooz Vida Named Subchapter V Trustee ABUNDANT LIFE: Seeks Approval to Hire Lindauer & Vaughn as Counsel ACADEMY SPORTS: S&P Rates Proposed Senior Secured Notes 'BB+' AE OPCO III: Disallowance of AAR Bankruptcy-Costs Claim Reversed AGZ PROPERTIES: Unsecureds Will Get 100% of Claims in Plan ALL STATES ELECTRIC: Seeks Chapter 7 Bankruptcy in California ALPHA BEDDING: Gets Interim OK to Use Cash Collateral AMERICAN CONTRACTORS: Lender Seeks to Prohibit Cash Access AMPLE INC: Electric Vehicle Technology IP Sale to DIP Lenders OK'd ANDERSON HAY: Court Enters Scheduling Order in Bankruptcy Case ARCHDIOCESE OF NEW YORK: Reaches $800MM Deal with Survivors ARIZONA SCHOOL FOR THE ARTS: S&P Lowers ICR to 'BB', Outlook Neg. ATLAS LAND: Case Summary & Three Unsecured Creditors B&A CHILDCARE: Gets Interim OK to Use Cash Collateral B&A CHILDCARE: John Whaley Named Subchapter V Trustee B&R EQUIPMENT: Gets Interim OK to Use Cash Collateral BET MIDRASH: Court Says City of Hollywood Claims Non-Core BEXIN REALTY: Court Orders Chapter 11 Trustee Appointment BLONDER TONGUE: Creditors to Get Proceeds From Liquidation BRIGHTLINE TRAIN: Audit Report Signals Risk of Insolvency BUBBLES & BARKS: Seeks Cash Collateral Access BYRUM'S FLOOR: Seeks Court Approval to Hire Hurley Law as Counsel CERES ROASTING: Gets Interim OK to Use Cash Collateral CHIRON COMMUNICATION: Catherine Curtis Named Subchapter V Trustee CLAYTON SERVICES: Commences Chapter 7 Bankruptcy in Florida CLEAN ENERGY: Issues $406,000 Note to Pacific Pier, Nets $350,280 CLOVERLEAF ELECTRIC: Adversary Case v. RDM Capital Settled CONTINENTAL 21R: Seeks Chapter 7 Bankruptcy in New York CORE SCIENTIFIC I: Fitch Assigns 'BB-(EXP)' IDR, Outlook Stable CORONA MANSION: Seeks Chapter 7 Bankruptcy in New York COURTESY SCREENING: Claims to be Paid from Continued Operations DAVID A. ORTA: Unsecureds Will Get 6.93% of Claims in Plan DAVID ADDINGTON: Loses Bid to Dismiss Humboldt, et al., Case DBMP LLC: Court Stays Privilege Motion Order in Asbestos Cases DELEK LOGISTICS: S&P Rates New $800MM Senior Unsecured Notes 'BB-' DIOCESE OF ALBANY: Group Claim Allowed for St. Clare's Pensioners DWG ENTERPRISES: Unsecured Creditors to Get Nothing in Plan DYNAMIC TRANSPORT: Hires A+ Accounting & Tax as Accountant EARTH PREP: Seeks Chapter 7 Bankruptcy in Florida EAST HEMPSTEAD: Voluntary Chapter 11 Case Summary EKSO BIONICS: Net Loss Widens to $6.9 Million in Q1 FY2026 FAT BRANDS: Court Okays Stipulation to Dismiss SEC Civil Action FAT BRANDS: Smokey Bones Closes All Locations in Pennsylvania FEH INC: S&P Affirms 'BB-' ICR on Asset Growth, Outlook Negative FINANCE OF AMERICA: Bloom Retirement Holds 9.49% of Class A Shares FIRST BRANDS: Creditor Sues BDO Over Failure to Spot Red Flags FORK FOOD: James LaMontagne Named Subchapter V Trustee FREE SPEECH: Jones Announces Closure of Infowars Media Platform FRESHREALM INC: Gets Court OK to Tap $45MM Chapter 11 Financing G2 TECHNOLOGIES: Claims to be Paid from Rental Income GEORGIA PROTONCARE: Treatment Center Sale to Emory University OK'd GLENWOOD CAVERNS: Court Transfers Ch. 11 Over Fatal Accident Suit GOLDEN STATE: S&P Withdraws 'B-' Issuer Credit Rating GOODBEAR PROPERTY: Case Summary & 12 Unsecured Creditors HACKMAN CAPITAL: Forced to Sell LA TV Studio Properties by Lenders HIDALGO GROUP: Employs Hoss Hernandez as Litigation Counsel HIDALGO GROUP: Hires Cowheard Singer as Forensic Accountant HIDALGO GROUP: Seeks Approval to Hire Taveras Legal as Counsel HIDALGO GROUP: Taps Jorge A. Garcia-Menocal P.A. as Counsel HIDALGO GROUP: Taps Saltiel Law Group as Special Litigation Counsel IBODY INC: Seeks to Hire Fox Law Corporation as Bankruptcy Counsel INMET MINING: Court Narrows Claims in Bluegrass Adversary Case INSPIRED HEALTHCARE: Comm. Taps Vartabedian as Conflicts Counsel INSTITUTO MEDICO: Employs Godreau & Gonzalez as Special Counsel INSTITUTO MEDICO: Seeks to Tap The Batista Law Group as Counsel INTERACTIVE GOVERNMENT: Monique Almy Named Subchapter V Trustee INTERACTIVE GOVERNMENT: Taps PilieroMazza as Corporate Counsel INTERAQT CORP: Voluntary Chapter 11 Case Summary INTERNATIONAL LAND: FY25 Loss Widens to $14.3M From $3M Prior Gain J &ST DEV: Seeks Approval to Tap Bankruptcy Law Office as Counsel JESUS IS LORD: Commences Chapter 11 Bankruptcy in New York JP DESIGN: Glen Watson of Watson Law Named Subchapter V Trustee JSD FUND: Employs Morrison Tenenbaum PLLC as Legal Counsel L & S AUTO: Paula Beran Named Subchapter V Trustee LAFAYETTE PHYSICAL: Christopher Hayes Named Subchapter V Trustee LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to July 27 LIA HOSPITALITY: Seeks to Use Cash Collateral LIGHTHOUSE PSYCHIATRY: Hires Thompson Burton as Legal Counsel LOIS MIRIAM: Seeks to Hire AccMan Inc. as Accountant LONG ISLAND LOAN: Seeks Chapter 7 Bankruptcy in New York LOVE CHURCH: Daniel Freeland Named Subchapter V Trustee LOWELL COMMUNITY: S&P Assigns 'BB+' Rating on 2026 Revenue Bonds LOWELL MARTIN: Chris Quinn Named Subchapter V Trustee LUNAI BIOWORKS: Postpones Special Meeting of Stockholders to May 8 LUV SHAK: Seeks Subchapter V Bankruptcy in Florida LUV SHAK: Tarek Kiem of Kiem Law Named Subchapter V Trustee M&M CUSTARD: Seeks to Sell Restaurant Business at Auction M. DELANEY: Monique Almy Named Subchapter V Trustee MAKHANI PROPERTIES: Files Emergency Bid to Use Cash Collateral MANNING LAND: Claims to be Paid from Property Sale Proceeds MAPLE BEAR: Gets Interim OK to Use Cash Collateral MARAGAL MEDICAL: Patient Care Ombudsman Taps Rimon P.C. as Counsel MATTHEW W. CERNIGLIA: Frances Smith Named Subchapter V Trustee MILE HIGH: Gets Interim OK to Use Cash Collateral Until May 13 MIYOSHI AMERICA: Cosmetics Ingredients Supplier Seeks Chapter 11 MLM OREGON: Seeks to Hire Ure Law Firm as Bankruptcy Counsel MPH GRIDFLEX: S&P Assigns Prelim 'BB-' Rating on Sr. Secured Debt MUNAWAR LAW: Lori Jones' Appointment as Chapter 11 Trustee OK'd NEW HOPE HOUSING: Case Summary & 20 Largest Unsecured Creditors NORTHWEST BANCORP: Loses Bid to Reopen Chapter 11 Bankruptcy Case NOW SOLUTIONS: Unsecureds to Get Nothing in Liquidating Plan OVATION PARENT: S&P Raises ICR to 'B+' on IPO And Debt Repayment OWENS-BROCKWAY GLASS: S&P Rates New Senior Unsecured Notes 'B+' P3 HEALTH: Swaps $252M Debt for Preferred Stock to Meet Nasdaq Rule PACK LIQUIDATING: Seeks to Hire Ice Miller LLP as Co-Counsel PEREZ MENENDEZ: Hires Juan C. Bigas Valedon Law Office as Counsel PIONEER OPCO: S&P Rates New $1.175BB Senior Secured Notes 'B' PREMIER GENERATOR: Kimberly Ross Clayson Named Subchapter V Trustee PUERTO RICO: Proskauer Rose's Chapter 11 Legal Fees Hits $179.6MM PURE SCIENCE: Seeks to Hire Specialists Accounting as Accountant QON CON: Seeks Approval to Hire BGS Law LLC as Legal Counsel QUALITY OFFICE: Unsecured Creditors to Get 5 Cents on Dollar QVC GROUP: Akin Gump Represents LINTA Noteholders RAD DIVERSIFIED: To Employ Ice Miller LLP as Special Counsel RALIAM HOSPITALITY: Seeks to Use Cash Collateral ROYAL CARD: To Hire West & West Attorneys at Law P.C. as Counsel ROYAL HASS: Seeks to Hire Majesto Investments as Bookkeeper S & H SYSTEMS: To Employ Reynolds Bone & Griesbeck as Accountant SACRAMENTO COUNTY HOUSING: S&P Lowers Revenue Bond Rating to 'B' SAKS GLOBAL: Gets OK to Solicit Restructuring Plan Creditor Votes SAPPHIRE EXCHANGE: Jerrett McConnell Named Subchapter V Trustee SCILEX HOLDING: Signs $120 Million Term Sheet With Datavault AI SE COSMOS: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable SEA BREEZE: Yann Geron Named Subchapter V Trustee SHELLE REALTY: Trustee Taps Paul E. Saperstein as Auctioneer SHORELINE BUILDERS: Seeks Cash Collateral Access SITUPFRONT INC: Seeks Chapter 7 Bankruptcy in New York SJW AUTOMOTIVE: Taps Peak Business as Valuation Specialist SMILES AROUND: Plan Exclusivity Period Extended to Aug. 18 SONNY BOY: Case Summary & 20 Largest Unsecured Creditors SPIRIT AVIATION: Lenders Could Grant Co. More Time Amid Talks SPIRIT AVIATION: M&G Plc Holds 5.80% Equity Stake SPIRIT AVIATION: Seeks to Sell Aircraft Engine, Parts STRATEGIC PROPERTY: Jennifer Lyday Named Subchapter V Trustee SUPERIOR DISPOSAL: Seeks to Hire Amber Crist as Accountant SUPRA NATIONAL: Seeks to Extend Plan Exclusivity to June 26 TARPON SPRINGS: Kathleen DiSanto Named Subchapter V Trustee TM36 LLC: Command 247 Loses Bid for Automatic Stay Relief TURNER SERVICE'S: Case Summary & 20 Largest Unsecured Creditors ULTRA CLEAN: S&P Upgrades ICR to 'BB', Withdraws All Ratings UPGRADE SALON: Unsecureds to Get Share of Income for 36 Months VENETIAN RESORT: Wants to Raise $2.35B to Refinance Debt VERITONE INC: Grant Thornton Out, CBIZ In as Independent Auditor VEROBLUE FARMS: Cassels Brock Loses Bid to Enforce Protective Order VIVAKOR INC: Regains Bid Price Compliance After Reverse Split VOICES OF FAITH: Seeks to Extend Plan Exclusivity to July 31 VOLITIONRX LTD: Completes 1-for-20 Split After Stockholder Approval WATER OAKS: Samantha Brumbaugh Named Subchapter V Trustee WE WEST: Seeks to Hire Housby Online Sales as Auctioneer WEST MARINE: Prepares Potential Bankruptcy to Close Locations WORKHORSE GROUP: Secures 5-Month Rent Deferral on Indiana Facility YELLOW CORP: LaGrange Property Sale to J.T. Jones Development OK'd YUNHONG GREEN: Director Fred H.F. Chak Steps Up as Board Chairman ********* 1701 BINGLE: Tom Howley Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for 1701 Bingle, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About 1701 Bingle LLC 1701 Bingle, LLC is a limited liability company engaged in real estate ownership and property investment activities. 1701 Bingle sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32479) on April 9, 2026. In its petition, the Debtor reported assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Judge Jeffrey P. Norman handles the case. The Debtor is represented by Vicky M. Fealy, Esq. of Fealy Law Firm, PC. 25350 PLEASANT: Amends Chantilly Property Sale to Pleasant Valley ----------------------------------------------------------------- 25350 Pleasant Valley LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of Virginia, Alexandria Division, in amended motion to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's real property is commonly known as units 175 and 180 situated at 25350 Pleasant Valley Road, Chantilly, Virginia 20152, together will all improvements and fixtures. The case stands at a crossroads where confirmation of a chapter 11 plan has been denied and the Debtor must now seek to use the remaining available tools of the bankruptcy process, as best as possible, to facilitate an orderly conclusion to this proceeding in a manner that best serves the interests of creditors. The case proposes quality agreement that will ultimately yield a better return to creditors than would any other feasible arrangement. The agreement looks out not merely for secured creditors but, too, is mindful of the need to compensate the administrative claimants—as exemplified by the chapter 7 trustee—who have toiled through the lengthy case. And the agreement will bring de facto finality to a bankruptcy estate that has otherwise been subject to numerous twists and turns since its inception nearly three years ago. The proposed purchaser is Pleasant Valley Holdings III LLC; the proposed sales price is $4,218,000; and a deposit of $25,000.00 has been paid by the proposed purchaser. The Debtor proposes to modify the Sales Contract, appended as Exhibit A, on the following terms: https://urlcurt.com/u?l=3Yifai 1. The reference to a "Selling Broker" shall be stricken from the prefatory clause of the Sales Contract. 2. Section 3(c) of the Sales Contract shall be modified such that the following language is appended thereto: "In no event shall Seller’s portion of closing costs exceed $15,000.00." 3. Section 11 of the Sales Contract shall be stricken and replaced with the following language: "Payment of any brokers shall be in accord with an order of the United States Bankruptcy Court for the Eastern District of Virginia authorizing Seller's performance under the Agreement." 4. Section 13(d) of the Sales Contract shall be stricken. The sale is being proposed in good faith. The proposed purchaser is Pleasant Valley Holdings III LLC, an arm's length, third party entity with no relation to the Debtor. The Purchaser is not an insider of the Debtor and does not have any pre-petition relationship with the Debtor. About 25350 Pleasant Valley Drive LLC 25350 Pleasant Valley Drive, LLC filed Chapter 11 bankruptcy petition (Bankr. E.D. Va. Case No. 23-11983) on Dec. 6, 2023, listing $500,001 to $1 million in both assets and liabilities. Judge Klinette H. Kindred presides over the case. The Debtor was represented by John P. Forest, II, Esq., in Fairfax, Virginia. The case was converted to Chapter 7 on April 19, 2024. 410 SOUTH: Stone Group's Rem Mechanics Claim OK'd ------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division has granted The Stone Group to exercise rem mechanics lien, free and clear of liens, claims, interest, and encumbrances. The Stone Group seeks limited stay relief to preserve and perfect its in rem mechanics lien rights for work and materials furnished prepetition at the Property, securing Stone Group’s claim in the amount of $60,072.88. The Debtor owns real property commonly known as 410 South Morgan Street, Chicago, Illinois (Property). Prior to the Petition Date, The Stone Group entered into a contract to provide labor and/or materials for the improvement of the Debtor's Property. The Stone Group fully performed its obligations under the contract prior to the Petition Date. The Debtor has failed to pay The Stone Group for the work performed and/or materials, this work was performed from on or about October 20, 2025, through March 04, 2026, leaving an outstanding balance of $60,072.88. Under the Illinois Mechanics Lien Act (770 ILCS 60/1 et seq.), The Stone Group holds valid mechanics lien rights arising from its prepetition work against the Property for the value of the labor and materials provided. The Stone Group seeks relief from the automatic stay imposed by 11 U.S.C. Section 362(a) for the limited purpose of filing and recording a notice of mechanics lien and taking all necessary steps to perfect its lien rights under Illinois law and preserve its rights under Illinois law. The Stone Group's lien rights arose prepetition upon furnishing labor and materials. The Court has authorized The Stone Group to exercise its in rem rights under applicable non-bankruptcy law against the real property located at 410 South Morgan Street, Chicago, Illinois. About 410 South Morgan Street LLC 410 South Morgan Street LLC is a real estate holding company involved in the ownership and management of commercial property assets in Illinois. 410 South Morgan Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-03909) on March 4, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by Thomas R. Fawkes, Esq. of Tucker Ellis, LLP. 451 HANCOCK: Salvatore LaMonica Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed Salvatore LaMonica, Esq., at LaMonica Herbst & Maniscalco, LLP, as Subchapter V trustee for 451 Hancock, LLC. Mr. LaMonica will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMonica declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Salvatore LaMonica, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue, Suite 201 Wantagh, NY 11793 Phone: (516) 826-6500 Email: sl@lhmlawfirm.com About 451 Hancock LLC 451 Hancock, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71579) on April 22, 2026, with between $500,001 and $1 million in both assets and liabilities. The Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. 9 LAKE REGION: Seeks Chapter 11 Bankruptcy for 2nd Time ------------------------------------------------------- On April 29, 2026, 9 Lake Region Blvd LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the debtor reports between $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 02:00 PM at Zoom.us - USTrustee 4: Meeting ID 161 9371 8283, Passcode 4427423184, Phone 1 (202) 804-6344. About 9 Lake Region Blvd LLC 9 Lake Region Blvd LLC is a limited liability company. 9 Lake Region Blvd, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 24-36192) on December 9, 2024, listing under $1 million in both assets and liabilities. Judge Peter D. Russin presides over the case. The Law Offices of Robert S. Lewis, PC serves the Debtor as counsel. The Chapter 11 case was dismissed and closed on February 6, 2026. 2nd Attempt 9 Lake Region Blvd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-35463) 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 Kyu Young Paek handles the case. A.B. BOYD: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its 'B' rating on A.B. Boyd Co. At the same time, S&P assigned its 'B' issue-level rating on the company's proposed revolver and term loan. The recovery rating is '3', indicating S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. S&P said, "The stable outlook reflects our forecast for Boyd's S&P Global Ratings-adjusted leverage, pro forma for the proposed transaction, to be between 4.5x and 5.0x in 2026, improving toward 4.5x in 2027 on EBITDA growth. The outlook also reflects our forecast for Boyd to generate good levels of free operating cash flow (FOCF) through 2027." In March 2026, LTI Holdings Inc. sold its thermal business to Eaton Corp. PLC for $9.5 billion. LTI Holdings' remaining business, Engineered Materials, will operate as A.B. Boyd Co. The company's owner will remain Goldman Sachs Asset Management. Boyd intends to use the approximately $9.5 billion in proceeds largely for a distribution to its owner. Remaining proceeds, along with a proposed new $530 million first-lien term loan are expected to repay outstanding balances on LTI Holdings' $1.76 billion first-lien term loan and $630 million of preferred equity (as of Sept. 30, 2025). Boyd also plans to issue a new $120 million revolving credit facility (with $20 million drawn at close). Although Boyd has revenue diversity across a variety of end markets, the company has limited scale within the highly competitive engineered materials market, high customer concentration, and a track record of volatile profitability. Furthermore, S&P forecasts Boyd's S&P Global Ratings-adjusted leverage in 2026, pro forma for the proposed transaction, to be between 4.5x and 5.0x, improving toward mid-4x in 2027 on EBITDA growth from new business wins, modest cost out initiatives, and contributions from assumed acquisitions. Boyd's track record of volatile profitability, relatively small scale, and high customer concentration weigh on S&P's view of its business. Notwithstanding relatively good end market diversity, Boyd's revenue and EBITDA have declined 25% and 33%, respectively, between 2022 and 2025. This stemmed in part from cyclicality in demand across its end markets, as well as the highly competitive market the company operates in. Customer demand has declined across several of Boyd's end markets from high interest rates pushing out projects and higher costs from inflation. Net sales from transportation also declined about 57% between 2022 and 2025 due to COVID-19-related disruptions impairing customer demand for RV and long-haul trucking. Furthermore, the engineered materials market is highly competitive with many small players competing for business, translating to price competition and Boyd viewing some business as uneconomical. This occurred in 2023, resulting in a decline of about 45% in net sales within consumer electronics. In S&P's view, continued pressure from competitors could further sink revenue when contracts become unprofitable. S&P said, "Boyd's scale in revenue and EBITDA compares less favorably to higher-rated peers. Smaller scale also introduces vulnerability to volatility, in our view. Furthermore, the company has high customer concentration, with its top four customers accounting for over 25% of its revenue base in 2025. As the company continues to grow its business with key blue-chip customers, we expect its revenue base will become more concentrated in 2026, with the top four customers accounting for about 30% of total net sales and its top two customers representing nearly 25% of total net sales. Due to the company's small scale and high customer concentration, the loss of a top customer would cause a large decline in earnings and hurt credit metrics. "That said, we recognize that the company has established good relationships with blue-chip customers. The specialized materials and technology Boyd builds for its customers are highly customized, creating modest product stickiness. The cost of developing a new product for production and the risk of failure creates a good barrier to entry and disincentives customers from switching. In addition, the company maintains multiyear contracts with its customers, providing some mitigant to potential customer loss year over year." The company has also demonstrated an ability to maintain its above-average EBITDA margins through a sharp decline in revenue. Boyd's products allow the company to benefit from low selling, general, and administrative (SG&A) as a percent of revenue, providing cost-structure flexibility during periods of underperformance. When revenues declined roughly 25% between 2022 and 2025, pro forma S&P Global Ratings-adjusted margins only contracted about 250 basis points (bps). The high proportion of variable operating costs allow flexibility during periods of lower volume, partially offsetting some vulnerability to volatility. S&P said, "We forecast mid-single-digit percent organic revenue growth in 2026 and 2027 due to new business wins, new product launches, and increased customer demand. Boyd has secured new design wins across data centers, consumer electronics, and e-mobility markets, which should result in revenue growth beginning in the second half of 2026 and into 2027. The company has also won new business in medical wearable technology, but due to the longer lead times and testing period for medical technology, we do not expect these new business wins to translate to revenue until the second half of 2027. "Further supporting our forecast for revenue growth in 2026 is our assumption that easing inflation and the recent reduction in interest rates should spur consumer demand that leads to low-single-digit net sales growth within the transportation segment (about 20% of net sales in 2025) over the next two years. We assume continued volume declines within industrial technology--due to customer inventory destocking and tariff uncertainty--will only partially offset demand growth from the factors above." S&P Ratings Global-adjusted EBITDA margins will modestly improve in 2026 and 2027. The company has historically maintained above-average S&P Global Ratings-adjusted EBITDA margins of low- to mid-20% due to its global footprint, providing supply chain efficiency and region-for-region cost savings. In addition, the company's low SG&A as a percentage of revenue has contributed to operating profit margins above the average for rated capital goods manufacturers. S&P said, "In 2026, we forecast Boyd's S&P Global Ratings-adjusted EBITDA margins will remain 21.5%-22.0% in 2026 and 21.75%-22.5% in 2027, compared to our estimate of around 21.5% in 2025. This stems from mid-single-digit percent organic revenue growth and new business wins in higher-margin areas such as data centers, medical, and aerospace and defense, as well as associated operating leverage. Furthermore, we forecast margins will improve from facility consolidations and the roll-off of one-time costs from the completion of a facility in Juarez, Mexico, and from associated efficiencies with that new facility. Partially offsetting this improvement is our assumption that manufacturing costs will increase to support new business. "S&P Global Ratings-adjusted leverage will remain 4.5x-5.0x. This incorporates our assumption that revenue growth and EBITDA margin will support this level of leverage. In addition, our base case assumes Boyd will make debt-funded acquisitions of $50 million annually, which reflects our view that its owner, Goldman Sachs, will opportunistically look to expand Boyd's scale of operations and its product offerings. "While we forecast Boyd's S&P adjusted leverage to improve over the next year or two, the company has not established a track record of recovery in performance, and earnings could fluctuate from our base case, sustaining leverage above 5.0x, which would pressure the rating. This could occur if the company loses a top customer, pricing pressure from competitors render potential revenue uneconomical, or an economic downturn lower customer demand or pushes out projects. "We assume positive S&P Global Ratings-adjusted free operating cash flow (FOCF) in 2026 and 2027, mainly driven by increased earnings, its capex-lite business model, and a modest inflow from working capital in 2026. The company's focus on materials science requires less-intensive equipment needs, allowing for a relatively lite capex business model. As a result, Boyd capex as a percentage of revenue has historically been around 1.5%. We expect capex will remain around this level in 2026 before increasing to 2% in 2027 and beyond as the company increases growth related capex to support capacity expansion. "In addition, we expect a modest inflow from working capital in 2026 due to the company's increase in payables outweighing a slight increase in accounts receivables and inventories year over year. In 2027, we expect the company's efforts to invest in new projects and expand capacity will boost accounts receivables and inventories, leading to a $5 million-$10 million outflow in 2027. We expect the higher capex as a percent of revenue and a working capital outflow will lead to positive but slightly lower FOCF generation in 2027 compared to 2026, with S&P Global Ratings-adjusted debt to FOCF of 9.0%-10.0% in 2026 and 8.0%-9.0% in 2027. "The stable outlook reflects our expectation that mid-single-digit percent organic revenue growth, alongside modest S&P Global Ratings-adjusted EBITDA margin expansion, will result in S&P Global Ratings-adjusted leverage between 4.5x and 5.0x in 2026, improving toward 4.5x in 2027. In addition, we expect earnings growth, a modest inflow from working capital, and the company's capex-lite business model, partially offset by higher growth capex and a working capital outflow in 2027, will result in S&P Global Ratings-adjusted FOCF to debt of 9.0%-10.0% in 2026 and 8.0%-9.0% in 2027." S&P could lower its rating on Boyd if: -- Its S&P Global Ratings-adjusted leverage sustains above 5x either because of weakening operating performance or a more-aggressive financial policy; or -- Its FOCF generation becomes negligible or turns negative. Although unlikely over the next 12 months, S&P could raise its rating on Boyd if: -- The company demonstrates a track record of performance stability while sustaining S&P Global Ratings-adjusted leverage below 3x; -- S&P believes management will commit to sustaining this level of leverage; and -- It sustains positive FOCF generation. ABUNDANT LIFE: Behrooz Vida Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Abundant Life HCS Company. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Abundant Life HCS Company Abundant Life HCS Company, based in Dallas, Texas, provides home and community-based services, including residential support and individualized care for consumers and families. It operates a day habilitation program under the name First Class Dayhab Academy and offers related services such as employment support and structured daily programs to clients across multiple Texas locations, including Mount Pleasant, Paris, and Texarkana. Abundant Life HCS Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41672) on April 15, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Mack Jones, company owner, signed the petition. Judge Edward L. Morris oversees the case. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. ABUNDANT LIFE: Seeks Approval to Hire Lindauer & Vaughn as Counsel ------------------------------------------------------------------ Abundant Life HCS Company seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Lindauer & Vaughn to serve as legal counsel. The firm will provide these services: (a) represent the interests of the Debtor and the estate; (b) propose a plan of reorganization; and (c) defend the Debtor in various matters arising in this case. Lindauer & Vaughn will receive hourly rates of $625, $595, and $250. The firm has been paid a retainer of $16,738, which included the filing fee of $1,738. The Debtor has agreed to reimburse the Firm for all reasonable out-of-pocket expenses incurred on Debtor's behalf. Lindauer & Vaughn is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joyce W. Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Abundant Life HCS Company Abundant Life HCS Company, based in Dallas, Texas, provides home and community-based services, including residential support and individualized care for consumers and families. It operates a day habilitation program under the name First Class Dayhab Academy and offers related services such as employment support and structured daily programs to clients across multiple Texas locations, including Mount Pleasant, Paris, and Texarkana. Abundant Life HCS Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41672) on April 15, 2026, listing up to $50,000 in assets and up to $10 million in liabilities. Mack Jones, company owner, signed the petition. Judge Edward L. Morris oversees the case. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. ACADEMY SPORTS: S&P Rates Proposed Senior Secured Notes 'BB+' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Academy Sports And Outdoor Inc.'s (BB+/Stable/--) proposed $500 million of senior secured notes due 2031. The '3' recovery rating indicates its expectation for meaningful recovery (50%-70%; rounded estimate: 55%) in the event of a payment default. S&P said, "We expect the company will use the proceeds from the proposed notes to refinance its existing $400 million of senior secured notes due November 2027 and to fully repay the remaining $85 million balance under its term loan B due November 2027. We will withdraw our current issue-level ratings on the above debt at close of the refinancing transaction. Academy will use the remaining proceeds to pay transaction-related costs, with roughly $6 million expected to go toward balance sheet cash. "As part of the transaction, Academy also expects to extend the maturity of its $1 billion asset-based lending (ABL; not rated) facility to 2031. We view this transaction favorably because it proactively extends Academy's capital structure well ahead of any upcoming debt maturities and is largely leverage neutral. "We forecast S&P Global Ratings-adjusted leverage of about 1.8x in 2026, unchanged from 2025 levels. In our view, easing tariff pressures and cost control initiatives to drive profitability should support relatively stable operating performance and enable the company to maintain leverage below our low-2x area downside trigger for the current rating. Additionally, we forecast Academy will continue to generate consistent reported free operating cash flow of roughly $256 million in 2026." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for the transaction, Academy's capital structure will include a $1 billion ABL facility due 2031 (not rated) and $500 million of senior secured notes due 2031, which S&P rates 'BB+'. -- The '3' recovery rating reflects our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in a simulated bankruptcy or payment default. -- S&P simulates a bankruptcy occurring in 2031 because of lower consumer discretionary spending in a volatile economy, along with a significant step up in competition. This leads to declining consumer spending on sporting goods and, consequently, lower sales and operating margins for Academy, constraining its liquidity. -- S&P believes the company's senior secured debtholders would maximize recoveries if it emerges from bankruptcy given its competitive position and the lack of significant owned assets. -- S&P accordingly estimates Academy's post-emergence value by applying a 5x multiple to its forecast emergence EBITDA. This multiple is in line with the multiples S&P uses for its similar sporting good and other retail peers. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $192 million -- Implied enterprise value (EV) multiple: 5x -- Estimated gross EV at emergence: $958 million -- A 60% draw on the ABL facility on the path to default Simplified waterfall -- Net EV (after 5% administrative costs): $910 million -- Priority ABL claims: $603 million -- Remaining value after priority claims: $307 million -- Senior secured debt claims: $515 million --Recovery expectations: 50%-70%; rounded estimate: 55% Note: All debts amounts include six months of prepetition interest. AE OPCO III: Disallowance of AAR Bankruptcy-Costs Claim Reversed ---------------------------------------------------------------- In the appeal styled AE OPCO III, LLC, AE HOLDCO III, INC., Plaintiffs-Appellees-Cross Appellants, versus AAR CORP., Defendant-Appellant-Cross Appellee, No. 25-11348 (11th Cir.), Judges Kevin C. Newsom, Barbara Lagoa, and Embry Kidd of the U.S. Court of Appeals for the Eleventh Circuit affirmed the disallowance by the U.S. Bankruptcy Court for the Middle District of Florida of AAR Corp.'s indemnification claim and its allowance of the defense-costs claim but reversed its disallowance of the bankruptcy-costs claim in the bankruptcy case of AE OPCO III, LLC. AE OpCo, the debtor, and AAR, one of its creditors, present several issues concerning the bankruptcy court's treatment of three of AAR's claims. The claims arise out of AE OpCo's rejection of a procurement contract with another bankruptcy creditor, Short Brothers. That rejection potentially left AAR on the hook for aspects of AE OpCo's breach. Accordingly, pursuant to a pre-bankruptcy agreement with AE OpCo, AAR filed the three claims relevant in this case: one for indemnification pegged to what AAR might owe Short Brothers pending resolution of their dispute in a suit overseas the "indemnification claim"), one for the attorneys' fees that AAR incurred while contesting Short Brothers' collection efforts (the "defense-costs claim"), and one for the attorneys' fees that AAR incurred in the bankruptcy proceeding itself (the "bankruptcy-costs claim"). Citing 11 U.S.C. Sec. 502(e)(1)(B), the bankruptcy court disallowed AAR's indemnification claim as a contingent claim for reimbursement -- made by "an entity that is liable with the debtor." The court next allowed AAR's defense-costs claim as a fixed, non-contingent claim outside Sec. 502(e)(1)(B)'s ambit. And finally, reading a negative implication into Sec. 502(b)'s general allowance provision, the court disallowed AAR's bankruptcy-costs claim as a post-petition unsecured claim for attorneys' fees. AAR appeals the disallowed claims and AE OpCo, the allowed claim. In 2022, AE OpCo declared bankruptcy. Exercising one of its rights as debtor-in-possession, AE OpCo moved to "reject" (i.e., get out of) the procurement contract with Short Brothers. Short Brothers and AAR thereafter submitted claims in bankruptcy for breach of contract and indemnification, respectively. While Short Brothers showed a willingness to engage in negotiations to avoid wholesale rejection, AAR sat out, professing a desire to stay out of the way. The AE OpCo–Short Brothers renegotiation bore fruit, in the form of a "Settlement," which they submitted to the bankruptcy court and which it promptly approved. The Settlement, like the underlying Asset Purchase Agreement between AE OpCo and AAR, is governed by Delaware law. Pursuant to the Settlement, Short Brothers purchased the assets and inventory necessary to produce its own parts. AE OpCo's parent Architect also gave some consideration to both Short Brothers and the estate. Short Brothers substituted its proof of claim with a new one reflecting the insourcing costs and, more importantly still, executed a covenant not to sue AE OpCo. Meanwhile, lawfare erupted in Northern Ireland, where Short Brothers, a UK-based company, sued AAR on its home turf. Citing AAR's guarantee of AE OpCo's performance, Short Brothers demanded that AAR pay it the more than $30 million that it had incurred following AE OpCo's rejection of the procurement contract. Short Brothers' Northern Ireland suit gave rise to an additional claim that AAR made in this bankruptcy: the defense-costs claim. So far, the litigation in Northern Ireland remains ongoing. AAR notes that in AE OpCo's pleadings and briefs, it has asserted that the Settlement's covenant not to sue had the practical effect of extinguishing Short Brothers' claim against it. The Circuit Judges hold, "Under Delaware law, the covenant not to sue in the Settlement doesn't formally release AE OpCo or extinguish its liability to Short Brothers. Which means that regardless of how Sec. 502(e)(1)(B) is best read -- to measure a claimant's co-liability at the time the petition is filed or on the date the claims hearing occurs -- AAR was, at all relevant times, 'liable with' AE OpCo to Short Brothers. Which, in turn, means that the bankruptcy court didn't err in disallowing AAR's indemnification claim." AE OpCo challenges the district court's allowance of AAR's claim for certain attorneys' fees and costs it has already incurred in defending itself against Short Brothers' action in Northern Ireland. According to the Circuit Judges, "AAR's defense-costs claim is not 'contingent' within the meaning of Sec. 502(e)(1)(B). All events that would need to occur to determine the validity and value of the claim have already occurred. AAR seeks reimbursement only for costs that it has already incurred. Nothing in the agreement turns on any future event." AAR contends that the bankruptcy court erroneously relied on 11 U.S.C. Sec. 502(b) to disallow its claim for post-petition attorneys' fees -- to be clear, not the fees incurred in the Northern Ireland litigation but, rather, those incurred in the bankruptcy proceeding itself. AE OpCo counters that AAR's unsecured claim for post-petition attorneys' fees should be disallowed under either Sec. 502(b), Sec. 506(b), or both. The panel concludes neither Sec. 502(b) nor Sec. 506(b) authorized the bankruptcy court to disallow AAR's bankruptcy-costs claim, and the court erred in doing so. The panel remands for further action consistent with this opinion. A copy of the Court's Opinion dated April 29, 2026, is available at https://urlcurt.com/u?l=S5ow7p from PacerMonitor.com. About AE OPCO III, LLC AE OPCO III, LLC owns and operates an aerospace composite manufacturing facility. AE OPCO III provides design services, testing, assembling and repairs for commercial and governmental customers. AE OPCO III sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 22-01186) on March 25, 2022. In the petition signed by Jack Hall, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Catherine Peek McEwen oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel and Burns, LLP, is the Debtor's counsel. AGZ PROPERTIES: Unsecureds Will Get 100% of Claims in Plan ---------------------------------------------------------- AGZ Properties LLC filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Plan of Reorganization dated April 23, 2026. The Debtor was created on August 29, 2017, and is an Ohio LLC wholly owned by The Angela Gail Zdolshek Declaration of Trust Dated August 21, 2017, as amended ("Trust"). The Trust and the Debtor were setup as part of Angela Gail Zdolshek's estate planning. The Trust provides for distribution of the Trust's property to be distributed to named beneficiaries upon Gail's death as part of Gail's estate. Gail died on June 17, 2022. Upon Gail's death the Trust had hundreds of thousands of dollars and the Debtor owned three separate commercial properties located at 16 N. Main Street, 18 N. Main Street and 20 N. Main Street, Chagrin Falls, Ohio (collectively the "Three Properties"). The Trust transferred the Three Properties into the Debtor on September 1, 2017, as part of further estate planning. Upon Gail's death Edward Marko became the sole trustee of the Trust and he is also the President of the Debtor. Decades ago, Gail and Hilda opened and operated a long-standing restaurant in Chagrin Falls called Dinks Restaurant in one of the properties. The Three Properties were leased to Gail and Hilda's nephew, Dennis Zdolshek ("Dennis"), pursuant to three separate leases, at below market rates under the false promise by Dennis that he would operate a Dink's restaurant at 16 N. Main to preserve Gail and Hilda's legacy. Dennis did not adhere to the terms of the three leases and therefore, on September 20, 2017, the Debtor filed a forcible entry and detainer lawsuit in Bedford Municipal Court and a several count lawsuit in Cuyahoga County Common Pleas Court, including breach of contract and fraud. Class B consists of Unsecured Claims. The payment under this Plan to holders of Allowed Class B Claims shall be made after the closing of the sale of the Debtor's property. Estimated Distribution is 100%. The allowed unsecured claims total $45,000.00. This Class is unimpaired. Class C Allowed Interests. Each holder of an Allowed Interest shall retain such Interest. If the Plan is confirmed under section 1191(a), the holders of Allowed Claims in Classes A and B shall be paid after the closing of the sale of the Debtor's assets. The Debtor estimates that it will have Distributable Cash of approximately not less than $400,000 because the Debtor's assets will either be sold to Dennis Zdolshek via his claimed option to purchase the Debtor's property for that sum, or, if the Debtor is successful in rejecting Dennis Zdolshek's purchase option, the Debtor's property will be sold on the open market for a amount in excess of $400,000. The $400,000 figure is before deduction for amounts paid for administrative claims, including, but not limited to income tax consequences of such sale, and without counting collection of unpaid rent from Dennis Zdolshek with a scheduled value of $109,000. Administrative expenses for the Debtor's retained professionals, the Trustee’s fees and expenses, and other costs of reorganization are estimated to be approximately $10,000.00. A full-text copy of the Plan of Reorganization dated April 23, 2026 is available at https://urlcurt.com/u?l=Vau5wO from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony J. DeGirolamo, Esq. ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW 3930 Fulton Dr., Ste. 100B Canton, OH 44718 Telephone: (330) 305-9700 Facsimile: (330) 305-9713 Email: tony@ajdlaw7-11.com About AGZ Properties LLC AGZ Properties LLC owns two real estate properties located at 16 and 18 North Main Street and 20 North Main Street in Chagrin Falls, Ohio, with a combined appraised value of $1.73 million. AGZ Properties LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-10294) on January 27, 2026, listing $1,855,000 in assets and $73,432 in liabilities. The petition was signed by Edward Marko, the trustee, in his capacity as president. Judge Jessica E Price Smith presides over the case. Anthony J. DeGirolamo, Esq. at ANTHONY J. DEGIROLAMO, ATTORNEY AT LAW serves as the Debtor's counsel. ALL STATES ELECTRIC: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------------- On April 29, 2026, All States Electric Services Corp. initiated Chapter 7 proceedings in the U.S. Bankruptcy Court for the Northern District of California. The debtor reports liabilities ranging from $100,001 to $1,000,000 owed to approximately 1–49 creditors. About All States Electric Services Corp. All States Electric Services Corp. is believed to be engaged in electrical contracting and related services, supporting infrastructure and building systems. All States Electric Services Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30364) on April 29, 2026. Its petition reflects estimated assets of $0–$100,000 and liabilities of $100,001–$1,000,000. The matter is being overseen by Honorable Bankruptcy Judge William J. Lafferty. ALPHA BEDDING: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Alpha Bedding, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget pending entry of a final order. The Debtor's cash collateral consists of cash and proceeds of collateral, subject to the lien held by its secured lender, Old National Bank. Prior to its bankruptcy filing, the Debtor entered into a credit agreement with Old National Bank, which provided a $750,000 loan secured by substantially all of the Debtor's assets, including accounts receivable, inventory, equipment, and deposit accounts. As of early February, after the loan was accelerated, approximately $562,844 remained outstanding. As protection for the Debtor's use of its cash collateral, Old National Bank will be granted replacement liens on all post-petition property of the estate of the same type and priority as its pre-petition liens. The order is available at https://is.gd/x2zjd1 from PacerMonitor.com. The final hearing is set for May 13. The deadline for filing objections is on May 8. About Alpha Bedding LLC Alpha Bedding, LLC, also known as Alpha Tekniko, is a Lake Zurich, Illinois-based contract manufacturer that was founded in 2008 and produces medical mattresses, cushions and pads. It provides custom support surface design, product development, prototype creation, design verification and full-service production, along with consulting services related to support surfaces. Alpha Bedding serves durable medical equipment and healthcare customers, including medical OEMs, healthcare distributors, refurbishers, resellers, rental companies and product developers and manufactures in a 55,000-square-foot plant. Alpha Bedding sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06826) on April 20, 2026, with $955,771 in total assets and $2,104,383 in total liabilities. Theodosius Lazakis, president of Alpha Bedding, signed the petition. Judge David D. Cleary oversees the case. David P. Leibowitz, Esq., at the Law Offices of David P. Leibowitz, LLC, represents the Debtor as bankruptcy counsel. AMERICAN CONTRACTORS: Lender Seeks to Prohibit Cash Access ---------------------------------------------------------- JTS Capital 3 LLC asks the U.S. Bankruptcy Court for the Western District of Pennsylvania to prohibit American Contractors Equipment Co. from continuing to use what it asserts is its cash collateral and to compel the turnover of certain funds. JTS, a secured lender that acquired its rights through an assignment from U.S. Bank, holds a perfected security interest in the Debtor's equipment and the income generated from leasing that equipment. The Debtor defaulted on its loan obligations years before the bankruptcy filing, and JTS previously obtained a state court judgment and filed a proof of claim reflecting substantial outstanding debt. Since the bankruptcy petition date in January 2026, disputes between the parties have intensified, including litigation over the validity and extent of JTS's lien and a pending motion for relief from the automatic stay. JTS claims that the Debtor has improperly used cash collateral—specifically, rental income derived from equipment subject to JTS's liens—without consent or court authorization, in violation of the Bankruptcy Code. JTS asserts that multiple third parties, including Peoples Natural Gas, hold or generate proceeds from the use of this collateral, with Peoples alone allegedly retaining at least $48,500 in rental proceeds. Although rental agreements indicate monthly income of about $11,800 tied to JTS's collateral, JTS contends the Debtor has failed to provide a full and accurate accounting of these funds despite court directives. This lack of transparency, according to JTS, prevents any determination that its interest is adequately protected, which is a legal prerequisite for allowing use of cash collateral over a secured creditor's objection. JTS further argues that the Debtor's past conduct demonstrates a risk of misuse or dissipation of collateral. It alleges that, prior to bankruptcy, the Debtor sold two pieces of secured equipment (cranes) without remitting proceeds—totaling over $200,000—to JTS, and instead deposited at least some of those funds into an affiliate's account. Given this history and the Debtor's continued failure to account for proceeds, JTS expresses concern that any additional funds, including those held by Peoples, may likewise be diverted. A court hearing is scheduled for May 20. A copy of the motion is available at https://urlcurt.com/u?l=AdBtCH from PacerMonitor.com. About American Contractors Equipment Co. American Contractors Equipment Co. offers rental and maintenance services for heavy construction and industrial machinery, including cranes, forklifts, and aerial lifts, supporting contractors and industrial clients across Western Pennsylvania, Maryland, and Northern West Virginia. American Contractors Equipment Co. in Pittsburgh PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 26-20234) on Jan. 27, 2026, listing $1,546,101 in assets and $3,283,292 in liabilities. James Bulger as president, signed the petition. Judge Carlota M. Bohm oversees the case. BERNSTEIN-BURKLEY, P.C. serve as the Debtor's legal counsel. JTS Capital 3LLC, as lender, is represented by Jillian Nolan Snider, Esq. and Sloane O’Donnell, Esq. at FBT Gibbons LLP. AMPLE INC: Electric Vehicle Technology IP Sale to DIP Lenders OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted Ample Inc. and its affiliates, to sell Thermal Chamber, free and clear of liens, claims, interests, and encumbrances. Founded in 2014, Ample's mission is to address fleet electrification challenges by developing modular battery-swapping solutions that make EV energy replenishment fast, convenient, and scalable. The Debtors have developed proprietary autonomous swapping stations, modular battery systems, and integrated vehicle hardware and software that allow depleted EV batteries to be exchanged for fully charged ones in minutes, without requiring significant vehicle re-engineering and with materially less downtime than conventional charging. Ample's modular stations can be deployed quickly, require a compact footprint, and are designed to support a wide range of OEM vehicle platforms, making them well suited for urban and suburban environments. The Debtors’ significant assets consist of intellectual property and related knowhow, developed and proven technology for the proprietary designs for modular battery systems, robotics, vehicle integration components, swapping-station architecture, and associated software platforms. The Assets represent the core technological value of the enterprise and are central to the Debtors' sale efforts. The Debtors also developed and built a state-of-the-art manufacturing facility that produces the battery module systems, swapping stations and vehicle integration plates. The turnkey facility consists of three fully automated battery assembly lines which use 50+ FANUC 6-axis robotic arms, laser welders, automated dispensing equipment, vision-based quality control, and in-line testing. The lines combined are capable of producing 18 battery modules per hour. The Court has authorized the Debtor to sell the Asset to Transform AMP, LLC and Twelve Bridge Capital LLC, in its capacity as DIP Lender, as Purchasers. As consideration for the sale, conveyance, assignment and/or hypothecation of the Assets by the Sellers to the Purchaser: The DIP Lender shall discharge $2,000,000 of the then outstanding obligations under that certain superpriority secured priming multidraw term loan debtor-in-possession facility by and among the Debtors and the DIP Lender, as consideration for the Assets. The Debtors have demonstrated compelling circumstances and a good, sufficient, and sound business purpose and justification for the immediate approval and consummation of the Sale Transaction as contemplated by the Asset Purchase Agreement. The Purchased Assets to be sold and assigned by the Debtors to the Purchasers pursuant to the Asset Purchase Agreement are property of the Debtors' estate and all rights are vested in and owned by the Debtors' estate. The Debtors have demonstrated good, sufficient, and sound business purposes and justifications for entry into and approval of the Asset Purchase Agreement and the other agreements, documents, and instruments deliverable. The Asset Purchase Agreement and the Sale Transaction were proposed, negotiated, and entered into by and among the Debtors, Committee, and the Purchasers without collusion or fraud, in good faith, and at arm's length after a mediation, and they constitute a reasonable business decision of the Debtors. This Sale Order is and shall be effective as a determination that all liens, claims, encumbrances, and other interests, attributable to any period ending on or before the Closing Date. Upon the Closing, in accordance with section 363(k) and the Asset Purchase Agreement, the portion of the DIP Lender’s loan constituting the DIP Lender's credit bid in the amount of $2,000,000 shall be satisfied. About Ample Inc. Ample Inc. is an electric vehicle technology firm specializing in battery-swapping platforms and infrastructure. The company develops modular systems that allow EVs to replace batteries quickly, supporting continuous operation without lengthy charging intervals. Ample Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90817) on December 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Hugh Massey Ray, III, Esq. of Pillsbury Winthrop Shaw Pittman LLP. Twelve Bridge Capital, LLC, as DIP lender, is represented by Michael Fishel, Esq., at FISHEL LAW GROUP, in Houston, Texas. ANDERSON HAY: Court Enters Scheduling Order in Bankruptcy Case -------------------------------------------------------------- Judge Whitman L. Holt of the U.S. Bankruptcy Court for the Eastern District of Washington entered a scheduling order in the bankruptcy case of Anderson Hay Enterprise, Inc. and its affiliated debtors. The court will conduct a combined status conference and omnibus hearing in these chapter 11 cases on the following dates and times: 1. May 27, 2026 at 11:00 a.m. prevailing Pacific Time ("PT"). 