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260511.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, May 11, 2026, Vol. 30, No. 131 Headlines 1001 BEACH AVE: Claims Will be Paid from Property Sale/Refinance 22ND CENTURY: Registers $6.4MM ATM Offering With Needham & Co. 25 AUGUSTA: Hires Jeffrey Strange & Associates as Attorney 30 EAST 40TH: Updates Unsecured Claims Details 458 BRIDGEHAMPTON: Gerard Luckman Named Subchapter V Trustee 63 SPRING LAFAYETTE: Hires A.Y. Strauss LLC as Bankruptcy Counsel ACADEMY LTD: Moody's Rates New $500MM Senior Secured Notes 'Ba2' ADIRONDACK STORE: Seeks to Use Cash Collateral AEROHP MAINTENANCE: Gets Interim OK to Use Cash Collateral AEROHP MAINTENANCE: Hires Lane Law Firm LLP as Bankruptcy Counsel ALASKA AIRLINES: Fitch Assigns 'BB+' LongTerm IDR, Outlook Negative ALTOMAR HOME: Seeks Cash Collateral Access AMERICAN AUTO: $130MM Loan Add-on No Impact on Moody's 'B3' CFR AMERICAN AUTOMOTIVE: Case Summary & 11 Unsecured Creditors AMERIGAS PARTNERS: Fitch Hikes LongTerm IDR to BB-, Outlook Stable AP CORE II: Moody's Rates New Senior Secured Global Notes 'B2' API GROUP: Fitch Assigns 'BB+' Rating on New Sr. Unsecured Notes API GROUP: Moody's Rates New $1BB Secured First Lien Debt 'Ba1' ASBURY AUTOMOTIVE: Fitch Alters Outlook on 'BB' IDR to Positive ASCEND ELEMENTS: Seeks Court OK for $30MM Chapter 11 Financing ATARA BIOTHERAPEUTICS: Falls Below $50-Mil. Nasdaq MVLS Threshold ATLAS LAND: Section 341(a) Meeting of Creditors on June 9 AVENUE LIVING 2014: DBRS Confirms 'BB' Rating on Subordinated Debt AVITA MEDICAL: Appoints Cary Vance as CEO, Jan Reed as Board Chair BALANCE HOLDING: Unsecureds Will Get 17% of Claims over 5 Years BANCO MASTER: Court Won't Limit Rule 2004 Subpoena BANCO MASTER: Court Won't Stay Rule 2004 Subpoena Order BESTAR INC: Asks Court for Chapter 15 Recognition BETHUNE SUITES: Seeks to Tap Keller Williams as Real Estate Broker BIOMARIN PHARMACEUTICAL: Fitch Assigns 'BB+' IDR, Outlook Stable BITTREX INC: Moves to Overturn $24MM Ruling After SEC Crypto Pivot CARBON HEALTH: Committee Taps Gilbert LLP as Insurance Counsel CARPENTER HOMES: Creditors to Get Proceeds From Liquidation CATURUS ENERGY: Fitch Hikes LongTerm IDR to 'B', Outlook Stable CELEBRITY MEDICAL: Seeks Subchapter V Bankruptcy in Florida CELSIUS NETWORK: Government Credits Exec's Help in Sentencing Case CES ENERGY: DBRS Confirms 'BB(low)' Issuer Rating, Trend Stable CHARLES & COLVARD: Extends Appointment of Levin as Executive Chair CHOICE ELECTRIC: Gets Extension to Access Cash Collateral CHRYSALIS HEALTHCARE: Unsecureds Will Get 23.44% over 5 Years CLARION HOME: Ares Capital Marks $1MM 1L Loan at 80% Off CLARION HOME: Ares Capital Marks $3.5MM 1L Loan at 14% Off CLARION HOME: Ares Capital Marks $6.9MM 1L Loan at 16% Off CONNECTICUT HEALTHCARE: Seeks Chapter 15 Bankruptcy in Texas CONSIGNMENT CRUSH: Behrooz Vida Named Subchapter V Trustee CONVEY HEALTH: Ares Capital Marks $1.9MM 1L Loan at 32% Off DALRADA TECHNOLOGY: Gets Default Notice on Multiple Loan Agreements DAX INTERNATIONAL: Lender Seeks to Prohibit Cash Collateral DAYLIGHT BETA: Ares Capital Marks $15MM 1L Loan at 92% Off DELEK LOGISTICS: Fitch Rates New Sr. Unsecured Notes Due 2034 'B+' DELEK LOGISTICS: Moody's Rates New Unsec. Notes Due 2034 'B2' DENTISTAR P.C.: Case Summary & 19 Unsecured Creditors DIAMOND ELITE: Voluntary Chapter 11 Case Summary DIOCESE OF ALEXANDRIA: Seeks to Extend Plan Exclusivity to June 30 DUSTED77 FINE: Seeks Cash Collateral Access ECO-GREEN SUPPLIER: Hires Brian K. McMahon as Bankruptcy Counsel ENNIS I-45 11: Amends Several Secured Claims Pay EVANGELIA ISMAILOS: Late-Filed Lerebours Proof of Claim Allowed F'DELUCA CONSTRUCTION: Claims to be Paid from Disposable Income FAT BRANDS: Seeks to Extend Plan Exclusivity to