2. June 17, 2026 at 10:30 a.m. PT. 3. July 15, 2026 at 10:30 a.m. PT. 4. August 19, 2026 at 10:30 a.m. PT. On each omnibus hearing date, the court will hear all motions or applications timely filed under the Federal Rules of Bankruptcy Procedure and Local Bankruptcy Rules; provided, however, that the court will not hear (i) any motions or applications as to which the parties anticipate presentations of longer than 30 minutes or (ii) any matters regarding approval of a sale of substantially all assets of the estates or confirmation of a plan, all of which motions, applications, and matters must be scheduled for separate hearing dates. Any party seeking consideration of a motion or application on an omnibus hearing date must contact the court to schedule the matter and provide timely notice to all other parties in interest in accordance with applicable rules. In connection with each scheduled omnibus hearing date, the Debtors should file a written status report by no later than 24 hours before the time of the hearing, which report should describe (i) the status of administration of their estates, (ii) any anticipated motions or other relief that may soon be sought by the Debtors, and (iii) any other matters of which the Debtors believe the court should be aware. About Anderson Hay Enterprise, Inc. Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on November 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, Esq., at Bush Kornfeld LLP, represents the Debtor as legal counsel. ARCHDIOCESE OF NEW YORK: Reaches $800MM Deal with Survivors ----------------------------------------------------------- James Nani of Bloomberg Law reports that the Archdiocese of New York reached an $800 million agreement that covers about 1,300 claims to resolve a wave of abuse litigation, a move designed to avoid bankruptcy proceedings. The deal comes after extensive negotiations with a plaintiffs' committee and years of legal disputes. Archbishop Ronald Hicks said the settlement is part of an effort to address past wrongdoing and support healing within the church community, the report states. Under the proposed terms, all survivors must agree to participate for the settlement to take effect. Payments would be made through a trust, beginning with $615 million and followed by additional contributions. Claimants can choose between expedited payouts or individualized compensation based on their cases. The agreement also preserves survivors' ability to seek further recovery from insurers such as Chubb Ltd.. Broader litigation has been temporarily halted while parties consider the settlement, Bloomberg reports. About New York Archdiocese The Archdiocese of New York is an ecclesiastical district encompassing 296 parishes in the boroughs of Manhattan, the Bronx, and Staten Island in New York City and the counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester. Sixth of New York's eight dioceses have filed for Chapter 11 bankruptcy after dealing with lawsuits dating to when New York temporarily suspended the statute of limitations to give victims of childhood abuse the ability to pursue even decades-old allegations against clergy members, teachers, Boy Scout leaders and others. New York dioceses that have sought bankruptcy are Ogdensburg, Syracuse, Buffalo, Rochester, Albany and Rockville Centre on Long Island. ARIZONA SCHOOL FOR THE ARTS: S&P Lowers ICR to 'BB', Outlook Neg. ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating (ICR) on Arizona School for the Arts (ASA) to 'BB' from 'BB+'. The outlook is negative. The downgrade reflects S&P's view of ASA's persistent and unexpected enrollment declines that have resulted in deterioration in operating margins and coverage. The outlook change reflects S&P's view that the rating could be lowered should enrollment continue to decline, leading to pressured operating results or further declines in liquidity. S&P said, "We view the school's environmental and governance factors as neutral in our credit rating analysis. However, with its niche arts curriculum, interest in ASA's programming is moderating as fewer students choose to pursue an arts-related career. Additionally, the school's location in downtown Phoenix has become less of a draw to the school as fewer parents are commuting downtown daily. We view the risks associated with increased competition and lowering demand for the school's niche programming as a social capital factor. "The negative outlook reflects a one-in-three chance we could lower the rating should enrollment fall further, leading to pressured operating results, or should ASA continue utilizing unrestricted reserves to balance budget deficits. "We could consider lowering the rating if the school fails to stabilize liquidity and enrollment, or if decreases in operating margins or maximum annual debt service (MADS) coverage continue. Furthermore, we would view additional debt negatively. "We could consider revising the outlook to stable if operating margins and lease-adjusted MADS coverage improve and enrollment stabilizes or increases. Furthermore, we would view stable to growing liquidity positively." ATLAS LAND: Case Summary & Three Unsecured Creditors ---------------------------------------------------- Debtor: Atlas Land Holdings, LLC 5 Hilltop Lane Brewster, NY 10509 Case No.: 26-10493 Business Description: Atlas Land Holdings LLC owns commercial real estate at 963 Friends Lake Road in Chestertown, New York, which is occupied by Friends Lake Inn, a hotel and restaurant. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Northern District of New York Judge: Hon. Patrick G Radel Debtor's Counsel: Howard P. Magaliff, Esq. R3M LAW, LLP 437 Madison Avenue 24th Floor New York, NY 10022 Tel: 646-453-7851 Email: hmagaliff@r3mlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jaclyn M. Iarossi as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LN7QLIY/Atlas_Land_Holdings_LLC__nynbke-26-10493__0001.0.pdf?mcid=tGE4TAMA B&A CHILDCARE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- B&A Childcare Services of Atlanta, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its budget, subject to a 10% variance. The Debtor's access to cash collateral ends upon appointment of a Chapter 11 trustee; dismissal or conversion of its Chapter 11 case; further court order; or an unresolved default, whichever occurs first. The Debtor's cash collateral consists of post-petition accounts, rights of payment, cash and proceeds thereof, subject to security interests by the U.S. Small Business Administration and six other secured creditors. It owes over $711,000 to these creditors while holding only about $36,000 in assets. B&A offers protection to secured creditors by granting them replacement liens on its assets, with the same priority and nature as their pre-petition liens, ensuring their collateral position is not diminished during the interim period. The order is available at https://is.gd/yjXfy7 from PacerMonitor.com. A final hearing is scheduled for May 19. After filing for Subchapter V Chapter 11 protection due to financial strain caused largely by COVID-19 disruptions and burdensome merchant cash advance loans, the Debtor remains in possession of its assets and continues running its daycare, which generates roughly $700,000 annually. About B&A Childcare Services of Atlanta Inc. B&A Childcare Services of Atlanta, Inc. operates a childcare facility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55321-bem) on April 22, 2026. In the petition signed by Angelia Rembert, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Barbara Ellis-Monro oversees the case. Paul Reece Marr, Esq., at Paul Reece Marr, P.C., represents the Debtor as legal counsel. B&A CHILDCARE: John Whaley Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley of John T. Whaley, CPA, LLC as Subchapter V trustee for B&A Childcare Services of Atlanta Inc. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA JOHN T. WHALEY, CPA, LLC P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About B&A Childcare Services of Atlanta Inc. B&A Childcare Services of Atlanta Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55321) on April 22, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. B&R EQUIPMENT: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- B&R Equipment, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for May 14. The Debtor said that continued operations depend entirely on access to cash collateral, as it lacks unencumbered funds or alternative financing. The Debtor believes that secured creditors are already protected by a substantial equity cushion in the collateral and further offers replacement liens on post-petition assets and proceeds to the same extent and priority as their pre-petition liens, without enhancement of the creditors' rights beyond their original position. The Debtor's Chapter 11 case involves a larger family farming enterprise composed of several related entities that collectively operate row-crop farming, cattle raising, equipment trading, and real estate holdings. Equipment itself serves as the central asset-holding and equipment-operating entity, with approximately $12.1 million in assets, including about $6 million in farm equipment, while affiliated entities hold additional farmland and livestock assets. The broader enterprise is heavily encumbered by secured debt owed primarily to First Farmers Bank & Trust, totaling approximately $10.58 million, secured by substantially all assets across the related entities, including equipment, accounts, inventory, and real estate mortgages, along with additional secured claims held by PNC Equipment Finance and Wells Fargo tied to specific pieces of equipment. About B&R Equipment Inc. B&R Equipment, Inc. operates as a dealer of used agricultural and construction equipment based in Martinsville, Indiana, supplying tractors, harvesters, trucks, and related machinery from multiple brands. Established in 1994, the family-owned company serves farmers and agricultural operators seeking pre-owned equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-02155) on April 9, 2026. In the petition signed by Robert T. Lee as president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Jeffrey J Graham oversees the case. Jeffrey Hester, Esq., at ALLMAN KIGHT HESTER LLC, represents the Debtor as legal counsel. BET MIDRASH: Court Says City of Hollywood Claims Non-Core --------------------------------------------------------- Chief Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida determined that the claims asserted in the complaint by Bet Midrash against the City of Hollywood in the adversary proceeding captioned as BET MIDRASH OHR HACHAYIM HAKADOSH, INC., a Florida non-profit corporation, Plaintiff, v. CITY OF HOLLYWOOD, Florida, Defendant, Adv. No. 26-1132-SMG (Bankr. S.D. Fla.), are non-core claims but are related to Bet Midrash's bankruptcy case. On January 16, 2026, Bet Midrash Ohr Hachayim Hakadosh, Inc., which operates a synagogue in Hollywood, Florida, filed a voluntary petition under chapter 11 of the Bankruptcy Code. At the time of filing, there was an action already pending between Bet Midrash and the City of Hollywood, Florida, in which Bet Midrash seeks federal civil rights damages and injunctive relief arising from the City's denial of Bet Midrash's special exception zoning application. The lawsuit was originally filed on March 26, 2025, in the United States District Court for the Southern District of Florida. On July 22, 2025, the City moved in the District Court to dismiss the complaint under Federal Rule of Civil Procedure 12(b)(6). While the motion to dismiss was pending, Bet Midrash moved to refer that civil action to the bankruptcy court in light of its pending bankruptcy case. On March 17, 2026, the District Court granted that motion, referring "all motions filed in this case, now and in the future" to the Bankruptcy Court, who shall determine whether this proceeding is a core proceeding under Sec. 157 or is a proceeding that is otherwise related to a case under title 11 or is neither." The complaint filed by Bet Midrash in the District Court asserts that Bet Midrash, a religious nonprofit, was unlawfully denied a special zoning exception by the City of Hollywood to operate a K–12 Jewish school at its property and challenges the City's zoning scheme as unconstitutional. More specifically: -- Count I asserts a facial equal protection challenge to Article V of the City of Hollywood Zoning and Land Development Regulations; -- Count II asserts a violation of the United States Constitution, First and Fourteenth Amendments, and seeks damages under 42 U.S.C. Sec. 1983; and -- Count III asserts a violation of the United States Constitution, First and Fourteenth Amendments, and seeks injunctive relief under 42 U.S.C. Sec. 1983. Judge Grossman holds, "There is no question here that the claims asserted by Bet Midrash in the complaint are non-core claims. These claims are civil rights claims that neither invoke substantive rights created by federal bankruptcy law nor exist exclusively in the bankruptcy context. But they are related to Bet Midrash's bankruptcy case, as their disposition could alter the debtor's rights, liabilities, options, or freedom of action and could conceivably have an effect upon the handling and administration of the bankruptcy estate." In accordance with the District Court's referral order, because the claims are non-core claims, the Bankruptcy Court will submit proposed findings of fact and conclusions of law to the District Court, and any final order or judgment will be entered by the District Court judge. A copy of the Court's Order dated April 29, 2026, is available at https://urlcurt.com/u?l=6AAp2r from PacerMonitor.com. About Bet Midrash Ohr Hachayim Hakadosh Bet Midrash Ohr Hachayim Hakadosh, Inc., based in Hollywood, Florida, is a Jewish religious organization and community center providing synagogue services, Torah study programs, and a mikveh. It offers adult learning through Kollel Boker, children's education programs, and maintains a schedule of Shabbat and holiday services. The nonprofit serves the local Jewish community by supporting religious, educational, and cultural activities in the region. Bet Midrash Ohr Hachayim Hakadosh, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10599) on January 19, 2026, with $0 to $500,000 in assets and $1 million to $10 million in liabilities. Rabbi Menachem Razla signed the petition. Kris Aungst, Esq., at Paragon Law, LLC represents the Debtor as counsel. BEXIN REALTY: Court Orders Chapter 11 Trustee Appointment --------------------------------------------------------- A U.S. bankruptcy judge granted Cathy Bank's bid to appoint a Chapter 11 trustee in the bankruptcy case of Bexin Realty Corporation. In his order, Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York granted the secured creditor's request, finding it would benefit creditors. Judge Glenn ordered the U.S. Trustee for Region 2, the Justice Department's bankruptcy watchdog overseeing the company's Chapter 11 case, to appoint an independent trustee to manage the case. Last month, Cathy Bank asked for the appointment of a trustee or, in the alternative, conversion of the case to one under Chapter 7, citing Bexin's noncompliance with bankruptcy laws. Cathy Bank cited the company's unauthorized use of its cash collateral, which consists of funds subject to the bank's security interest. "[Bexin] has spent more than six weeks operating in Chapter 11 without seeking any relief from the court to use cash collateral," the bank said in court papers. Cathy Bank also cited the company's failure to timely pay taxes; unauthorized retention of professionals; and non-disclosure of payments to insiders. A copy of the court order is available at https://urlcurt.com/u?l=SmeITm from PacerMonitor.com. About Bexin Realty Corporation Bexin Realty Corporation is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Bexin Realty filed Chapter 11 petition (Bankr. S.D.N.Y. Case No. 24-12080) on November 27, 2024, listing between $10 million and $50 million in both assets and liabilities. Bahram Benaresh, president of Bexin Realty, signed the petition. Judge Martin Glenn handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq., at Davidoff Hutcher & Citron, LLP. Cathay Bank, as lender, is represented by: Conrad K. Chiu, Esq. Amanda Schaefer, Esq. Pryor Cashman LLP 7 Times Square New York, NY 10036-6569 Telephone: (212) 421-4100 Facsimile: (212) 326-0806 cchiu@pryorcashman.com aschaefer@pryorcashman.com BLONDER TONGUE: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- Blonder Tongue Laboratories Inc. filed with the U.S. Bankruptcy Court for the District of New Jersey an Amended Disclosure Statement for the Amended Plan of Liquidation dated April 24, 2026. The Debtor was founded in 1950 by Isaac "Ike" Blonder and Benjamin "Ben" Tongue and developed into a long-standing manufacturer and distributor of broadcast and cable television signal distribution equipment. In the years leading up to the Chapter 11 Case, the Debtor experienced sustained operating losses driven by declining revenues, rising costs, supply chain disruptions, tariffs on imported components, the loss of key customers, and the lingering effects of the COVID-19 pandemic. These factors significantly constrained liquidity and impaired the Debtor's ability to continue as a going concern. After evaluating available strategic alternatives, including refinancing, restructuring, and potential going-concern transactions, the Debtor determined that a sale of substantially all assets followed by an orderly liquidation represented the most viable path to maximize value for creditors. Following the Petition Date, the Debtor continued to operate as a debtor-in-possession for the limited purpose of preserving value and facilitating a sale of substantially all of its assets. Contemporaneously with the filing, the Debtor sought and obtained approval of customary first-day relief, including authority to maintain cash management systems, pay critical vendors, maintain insurance, and continue employee-related programs. Following comprehensive marketing and sale process, the Debtor entered into an asset purchase agreement with the successful bidder. The sale subsequently closed, the Debtor satisfied its senior secured obligations in full from the proceeds, and paid related transaction costs and expenses approved by the Bankruptcy Court. The sale resulted in the cessation of the Debtor's business operations and the liquidation of substantially all operating assets. Following closing, the Debtor retained approximately $604,780.18 in Cash. The Debtor may receive additional proceeds in connection with the cancellation of its directors' and officers' liability insurance policy; although the amount and timing of such refund remain uncertain. Pursuant to prior orders of the Bankruptcy Court, the Debtor obtained approval of a negotiated compromise of Insider Subordinated Secured Claims, which provides for aggregate payments capped at $287,500 from the Plan Fund to holders of Allowed Insider Subordinated Secured Claims other than Cavalry. This represents a substantial discount to subordinated secured debt that exceeded $2 million as of the Petition Date. The Plan Fund will be distributed in accordance with the priority scheme under the Bankruptcy Code, including payment of Allowed Administrative Claims, Allowed Priority Tax Claims, and the compromised Insider Subordinated Secured Claims. Any remaining amounts will be distributed pro rata to holders of Allowed General Unsecured Claims. Because the Plan Fund is limited, recoveries to General Unsecured Claims will depend on the aggregate amount of Allowed Administrative Claims, Allowed Priority Tax Claims, and Allowed Claims in Classes 3 and 4. The Plan establishes a straightforward liquidation structure consistent with chapter 11 cases in this District. All Cash of the Debtor as of the Effective Date, together with any additional proceeds received (including any insurance refunds), constitutes the Plan Fund, which is the sole source of recoveries for under the Plan. Class 4 consists of General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive Pro Rata distributions from the Plan Fund after payment in full of Class 1 Administrative Claims, Class 2 Priority Tax Claims, and after distributions to Holders of Class 3 Insider Subordinated Secured Claims, in accordance with the Plan. For the avoidance of doubt, Class 4 General Unsecured Claims include any Allowed Deficiency Claims. Class 4 General Unsecured Claims are Impaired under the Plan. Class 5 consists of Equity Interests. On the Effective Date, holders of Equity Interests shall neither receive or retain any property under the Plan on account of such Interests. All Equity Interests shall be canceled, released, and extinguished, and shall be of no further force or effect. On and after the Effective Date, the Debtor shall serve as the Distribution Agent, unless the Bankruptcy Court, upon motion and for cause shown, appoints a successor. The Distribution Agent shall have all powers and authority necessary to implement, administer, and consummate the Plan and the Wind-Down in accordance with the Plan and the Confirmation Order, including: (a) making Distributions, (b) reconciling and resolving Claims, (c) establishing and administering reserves, (d) paying statutory fees to the U.S. Trustee pursuant to Section 1930(a), and (e) filing post-confirmation reports. All Distributions under the Plan shall be funded solely from the Plan Fund. No additional funds shall be contributed. A full-text copy of the Amended Disclosure Statement dated April 24, 2026 is available at https://urlcurt.com/u?l=ZySFXU from PacerMonitor.com at no charge. The Debtor's Counsel: Daniel M. Stolz, Esq. Donald W. Clarke, Esq. Jaclynn N. McDonnell, Esq. GENOVA BURNS LLC 110 Allen Road Suite 304 Basking Ridge, NJ 07920 Tel: (973) 467-2700 Fax: (973) 467-8126 Email: dstolz@genovaburns.com About Blonder Tongue Laboratories Inc. Blonder Tongue Laboratories Inc. develops and produces advanced signal-processing and media-distribution solutions serving TV broadcasters, cable companies, hotel video services, internet networks, and institutional clients. Blonder Tongue Laboratories Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21863) on November 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Donald W. Clarke, Esq. of Genova Burns, LLC. BRIGHTLINE TRAIN: Audit Report Signals Risk of Insolvency --------------------------------------------------------- Martin Z. Braun of Bloomberg News reports that Brightline faces heightened financial pressure after auditors flagged "substantial doubt" about its ability to continue operating due to limited liquidity and heavy debt obligations. The concerns were outlined in a 2025 audit opinion by Ernst & Young, which pointed to the company's challenges in meeting near-term financial commitments, according to report. Brightline said it is pursuing new financing and seeking to extend maturities on its debt while holding discussions with creditors over restructuring its approximately $5.5 billion in liabilities. With about $138 million in cash and equivalents on hand, the company is under pressure to secure additional funding as it works to stabilize its financial position, Law360 reports. About Brightline Train Florida Brightline offers high-speed rail between Miami, Fort Lauderdale, and Orlando. BUBBLES & BARKS: Seeks Cash Collateral Access --------------------------------------------- Bubbles & Barks, LLC asks the U.S. Bankruptcy Court for the Western District of Washington for authority to use cash collateral and provide adequate protection. The Debtor continues to operate its business and now requests authority to use cash collateral through August 31, 2026 (or until plan confirmation), primarily to fund ongoing operational expenses such as payroll and owner draws. The Debtor identifies Live Oak Banking Company as the sole secured creditor with an interest in the debtor’s cash collateral, holding a first-priority lien on accounts receivable and related proceeds pursuant to a UCC-1 financing statement filed in July 2023. As of the petition date, the Debtor had approximately $19,316 in cash collateral and nearly $19,000 in other collateral, while the total secured debt owed to Live Oak was about $1.73 million. No other creditors are asserted to have an interest in the cash collateral. The Debtor proposes to use these limited funds in accordance with a detailed monthly budget covering May through August 2026, with flexibility to exceed budgeted amounts by up to 15% without further court approval, and with provisions allowing unused funds in one period to be carried forward. To ensure the secured creditor is adequately protected, the Debtor proposes a combination of replacement liens and periodic cash payments. Specifically, Live Oak would receive post-petition replacement liens on cash, accounts receivable, and their proceeds, maintaining the same validity, priority, and extent as its prepetition liens, but limited to the amount of collateral actually used. Additionally, the Debtor will make monthly payments of $3,100 beginning May 15, 2026, continuing until confirmation of a reorganization plan. The Debtor argues that the proposed use of cash collateral will benefit the bankruptcy estate and all creditors by enabling continued operations and revenue generation, which in turn preserves or enhances the value of the secured creditor's collateral. A copy of the motion is available at https://urlcurt.com/u?l=MTQ7fm from PacerMonitor.com. About Bubbles & Barks LLC Bubbles & Barks, LLC, based in Monroe, Washington, operates under the trade names Furtician and Barkingham Palace. The company provides grooming, boarding, and daycare services for dogs and cats, including baths, trims, and overnight care. It serves pet owners in the Monroe area, combining routine grooming with extended boarding options. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11088) on April 6, 2026. In the petition signed by Gary M. Eggleston Jr., managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Christopher M. Alston oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as legal counsel. BYRUM'S FLOOR: Seeks Court Approval to Hire Hurley Law as Counsel ----------------------------------------------------------------- Byrum's Floor Store, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Hurley Law, LLC to serve as general bankruptcy counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) advise and assist the Debtor in the preparation of its petition, schedules, and statement of financial affairs; (c) assist and advise the Debtor in connection with the administration of this case; (d) analyze the claims of creditors and negotiate with such creditors; (e) investigate the Debtor’s financial condition and business operations; (f) advise and negotiate regarding sale of assets; (g) investigate and prosecute litigation on behalf of the Debtor; (h) propose a plan of reorganization; (i) represent the Debtor at hearings and proceedings; (j) prepare and review court filings and pleadings; (k) pursue actions to recover estate assets; and (l) perform all other necessary legal services in the best interest of the estate. Hurley Law, LLC will be compensated at an hourly rate of $375 for attorney services, plus reimbursement of actual and necessary expenses, subject to Court approval. Hurley Law, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Dustin R. Hurley, Esq. HURLEY LAW, LLC 301 N. Breiel Blvd. Middletown, OH 45042 Telephone: (513) 705-9000 Facsimile: (513) 705-9001 E-mail: hurley@hurley.law About Byrum's Floor Store Byrum's Floor Store sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ohio Case No. 3:26-bk-30812) on March 14, 2026. In the petition signed by Kurt A. Byrum, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Tyson A. Crist oversees the case. Russ B. Cope, Esq., at Cope Law Offices, LLC, represents the Debtor as bankruptcy counsel. CERES ROASTING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Ceres Roasting Company, LLC received interim approval from the U.S. Bankruptcy Court for the West District of Washington, Seattle, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through May 26 to pay expenses in accordance with its 13-week budget. The Debtor's cash collateral consists of post-petition cash, accounts receivable, inventory and the proceeds thereof, which are subject to security interests held by the U.S. Small Business Administration, the primary secured creditor, and the Washington State Department of Revenue, a junior creditor. The SBA is owed $182,666. As protection, both creditors will be granted replacement liens on the cash collateral. In addition, the SBA will receive a monthly payment of $1,007. The order is available at https://is.gd/9hR02k from PacerMonitor.com. The final hearing will be held on May 22. Ceres has been financially strained by a combination of pandemic-related disruptions, a fraudulent loan incident that damaged its credit and triggered legal costs, and expensive alternative financing taken on during a business expansion. Since 2023, declining revenues tied to broader economic conditions have made its existing debt load unsustainable, prompting the bankruptcy filing on April 22, 2026. Although the business remains operationally viable, it lacks sufficient liquidity and access to traditional financing, with only about $28,000 in cash collateral available at filing. About Ceres Roasting Company LLC Ceres Roasting Company, LLC is a Seattle-based café and food-and-beverage business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11316) on April 22, 2026. In the petition signed by Nathan Bainbridge, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. CHIRON COMMUNICATION: Catherine Curtis Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Catherine Stone Curtis as Subchapter V trustee for Chiron Communication Services, LLC. Ms. Curtis will be paid an hourly fee of $450 for her services as Subchapter V trustee, and will be reimbursed for work-related expenses incurred. Ms. Curtis declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Catherine Stone Curtis MCGINNIS LOCHRIDGE P.O. Box 720788 McAllen, TX 78504 Ph: (956) 489-5958 Fax: (956) 331-2304 Email: ccurtis@mcginnislaw.com About Chiron Communication Services LLC Chiron Communication Services, LLC is a telecommunications infrastructure contractor based in Humble, Texas, founded in 2006. The company specializes in fiber optic and copper network installation, structured cabling, and outside plant engineering services for commercial, government, and institutional clients. It provides end-to-end deployment services, including splicing, testing, underground and aerial construction, and maintenance of communications networks, supporting large-scale connectivity projects across the United States. Chiron Communication Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32549) on April 13, 2026, listing $1 million to $10 million in both assets and liabilities. Courtney McMaster, president of Chiron Communication Services, signed the petition. Matthew Hoffman, Esq., at Hoffman & Saweris, P.C., represents the Debtor as legal counsel. CLAYTON SERVICES: Commences Chapter 7 Bankruptcy in Florida ----------------------------------------------------------- On April 23, 2026, Clayton Services, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Clayton Services, Inc. Clayton Services, Inc. operates as a service-oriented business, likely providing support or contracting services across various industries. Clayton Services, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01801) on April 23, 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 Jason A. Burgess handles the case. The debtor is represented by Kevin B. Paysinger, Esq. of Lansing Roy, PA. CLEAN ENERGY: Issues $406,000 Note to Pacific Pier, Nets $350,280 ----------------------------------------------------------------- Clean Energy Technologies, Inc. entered into a Securities Purchase Agreement with Pacific Pier Capital II, LP, a Delaware limited partnership. Pursuant to the SPA, the Company sold, and Pacific Pier purchased, a convertible promissory note in the principal amount of $406,000 for a purchase price of $357,280. The Transaction was funded by Pacific Pier and closed on April 22, 2026, and pursuant to the SPA, Pacific Pier's legal expenses of $7,000 were paid from the gross purchase price, the Company received net funding of $350,280, and the Note was issued to Pacific Pier. The SPA includes customary representations, warranties and covenants by the Company and customary closing conditions. The SPA requires that the proceeds from the Transaction be used for business development and the payment of amounts owed to service providers of the Company, but not for repayment of indebtedness owed to officers, directors or employees of the Company or their affiliates, the repayment of any debt issued in corporate finance transactions, any loan to or investment in any other corporation, partnership, enterprise or other person (except in connection with the Company's currently existing operations), or any loan, credit, or advance to any officers, directors, employees, or affiliates of the Company. The SPA also: (i) requires the Company to satisfy the shareholder approval requirements of Nasdaq Listing Rule 5635, (ii) prohibits the issuance of more than 2,000,000 shares of Company common stock to Pacific Pier in the aggregate until shareholder approval has been received to issue shares in excess of the Exchange Cap and such approval has become effective pursuant to the rules promulgated under the Securities Exchange Act of 1934, as amended, and (iii) requires the Company to obtain shareholder approval by May 1, 2026, file a preliminary information statement on Schedule 14C in connection with the issuance of shares in excess of Exchange Cap under the Transaction with the U.S. Securities and Exchange Commission on or before June 1, 2026, and file a definitive information statement as soon as permissible. The Note matures 12 months following the issue date set forth in the Note (April 20, 2026), accrues interest of 12% per annum, and is convertible into shares of the Company's common stock at the election of the holder, at or following six months after the issue date, at a conversion price equal to 85% of the lowest daily volume-weighted average price (during regular trading hours) on any trading day during the 10 trading days prior to the conversion date; provided, however, that the holder may not convert the Note to the extent that such conversion would result in the holder's beneficial ownership of the Company's common stock being in excess of 4.99% of the Company's issued and outstanding common stock. Additionally, the holder of the Note is entitled to deduct $1,750 from the conversion amount (or $500 if the conversion amount is $25,000 or less) in each note conversion to cover the holder's fees associated with the conversion. Full text copies of the SPA and the Note are available at https://tinyurl.com/3v2r2c9n and https://tinyurl.com/2mrx36wp, respectively. About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $14,798,895 in total assets, $7,703,762 in total liabilities, and $7,095,133 in total stockholders' equity. CLOVERLEAF ELECTRIC: Adversary Case v. RDM Capital Settled ---------------------------------------------------------- Judge Thomas J. Tucker of the U.S. Bankruptcy Court for the Eastern District of Michigan cancelled the bench opinion hearing scheduled for May 6, 2026 in the adversary proceeding captioned as CLOVERLEAF ELECTRIC, LLC, Plaintiff, v. UNITED STATES SMALL BUSINESS ADMINISTRATION, et al., Defendants, Adv. No. 25-4217 (Bankr. E.D. Mich.). This adversary proceeding before the Court is the partial motion to dismiss jointly filed by Defendants United First, LLC and RDM Capital Funding, LLC. The Court held a hearing on April 22, 2026, and took the Motion under advisement. Shortly before and also during the hearing, the parties informed the Court that the Plaintiff had reached a settlement of its claims against RDM Capital Funding, LLC, so the Court deemed the Motion to be settled, as to RDM. The Motion remains pending for decision as to United First, LLC. On February 18, 2025, Plaintiff entered into a Master Receivables Purchase Agreement with RDM. On April 15, 2025, Plaintiff entered into a Purchase and Sale of Future Receipts Agreement with UF. In Count II of the Complaint, Plaintiff seeks a declaration that the UF Agreement and the RDM Agreement are loans. In Count II of the Complaint, Plaintiff seeks a declaration that the UF Agreement and RDM Agreement did not effect a transfer of property. Finally, in Count IV of the Complaint, Plaintiff seeks a declaration that the RDM Agreement and UF Agreement are void and unenforceable because they purportedly violate applicable state usury laws. UF and RDM seek dismissal of Counts II, III and IV of the Complaint as it relates to them pursuant to Fed. R. Civ. P. 12(b)(6), made applicable to these proceedings by Fed. R. Bankr. P. 7012. They contend that Plaintiff has failed to state a claim upon which relief can be granted in Counts II, III and IV of the Complaint, and as such, they must be dismissed pursuant to Fed. R. Civ. P. 12(b)(6). A copy of the Motion is available at https://urlcurt.com/u?l=sOBLbv from PacerMonitor.com. A copy of the Court's Order dated May 4, 2026, is available at https://urlcurt.com/u?l=iMbwTG from PacerMonitor.com. About Cloverleaf Electric Cloverleaf Electric, LLC provides residential, commercial, and industrial electrical contracting services across Michigan. It installs, repairs, and maintains electrical systems for homes, businesses, and manufacturing facilities, covering wiring, lighting, control systems, and breaker panels. Founded in 2011 and based in Troy, Michigan, the company serves clients across the region. Cloverleaf Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-50310) on October 14, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Shawn Hosner, sole member and manager, signed the petition. Judge Mark A. Randon presides over the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the Debtor as counsel. CONTINENTAL 21R: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On April 28, 2026, Continental 21R 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 Continental 21R LLC Continental 21R LLC is a limited liability company that likely functions as a holding or investment entity, potentially managing specific real estate or business assets. Continental 21R LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10967) 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 Michael E. Wiles handles the case. The debtor is represented by Nnenna Onua, Esq. of McKinley Onua & Associates. CORE SCIENTIFIC I: Fitch Assigns 'BB-(EXP)' IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Core Scientific Finance I LLC's (Core Scientific I) proposed $3.3 billion senior secured notes a 'BB-(EXP)' rating and the issuer a Long-Term Issuer Default Rating (IDR) of 'BB-(EXP)'. The Rating Outlook is Stable. The ratings reflect a contracted, CoreWeave, Inc. (BB-/Positive) backed AI/high-performance computing data center platform with manageable completion risk. Cash flow during the initial lease term is sufficient to repay debt under Fitch's rating case assumptions, eliminating exposure to lease renewal risk. Licensing agreements cover five sites, with most having 12-year terms with two five-year extensions and 3.5% escalators; the Austin facility has a seven-year term and 3.0% escalator. The platform is fully pre-licensed to CoreWeave, supporting about 590 MW of critical IT load. The rating is constrained by CoreWeave's credit profile and the project's ability to raise more debt for an expansion or additional project, which is atypical for project finance structures. Conditions include a lease backed by a qualifying tenant or backstop, loan-to-cost below 85%, and, for pari passu debt, maturity and weighted-average life limits. KEY RATING DRIVERS Completion Risk - Stronger Advanced Stage of Construction, Strong Contractual Protection Advanced construction and strong contractual protections support the completion risk assessment. Approximately 350 MW is energized, more than 185 MW is already billed and all long-lead items are secured. Core Scientific I has delivered on prior data center projects, providing a record of executing and delivering projects on time. The technical advisor has confirmed that the platform is largely operational (except the Dalton 4 facility), with procurement risk largely mitigated and most key equipment delivered. Delay risk is mitigated as the technical advisor indicates residual scope is limited across most sites and schedule changes partly reflect tenant-led specification revisions. The structure includes a parent completion guarantee, and a debt service reserve sized at about six months of post-construction debt service, which provides liquidity in case of completion delays. Even though there is termination in case of completion delays beyond 120 days, the risk is mitigated by substantial progress in construction. Revenue Risk - Stronger Long-Term Contracted Cash Flow with Limited Renewal Risk The stronger revenue risk assessment is supported by five separate take-or-pay licensing agreements with CoreWeave - four 12-year agreements (Denton, Dalton, Muskogee, and Marble) with two five-year extension options and 3.5% annual escalators, and one seven-year agreement (Austin) with no extension options and a 3.0% escalator. CoreWeave is required to pay for contracted capacity regardless of utilization. Debt can fully amortize within the initial lease terms with no reliance on renewal under the Fitch rating case, supporting the 'Stronger' assessment. This is partially offset by single-tenant concentration risk and secondary market location. The tenant does not have termination rights for convenience. Supply Risk - Midrange Diversified Grid Connectivity Sufficient The diversified supply base supports the 'Midrange' assessment, while interruptible arrangements and curtailment provisions at selected sites prevent a stronger assessment. The risk is mitigated by the presence of redundancies in transformer feeds to the facilities and presence of back-up generators, although not fully sized to back up the entire IT load. The portfolio has 891 MW of secured grid capacity across five sites in Texas, Oklahoma, Georgia and North Carolina, supporting 590 MW of net critical IT capacity. Power is sourced from multiple providers across ERCOT, SPP and regional municipal utilities. Operation Risk - Midrange Limited Operating Scope, Modified Gross Lease The assessment reflects material cost pass-throughs and limited operating scope, but the leases are modified gross with power costs passed on to CoreWeave. Core Scientific retains responsibility for certain licensor equipment and for security operations and maintenance in common areas and non-CoreWeave premises. There is termination for chronic service failures though the risk is mitigated by redundancies in transformer feeds and the presence of some back-up generators. Infrastructure Dev. & Renewal - Midrange Modern Facilities with Low Medium-Term Maintenance Needs Exposure to technological obsolescence is limited, as debt can fully amortize within the lease term under Fitch's rating case. Fitch expects the useful life of the newly built facilities and the data centers' core mechanical and electrical systems to extend beyond the initial lease term, which reduces the likelihood of large capital needs. Debt Structure - Weaker Refinance Risk, Additional Debt Flexibility The $3.3 billion senior secured notes mature in 2031, creating refinancing risk, particularly given the sponsor's limited refinancing record. This is mitigated by amortization of the debt in the initial lease term under the Fitch rating case, a fully funded debt service reserve account (DSRA) sized to six months of debt service, and fully funded interest during construction. The notes are secured by first-priority liens on substantially all assets, contracts, grid connections and cash flows, with lease payments flowing through agent-controlled lockbox accounts. Debt provisions are weaker than typical for project finance structures. Permitted additional debt includes a 50% of NOI basket, ability to regear up to 100% loan to cost post-construction subject to a 1.1x debt service coverage ratio (DSCR) incurrence test, and ability to undertake additional projects. The lease, completion, and operating risk profiles of additional projects are unknown and could be substantially weaker than current projects. The issuer may undertake mergers or consolidations without rating affirmation, or enter JVs. However, it cannot issue additional debt beyond permitted allowance. Peer Analysis The closest peers are Cipher Compute LLC (BB-/Stable), WULF Compute LLC (BB/Stable) and APLD ComputeCo LLC (BB-Stable). Unlike the ratings on Core Scientific I, those on WULF Compute and Cipher Compute are constrained by completion risk. Similar to the rating on Core Scientific I, APLD Compute's rating is constrained by debt raising flexibility and counterparty credit risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Construction delays that exceed allowable times as indicated in the lease terms, leading to potential tenant termination; - Degradation of the financial performance leading to sustained DSCR below 1.05x; - The rating could be downgraded if the expansion or additional project faces elevated completion risk from delays or cost overruns, or if the additional project has a tenant with weak credit quality; - Downgrade of CoreWeave's rating. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Positive rating action is unlikely due to the risk associated with the potential additional project of unknown lease term, completion and operating risk profile. Financial Profile The operating phase financial profile demonstrates strong performance post-completion for the current project. Under Fitch's rating case, which incorporates a 10% opex stress and assumes an 8% refinancing rate, the project life coverage ratio at refinancing in 2031 is 1.53x. The average DSCR through notes maturity is 1.11x. The rating remains constrained by the project's ability to raise additional debt, subject to a pro forma DSCR of at least 1.1x, and undertake additional projects. TRANSACTION SUMMARY Core Scientific Finance I LLC, an indirect wholly owned subsidiary of Core Scientific, Inc., is issuing $3.3 billion of senior secured notes maturing in 2031 at 7.75% per annum. Proceeds fund $2.893 billion of general corporate purposes, a DSRA funded with six months of debt service and net interest during construction, $48 million of capitalized interest, and $33 million of financing fees. The final ratings are contingent upon the receipt by Fitch of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. SECURITY First lien on all assets, contracts and cash flows of, and equity interests in the CoreWeave contracted sites. Date of Relevant Committee 29-Apr-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate elevated risk for Core Scientific Finance I LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Core Scientific Finance I LLC LT IDR BB-(EXP) Expected Rating Core Scientific Finance I LLC/Senior Secured Debt/1 LT BB-(EXP) Expected Rating CORONA MANSION: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On April 30, 2026, Corona Mansion Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Corona Mansion Inc. Corona Mansion Inc. is a corporation that likely operates in the real estate or property management sector, potentially owning or managing residential or commercial properties. Corona Mansion Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42139) on April 30, 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 Jil Mazer-Marino handles the case. The debtor is represented by Lila Ayers, Esq. COURTESY SCREENING: Claims to be Paid from Continued Operations --------------------------------------------------------------- Courtesy Screening, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated April 23, 2026. The Debtor is a Delaware corporation authorized to do business in Florida since January of 2018. The Debtor operates throughout Central and Northern Florida and constructs and repairs pools and patio enclosures as well as installing pavers. The Debtor's cash flow has been adversely impacted by litigation expenses and economic trends. In addition, the Debtor's operations were adversely impacted by COVID. The Debtor experienced a higher level of cancellations, some of which were precipitated by delays due to the shortage of materials. The higher interest rates created problems for customers in financing repairs and caused a drop in the Debtor's sales. The Debtor filed its bankruptcy case in order to preserve the going concern value of its assets and to restructure its obligations. Since filing the bankruptcy petition, the Debtor has continued to operate, perform under contracts, and has continued to pay the secured claims encumbering its vehicles and equipment. The Plan contemplates that the Surrendered Assets will be transferred to ODK on the Effective date. The transfer of the Surrendered Assets will not impact operations as the Surrendered Assets are not being used in the operation of the business. The Debtor's financial projections, show that the Debtor will be able to distribute projected disposable income to the holders of allowed administrative, priority tax, secured, and unsecured creditors. Other than amounts owed to Corporate Service, ODK Capital, Parafin, and Vox Funding (collectively, the "MCA Lenders"), the secured creditors are treated as unimpaired under the Plan and payments will be made on the dates set forth in the loan documents. The Debtor will surrender Surrendered Assets to ODK in satisfaction of ODK's secured claim. Any deficiency owed to ODK and the balance owed to the other MCA Lenders will be treated as a Class 12 Unsecured Claim. The Debtor will make payments to holders of priority tax claims beginning on the fifteenth day of the month following the Effective Date and payments will continue on the fifteenth day of each month. Unsecured creditors holding allowed unsecured claims (Class 12) shall receive their pro-rata share of the Quarterly Unsecured Creditor Payment, which shall be made on a quarterly basis over a period of five years or twenty quarters, commencing ninety days after the Effective Date. The Debtor anticipates that the Plan will be confirmed in July of 2026. If the Plan is confirmed in July of 2026, the first Quarterly Unsecured Payment to unsecured creditors will be made on approximately October 15, 2026, and the final Quarterly Unsecured Payment to unsecured creditors will be made on approximately July 15, 2031. The distributions under the Plan will be derived from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued business operations. Class 12 consists of Non-priority Unsecured Claims. Claims in Class 12 in the amount of $588,790.86 have been scheduled or filed. Some of the unsecured claims are disputed and this amount has been increased to include amounts claimed by MCA Lenders. Class 12 is impaired by the Plan. Holders of allowed non-priority unsecured claims shall receive their pro-rata share of the Unsecured Creditor Payment. The Debtor shall make sixty quarterly payments, which shall be paid on the Unsecured Creditor Distribution Date. Class 13 consists of all equity interests. Class 13 is impaired by the Plan. Class 13 is comprised of all equity interests in the Debtor. All shareholders will retain their equity interests in the Debtor. No distributions will be made to shareholders on account of their equity interests until the distributions to class 9 have been made pursuant to the terms of the Plan. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, and (ii) revenues generated by continued operations. A full-text copy of the Plan of Reorganization dated April 23, 2026 is available at https://urlcurt.com/u?l=BND7s9 from PacerMonitor.com at no charge. Counsel to the Debtor: Scott A. Stichter, Esq. STICHTER RIEDEL BLAIN & POSTLER, P.A. 110 East Madsion Street, Suite 200 Tampa, Flordia 33602 Phone: (813) 229-0144 Email: ssticher@srbp.com About Courtesy Screening Inc. Courtesy Screening, Inc., operates throughout Central and Northern Florida and constructs and repairs pools and patio enclosures as well as installing pavers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00277) on January 23, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacob A. Brown presides over the case. Scott A. Stichter, Esq. at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. DAVID A. ORTA: Unsecureds Will Get 6.93% of Claims in Plan ---------------------------------------------------------- David A. Orta, Jr., M.D. P.A. filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization under Subchapter V dated April 23, 2026. The Debtor is a Florida Profit Corporation founded in 1991 and domiciled in Florida. The Debtor is a very small pulmonology medical practice located in leased premises near the Palmetto Expressway and SW 8 Street, consisting of its owner, David A. Orta, M.D., the practice's pulmonologist, a pulmonary function technician, and an office manager. DR. ORTA is the President, sole Shareholder, and sole Director of the Debtor, and received modest compensation from the Debtor of approximately $85,000 in 2025, the year preceding the filing of this case. The event that triggered the January 22, 2026 filing of this bankruptcy was the January 21, 2026 garnishment of the Debtor's bank account by American Express National Bank after it obtain a default final judgment against the Debtor for $47,231.52 on September 25, 2025. The Debtor owes a $6,632.96 priority, unsecured debt to the Department of Treasury, Internal Revenue Service ("IRS"), and approximately $346,355.66 in general unsecured claims as reflected Debtor's Amended Schedules and the proofs of claims filed in this case. The Debtor shall make all plan payments from cash-flow provided by operations upon reasonable terms and over a reasonable period as set forth in the Plan. The Debtor seeks relief under Subchapter V to achieve these goals of reconciliation and reorganization. The Debtor's Plan will be funded by the current and future income earned by the Debtor. The Debtor expects income from operations to cover all payments due under the Plan. The Debtor proposes a reasonable Plan which is proposed in good faith and not by any means forbidden by law. Attached hereto as Exhibit B and incorporated herein by reference are Debtor's projected financials evidencing feasibility of the Debtor's Plan payments from the Debtor's net income over five years. This Plan provides for one class of priority, unsecured claims; two classes of a secured claim; one class of general (non-priority) unsecured claims; and one class of equity security holder. Secured and unsecured creditors holding allowed claims will receive a distribution on their claim payable over five years. This Plan also provides for the payment of administrative claims and a priority tax claims under the terms, and to the extent, permitted by the Code or by agreement between the Debtor and the claimants. Class 4 consists of General Unsecured Claims. The Debtor will pay claimants in this class a total of $24,000 without interest in equal quarterly installments, with the first payment being made on the 90th day following the Effective Date of the Plan and the remaining 19 quarterly payments being made on the same day of the month each quarter thereafter. The Debtor estimates that there is a total of $346,355.66 of claims in in this class, resulting in an estimated pro rata distribution of 6.93% to each class member. This Class is impaired. Class 5 consists of Equity Security Holder of the Debtor. Equity Security Holder will retain ownership in the Debtor post-confirmation. Payment of all allowed Administrative Expense Claims is due on the Effective Date the Plan and will be funded from cash-flow provided by operations or by a cash contribution from David A. Orta, owner of the Debtor, or other non-Debtor person or entity. Payment of all allowed claims in Class 1, Class 2, Class 3, and Class 4 will be funded by the continued operations of the Reorganized Debtor. A full-text copy of the Plan of Reorganization dated April 23, 2026 is available at https://urlcurt.com/u?l=8mhf21 from PacerMonitor.com at no charge. Counsel to the Debtor: James Schwitalla, Esq. The Bankruptcy Law Offices of James Schwitalla, PA Park Place II 12954 SW, 133 Court Miami, FL 33186 Telephone: (305) 278-0811 Email: jws@MiamiBKC.net About David A. Orta, Jr., M.D. P.A. David A. Orta, Jr., M.D., P.A. is a Florida Profit Corporation founded in 1991 and domiciled in Florida. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10742) on January 22, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. James Schwitalla, Esq., represents the Debtor as legal counsel. DAVID ADDINGTON: Loses Bid to Dismiss Humboldt, et al., Case ------------------------------------------------------------ The Hon. William J. Lafferty, III, of the U.S. Bankruptcy Court for the Northern District of California will overrule the objections and deny David Addington's motion to dismiss the adversary proceeding captioned as HUMBOLDT GROWERS NETWORK, INC., a California corporation, and TOBIAS DODGE, an individual, Plaintiffs vs. DAVID PRESTON ADDINGTON, Defendant, A.P. No. 25-04032 (Bankr. N.D. Cal.). In 2017, Piner Partners, a general partnership owned by Defendant, sub-leased real property located in Santa Rosa, California (the "Property") to Plaintiffs. As provided in the lease agreement, Dodge paid Piner Partners $100,000 to improve the leased commercial facilities and operate the premises as a distribution hub for cannabis products. In addition, HGN agreed to make monthly rental payments of $4,000 and to pay an additional 1/16th of the building's common-area expenses in return for Plaintiffs' right to access the common-area's facilities and spaces. Piner Partners promised to use its "best efforts to maintain strict compliance" with California and local cannabis laws. Piner Partners also operated a cannabis business at the Property. Plaintiffs moved into their leased space after fulfilling their contractual obligations and commenced operations. Under the rubric of allegedly complying with State Cannabis Control "contiguous space" regulations, Defendant started to expand his own cannabis operations on the Property, encroaching on other tenants' leased spaces, including Plaintiffs', and impacting adversely their rights under their subleases. Plaintiffs also reached out to the State licensing bureau and took the lead in working with the other subtenants at the Property to resolve issues between themselves and Defendant and his companies. Nevertheless, Defendant refused to cooperate with Plaintiffs and eventually occupied the entire Property for his own use, thereby depriving Plaintiffs of access to their leased space and to $1 million of their own cannabis product. In addition, Defendant took Plaintiffs' cannabis products without consent and unlawfully sold the product under Defendant's own distributorship. Defendant also physically intimidated the subtenants and physically assaulted Mr. Dodge's father. Moreover, although Defendant previously confirmed that all cannabis-related activities would comply with state laws, he proceeded illegally to trim raw cannabis in the shared spaces, which violated California's contiguous-space guidelines. By 2019, HGN could no longer legally operate out of the original facility and it opened a different distribution facility in Humboldt County to continue operations. Defendant served HGN with an eviction notice, and three days later he locked the front doors to the Property with a bike chain. HGN incurred significant costs in relocating to the new facility in Humboldt County and in rental costs for the leased space at the Property, which it was prevented from using, and ultimately suffered $4 million in lost profits due to the nonfulfillment of orders at the Property. Plaintiffs claimed $5 million in damages resulting from breaches of the sublease agreement with Piner Partners, caused by Defendant's wrongful behavior. On July 1, 2019, Defendant commenced the State Court Action against Ridgeway Distribution LLC (the master lessor of the Property) and later added Plaintiffs as defendants. Plaintiffs filed a cross complaint against Defendant and Piner Partners for Breach of Contract, Breach of Implied Covenant of Good Faith and Fair Dealing, and for Interference with Business Relations. The case was tried in May 2023, culminating in the Decision. The state court found that Defendant's tortious and wrongful conduct led to Piner Partners' breach of contract with Plaintiffs and the breach of the implied covenant of good faith and fair dealing. It also found that Defendant's and Piner Partners' conduct amounted to conversion, trespass, and battery. In addition, the state court held that Defendant's conduct established intentional interference with the business relations of Plaintiffs. Ultimately, the court awarded Plaintiffs $2,580,000 in damages against Defendant and Piner Partners (the "Final Judgment"). The damages included $780,000 in out of-pocket expenses and a further $1,800,000 in lost profits. Defendant appealed the Final Judgment. The appeal was dismissed on April 22, 2025. On July 8, 2025, HGN and Dodge each timely filed Proofs of Claim in Debtor's bankruptcy case. The proofs of claim were each filed in the amount of the Final Judgment, i.e., $2,580,000. HGN and Dodge also asserted that their claims were "secured" based on judgment liens created by the filing of Abstracts of Judgment. On August 11, 2025, HGN, Tobias Dodge and Steve Dodge timely filed a joint proof of claim, asserting an unsecured claim in the amount of $336,590 based on the amount of attorneys' fees awarded to them in connection with the Final Judgment. On October 10, 2025, Debtor filed (i) Objection to Claim 2-1, etc., (ii) Objection to Claim 3-1, etc. and Objection to Claim 4-1 (the "Objections"). On November 4, 2025, pursuant to a stipulation entered into by the Claimants and the Debtor (i) HGN, Steve Dodge and Tobias Dodge filed their Supporting Response by Creditor to Objection to Claim 4, (ii) HGN filed its Supporting Response by Creditor to Objection to Claim 2, and Tobias Dodge filed his Supporting Response by Creditor to Objection to Claim 3. On August 21, 2025, Plaintiffs filed a complaint against Defendant, initiating the adversary proceeding (the "Complaint"). The Complaint sought a determination that the debt owed to Plaintiffs was non-dischargeable under 11 U.S.C. Sec. 523(a)(6), alleging that the debt was the result of willful and malicious conduct by Defendant, as purportedly determined in the Decision in the State Court Action. Defendant filed the MTD on October 6, 2025. Although Defendant asserts in the Objections that Claims 2-1 and 3-1 are not properly secured because of deficiencies in the Abstracts of Judgment, the main thrust of the Objections with respect to all of the Claims is that they should be disallowed, or "allowed at $0," because a distribution from the estate in satisfaction of the Claims would constitute a violation of the Controlled Substances Act, 21 U.S.C. Sec. 841, et seq. ("CSA"). In other words, Defendant argues that any such distribution would amount to a payment of lost profits and damages to a cannabis-related business that was illegal under the CSA. Accordingly, Defendant asserts that the Complaint must be dismissed. With respect to the MTD, Defendant argues that the Complaint failed separately to plead the "Willful" and "Malicious" requirements under Sec. 523(a)(6) and failed adequately to allege facts supporting a claim under Sec. 523(a)(6). In the Opposition, Plaintiffs asserted that there are no authorities that support the proposition that a "cannabis creditor" is prohibited from enforcing a final state court judgment against a "cannabis debtor" in a bankruptcy case. According to Plaintiffs, Defendant's referenced cases regarding the intersection between the CSA and the Bankruptcy Code involve scenarios in which cannabis-related activities impacted a debtor's right to bankruptcy relief, and do not support an argument barring payment of an otherwise allowable claim to a creditor based on some alleged connection to cannabis-related activities. Plaintiffs further argued that barring creditors from receiving payments on their claims for the reasons asserted by Defendant would amount to a violation of the Full Faith and Credit Act. Plaintiffs defended the decision to not plead the separate "willful" and "malicious" prongs of Sec. 523(a)(6), citing Ninth Circuit precedent to support the proposition that Debtor's conduct constitutes willful and malicious injury as a matter of law. The Court concludes that this chapter 11 case raises no operational or administrative issues that would implicate the prohibitions of the CSA. As an initial matter, and as Plaintiffs correctly point out, the cases cited by Debtor for the proposition that the CSA prohibits or limits certain activities within a bankruptcy case deal with restrictions on the debtor's business operations or the assets available to the debtor, not to payments to creditors on account of allowed claims. Judge Lafferty explains, "Given that the Debtor is neither operating nor deriving any income or assets from a cannabis-related business, the concerns raised in the cited cases concerning a bankruptcy debtor's use of a federally created statutory scheme to conduct a business or use assets that would be prohibited by other federal law, such as the CSA, are not present in this case. And for the same reasons, neither would the Debtor's future distribution on account of the Claims appear to implicate any aspect of the CSA, since it does not appear that the source of any such payments would be cannabis-related. Nor is there any basis to believe that the proceeds paid to the Claimants via this bankruptcy case or otherwise, if the Claims be determined non-dischargeable, would be used in a cannabis-related business." A copy of the Court's Memorandum Decision dated April 29, 2026, is available at https://urlcurt.com/u?l=unck0h from PacerMonitor.com. David Addington filed for Chapter 11 bankruptcy protection (Bankr. N.D. Cal. Case No. 25-40890) on May 1, 2025. The Debtor is represented by Matthew D. Metzger, Esq., at Belvedere Level, PC. DBMP LLC: Court Stays Privilege Motion Order in Asbestos Cases -------------------------------------------------------------- Judge Ashley Austin Edwards of the U.S. Bankruptcy Court for the Western District of North Carolina granted the motion of DBMP LLC motion for a stay pending appeal regarding the order partially granting and sustaining and partially denying plaintiff's privilege motion and defendants' objection in the following adversary proceedings: 1. Official Committee Of Asbestos Personal Injury Claimants, and Sander L. Esserman, in his capacity as Legal Representative for Future Asbestos Claimants, Plaintiffs, v. DBMP LLC and CERTAINTEED LLC Defendants, Adv. Proc. No. 21-03023; 2. Official Committee Of Asbestos Personal Injury Claimants, and Sander L. Esserman, in his capacity as Legal Representative for Future Asbestos Claimants,, each on behalf of the estate of DBMP LLC, Plaintiffs, v. Certainteed LLC, Certainteed Holding Corporation, and Saint-Gobain Corporation, Defendants, Adv. Proc. No. 22-03000; and 3. Official Committee Of Asbestos Personal Injury Claimants, and Sander L. Esserman, in his capacity as Legal Representative for Future Asbestos Claimants, each on behalf of the estate of DBMP LLC, Plaintiffs, v. Compagnie De Saint-Gobain S.A., Saint-Gobain Corporation, Saint-Gobain Delaware Corporation, Certainteed LLC, Certainteed Holding Corporation, Joseph Bondi, Sean Knapp, Lawrence Rayburn, Michael Starczewski, Vincent Dinenna, Robert Panaro, Donald Melroy, Pierre-André De Chalendar, Benoit Bazin, Antoine Vignial, Hubert Reichardt, Daniel Biarneix, Sreedhar Natarajan, Guillaume Texier, Thomas Kinisky, Carol Gray, John Sweeney, Eric Placidet, Mark Rayfield, and Keith Campbell, Defendants, Adv. Proc. No. 22-03001. On January 23, 2020, DBMP filed for Chapter 11 relief with the stated goal of establishing a trust under section 524(g) of the Bankruptcy Code. DBMP is one of two successor entities of Old CT, the other being New CT, that were formed three months prior to the Petition Date as a result of the Restructuring, which terminated Old CT's existence and allocated almost all of Old CT's assets to New CT while allocating all of Old CT's asbestos liabilities to DBMP. The Restructuring and DBMP's ensuing bankruptcy filing represent a novel two-part legal maneuver known as the "Texas Two-Step", whereby an entity seeks bankruptcy relief while limiting the burdens of bankruptcy to only the entity holding the liabilities. DBMP's case is one of only four such Texas Two-Step bankruptcy cases, all of which have been brought in this Court. The Plaintiffs have challenged DBMP's filing and the Defendants' Texas Two-Step by bringing three adversary proceedings against the Defendants (the "Adversary Proceedings"): (1) Adv. Pro. No. 21-03023, seeking to substantively consolidate DBMP and New CT; (2) Adv. Pro. No. 22-03000, seeking to prove the Defendants' Texas Two-Step constituted a fraudulent transfer; and (3) Adv. Pro. No. 22-03001, seeking to prove the Defendants' Texas Two-Step constituted a breach of fiduciary duty and related misconduct. Discovery is ongoing for the first two Adversary Proceedings while discovery for the third is stayed pending resolution of the second. Discovery for the Adversary Proceedings has languished for years due to disputes over the Defendants' asserted privilege. At the outset, the Plaintiffs contend that the Defendants blocked disclosure of "nearly half" of documents responsive to the Plaintiffs queries on the grounds they were privileged (the "Documents"). Additionally, during the Plaintiffs' depositions of various personnel of the Defendants (the "Depositions" and the "Deponents"), the Defendants objected to many lines of inquiry as invading privilege (the "Deposition Objections"). While the Defendants have withdrawn their privilege claims as to some of the Documents and Deposition Objections, they have maintained the validity of most. On August 23, 2021, the Plaintiffs filed the Privilege Motion, the operative filing ultimately leading to the Order. Therein, the Plaintiffs argued that the Defendants' privilege assertions were invalid on two grounds: (1) the crime-fraud exception, due to the Defendants' Texas Two-Step constituting a fraudulent transfer; and/or (2) at-issue waiver, because at least some of the Defendants' asserted privilege related to matters that the Defendants had affirmatively injected. On March 16, 2026, the Court entered the Order following an in-camera review of the nearly 4,000 Documents. On the crime-fraud exception question, although the Court provided some guidance, it ultimately deferred deciding the issue in the Order since the Court had found other privileged materials required disclosure on alternative grounds. First, the Court found in the Order that the asserted privilege over parts or all of approximately 300 of the Documents, and as to various Deposition Objections, did not exist because the information therein failed to meet the requirements for privilege or constituted improper speaking objections. Second, the Court found that the privilege for approximately 125 Documents and for one Deposition Objection had been waived by the Defendants because those Documents comprised drafts of documents that were intended to be published or otherwise disclosed beyond the privilege relationship, pursuant to Fourth Circuit case law. Third, the Court found a limited at-issue waiver after first resolving the applicable standard given the lack of uniformity between courts on the issue. On March 31, 2026, the non-DBMP Defendants joined the Motion. As to the scope of timing of any stay, the Defendants request a stay extending until 30 days after the resolution of their appeal and any other post-ruling relief sought by the Defendants with respect to the Order. The Plaintiffs argue that, if a stay is granted, it should be implemented in limited stages and revisited as the procedural posture becomes clearer, specifically first upon the resolution of the Reconsider Motion and the filing of a notice of appeal of the Order. The Defendants object to any such iterative stay, arguing that it would be cumbersome to require additional briefing at various stages of the appellate process and unnecessary, as the Plaintiffs may move to dissolve any stay at any time. The Court disagrees with the Plaintiffs that the success factor requires a showing that the Order is likely to be reversed on appeal. In the Court's view, the combination of the lack of clarity in the governing law and the importance of the issues weighs in favor of the requested relief. The Court finds that Defendants have sufficiently established the movant harm factor to weigh in favor of a stay. In particular, the Court believes that Plaintiffs' review of the waived privileged documents, if the Order is reversed, could constitute irreparable harm to the Defendants' case given the reality that the Plaintiffs would still have learned information otherwise potentially protected by privilege. Even if the Plaintiffs cannot or do not directly use the materials from which they learned the information, it is not improbable that the Plaintiffs could, using that knowledge, find other nonprivileged and admissible evidence for the information. That possibility would result in the Plaintiffs having gained an advantage in this case solely due to a potentially reversed ruling and thus produce an injustice to the Defendants. Formal exclusion of the privileged materials, and the other safeguards the Plaintiffs submit, seem unlikely to completely foreclose this possibility. The Court also finds that delay can constitute substantial harm where specific circumstances make the delay uniquely unfair to the nonmovant. Thus, substantial harm to the nonmovant from delaying litigation is certain where plaintiffs have mesothelioma, asbestosis, or pleural disease, or where decedents' survivors await compensation for support. The Order is stayed until 30 days after resolution of any post-ruling relief sought by the Defendants as to the Order. The Plaintiffs may move to dissolve the stay should it result in undue delay. At this juncture, the Court proceeds under the hope that an appeal can be resolved expeditiously and directs the Defendants to pursue such appeal without delay. A copy of the Court's Order and Opinion dated April 29, 2026, is available at http://urlcurt.com/u?l=nJ2KSFfrom PacerMonitor.com. About DBMP LLC DBMP, LLC is a North Carolina limited liability company and the direct parent company of Millwork & Panel LLC, which manufactures vinyl siding and polyvinyl chloride (PVC) trim products for the construction market at facilities it owns in Claremont, N.C. and Social Circle, Ga. It is a defendant in tens of thousands of asbestos-related lawsuits pending in courts throughout the United States. DBMP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 20-30080) on Jan. 23, 2020. At the time of the filing, the Debtor disclosed assets of between $500 million and $1 billion and liabilities of the same range. Judge J. Craig Whitley presides over the case. The Debtor tapped Jones Day as bankruptcy counsel; Bates White LLC as consultant; Robinson, Bradshaw & Hinson, P.A. and Schiff Hardin LLP as special counsel; and Epiq Corporate Restructuring, LLC as claims, noticing and balloting agent. The Debtor also tapped Donlin, Recano and Company, Inc., to oversee the submission of personal injury questionnaires by claimants. The official committee of asbestos personal injury claimants appointed in the Debtor's case tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as its bankruptcy counsel. Hamilton Stephens Steele Martin, PLLC is the committee's local counsel. The court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP and Stutzman, Bromberg, Esserman & Plifka, a Professional Corporation, as his bankruptcy counsel. Alexander Ricks PLLC is the FCR's North Carolina counsel. Forrest Bridges is appointed as the discovery referee in this Chapter 11 case. Adam Steele, a lawyer practicing in North Carolina, is tapped as his research assistant. DELEK LOGISTICS: S&P Rates New $800MM Senior Unsecured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to Delek Logistics Partners L.P.'s announced $800 million eight-year senior unsecured notes. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of a payment default. The partnership will use the proceeds from this issuance to repurchase all its senior notes due 2028 and redeem $400 million of its senior notes due 2029, as well as to pay transaction-related fees. DIOCESE OF ALBANY: Group Claim Allowed for St. Clare's Pensioners ----------------------------------------------------------------- Judge Patrick G. Radel of the U.S. Bankruptcy Court for the Northern District of New York granted the joint motion filed by the New York State Attorney General and the AARP Foundation, on behalf of the St. Clare's Pensioners, to authorize a group claim in the bankruptcy case of the Roman Catholic Diocese of Albany. The motion for order establishing claims bar date for St. Clare's Pensioners is denied as moot. In December of 2025, a jury in Schenectady, New York awarded $54.2 million to 1,124 former employees of St. Clare's Hospital. The jury found that several defendants, including two former bishops of the Roman Catholic Diocese of Albany, failed to properly administer the hospital's pension plan. The Diocese is liable for this award, subject to a pending appeal. The Attorney General, working in collaboration with AARP, litigated the former employees' case, obtained the verdict, and is defending the appeal in state court. On March 19, 2026, the Attorney General filed a proof of claim (the "Group Claim") in this bankruptcy case on behalf of the former employees of St. Clare's (the "St. Clare's Pensioners"). Presently pending is a Joint Motion by the Attorney General and AARP, on behalf of the St. Clare's Pensioners, for allowance of the Group Claim. The Diocese, supported by the Official Committee of Tort Claimants (the "Tort Committee"), opposes the Joint Motion and seeks a traditional Chapter 11 claims solicitation and filing process. The Court concludes that a group claim is appropriate under the facts presented in this case. The Court finds the interests of efficiency, accuracy and equity favor allowing the Group Claim. The claims solicitation process in a Chapter 11 case involving a large number of consumer claimants is cumbersome and confusing -- a concern exacerbated in this case as many of the pensioners are advanced in age and have limited resources. According to the Court, disallowing the Group Claim would either (1) require the Unsecured Creditors' Committee, Attorney General, and/or AARP to undertake the effort and expense of coordinating and facilitating the preparation and filing of more than one thousand individual claims to reach the exact same result as will be achieved by allowing the Group Claim or (2) risk that a pensioner or pensioners will not receive a distribution because they failed to receive notice, file a claim, complete the form properly, calculate their claim correctly, and/or submit the claim timely. In opposing the Joint Motion, the Diocese and Tort Committee argue that the Attorney General's agency and authority stop at the federal courthouse door, which prevents her from protecting the pensioners' right to a recovery by filing a proof of claim on their behalf. The Court finds that the Attorney General's established authority to act as agent for the St. Clare's Pensioners in pursuing their claims, protecting their rights, and recovering their damages includes the authority to file a proof of claim on their behalf. A copy of the Court's Memorandum-Decision and Order dated April 30, 2026, is available at https://urlcurt.com/u?l=K13bnl from PacerMonitor.com. About Roman Catholic Diocese of Albany, New York The Roman Catholic Diocese of Albany is a religious organization in Albany, N.Y. It covers 13 counties in Eastern New York, including a portion of the 14th county. Its Mother Church is the Cathedral of the Immaculate Conception in the city of Albany. New York's Child Victims Act, which took effect in August 2019, temporarily sets aside the usual statute of limitations for lawsuits to give victims of childhood sexual abuse a year to pursue even decades-old claims. Hundreds of new lawsuits have been filed against churches and other institutions since the law took effect on Aug. 14, 2019. Facing the financial weight of new sexual misconduct lawsuits, at least four of the eight Roman Catholic dioceses in the state, has already sought Chapter 11 protection. The dioceses that have declared bankruptcy include the Diocese of Rochester and the Diocese of Rockville Centre on Long Island. The Catholic Diocese of Albany sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 23-10244) on March 15, 2023. In the petition filed by Fr. Robert P. Longobucco, the Debtor estimated assets between $10 million and $50 million and liabilities between $50 million and $100 million. Judge Robert E. Littlefield, Jr. oversees the case. The Debtor tapped Nolan Heller Kauffman, LLP as bankruptcy counsel; Tobin and Dempf, LLP as special litigation counsel; Keegan Linscott & Associates, PC as financial advisor; and Bonadio & Co., LLP as accountant. Donlin, Recano & Company, Inc. is the claims and noticing agent. On April 17, 2023, the U.S. Trustee for Region 2 appointed two separate committees to represent unsecured creditors and tort claimants in the Debtor's Chapter 11 case. The unsecured creditors' committee tapped Lemery Greisler, LLC as legal counsel; Dundon Advisors, LLC as financial advisor; and OneDigital Investment Advisors, LLC as special investment consultant. Stinson, LLP and OneDigital Investment Advisors serve as the tort committee's legal counsel and special investment consultant, respectively. DWG ENTERPRISES: Unsecured Creditors to Get Nothing in Plan ----------------------------------------------------------- DWG Enterprises, LLC filed with the U.S. Bankruptcy Court for the Southern District of California a Plan of Reorganization for Small Business dated April 23, 2026. The Debtor is a California limited liability company formed in 2013. David Graves III is the managing member of Debtor. Previously, Debtor operated at two locations, including (1) 2521 Palomar Airport Rd, Ste 106, Carlsbad, CA 92011 ("Carlsbad Location"), and (2) 1350 Market St., San Diego, CA 92101-7629 ("San Diego Location"). Debtor opened the Carlsbad Location in November 2014, and opened the San Diego Location in July 2016. Debtor was originally a franchise of Rooster's Men's Grooming Center. On January 23, 2026 ("Petition Date"), Debtor filed this Chapter 11 bankruptcy case. Debtor is a small business debtor within the meaning of section 101(51D) of the Bankruptcy Code and has elected to reorganize under Subchapter V. The Debtor has only one secured creditor whose lien attaches to value in Debtor's property, specifically Five Star Bank. Debtor has four priority tax creditors, including (1) the IRS ($136,691.27), (2) the EDD ($13,833.17), (3) the FTB ($12,918.31), and (4) the CDTFA ($361.09). The Debtor owes approximately $1,206,269.30 to general unsecured creditors, which consists primarily of (1) the EIDL Loan ($705,205.00), (2) merchant cash advances ($118,041.33), and (3) credit cards ($67,438.79). This Plan has a 60-month term which ends on June 30, 2031. Over this term, the Debtor will have $382,000.00 in projected disposable income. Under the Plan, the Debtor proposes to pay $383,813.12 to creditors. This Plan of Reorganization proposes to pay creditors of Debtor from disposable operating income from normal business operations. Overall, the Plan projects to pay a 0.0% distribution to general unsecured creditors. With respect to each class of creditors, the Plan provides as follows: * The Plan provides for the payment of administrative expense claims in full by 2Q'27, and payment of priority tax claims in full (with applicable legal interest) by 4Q'30. * The Plan provides for the payment of $0.00 total to general unsecured claims, which shall be distributed pro rata to holders of allowed general unsecured claims. Class 3A consists of General Unsecured Claims. Each allowed Class 3A claim shall receive a pro rata distribution of equal quarterly payments in the amount of $0.00. The allowed unsecured claims total $34,145.33. This Class is impaired. Class 4 consists of Equity security interests of the Debtor. Each holder of a Class 4 Interest will retain their rights and interests without impairment and will not receive any payments on account for their Class 4 Interests during the life of the Plan. The Plan will be funded with the following: (i) cash on hand, (ii) Debtor's protected disposable income over a period of sixty months, and (iii) pursuit of other estate claims and causes of action, if any. A full-text copy of the Plan of Reorganization dated April 23, 2026 is available at https://urlcurt.com/u?l=ECVj4o from PacerMonitor.com at no charge. Counsel to the Debtor: Donald W. Reid, Esq. Law Office of Donald W. Reid 770 First Avenue, Suite 250 San Diego, CA 92101 Tel: (619) 880-6100 Fax: (619) 923-2051 Email: don@donreidlaw.com About DWG Enterprises, LLC DWG Enterprises LLC, doing business as The Viking Men's Salon, operates a men's grooming salon offering hair and facial hair services, shaves and facials, color services, and waxing. The Company provides barbering and grooming services focused on traditional techniques alongside modern styling practices. DWG Enterprises LLC in Carlsbad, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D. Cal. Case No. 26-00187) on Jan. 23, 2026, listing $49,062 in assets and $1,269,976 in liabilities. David Graves III as managing member, signed the petition. LAW OFFICE OF DONALD W. REID serve as the Debtor's legal counsel. DYNAMIC TRANSPORT: Hires A+ Accounting & Tax as Accountant ---------------------------------------------------------- Dynamic Transport Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Akshay Dave, CPA of A+ Accounting & Tax to serve as accountant for the Debtor. Mr. Dave and the firm will provide these services: (a) prepare court-ordered financial reports, including Monthly Operating Reports required by the United States Trustee; (b) provide ordinary accounting services on an as-needed basis during the Chapter 11 case; and (c) assist the Debtor with tax and accounting compliance and other financial reporting obligations required during the bankruptcy proceedings. Mr. Dave will receive these rates: – $1,500 initial retainer to be applied against services rendered – $175 per hour for services performed by the accountant – $50 to $100 per hour for accounting staff services – reimbursement of actual out-of-pocket expenses including copies, postage, and computer-related charges – no fees will be paid unless approved by Court order through fee applications A+ Accounting & Tax is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has no disqualifying connections with the Debtor or other parties in interest, except prior preparation of personal tax returns for certain individuals associated with counsel. The firm also states compliance with Bankruptcy Code Secs. 327(a) and 329(a) and Bankruptcy Rules 2014(a) and 2016(b). The firm can be reached at: Akshay Dave, CPA A+ Accounting & Tax P.O. Box 372 Brandon, FL 33509 Telephone: (813) 381-3809 Email: tax4002@gmail.com About Dynamic Transport Service Inc. Dynamic Transport Service, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01977) on March 13, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Caryl E. Delano presides over the case. By Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. EARTH PREP: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------- On April 22, 2026, Earth Prep LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Earth Prep LLC Earth Prep LLC is a company that appears to operate in environmental services, land preparation, or site development, potentially providing solutions related to land clearing, grading, or sustainability-focused projects. Earth Prep LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01774) on April 22, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The debtor is represented by Donald M. DuFresne, Esq. of Parker & DuFresne. EAST HEMPSTEAD: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: East Hempstead Partners Inc. 219-05 East Hempstead Avenue Queens Village NY 11429 Business Description: East Hempstead Partners, Inc. is a single- asset real estate company that owns and leases one income-producing real estate property. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42167 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Michael L. Previto, Esq. MICHAEL L. PREVITO ESQ. 150m Motor Parkway Hauppauge NY 11788 Tel: 631-379-0837 Email: mchprev@aol.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Marko Bazilme as owner and president. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4QIMOZQ/East_Hempstead_Partners__Inc__nyebke-26-42167__0001.0.pdf?mcid=tGE4TAMA EKSO BIONICS: Net Loss Widens to $6.9 Million in Q1 FY2026 ---------------------------------------------------------- Ekso Bionics Holdings, Inc. filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $6.9 million for the three months ended March 31, 2026, compared to a net loss of $2.9 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $2.1 million, compared to $3.4 million in the prior-year period. As of March 31, 2026, the Company had an accumulated deficit of $269.3 million. The Company has incurred significant operating losses and negative cash flows from operations since inception. During the three months ended March 31, 2026, the Company used $2.1 million of cash in its operations. Cash on hand as of March 31, 2026 was $3.99 million. On January 12, 2026, the Company entered into an irrevocable standby letter of credit, established by its primary operating bank, in favor of the Company's third-party contract manufacturer, as the beneficiary, in the aggregate amount of $250, effective January 12, 2026 and expiring on January 12, 2027, unless otherwise extended or terminated. The purpose of the letter of credit is to provide financial security to the third-party contract manufacturer for inventory procurement and manufacturing obligations. As the letter of credit requires the Company to maintain a corresponding cash deposit with its bank, the full amount is classified as restricted cash as a component of Cash and restricted cash in the Company's condensed consolidated balance sheet as of March 31, 2026. After considering cash restrictions, effective unrestricted cash as of March 31, 2026 was approximately $3.7 million. Ekso said, "Our expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that the condensed consolidated financial statements are issued. Management intends to raise funds through one or more financings in the near term in order to meet our cash requirements for the next 12 months. However, due to several factors, including those outside management's control, there can be no assurance that the Company will be able to complete such financings on acceptable terms or in amounts sufficient to continue operating the business under the operating plan." "As part of the financing strategy, management is simultaneously pursuing strategic partnerships, delaying or abandoning certain product development projects, cost reduction efforts for our products, and refocusing sales efforts to accelerate revenue growth above historical results. We have concluded the likelihood that our plan to successfully reduce expenses to align with our available cash, while reasonably possible, is less than probable. Accordingly, we have concluded that substantial doubt exists about our ability to continue as a going concern for a period of at least 12 months from the date of issuance of these condensed consolidated financial statements. Management currently estimates that the Company's cash on hand as of March 31, 2026 will fund its operations into the early part of the third quarter of 2026." A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2h9xbacm About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated February 23, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has an accumulated deficit at December 31, 2025 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $19.7 million in total assets, $13.9 million in total liabilities, $3.7 million in temporary equity and $2.1 million in total stockholders' equity. FAT BRANDS: Court Okays Stipulation to Dismiss SEC Civil Action --------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas entered an order: (i) authorizing FAT Brands to enter into, and perform under the stipulation between the U.S. Securities and Exchange Commission and Defendants FAT Brands, Inc., Andrew Wiederhorn, Ron Roe, and Rebecca D. Hershinger; and (ii) granting related relief. The Releases contained in paragraph 2 of the Stipulation are reasonable, fair, equitable, appropriate, and approved in all respects. The Stipulation is approved in all respects and shall be binding and enforceable in accordance with its terms on Debtor FAT Brands Inc. and its estate, and the SEC, and each of their respective successors and permitted assigns. Civil Action The Commission filed its complaint in this civil enforcement action (the "Civil Action") on May 10, 2024 (SECURITIES AND EXCHANGE COMMISSION, Plaintiff, vs. FAT BRANDS INC., ANDREW WIEDERHORN, RON ROE, and REBECCA HERSHINGER, Defendants, Case No. 2:24-cv-03913-MCS-AGR (C.D. Cal.)). By this Stipulation, the Commission and the Defendants agree to have the Civil Action dismissed. Pursuant to Fed. R. Civ. P. 41(a)(1)(A)(ii), the Commission and the Defendants stipulate that the Civil Action be dismissed with prejudice as to the conduct alleged in the Complaint through the date of the filing of this Stipulation, and without costs or fees to either party. A copy of the the Court's Order dated April 22, 2026, is available at http://urlcurt.com/u?l=pv58lHfrom PacerMonitor.com. Attorneys for FAT Brands Inc.: Thomas A. Zaccaro, Esq. Vicki Chou, Esq. HUESTON HENNIGAN LLP 523 W. 6th Street, Suite 400 Los Angeles, CA 90014 E-mail: tzaccaro@hueston.com vchou@hueston.com Attorneys for Andrew Wiederhorn: Doug Fuchs, Esq. Brian Lane, Esq. GIBSON DUNN & CRUTCHER LLP 333 South Grand Avenue, Suite 4400 Los Angeles, CA 90071 E-mail: DFuchs@gibsondunn.com BLane@gibsondunn.com Attorneys for Ron Roe: Daniel Nixon, Esq. Jennifer L. Derwin, Esq. BYRNE & NIXON LLP 2437 Huntington Dr. San Marino, CA 91108 E-mail: danielnixon@byrnenixon.com jenniferderwin@byrnenixon.com> Attorney for Rebecca Hershinger: Michael J. Proctor, Esq. IVERSEN PROCTOR, LLP 1325 Palmetto Street Los Angeles, CA 90013 E-mail: michaelr@iversenproctor.com About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAT BRANDS: Smokey Bones Closes All Locations in Pennsylvania ------------------------------------------------------------- Sam Woloson of local21news.com reports that Smokey Bones has exited Pennsylvania entirely, closing all of its restaurant locations in the state after its parent company, FAT Brands, filed for Chapter 11 bankruptcy. The move reflects broader restructuring efforts underway at the company. The parent company initiated bankruptcy proceedings in January, stating that the filing was intended to improve its balance sheet and support long-term financial stability. As part of that process, several underperforming locations have been shut down, the report states. The affected Pennsylvania sites include York, Reading, Greensburg, Tarentum, Cranberry Township, and Erie, according to the brand’s website. Closures have also extended beyond the state, with restaurants in Maryland, Massachusetts, and Ohio impacted as well.New York, North Carolina and Rhode Island have shut their doors, according to report. 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. FEH INC: S&P Affirms 'BB-' ICR on Asset Growth, Outlook Negative ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit and secured debt ratings to FEH Inc. At the same time, S&P assigned its 'BB-' rating to FEH's proposed $575 million senior secured notes. The recovery rating of '3' (rounded estimate: 50%) indicates its expectation for meaningful recovery in the event of default. The negative outlook reflects the 1-in-3 chance that FEH's credit protection measures remain elevated over the next year. S&P said, "While we see a clear trajectory for improvement in EBITDA as FEH realizes synergies from Diamond Hill coupled with cost rationalization under Genstar, we believe deleveraging is contingent on the company adhering to its financial policy, with debt levels holding steady." FEH Inc. recently completed the acquisition of Diamond Hill, further scaling its portfolio while maintaining healthy operational performance, driven by solid investment growth, which we view favorably from a business perspective. However, credit protection measures remain elevated relative to before the leveraged buyout of FEH by Genstar in 2025 and S&P is uncertain about the company's commitment to operating with lower leverage under new financial sponsorship. S&P said, "We expect continued expansion and diversification in AUM over the next year. FEH's AUM has increased steadily to $181.6 billion at the end of 2025 from $143.4 billion at the end of 2024. We expect this to be further bolstered by $31 billion in AUM from the recently completed Diamond Hill acquisition. Net inflows have been consistently positive for the past four years, and we anticipate this momentum to persist in the coming year." Diamond Hill, an active equity and fixed income manager, has diversified FEH's public market offerings, reducing the percentage of its multi-asset strategies--its largest category--to 56% at year-end from 64%. FEH is positioned for resilience despite broader macroeconomic uncertainties. In 2025, 90% of FEH's public market AUM outperformed benchmarks and 98% of its mutual funds received four- or five-star ratings from Morningstar. S&P anticipates continued revenue growth and cost rationalization efforts, as well as steadily improving EBITDA margins as it realizes synergies from the Diamond Hill acquisitions and cost savings from the elimination of one-time costs associated with the Genstar LBO. S&P said, "While FEH is sensitive to market volatility and redemption risk like other traditional asset managers, we expect it will increase EBITDA even with flat or slightly negative market performance. This is supported by robust AUM growth over the past year provided the macroeconomic backdrop remains consistent with our forecast for U.S. GDP growth of 2.2% for 2026 and an average of 1.9% for 2027-2029. The company is concentrated in public markets, with 80% of AUM (the remaining 20% in alternative credit assets), which could place it at risk in an economic downturn." That said, FEH's global value (low beta) strategies, which have significant allocations to cash and gold, generally outperform in down markets and were resilient against volatility in March. Improvement in credit protection measures depends on FEH's commitment to its financial policy and appetite for additional debt-financed growth. S&P said, "FEH's leveraged buyout by Genstar in 2025 and the subsequent increase in debt from the Diamond Hill transaction have pressured metrics on our adjusted basis. While partially attributable to one-time transaction-related expenses which we project to decrease, debt levels have increased over the past year (we don't net cash from debt when a company is owned by a financial sponsor). Given expected margin improvement, we see a path for S&P Global Ratings-adjusted debt to EBITDA to steadily decrease to the mid-to-high-5x area over the next year with EBTIDA interest coverage above 2x, consistent with pre-LBO leverage." This is supported by robust AUM growth from investment performance in 2025 and early 2026 as well as EBITDA contributions from the Diamond Hill acquisition, which closed in the second quarter of 2026. S&P said, "We believe this improvement hinges on the realization of synergies and the company's financial policy. Management targets a debt to EBITDA ratio of 4x-4.5x, which is in the 5x-6x area on our adjusted basis. We expect financial policy to be somewhat aggressive due to financial sponsorship. While Genstar appears committed to FEH's business and its investment philosophy, its track record at FEH is limited. However, unlike under the previous sponsorship, we do not expect any debt-financed dividends in the next two years with free cash flow instead retained for reinvestment. As a result, we expect FEH to continue to target additional acquisition prospects to increase AUM and diversify its asset class offerings over time, although we are not factoring any into our base case scenario. "The negative outlook reflects the 1-in-3 chance that FEH's credit protection measures remain elevated over the next year. While we see a clear trajectory for improvement in EBITDA as FEH realizes synergies from Diamond Hill coupled with cost rationalization under Genstar, we believe deleveraging below 6x is contingent on the company adhering to its financial policy, with debt levels holding steady." S&P could lower the rating over the next 12 months if credit metrics remain elevated, from: -- Weaker than expected margin improvement, perhaps due to the failure to realize synergies from the Diamond Hill acquisition and/or declining net inflows and market deterioration that lead to a decline in AUM that hinders EBITDA growth; or -- FEH deviates from its financial policy, with additional debt-financed acquisitions or dividend distributions beyond our base-case expectations, keeping S&P Global Ratings-adjusted debt to EBITDA above 6x and EBITDA interest coverage below 2x. S&P could revise the outlook to stable over the next 12 months if FEH: -- Improves credit metrics such that S&P expects S&P Global Ratings-adjusted debt to EBITDA to decline and remain below 6x with EBITDA interest coverage above 2x; and -- Maintains earnings, with positive net cash flow and AUM outperforming benchmarks, resulting in solid EBITDA growth. FINANCE OF AMERICA: Bloom Retirement Holds 9.49% of Class A Shares ------------------------------------------------------------------ Bloom Retirement Holdings Inc. and Reza Jahangiri, disclosed in a Schedule 13D (Amendment No. 15) filed with the U.S. Securities and Exchange Commission that as of April 9, 2026, they beneficially own 1,576,243 shares of Finance of America Companies Inc.'s Class A Common Stock, representing 9.49% of the 8,551,931 shares of Class A Common Stock outstanding as of March 18, 2026, as reported in the Company's Definitive Proxy Statement filed on April 7, 2026. This amount includes: * 666,379 shares of Class A Common Stock held directly by Bloom Retirement Holdings Inc. * 909,864 FOAEC Units (exchangeable for Class A Common Stock on a one-for-one basis), subject to the Control Condition that limits ownership to no more than 9.49% until certain consents are obtained. On April 9, 2026, the Reporting Persons agreed to forfeit 239,743 FOAEC Units to the Company for no consideration. Reza Jahangiri is the majority shareholder of Bloom Retirement Holdings Inc. and may be deemed to share voting and dispositive power over the securities held by the company. Bloom Retirement Holdings Inc. may be reached through: Reza Jahangiri 895 Dove Street, Suite 300 Newport Beach, CA 92660 Tel: (866) 948-0003 A full-text copy of Bloom Retirement Holdings Inc.'s SEC Report is available at: https://tinyurl.com/422nk4j6 About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of December 31, 2025, the Company had $30.7 billion in total assets, $30.3 billion in total liabilities, and a total stockholders' equity of $395.6 million. * * * In December 2025, Fitch Ratings affirmed the Long-Term Company Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5'. This rating action has been taken as part of a periodic peer review of non-bank mortgage companies, which is comprised of seven publicly rated firms. FIRST BRANDS: Creditor Sues BDO Over Failure to Spot Red Flags -------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that BDO USA P.C. has been sued by a creditor of First Brands Corp., which claims the auditor overlooked key red flags prior to the company’s bankruptcy and fraud allegations against its founder. In a lawsuit filed April 29, 2026, funds affiliated with Black Diamond Capital Management alleged that BDO's audits failed to comply with professional standards, citing missed risks including widespread factoring practices and significant transfers to Patrick James' personal trust, the report states. The creditor said it depended on BDO's audit reports in evaluating the company's financial condition and making investment decisions related to its debt holdings, Bloomberg relays. According to the complaint, those alleged audit deficiencies contributed to substantial losses, and the lender is seeking to recover damages linked to the firm's collapse. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FORK FOOD: James LaMontagne Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for Fork Food Lab. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About Fork Food Lab Fork Food Lab is a South Portland, Maine-based nonprofit food business incubator and shared commercial manufacturing and processing facility. Founded in 2016, it provides members with workspace, equipment, resources, access to locally sourced ingredients, licensing support and equipment training, and it also offers limited private rentals for workshops and classes. Its members include food entrepreneurs and businesses in consumer packaged goods, specialty foods, mobile food units, bakeries, catering and prepared meals. Fork Food Lab sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20104) on April 21, 2026. In the petition signed by Jason Mills, chief restructuring officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Peter G. Cary oversees the case. Adam R. Prescott, Esq., at Bernstein Shur Sawyer & Nelson, P.A., represents the Debtor as legal counsel. Fork Food Incubator, as DIP lender, is represented by: Kellie W. Fisher, Esq. Drummond Woodsum 84 Marginal Way, Suite 600 Portland, ME 04101-2480 Telephone: (207) 772-1941 kfisher@dwmlaw.com FREE SPEECH: Jones Announces Closure of Infowars Media Platform --------------------------------------------------------------- James Nani of Bloomberg Law reports that Alex Jones said his Infowars platform has gone off the air and its Austin studio has been shut down after a court-appointed receiver allegedly ordered the evacuation of the premises. Jones made the claims in a video posted Friday on X. He said Thursday's, April 30, 2026, broadcast was his final show from the Infowars studio, while the website later displayed only a brief “Off Air” message. It was not immediately clear whether Jones or the receiver initiated the shutdown of the platform’s operations and online store. Jones stated in a subsequent message that the property was locked and suggested he might try to reclaim it through legal action, though he doubted that outcome. He also said he would continue his broadcasts from a different website going forward. The closure comes as courts continue to handle disputes tied to defamation rulings over Jones' Sandy Hook statements, even after an appellate court temporarily halted a proposed intellectual property licensing arrangement involving Infowars assets, according to Bloomberg. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FRESHREALM INC: Gets Court OK to Tap $45MM Chapter 11 Financing --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a bankruptcy judge in New Jersey gave FreshRealm the green light for interim access to debtor-in-possession financing, releasing $10 million to keep the business running during its restructuring. The court's decision allows the company to continue operations without disruption, including maintaining vendor relationships and fulfilling customer orders, the report staets. FreshRealm said the funding is a key component of its restructuring strategy, with additional court proceedings scheduled to determine final approval of the financing package. About FreshRealm Inc. FreshRealm, Inc. is a food technology company focused on producing and distributing fresh meal kits and ready-to-eat meals for retailers and consumer brands. FreshRealm, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14656) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities in the range of $100 million to $500 million. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Warren A. Usatine, Esq. and Michael D. Sirota, Esq. of Cole Schotz P.C. G2 TECHNOLOGIES: Claims to be Paid from Rental Income ----------------------------------------------------- G2 Technologies, Inc. filed with the U.S. Bankruptcy Court for the Eastern District of North Carolina a Disclosure Statement describing Chapter 11 Plan dated April 23, 2026. The Debtor, a corporation formed and incorporated under the laws of the State of North Carolina, comprised of the following members: Craig Borsack (50.00%); and Steven Eckard (50.00%) (collectively, the "Equity Security Holders"). Payments as shown to creditors are based on the payments proposed in the Plan accompanying this Disclosure Statement. While there may be fluctuations in income and expenses, the Debtor has attempted to use historical data, modified based upon its current capacity and operations since the Petition Date, and experience to account for seasonal variations and other predictable variations in income, revenue, and expenses. However, in some instances, because some variations are not predictable in any meaningful way, the Debtor has taken averages for items of income and expense that are not fixed for purposes of the preparation of these projections. The income and revenue generated and received by the Debtor, on a monthly basis and in the amount of $160,000.00, is derived from a historical average of the monthly income generated by the Debtor through the performance of various services to its customers, both prior to and after the filing of the Bankruptcy Case. As illustrated by the Debtor's ongoing use of cash collateral in the Bankruptcy Case, the Debtor is assuming for purposes of illustrating the feasibility of the Plan, that it will generate gross income of at least $160,000.00 per month. Starting in the current calendar year ending December 31, 2027, and continuing throughout each of the successive calendar years, the Debtor has projected that it will be necessary to expend at least the sum of $25,000.00 in capital expenditures, replacing various items of equipment, software, and other necessary items required and essential to the performance of services to its customers and continuation of its business operations after the Effective Date (and facilitate the payments to Creditors under the Plan). General Unsecured Claims are not secured by property of the estate and are not entitled to priority under Section 507(a) of the Bankruptcy Code. Under Section 1129(a)(15) of the Bankruptcy Code, and if an Unsecured Creditor objects to the Plan, the Debtor either pay the present value of that Unsecured Claim, in full, or make distributions under the Plan totaling at least the value of the Debtor's net disposable income over the greater of: (i) five year; or (ii) the time period during which the Plan provides for payments. To satisfy the absolute priority rule and in the event of a dissenting Class of Impaired Unsecured Creditors, and to ensure compliance with Section 1129(b)(2)(B)(ii) of the Bankruptcy Code, the Equity Security Holders identified in Class 11 of the Plan shall make an aggregate new value contribution of $50,000.00 (the "New Value Contribution") on the effective date, in exchange for retention of his respective membership interests in the Debtor after the Effective Date. The Debtor reserves the right, until the conclusion of the Confirmation Hearing, to increase the New Value Contribution. The terms of this Plan, including payments to Creditors set forth hereunder, shall be derived from the following sources: (1) Rental income and revenues generated from the lease of the Shopping Center to Tenants and collection of prepetition and post-petition accounts receivable from Tenants and/or applicable third parties; and (2) Recoveries, if any obtained from the Litigation Claims, as well as any claims, causes of action or adversary proceedings filed by the Debtor in the Bankruptcy Case. A full-text copy of the Disclosure Statement dated April 24, 2026 is available at https://urlcurt.com/u?l=ENGmPu from PacerMonitor.com at no charge. About G2 Technologies Inc. G2 Technologies, Inc., provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road Suite 150 Raleigh, NC 27609 Tel: 919-296-5040 Fax: 919-977-7101 E-mail: jfrost@bbflawfirm.com GEORGIA PROTONCARE: Treatment Center Sale to Emory University OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, has permitted Georgia ProtonCare Center Inc. to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor owns and operates the only proton therapy cancer treatment center in Georgia, located at 615 Peachtree St. NE, Atlanta, Georgia. The Facility is one of only 473 operating proton therapy centers in the United States. The first patient was treated at the Facility in December of 2018 and thousands of patients have been treated there since. Emory Healthcare Inc. and The Emory Clinic Inc., which are affiliates of the Stalking Horse Bidder, manage the Facility's day-to-day operations pursuant to that certain Amended and Restated Master Services Agreement by and among the Debtor and Emory. Emory's responsibilities under the Emory Management Agreement include managing sales and marketing, clinical care, accounting, billing and collections, accounts payable, staffing, human resources, and compliance with applicable state regulations governing the provision of medical care at the Facility. Although the Debtor's facility is one of the busiest proton therapy centers in the United States, treating over 1,000 cancer patients annually, the Debtor's revenues are insufficient to service its debt payments. Ongoing reimbursement rate issues with the United States Department of Health and Human Services' Centers for Medicare & Medicaid Services and its Medicare Administrative Contractor, as well as with other commercial insurance payors, have further exacerbated revenue concerns. The Debtor implemented various cost reduction initiatives, but those efforts were largely offset by ongoing inflationary pressure on its operating costs. Overview of the Stalking Horse Asset Purchase Agreement by Emory University, by and on behalf of Emory University Hospital Midtown, a Georgia non-profit and tax-exempt corporation, is provided. https://urlcurt.com/u?l=kPhvjL The Court has authorized the Debtor to sell the Property to Emory University. The aggregate consideration for the Purchased Assets: (i) an amount equal to $110,000,000.00 less the Deposit and the Seller Property Tax Amount (if any) payable in immediately available funds by wire transfer to the account of Seller as set forth in wiring instructions provided by Seller to Buyer; and (ii) the Deposit, which the parties will cause Escrow Agent to deliver to Seller. The Court has granted and approved the motion, and the relief requested, and the Transactions contemplated and by the Asset Purchase Agreement and Transaction Documents, in each case as set forth in the Sale Order. All objections to the Motion or the relief requested therein that have not been withdrawn, waived, resolved, or otherwise settled, as announced to the Court at the Sale Hearing or by stipulation filed with this Court, and all reservations of rights included, are denied and overruled on the merits. The consideration provided by the Buyer for the Purchased Assets under the Asset Purchase Agreement is fair and reasonable and shall be deemed for all purposes to constitute reasonably equivalent value, fair value, and fair consideration under the Bankruptcy Code. The Sale Order shall be binding in all respects upon the Debtor, its estate, all creditors, all holders of equity interests in the Debtor, all holders of any Claim(s) against the Debtor, any holders of Interests against, in or on all or any portion of the Purchased Assets. The transfer of the Purchased Assets to the Buyer pursuant to the Asset Purchase Agreement and Transaction Documents does not require any consents other than specifically provided for in the Asset Purchase Agreement. The Buyer is authorized, in its discretion, in connection with consummation of the Transactions to allocate the Purchased Assets, Assumed Liabilities, and Assigned Contracts among its Affiliates, Subsidiaries, designees, assignees, and/or successors. About Georgia ProtonCare Center Georgia ProtonCare Center Inc. owns and operates the Facility, which is the sole proton therapy treatment center in the state of Georgia, and one of only 47 such facilities operating in the United States. Georgia ProtonCare Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No. 26-50882-JWC) on January 22, 2026. Judge Jeffery W. Cavender presides over the case. The Debtor is being advised by David E. Gordon at Polsinelli PC as legal counsel, BDO as financial advisor, and SOLIC Capital as the investment banker. The Bond Trustee is being advised by Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C. as legal counsel and Houlihan Lokey as investment banker. GLENWOOD CAVERNS: Court Transfers Ch. 11 Over Fatal Accident Suit ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Chapter 11 case of Glenwood Caverns Holdings LLC has been transferred from Delaware to Colorado after a federal bankruptcy judge sided with a motion filed by the family of a child killed at the company's park. Judge Laurie Selber Silverstein ruled Thursday, April 30, 2026, that the case should proceed in the District of Colorado, finding the transfer justified despite the debtor's opposition, the report states. The request stemmed from the 2021 death of Wongel Estifanos, who fell from the Haunted Mine Drop ride at Glenwood Caverns Adventure Park, according to Bloomberg. The decision shifts the bankruptcy proceedings closer to the location of the incident and key witnesses, where related litigation is also expected to continue, the report relays. About Glenwood Caverns Holdings LLC Glenwood Caverns Holdings, LLC owns and operates the Glenwood Caverns Adventure Park, the only mountaintop theme park in the U.S., located atop Iron Mountain near Glenwood Springs, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Dela. Case No. 26-10166) on February 9, 2026. In the petition signed by Paul Maniscalco, chief restructuring officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Laurie Selber Silverstein oversees the case. William A. Hazeltine, Esq., at Sullivan Nimeroff Brown Hill, LLC, represents the Debtor as legal counsel. GOLDEN STATE: S&P Withdraws 'B-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Golden State Buyer Inc., a generic drugs reseller and supplier to the U.S. federal marketplace, at the issuer's request. At the time of the withdrawal, our outlook on the company was stable. S&P said, "At the same time, we discontinued our 'B-' issue-level rating and '3' recovery rating on Golden State Buyer's first-lien debt (comprising a revolving credit facility and term loan) and our 'CCC' issue-level rating and '6' recovery rating on its second-lien term loan following the full repayment of its outstanding rated debt." GOODBEAR PROPERTY: Case Summary & 12 Unsecured Creditors -------------------------------------------------------- Debtor: Goodbear Property LLC 5 Hilltop Lane Brewster, NY 10509 Case No.: 26-10494 Business Description: Goodbear Property LLC operates a hotel and restaurant in Chestertown, New York. Based in Brewster, New York, the company provides lodging, on-site dining, and related guest services at Friends Lake Inn, a hospitality property located at 963 Friends Lake Road serving travelers in the Adirondack region. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Northern District of New York Judge: Hon. Patrick G Radel Debtor's Counsel: Howard P. Magaliff, Esq. R3M LAW, LLP 437 Madison Avenue 24th Floor New York, NY 10022 Tel: 646-453-7851 Email: hmagaliff@r3mlaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jaclyn M. Iarossi as manager. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IS4GZEI/Goodbear_Property_LLC__nynbke-26-10494__0001.0.pdf?mcid=tGE4TAMA HACKMAN CAPITAL: Forced to Sell LA TV Studio Properties by Lenders ------------------------------------------------------------------ John Gittelsohn of Bloomberg News reports that Hackman Capital Partners is facing pressure from lenders to surrender some of its Los Angeles-area entertainment properties amid declining property values and continued softness in demand for studio space. A consortium of lenders led by Deutsche Bank AG has begun efforts to market Television City, a historic production lot Hackman purchased in 2019 for $750 million. The site carries a $350 million mortgage arranged by the bank, according to public filings, the report states. The situation highlights the challenges confronting studio landlords as the entertainment industry grapples with reduced production activity and shifting market dynamics. These pressures have eroded asset values and strained existing financing structures, according to report. Lenders are now exploring options to recover value, including potential asset sales, which could reshape ownership of prominent Hollywood production facilities, the report relays. About Hackman Capital Hackman Capital Partners is a Los Angeles-based real estate investment firm specializing in the acquisition and operation of commercial and media production properties. Established in 1986, the company focuses on long-term value creation through strategic asset management. HIDALGO GROUP: Employs Hoss Hernandez as Litigation Counsel ----------------------------------------------------------- Hidalgo Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division to hire Hoss Hernandez, P.A. to serve as special litigation counsel. The Firm will provide these services: (a) defending the Debtor in the Matters; (b) evaluating, prosecuting, and defending any related claims, counterclaims, cross-claims, or third-party claims; (c) advising the Debtor regarding litigation strategy and settlement options; (d) preparing and filing pleadings, motions, discovery, and other papers as may be necessary or appropriate; (e) appearing in court hearings, mediations, and depositions; and (f) performing such other litigation-related services as may be necessary or appropriate in connection with the Matters and related issues affecting the estate. The firm was paid a non-refundable/earned-upon-receipt fee in the amount of $25,000, to be applied against a discounted hourly rate of $200. The Clients additionally agreed to pay a contingent fee of 25% of any and all recoveries, with any hourly fees paid credited against such contingent fee. Hoss Hernandez, P.A. does not hold or represent any interest adverse to the Debtor or the estate with respect to the Matters for which it is to be employed, and its proposed employment is in the best interests of the estate. The firm can be reached at: Hoss Hernandez, Esq. HOSS HERNANDEZ, P.A. 3250 N.W. 7th Street Miami, FL 33125 Telephone: (305) 859-2222 E-mail: hosshernandezpa@gmail.com About Hidalgo Group LLC Hidalgo Group, LLC is a business entity engaged in general commercial operations, including investment and management services. Hidalgo Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14274) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $500,000. The Debtor is represented by Jesus Santiago, Esq. HIDALGO GROUP: Hires Cowheard Singer as Forensic Accountant ----------------------------------------------------------- Hidalgo Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Cowheard, Singer & Company P.A. to serve as expert forensic accounting and litigation support professionals. The firm will provide these services: (a) financial and accounting analysis related to the referenced litigation; (b) forensic and expert consulting services to assist counsel in understanding and presenting financial issues; (c) preparation of written expert reports to support the firm’s conclusions for use in litigation; (d) deposition testimony as expert witnesses; (e) trial testimony as expert witnesses; (f) ongoing consultation with counsel regarding the bases, relevance, and reliability of the firm’s expert opinions and anticipated testimony; (g) cooperation in responding to subpoenas or requests for information, including potential production of work papers if required; and (h) maintenance and control of working papers and electronic document files related to the engagement. Cowheard, Singer & Company P.A. will be compensated at standard hourly rates, including $395 per hour for field work and $450 per hour for deposition and trial testimony, plus reimbursement of out-of-pocket expenses. The engagement also requires a $10,000 retainer. Cowheard, Singer & Company P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David Cowheard, CPA COWHEARD, SINGER & COMPANY P.A. 7200 NW 19th Street, Suite 202 Miami, FL 33126 Telephone: (786) 433-8900 About Hidalgo Group LLC Hidalgo Group, LLC is a business entity engaged in general commercial operations, including investment and management services. Hidalgo Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14274) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $500,000. The Debtor is represented by Jesus Santiago, Esq. HIDALGO GROUP: Seeks Approval to Hire Taveras Legal as Counsel -------------------------------------------------------------- Hidalgo Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Elizabeth Taveras, Esq. of Taveras Legal, PLLC to serve as special litigation counsel. Ms. Taveras will provide these services: (a) representing the Debtor in the Litigation Matters and any directly related proceedings; (b) evaluating, prosecuting, and defending related claims, counterclaims, crossclaims, affirmative defenses, and third-party claims; (c) advising the Debtor regarding litigation strategy, settlement, and case management; (d) preparing and filing pleadings, motions, discovery, and other papers as may be necessary or appropriate; (e) appearing in hearings, depositions, mediations, arbitrations, and trial proceedings; and (f) performing such other litigation-related services as may be necessary and appropriate in connection with the Litigation Matters. Ms. Taveras will receive an hourly rate of $325, $150 for law clerk work, $175 for paralegal work, and $100 for legal assistant time. Taveras Legal, PLLC does not hold or represent any interest adverse to the Debtor or the estate with respect to the matters for which it is to be employed, according to court filings. The firm can be reached at: Elizabeth Taveras, Esq. TAVERAS LEGAL, PLLC 121 Alhambra Plaza, Suite 1000 Coral Gables, FL 33134 Telephone: (561) 373-3114 E-mail: Elizabeth@taveraslegal.com About Hidalgo Group LLC Hidalgo Group, LLC is a business entity engaged in general commercial operations, including investment and management services. Hidalgo Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14274) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $500,000. The Debtor is represented by Jesus Santiago, Esq. HIDALGO GROUP: Taps Jorge A. Garcia-Menocal P.A. as Counsel ----------------------------------------------------------- Hidalgo Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to employ Jorge A. Garcia-Menocal, P.A. to serve as special litigation counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) defending the Debtor in pending litigation matters and directly related proceedings; (b) evaluating, prosecuting, and defending related claims, counterclaims, crossclaims, affirmative defenses, and third-party claims; (c) advising the Debtor regarding litigation strategy, settlement, and case management; (d) preparing and filing pleadings, motions, discovery, and other papers as may be necessary or appropriate; (e) appearing in hearings, depositions, mediations, arbitrations, and trial proceedings; and (f) performing such other litigation-related services as may be necessary and appropriate in connection with such matters. The firm will be compensated under terms subject to approval of the Bankruptcy Court pursuant to 11 U.S.C. Secs. 327, 330, and 331, the Federal Rules of Bankruptcy Procedure, and applicable local rules. Jorge A. Garcia-Menocal, P.A. is represented as a "disinterested person" within the meaning of the Bankruptcy Code, with no known adverse interest to the Debtor or the estate regarding the matters for which it is to be retained. The firm can be reached at: Jorge A. Garcia-Menocal, Esq. Jorge A. Garcia-Menocal, P.A. 368 Minorca Ave. Coral Gables, FL Telephone: (305) 898-3577 E-mail: jgm@fgmilaw.com About Hidalgo Group LLC Hidalgo Group, LLC is a business entity engaged in general commercial operations, including investment and management services. Hidalgo Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14274) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $500,000. The Debtor is represented by Jesus Santiago, Esq. HIDALGO GROUP: Taps Saltiel Law Group as Special Litigation Counsel ------------------------------------------------------------------- Hidalgo Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Saltiel Law Group to serve as special litigation counsel for a limited purpose in connection with the Norbeck Litigation. The Firm will provide these services: (a) defending the Debtor’s interests, as appropriate, in the Norbeck Litigation; (b) evaluating, prosecuting, and defending any related counterclaims, affirmative defenses, and third-party claims in the Norbeck Litigation; (c) advising the Debtor regarding litigation strategy, risk, and settlement options in the Norbeck Litigation; (d) preparing and filing pleadings, motions, discovery, and other papers as may be necessary or appropriate in the Norbeck Litigation; (e) appearing in hearings, depositions, mediations, arbitrations, and trial proceedings in the Norbeck Litigation; and (f) performing such other litigation-related services as may be necessary and appropriate solely in connection with the Norbeck Litigation and directly related issues. Saltiel Law Group will receive compensation pursuant to a $5,000 security retainer and hourly rates, including $625 for certain partners, $600 for other partners, $550 for certain senior counsel, $435 to $500 for senior associates, $350 to $425 for associates, $265 to $300 for law clerks and paralegals, and $185 for legal assistants, plus reimbursement of reasonable out-of-pocket litigation expenses, subject to court approval. Saltiel Law Group does not hold or represent any interest adverse to the Debtor or the estate with respect to the Norbeck Litigation and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Hubert G. Menendez, Esq. SALTIEL LAW GROUP 201 Alhambra Circle, Suite 1050 Coral Gables, FL 33134 Telephone: (305) 735-6565 E-mail: hubert@saltiellawgroup.com About Hidalgo Group LLC Hidalgo Group, LLC is a business entity engaged in general commercial operations, including investment and management services. Hidalgo Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14274) on April 6, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $500,000. The Debtor is represented by Jesus Santiago, Esq. IBODY INC: Seeks to Hire Fox Law Corporation as Bankruptcy Counsel ------------------------------------------------------------------ iBody, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire The Fox Law Corporation, Inc. 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 management of estate property and to assist the Debtor in performing the duties required of it as a debtor-in-possession; b. draft, and confirm a plan and to attend hearings in connection with any disclosure statement and plan, to conduct, if necessary, examinations of interested parties and to advise the Debtor in connection with any proposed plan or any proposal made in connection with a plan. c. To examine all claims filed in this case to determine their nature, extent, validity and priority; d. advise and assist the Debtor with the collection of assets, the sale of assets, or the refinancing of same in order to implement a plan; e. take such actions as may be necessary to protect estate assets from seizure or other proceedings, pending confirmation of a plan in this case; f. advise the Debtor as to rejection or assumption of executory contracts; g. assist the Debtor to fulfill its obligations as fiduciaries of the estate; h. prepare pleadings pertaining to matters of before the Court; I. advise the Debtor on a limited basis with respect to tax obligations, and their payment; j. prepare applications and reports as are necessary and for which the services of an attorney are required; k. render other legal services for the Debtor for which the services of a bankruptcy attorney may be necessary during the pendency of this case including any necessary litigation. l. all legal services required to assist the Debtor in fulfilling its duties under 11 U.S.C. Sec. 1106 and 1107, including all contested matters but excluding tax and securities related services The firm will be paid at these hourly rates: Steven Fox, Principal $700 Associates $650 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $50,000. Mr. Fox 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: Steven R. Fox, Esq. The Fox Law Corporation Inc. 17835 Ventura Blvd., Ste. 306 Encino, CA 91316 Telephone. (818) 774-3545 Facsimile: (818) 774-3707 Email: Srfox@Foxlaw.com About iBody Inc. iBody, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13464) on April 15, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Hon. Sheri Bluebond oversees the case. The Debtor is represented by: Steven R. Fox, Esq. Telephone: (818) 774-3545 Email: emails@foxlaw.com INMET MINING: Court Narrows Claims in Bluegrass Adversary Case -------------------------------------------------------------- Judge Douglas L Lutz of the U.S. Bankruptcy Court for the Eastern District of Kentucky granted Bluegrass Resources, LLC's motion for summary judgment in the adversary proceeding captioned as BLUEGRASS NATURAL RESOURCES, LLC, PLAINTIFF V. BLACKJEWEL LIQUIDATION TRUST by and through DAVID J. BECKMAN, TRUSTEE, et al., DEFENDANTS, BLACKJEWEL LIQUIDATION TRUST by and through DAVID J. BECKMAN, TRUSTEE, COUNTERCLAIM-PLAINTIFF V. BLUEGRASS NATURAL RESOURCES, LLC, et al., COUNTERCLAIM-DEFENDANTS, ADV. NO. 25-7001 (Bankr. E.D. Ky.). This matter concerns the ownership of land located in Lee County, Virginia. The dispute arises from bankruptcy sales occurring in this Court in 2023 and in the U.S. Bankruptcy Court for the Southern District of West Virginia (the "West Virginia Court") in 2019. Plaintiff Bluegrass Resources, LLC ("Bluegrass") contends it purchased the real property in 2023. Defendant Blackjewel Liquidation Trust, LLC, by and through David J. Beckman, Trustee ("the Trust") contends the real property was not sold in 2019 and, thus, it owns the property. Meanwhile, The Liquidating Trust of INMET Mining, LLC ("LTIM") -- essentially the middle man -- takes no position. Bluegrass has moved for a summary judgment on Count One of its Complaint for a declaratory judgment, and also on the Trust's counterclaims. The Trust filed a reciprocal motion for a summary judgment on Bluegrass's claims, on its own counterclaims for a declaratory judgment, trespass to land, and slander of title, and on Bluegrass's affirmative defense of mutual mistake. Bluegrass seeks a summary judgment granting it a declaratory judgment stating it owns the real property and dismissing the Trust's counterclaims based on the doctrine of res judicata. In opposition, the Trust asserts that Bluegrass has not established that each res judicata element is met in this case. Bluegrass contends the Trust effectively consented to the sale to Bluegrass because it did not pursue its claim to ownership of the real property in connection with the consideration and entry of the Bluegrass Sale Order. The Trust contends res judicata is inapplicable because the Court did not decide who owned the real property when it entered the Bluegrass Sale Order and, further, that INMET could not sell what it did not own. The Court finds the Trust could and should have litigated the ownership issue in connection with the Court's consideration of the Bluegrass Sale Order. Who owned the real property could and should have been litigated in INMET's main bankruptcy case. The Trust had the opportunity to do so and even acknowledged it knew about this issue when it objected to the Bluegrass Sale Order. For whatever reason, it chose not to pursue this argument then, and it may not do so now. The Court finds that Bluegrass has shown as a matter of law that res judicata applies. Specifically, the Court finds: (1) the Bluegrass Sale Order was a final decision on the merits that was issued by a court of competent jurisdiction; (2) this subsequent action is between the same parties or their privies; (3) the issue of the real property's ownership could have and should have been litigated in the INMET bankruptcy case; and (4) the dispute arises from the same common nucleus of operative facts as the INMET bankruptcy case. Thus, the Court will grant a summary judgment in Bluegrass's favor on Count One of its Complaint, awarding a declaratory judgment that Bluegrass owns the real property. Because, as the Trust conceded at oral argument, its counterclaims rely on the premise that it owns the property, Bluegrass also is entitled to a summary judgment dismissing the Trust's counterclaims. The Bluegrass Complaint contains requests for injunctive relief and contempt damages against the Trust. As to injunctive relief, in Count Two, Bluegrass contends the Bluegrass Sale Order precludes the Trust from pursuing any claims against Bluegrass or against assets it purchased from INMET and argues the Bluegrass Sale Order bars the Trust's actions (asserting a continuing interest in, and trying to market/sell, the property). The Trust primarily argues Bluegrass is not entitled to injunctive relief or contempt sanctions because it does not own the property. The Court says this view lacks merit. The Trust asserts contempt sanctions are not warranted because: (1) Bluegrass initiated the litigation between the parties; (2) the Trust did not resort to self-help and tried to resolve this dispute extra-judicially; and (3) it "sought to vindicate its property rights and defend itself via a legitimate use of the legal process." According to the Court, while the Complaint alleges a stand-alone claim for "injunctive relief" against the Trust in Count Two, "an injunction is a remedy, not a claim." Bluegrass's "claim" for injunctive relief is therefore not proper and instead should have been presented as relief sought for a substantive cause of action. The Trust is entitled to a summary judgment dismissing this "claim." Bluegrass has not proven by clear and convincing evidence that contempt sanctions against the Trust are appropriate. Thus, the Court will grant summary judgment in favor of the Trust on Bluegrass's claim for contempt sanctions. The Court ordered as follows: 1. The Bluegrass Motion is granted. Bluegrass will be awarded a summary judgment as against the Trust (a) as to its Count One (Declaratory Judgment) on ownership of the real property, and (b) dismissing the Trust's Counterclaims One through Six. 2. The Trust's Motion is granted as to the dismissal of Bluegrass's Counts Two (Injunctive Relief) and Three (Contempt Sanctions), and is denied as to the Trust's requests for a summary judgment in its favor on its Counterclaims One (Declaratory Judgment), Three (Trespass to Land), and Four (Slander of Title), and on its request for a summary judgment in its favor on Bluegrass's affirmative defense of mutual mistake (as moot). 3. The pending deadlines and trial set for this matter for May 18, 2026, are vacated. A copy of the Court's Memorandum Opinion and Order dated April 30, 2026, is available at https://urlcurt.com/u?l=dkDiva from PacerMonitor.com. About Inmet Mining Inmet Mining, LLC is a company in Knoxville, Tenn., which operates in the coal mining industry. Inmet Mining sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ky. Case No. 23-70113) on April 5, 2023, with $50 million to $100 million in assets and $100 million to $500 million in liabilities. Jeffrey Strobel, chief restructuring officer, signed the petition. Judge Gregory R. Schaaf oversees the case. Jeffrey Phillips, Esq., at Steptoe & Johnson, PLLC serves as the Debtor's legal counsel. Stretto, Inc. is the Debtor's claims, noticing and solicitation agent and administrative advisor. Paul Randolph, Acting U.S. Trustee for Region 8, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Dentons Bingham Greenebaum, LLP and Whiteford, Taylor & Preston, LLP as legal counsels; and BDO Consulting Group, LLC as financial advisor. INSPIRED HEALTHCARE: Comm. Taps Vartabedian as Conflicts Counsel ---------------------------------------------------------------- The official committee of unsecured creditors of Inspired Healthcare Capital Holdings, LLC and affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. The firm's services include: a. assisting and advising the Committee in their consultations, meetings and negotiations with the Debtors and all other parties in interest regarding the administration of these Chapter 11 Cases or other related matters in which a conflict between Greenberg Traurig and a party in interest arises during these Chapter 11 Cases; b. assisting and advising the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors, and their insiders and affiliates, or other third parties to the extent such investigation relates to the Conflicts Matters; c. assisting the Committee in the prosecution of any claims or causes of action relating to the Conflicts Matters, including the investigation of the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation; d. assisting the Committee in analyzing and negotiating with the Debtors or any third party concerning matters related to the Conflicts Matters; e. representing the Committee at hearings and other proceedings related to the Conflicts Matters; f. preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with the Conflicts Matters; and g. performing such other legal services as may be required or requested or as may otherwise be deemed in the interests of the Committee in connection with the Conflicts Matters in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: Martin Sosland, Partner $1,150 Jeff P. Prostok, Partner $1,050 Suzanne K. Rosen, Partner $925 Candice M. Carson, Partner $775 Mary Taylor Stanberry, Associate $515 Other Firm Attorneys $515 - $1,150 Paralegals/Legal Assistants $225 - $295 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Prostok 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: Jeff Prostok, Esq. Suzanne K. Rosen, Esq. Mary Taylor Stanberry, Esq. VARTABEDIAN KATZ HESTER & HAYNES LLP 301 Commerce Street, Suite 2200 Fort Worth, TX 76102 Telephone: (817) 214-4990 Email: jeff.prostok@vkhh.com suki.rosen@vkhh.com mary.stanberry@vkhh.com About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. INSTITUTO MEDICO: Employs Godreau & Gonzalez as Special Counsel --------------------------------------------------------------- Instituto Medico Del Norte Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Rafael A. Gonzalez Valiente, Esq. of Godreau & Gonzalez Law, LLC to serve as special counsel. The firm will provide these services: (a) litigate certain adversary proceedings previously filed by Instituto which are currently pending before the First Circuit of Appeals; and (b) perform any task required by the Debtor related to the tasks listed above. Mr. Gonzalez Valiente will receive an hourly rate of $300, $200 for Associates, and $150 for Paralegals, plus actual cost and expenses. The Debtor provided the firm a retainer deposit of $5,000. Godreau & Gonzalez Law, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Rafael A. Gonzalez Valiente, Esq. GODREAU & GONZALEZ LAW, LLC PO Box 9024176 San Juan, PR 00902-4176 Tel. (787) 726-0077 E-mail: rgv@g-glawpr.com About Instituto Medico Del Norte Inc. Instituto Medico del Norte Inc., operating as Centro Medico Wilma N. Vazquez, provides hospital and health-care services in Vega Baja, Puerto Rico. The company's Wilma N. Vazquez health system offers emergency care, skilled nursing, primary care, imaging, clinical laboratory, wound-care, pediatric and infusion services, serving adults, children and patients requiring acute, specialty or transitional medical care. Instituto Medico Del Norte sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-01886) on April 28, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mildred Caban Flores oversees the case. The Batista Law Group, PSC is Debtor's legal counsel. INSTITUTO MEDICO: Seeks to Tap The Batista Law Group as Counsel --------------------------------------------------------------- Instituto Medico Del Norte Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire The Batista Law Group, P.S.C. to serve as its legal counsel in its Chapter 11 proceedings. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its Chapter 11 case and related proceedings; (b) represent the Debtor in matters arising in the bankruptcy case; (c) assist the Debtor in planning and conducting the bankruptcy proceedings due to its need for competent legal counsel; and (d) perform all other legal services necessary for the administration and handling of the Debtor’s Chapter 11 case, subject to court approval. The professional will be compensated through a $45,000 retainer. The firm's hourly rates are: $350 for the principal attorney, $275 for associates, and $110 for paralegals, plus expenses, subject to court approval. The Batista Law Group, P.S.C. is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), as it does not hold any adverse interest in the Debtor’s estate, is not a creditor or insider, and has no disqualifying connections beyond disclosed personal academic relationships that do not create a professional conflict. The firm can be reached at: Jesus E. Batista Sanchez, Esq. The Batista Law Group, P.S.C. Capital Center I 239 Ave. Arterial de Hostos, Suite 206 San Juan, PR 00918-1475 Telephone: (787) 620-2856 Facsimile: (787) 777-1589 E-mail: jeb@batistasanchez.com About Instituto Medico Del Norte Inc Instituto Medico del Norte Inc., operating as Centro Medico Wilma N. Vazquez, provides hospital and health-care services in Vega Baja, Puerto Rico. The company's Wilma N. Vazquez health system offers emergency care, skilled nursing, primary care, imaging, clinical laboratory, wound-care, pediatric and infusion services, serving adults, children and patientsrequiring acute, specialty or transitional medical care. Instituto Medico Del Norte Inc sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-01886) on April 28, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mildred Caban Flores oversees the case. The Batista Law Group, PSC is Debtor's legal counsel. INTERACTIVE GOVERNMENT: Monique Almy Named Subchapter V Trustee --------------------------------------------------------------- Matthew Cheney, the Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for Interactive Government Holdings Inc. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com About Interactive Government Holdings Inc. Interactive Government Holdings Inc. provides program, acquisition, and administrative management services, as well as secure IT, systems engineering and integration, and global operations and sustainment support. The company was established in 2006 and is headquartered in Springfield, Virginia. It holds ISO 9001:2015 certification and is classified under NAICS code 541611, with socioeconomic designations including 8(a), SDVOSB, VOSB, SDB, Hispanic American Owned, and Minority Owned. Its prime contract vehicles include GSA 8(a) STARS III, GSA Multiple Award Schedule - 00Corp, and SeaPort-NxG. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. District of Columbia Case No. 26-00214) on April 24, 2026, with $293,133 in assets and $2,844,120 in liabilities. Michael V. Sanders, chief executive officer, signed the petition. Judge Elizabeth L. Gunn presides over the case. Daniel Staeven, Esq., at Frost Law is the Debtor's bankruptcy counsel. INTERACTIVE GOVERNMENT: Taps PilieroMazza as Corporate Counsel -------------------------------------------------------------- Interactive Government Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Antonio R. Franco, Esq. of PilieroMazza PLLC to serve as special corporate counsel. The firm will provide these services: (a) continue with their representation of the Debtor in general medical practice matters; (b) act as special corporate counsel for the Debtor for matters related to company business; and (c) represent the Debtor's government contracting business. PilieroMazza will seek compensation based on a retainer agreement and expenses incurred subject to Court approval pursuant to sections 330 and 331 of the Bankruptcy Code, with the Debtor paying monthly bills into an escrow account and seeking Court approval of those bills. PilieroMazza is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the estate, according to court filings. The firm can be reached at: Antonio R. Franco, Esq. PILIEROMAZZA, PLLC 1001 G Street NW, Suite 1100 Washington, DC 20001 About Interactive Government Holdings, Inc. Interactive Government Holdings Inc. provides program, acquisition, and administrative management services, as well as secure IT, systems engineering and integration, and global operations and sustainment support. The company was established in 2006 and is headquartered in Springfield, Virginia. It holds ISO 9001:2015 certification and is classified under NAICS code 541611, with socioeconomic designations including 8(a), SDVOSB, VOSB, SDB, Hispanic American Owned, and Minority Owned. Its prime contract vehicles include GSA 8(a) STARS III, GSA Multiple Award Schedule - 00Corp, and SeaPort-NxG. Interactive Government Holdings sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. District of Columbia Case No. 26-00214) on April 24, 2026. At the time of the filing, Debtor had estimated assets of $293,133 and liabilities of $2,844,120. Judge Elizabeth L Gunn oversees the case. FROST LAW is Debtor's legal counsel. INTERAQT CORP: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Interaqt Corporation d/b/a Colotraq 2 Millpond Court Randolph, NJ 07869 Business Description: Interaqt Corporation, doing business as COLOTRAQ, provides data center infrastructure sourcing services from Randolph, New Jersey. Founded in 1999, the company supports procurement of colocation, managed hosting, cloud, connectivity, cybersecurity, AI readiness, data center migration, and blockchain-related services. COLOTRAQ's sourcing process includes strategy and planning, benchmarking, RFP management, negotiation strategy, and contract due diligence. The company serves clients including small businesses, Fortune 500 companies, and government agencies. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-14973 Debtor's Counsel: Anthony J. Davis, Esq. OGC SOLUTIONS LLP 1 Gatehall Drive Suite 100 Parsippany, NJ 07054 Tel: 201-712-1616 Fax: 201-712-9444 Email: adavis@ogcsolutions.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dany Bouchedid as chief executive officer. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BJJYGLI/Interaqt_Corporation__njbke-26-14973__0001.0.pdf?mcid=tGE4TAMA INTERNATIONAL LAND: FY25 Loss Widens to $14.3M From $3M Prior Gain ------------------------------------------------------------------ International Land Alliance, Inc. filed with the U.S. Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, reporting a net loss of $14.3 million for the year ended December 31, 2025, compared to a net income of $3 million for the year ended December 31, 2024. Net revenues and lease income for the year ended December 31, 2025, was $2.4 million compared to $8.1 million in the prior period. Las Vegas, Nevada-based Bush & Associates CPA LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 27, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses and negative cash flows from operations in recent years and is dependent on debt and equity financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on the Company's ability to generate revenues from its properties, raise capital or issue debt instruments. The Company has faced significant liquidity shortages. As of December 31, 2025, the Company's current liabilities exceeded its current assets by approximately $24.3 million. The Company has an accumulated deficit of approximately $38.4 million as of December 31, 2025. Net cash used in operating activities for the year ended December 31, 2025, was approximately $1.0 million. The Company is currently raising additional capital through debt and equity financing in order to continue the funding of its operations, which may have the effect of diluting the holdings of existing shareholders. Management anticipates that the Company's capital resources will significantly improve if its plots of land gain wider market recognition and acceptance resulting in increased plot sales and house construction. If the Company is not successful with its marketing efforts to increase sales, the Company will continue to experience a shortfall in cash, and it will be necessary to obtain funds through equity or debt financing in sufficient amounts or to further reduce its operating expenses in a manner to avoid the need to curtail its future operations subsequent to December 31, 2025. The direct impact of these conditions is not fully known. However, there can be no assurance that the Company would be able to secure additional funds if needed and that if such funds were available on commercially reasonable terms or in the necessary amounts, and whether the terms or conditions would be acceptable to the Company. In such case, the reduction in operating expenses might need to be substantial in order for the Company to generate positive cash flow to sustain the operations of the Company. A full text copy of the Company's Form 10-K is available at https://tinyurl.com/2j4dzvxs About International Land Alliance San Diego, Calif.