Aug. 24 FINGER LAKE: Unsecured Creditors to be Paid in Full in Plan FIRST BRANDS: Lender Blasts 'Meritless' Creditor Probe FIRST EAGLE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable FIRST EAGLE: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable FORTUNA STONEWORKS: Case Summary & 20 Largest Unsecured Creditors FRIEDENBACH FAMILY: Committee Taps Fox Rothschild as Legal Counsel GLOBAL BUSINESS: Fitch Puts 'BB' LongTerm IDR on Watch Negative GLOBAL MEDICAL: Moody's Puts 'B2' CFR on Review for Upgrade GREAT CIRCLE: Hires Marcus & Millichap as Real Estate Broker GREEN SUITES: Hires Charles Wertman PC as Bankruptcy Counsel HARTSOOK 14001: Case Summary & Two Unsecured Creditors HARVEST MIDSTREAM I: Fitch Rates New $800MM Unsec. Notes 'BB-' HARVEST MIDSTREAM: S&P Rates Proposed Senior Unsecured Notes 'BB-' HERITAGE WVILLE: Seeks to Hire James E. Dickmeyer PC as Counsel HIGHLAND CAPITAL: Texas Panel Considers Sanctions Over $1B Judgment HILTON DOMESTIC: S&P Rates Proposed Senior Unsecured Notes 'BB+' HUBBARD RADIO: Moody's Lowers PDR to 'D-PD' Amid Debt Repurchase INDICOR LLC: S&P Places 'B' ICR on CreditWatch Negative INGENOVIS HEALTH: Moody's Appends 'LD' Designation to PDR INSTITUTO MEDICO: Court Directs U.S. Trustee to Appoint PCO INTERTRADE HOLDINGS: Files Emergency Bid to Use Cash Collateral J &ST: Cash Collateral Hearing Set for May 12 J &ST: Thomas Richardson Named Subchapter V Trustee J.R. BUTLER: Creditors to Get Proceeds From Liquidation JHRG MANUFACTURING: Hires Transworld Business Advisors as Broker KNIFE RIVER: $300MM Loan Add-on No Impact on Moody's 'Ba1' CFR KRAKEN OIL: Fitch Rates New Sr. Unsecured Notes Due 2031 'BB-' KUBERA HOTEL: Seeks to Hire KW Commercial as Real Estate Agent L3DFX LLC: Seeks to Extend Plan Exclusivity to Aug. 31 LEVEL 3 FINANCING: Fitch Rates New $1BB Sr. Unsecured Debt 'B-' LOUISIANA CRANE: Seeks to Hire Lugenbuhl Wheaton Peck as Attorney LS INTERIORS: Unsecured Creditors to Split $30K in Plan LYCRA COMPANY: Asks Court to Confirm Chapter 11 Plan LYNSKEY PERFORMANCE: Commences Chapter 11 Bankruptcy in Tennessee M. DELANEY: Seeks to Hire Scarlett & Croll as Bankruptcy Counsel MATE LLC: Seeks to Use Cash Collateral MAVIS TIRE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable MCCOOL MILLWORKS: Has Deal on Cash Collateral Access METICULOUS CLEANING: Scott Rever Named Subchapter V Trustee METROPOLITAN OPERA: S&P Lowers 2012 Bond Long-Term Rating to 'BB-' MINISTRY BRANDS: Ares Capital Marks $700,000 1L Loan at 14% Off MOUNTAIN RIDGE: Hires Hilco Real Estate as Real Estate Broker NCR VOYIX: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable NEOVIA ACQUISITION: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable NEWBURY POWER: Seeks to Extend Plan Exclusivity to Aug. 2 NEXT GENERATION: Case Summary & 11 Unsecured Creditors NGUYEN WIN: Seeks Cash Collateral Access NIED OWNERSHIP: Seeks Chapter 11 Bankruptcy in Florida NUMERICAL CONCEPT: Terre Haute Property Sale to Central States OK'd NXT ENERGY: Annual and Special Meeting Set for June 9, 2026 OMNI HEALTH: Plan Exclusivity Period Extended to May 19 ORIGIN FOOD: Seeks to Extend Plan Exclusivity to June 10 OUT ON A LIMB: Unsecureds to be Paid in Full over 5 Years OWENS-BROCKWAY GLASS: Moody's Rates New $500MM Unsecured Notes 'B3' PETVET CARE: Ares Capital Marks $129.8MM 1L Loan at 14% Off PETVET CARE: Ares Capital Marks $5.4MM 1L Loan at 15% Off PIONEER OPCO: Moody's Rates New $1.17BB Secured Notes'B2' PRESBYTERIAN VILLAGES: Fitch Alters Outlook on 'BB-' IDR to Stable PRESTIGE HEALTHCARE: U.S. Trustee Appoints Maude Holt as PCO PRIME LIMITED: Case Summary & 16 Unsecured Creditors PRO RACKING: Seeks to Tap Sanchez & Baltazar as Bankruptcy Counsel PS OPERATING: Ares Capital Marks $19.6MM 1L Loan at 83% Off PS OPERATING: Ares Capital Marks $6MM 1L Loan at 82% Off Q-FREE TCS: Jeffrey Schwendeman of RPA Named Subchapter V Trustee RCP HOMES: Case Summary & 13 Unsecured Creditors REALTRUCK INC: S&P Cuts ICR to SD on Distressed Debt Restructuring RED RIVER: Trusts Oppose Data Preservation Suit in Delaware REDCOLE PARTNERS: Case Summary & Five Unsecured Creditors RELIABLE MOVERS: Case Summary & 20 Largest Unsecured Creditors RESILIENCE PARENT: Incremental Loan No Impact on Moody's 'B3' CFR REVALIZE INC: Ares Capital Marks $700,000 1L Loan at 14% Off RIVERSIDE LAND: Hires Crane Simon Clar and Goodman as Attorney SABRE INDUSTRIES: S&P Affirms 'B' Rating on First-Lien Debt SANDY PINES: Taps CBRE Inc, Hunneman, Keenan Auction as Brokers SANTA PAULA: Seeks to Hire Capello & Noel as Special Counsel SAVAGE ENTERPRISES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable SHREE OF MEMPHIS: Available Cash & Rental Income to Fund Plan SJ HOLDINGS: Has Deal on Cash Collateral Access SOLARIS ENERGY: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable SPIRIT AIRLINES: Fitch Affirms & Then Withdraws 'D' LongTerm IDR SPX FLOW: Moody's Withdraws 'B2' CFR Following Debt Repayment SRC HOLDINGS: Seeks to Hire YK Law LLP as Bankruptcy Counsel STANDARD BUILDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable STREAM TV: Court Tosses Rembrandt Adversary Proceeding SYNCUBE CONTAINERS: Unsecureds to Split $268K over 60 Months T.E.A.M. PARKER: Hires Jones Accounting Group as Accountant TPD DESIGN: Committee Taps Fox Rothschild as Bankruptcy Counsel TRUETT MEMORIAL: Case Summary & One Unsecured Creditor UGI INT'L: Fitch Alters Outlook on 'BB+' IDR to Negative UNITED NATURAL: Moody's Raises CFR to B2, Outlook Remains Stable VALLE DEL SUR: Case Summary & Two Unsecured Creditors VERATICS INC: Seeks to Hire GGG Partners LLC as Financial Advisor WABASH NATIONAL: Moody's Cuts CFR to B3 & Unsecured Notes to Caa1 WHITEWATER MATTERHORN: $143MM Add-on No Impact on Moody's Ba3 CFR WISER SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors WMB HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable WOODCREST CONDOMINIUMS: Seeks to Extend Plan Exclusivity to Sept. 1 WYNDHAM HOTEL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ********* 1001 BEACH AVE: Claims Will be Paid from Property Sale/Refinance ---------------------------------------------------------------- 1001 Beach Ave, LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Subchapter V Plan of Liquidation dated April 27, 2026. The Debtor is the owner of land and improvements located at 1001 Beach Avenue, Brigantine, Atlantic County, New Jersey (the "Property"). The appraised value of the Property is $2,000,000.00. The Property consists of a single-family residence which is suitable for seasonal rental. The Property has historically been used as a vacation home for the family of the Debtor's sole member, Geralyn Touhill. The Debtor intends to lease the Property during the summer of 2026 pending a sale of the Property or the refinancing of its mortgage indebtedness. The Debtor commenced this Chapter 11 case in order to stay a foreclosure sale with respect to the Property scheduled in Atlantic County, New Jersey on March 19, 2026, to provide a framework for the orderly sale of the Property free and clear of Encumbrances, to maximize the value of the Property in connection with such sale for the benefit of creditors, and to obtain the benefit of the transfer tax exemption under section 1146(a) of the Bankruptcy Code. Pursuant to the Plan, the Debtor intends to market and sell the Property free and clear of liens, claims, encumbrances and interests (collectively, "Encumbrances") or to refinance its mortgage indebtedness. A sale of the Property pursuant to the Plan will be exempt from transfer tax pursuant to