-based International Land Alliance, Inc. was incorporated under the laws of the State of Wyoming on September 26, 2013. The Company is a residential land development company with target properties located in the Baja California, Northern region of Mexico and Southern California. The Company's principal activities are purchasing properties, obtaining zoning and other entitlements required to subdivide the properties into residential and commercial building plots, securing financing for the purchase of the plots, improving the properties' infrastructure and amenities, and selling the plots to homebuyers, retirees, investors, and commercial developers. As of December 31, 2025, the Company had $32.3 million in total assets, $24.9 million in total liabilities, $625,023 in total temporary equity, and $6.8 million in total stockholders' equity. J &ST DEV: Seeks Approval to Tap Bankruptcy Law Office as Counsel ----------------------------------------------------------------- J &ST Dev., LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to hire George E. Jacobs, Esq. of Bankruptcy Law Office to serve as legal counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its rights and duties in connection with this Chapter 11 Subchapter V proceeding; (b) perform all other legal services which may be necessary herein; and (c) provide representation to the Debtor through all professionals in his office who may render legal services to the Debtor. Mr. Jacobs will receive a retainer of $13,262, which shall remain property of the estate, and all professional fees are subject to court approval. George E. Jacobs is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has certified that he has no connection or adverse interest with the Debtor, creditors, or other parties-in-interest. The firm can be reached at: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICE 2425 S. Linden Rd., Ste. C Flint, MI 48532 Telephone: (810) 720-4333 About J &ST Dev., LLC J &ST Dev., LLC operates as Tony M's Restaurant & Banquet Center and Tony M's Party Store & Del in Lansing, Michigan. Founded by the Migaldi family and operating since 1981, the company provides Italian-American restaurant dining, pre-ordering, pickup, delivery, catering, banquet room services, event venue space, and deli and party store services. Its menu includes items such as pizza, pasta, subs, salads, burgers, breakfast items, desserts, and beverages, and its facilities support meetings, parties, family celebrations, corporate events, live music, trivia nights, and community events. J &ST Dev. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 26-01366) on [date not provided in record]. At the time of the filing, the Debtor had estimated assets of between $50,001 to $100,000 and liabilities of between $1,000,001 to $10 million. Judge John T. Gregg oversees the case. Bankruptcy Law Office serves as the Debtor's legal counsel. JESUS IS LORD: Commences Chapter 11 Bankruptcy in New York ---------------------------------------------------------- On April 29, 2026, Jesus Is Lord Ministries Sabbath Day Adventist Church 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 filed by the Office of the United States Trustee under Section 341(a) to be held on 6/8/2026 at 12:30 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. About Jesus Is Lord Ministries Sabbath Day Adventist Church Jesus Is Lord Ministries Sabbath Day Adventist Church is a religious organization that provides worship services, spiritual guidance, and community-based programs to its congregation. Jesus Is Lord Ministries Sabbath Day Adventist Church sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42116) on April 29, 2026. In its petition, the debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The debtor is represented by Nnenna Okike Onua, Esq. of McKinley Onua & Associates. JP DESIGN: Glen Watson of Watson Law Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Glen Watson, Esq., at Watson Law Group, PLLC as Subchapter V trustee for JP Design and Construction, LLC. Mr. Watson will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Watson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Glen Watson, Esq., Watson Law Group, PLLC 1114 17th Av. S., Suite 201 P.O. Box 121950 Nashville, TN 37212 Telephone: (615) 823-4680 Email: glen@watsonpllc.com About JP Design and Construction LLC JP Design and Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01911) on April 24, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Charles M. Walker presides over the case. Jay Lefkovitz, Esq. represents the Debtor as legal counsel. JSD FUND: Employs Morrison Tenenbaum PLLC as Legal Counsel ---------------------------------------------------------- JSD FUND II LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison Tenenbaum PLLC to serve as its legal counsel. The firm will provide these services: (a) advising the Debtor with respect to its powers and duties as debtor-in-possession in the management of its estate; (b) assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (d) preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; (e) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and (f) performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law will receive hourly rates of $550 to $895 per hour for partners and senior counsel, up to $595 per hour for associates, and $350.00 per hour for paraprofessionals. The firm also received a $20,000 retainer from a third party prior to the filing, which will be applied against approved post-petition fees and expenses. Morrison Tenenbaum PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, and the firm represents that it has no adverse interests or disqualifying connections with the Debtor, creditors, or other parties-in-interest. The firm can be reached at: Lawrence F. Morrison, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 Telephone: (212) 620-0938 E-mail: lmorrison@m-t-law.com About JSD FUND II LLC JSD FUND II LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-41631) on April 2, 2026. At the time of filing, the Debtor’s assets and liabilities were not disclosed in the application. Judge Elizabeth S. Stong oversees the case. MORRISON TENNENBAUM PLLC is Debtor's legal counsel. L & S AUTO: Paula Beran Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Paula Beran, Esq., at Tavenner & Beran, PLC as Subchapter V trustee for L & S Auto Brokers, Inc. Ms. Beran will be paid an hourly fee of $480 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Beran declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paula S. Beran, Esq. Tavenner & Beran, PLC 20 North 8th Street Richmond, Virginia 23219 Phone: (804) 783-8300 Email: Beran@TB-LawFirm.com About L & S Auto Brokers Inc. L & S Auto Brokers, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-31664) on April 22, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. LAFAYETTE PHYSICAL: Christopher Hayes Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 17 appointed Christopher Hayes as Subchapter V trustee for Lafayette Physical Therapy, Inc. Mr. Hayes will be paid an hourly fee of $510 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hayes declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Hayes 23 Railroad Avenue, #1238 Danville, CA 94526 Phone: (925) 725-4323 Email: chayestrustee@gmail.com About Lafayette Physical Therapy Inc. Lafayette Physical Therapy, Inc., which operates Lafayette Physical Therapy & Diagnostics in Lafayette, Calif., and Bay Area Physical Therapy & Diagnostics in Pleasant Hill, Calif., provides physical therapy, therapeutic massage, wellness services, and diagnostic testing, including musculoskeletal ultrasound, nerve conduction studies, and electromyography. The company has operated in the Lamorinda area for more than 50 years. Bay Area Physical Therapy joined Lafayette Physical Therapy in January 2016. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40819) on April 20, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Lauren Danielle Masi, chief executive officer, signed the petition. Judge Hannah L. Blumenstiel presides over the case. Matthew D. Metzger, Esq., at Belvedere Legal, P.C. represents the Debtor as legal counsel. LEISURE INVESTMENTS: Seeks to Extend Plan Exclusivity to July 27 ---------------------------------------------------------------- Leisure Investments Holdings LLC, and certain of its affiliates asked the U.S. Bankruptcy Court for the District of Delaware to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 27 and Sept. 28, 2026, respectively. Since the Exclusive Periods were first extended, the Debtors have continued to work with parties in interest, including the Debtors' prepetition and postpetition lenders, the Committee, the U.S. Trustee, and others to pursue the sale and restructuring process and maintain case momentum despite a variety of operational and other challenges. The Debtors and their professionals have devoted substantial time, energy, and resources to reach this point in the Chapter 11 Cases. Moreover, the sale and/or restructuring of the Debtors' Mexican assets involve complicated transactions and implicate tax, animal transfer, and other operational considerations under Mexican law that the Debtors and parties in interest have spent substantial amounts of time and resources to adequately address for purposes of facilitating a value-maximizing transaction. The complexity of the various issues addressed, and the time, effort, and planning required to obtain the progress made thus far warrant the requested extension of the Exclusive Periods. The Debtors explain that the requested extension of the Exclusive Periods is reasonable given the current status of the Chapter 11 Cases and the progress achieved to date. The Debtors have made significant progress in the Chapter 11 Cases. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code and effectuates the Debtors' ultimate restructuring and asset disposition strategy. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. The Debtors claim that the companies and their professionals have expended, and will continue to expend, substantial resources to maintain control over their books, records, and operations. Even so, the Debtors have diligently pursued their marketing and sale strategy, which is nearing consummation. The Debtors require additional time to submit a chapter 11 plan that effectuates the Debtors' sale transactions and ultimate wind down strategy. Accordingly, the Debtors submit that this factor weighs in favor of extending the Exclusive Periods. The Debtors assert that throughout the chapter 11 process, the Debtors have endeavored to establish and maintain cooperative working relationships with their primary creditor constituencies. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of the Chapter 11 Cases or to exert pressure on their creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors further assert that termination of the Exclusive Periods would adversely impact the Debtors' efforts to preserve and maximize the value of the estates and the progress of the Chapter 11 Cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, any party in interest would be permitted to propose an alternative chapter 11 plan for the Debtors, which would only foster a chaotic environment and cause opportunistic parties to engage in counterproductive behavior in pursuit of alternatives that are neither value maximizing nor feasible under the circumstances of the Chapter 11 Cases. Counsel to the Debtors: Robert Brady, Esq. Sean T. Greecher, Esq. Allison S. Mielke, Esq. Jared W. Kochenash, Esq. Young Conaway Stargatt & Taylor LLP Rodney Square 100 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Facsimile: (302) 571-1253 Email: rbrady@ycst.com sgreecher@ycst.com amielke@ycst.com jkochenash@ycst.com About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LIA HOSPITALITY: Seeks to Use Cash Collateral --------------------------------------------- Lia Hospitality Group, LLC asks the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, for authority to use cash collateral and provide adequate protection. Lia Hospitality Group, LLC, an Indiana-based hospitality and lodging business, needs to use cash collateral to sustain ongoing operations. The case commenced on March 23, 2026, and at that time, funds belonging to the Debtor -- held by a receiver, Mann Patidar -- were on deposit at First Merchants Bank, although the exact amount was not determined. The Debtor now requests permission to use all such funds, emphasizing that immediate access to this cash collateral is critical to maintaining business continuity and meeting postpetition financial obligations. The Debtor explains that it intends to use the cash collateral for ordinary and necessary business expenses, including payroll, utilities, advertising, franchise fees, commissions, professional fees, and loan payments, as outlined in a three-year budget attached to the motion. It asserts that without such use, the business would face immediate and irreparable harm, and that continued operations depend on access to these funds for working capital. The Debtor is operating as a debtor-in-possession and seeks interim authority to use the cash collateral pending a final hearing, citing the urgency of its financial needs. The Debtor acknowledges that multiple secured creditors—Flagship Enterprise Center, Inc., Merchants Bank of Indiana, Newtek Business Services Holdco 6, Inc., Newtek Small Business Finance, LLC, Ravikumar Shah, the U.S. Small Business Administration, and VitalCap Fund—may hold security interests in the cash collateral. To protect these interests, the Debtor proposes providing adequate protection in the form of replacement liens on postpetition assets, maintaining the same validity, priority, and extent as the creditors’ prepetition liens. Additionally, the Debtor commits to adhering to a court-approved budget covering April 2026 through 2028, subject to modification with court approval, as a further safeguard against any diminution in collateral value. A copy of the motion is available at https://urlcurt.com/u?l=arZUbP from PacerMonitor.com. About Lia Hospitality Group LLC Lia Hospitality Group LLC operates the Baymont Inn in Muncie, Indiana, overseeing daily hotel operations, guest services, maintenance, and property management. Lia Hospitality Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01663) on Mar. 23, 2026. In the petition signed by Chirag Patel, vice president, the Debtor disclosed up to $10 million in assets and up to $10 million in liabilities. Judge Andrea K. McCord oversees the case. Preeti Gupta, Esq., serves as the Debtor's counsel. LIGHTHOUSE PSYCHIATRY: Hires Thompson Burton as Legal Counsel ------------------------------------------------------------- Lighthouse Psychiatry & Behavioral Health Clinic, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Stuart M. Maples, Esq. of Thompson Burton PLLC to serve as its legal counsel. The firm will provide these services: (a) preparing pleadings and applications and conducting examinations incidental to any related proceedings or to the administration of this case; (b) developing the relationship of the status of Debtor to the claims of creditors; (c) advising Debtor of its rights, duties, and obligations as Debtor operating under Chapter 11 of the Bankruptcy Code; (d) taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 case; and (e) advising and assisting Debtor in the formation and preservation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement, and any and all matters related thereto. Mr. Maples will receive an hourly rate of $530, and associates will be billed at hourly rates ranging from $300 to $475. Thompson Burton PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Stuart M. Maples, Esq. THOMPSON BURTON PLLC 200 Clinton Avenue West, Suite 1000 Huntsville, AL 35801 Telephone: (256) 489-9779 E-mail: smaples@thompsonburton.com About Lighthouse Psychiatry & Behavioral Health Clinic, LLC Lighthouse Psychiatry & Behavioral Health Clinic, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80999) on April 30, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 to $500,000 and liabilities of between $1,000,001 to $10 million. Judge Clifton R. Jessup, Jr. oversees the case. Thompson Burton PLLC is Debtor's legal counsel. LOIS MIRIAM: Seeks to Hire AccMan Inc. as Accountant ---------------------------------------------------- Lois Miriam LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington at Seattle to hire Barbara Petty of AccMan, Inc. as accountant. The professional services that AccMan will render include assisting Debtor with the filing of its taxes and providing accounting and bookkeeping services and advice to Debtor. The firm will be paid $650 per month for its services. AccMan does not hold or represent any interest adverse to the interests of the estate, and is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Barbara Petty AccMan Inc. 215 NE 40th St. C2 Seattle, WA 98105 Tel: (206) 285-0883 Email: Barbara@AccMan.com About Lois Miriam LLC Lois Miriam, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10402) on February 9, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. The Debtor is represented by Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S. LONG ISLAND LOAN: Seeks Chapter 7 Bankruptcy in New York -------------------------------------------------------- On April 30, 2026, Long Island Loan Pro LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Long Island Loan Pro LLC Long Island Loan Pro LLC is a financial services company that likely provides loan-related services, such as lending, brokerage, or financing solutions to individuals or small businesses. Long Island Loan Pro LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71723) on April 30, 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 Sheryl P. Giugliano handles the case. LOVE CHURCH: Daniel Freeland Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 10 appointed Daniel Freeland as Subchapter V trustee for Love Church of Fort Wayne Indiana Inc. Mr. Freeland will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Freeland declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel L. Freeland 9105 Indianapolis Blvd. Highland, IN 46320 Tel: (219) 922-0800 Email: dlf9601@aol.com About Love Church of Fort Wayne Indiana Inc. Love Church of Fort Wayne Indiana Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 26-10490) on April 20, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Scot T. Skekloff, Esq., at Haller & Colvin, PC represents the Debtor as legal counsel. LOWELL COMMUNITY: S&P Assigns 'BB+' Rating on 2026 Revenue Bonds ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the Massachusetts Development Finance Authority's $34.2 million series 2026 charter school revenue bonds, to be issued for Lowell Community Charter Public School (LCCPS). The outlook is stable. S&P views LCCPS' environmental, social, and governance factors as neutral in its analysis. The stable outlook reflects S&P Global Ratings' opinion that LCCPS will continue to have high-quality academics that drive robust demand, leading to positive financial operations and improving MADS coverage and liquidity levels over time. The stable outlook also reflects S&P's expectation that LCCPS will not issue any additional debt in the near term. S&P said, "We could consider a negative rating action if the school fails to meet enrollment, operating, or coverage projections. In addition, we could do so if liquidity does not improve from the expected sale of real estate. "In our view, a higher rating is unlikely over the outlook period, although we could consider it over time if LCCPS is able to improve financial metrics to levels commensurate with those of higher-rated peers." LOWELL MARTIN: Chris Quinn Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for Lowell Martin, Jr., LLC. Mr. Quinn 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. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About Lowell Martin, Jr. LLC Lowell Martin, Jr., LLC provides integrated crude hauling and logistics services through its operations and affiliated trucking activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-60034) on April 9, 2026. In the petition signed by Lowell J. Martin, Jr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. LUNAI BIOWORKS: Postpones Special Meeting of Stockholders to May 8 ------------------------------------------------------------------ Lunai Bioworks, Inc. announced that it has determined to postpone its previously scheduled Special Meeting of Stockholders to May 8, 2026 at 9:00 a.m. Eastern Time. The Special Meeting will continue to be held in a virtual-only format via live webcast at www.virtualshareholdermeeting.com/LNAI2026SM. The Special Meeting was called to consider the proposals described in the Company's definitive proxy statement on Schedule 14A originally filed with the U.S. Securities and Exchange Commission on April 13, 2026, as amended by Amendment No. 1 (DEFR14A) filed on April 15, 2026. The postponement is intended to provide stockholders with additional time to vote their shares and to assist the Company in obtaining a quorum. The Company was advised by its proxy administrator that, due to the timing of Broadridge Financial Solutions, Inc.'s distribution of proxy materials to beneficial owners holding shares in street name on April 22, 2026, the timing requirements applicable to broker discretionary voting under New York Stock Exchange Rule 452, which governs the authority of NYSE member organizations to vote uninstructed shares (including shares of Nasdaq-listedCompanys), were not expected to be satisfied before the originally scheduled meeting date of May 4, 2026. Postponing the Special Meeting to May 8, 2026 is expected to permit the applicable timing requirements to be satisfied so that brokers may exercise discretionary voting authority on matters classified as routine under NYSE Rule 452. As described in the Definitive Proxy Statement, the Company believes that the Reverse Stock Split Proposal and the Adjournment Proposal are likely to be classified as routine matters under NYSE Rule 452, although the routine or non-routine classification is determined by the New York Stock Exchange and not by the Company, and brokers may choose not to exercise discretionary voting authority. The record date for determining stockholders entitled to notice of, and to vote at, the Special Meeting remains the close of business on April 10, 2026. Stockholders who have already submitted proxies or voting instructions need not take any further action unless they wish to change their vote. Proxies previously submitted will be voted at the Special Meeting as postponed unless properly revoked in accordance with the procedures described in the Definitive Proxy Statement. Important Information for Investors and Stockholders In connection with the Special Meeting, the Company has filed the definitive proxy statement and other relevant documents with the U.S. Securities and Exchange Commission. Stockholders are urged to read the definitive proxy statement, as supplemented, and any other relevant documents filed with the U.S. Securities and Exchange Commission, because they contain important information about the Company and the matters to be voted upon at the Special Meeting. Investors and stockholders may obtain free copies of the definitive proxy statement, as supplemented, and other documents filed by the Company with the U.S. Securities and Exchange Commission at the website maintained by the U.S. Securities and Exchange Commission at www.sec.gov, or by directing a request to the Company at the address above. Participants in the Solicitation The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the Special Meeting. Information regarding the Company's directors and executive officers, including their respective interests in the Company by security holdings or otherwise, is set forth in the definitive proxy statement and the Company's most recent Annual Report on Form 10-K, in each case as filed with the U.S. Securities and Exchange Commission and as updated from time to time by the Company's other filings with the U.S. Securities and Exchange Commission. About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense Company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated September 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025, citing that the Company has incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had total assets of $6.7 million, $20.2 million in total liabilities, and $13.5 million in total shareholders' deficit. LUV SHAK: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------- On April 23, 2026, Luv Shak Hospitality, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on May 28, 2026 at 08:30 AM by TELEPHONE. About Luv Shak Hospitality, Inc. Luv Shak Hospitality, Inc. is a hospitality company that likely operates in the food, beverage, or restaurant sector, providing dining or entertainment-focused services. Luv Shak Hospitality, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15130) on April 23, 2026. In its petition, the debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $100,001–$1,000,000. The debtor is represented by Adam I. Skolnik, Esq. LUV SHAK: Tarek Kiem of Kiem Law Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Luv Shak Hospitality, Inc. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Luv Shak Hospitality Inc. Luv Shak Hospitality, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15130) on April 23, 2026, with $100,001 to $500,000 in assets and liabilities. Adam I. Skolnik, Esq. represents the Debtor as legal counsel. M&M CUSTARD: Seeks to Sell Restaurant Business at Auction --------------------------------------------------------- M&M Custard, LLC and its affiliates seek permission from the U.S. Bankruptcy Court for the District of Kansas at Kansas City, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors initially seek the entry of an order approving the proposed Bidding Procedures, scheduling a final hearing on June 18, 2026 at 1:30 pm (CDT) to approve the sale or transaction ultimately selected through the transaction process as the highest and best alternative at the Transaction Hearing, approving the form and manner of notice in respect of the same, and granting related relief. The Debtor hires SC&H as investment banker. The Debtor and the investment banker developed the procedures to facilitate a prompt and marketing process that will enable the Debtors to identify and select an appropriate sale or transaction to maximize value for the benefit of the creditors. The Debtors also respectfully requests that the Bidding Procedures Order authorize the Debtors to designate, in consultation with the Consultation Parties, a stalking horse purchaser or bidder and to offer such Stalking Horse customary protections in exchange for agreeing to serve as a stalking horse. The details of the terms of the Bidding Procedures are also provided. https://urlcurt.com/u?l=UJRJez The Debtors also seek authority to designate a Stalking Horse and offer customary Stalking Horse Protections, including a Breakup Fee, an Expense Reimbursement, and a minimum Bidding Increment. In the event that a Stalking Horse is designated, its Bid will be subject to higher and better offers through competitive bidding at an Auction. The Debtors believe that the ability to select a Stalking Horse and grant the Stalking Horse Protections is beneficial to its estate and its creditors, as a Stalking Horse's Bid would establish a floor for further bidding and potentially increase the value of the assets for the benefit of the estate. The Debtors believe that each of the parties holding a claim or interests in the assets to be sold could be compelled to accept a monetary satisfaction of such claims. About M&M Custard LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Robert D. Berger oversees the case. The Debtors are represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. M. DELANEY: Monique Almy Named Subchapter V Trustee --------------------------------------------------- Matthew Cheney, the Acting U.S. Trustee for Region 4, appointed Monique Almy, Esq., as Subchapter V trustee for M. Delaney, LLC. Ms. Almy, a partner at Crowell & Moring, LLP, will be paid an hourly fee of $800 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Almy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Monique D. Almy, Esq. Crowell & Moring, LLP 1001 Pennsylvania Avenue, NW Washington, DC 20004 Phone: (202) 624-2935 malmy@crowell.com About M. Delaney LLC M. Delaney LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-13770) on April 8, 2026. In the petition signed by Malcolm Delaney, managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Robert B. Scarlett, Esq., at Scarlett & Croll, P.A., represents the Debtor as legal counsel. BayVanguard Bank, as lender, is represented by: Bob Van Galoubandi, Esq. The Commerce Center 1777 Reisterstown Road, Suite 375 Baltimore, MD 21208 Phone: (410) 739-4562 bgaloubandi@gmail.com MAKHANI PROPERTIES: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------------- Makhani Properties, LLC asks the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, for authority to use cash collateral and provide adequate protection payments to its secured creditors, primarily Jefferson Bank and Woodforest Bank, while it pursues a reorganization. The Debtor requires access to certain income streams—primarily rental payments and related proceeds—to continue servicing secured debt obligations and maintain operations until a plan of reorganization can be confirmed. The Debtor is a Texas real estate holding company formed in 2018 that owns multiple commercial properties, including convenience stores, truck stops, and undeveloped land. Several of these properties are leased to third-party operators, though key tenants at major truck stop properties in Carrizo Springs and Tilden, Texas, stopped paying rent in 2025, resulting in a significant loss of approximately $140,000 per month in income. This financial disruption caused defaults on loans held by Security State Bank and Citizens State Bank, which in turn initiated foreclosure proceedings. The bankruptcy filing was intended to halt foreclosure actions and preserve time to sell assets and stabilize the estate. The Debtor's cash collateral primarily consists of three income sources subject to liens: monthly rental payments from the Debtor's principal to Jefferson Bank for a residence/office property in Bulverde, Texas; proposed monthly payments from the principal to Woodforest Bank related to another encumbered property in Moore, Texas; and a $1,000 monthly payment received under a contract-for-deed sale of a gas station property in Junction, Texas that is financed by Security State Bank. These streams are subject to assignments of rents and security interests held by the respective lenders. The Debtor currently has limited liquidity (approximately $5,654 on hand) and no unencumbered cash, making court authorization essential to fund ongoing obligations. Without access to these funds, the Debtor asserts it would be unable to make required mortgage payments, maintain properties, or preserve going-concern value, which would harm creditors and undermine the reorganization effort. The Debtor also notes that its principal intends to contribute additional monthly funds to support mortgage payments, including maintaining current payments to Jefferson Bank and Woodforest Bank. As adequate protection for the secured creditors' interests in cash collateral, the Debtor proposes continuing regular monthly payments to Jefferson Bank and Woodforest Bank in accordance with their loan terms. It further proposes granting replacement liens in any remaining cash collateral to protect other potential secured interests. These measures are intended to compensate creditors for any diminution in value caused by the use of cash collateral during the bankruptcy case. A copy of the motion is available at https://urlcurt.com/u?l=BhM8N3 from PacerMonitor.com. About Makhani Properties LLC Makhani Properties, LLC is a real estate holding company that owns and manages a portfolio of commercial and residential properties across Texas, including land parcels, residential real estate, and income-producing truck stop and convenience store assets. The company's holdings are located in Moore, Bulverde, Cottonwood Shores, Junction, Carrizo Springs, Tilden, and Dilley, comprising both fee simple interests and an equitable interest under a contract for deed arrangement. Its portfolio includes highway-adjacent development land and operating retail fuel and truck stop properties, with an aggregate estimated value of approximately $28.2 million. Makhani Properties LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50525) on March 1, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 to $50 million and liabilities of between $10,000,001 to $50 million. Judge Michael M. Parker oversees the case. The Law Office of H. Anthony Hervol is Debtor's legal counsel. MANNING LAND: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------- Manning Land Company, LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement and Plan of Reorganization dated April 23, 2026. The Debtor is organized as a California limited liability company. The Debtor conducted 100 percent of its business activity in Pico Rivera, California, where it owned improved industrial real property located at 9531 Beverly Road (the "Property"). The Debtor's historic business was to own and lease real property used by affiliated meat-processing operations. The Debtor will continue this course of conduct in a simplified form as landlord and owner of the Property while the Property is leased, marketed, and sold under the Plan. The Debtor was previously included in a substantively consolidated Chapter 11 case with affiliated operating entities. Those operations failed and the prior case was dismissed on November 6, 2025 after the affiliated processing business ceased operations. Immediately before this case was filed, Linkun Investment, Inc. was proceeding with an execution sale of the Property scheduled for the day after the petition date. The Debtor filed this case to stop that fire-sale liquidation, preserve remaining value, and pursue an orderly lease and sale process for the Property in a centralized forum. The Debtor's plan is a landlord-and-sale structure designed as a bridge-to-sale. The Property will be stabilized through receiver oversight and leased to a tenant expected to generate income sufficient to fund ongoing expenses and debt service. Ultimate feasibility of the Plan depends on the orderly marketing and sale of the Property at market value, which is expected to produce materially greater recovery than a forced execution sale. The Plan is structured as a bridge-to-sale. While interim lease income is expected to support operations and debt service, the primary source of recovery for creditors, particularly junior classes, will be the sale of the Property. Accordingly, feasibility depends on both interim cash flow and ultimate monetization. Class #2b consists of General unsecured claims. Each member of Class #2b will be paid a pro rata share of a fund created by the Debtor from net sale proceeds remaining after payment of: (i) allowed administrative and priority claims; (ii) costs of sale; and (iii) secured claims treated in Classes 3 and 4. The actual amount depends on allowed claim amounts and the ultimate sale price. The Property will be marketed on or about January 1, 2027, subject to receiver coordination and market conditions. The Debtor presently models an upside sale case of approximately $50,000,000 and a floor scenario of approximately $35,000,000. Net sale proceeds, after costs of sale and satisfaction of senior liens and allowed priority claims, will fund distributions under the Plan. A full-text copy of the Disclosure Statement dated April 23, 2026 is available at https://urlcurt.com/u?l=4IpMZV from PacerMonitor.com at no charge. Counsel to the Debtor: Lewis R. Landau, Esq. 22287 Mulholland Hwy., #318 Calabasas, CA 91302 Telephone: (888) 822-4340 Facsimile: (888) 822-4340 Email: Lew@Landaunet.com About Manning Land Company, LLC Manning Land Company, LLC is a single asset real estate company. Manning Land Company, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10731) on January 27, 2026. In its petition, the Debtor reports estimated assets ranging from $10MM to $50MM and estimated liabilities in the same range. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Lewis R. Landau, Esq. MAPLE BEAR: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Maple Bear St. Johns Early Learning Center, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. Under the May 4 interim order, the Debtor is authorized to use the cash collateral of its secured lender, Cogent Bank, from April 22 through June 2 to pay the expenses set forth in its budget, subject to a 10% variance. Prior to its Chapter 11 filing, the Debtor entered into loan agreements with Cogent Bank/SBA and Expansion Capital Group, granting them security interests in assets such as equipment, inventory, accounts receivable, and future receivables. Both loans are currently delinquent. The receivables, now part of the bankruptcy estate, were pledged as collateral to secure these pre-petition obligations, and the Debtor estimates their current value, along with available cash, at approximately $13,000. As protection for any diminution in the value of its collateral, Cogent Bank will be granted replacement liens on all post-petition assets of the Debtor, preserving the same priority and validity as its pre-petition liens. Additionally, Cogent is entitled to monthly payments of $7,361 beginning June 1 and may assert an administrative claim if the collateral protection proves insufficient. The lender also has rights to inspect collateral and requires the Debtor to maintain insurance and pay taxes. A continued hearing is set for June 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LColm from PacerMonitor.com. About Maple Bear St Johns Early Learning Center Maple Bear St Johns Early Learning Center, LLC is an early learning center in St. Johns, Florida, that operates under a franchise agreement with Maple Bear USA. The center provides early education programs, including preschool instruction and infant care through Bear Care. Its curriculum includes bilingual instruction for young children. Maple Bear St Johns Early Learning Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01769) on April 22, 2026, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Jacob A. Brown oversees the case. The Law Offices of Mickler & Mickler, LLP serves as the Debtor's bankruptcy counsel. MARAGAL MEDICAL: Patient Care Ombudsman Taps Rimon P.C. as Counsel ------------------------------------------------------------------ Joseph J. Tomaino, the patient care ombudsman of Maragal Medical, P.C., seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to retain Rimon P.C. to serve as its counsel. The firm will provide these services: (a) advising and representing the Ombudsman in any proceeding or hearing in the Bankruptcy Court, and in any action in other courts where the rights of the patients may be litigated or affected as a result of the Chapter 11 Case; (b) advising and representing the Ombudsman concerning the requirements of the Bankruptcy Code and Bankruptcy Rules and the requirements of the Office of the United States Trustee relating to the discharge of his duties under section 333 of the Bankruptcy Code; (c) advising and representing the Ombudsman in connection with gaining access to patient records in accordance with section 333 of the Bankruptcy Code and other relevant law to the extent applicable; (d) advising and representing the Ombudsman concerning the effect on patients of the closing of the Debtors’ programs or facility; and (e) performing such other legal services as may be required under the circumstances of this Chapter 11 Case, including assisting with reports to the Court, fee applications, and other matters. Rimon P.C. will be compensated on an hourly basis, with attorney rates ranging from $400 to $850 and paralegal rates of $300, plus reimbursement of actual and necessary expenses. Rimon P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents that it does not hold or represent any interest adverse to the Debtor or its estate. The firm can be reached at: Ronald J. Friedman, Esq. RIMON P.C. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Telephone: (516) 479-6300 About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. MATTHEW W. CERNIGLIA: Frances Smith Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Matthew W. Cerniglia, DPM, PA. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Matthew W. Cerniglia, DPM, PA Matthew W. Cerniglia, DPM, PA, doing business as Ankle and Foot Institute of Texas, is a Fort Worth, Texas-based physician-led podiatric practice that provides diagnostic, therapeutic, and surgical care for foot and ankle conditions. The practice offers routine services, including diabetic foot care and treatment of conditions such as plantar fasciitis and bunions, alongside reconstructive surgery, joint procedures, and wound management. Operating from a single outpatient location, it serves patients across the Fort Worth metropolitan area, including those referred for complex or chronic conditions. Matthew W. Cerniglia, DPM sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41730) on April 20, 2026, with $163,804 in assets and $1,065,952 in liabilities. Judge Mark X. Mullin presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. MILE HIGH: Gets Interim OK to Use Cash Collateral Until May 13 -------------------------------------------------------------- Mile High Recovery Center, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through May 13 to pay the expenses set forth in its budget, including any retainer requested by the Subchapter V trustee. As of the petition date, the Debtor held minimal cash but maintained substantial accounts receivable and expects to continue generating income through patient services, supported by projections showing ongoing revenue replacement in the ordinary course of business. Creditors that may hold security interests in the cash collateral include Kapitus, LLC, the U.S. Small Business Administration, JPMorgan Chase Bank, N.A., and the Internal Revenue Service. As protection for any diminution in the value of their collateral, secured creditors will be granted a replacement lien on the Debtor's post-petition accounts receivable. In addition, the SBA will receive a monthly payment of $2,908. The order is available at https://is.gd/1hIXK4 from PacerMonitor.com. The final hearing is set for May 13. Founded in 2016, Mile High Recovery Center provides drug and alcohol rehabilitation services and expanded to multiple residential facilities and a treatment center offering inpatient and outpatient care. Its financial distress arose primarily from the effects of the COVID-19 pandemic, which disrupted cash flow and led to mounting creditor obligations, compounded by delayed insurance payments and enforcement of federal tax liens by the IRS that significantly restricted access to revenue. About Mile High Recovery Center LLC Mile High Recovery Center, LLC provides drug and alcohol rehabilitation services and expanded to multiple residential facilities and a treatment center offering inpatient and outpatient care. Mile High Recovery Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-12796) on April 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Brice Hancock, president of Mile High Recovery Center, signed the petition. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. MIYOSHI AMERICA: Cosmetics Ingredients Supplier Seeks Chapter 11 ---------------------------------------------------------------- Emlyn Cameron of Law360 reports that Miyoshi America Inc. filed for Chapter 11 bankruptcy in Texas with a preapproved plan aimed at settling asbestos claims through the establishment of a $20 million trust. The proposed trust would handle both existing and future personal injury claims, creating a structured pathway for compensation and reducing litigation risks, the report states. The company said the strategy is intended to bring finality to asbestos-related liabilities while supporting business continuity and positioning the company for a stable post-bankruptcy future. About Miyoshi America Inc. Miyoshi America Inc. is a U.S.-based supplier of advanced materials used in cosmetics and personal care products. The company specializes in engineered powders and treated pigments designed to improve product feel, durability, and visual performance. Miyoshi America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90522) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Charles Stephen Kelley, Esq. of Mayer Brown LLP. MLM OREGON: Seeks to Hire Ure Law Firm as Bankruptcy Counsel ------------------------------------------------------------ MLM Oregon, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ure Law Firm to serve as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of the case and operation of the Debtor's estate as a debtor-in-possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of accounts receivable and other claims and resolve claims against the estate; (h) provide advice concerning the claims of secured and unsecured creditors, including prosecution and/or defense of actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The attorney and his law firm staff will be paid at these rates: Thomas B. Ure $495 per hour Associates $395 per hour Paralegals $295 per hour Law clerks $195 per hour He received a retainer in the amount of $21,738. He will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas B. Ure, Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. He can be reached at: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About MLM Oregon, LLC MLM Oregon, LLC holds a residential property at 15985 N Applegate Rd, Grants Pass, Oregon, valued at $5 million, and concentrates its activities on managing this single real estate asset. MLM Oregon, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12319) on March 11, 2026, listing $5,000,000 in assets and $2,718,611 in liabilities. The petition was signed by Marvin Markowitz as managing member. Thomas B. Ure, Esq. at URE LAW FIRM represents the Debtor as counsel. MPH GRIDFLEX: S&P Assigns Prelim 'BB-' Rating on Sr. Secured Debt ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating to the term loan B. This rating is subject to the review of the terms and conditions of the final issuance documents. S&P said, "In the near to midterm, we expect MPH GF to benefit from material cash-flow visibility, attributable to cleared or otherwise derisked capacity revenues, as long as the facilities continue to operate reliably. "The '1+' recovery rating reflects our expectation of full (100%) recovery in a default scenario. "The stable outlook reflects our expectation of robust debt service coverage during the TLB period, with a minimum debt service coverage ratio (DSCR) of 3.08x, occurring in 2026." MPH GridFlex LLC is a portfolio composed of two assets: 1) Lee, a 677-megawatt (MW) natural gas-fired, simple cycle facility located in Dixon, Ill., and 2) Tait, a 586-MW dual-fuel-fired, simple cycle facility located in Dayton, Ohio. The facilities both utilize General Electric (GE) 7EA combustion turbines, with the 15 total units having reached COD from 1995 to 2002. The heat rate of each plant ranges from 12,000 Btu/kWh–14,000 Btu/kWh. As such, the plants predominately operate as peaking facilities. Both plants sell merchant power and capacity into the Pennsylvania-New Jersey-Maryland (PJM) Interconnection. Upon consummation of the transaction, the plants will ultimately be owned by sponsor Hull Street Energy. S&P said, "We expect MPH GF to benefit from strong underlying capacity and energy market fundamentals in PJM and highly visible cash flows over the near term, which should support deleveraging. Both Lee and Tait are in PJM, a market we expect to benefit from strong underlying fundamentals as older units retire for policy or economic reasons, demand grows (primarily due to data center buildouts), and limited additional supply comes online over the next several years." Given the efficiency profiles of both Lee and Tait, which position them disadvantageously on the dispatch curve compared to more efficient generators, as well as the policy-driven restrictions on Lee due to the Climate and Equitable Jobs Act (CEJA), the cash flows of both assets are primarily derived from the PJM capacity market. Currently, capacity prices are cleared through May 2028, which S&P views as supporting cash-flow visibility over the near term as long as the plants can perform and don't suffer from forced outages and material penalties. In addition, the Federal Energy Regulatory Commission recently approved an extension of the PJM capacity price cap and floor through May 2030, which provides incremental visibility. Although it's possible prices will clear at the lower end of the range, our base case anticipates capacity prices clearing at the cap throughout this period. In addition, although currently out-of-the-money, MPH GF also benefits from 150 MW of capacity swaps through 2030 with multiple investment-grade counterparties, providing cash-flow stability. S&P said, "Although we expect capacity revenues to contribute around 80% of the gross margin through 2040, the portfolio does generate some energy margin, which adds an element of cash-flow diversity. Despite its heat rate being in the 12,000 Btu/kWh range, Tait has achieved an average capacity factor of about 23% over the past several years and an average annual energy margin of about $22 million. In the near to mid term, we expect Tait to continue earning energy margin of around this magnitude before stepping down through the end of its assumed 2040 economic life. "We expect Lee to make small non-capacity earnings contributions as well. As Lee operates in Illinois, it's subject to Climate and Equitable Jobs Act (CEJA) legislation that effectively limits its dispatch to an annual capacity factor of around 3%. In addition, in its current state, CEJA imposes retirement dates on carbon-emitting fossil fuel generators. Given Lee's heat rate and geographic location (Lee is approximately 30 miles away from the nearest EIEC or EJ community), it will have to retire on Jan. 1, 2040. Although toward the end of its life we assume Lee will earn little to no energy margin, this retirement date effectively means Lee can continue to earn capacity revenues until the end of 2039. It's possible the asset could operate longer if the Illinois legislature enacts reforms to CEJA due to shifting market dynamics, or if reliability-based exemptions are made under CEJA. Nevertheless, given Lee's age, efficiency, and emissions profile, we assume its economic life runs through its currently CEJA-mandated retirement date. "The portfolio demonstrates strong debt service coverage nearly commensurate with a higher rating category. However, the rating is currently limited by primarily qualitative factors. We view MPH GF's minimum DSCR of 3.08x (2026) in the TLB phase as a strong coverage level, and DSCRs continue to rise over this period as MPH GF de-leverages via its credit-supportive cash-flow sweep mechanism. The proposed sweep mechanism of 75%, stepping down to 50% at 2x leverage, is more robust than that of other merchant generators in our portfolio, which ultimately leads to a comparatively lower debt balance as a percentage of the original principal at maturity in 2033. "Although holistically the portfolio has demonstrated relatively stable operations over the past five years, both facilities incurred penalties during Winter Storm Elliott. In addition, Tait had an elevated outage rate over 2025. In our view, the issues that led to outages during Elliott, including those related to freezing at Tait and fuel procurement at Lee, have largely been addressed through hardening efforts or broader market operations channels. Our forecast anticipates relatively stable operations for both facilities going forward. In addition, the operating issues Tait experienced over 2025 appear to generally be one-time events. However, in our view, to reach a higher rating, MPH GF would need to continue to establish a strong operating track record over the coming years of limited forced outages in addition to realizing the deleveraging that our base case currently anticipates. "We expect Hull Street to assign an independent director to MPH GF. Under our criteria, an independent director or anti-filing mechanism is required to delink the project from the credit quality of its parent. It's our understanding that an independent director--whose vote is required for material decisions, including initiating bankruptcy proceedings--will be assigned to the project. "The stable outlook reflects our expectations of robust debt service coverage during the TLB period and post-refinancing period, with a minimum DSCR of about 3x during the TLB period, occurring in 2026. We expect MPH GF to repay a material amount of the original principal over the TLB period such that there is about $70 million remaining at maturity." S&P could consider a negative rating action if the minimum DSCR falls below 1.5x on a sustained basis. This could occur if: -- MPH GF's energy margin or capacity prices in PJM are lower than our forecast; -- It experiences material operational issues, such as forced outages, that lead to reduced dispatch or capacity penalties; or -- MPH GF's excess cash flows do not result in S&P's expected debt paydown, leading to a higher debt balance at maturity. S&P could consider a positive rating action if: -- MPH GF establishes a multi-year track record of stable operations and low forced outage rates; -- S&P has a qualitative view that MPH GF can be rated 'BB' given the exposure to capacity and power market volatility, regulatory risk, and operational risk; and -- MPH GF can consistently achieve DSCRs well above 3x through transaction life, and we expect them to remain at this level. MUNAWAR LAW: Lori Jones' Appointment as Chapter 11 Trustee OK'd --------------------------------------------------------------- Judge David Jones of the U.S. Bankruptcy Court for the Southern District of New York approved the appointment of Lori Lapin Jones, Esq., as Chapter 11 trustee for Munawar Law Group, PLLC. The appointment comes upon the application filed by William Harrington, the U.S. Trustee for Region 2, to appoint a bankruptcy trustee in Munawar Law Group's Chapter 11 case. In a court filing, the U.S. trustee raised the need to appoint an independent trustee to manage the case, citing the examiner's findings of gross mismanagement of the estate and the possible fraud by Adnan Munawar, the Debtor's principal and a licensed New York attorney. The U.S. trustee said that Mr. Munawar's actions necessitating this relief are his (i) improper use of estate assets, such as EIDL proceeds and IOLA funds, (ii) filing of false tax returns, (iii) fraudulent or preferential transfers of over $6 million, and (iv) filing of perjurious bankruptcy schedules. Further, the appointment of a reliable and independent fiduciary to manage and operate the Debtor is in the best interests of creditors who may benefit from the recovery of millions that Mr. Munawar wrongfully transferred for his and his family's benefit, according to the U.S. trustee. Ms. Jones disclosed in a court filing that she is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. A copy of the appointment order is available for free at https://urlcurt.com/u?l=wzfWCR from PacerMonitor.com. About Munawar Law Group PLLC Munawar Law Group, PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as legal counsel and MI Tax, LLC as accountant. NEW HOPE HOUSING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: New Hope Housing, Inc. 8407 Richmond Hwy, STE E Alexandria, VA 22309 Business Description: New Hope Housing is a non-profit agency based in Alexandria, Virginia. Founded in 1977, the organization has provided services to homeless families and single adults since 1978. It offers housing programs and support services in Northern Virginia, including group homes, Housing First apartments, homeless prevention and rapid re-housing, education and employment support, and mobile medical outreach. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-11054 Debtor's Counsel: Brittany B. Falabella, Esq. HIRSCHLER FLEISCHER, P.C. 2100 East Cary Street Richmond, VA 23223 Tel: 804-771-9500 Fax: 804-644-0957 E-mail: bfalabella@hirschlerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ann Barrett as executive director. 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/3PCSI3Q/New_Hope_Housing_Inc__vaebke-26-11054__0001.0.pdf?mcid=tGE4TAMA NORTHWEST BANCORP: Loses Bid to Reopen Chapter 11 Bankruptcy Case ----------------------------------------------------------------- Judge Timothy A. Barnes of the U.S. Bankruptcy Court for the Northern District of Illinois will deny Northwest Bancorporation of Illinois, Inc.'s ("NWBC") Motion to Reopen its Chapter 11 bankruptcy case. On December 19, 2025, when the Motion to Reopen was filed, without waiting for ruling on the Motion to Reopen and without leave of the court, NWBC also filed the complaint the Motion to Reopen seeks leave to commence. The filing of the Complaint automatically commenced the adversary proceeding styled as Northwest Bancorporation of Illinois, Inc. and First Bank and Trust Company of Illinois v. Robert Hershenhorn, Adv. Pro. No. 25ap00400 (the "Adversary Proceeding"). The Motion to Reopen seeks authority to reopen the Chapter 11 case (the "2021 Case") in order to permit NWBC to bring and prosecute the Adversary Proceeding. The Adversary Proceeding, in turn involves allegations of the actions and inactions of Hershenhorn, such actions occurring in the 2021 Case and prior to it and stemming from a prior case under chapter 11 of the Bankruptcy Code styled as In re Northwest Bancorporation of Illinois, Inc., Case No. 15bk15245 (Bankr. N.D. Ill. case commenced April 29, 2015) (the "2015 Case" and, together with the 2021 Case, the "Bankruptcy Case"). The claims against Hershenhorn involve multiple entities and varying degrees of interrelatedness between them. NWBC is a bank holding company with a wholly owned operating subsidiary, First Bank and Trust Company of Illinois ("First Bank"). First Bank operates as a full service, commercial bank in Illinois. NWBC is the sole shareholder of First Bank. Hershenhorn was the sole prepetition shareholder and a member of the board of directors of NWBC, as well as the chairman of First Bank's board of directors. At some point in the 2021 Case, AmeriNational Community Services, LLC ("AmeriNat"), to help restructure NWBC's balance sheet and acquire ownership of it, purchased certain claims held by various creditors of NWBC. As a result, AmeriNat became one of the largest creditors of NWEBC. During the 2021 Case, a chapter 11 trustee (the "Trustee") was appointed. Order Approving the Appointment of a Chapter 11 Trustee. The Trustee and AmeriNat acted together as the plan proponents and caused the Amended Joint Chapter 11 Plan of Reorganization Proposed by the Trustee and AmeriNational Community Services, LLC (as modified, the "Plan") to be filed. On May 12, 2023, the court confirmed the Plan. While the Plan sets forth two means for implementation, either a "Reorganization Transaction" or a "Sale Transaction," the Plan was implemented through the Reorganization Transaction. As a result, AmeriNat acquired -- and is now the holder of -- 100% equity in NWBC. AmeriNat also assumed rights to all property of the estate in the 2021 Case, including causes of action. As a result, AmeriNat holds all equity in NWBC and operates both NWBC and First Bank. On March 19, 2025, the court entered the Order for Final Decree and the 2021 Case was closed the next day. Nine months later, NWBC filed the Motion to Reopen and the Complaint. NWBC argues that the bankruptcy court has "related to" subject matter jurisdiction to hear the claims against Hershenhorn because subject matter jurisdiction over the claims existed prior to confirmation. As the Trustee could have brought the claims for breaches of fiduciary duty against Hershenhorn prior to confirmation, NWBC concludes that the court continues to have subject matter jurisdiction over them postconfirmation. NWBC states that the claims against Hershenhorn were expressly reserved and preserved in the Plan for AmeriNat's benefit. Under the Reorganization Transaction, all property of the estate, including all causes of action, vested in NWBC and the Plan expressly preserved the right to commence and pursue estate causes of actions, including breaches of fiduciary duty against insiders. NWBC argues that the claims against Hershenhorn impact the value of AmeriNat's distribution and recovery as a creditor under the Plan. The prosecution of such claims, therefore, conveys upon the court "related to" jurisdiction. NWBC argues that AmeriNat considered the value of those claims in jointly proposing the Plan, voting to accept the Plan and consummating the Reorganization Transaction. Because the claims against Hershenhorn are linked to the value AmeriNat received under the Plan, they impact the value of NWBC. NWBC contends that the claims against Hershenhorn are most appropriately brought in this court, primarily because this court is familiar with the history of the parties' dealings. The bankruptcy court finds NWBC has failed to show how the outcome of the underlying allegations in the Complaint will affect the amount of estate property to be distributed to creditors or the allocation of that property among creditors. According to this court, as the Plan sets the recoveries in question and as success in the Adversary Proceeding will not change those recoveries -- only the putative, postconfirmation value of the recovery AmeriNat received through its 100% ownership of NWBC -- this has neither an effect on the bankruptcy estate nor the allocation of property among creditors. Given the tenuous nature of this court's jurisdiction over the dispute, there is not enough to compel this court to exercise its jurisdiction in NWBC's favor. As a result, this factor weighs against reopening. According to Judge Barnes, "As to availability of non-bankruptcy courts, it is clear that the underlying issue is nothing more than a question of state law and merely contains facts embedded, in part, in the Bankruptcy Case. Both counts of the Complaint seek damages and relief in accordance with violations of state law, specifically 805 ILCS 5/8.60. In fact, overriding state law issues is the reason bankruptcy courts permissively abstain from hearing certain matters." The argument by NWBC that this court is the appropriate forum because it is familiar with the history of the parties' dealings is belied by the facts. This court is no more familiar with the history of the parties' dealings than another judge would be. The causes of action are about corporate governance, not about bankruptcy. Further, the acts in question, to the extent they occurred during the Bankruptcy Case, happened prior to assignment of the case to the undersigned. Not only are NWBC's claims better heard in a court of general jurisdiction, but they must ultimately be determined in such a court, even if this court were to hear the Adversary Proceeding. Bankruptcy judges have a limited ability to enter final judgments. As the matter raised in the Adversary Proceeding is not a core proceeding arising in a case under the Bankruptcy Code or arising under the Bankruptcy Code, the bankruptcy court therefore has no statutory authority to enter final judgment on the Complaint absent consent of the parties. The confirmed Plan contains express language to reserve the right of NWBC, and by virtue of the Plan AmeriNat, to bring the causes of action against Hershenhorn. The Plan vested all property in the estate, including all "Causes of Action," in NWBC. However, the bankruptcy court says nothing that occurred in the Bankruptcy Case prevents a state court from hearing the claims against Hershenhorn. As a result, this provision does not compel this court to exercise its discretion and grant the Motion to Reopen. For these reasons, the Motion to Reopen will be denied and the Adversary Proceeding will be dismissed. A copy of the Court's Memorandum Decision dated May 4, 2026, is available at https://urlcurt.com/u?l=aLKjth from PacerMonitor.com. About Northwest Bancorporation of Illinois Northwest Bancorporation of Illinois, Inc., is a bank holding company incorporated under the laws of the state of Delaware. Northwest Bancorporation filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ill. Case No. 21-08123) on July 2, 2021, listing as much as $50 million in both assets and liabilities. Judge Carol A. Doyle oversees the case. The Debtor tapped Taft Stettinius & Hollister, LLP as legal counsel and Janney Montgomery Scott, LLC, as financial advisor and investment banker. The U.S. Trustee for Region 11 appointed an official committee of unsecured creditors on Aug. 4, 2021. The committee is represented by Jeffrey D. Sternklar, LLC and SmithAmundsen, LLC. Catherine Steege is the Chapter 11 trustee appointed in the Debtor's case. Jenner & Block, LLP, serves as the trustee's legal counsel. On May 12, 2023, the court confirmed an Amended Joint Chapter 11 Plan of Reorganization Proposed by the Trustee and AmeriNational Community Services, LLC. The Plan sets forth two means for implementation, either a "Reorganization Transaction" or a "Sale Transaction." Ultimately, the Plan was implemented through the Reorganization Transaction with AmeriNat acquiring 100% equity in NWBC. NOW SOLUTIONS: Unsecureds to Get Nothing in Liquidating Plan ------------------------------------------------------------ NOW Solutions Inc. filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement in support of First Amended Plan of Liquidation dated April 24, 2026. Founded in 2001, the Debtor was a Cloud-based Human Resources Management System (HRMS) software and business solutions provider to its clients in the United States and Canada. The Debtor's patented software, emPath(R) (the "Software"), automates, streamlines, and manages core HR functions such as employee data, payroll, recruitment and performance tracking. The Debtor offered a range of flexible licensing options for its Software so its clients can select the approach best tailored for their organizations. The Debtor's revenue and cash flows have come under significant strain due to, among other things, a dwindling customer base and a lack of capital to invest in business development. To make matters worse, the Internal Revenue Service (the "IRS") has assessed a tax liability for the Debtor in the amount of $1,708,200.34 and a judgment dated November 6, 2024, was entered in favor of Lakeshore Investment LLC against the Debtor in the amount of $1,640,136.98. Since the Petition Date, Chris Lang, as the Debtor's Chief Restructuring Officer, worked tirelessly to market the following assets of the Debtor (the "Assets"). On December 17, 2025, the Debtor received a Non-Binding Term Sheet for Acquisition of Assets of NOW Solutions, Inc. (the "Term Sheet") from ZenaTech, Inc. (the "Purchaser," "Proposed Buyer," or the "Stalking Horse") for the acquisition of the Debtor's Assets in exchange for $1.7 million. All other potential buyers were notified of the $1.7 million purchase price and no further offers were received that matched the Stalking Horse's Term Sheet. On January 9, 2026, the Debtor and the Proposed Buyer into that certain Asset Purchase Agreement (the "APA") according to which the Proposed Buyer agrees to serve as the stalking horse bidder at an auction for the sale of the Debtor's Assets pursuant to sections 363 and 365. The APA requested that certain bid protections be included as a result of it being chosen as the stalking horse. On January 17, 2026, the Debtor filed its Motion Pursuant to Sections 105(a), 363, and 365 of the Bankruptcy Code and Bankruptcy Rules 6004 and 6006 Approving the Sale of the Debtor's Assets (the "Sale Motion"), pursuant to which the Debtor sought approval of the sale of the Debtor's Assets to the Stalking Horse in exchange for a purchase price of $1.7 million. On April 6, 2026, the Court entered its Order approving the Sale Motion. The Debtor's Schedules, along with all Proofs of Claim that have been filed as of the date of this Disclosure Statement, reflect total Allowed General Unsecured Claims in the amount of $9,420,241.45. Class 4 consists of Allowed General Unsecured Claims. Holders of General Unsecured Claims will not receive any Distributions on account of such Claims under the Plan. Class 4 is Impaired under the Plan and deemed to reject the Plan. Class 4 shall include Holders of General Unsecured Claims. Class 5 consists of the Holder of Allowed Equity Claims. On the Effective Date, all Equity Interests in the Debtor shall be cancelled, annulled, and voided, and Holders thereof shall be entitled to no Distribution or recovery on account of such Equity Interest. Class 5 is Impaired under the Plan and deemed to reject the Plan. Class 5 shall include the Allowed Equity Claim of Vertical Computer Systems, Inc. The Plan will be implemented by the Debtor and funded from the Debtor's Cash. A full-text copy of the Disclosure Statement dated April 24, 2026 is available at https://urlcurt.com/u?l=nWHyn5 from PacerMonitor.com at no charge. Counsel for the Debtor: Brandon J. Tittle, Esq. Tittle Law Firm, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Tel: (972) 213-2316 Email: btittle@tittlelawgroup.com About NOW Solutions Inc. NOW Solutions Inc. provides human resources management systems (HRMS) and payroll software solutions, serving clients across education, healthcare, technology, insurance, manufacturing, public sector, retail, and transportation industries. Its primary product, emPath, is a web-based platform integrating HR and payroll functions, including employee self-service, performance reviews, and benefits tracking. The Company operates in the U.S. and Canada. NOW Solutions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42648) on Sept. 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda T. Rhoades handles the case. The Debtor is represented by Brandon Tittle, Esq. at TITTLE LAW FIRM, PLLC. ARMANINO LLP is the Debtor's Financial Advisor. OVATION PARENT: S&P Raises ICR to 'B+' on IPO And Debt Repayment ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Ovation Parent Inc. (dba Arxis) to 'B+' from 'B'. At the same time, S&P raised its issue-level rating to 'B+' from 'B', with a recovery rating of '3' indicating a material recovery following a hypothetical default event (50%-70%, rounded estimate: 65%). The stable outlook reflects S&P's expectation that the company will maintain credit metrics at levels appropriate for the rating over the next 12 months. Arxis completed its IPO on April 16, 2026, and raised about $1.2 billion in proceeds. The company allocated a majority of the proceeds toward debt repayment, prepaying $946 million of its existing term loan. Credit metrics have improved following debt repayment from IPO proceeds. Arxis generated net proceeds of approximately $1.2 billion after underwriting fees, commissions, and related transaction expenses. The company allocated about $946 million of proceeds toward repayment of its first-lien term loan facility, reducing the outstanding term loan balance to approximately $1.73 billion. Remaining proceeds will boost cash on the balance sheet. S&P said, "Pro forma for the paydown, total reported debt stands at approximately $1.73 billion, and we estimate S&P Global Ratings-adjusted leverage declined to the high-2x area, a material improvement from the 5.2x we measured as of fiscal year-end 2025. This was driven by the debt reduction in addition to continued EBITDA growth. We expect S&P Global Ratings-adjusted debt to EBITDA to measure 2.5x-3.0x for 2026 and 2027. Ongoing acquisition activity may result in leverage rising above 3x. "We expect favorable demand to support revenue growth and margin expansion. Arxis' operating profile benefits from favorable demand dynamics across its core end markets, supporting good revenue visibility. In defense, the macroeconomic backdrop remains constructive, underpinned by sustained U.S. budgetary support and elevated investment in defense readiness. Internationally, heightened geopolitical tensions continue to drive increased defense spending among allied nations, further reinforcing demand visibility. Arxis' commercial end markets provide additional growth, supported by ongoing production ramp-ups on key platforms such as the Boeing 737 MAX and Airbus A320neo, alongside resilient aftermarket demand. "These dynamics supported strong operating performance in fiscal 2025, and we expect revenue growth to remain solid in the near term, supported by underlying demand protected by Arxis' sole source position on key components and through inorganic growth opportunities. We forecast S&P Global Ratings-adjusted EBITDA margins will remain well above industry averages, in the low-30% area, supported by operating leverage, scale benefits, and pricing improvements. The company's capital-light model underpins strong free cash flow generation, which we expect to improve further as lower interest costs following recent deleveraging flow through the capital structure. "We assess Arxis' financial policy as moderately aggressive, and this will be a determining factor in the rating upside. We continue to assess the company's management and governance as moderately negative given the sponsor maintains majority control over strategic and capital allocation decisions. We do not anticipate it will allocate capital toward dividends or share repurchases in the foreseeable future." Management has indicated it intends to retain available capital for organic reinvestment and targeted bolt-on acquisitions consistent with its established acquisition strategy. S&P forecasts free operating cash flow of $250 million-$350 million in 2026 and 2027, which can support such acquisitions. The company could decide to pursue larger growth opportunities through debt-funded acquisitions. Management's willingness and commitment to maintain debt to EBITDA comfortably below 5.0x on a sustained basis will be a key factor in the rating moving forward. S&P said, "The stable outlook reflects our expectations that Arxis will maintain metrics within levels at least appropriate for the rating over the next 12 months, while its financial policy will be a critical factor for any potential rating changes. "We could lower our rating on Arxis if its funds from operations (FFO) to debt falls below 12% or debt to EBITDA measures 5.0x or higher, and we expect it to remain at such levels." This could occur if: -- Defense spending priorities shift such that existing contracts are delayed, or new contract awards are slow; -- Supply chain or tariff-related impacts exceed expectations, hindering margins; or -- The company's financial policy execution is more aggressive than expected. S&P could raise its rating on Arxis if its FFO to debt comfortably exceeds 20% and debt to EBITDA measures comfortably below 4.0x and it sustains such levels inclusive of expected acquisition activity, or its sponsor's equity position diminishes faster than expected. This could occur if: -- The company expands earnings, either organically or through acquisitions, without substantially increasing leverage; -- Arxis adheres to a moderate financial policy with no significant debt-funded acquisitions or dividends; and -- The sponsor reduces its equity position faster than expected OWENS-BROCKWAY GLASS: S&P Rates New Senior Unsecured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '5' recovery rating to O-I Glass Inc. subsidiary Owens-Brockway Glass Container Inc.'s proposed $500 million senior unsecured notes due in 2033. The '5' recovery rating indicates S&P's expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a default. The company intends to use the net proceeds with a mix cash and revolving credit facility draw to redeem its $612 million, 6.625% senior unsecured notes due in 2027. All our ratings on O-I Glass are unchanged. S&P said, "O-I Glass reported elevated energy and related costs in the first quarter, as well as lower net pricing, which will affect the remainder of the year. We believe the margin expansion we previously expected will be limited with modest EBITDA growth, which reflects lower restructuring charges this year compared to 2025, offsetting higher costs. This should still modestly increase EBITDA, which will allow O-I Glass to further deleverage its balance sheet, though we now expect leverage in the mid-4x area in 2026, compared to about 4x in our last projection. "With continued volatile market conditions stemming from the Middle East conflict, if volume declines and operating expense increases continue beyond our base case, it may lead us to revisit the rating or outlook on O-I Glass over the next several quarters. The stable outlook reflects our expectation that the company will maintain S&P Global Ratings-adjusted leverage below 5x." P3 HEALTH: Swaps $252M Debt for Preferred Stock to Meet Nasdaq Rule ------------------------------------------------------------------- P3 Health Partners Inc. disclosed in a regulatory filing that in order to regain compliance with Nasdaq's Listing Rule 5550(b)(1), which requires that issuers maintain a minimum of $2.5 million in stockholders' equity, the Company, and P3 Health Group, LLC, a wholly owned subsidiary of the Company, entered into a Debt Exchange Agreement with various affiliates of Chicago Pacific Founders, the largest stockholder and debtholder, directly or through affiliates, of the Company. Pursuant to the Exchange Agreement, approximately $252,479,967 of outstanding promissory notes, including principal, accrued interest, and back-end fees, will be exchanged for preferred stock that is not convertible, does not have voting or preemptive rights, is not registered or listed, and has a stated value of $100 per share. The Company may redeem the preferred stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $100.00 per share, plus any accumulated and unpaid dividends. Following the consummation of the Exchange Agreement, the Company believes it will have sufficient stockholders' equity to comply with the Listing Rule. The Debt will be converted into several series of preferred stock having identical terms, other than the dividend rate, with dividends payable only when, as and if declared by the Company's board or on the occurrence of certain specified liquidity events. At the sole election of the Company, such dividends may be paid in cash legally available for the payment of dividends or in-kind in the form of the issuance of additional shares of preferred stock. * $49,784,252.30 of the Debt will be exchanged for 497,843 shares of Series A 13.5% Cumulative Preferred Stock; * $39,550,272.32 of the Debt will be exchanged for 395,503 shares of Series B 17.5% Cumulative Preferred Stock; and * $163,145,442.42 of the Debt will be exchanged for 1,631,456 shares of Series C 19.5% Cumulative Preferred Stock. In addition to the Exchange Agreement, on the same date, the Company entered into a Securities Purchase Agreement with affiliates of CPF pursuant to which the Company agreed to issue up to $70 million of units in multiple tranches. The Units consist of: (i) shares of the Company's Series D 19.5% Cumulative Preferred Stock, and (ii) warrants to purchase Class A Common Stock, exercisable for a number of shares of Common Stock equal to 0.66333% of the outstanding Class A and Class V Common Stock of the Company per $1,000,000 of amount funded, with an exercise price equal to the Nasdaq Minimum Price on the date of issuance of the applicable warrant and a term of seven years from the date of issuance. The Company sold $10 million of Units in the initial closing of the Purchase Agreement and $60 million of Units remain available for purchase in future tranches, provided that the conditions to closing such additional purchases are satisfied as of the time of any future closing. The Series D Preferred Stock has terms that are identical to the other series of preferred stock, other than the dividend rate. The series of preferred stock described above are on parity with each other, and rank, with respect to rights to payment of dividends and distribution of assets in connection with the Company's liquidation, dissolution or winding up, senior to all classes or series of the Company's Common Stock and to all other equity securities issued by the Company. The Company issued the securities described herein in reliance on exemptions from securities registration requirements, including the exemption afforded by Section 4(a)(2) of the Securities Act of 1933, as amended. The preferred stock issued in connection with the transactions described above is not convertible, does not have voting or preemptive rights, and is not registered or listed. The acquirors represented that each is an "accredited investor" as defined in Rule 501(a) of Regulation D and that the securities are being acquired for investment purposes only and not with a view to, or for resale in connection with, any distribution thereof. Neither the Company nor any person acting on its behalf engaged in any form of general solicitation or general advertising in connection with the issuance of securities described above. In connection with the Purchase Agreement, the Company entered into a Registration Rights Agreement pursuant to which the Company agreed to file a registration statement with the Commission covering the resale of the shares of Common Stock issuable on exercise of the Warrants, subject to any approval of stockholders required by Nasdaq. The Company also entered into a third amended and restated letter agreement with Chicago Pacific Founders GP, L.P., a Delaware limited partnership, Chicago Pacific Founders GP III, L.P., a Delaware limited partnership, and Chicago Pacific Founders GP IV, L.P., a Delaware limited partnership (on behalf of the funds of which CPF GP I is the general partner, certain funds of which CPF GP III is the general partner, certain funds of which CPF GP IV is the general partner and/or certain of their affiliated entities and funds). Pursuant to the Third Amended and Restated Letter Agreement: (i) for as long as the CPF Parties own 40% of the Company's outstanding common stock, CPF will be entitled to designate one additional independent member of the Company's board of directors, who must be independent and satisfy all applicable requirements regarding service as a director of the Company under applicable law and SEC and stock exchange rules (ii) for as long as the CPF Parties own 40% of the Company's outstanding common stock, CPF will be entitled to certain information rights and protective provisions, and (iii) the CPF Parties agreed to extend the standstill restriction from January 1, 2026 to January 1, 2027 that limits the ownership of the CPF Parties to 49.99% of the Company's issued and outstanding shares of Common Stock. Because the CPF affiliates involved in the transactions described above may be deemed to be related parties, a special committee of the Company's board negotiated, approved, and authorized the transactions described herein. Full text copies of the Exchange Agreement, Purchase Agreement, preferred stock terms, Registration Rights Agreement, and Third Amended and Restated Letter Agreement are available at https://tinyurl.com/5vnnnk89, https://tinyurl.com/y3wdn289, https://tinyurl.com/4ae39pbp, https://tinyurl.com/msuxrk42, https://tinyurl.com/44av29u6, respectively. About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $656.6 million in total assets, $796.9 million in total liabilities, $14.997 million in redeemable non-controlling interest and a total stockholders' deficit of $155.2 million. PACK LIQUIDATING: Seeks to Hire Ice Miller LLP as Co-Counsel ------------------------------------------------------------ Pack Liquidating, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Ice Miller LLP as co-counsel. The firm's services include: a. advising the Debtors of their rights, powers, and duties as debtors and debtors in possession under Chapter 11 of the Bankruptcy Code; b. taking action to protect and preserve the Debtors' estates, including the prosecution of actions on the Debtors' behalf, the defense of actions commenced against the Debtors in the Chapter 11 Cases, the negotiation of disputes in which the Debtors are involved, and the preparation of objections to claims filed against the Debtors; c. appearing in Court and at any meeting required by the Office of the United States Trustee for the District of Delaware and any meeting of creditors at any given time on behalf of the Debtors as their counsel; d. assisting with any disposition of the Debtors' assets by sale or otherwise; e. preparing, on behalf of the Debtors, motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtors' estates; f. preparing any plan of reorganization or liquidation; g. preparing the disclosure statement and any related documents and pleadings necessary to solicit votes on any plan of reorganization or liquidation; h. prosecuting on behalf of the Debtors any proposed plan and seeking approval of all transactions contemplated therein and, in any amendments, thereto; and i. performing all other services assigned by the Debtors or Cooley LLP to Ice Miller. To the extent Ice Miller determines that such services fall outside of the scope of services historically or generally performed by the firm in a bankruptcy proceeding, Ice Miller will file a supplemental declaration pursuant to Bankruptcy Rule 2014. The firm's current standard hourly rates are: Partners $890 to $1,035 Associates $525 to $585 Paraprofessionals $445 To the extent applicable under the facts and circumstances of these cases, consistent with Part D.1 of the United States Trustees' Appendix B -- Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, which became effective on November 1, 2013, the firm states as follows: a. Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? i. Ice Miller has not agreed to a variation of its standard or customary billing arrangement for this engagement. b. Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? i. None of Ice Miller's professionals included in this engagement have varied their rate based on the geographic location of these chapter 11 cases. c. If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. i. Ice Miller was retained by the Debtors as of March 27, 2026 and did not represent the Debtors in the 12 months prepetition. d. Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? i. N/A. As disclosed in the court filing, Ice Miller is a "disinterested person" under section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher M. Samis, Esq. Ice Miller LLP 500 Delaware Avenue Wilmington, DE 1980 Phone: (302) 313-0568 Email: christopher.samis@icemiller.com About Pack Liquidating Pack Liquidating, LLC, filed a Chapter 11 petition (Bankr. D. Del. Case No. 22-10797) on August 28, 2022, with $100 million to $500 million in assets and liabilities. Judge Craig R. Goldblatt oversees the case. Christopher M. Samis, Esq., at Potter Anderson & Corroon LLP, is the Debtor's counsel. PEREZ MENENDEZ: Hires Juan C. Bigas Valedon Law Office as Counsel ----------------------------------------------------------------- Perez Menendez Hnos, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan C. Bigas Valedon of Juan C. Bigas Valedon Law Office to serve as legal counsel. Mr. Bigas Valedon will provide these services: (a) represent the Debtor in this bankruptcy proceedings; and (b) perform work performed or to be performed by Juan C. Bigas Valedon, Esq., upon application(s) and approval of the Court. Mr. Bigas Valedon will receive a retainer in the amount of $8,000, and will bill on the basis of $350 per hour, plus expenses, for work performed or to be performed, subject to Court approval. Juan C. Bigas Valedon and his law firm is a "disinterested attorney" as defined in 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached at: Juan C. Bigas Valedon, Esq. JUAN C. BIGAS VALEDON LAW OFFICE Urb. Baldrich 569 Cesar Gonzalez Hato Rey, Puerto Rico P.O. Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com About PEREZ MENENDEZ HNOS, INC. PEREZ MENENDEZ HNOS, INC. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-01990) on April 30, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Mildred Caban Flores oversees the case. Juan C. Bigas Valedon Law Office is Debtor's legal counsel. PIONEER OPCO: S&P Rates New $1.175BB Senior Secured Notes 'B' ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to gaming operator Pioneer OpCo LLC's proposed $1.175 billion senior secured notes due 2033. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The company will use the proceeds from the proposed senior secured notes--which are part of a broader refinancing transaction that includes a $1.175 billion term loan B and a $500 million revolving credit facility--to refinance existing debt, pay related fees and expenses, and for general corporate purposes. S&P said, "Because the proposed refinancing transaction is largely debt for debt and therefore leverage neutral, our 'B' issuer credit rating on Pioneer HoldCo LLC is unchanged. Pioneer operates The Venetian Resort Las Vegas and The Venetian Expo and Convention Center on the Las Vegas Strip. Our rating reflects the company's highly leveraged financial risk profile, financial-sponsor ownership, and geographic concentration, given its operation of a single property on the Las Vegas Strip. These factors are partially mitigated by Pioneer's solid competitive position, high-quality asset in a favorable location, and diverse customer mix." Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'B' issue-level rating and '3' recovery rating to Pioneer's proposed $1.175 billion senior secured notes. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 60%) recovery for lenders in the event of a payment default. -- Pioneer's senior secured debt includes its proposed senior secured notes due 2033, $1.175 billion term loan B due 2033, and $500 million revolving credit facility due 2031. Its senior secured debt will be secured by substantially all the tangible and intangible assets of Pioneer OpCo LLC (borrower) and substantially all of Pioneer HoldCo LLC's (guarantor) existing and future wholly owned domestic subsidiaries. -- S&P's simulated default scenario assumes a default in 2029 because of much lower than expected demand for gaming combined with a period of pronounced economic weakness, which constrains consumer discretionary spending and prevents Pioneer from fully ramping up its operations. Simulated default assumptions -- Emergence EBITDA: Approximately $288 million -- EBITDA multiple: 6.5x -- Jurisdiction: U.S. Simplified waterfall -- Gross recovery value: $1.9 billion -- Net recovery value (after 5% administrative expenses): $1.8 billion -- Obligor/nonobligor valuation split: 100%/0% -- Estimated secured debt claims: $2.8 billion -- Value available for secured claims: $1.8 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. PREMIER GENERATOR: Kimberly Ross Clayson Named Subchapter V Trustee ------------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Kimberly Ross Clayson, Esq., as Subchapter V trustee for Premier Generator Service, LLC. Ms. Clayson, an attorney at Taft Stettinius & Hollister, LLP, will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clayson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kimberly Ross Clayson, Esq. Taft Stettinius & Hollister, LLP 27777 Franklin Rd., Ste. 2500 Southfield, MI 48034 Phone: (248) 727.1635 Email: kclayson@taftlaw.com About Premier Generator Service LLC Premier Generator Service, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-30965) on April 22, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. George E. Jacobs, Esq., at Bankruptcy Law Offices represents the Debtor as bankruptcy counsel. PUERTO RICO: Proskauer Rose's Chapter 11 Legal Fees Hits $179.6MM ----------------------------------------------------------------- Vince Sullivan of Law360 reports that Proskauer Rose LLP is seeking court approval for $179.6 million in total fees and expenses for its work on Puerto Rico's debt restructuring, according to a final fee application filed Friday, May 1, 2026,. The firm served as counsel to the Financial Oversight and Management Board throughout the multi-year case. In its submission, Proskauer highlighted its involvement in key aspects of the restructuring, including negotiations with creditors, litigation management, and the formulation of the commonwealth's restructuring plan under PROMESA. The firm played a central role in addressing legal challenges and advancing the case toward resolution. The court will review the application and any objections before determining the final compensation. The request reflects the extensive legal effort required in Puerto Rico's restructuring, which has reshaped billions of dollars in public debt and required sustained involvement from professional advisers, the report states. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies; Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. PURE SCIENCE: Seeks to Hire Specialists Accounting as Accountant ---------------------------------------------------------------- Pure Science Lab Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Babatope Justus of Specialists Accounting LLC to serve as accountant. Mr. Justus will provide these services: (a) prepare the Debtor's financial reports, monthly operating reports, and provide general business and tax advice; (b) perform monthly accounting services, including maintenance of financial records, bank reconciliations, and financial statement preparation; (c) prepare federal and state income tax returns, including annual Form 1099s for contractors and vendors; and (d) provide consultation and general business and tax advice as requested throughout the year. Mr. Justus will receive a monthly fee of $500 per month as compensation for the accounting and tax services. Specialists Accounting LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 327(a), according to court filings, and does not represent any interest adverse to the Debtor or the estate. The firm can be reached at: Babatope Justus SPECIALISTS ACCOUNTING LLC 6501 Congress Avenue, Suite 260 Boca Raton, FL 33487 About Pure Science Lab Inc. Pure Science Lab Inc. is a provider of hemp-derived cannabidiol products, offers oils, capsules, gummies, concentrates, topical creams, and pet formulations for the health and wellness market. The company focuses on sourcing organic hemp and producing non-psychoactive CBD extracts, with a product portfolio that includes tinctures, softgels, and topical applications distributed to individual consumers seeking plant-based wellness products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14210) on April 3, 2026. In the petition signed by Steven Pomerantz, president, the Debtor disclosed $66,485 in assets and $1,296,462 in liabilities. Judge Peter D. Russin oversees the case. Chad Van Horn, Esq., at Van Horn Law Group, P.A., represents the Debtor as bankruptcy counsel. QON CON: Seeks Approval to Hire BGS Law LLC as Legal Counsel ------------------------------------------------------------ Qon Con, LLC seeks approval from the United States Bankruptcy Court for the District of Columbia to hire Linda M. Dorney, Esquire, and BGS Law, LLC to serve as legal counsel. Ms. Dorney will provide these services: (a) giving the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession; (b) preparing, as necessary, applications, answers, orders, reports and other legal papers filed by the Debtor; (c) preparing a Disclosure Statement and Plan of Reorganization; and (d) performing all other legal services for the Debtor which may be necessary herein. Ms. Dorney will be compensated at an hourly rate of $425 for experienced bankruptcy attorneys, $350 for other firm attorneys, and between $150 to $175 for paralegal time. The application discloses that counsel received $15,000 in prepetition compensation on April 21, 2026, paid by Jeffrey Holibaugh, the majority shareholder of the Debtor, and also received the Chapter 11 filing fee. The firm may also seek compensation from estate assets, subject to Court approval. BGS Law, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has no connections with the United States Trustee or any person employed by the United States Trustee, and does not represent any interest adverse to the Debtor’s estate. The firm can be reached at: Linda M. Dorney, Esq. BGS LAW, LLC 110 North Washington Street, Suite 404 Rockville, MD 20850 Telephone: (301) 579-3123 E-mail: linda@bgslawllc.com About Qon Con, LLC Qon Con, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Columbia Case No. 26-00231) on April 30, 2026. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. BGS Law, LLC is the Debtor’s legal counsel being proposed for employment in this matter. QUALITY OFFICE: Unsecured Creditors to Get 5 Cents on Dollar ------------------------------------------------------------ Quality Office Liquidations, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of California a Plan of Reorganization for Small Business dated April 23, 2026. The Debtor is a California corporation specializing in office furniture sales and design and has been in operation continuously since November 2003, almost twenty-three years. During the COVID-19 global pandemic, the Debtor experienced significant issues with its supply chain, employee retention, and maintaining its customer base, primarily consisting of commercial offices, as the world suffered through the unprecedented pandemic. During that time, in response to these challenges, the Debtor utilized resources offered by the federal government to keep small businesses afloat and allow them to retain their employees in the face of declining revenue. Specifically, the Debtor obtained secured loans offered by the United States Small Business Administration ("SBA") which allowed the Debtor to maintain its operations during the setbacks caused by the pandemic. As shown on the schedules filed along with the Petition in this case, the secured debt owed to the SBA and the taxes owed are significant and are the primary reason the Debtor sought relief under the Bankruptcy Code. The Debtor is now endeavoring to reorganize the business. The business maintains a strong customer base and has cashflow. The Debtor hopes to maintain operations so that it may continue as a local small business employing members of the community and working with other local businesses and charitable organizations. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $841.20. The final Plan payment is expected to be paid on August 2031 (estimated). This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from general business operations and future income. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 5 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3A consists of General Unsecured Creditors. The Debtor proposes to pay 100% of its monthly disposable income, estimated at $807.20/mo., to its general unsecured creditors over 60 months, with the first payment due on the effective date, followed by 59 consecutive equal monthly payments thereafter until the holder of each allowed claim receives its prorata distribution from the Debtor. The Debtor estimates that a total of $48,432.00 will be paid to Class 3A creditors over the duration of the plan. Class 3B consists of the Unsecured Claim of US Small Business Administration. The Debtor proposes to pay the unsecured portion of the SBA's claim, as described in POC #4, in the same manner as the treatment of SBA's secured claim, Class 2A. To wit, the Debtor will make a single monthly payment of $2,505.00, the monthly payment specified in the loan agreement, in order to satisfy SBA's secured and nonsecured claims. The SBA's claim is unimpaired and the SBA is not entitled to vote on confirmation. Class 4 consists of Equity security holders of the Debtor. William Leach (40%), Frances Riddle (51%), and Philip Sipat (9%) are the equity shareholders. Each will retain their interest in the Debtor after confirmation. Distribution to creditors under this Plan will be funded primarily from the following sources: (a) the Debtor's cash on hand on the effective date of the Plan; and (b) the net income derived from the continued operation if the Debtor's business. The Plan proposes to pay creditors using the net disposable income over the 5-year period after the effective date. This plan will allow non-insider general unsecured creditors (Class 3A) to recover 5% more than if the Debtor's assets were sold in a hypothetical Chapter 7 liquidation. The Debtor believes this Plan represents the best possible return to holders of claims. The Debtor believes that this Plan will successfully reorganize the Debtor and that the confirmation of this Plan is in the best interests of the Debtor, its creditors, and equity interest holders. A full-text copy of the Plan of Reorganization dated April 23, 2026 is available at https://urlcurt.com/u?l=ZUSr61 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael K. Moore, Esq. LAW OFFICE OF MICHAEL K. MOORE, APC 210 E Center ST Manteca, CA 95336 Telephone: (209) 373-5815 Facsimile: (844) 814-2419 E-mail: michael@mkmoorelaw.com About Quality Office Liquidations Inc. Quality Office Liquidations, Inc., doing business as Flip Office Furnishings, provides warehousing, distribution, retail sales, and related services for pre-owned and new office furnishings, including space planning, delivery and installation, moving and reconfiguration, liquidation, asset management, and disaster recovery. The Company operates a distribution center in Stockton, California, serving customers across California and nationwide, with offerings spanning furniture sourcing, resale, and workplace solutions. It serves clients across sectors including construction, education, medical, technology, professional services, and agriculture. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-20295) on January 22, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. William Leach, chief executive officer, signed the petition. Judge Christopher D. Jaime presides over the case. Michael Kenneth Moore, Esq., at the Law Offices of Michael K. Moore represents the Debtor as bankruptcy counsel. QVC GROUP: Akin Gump Represents LINTA Noteholders ------------------------------------------------- An ad hoc group of noteholders to QVC Group, Inc. and its debtor-affiliates, represented by Akin Gump Strauss Hauer & Feld LLP, filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 to inform the Court that the Group holds 8.500% LINTA Notes, 4.000% LINTA Exchangeables, 8.250% LINTA Notes and 3.750% LINTA Exchangeables. According to the LINTA Ad Hoc Group's Verified Statement: 1. As of the date of this Verified Statement, Akin Gump Strauss Hauer & Feld LLP represents the LINTA Ad Hoc Group in connection with the Debtors' Chapter 11 cases. Akin does not represent or purport to represent any other entities in connection with the Debtors' Chapter 11 cases. Akin does not represent the LINTA Ad Hoc Group as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or entity other than the LINTA Ad Hoc Group. In addition, the LINTA Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. 