section 1146(a) of the Bankruptcy Code. The Plan provides that Allowed Secured Claims will be paid in full or substantially in full from the proceeds resulting from the sale of the Property and that Class 4 will be paid, if at all, from such proceeds or other non-exempt assets of the Debtor available for distribution, including recoveries from potential future litigation. Class 5 Interests will retain such Interests, but will not receive any distribution under the Plan unless and to the extent that all Classes of Claims are fully satisfied pursuant to this Plan. Class 4 consists of General Unsecured Claims. Paid, if at all, from equity resulting from the sale of the Property and/or the liquidation of personal property after the payment in full of all senior Classes. The Equity Interest holder will retain such Interest, but will otherwise received nothing under the Plan. The Plan will be implemented through the sale of the Property or the refinancing of existing mortgage indebtedness. The outside date for the sale of the Property shall be twelve months from the Effective Date, unless extended by Order of the Bankruptcy Court for cause. The sale of the Property shall be free and clear of Encumbrances, with all such Encumbrances attaching exclusively to the sale proceeds. Upon Confirmation of the Plan, all property of the Debtor, tangible and intangible, including, without limitation, licenses, furniture, fixtures and equipment, will revert to the Debtor, free and clear of all Claims, Encumbrances and equitable interests, except as provided in the Plan. The Debtor expects that the proceeds resulting from the sale of the Property or the refinancing of the mortgage indebtedness, net of closing costs, will be sufficient to make the distributions required under the Plan. A full-text copy of the Subchapter V Liquidating Plan dated April 27, 2026 is available at https://urlcurt.com/u?l=cYhZqW from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Jeffrey Kurtzman, Esq. KURTZMAN | STEADY, LLC 101 N. Washington Avenue, Suite 4A Margate, NJ 08402 Telephone: (215) 839-1222 Email: kurtzman@kurtzmansteady.com About 1001 Beach Ave LLC 1001 Beach Ave, LLC is a Brigantine, New Jersey-based company that owns a residential property and has offered it for lease. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-12968) on March 18, 2026, with $1 million to $10 million in assets and liabilities. Geralyn Touhill, sole member, signed the petition. Jeffrey Kurtzman, Esq., at Kurtzman | Steady, LLC represents the Debtor as legal counsel. 22ND CENTURY: Registers $6.4MM ATM Offering With Needham & Co. -------------------------------------------------------------- 22nd Century Group, Inc. announced in a regulatory filing that it filed with the Securities and Exchange Commission a prospectus supplement to its Registration Statement on Form S-3 (Registration No. 333-294792) permitting the Company to sell $6,400,000 shares of the Company's common stock pursuant to its sales agreement with Needham & Company, LLC. As of the date of the prospectus supplement, the Company had offered and sold $0 shares of the Company's common stock during the prior 12 months. Thus, $6,400,000 is available to be sold pursuant to the prospectus supplement. The Company had 4,455,649 shares of common stock outstanding as of May 1, 2026. The Current Report of Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of shares of the Company's common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A full text copy of the Opinion of Foley & Lardner LLP is available at https://tinyurl.com/3j3dmf7z About 22nd Century Group Mocksville, N.C.