2. Akin has been advised by the individual members of the LINTA Ad Hoc Group that each member either holds claims or manages accounts that hold claims against the Debtors' estates. 3. The information outlined, which is based on the applicable members of the LINTA Ad Hoc Group to Akin, is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other purpose. Akin does not make any representation regarding the validity, amount, allowance, or priority of such claims and reserves all rights with respect thereto. Akin does not own, nor has Akin ever owned, any claims against or interests in the Debtors, except for claims for services rendered to the LINTA Ad Hoc Group. 4. Nothing contained in this Verified Statement should be construed as a limitation upon, or waiver of, any rights of the LINTA Ad Hoc Group or any member of the LINTA Ad Hoc Group, including any right to assert, file and/or amend any claim in accordance with applicable law and any orders entered in these Chapter 11 cases. 5. Additional holders of claims against, or disclosable economic interests in, the Debtors' estates may become members of the LINTA Ad Hoc Group, and certain members of the LINTA Ad Hoc Group may cease to be members of the LINTA Ad Hoc Group in the future. Akin reserves the right to amend or supplement this Verified Statement in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, and the "nature and amount of all disclosable economic interests" in relation to the Debtors, held as of May 1, 2026, as reported to Akin by each member of the LINTA Ad Hoc Group, are: 1. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by Anchorage Capital Advisors, L.P., or an affiliate thereof 610 Broadway, 6th Floor, New York, NY 10012 $54,668,000.00 of the 4.000% LINTA Exchangeables $95,578,000.00 of the 3.750% LINTA Exchangeables 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by Aquila Asset Management AG, or an affiliate thereof Bahnhofstrasse 1, 6340 Baar, Zug, Switzerland $6,000,000.00 of the 8.250% LINTA Notes 3. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by Brigade Capital Management LP, or an affiliate thereof 399 Park Avenue, 16th Floor, New York, NY 10022 $15,750,000.00 of the 8.500% LINTA Notes $7,700,000.00 of the 4.000% LINTA Exchangeables $76,047,000.00 of the 8.250% LINTA Notes $76,540,000.00 of the 3.750% LINTA Exchangeables $350,000.00 of the QVC 2029 Notes $2,495,000.00 of the QVC 2034 Notes 4. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by Calamos Advisors LLC, or an affiliate thereof 2020 Calamos Court, Naperville, IL 60563 $3,963,000.00 of the 8.250% LINTA Notes $1,982,000.00 of the QVC 2034 Notes $342,500.00 of the QVC 2068 Notes 6,850 shares of the QVCG Preferred Equity 5. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by JMLJ Capital Fund LP, or an affiliate thereof 144 Eylandt Street, Staten Island, NY 10312 $1,086,000.00 of the 8.500% LINTA Notes $1,000,000.00 of the QVC 2029 Notes $75,000.00 of the QVC 2067 Notes $75,000.00 of the QVC 2068 Notes 6. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by Lazard Asset Management LLC, or an affiliate thereof 30 Rockefeller Plaza, 56th Floor, New York, NY 10112 $25,387,000.00 of the 4.000% LINTA Exchangeables $16,950,000.00 of the 3.750% LINTA Exchangeables 7. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by Manulife Investment Management (US) LLC, or an affiliate thereof 197 Clarendon Street, Boston, MA 02116 $18,503,000.00 of the 8.250% LINTA Notes $10,107,000.00 of the QVC 2029 Notes $1,000,000.00 of the QVC 2043 Notes 8. National Life Insurance Company c/o PineBridge Investments Attn: Jeremy Burton Park Avenue Tower 65 East 55th Street, New York, NY 10022 $5,167,000.00 of the 8.250% LINTA Notes 9. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised, controlled or directed by PPM America, Inc., or an affiliate thereof 225 West Wacker Drive, Suite 1200, Chicago, IL 60606 $9,001,000.00 of the 8.250% LINTA Notes Counsel to the LINTA Ad Hoc Group: Philip C. Dublin, Esq. Brad M. Kahn, Esq. Avi E. Luft, Esq. AKIN GUMP STRAUSS HAUER & FELD LLP One Bryant Park New York, NY 10036 Tel: (212) 872-1000 Fax: (212) 872-1002 Email: pdublin@akingump.com bkahn@akingump.com aluft@akingump.com - and - Marty L. Brimmage, Esq. 2300 N. Field St., Suite 1800 Dallas, TX 75201 Tel: (214) 969-2800 Fax: (214) 969-4343 Email: mbrimmage@akingump.com About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. — https://www.qvcgrp.com/ — owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group is represented by Simpson Thacher & Bartlett LLP. RAD DIVERSIFIED: To Employ Ice Miller LLP as Special Counsel ------------------------------------------------------------ RAD Diversified REIT, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ice Miller LLP as special counsel. The firm will provide these services: (a) represent the Debtors in connection with U.S. Securities and Exchange Commission investigations and prosecutions; (b) provide legal services related to securities regulatory and complex litigation matters; and (c) assist in matters arising from ongoing regulatory investigations involving the SEC and other attorneys general. Ice Miller LLP will receive a $65,000 retainer paid pre-petition and will apply for additional compensation and reimbursement of expenses subject to Court approval. The firm will be paid at these hourly rates: Matthew Fornshell $945 Jessa DeGroote $730 Kyle Finnegan $645 Partners $575-$1,490 Sr. and Of Counsel $460-$945 Associates $380-$770 Paralegals $315-$580 Ice Miller LLP does not hold or represent interests adverse to the Debtors and is qualified to represent the Debtors under 11 U.S.C. Sec. 327(e), according to court filings. The firm can be reached at: Matthew Fornshell, Esq. ICE MILLER LLP 250 West Street, Suite 700 Columbus, OH 43215-7509 Telephone: (614) 462-2700 E-mail: Matthew.Fornshell@icemiller.com 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. RALIAM HOSPITALITY: Seeks to Use Cash Collateral ------------------------------------------------ Raliam Hospitality Group, LLC asks the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, for authority to use cash collateral and provide adequate protection. After filing for bankruptcy on March 23, 2026, the Debtor identified that it holds funds in a deposit account at First Merchants Bank, though the exact amount is currently unknown. The Debtor requests permission to use all such cash collateral to fund ongoing operations, emphasizing that immediate access to these funds is critical to maintaining business continuity and meeting working capital needs. The Debtor proposes to use the cash collateral for ordinary and necessary business expenses, including payroll, utilities, advertising, franchise fees, commissions, professional fees, and loan payments, as outlined in a detailed budget covering April 2026 through 2028. It argues that without access to these funds, the business would face immediate and irreparable harm, and that such use is essential for a smooth transition into Chapter 11 reorganization. The Debtor also acknowledges that several secured creditors -- Merchants Bank of Indiana, Newtek Business Services Holdco 6 Inc., Newtek Small Business Finance, LLC, and Ravikumar Shah -- may have valid security interests in the cash collateral. To address the rights of these secured creditors, the Debtor proposes providing adequate protection in the form of replacement liens on post-petition assets, maintaining the same validity, priority, and extent as their prepetition liens. Additionally, the Debtor commits to operating within a court-approved budget and suggests that these measures are sufficient to protect against any diminution in the value of the creditors' collateral. A copy of the motion is available at https://urlcurt.com/u?l=XPAXFX from PacerMonitor.com. About Raliam Hospitality Group LLC Raliam Hospitality Group, LLC operates a Quality Inn hotel in Muncie, Indiana, providing midscale lodging and standard hospitality services, including accommodations and complimentary breakfast, under the franchise system of the Choice Hotels International. The company serves travelers in Muncie, Indiana, supported by university-related and regional demand. Raliam Hospitality Group LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-01661) on Mar. 23, 2026. In the petition signed by Chirag Patel, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey J. Graham oversees the case. Preeti Gupta, Esq., serves as the Debtor's counsel. ROYAL CARD: To Hire West & West Attorneys at Law P.C. as Counsel ---------------------------------------------------------------- The Royal Card House, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Dean W. Greer, Esq. of West & West Attorneys at Law, P.C. to serve as its counsel. Mr. Greer will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in the continued operation of its business and management of its properties during bankruptcy; (b) take actions necessary to preserve and protect the Debtor’s assets, including prosecution and defense of adversary proceedings, litigation matters, and claims objections and estimations; (c) prepare necessary applications, motions, complaints, answers, reports, pleadings, and other legal documents in connection with the Debtor's estate; (d) assist in the development, negotiation, and confirmation of a plan of reorganization and preparation of related disclosure statements; and (e) perform other legal services as may be required in connection with the Chapter 11 case. Mr. Greer will be compensated at an hourly rate of $400, while paralegal services will be billed at $100 per hour as necessary. The Debtor also agreed to a $10,000 retainer funded from post-petition income, subject to Court approval of fees and expenses. West & West Attorneys at Law, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any adverse interest in the case, according to court filings. The firm can be reached at: Dean W. Greer, Esq. West & West Attorneys at Law, P.C. 2929 Mossrock, Suite 204 San Antonio, TX 78230 Telephone: (210) 342-7100 Facsimile: (210) 340-3577 E-mail: dean@dwgreerlaw.com About The Royal Card House LLC The Royal Card House, LLC operates its private social card club business in San Antonio, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50915) on April 6, 2026. In the petition signed by Elias Luna III, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Aubrey L. Thomas oversees the case. Dean Greer, Esq., at West and West Attorneys at Law, PC, represents the Debtor as bankruptcy counsel. ROYAL HASS: Seeks to Hire Majesto Investments as Bookkeeper ----------------------------------------------------------- Royal Hass, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Jorge Orozco of Majesto Investments, Inc. to serve as bookkeeper and financial professional in its Chapter 11 Subchapter V case. Mr. Orozco and Majesto Investments, Inc. will provide these services: (a) provide bookkeeping services to the Debtor during the bankruptcy case; (b) provide accounting and financial services for the Debtor; and (c) assist the Debtor with financial recordkeeping and related financial reporting during the Chapter 11 case. The firm will receive compensation at a fixed rate of $1,000 per month for bookkeeping and accounting services. Jorge Orozco and Majesto Investments, Inc. are a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Jorge Orozco MAJESTO INVESTMENTS, INC. c/o Jorge Orozco, CEO & Founder 6789 Quail Hill Parkway, Unit 140 Irvine, CA 92603 About Royal Hass LLC Royal Hass, LLC engaged in importing and distributing fresh fruits and vegetables, particularly avocados from Mexico. It is headquartered in Forest Park, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51801) on February 10, 2026. In the petition signed by Antonio Moreno, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Lisa Ritchey Craig oversees the case. Leslie Pineyro, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. S & H SYSTEMS: To Employ Reynolds Bone & Griesbeck as Accountant ---------------------------------------------------------------- S & H Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Northern Division, to hire Reynolds Bone & Griesbeck, PLC to serve as its accountant. The firm will provide these services: (a) prepare 2025 Federal and State Tax Returns inclusive of all 40 State and Local returns; (b) prepare K-1 forms; (c) perform other related tax duties required by the Debtor to remain in compliance with Federal and State taxing laws; and (d) assist in preparing and filing tax-related reports and documents for the year ended December 31, 2025. Reynolds Bone & Griesbeck, PLC will receive a flat fee of $50,000 for the engagement, consisting of a $30,000 postpetition retainer upon approval and a $20,000 balance payable upon completion of services. The firm previously charged $90,500 for the 2024 tax work, but agreed to the reduced fee due to the Debtor's financial condition. Reynolds Bone & Griesbeck, PLC, through its managing partner Chad Boyd, is disclosed as a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, with no adverse interests to the estate and no connections to creditors or other parties in interest. The professional may be reached through: Chad Boyd Reynolds Bone & Griesbeck, PLC 5100 Wheelis Drive, Suite 300 Memphis, TN 38117 About S & H Systems S & H Systems, Inc. designs, installs, and maintains material handling and automation systems for distribution centers, warehouses, and manufacturing and fulfillment facilities, providing services that include operational analysis, systems design engineering and estimating, and controls and software integration. The Company delivers conveyor systems, goods-to-person solutions, automated storage and retrieval systems, autonomous mobile robotics, robotic and pick/put wall solutions, and warehouse control systems, supporting both new and retrofit operations across the United States. S & H Systems is headquartered in Jonesboro, Arkansas, and employs approximately 180 people. S & H Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10365) on February 2, 2026. In the petition signed by Mark Donovan, chief financial officer, the Debtor disclosed $41,717,420 in total assets and $62,495,282 in total liabilities. Judge Phyllis M. Jones oversees the case. The Debtor is represented by Kevin P. Keech, Esq., at Keech Law Firm, PA. SACRAMENTO COUNTY HOUSING: S&P Lowers Revenue Bond Rating to 'B' ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'B' from 'B+' on the Sacramento County Housing Authority, California's series 2000 issue B multifamily housing revenue bonds (Cottage Estates Apartments). The outlook is stable. S&P said, "The rating action reflects our view that the authority is transitioning toward a lower rating cap given our projection that assets will be insufficient to cover the final bond maturity payment scheduled for Feb. 1, 2033. "We have analyzed the transaction's environmental, social, and governance factors relative to its legal framework, operational risk framework, cash flow, and enhancement type, and view these factors as neutral in our credit analysis." The stable outlook reflects S&P Global Ratings' expectation that credit conditions will remain unchanged over the next year and that coverage will likely be below 1x for the final maturity on Feb. 1, 2033. S&P said, "If debt service coverage trends stay on track and we continue to view Feb. 1, 2033, as the date of potential default, we could take a negative rating action in the short term to transition toward a future rating cap of 'B-,' which we would expect to apply once the debt service coverage shortfall is less than four years away. If our coverage projections worsen significantly and we project that default could occur sooner than 2033, we could lower the rating by multiple notches. "We could take a positive rating action in the unlikely event that the transaction's fund balances increase from better-than-expected reinvestment earnings or in case of an additional deposit of funds sufficient to cover our projected shortfall." SAKS GLOBAL: Gets OK to Solicit Restructuring Plan Creditor Votes ----------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Saks Global Enterprises LLC secured conditional approval to solicit votes on its Chapter 11 plan, setting the stage for a final court hearing in early June. US Bankruptcy Judge Alfredo R. Perez approved the company's disclosure statement Friday, allowing it to move forward with a plan to reduce its $3.4 billion debt and secure $500 million in exit financing, the report states. A confirmation hearing is tentatively scheduled for June 5 as the company seeks to complete its restructuring, according to Bloomberg. The business, which includes Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman, is aiming to emerge with a stronger capital structure, the report relays. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SAPPHIRE EXCHANGE: Jerrett McConnell Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for The Sapphire Exchange, LLC. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About The Sapphire Exchange LLC The Sapphire Exchange, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02856) on April 21, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. SCILEX HOLDING: Signs $120 Million Term Sheet With Datavault AI --------------------------------------------------------------- Scilex Holding Company announced that the Company and Datavault AI Inc. entered into a binding term sheet, which sets forth the principal terms and conditions of a proposed cash contribution and revenue participation arrangement between the Company and Datavault. Pursuant to the Term Sheet, and subject to the finalization of mutually agreeable definitive transaction documents and, ultimately, the satisfaction of certain customary closing conditions to be contained therein, it is expected that the Company will make an upfront cash contribution to Datavault in the amount of $120,000,000, to be paid in multiple closings, with the final closing to occur no later than December 31, 2026. The Company will use the proceeds from the Upfront Payment exclusively to fund the deployment of Datavault's quantum-ready graphics processing units infrastructure across an estimated 100 cities in the United States, including build-out, equipment, related working capital, and reasonable overhead expenses directly attributable thereto. In consideration of the Upfront Payment, Datavault will become obligated to pay the Company an amount equal to: (i) 30% of gross revenues recognized by Datavault attributable exclusively to the Quantum-Ready Edge Network, until the aggregate amount of such payments to the Company equals $250,000,000, (ii) from and after the time that the Interim Cap has been reached, 15% of Network Revenues until the aggregate amount of such payments to the Company (when combined with amounts applied to the Interim Cap) equals $1,200,000,000, and (iii) from and after the time that the Additional Cap has been reached, 5% of Network Revenues during the remaining lifetime of the GPUs purchased using the Upfront Payment. The Term Sheet includes customary provisions regarding transaction documents, including that the definitive agreement for the Proposed Transaction and related agreements and other documents will contain customary representations, warranties, covenants, indemnities, limitations on indemnity, termination provisions and other terms typical for transactions of this nature. The Term Sheet is governed by Delaware law, contains customary confidentiality provisions, and will remain in effect until the execution of the definitive agreement for the transaction, unless otherwise terminated by the parties. There can be no assurance that the definitive agreement and other transaction documents necessary to consummate the Proposed Transaction will be entered into, or that the Proposed Transaction will be consummated on the terms described herein or at all. The consummation the Proposed Transaction, including the satisfaction or waiver of the applicable closing conditions, are subject to numerous factors, many of which are outside the control of the Company, including market conditions, regulatory approvals, the actions of third parties, the ability of the parties to negotiate and execute the definitive agreement for the Proposed Transaction, and the achievement of specified operational and financial milestones, including certain conditions that depend on the business performance and operating results of Datavault. The Term Sheet reflects terms that remain subject to further negotiation, modification and/or approval by the applicable boards of directors and may be terminated by the parties. Any such termination, or a failure by the parties to agree on the definitive agreement for the Proposed Transaction, could result in disputes or litigation relating to the interpretation, enforceability and/or performance of the provisions of the Term Sheet, which could be costly and/or time-consuming, divert management attention and/or otherwise adversely affect the financial condition or liquidity of the Company, including its ability to pursue or defend such claims. Accordingly, investors should not place undue reliance on the consummation of the Proposed Transaction, the ability of Datavault and the Company to consummate the Proposed Transaction or on the achievement of any related milestones or financial thresholds. A full text copy of the Term Sheet will be available as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending June 30, 2026. About Scilex Holding Company Palo Alto, Calif.-based Scilex Holding Company -- www.scilexholding.com -- is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and, following the formation of its proposed joint venture with IPMC Company, neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain, and is dedicated to advancing and improving patient outcomes. Scilex's commercial products include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug Administration for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve pain; (ii) ELYXYB, a potential first-line treatment and the only FDA-approved, ready-to-use oral solution for the acute treatment of migraine, with or without aura, in adults; and (iii) Gloperba, the first and only liquid oral version of the anti-gout medicine colchicine indicated for the prophylaxis of painful gout flares in adults. Walnut Creek, California-based BPM LLP, the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 10, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $364.98 million in total assets, $567.73 million in total liabilities, and $211.75 million in total stockholders' deficit. SE COSMOS: Fitch Assigns 'BB(EXP)' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned SE Cosmos, LLC's $999 MM proposed senior secured notes and Long-Term Issuer Default Rating (IDR) an expected 'BB(EXP)' rating. The Rating Outlook is Stable. The 'BB' rating reflects predictable contracted revenue under a 15-year triple-net lease supported by a guaranty from Softbank Group Capital Limited. Cash flow is sufficient to amortize the debt during the initial lease term under Fitch rating case assumptions, reducing renewal risk. The Austin, Texas data center is being developed on a retrofitted site with existing power access and limited upgrades needed to achieve required power capacity. The 70 MW (50 MW IT capacity) project, to be delivered in phases from late 2026 to mid-2027, is exposed to completion risk, but Fitch views this as manageable given the straightforward scope, reasonable budget and schedule, experienced contractor, signed construction contract on a guaranteed maximum price (GMP) basis, and return-on-cost lease provisions. Lease terms also limit risk through no tenant termination rights, date-certain rent commencement, no rent credits for delays, and no service level obligations. The rating takes into consideration the financial profile and credit quality of the tenant. The IDR is equalized with the debt facility ratings, given their equal senior position and lack of other subordinate liabilities KEY RATING DRIVERS Completion Risk - Stronger Executed GMP with an Experienced Contractor Completion risk is supported by the relatively straightforward construction of a 50 critical IT MW data center and the involvement of an experienced contractor (Turner Construction Company). The independent engineer views the timeline — about 12 months from mobilization to completion of the first 5 MW and office space, and 13 months for the remaining 45 MW — as achievable. If delays occur, acceleration measures such as overtime, weekend work, or double shifts are available, with no major labor availability concerns. Rent payments commence irrespective of whether construction milestones are achieved, and tenant remedies for landlord construction delays are limited to schedule extensions and self-help rights, with no termination rights or rent credits. The LTA also views construction costs and contractor contingency as appropriate and within benchmark ranges. Contractor-furnished and installed equipment under the GMP reduces cost escalation risk. The GMP has been executed, and the contract value has been fixed. The return-on-cost mechanism for rent calculation also allows pass-through of construction costs to tenants, thereby mitigating cost overrun risk. Supply Risk - Midrange Straightforward Upgrades, Equipment on Site The project faces manageable power supply risk as available capacity must be upgraded from 20 MW to 70 MW. Under a signed facilities extension agreement, the local utility will install two new transformers, uprate an existing transformer, and complete related equipment and support infrastructure. Risk is moderated because the site already has an operating substation, which limits the scope of required work because no new substation is needed. In addition, transformers are already on site, reducing exposure to long-lead procurement delays. The upgrade will be completed in phases, with 30 MW expected to be commissioned by April 30, 2026, and the remaining 40 MW by Oct. 31, 2026 based on the current schedule. The LTA considers these delivery dates supportive of the project's planned construction and commissioning schedule. Revenue Risk - Stronger No Lease Renewal Risk; Related Party Guarantee The project's revenue risk profile is supported by a 15-year triple-net lease with one renewal option for an additional 10 years. Rent payments are based on a return on total project cost, trued-up after final completion and escalated annually, plus operating expenses. Contracted cash flows are sufficient to amortize the rated debt within the initial lease term, based on Fitch rating case assumptions, mitigating lease renewal risk and supporting the 'Stronger' revenue risk assessment. Operation Risk - Stronger Triple Net Lease, No SLA Obligations The stronger operating risk assessment reflects the project's triple-net lease, which passes through all operating costs, including utilities/power, taxes, and insurance, to the tenant, thereby isolating the project from cost volatility. While operating responsibilities such as the supply of water, HVAC, operational elevators, maintenance of power delivery facilities and building infrastructure fall under the issuer's scope, there are no SLA obligations or performance-related termination rights under the lease. The issuer sponsor's team has a track record operating power projects and data centers. The LTA is satisfied that the issuer has the capabilities and expertise required to deliver their role on the project. Infrastructure Development & Obsolescence Risk - Neutral Newly Built Data Center, Low Maintenance Upon completion, the project will comprise a newly constructed data center with a total critical IT load of 50 MW dedicated to AI R&D operations. Most major mechanical and electrical components in a data center have useful lives exceeding 15 years, with significant replacements anticipated only after the debt repayment period. This reduces the need for a major maintenance reserve during the tenor of the debt. Further, under the lease agreement, the tenant will compensate the issuer for all maintenance responsibilities. Technological obsolescence risk is limited, as the debt can fully amortize within the initial 15-year lease term under Fitch rating case assumptions. Debt Structure - Weaker Refinance Risk, Additional Debt Allowance Fixed-rate senior secured notes mature in 2031. The project is exposed to refinancing risk at debt maturity and the issuer does not have refinancing track record. However, there is no reliance on lease renewals to repay the outstanding debt at maturity, partially mitigating this risk. Liquidity includes an upfront debt service reserve account (DSRA) covering about six months' debt service plus funded interest during construction. The issuer is subject to special purpose entity (SPE) covenants, including distribution controls, debt incurrence limits, separateness provisions and restrictions on commingling and guarantees of parent obligations. The assessment reflects SE Cosmos LLC's greater flexibility for additional debt under its documentation and allowances, compared with standard project finance structures. This includes a basket approximately equal to 50% of NOI, and the ability to lever up to approximately 96.6% LTC after the construction phase. However, any debt related to additional projects and the formation of subsidiaries is subject to a rating agency confirmation. The risk of additional leverage is partially mitigated by the project's high coverage ratios during operations, which show that the project could support some additional debt at the current rating. In addition, following rent commencement, the project can invest in joint ventures or similar businesses but is subject to an aggregate net-debt-to-NOI ratio of 3x or less and up to a cap of 30% of NOI. Such investments would have to be funded by existing debt. The restricted payment tests are also weaker than other project finance structures. Peer Analysis The closest peer is APLD ComputeCo LLC (BB-/Stable). APLD Compute Co is not constrained by the completion risk due to the relatively straightforward scope of work, involvement of an experienced contractor, and completion of one of the buildings. Additionally, the majority of costs for the second building are fully secured, mitigating cost escalation risks. APLD has a 15-year triple-net lease, and the contractual cash flows are sufficient to amortize the debt within the initial lease term. APLD's rating is constrained by the credit quality of CoreWeave Inc., its sole revenue counterparty. APLD Compute Co's rating also reflects risks related to the issuer's ability to raise additional debt for expansion or new data center developments, which is atypical of project finance structures. Nonetheless, there are certain protections against material deterioration of coverage ratios that partially mitigate this risk. Other comparable publicly rated peers include WULF Compute LLC (BB/Stable), Cipher Compute LLC (BB-/Stable), Meridian Arc (BB(EXP)/Stable), and SV RNO Property Owner 1 LLC (BB/Stable). In contrast to APLD Compute Co LLC or SE Cosmos LLC, the ratings on these peers are constrained by their respective completion risk. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Issuance of additional debt that leads to a deterioration of the financial profile with PLCR at refinancing below 1.05x or deterioration of credit quality of the tenant below the rating based on the financial profile. Delays or cost overruns during construction may lead the tenant to enforce its self-help rights and incur self-help costs. The landlord's inability to reimburse tenant for these costs or to absorb these through rent abatements until such amounts are fully recovered, may lead to a deterioration of the financial profile, resulting in a negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Sustained operational and financial performance in line with or above Fitch's rating case, with PLCR above 1.10x at refinancing, provided the tenant's credit quality is commensurate with the rating based on its financial profile. Financial Profile Fitch's base and rating cases assess cash flow over the initial 15-year lease term. The rating case includes stress to the refinancing rate in year five, as well as additional debt allowed under the project documents after completion which would increase leverage from approximately 85% loan-to cost on issue date, to around 96.6%. The project life coverage ratio (PLCR) in 2031 under the rating case is 1.08x. TRANSACTION SUMMARY SE Cosmos LLC is issuing $999 million of senior secured notes to build a 50 IT MW data center in Texas. Proceeds of the notes will fund the project with around $185 million equity funded at or before close. The final ratings are contingent on Fitch's receipt of final documents conforming to information already received and reviewed as well as the final pricing of the bonds. SECURITY First-priority liens on (i) substantially all assets of the of the issuer, other than certain excluded property, and (ii) all equity interests of the issuer held by its parent company. Date of Relevant Committee 28-Apr-2026 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ SE Cosmos, LLC LT IDR BB(EXP) Expected Rating SE Cosmos, LLC/Senior Secured Debt/1 LT LT SEA BREEZE: Yann Geron Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 2 appointed Yann Geron, Esq., at Geron Legal Advisors, LLC as Subchapter V trustee for Sea Breeze Fish Market Inc. Mr. Geron will be paid an hourly fee of $895 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geron declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Yann Geron, Esq. Geron Legal Advisors, LLC 370 Lexington Avenue, Suite 1101 New York, NY 10017 Phone: (646) 560-3224 Email: ygeron@geronlegaladvisors.com About Sea Breeze Fish Market Inc. Sea Breeze Fish Market Inc. operates a fish store at 541 9th Avenue in New York, New York. The business, owned by Paula Dimino's family for decades, sells fish and related market products to customers in the local area. The company operates from a store premises covered by a long-term sublease. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-41883) on April 20, 2026, with $100,000 to $500,000 in assets and $1,246,318 in liabilities. Paula Dimino, officer, signed the petition. Judge Elizabeth S. Stong presides over the case. Kevin Nash, Esq., at Goldberg Weprin Finkel Goldstein, LLP represents the Debtor as legal counsel. SHELLE REALTY: Trustee Taps Paul E. Saperstein as Auctioneer ------------------------------------------------------------ Mark G. DeGiacomo, the duly appointed Chapter 7 Trustee of Shelle Realty, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Paul E. Saperstein Co., Inc. to serve as auctioneer. The firm will provide these services: (a) sell certain property of the bankruptcy estate by public auction; (b) arrange to have the auctions advertised in local and regional publications and posted on the internet; and (c) send notices of the auctions to all parties who the Trustee or the Auctioneer regard as potential bidders. The Trustee proposes that the auctioneer be paid a commission equal to 2.5% of the gross sales price of each Property it sells. The Auctioneer will include in its fee application charges for advertising and any costs associated with the sale of the Properties and will seek reimbursement of actual expenses from the proceeds of the auction sale. Paul E. Saperstein Co., Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Samantha Saperstein Director of Real Estate & Advertising PAUL E. SAPERSTEIN CO., INC. 144 Centre Street Holbrook, MA 02343 About Shelle Realty LLC Shelle Realty, LLC invests in and manages residential properties with a focus on affordable and recovery housing across multiple states. Shelle Realty, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12293-CJP) on October 24, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Christoper J. Panos oversees the case. Ehrhard & Associates, P.C. is Debtor's legal counsel. SHORELINE BUILDERS: Seeks Cash Collateral Access ------------------------------------------------ Shoreline Builders, LLC asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor explains that although it is no longer actively engaged in full-scale construction operations, it still possesses several million dollars in accounts receivable that require collection efforts and potentially litigation, which will generate necessary operating cash flow. Without access to these funds, the Debtor asserts it would be unable to continue operations or preserve estate value. Shoreline argues that continued use of cash collateral is essential not only for funding limited business activities but also for maximizing value for creditors, particularly secured lender Customers Bank, by maintaining and enhancing the enterprise value of the debtor during the bankruptcy process. Customers Bank holds a secured claim of approximately $1.4 million, secured by a lien and mortgage recorded in county records. Shoreline is in the process of opening a debtor-in-possession bank account, through which all income will be deposited and from which expenses will be paid. The Debtor requests both interim and final authorization to use cash collateral pursuant to a proposed budget, which governs weekly expenditures subject to a 15% variance. The proposed budget covers a five-week interim period, with a more detailed 13-week budget to be filed later. Permitted uses of funds include ordinary operating expenses such as salaries (notably reduced to half of pre-bankruptcy levels), professional costs, and continued efforts to collect receivables, including potential litigation to recover owed amounts. Shoreline contends that its proposed use of cash collateral is necessary to prevent immediate and irreparable harm to the estate and to preserve the value of secured creditors’ interests. The Debtor emphasizes that the continued operation of the business will facilitate a potential sale process that could result in full repayment of secured creditors. It further argues that adequate protection is provided to Customers Bank through replacement liens on post-petition assets and proceeds, ensuring the lender's collateral position is not diminished. Adequate protection is further supported by the preservation and enhancement of collateral value through ongoing operations and receivable collections. Shoreline proposes that its replacement liens be subject only to limited carve-outs, including U.S. Trustee fees, professional fees authorized by the court, a portion of Chapter 7 trustee expenses, and certain avoidance action recoveries. A copy of the motion is available at https://urlcurt.com/u?l=G3m1a0 from PacerMonitor.com. About Shoreline Builders LLC Shoreline Builders LLC is a construction and development company engaged in residential and commercial building projects. The company provides general contracting, renovation, and construction management services. Shoreline Builders LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code on April 21, 2026. The Debtor reports estimated assets of $1 million to $10 million and estimated liabilities within the same range. Judge Shireen A. Barday oversees the case. H. Bruce Bronson, Esq., at Bronson Law Offices, P.C., represents the Debtor as bankruptcy counsel. SITUPFRONT INC: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On April 29, 2026, SitUpFront 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 SitUpFront Inc. SitUpFront Inc. is a company that appears to operate in the digital or service-based sector, potentially offering online platforms, marketing, or consumer-facing solutions. SitUpFront Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71702) on April 29, 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 Louis A. Scarcella handles the case. SJW AUTOMOTIVE: Taps Peak Business as Valuation Specialist ---------------------------------------------------------- SJW Automotive LLC seeks approval from the U.S. Bankruptcy Court for the Western and Eastern Districts of Arkansas to hire Ampleo Valuation Services, LLC d/b/a Peak Business Valuation to serve as valuation specialist. The firm will provide these services: (a) conducting a valuation of the Debtor's business and its assets at its Rogers location, including real property, equipment, and goodwill, as applicable; (b) preparing a written valuation report suitable for use in connection with the Debtor's potential sale of its location in Rogers, Arkansas; (c) providing expert testimony or declarations in support of plan confirmation if required by the Court; and (d) such other valuation and appraisal services as may be necessary or appropriate in the administration of this estate. Peak will receive these hourly rates: junior analyst at $150; senior analyst at $250; manager at $350; and principal/expert at $500. The total estimated fee for the valuation report is approximately $7,000 to $10,000, representing an anticipated 20 to 30 hours of engagement time. The Debtor will pay a retainer deposit of $3,500, with a non-refundable administration fee equal to 70% of the retainer deposit ($2,450). Ampleo Valuation Services, LLC d/b/a Peak Business Valuation is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Shawn Hyde, CBA, CMEA, BCA, ECA AMPLEO VALUATION SERVICES, LLC d/b/a PEAK BUSINESS VALUATION 3401 N. Thanksgiving Way, Suite 220 Lehi, UT 84043 About SJW Automotive LLC SJW Automotive LLC operates an automotive repair and service center in Springdale, Arkansas, providing vehicle maintenance, diagnostics, transmission repair, and general auto repair services. SJW Automotive filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Ark. Case No. 26-70217) on Feb. 9, 2026. In the petition signed by Braeden Lynn Johnson, incorporator or organizer, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Bianca M. Rucker oversees the case. The Debtor tapped Jessica Hall, Esq., at WH Law, PLC as counsel. SMILES AROUND: Plan Exclusivity Period Extended to Aug. 18 ---------------------------------------------------------- Judge Elizabeth S. Stong of the U.S. Bankruptcy Court for the Eastern District of New York extended Smiles Around Us II Inc.'s exclusive period to file a plan of reorganization and disclosure statement to Aug. 18, 2026. In a court filing, the Debtor claims that this is its first request for an extension of the time period to file a plan of reorganization and disclosure statement. It is self-evident that the Debtor is not seeking these extensions to artificially delay the conclusion of this chapter 11 case or to hold creditors hostage to an unsatisfactory plan proposal. Simply put at this junction, the Debtor simply needs time to reorganize its business operations, to reach an agreement with the main creditors, to obtain Court approval for the settlement terms and thereafter to file a plan of reorganization and disclosure statement, offering treatment to the creditors of the estate. The Debtor explains that the requested extensions of the time period to file a plan and disclosure statement will not harm any economic stakeholder. Rather, the time will be used to resolve claims file in this case. Moreover, should any events occur or there be a significant change in circumstances, a party in interest may move to reduce the time period to file a plan. The Debtor asserts that it should be afforded a full, fair, and reasonable opportunity to negotiate, propose, file, and to confirm its chapter 11 plan. This first requested extension of the time period to file a plan and disclosure statement is warranted and necessary to afford the Debtor a meaningful opportunity to pursue the chapter 11 reorganization process and build a consensus among economic stakeholders, all as contemplated by chapter 11 of the Bankruptcy Code. Smiles Around Us II Inc. is represented by: Alla Kachan, Esq. Law Offices of Alla Kachan, PC 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Smiles Around Us II Inc. Smiles Around Us II Inc., doing business as Smiles Around Us Academy, operates an early childhood education center in Staten Island, New York. The school offers 3K and Universal Pre-K (UPK) programs focused on social, emotional, linguistic, cognitive, and physical development through play-based and learner-centered instruction. It emphasizes individualized growth, family engagement, and collaborative learning environments to prepare children for continued academic success. Smiles Around Us II Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45097) on October 22, 2025. In its petition, the Debtor reported total assets of $139,646 and total liabilities of $1,290,765. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by the Law Offices of Alla Kachan, PC. SONNY BOY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Sonny Boy Produce, LLC 147 N. Central Avenue Landisville, NJ 08326 Business Description: Sonny Boy Produce is a grower and shipper of fresh produce based in Landisville, New Jersey. The company grows, sources, ships, and delivers fruits and vegetables, including blueberries, citrus, apples, pears, leafy greens, cooking greens, herbs, and other produce. It serves retailers and their customers and has roots in New Jersey with stated global reach. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-14946 Debtor's Counsel: Ira R. Deiches, Esq. DEICHES & FERSCHMANN 525 Route 73 N, Ste 104 Marlton, NJ 08053 Tel: (856) 428-9696 E-mail: iradeiches@deicheslaw.com Total Assets: $90,269 Total Liabilities: $4,493,524 The petition was signed by Thomas V. Consalo as member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I6DNFWA/Sonny_Boy_Produce_LLC__njbke-26-14946__0001.0.pdf?mcid=tGE4TAMA SPIRIT AVIATION: Lenders Could Grant Co. More Time Amid Talks ------------------------------------------------------------- Josh Wingrove of Bloomberg News reports that the private creditors to Spirit Airlines Inc. could help sustain the carrier's operations while talks continue on a potential federal rescue package, according to a senior Trump administration official. National Economic Council Director Kevin Hassett said negotiations are underway between the Commerce Department and lenders tied to Spirit Aviation Holdings Inc., the report states He said the duration of Spirit’s continued operations is uncertain and largely depends on whether creditors choose to provide additional support or flexibility during the restructuring discussions. The statement reflects ongoing uncertainty surrounding Spirit’s liquidity position as it seeks a path forward through combined private and public sector negotiations, according to Bloomberg. 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: M&G Plc Holds 5.80% Equity Stake ------------------------------------------------- M&G Plc on behalf of certain subsidiaries disclosed in a Schedule 13G/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 1,642,868 shares of Spirit Aviation Holdings, Inc.'s Common Stock, representing 5.80% of the shares outstanding. M&G Plc is the ultimate parent, through wholly-owned intermediate holding companies, of M&G Investment Management Limited and M&G Luxembourg S.A. The securities reported herein are held for the account of investment vehicles for which one or more of the Reporting Persons serves as investment manager, and each Reporting Person disclaims beneficial ownership of such securities except to the extent of its beneficial ownership therein. M&G Plc may be reached through: Tamara Postoj, Regulatory Reporting Technical Manager 10 Fenchurch Avenue EC3M 5AG London, United Kingdom Tel: 00442039773536 A full-text copy of M&G Plc on behalf of certain subsidiaries' SEC report is available at: https://tinyurl.com/y4xxjxtr About Spirit Aviation Holdings Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on Aug. 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. Citibank N.A., as the Administrative Agent under the Debtors' Revolving Credit Facility, is represented by Milbank LLP. 2024 Restructuring Spirit Airlines and its affiliates previously sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Lane also presided over the 2024 case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC served as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represented the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., served as financial advisor and Latham & Watkins LLP served as legal counsel to Frontier. SPIRIT AVIATION: Seeks to Sell Aircraft Engine, Parts ----------------------------------------------------- Spirit Aviation Holdings, Inc. and its direct and indirect subsidiaries seek approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors and their advisors searched for increased capital and any sources of savings or liquidity, leaving no option unexplored, while, in parallel, planning for a possible wind-down of operations should it become necessary. Having fought valiantly for months to reorganize and having all but succeeded with the previously filed plan of reorganization, the Debtors regrettably determined, after consultations with their advisors, the Committee, and certain secured lenders, that the only alternative is to pursue to an orderly wind-down of operations (Wind-Down). The Debtors seek approval of, and authority to implement, the Wind-Down on an emergency basis pursuant to the Motion and other motions filed contemporaneously. Throughout the Wind-Down, Spirit's focus will remain on its employees' safety and the realization of the value of the Debtors’ assets for the Debtors' creditors. On September 17, 2025, the United States Trustee for the Southern District of New York appointed an Official Committee of Unsecured Creditors. On October 29, 2025, the U.S. Trustee appointed Marc J. Heimowitz as Examiner. Spirit's fleet consists of 114 Airbus A320 family aircraft. Of these, 66 are currently leased by Spirit and 28 are owned by Spirit and subject to financings and not already subject to a pending sale motion. Twenty of Spirit's currently owned aircraft are subject to the Order (A) Authorizing the Sale of Certain Aircraft Free and Clear of All Liens, Claims and Encumbrances and Other Interests and (B) Granting Related Relief. For the avoidance of doubt, nothing in the Motion impacts or modifies the HFS Sale Order and the Debtors intend to honor and close the sale in accordance with the HFS Sale Order. Spirit also owns 18 spare engines, which are subject to a lien in connection with Spirit's revolving credit facility. Spirit also owns certain aircraft equipment-related spare parts, which are subject to a lien in connection with Spirit’s revolving credit facility. As of 3:00 a.m. ET on May 2, 2026 the Debtors ceased all passenger flight operations and asked the Federal Aviation Administration to issue a ground stop for Spirit flights to ensure no accidental dispatches. Following Spirit's discontinuation of passenger service, Spirit is focused on realizing available proceeds for the benefit of its stakeholders, while simultaneously seeking to minimize its costs. The Debtor's Owned Equipment Sale Procedures, comprised of owned spare engines and the spare parts, will permit the Debtors to sell the Owned Equipment efficiently and free and clear of all liens, claims, interests and encumbrances, which will maximize the value of the Owned Equipment as well as the recovery for creditors. To the extent the Debtors are unable to enter into Sale Process Agreements with respect to the Owned Aircraft or are unable to economically monetize the Owned Spare Engines or Spare Parts, the Debtors seek to abandon the applicable Owned Equipment. The Debtors submit that the sale of the Owned Equipment pursuant to the Owned Equipment Sale Procedures and without a formal auction process is in the best interest of the Debtors' estate and stakeholders in light of the facts and circumstances of the Chapter 11 Case. The proposed Owned Equipment Sale Procedures will allow the Debtors to sell the Owned Equipment in a controlled, fair and open fashion that seeks to maximize the value of the Owned Equipment before the Debtors make any determination to abandon the Owned Equipment. 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. STRATEGIC PROPERTY: Jennifer Lyday Named Subchapter V Trustee ------------------------------------------------------------- John Paul Cournoyer, the U.S. Bankruptcy Administrator for the Middle District of North Carolina, appointed Jennifer Lyday as Subchapter V trustee for Strategic Property Management. Ms. Lyday will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lyday 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 B. Lyday 370 Knollwood Street, Suite 600 Winston-Salem, NC 27103 About Strategic Property Management Strategic Property Management sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-50303) on April 21, 2026, with up to $50,000 in both assets and liabilities. SUPERIOR DISPOSAL: Seeks to Hire Amber Crist as Accountant ---------------------------------------------------------- Superior Disposal, LLC and affiliate seek approval from the U.S. Bankruptcy Court for the District of Kansas to hire Amber Crist, a professional practicing accounting services, to serve as their accountant. Ms. Crist will provide these services: (a) provide accounting services for the Debtors; (b) provide tax preparation services for the Debtors; and (c) assist the Debtors in connection with the Chapter 11 proceedings. Ms. Crist will be compensated at an hourly rate of $40. Amber Crist is identified as an accountant and enrolled agent and states that she is a disinterested person in the Debtors' estates, that she holds no adverse interest to the Debtors or their estates, and that her employment is not prohibited by law. About Superior Disposal, LLC Superior Disposal, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Kan. Case No. 26-10345) on April 8, 2026. The firm hires Martin J. Peck, Esq., as counsel. At the time of the filing, Debtors had estimated assets of between $0 and $50,000 and liabilities of between $0 and $50,000. Judge Mitchell L Herren oversees the case. Martin J. Peck is Debtors' legal counsel. SUPRA NATIONAL: Seeks to Extend Plan Exclusivity to June 26 ----------------------------------------------------------- Supra National Express, Inc. asked the U.S. Bankruptcy Court for the Central District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 26 and Aug. 24, 2026, respectively. The Debtor explains that its case is relatively large and complex. The Debtor operates a large logistics company from a yard and storage facility in Long Beach, California containing approximately 6.51 acres and the buildings thereon, which consist of approximately 132,884 square feet of ground floor area in the aggregate. Additional time will also allow the Debtor to try to resolve existing and newly filed claims and improve information and projections contained in the disclosure statement and plan. The Debtor claims that it intends to formulate a plan of reorganization that will enable the Debtor to successfully emerge from its chapter 11 case as a leaner, focused, profitable business, which will benefit all creditors. The Debtor furthered these efforts by, among other things, moving to its new location, obtaining secured factor financing that was approved by the Court, working to employ a new head of marketing and development to improve sales, setting the Admin. Claims Bar Date, and reviewing and engaging in efforts to resolve disputed claims. The Debtor states that it is generally current on its obligations that have become due and owing postpetition and will timely pay its OUST quarterly fees. With that said, the Debtor has surrendered some vehicles and equipment which are no longer beneficial to the Debtor or the estate. The Debtor asserts that it has properly administered its chapter 11 case in that the Debtor has complied with all of the material requirements of the Bankruptcy Code, the Bankruptcy Rules, and the OUST. Under these circumstances, an extension of the exclusivity periods for filing and obtaining confirmation of a plan can be granted with the confidence that the Debtor is in full compliance with the requirements that are a condition to the Debtor maintaining its exclusive right to file a plan and gain acceptance thereof. This is the Debtor's second request to extend the exclusivity periods under Section 1121(d). The first request, which also sought a sixty-day extension was granted by the Court. The Debtor's request herein is being made in good faith and not for the purpose of pressuring creditors into acceding to certain plan terms. Rather, the extensions of exclusivity periods will prevent the Debtor from having to prematurely file a chapter 11 plan, minimize costs of administration, and help maximize the assets available for distributions to all creditors pursuant to a plan. The Debtor is not aware of any creditor whose claim or interest would be adversely affected or impaired by the granting of the relief requested herein. Based on all of the foregoing, the Debtor submits that good cause exists for granting the relief requested in the Motion. Supra National Express is represented by: Todd M. Arnold, Esq. Ron Bender, Esq. Robert M. Carrasco, Esq. Levene, Neale, Bender, Yoo & Golubchik LLP 2818 La Cienega Avenue Los Angeles, CA 90034 Telephone: (310) 229-1234 About Supra National Express Supra National Express provides logistics and transportation services, including drayage, warehousing, and international freight, operating primarily from Long Beach and Carson, California, near the Ports of Los Angeles and Long Beach. The Company maintains a fleet of specialized equipment and is licensed as a Non-Vessel Operating Common Carrier (NVOCC), offering technology solutions for transportation management. Supra National Express sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19576) on October 28, 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 Neil W. Bason handles the case. The Debtor is represented by Ron Bender, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP. TARPON SPRINGS: Kathleen DiSanto Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Tarpon Springs Assisted Living at Walton Place, LLC. Ms. DiSanto will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Tarpon Springs Assisted Living at Walton Place Tarpon Springs Assisted Living at Walton Place, LLC, a company based in New Port Richey, Florida, operates an assisted living facility in Tarpon Springs, Florida, that provides residential senior care services including assistance with activities of daily living, medication management, meal preparation, housekeeping, and memory care support. Organized as a Florida limited liability company in 2015, the company serves elderly residents requiring supervised living and long-term residential support in the Pasco County senior care market. Tarpon sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03349) on April 21, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Mary A. Burnard, manager, signed the petition. Scott A. Stichter, Esq., at Stichter, Riedel, Blain & Postler, P.A. represents the Debtor as legal counsel. TM36 LLC: Command 247 Loses Bid for Automatic Stay Relief --------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas denied Command 247, LLC's motion for relief from the automatic stay in the bankruptcy case of TM36, LLC and its affiliated debtors. Debtors, TM36, LLC, StopLoss, LLC, StopLoss Specialists, LLC, StopLoss Response Services, LLC, and StopLoss Logistics, LLC, are engaged in the business of emergency response and property restoration services. StopLoss was created in 2023 as a joint venture between John Lewis's company, StopLoss Specialists, LLC and Scott Butaud's company, Command 247, LLC, with each owning 50% of Stoploss. StopLoss serves as a holding company and owns 100% of the other debtors. In June 2025, Stoploss executed an equity purchase agreement with 431 KW, which agreed to pay $50,000 for a 0.25% ownership interest in StopLoss and the option to evaluate, prosecute, and fund certain litigation. In July 2025, StopLoss sought and obtained further financing from 431 KW, which agreed to loan up to $6.5 million to Stoploss, beginning with three initial advances of $600,000 each. This contract, entitled the "Convertible Note Agreement," allowed 431 KW to convert all or a portion of outstanding principal into StopLoss membership interests. In September 2025, StopLoss defaulted on its obligations by failing to pay state and federal income taxes. Upon receiving the notice of default, Lauren Noel a/k/a/ Lauren Segura, a licensed attorney in Louisiana, who formerly served as counsel to StopLoss, sent a letter to 431 KW in her capacity as "Chief of Staff" which accused 431 KW of materially breaching the Convertible Note Agreement. In October 2025, an appraisal specialist concluded that StopLoss had $0 value and 431 KW converted $1,000 of its debt into a 100% membership interest in StopLoss. Later in October 2025, 431 KW, LLC, StopLoss and StopLoss Specialists sued Command 247 and Scott Butaud in the Texas Business Court seeking declaratory and injunctive relief. In the complaint, StopLoss alleged that Command 247, Butaud, and Noel had engaged in misconduct and entered into various unauthorized transactions on behalf of StopLoss. In response, Command 247 and Butaud asserted counterclaims and third-party claims against Specialists, Lewis, 431 KW, and its principal, Paul Black. In Command 247's counterclaims and third-party petition, it alleges that StopLoss CEO John Lewis owed Command 247 fiduciary duties that he breached by: (1) secretly retaining a valuation firm without notice to or approval from StopLoss's other managers; (2) coordinating a valuation process designed to trigger conversion rights under the Convertible Note; and (3) providing false and misleading financial information to the valuation firm to depress StopLoss's value. Command 247 alleges that these breaches by Lewis caused loss of its ownership interest in StopLoss and lost enterprise value. The Court finds in this case, considering the allegations in Command 247's breach of fiduciary duty claim, StopLoss could have brought this claim against Lewis prepetition. The fiduciary duties that Lewis allegedly breached were owed to both StopLoss and Command 247. Command 247's motion for relief from stay states that it "seeks to recover damage to the value of its membership interest, not damage or loss to the debtor StopLoss, LLC or any of its assets or Subsidiaries." However, the diminution in value of Command 247's membership interest is inextricably intertwined with the harm StopLoss suffered. Judge Perez explains, "Command 247 alleges that Lewis's breaches of fiduciary duty caused StopLoss to be valued at $0.30 Because of this, 431 KW, a StopLoss lender, was able to convert its debt to equity and gain control of 100% of StopLoss, thereby causing Command 247 to lose the value of its membership interest. But for the diminution to StopLoss's value allegedly caused by Lewis, Command 247 would not have suffered any injury. Thus, the harm Command 247 suffered flows from an injury to the debtor and its claim is derivative. Command 247's breach of fiduciary duty claim is property of the estate, and the stay applies." Command 247's second claim alleges that Paul Black, individually and as the Trustee of the Paul Patrick Black Heritage Trust, and 431 KW LLC -- Black Entities -- defrauded StopLoss in connection with the Convertible Note Agreement. Command 247 alleges that Black had neither the intention nor the means to provide StopLoss with the financing and engaged in a fraudulent loan scheme, which caused Command 247 to lose its interest in StopLoss. Command 247 seeks to recover damages caused by the fraud committed by the Black Entities. According to the Court, StopLoss undoubtedly could have brought this claim prepetition. The claim alleges that the Black Entities defrauded StopLoss in connection with a contract between 431 KW and StopLoss. Command 247's fraud claim alleges only indirect harm to it derived from StopLoss being defrauded. The Court concludes Command 247's fraud claim is a derivative claim, is property of the estate, and the stay applies. The Court says granting relief from stay would only result in partial resolution of the issues. StopLoss is a plaintiff and counterclaim defendant in the state court action, and Command 247 is a defendant and third-party plaintiff. Command 247 seeks to sever its claims against StopLoss and proceed against Lewis, Black, and 431 KW. This would not resolve many of the issues in the dispute. Also, under Rule 38 of the Texas Rules of Civil Procedure, Texas's corollary to Rule 14 of the Federal Rules of Civil Procedure, a defendant may bring a third-party claim "upon a person not a party to the action who is or may be liable to him or to the plaintiff for all or part of the plaintiff's claim against him." Command 247 bringing third-party claims necessarily suggests that these third-party defendants may be liable to StopLoss. The Court notes the state court action is directly connected to the bankruptcy cases. The action involves numerous stakeholders in this bankruptcy. And, even with the proposed severance, the parties against whom Command 247 wishes to proceed in state court are connected to the bankruptcy cases. Lewis is StopLoss's CEO and 431 KW is both an equity holder and DIP lender and Black controls 431 KW. The Court finds the interests of judicial economy do not favor granting relief from stay. To sever the claims against StopLoss as Command 247 proposes would result in piecemeal litigation, and it seems possible that StopLoss's participation may be necessary for just adjudication. A copy of the Court's Order dated May 3, 2026, is available at https://urlcurt.com/u?l=mQFogt from PacerMonitor.com. About TM36 LLC TM36, LLC, StopLoss, LLC, StopLoss Logistics, LLC, StopLoss Specialists, LLC, and StopLoss Response Services, LLC provide emergency response and property restoration services focused primarily on large commercial buildings that have sustained significant disaster or weather-related damage. StopLoss LLC functions as the holding company for StopLoss Response Services, LLC, StopLoss Logistics, LLC, and TM36 LLC, while StopLoss Specialists, LLC holds contractor licenses and enters into project contracts. The subsidiaries support project execution through subcontracted restoration work, equipment logistics and transportation, and ownership of operational equipment. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90386) on March 5, 2026. In the petition signed by Pablo Bonjour, chief restructuring officer, TM36 disclosed up to $10 million in both assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Aaron J. Power, Esq., at Porter Hedges, LLP, as bankruptcy counsel and Veritas Restructuring Group as financial advisor. TURNER SERVICE'S: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Turner Service's, LLC Post Office Box 824 Chatom, AL 36518 Business Description: Turner Service's, LLC provides excavation, hauling and heavy-equipment services, including trucking operations for logs, poles, beams and lumber. The company, which was formed in 2011, is based in Chatom, Alabama, and serves customers requiring site work, material hauling and related contractor services. Chapter 11 Petition Date: May 1, 2026 Court: United States Bankruptcy Court Southern District of Alabama Case No.: 26-11261 Debtor's Counsel: Barry A Friedman, Esq. BARRY A FRIEDMAN & ASSOCIATES, PC Post Office Box 2394 Mobile, AL 36652-6652 Tel: 251-439-7400 Fax: 251-432-2665 E-mail: bky@bafmobile.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Marion Turner as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q2MNKLY/Turner_Services_LLC__alsbke-26-11261__0001.0.pdf?mcid=tGE4TAMA ULTRA CLEAN: S&P Upgrades ICR to 'BB', Withdraws All Ratings ------------------------------------------------------------ S&P Global Ratings raised its issue-level rating on Ultra Clean Holdings Inc.'s revolver to 'BB' from 'BB-' and revised the recovery rating to '1' from '2'. The '1' recovery rating indicates our expectation of very high recovery (rounded estimate: 95%) in the event of a payment default. The upgrade reflects the repayment of its first-lien term loan, cushioned by the introduction of unsecured debt and enhanced recovery prospects for the revolving credit facility. The company financed and upsized its revolving credit facility to $250 million from $150 million, extending its maturity to 2031. Subsequently, S&P withdrew its 'B+' issuer credit rating on Ultra Clean and all of its issue-level ratings on its debt at the issuer's request. At the time of withdrawal, the outlook was stable. Issue Ratings--Recovery Analysis Key analytical factors -- S&P raised the issue-level rating on the $250 million revolving credit facility to 'BB' from 'BB-' and revised the recovery rating to '1' from '2', which subsequently withdrawn at the issuer's request. -- S&P's simulated default scenario assumes a default in 2030 due to a significant decline in the wafer fab equipment market and the material insourcing of manufacturing by Ultra Clean's key customers. -- For the purposes of this analysis, S&P valued the company as a going concern, which would maximize the value available to its creditors. -- S&P uses a 5.5x multiple, consistent with the multiples we use for Ultra Clean's rated peers. -- S&P assumes revolving credit facility is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2030 -- Emergence EBITDA: $81 million -- EBITDA multiple: 5.5x Simplified waterfall -- Gross recovery value: $447 million -- Net enterprise value (after 5% administrative costs): $424 million -- Obligors/nonobligor valuation split: 50%/50% -- Estimated first-lien claim: $221 million -- Value available for first-lien claim: $343 million --Recovery expectations: 95% All debt amounts include six months of prepetition interest. Ratings List Upgraded; Recovery Ratings Revised To From Ultra Clean Holdings Inc. Senior Secured BB BB- Recovery Rating 1(95%) 2(85%) Ratings Withdrawn To From Ultra Clean Holdings Inc. Issuer Credit Rating NR/--/-- B+/Stable/-- Senior Secured NR BB- Recovery Rating NR 2(85%) UPGRADE SALON: Unsecureds to Get Share of Income for 36 Months -------------------------------------------------------------- Upgrade Salon Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated April 23, 2026. Pursuant to Sections 1122 and 1123 of the Bankruptcy Code, Claims and Interests are classified for all purposes under this Plan, including voting, confirmation, and Distribution. Class 4 consists of all Allowed General Unsecured Claims against the Debtor. The pre-petition claim of 5400 Almeda LLC (the "Pre Petition Landlord") under POC No. 4 in the filed amount of $50,145.50 is not included in Class 4 because the Pre-Petition Lease is assumed under Section 7.3 and the entire pre-petition arrearage is paid as the cure amount under Section 365(b)(1)(A) of the Bankruptcy Code. In full satisfaction, settlement, release, and discharge of Class 4 Claims, each holder of an Allowed Class 4 Claim shall receive its pro rata share of annual Distributions funded from the Reorganized Debtor's Projected Disposable Income during the Commitment Period (36 Month Projections). Each such annual Distribution shall be made within sixty days after the filing of the corresponding Annual Report described in Section 8.5, and shall equal the amount by which the Reorganized Debtor's unrestricted Cash on hand at the close of the applicable Annual Period exceeds the Working Capital Reserve and amounts reasonably necessary to pay Allowed Secured Claims, Priority Tax Claims, and Administrative Expense Claims falling due in the immediately following twelve months. Based on the 36-Month Projections, the Reorganized Debtor projects that Class 4 Claims will be paid in full (approximately 100% recovery) over the Commitment Period, subject to Allowance and actual operating performance. The Debtor reserves the right to object to any proof of claim filed in Class 4, to assert defenses, counterclaims, or rights of setoff or recoupment, and to investigate and prosecute causes of action under Chapter 5 of the Bankruptcy Code. The Debtor specifically reserves the right to challenge the characterization of obligations to Forward Financing LLC and Shopify Capital Inc. (whether as loans, true sales of receivables, secured claims, or otherwise) and to object to the amount of any Claim asserted by those parties. Class 4 is Impaired. The holders of Class 4 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $49,042.61 (excludes 5400 Almeda LLC prepetition claim. Class 5 consists of all Equity Interests in the Debtor issued and outstanding as of the Petition Date. As of the Petition Date, Britney Winters holds 100% of the issued and outstanding Equity Interests in the Debtor. On the Effective Date, Britney Winters shall retain her Equity Interests in the Debtor, subject in all respects to the terms of this Plan, the Confirmation Order, and applicable nonbankruptcy law. In the event the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, retention of Equity Interests is permitted because the Plan satisfies the fair-and-equitable and modified absolute priority rule requirements of Section 1191(b) and (c), including the commitment of all Projected Disposable Income to payments under the Plan as set forth in Article VIII. Because the retention of Equity Interests is subject to the ongoing obligations of the Reorganized Debtor under this Plan, including the commitment of all Projected Disposable Income under Article VIII and the potential owner-contribution obligations set forth in Sections 6.1 and 6.3, Class 5 is treated as Impaired under Section 1124 of the Bankruptcy Code. Class 5 is Impaired. The holder of the Class 5 Equity Interests is entitled to vote to accept or reject the Plan. The Debtor shall continue to operate its business as the Reorganized Debtor from and after the Effective Date. Plan Payments shall be funded from (a) Cash generated by ongoing operations of the Reorganized Debtor, consisting of suite rental revenue, event rental revenue, and variable revenue from wig sales, marketplace sales, and commission appointments; and (b) such owner contributions (working capital support) as may be necessary and identified in the projections attached as Exhibit B. For the avoidance of doubt, the $18,801.00 Security Deposit held by the Pre-Petition Landlord (5400 Almeda LLC) is not a source of Plan funding; upon assumption of the Pre-Petition Lease under Section 7.3, the Security Deposit shall continue to be held by the PrePetition Landlord as security for the Reorganized Debtor's post-Effective Date performance under the Pre-Petition Lease in accordance with its terms. This Plan is feasible. Based on the Debtor's historical operating performance and the 36-Month Projections, the Reorganized Debtor will have sufficient Cash flow to make all Plan Payments as they come due, including the monthly cure installments payable to the PrePetition Landlord under Section 7.3, and there is a reasonable likelihood that the Reorganized Debtor will be able to make all payments under the Plan. A full-text copy of the Subchapter V Plan dated April 23, 2026 is available at https://urlcurt.com/u?l=FkY4iR from PacerMonitor.com at no charge. Counsel to the Debtor: Jeremy T. Wood, Esq. Law Office of Jeremy T. Wood, PLLC 2950 N Loop W 5th Floor Suite 500 Houston, TX 77092 Phone: (713) 366-1288 Facsimile: (281) 954-3277 Email: jeremy@jeremywoodlaw.com About Upgrade Salon Inc. Upgrade Salon Inc. delivers a full range of beauty and grooming services, specializing in hair styling, coloring, and spa treatments. Upgrade Salon sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-37406) on December 5, 2025. In its petition, the Debtor listed up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC. VENETIAN RESORT: Wants to Raise $2.35B to Refinance Debt -------------------------------------------------------- Jeannine Amodeo and Gerson Freitas Jr. of Bloomberg News report that the Venetian Resort Las Vegas is preparing a $2.35 billion debt raise to refinance its existing liabilities, capitalizing on a resurgence in demand for high-yield credit instruments. Owned by funds affiliated with Apollo Global Management Inc., the resort is seeking a $1.175 billion term loan alongside an equivalent tranche of secured debt, which could include junk-rated bonds, according to a source with knowledge of the discussions, the report stats. Commitments from lenders are expected to be finalized in the near term, with the financing aimed at extending maturities and reducing borrowing costs. The structure of the deal reflects ongoing efforts to improve the company's balance sheet, according to Bloomberg. If completed, the refinancing would underscore renewed momentum in leveraged finance markets, particularly for large-scale hospitality assets, the report relays. About Venetian Resort Las Vegas The Venetian Resort Las Vegas is a large-scale integrated resort known for its luxury offerings and distinctive Italian-inspired theme. Located on the Las Vegas Strip, it features extensive hospitality, gaming, and entertainment amenities. VERITONE INC: Grant Thornton Out, CBIZ In as Independent Auditor ---------------------------------------------------------------- Veritone, Inc. announced that it has dismissed Grant Thornton LLP, an independent registered public accounting firm, as its principal accountant. The decision to dismiss Grant Thornton was effective on April 23, 2026, after being approved by the Audit Committee of the Company's Board of Directors. The audit reports of Grant Thornton on the consolidated financial statements of the Company for each of the two most recent fiscal years ended December 31, 2024 and December 31, 2025 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except Grant Thornton's report on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2025 included explanatory paragraphs indicating that there was substantial doubt about the Company's ability to continue as a going concern. During the Company's two most recent fiscal years ended December 31, 2024 and December 31, 2025 and during the subsequent interim period from January 1, 2026 through April 23, 2026: (i) there were no disagreements with Grant Thornton on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures that, if not resolved to Grant Thornton's satisfaction, would have caused Grant Thornton to make reference to the subject matter of the disagreement in connection with its reports, and (ii) there were no "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K, except that, as reported in Part II, Item 9A of the Company's Annual Report on Form 10-K for the fiscal years ended December 31, 2024 (items (a) through (d) below) and December 31, 2025 (items (a) through (e) below), the Company reported material weaknesses in its internal control over financial reporting related to: (a) the Company not maintaining appropriately designed entity-level controls impacting the control environment or monitoring controls to prevent or detect material misstatements to the Company's consolidated financial statements. Specifically, these deficiencies were attributed to: (i) a lack of a sufficient number of qualified resources to perform control activities and (ii) insufficient risk assessment and monitoring activities as a result of untimely or ineffective identification of internal control risks to properly design, test, implement and assess effective internal controls over financial reporting, (b) the Company not maintaining appropriately designed controls over the consolidation process and review of financial statements specifically pertaining to the Company's design of controls to determine proper accounting for certain foreign exchange transactions and translation between the Company and certain foreign subsidiaries, (c) the Company not maintaining appropriately designed controls over information technology general controls ("ITGCs") in the areas of user access and change-management over certain information technology systems that support the Company's financial reporting processes. The Company's business process automated and manual controls that are dependent on the affected ITGCs were also deemed ineffective because they could have been adversely impacted, (d) a lack of an effective information and communication process to identify and assess the source of and controls necessary to ensure the reliability of information used in financial reporting and for providing information required for effective activity level controls and (e) the Company not maintaining appropriately designed controls over revenue recognition, specifically as it relates to the determination of the appropriate accounting for non-routine revenue transactions. As further reported in Part II, Item 9A of the Company's Annual Report for the fiscal year ended December 31, 2025, management is undertaking efforts to remediate these material weaknesses. The Company has authorized Grant Thornton to respond fully to the inquiries of the successor accountant concerning the subject matter of each of such reportable events. The Company provided Grant Thornton with a copy of the disclosures in this report prior to filing with the SEC and requested that Grant Thornton provide a letter addressed to the SEC stating whether it agrees with the foregoing statements. A copy of this letter from Grant Thornton, dated April 28, 2026, is filed as Exhibit 16.1 to this report. Engagement of New Independent Registered Public Accounting Firm. On April 23, 2026, the Audit Committee approved the engagement of CBIZ CPAs P.C. as the Company's principal accountant to perform independent audit services effective immediately. During the two most recent fiscal years ended December 31, 2024 and December 31, 2025 and during the subsequent interim period from January 1, 2026 through April 23, 2026, neither the Company nor anyone on its behalf has consulted with CBIZ regarding either: (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements, and neither a written report nor oral advice was provided to the Company that CBIZ concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue, or (ii) any matter that was either the subject of a "disagreement" or a "reportable event," as such terms are defined in Regulation S-K Item 304(a)(1)(iv) and (v), respectively. About Veritone Veritone, Inc. is a provider of artificial intelligence computing solutions. The Company's proprietary AI operating system, aiWARETM, uses machine learning algorithms, or AI models, together with a unit of powerful applications, to reveal valuable insights from vast amounts of structured and unstructured data. Grant Thornton LLP, the Company's independent registered public accounting firm for the fiscal year ended December 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended December 31, 2025, indicating that the Company's debt service obligations, negative working capital and incurred historical negative cash flows and recurring losses, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $182.3 million in total assets, $114.2 million in total liabilities, and $68.1 million in total stockholders' equity. VEROBLUE FARMS: Cassels Brock Loses Bid to Enforce Protective Order ------------------------------------------------------------------- Chief Judge Thad J. Collins of the U.S. Bankruptcy Court for the Northern District of Iowa denied Cassels Brock & Blackwell LLP's motion to enforce the Protective Order in the adversary proceeding captioned as VeroBlue Farms USA, Inc., Plaintiff vs. Cassels Brock & Blackwell LLP, Defendant, Adversary No. 19-09015 (Bankr. N.D. Iowa). VeroBlue Farms USA, Inc.'s motion to compel and for sanctions is also denied. VBF filed this adversary proceeding on March 27, 2019, seeking turnover of files. On October 17, 2019, Cassels filed a Motion for Protective Order , which the Court issued on February 7, 2020 in order "to facilitate discovery and the production of relevant evidence." Shortly after the Protective Order was entered, VBF filed a Motion to Compel Discovery, arguing that Cassels improperly asserted claims of attorney-client privilege, failed to provide a privilege log to specify what documents were privileged, and failed to comply in other ways with relevant discovery requests. The Court granted VBF's Motion and entered an order directing Cassels' compliance. On March 13, 2020, Cassels provided responses to discovery requests. Those responses reiterated objections which Cassels had asserted in its original responses, including claims of attorney client privilege. Cassels again failed to provide a privilege log to support these assertions. VBF filed a Motion for Contempt on April 9, 2020, asserting that Cassels failed to comply with the Court's February 12, 2020, Order compelling discovery. Cassels had still not filed a privilege log, despite the Court's clear instruction that a log was required to support any assertion of attorney-client privilege. The Court granted VBF's Motion for Contempt on April 22, 2021, finding Cassels in contempt of court for failing, among other things, to provide a privilege log. The Court ordered sanctions of $1,000 per day until full compliance was achieved. On September 23, 2021, Cassels filed a Motion to Reconsider the Court's Contempt Order. VBF filed an objection to the Motion. The Court granted Cassels' Motion to Reconsider in part on April 21, 2022. The Court limited the contempt ruling to the issue of the privilege log and ordered Cassels to pay VBF's attorney's fees and a $5,000 fine instead of the $1,000 per day initially ordered. VBF filed a Motion to Compel and a Motion for Summary Judgment on January 11, 2024. The next day, Cassels filed its own Motion for Summary Judgment. After several hearings related to the summary judgment motions, the Court agreed to review the documents in camera in hopes of clarifying the attorney-client privilege issues. The Court found Cassels entirely failed to support or explain its attorney-client privilege assertion. Cassels simply argued that the privilege applied to all the documents in a blanket fashion. The Court entered an Opinion and Order on Motions for Summary Judgment on April 18, 2025. In that Opinion, the Court granted VBF's Motion for Summary Judgment on its claim for turnover of recorded information related to VBF's property or financial affairs under 11 U.S.C. Sec. 542(e) and denied summary judgment on the remaining claims. The Court denied Cassels' Motion in its entirety. In granting VBF's Motion, the Court found that the files at issue constituted recorded information that related to estate property or VBF's financial affairs. Specifically, the files related to several causes of action listed in VBF's schedules, including VeroBlue Farms USA, Inc. v. Wulf, Case No. 3:19-cv-00764, in the Northern District of Texas. Cassels appealed this decision to the United States District Court for the Northern District of Iowa and asked this Court to stay further proceedings pending resolution of the appeal. The Court denied the Motion to Stay Pending Appeal on June 10, 2025. VBF filed a Motion to Enforce Judgment on June 30, 2025. On July 9, 2025, Cassels moved for a stay pending appeal in District Court. The court denied the motion to stay, finding that Cassels was unlikely to be successful on appeal. VBF then filed a Notice of Denial of Motion to Stay Enforcement of Judgment and Request for Immediate Turnover of Files. The Court granted VBF's Motion to Enforce Judgment on September 26, 2025. Cassels finally turned the documents over to VBF at the end of October, indicating via e-mail that the documents were being produced as confidential under the Protective Order issued by this Court in early 2020. Motion to Enforce Protective Order Cassels argues that VBF has violated the Protective Order and asks the Court to hold the Debtor's counsel in contempt. According to Cassels, VBF violated the Protective Order when it produced the documents Cassels turned over to fulfill discovery obligations in a separate lawsuit. Cassels designated those documents "confidential" under the Protective Order and argues that those documents could therefore "be used solely for the purpose of this action." VBF argues that the Protective Order is inapplicable because the files were not produced through discovery, but through a final judgment on VBF's turnover claim under 11 U.S.C. Sec. 542(e). VBF also points out that the Court ordered turnover for the purpose of administering its property and financial affairs, including the Texas action. VBF asserts that if Cassels can simply mark the files as confidential and prevent the Debtor from using them in any capacity, it would get the same benefit as if the Court concluded those documents were privileged. The Court concluded they were not privileged. Motion to Compel and for Sanctions VBF requests an award of its costs and reasonable attorney's fees incurred in responding to Cassels' Motion under 28 U.S.C. Sec. 1927. VBF asks for sanctions based on the failure of Cassels to produce a prepared witness under Rule 30(b)(6), and for improper conduct by attorneys at the deposition. The Court agrees with VBF on both arguments but chooses to award no further sanctions. The relief in the lawsuit has been granted to VBF entirely. Cassels has already been sanctioned and paid $5,000 for its improper conduct. While the 30(b)(6) witness was probably inadequately prepared and Cassels' lawyers were unnecessarily obstructive in the deposition, the Court sees little additional value in adding more sanctions. Thus, the Court denies the Motion for Sanctions. A copy of the Court's Opinion and Order dated April 27, 2026, is available at https://urlcurt.com/u?l=z4FXHP from PacerMonitor.com. About Veroblue Farms USA Headquartered in Webster City, Iowa, VeroBlue Farms USA, Inc. -- http://verobluefarms.com/-- operates a fish farm specializing in Barramundi, a freshwater fish found in the Indo-Pacific waters of Australia. It created an innovative aquaculture system that utilizes the natural elements of air, water and care. VeroBlue Farms USA, Inc., VBF Operations Inc., VBF Transport Inc., VBF IP Inc., and Iowa's First Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Lead Case No. 18-01297) on Sept. 21, 2018. In the petitions signed by Norman McCowan, president, VeroBlue estimated assets of less than $50,000 and liabilities of $50 million to $100 million. The Debtors tapped Elderkin & Pirnie, PLC and Ag & Business Legal Strategies, P.C. as their legal counsel; and Alex Moglia and his firm Moglia Advisors as chief restructuring officer. The Office of the U.S. Trustee appointed an official committee of unsecured creditors on Oct. 24, 2018. The Committee retained Goldstein & McClintock LLLP as its counsel. VIVAKOR INC: Regains Bid Price Compliance After Reverse Split ------------------------------------------------------------- Vivakor, Inc. announced that it received a notification letter from the Staff that the Nasdaq Hearing Panel has determined that the Company is in compliance with the Minimum Bid Price Requirement. Background On March 18, 2025, the Company received a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, because the closing bid price for the Company's common stock, par value $0.001 per share listed on Nasdaq was below $1.00 per share for 30 consecutive business days, the Company did not comply with Listing Rule 5550(a)(2), requiring a minimum bid price of $1.00 per share. On December 19, 2025, the Company received a notification letter from the Staff that as of December 19, 2025, the Common Stock had a closing bid price of $0.10 or less for ten consecutive trading days and accordingly, the Company was subject to the provisions contemplated under Listing Rule 5810(c)(3)(A)(iii). Trading of the Common Stock was suspended at the opening of business on December 26, 2025. On December 24, 2025, the Company submitted an appeal to the Staff's determination described in the Letter, and a hearing was held on January 29, 2026. On March 24, 2026, the Company effected a 1-for-200 reverse stock split of the Common Stock in order to satisfy the Minimum Bid Price Requirement. Mandatory Panel Monitor Pursuant to Listing Rule 5815(d)(4)(B), the Company will be subject to a Mandatory Panel Monitor for a period of one year from the date of the April 23 Letter. In the event that the Company becomes deficient with the Minimum Bid Price Requirement, the Company will not be afforded the opportunity to submit a compliance plan for the Staff's consideration and the Staff will issue a Delisting Determination Letter, following which the Company may request review by the Panel, at which the Company may present a compliance plan for the Panel's consideration. About Vivakor Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Pittsburgh, PA-based Urish Popeck & Co., LLC , the Company's auditor since 2024, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $113.5 million in total assets, $76.3 million in total liabilities, and $37.2 million in total stockholders' equity. VOICES OF FAITH: Seeks to Extend Plan Exclusivity to July 31 ------------------------------------------------------------ Voices of Faith Ministries, Inc., asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 31 and Sept. 29, 2026, respectively. The Debtor explains that it has made the difficult decision to sell some of its real property in order to reduce the amount of the claim of Foundation Capital Resources, Inc. ("FCR"), its senior secured lender, which will help the Debtor successfully reorganize. To that end, the Debtor has filed three motions to sell real property. The Debtor anticipates that the closings of these sales will occur in the next thirty to sixty days and will net over $4M which will be paid directly to FCR. The Debtor has other properties that are currently being marketed for sale. Additionally, the Debtor is conducting a thorough evaluation to determine which, if any, of its other properties should be sold. The Debtor needs additional time in order to determine how much of FCR's claim will be paid from the proceeds of real estate sales before it can propose its plan or reorganization. The Debtor seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor asserts that the request for an extension will not unfairly prejudice or pressure the Debtor's creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor further asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. Voices of Faith Ministries, Inc. is represented by: Will B. Geer, Esq. Elizabeth A. Childers, Esq. Rountree Leitman Klein & Geer, LLC 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 Email: wgeer@rlkglaw.com About Voices of Faith Ministries, Inc. Voices of Faith Ministries, Inc. is a nonprofit organization established for religious and charitable purposes. The ministry provides faith-oriented programs and outreach services aimed at supporting spiritual development and community involvement, relying largely on donor support to sustain its operations. Voices of Faith Ministries, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50055) on January 2, 2026. In its petition, the debtor reported estimated assets ranging from $0 to $100,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Will B. Geer, Esq. of Rountree Leitman Klein & Geer LLC. VOLITIONRX LTD: Completes 1-for-20 Split After Stockholder Approval ------------------------------------------------------------------- VolitionRx Limited announced that the Company filed a Certificate of Third Amendment of the Second Amended and Restated Certificate of Incorporation with the Delaware Secretary of State, which amended Section 6.1 of Article 6 of the Restated Certificate, effective as of 12:01 a.m. ET on April 28, 2026 to: (i) give effect to the Reverse Stock Split, and (ii) describe the treatment of any fractional shares of Common Stock upon the effectiveness of the Reverse Stock Split. Background At a special meeting held on March 31, 2026, the stockholders of the Company approved a proposal granting the board of directors the authority to exercise its discretion to amend the Company's Second Amended and Restated Certificate of Incorporation, to effect a reverse stock split of the outstanding shares of the Company's common stock, par value $0.001 per share, with the specific ratio to be determined by the Board within the range that was approved by the stockholders of the Company in connection therewith. The Board subsequently approved the Reverse Stock Split at a ratio of one-for-twenty. A full text copy of the Certificate of Amendment is available at https://tinyurl.com/m9965fvr About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered recurring losses from operations, negative cash flows from operations, and minimal revenues, which raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $6.9 million in total assets, $42.5 million in total liabilities, and $35.6 million in total stockholders' deficit. WATER OAKS: Samantha Brumbaugh Named Subchapter V Trustee --------------------------------------------------------- The U.S. Bankruptcy Administrator for the Middle District of North Carolina appointed Samantha Brumbaugh as Subchapter V trustee for Water Oaks Apartments, LLC. Ms. Rusher will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Ms. Rusher declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samantha K. Brumbaugh P.O. Box 3324 Greensboro, NC 27402 336-274-4658 About Water Oaks Apartments LLC Water Oaks Apartments, LLC operates a 50-unit multifamily apartment complex in Winston-Salem, North Carolina. Water Oaks Apartments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 26-50308) on April 22, 2026. In the petition signed by Srinivas Potluri, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. William Kroll, Esq., at Gaskins Hancock Tuttle Hash LLC, represents the Debtor as legal counsel. WE WEST: Seeks to Hire Housby Online Sales as Auctioneer -------------------------------------------------------- WE West Texas Towco LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Housby Online Sales, LLC as auctioneer. The firm will sell the Debtors' 2013 Mack CXU613 Sleeper Cab. The auctioneer's proposed compensation will be 9.5% of the gross sale proceeds plus a "Make-Ready Guarantee" fee of $450. As disclosed in the court filings, Housby Online Sales, LLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Luis Gonzalez Housby Online Sales, LLC 4747 NE 14th Street Des Moines, IA 50313 Phone: (515) 266-2666 About WE West Texas Towco LLC WE West Texas Towco, LLC provides towing, roadside assistance, and vehicle recovery services across West Texas, including light, medium, and heavy-duty towing for motorcycles, cars, semi-trucks, and construction equipment. Towco and its subsidiary, Sheffield Towing Service, LLC, filed Chapter 11 petitions (Bankr. W.D. Texas Lead Case No. 26-70003) on January 2, 2026. At the time of the filing, Towco reported $6,550,489 in total assets and $2,255,739 in total liabilities while Sheffield reported between $1 million and $10 million in assets and liabilities. Charlie Shelton, Esq., at Hayward, PLLC represents the Debtors as legal counsel. WEST MARINE: Prepares Potential Bankruptcy to Close Locations ------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that West Marine Inc. is preparing for a possible Chapter 11 bankruptcy as it looks to restructure debt and renegotiate leases, according to people familiar with the matter. The company, owned by Oaktree Capital Management and L Catterton, is considering closing multiple stores as part of its restructuring strategy. It currently operates over 230 locations specializing in boating and fishing gear, the report states. Chapter 11 has emerged as the leading restructuring option, though discussions with creditors remain fluid and could still evolve, according to Bloomberg. If pursued, the filing would help West Marine reduce costs, address liabilities, and reposition the business for long-term stability, the report cites. About West Marine Inc. For more than 50 years, West Marine Inc. has been the premier retailer of boating, fishing, sailing and paddling gear. With 236 stores located in 38 states and Puerto Rico and an eCommerce website reaching domestic, international and professional customers, West Marine is recognized as a leading resource for cruisers, sailors, anglers, yachters and other boating enthusiasts. West Marine crew members share the same love for the water as their customers and provide knowledgeable advice on the gear and gadgets they need to be safe and have fun. West Marine allows customers to spend less time worrying about their boat and more time enjoying their boat. On the Web: http://westmarine.com/ WORKHORSE GROUP: Secures 5-Month Rent Deferral on Indiana Facility ------------------------------------------------------------------ Workhorse Group Inc. disclosed in a regulatory filing that the Company and Mango Workhorse, LLC entered into an agreement whereby Lessor agreed to a deferral of the Company's monthly rental payments pursuant to the lease for the Company's manufacturing facility in Union City, Indiana for the five months beginning May 2026 and ending September 2026, with the entire deferred amount due and payable in a single lump-sum payment on or before September 30, 2026. 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. YELLOW CORP: LaGrange Property Sale to J.T. Jones Development OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has permitted Yellow Corp. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. With respect to the Asset Purchase Agreement, the Debtors are the sole and lawful owners, to the Acquired Assets to be sold to the Purchaser pursuant to the Asset Purchase Agreement. Based upon the evidence adduced at the Hearing and as set forth in the Kaldenberg Declaration, the Debtors and their professionals have adequately marketed and conducted the sale process for the Acquired Assets under the Asset Purchase Agreement. The Debtors determined, in accordance with their business judgment, as permitted under the Bidding Procedures Order, and in consultation with the Committee, that the Asset Purchase Agreement represented the highest or otherwise best offers for the Acquired Assets. After a full, fair, and robust marketing and sale process for the Acquired Assets, the Debtors' determination that the Asset Purchase Agreement constitutes the highest or otherwise best offer for the Acquired Assets constitutes a valid and sound exercise of the Debtors' business judgment. With respect to the Asset Purchase Agreement and the Sale Transactions contemplated, the Debtors may sell the Acquired Assets free and clear of all Adverse Interests against the Debtors, their estates, or the Acquired Assets. The Court has authorized the Debtor to sell the Asset to J.T. Jones Development Company for the purchase price of $275,000. The Asset Purchase Agreement including all other ancillary documents, and all of the terms and conditions thereof and the Sale and related transactions contemplated are approved in all respects. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. YUNHONG GREEN: Director Fred H.F. Chak Steps Up as Board Chairman ----------------------------------------------------------------- Yunhong Green CTI Ltd. disclosed in a regulatory filing that the Board of Directors appointed Fred H.F. Chak, an existing member of the Board, to serve as Chairman of the Board, effective April 27, 2026. Mr. Chak succeeds Gerald D. Roberts Jr., who has served as interim Chairman of the Board since February 17, 2026. Mr. Roberts will continue to serve as a director of the Company. About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Massachusetts-based Wolf & Company, P.C, the Company's auditor since 2020, 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 fiscal year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and has an accumulated deficit. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. ********* 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. 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