-based 22nd Century Group, Inc. is a tobacco products company specializing in the sales and distribution of its proprietary reduced nicotine tobacco products, which have been authorized as Modified Risk Tobacco Products by the FDA. The company also provides contract manufacturing services for conventional combustible tobacco products for third-party brands. Buffalo, New York-based WithumSmith+Brown, PC, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue and profit in its tobacco business. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $27 million in total assets and $8.5 million in total liabilities, $2.7 million in total mezzanine equity and total stockholders' equity of $15.6 million. 25 AUGUSTA: Hires Jeffrey Strange & Associates as Attorney ---------------------------------------------------------- 25 Augusta, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Jeffrey Strange & Associates as real estate attorney. The firm will advise the Debtor on the sale of its properties located at: (1) 2530 West Augusta Blvd., Chicago, Illinois; (2) 1723 N. Artesian Ave., Chicago, Illinois; (3) 1218 N. Maplewood, Chicago, Illinois; (4) 1734 N. Drake Avenue, Chicago, Illinois; (5) 1706 N. Artesian Avenue, Chicago, Illinois; (6) 2525 W. Augusta, Chicago, Illinois; (7) 1003 N. Francisco, Chicago, Illinois; (8) 931 N. Keystone, Chicago, Illinois; (9) 5009 W. Chicago Avenue, Chicago, Illinois; (10) 936 N. Pulaski, Chicago, Illinois; (11) 1312 W. 108th Street, Chicago, Illinois; and (12) 915 W. 54th St. Chicago, Illinois. Strange shall be paid a total of $9,000 at closing based on $750 per condominium unit. Jeffrey Strange, Esq., a real estate attorney at Jeffrey Strange & Associates, 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: Jeffrey Strange, Esq. Jeffrey Strange & Associates 717 Ridge Road Wilmette, IL 60091 Phone: (847) 256-7377 About 25 Augusta LLC 25 Augusta, LLC, a private limited-liability company, is principally a real-estate holding entity associated with the ownership of a multi-family residential property in the West Town/Ukrainian Village area of Chicago, Ill. 25 Augusta, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04618) on March 16, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Monserrate Hernandez as member. Paul M. Bach, Esq., at Bach Law Offices serves as the Debtor's counsel. 30 EAST 40TH: Updates Unsecured Claims Details ---------------------------------------------- 30 East 40th, L.L.C. submitted an Amended Disclosure Statement describing Plan of Liquidation dated April 28, 2026. Following the December 2, 2025 Petition Date, On December 9, 2025, the Debtor filed its Plan of Liquidation and Disclosure Statement providing for a court-supervised sale of the Property. The Debtor simultaneously filed a motion pursuant to Bankruptcy Rule 9019 seeking approval of a settlement with the Tenant (the "Rule 9019 Motion"). On December 18, 2025, the Penner Estate filed a motion for the appointment of a Chapter 11 trustee. The Court scheduled a combined hearing on the Disclosure Statement, the trustee motion, the Rule 9019 Motion and other contested motions for the end of January 2026. In connection with the anticipated Surrender Date, however, to limit further value erosion, the Debtor intends to reenter the Property as of approximately June 9, 2026, or earlier. The managing agent will collect rents, maintain the Property, and ensure operational expenses are paid, all subject to Bankruptcy Court approval as appropriate. The Debtor will do so reserving all of its rights under the Ground Lease and guaranties. The Debtor initially valued the Property at $28,000,000 as of the Petition Date based on broker advice. Preliminary post-petition marketing efforts suggest that the value is substantially lower, but still substantially more than creditor claims. For purposes of this Disclosure Statement, based on recent expressions of interest, the Debtor estimates that the value of the Property sold free and clear of the Ground Lease (following acceptance of the Surrender Notice), is between approximately $19,000,000 and $24,000,000. Scheduled general unsecured claims total approximately $5,064,497. $5,000,000 of that amount represents the Penner Estate's contingent claim if Apple Bank is not repaid, not an amount presently due. In addition to the Penner Estate's contingent claim, the Penner Estate and the Friedland Trust have filed claims that are presumably contingent or arising from their shareholder status. The Ground Tenant filed a $500,000 claim which the Debtor disputes, and which is considerably less than the unpaid rent under the Ground Lease. The primary purpose of this chapter 11 case is to effectuate an orderly sale of the Property pursuant to the Plan, thereby maximizing recoveries for all creditors and parties in interest. The Penner Estate has argued throughout this case that a sale subject to the Ground Lease with the guaranty claims preserved maximizes value. The Debtor will market the Property under both a free-and-clear sale structure and a subject-to-Ground-Lease structure, and will present the highest and best offer to the Bankruptcy Court for approval. Class 5 consists of General Unsecured Claims. Claims likely to be allowed total approximately $64,497. Payment of available Cash up to Allowed Amount of Class 5 Claims, Administrative Expense Claims post-Confirmation wind up costs; Allowed Other Priority Claims; Statutory Fees, and Class 1, 2, 3, and 4 Claims. If no cash is available from the Sale Proceeds, each Class 5 Claimant shall be entitled to its pro-rata share of the Creditor Reserve. This Class is impaired. The Plan is based on the Debtor's sale of the Property under one of two alternative structures, to be determined by the market: (i) a free-and-clear sale with Bankruptcy Court approved Ground Lease termination at closing, or (ii) a sale subject to the Ground including any rights under the Ground Lease, including right to collect on the SL Green Guaranty and the Good Guy Guaranty. In connection with the Surrender Date, the Debtor will assume operational management of the Property as of approximately June 9, 2026, including direct collection of subtenant rents, assumption or termination of service contracts, and retention of a property manager, all subject to Bankruptcy Court approval as appropriate. Payments under the Plan will be paid from the Property Sale Proceeds. The sale of the Property shall be implemented pursuant to Bankruptcy Code Sections 1123(a)(5); (b)(4); 1141(c); and 1146, and the Bidding and Auction Procedures. A full-text copy of the Amended Disclosure Statement dated April 28, 2026 is available at https://urlcurt.com/u?l=Z4lGvi from PacerMonitor.com at no charge. 30 East 40th L.L.C. is represented by: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 458 BRIDGEHAMPTON: Gerard Luckman Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for 458 Bridgehampton Sag Harbor, LLC. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About 458 Bridgehampton Sag Harbor LLC 458 Bridgehampton Sag Harbor, LLC is a single asset real estate company. 458 Bridgehampton Sag Harbor LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-71604) on April 23, 2026. In its petition, the debtor reports estimated assets in the range of $100,001 to $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. 63 SPRING LAFAYETTE: Hires A.Y. Strauss LLC as Bankruptcy Counsel ----------------------------------------------------------------- 63 Spring Lafayette, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire A.Y. Strauss LLC as counsel. The firm will provide these services: (a) providing the Debtor with advice and preparing all necessary documents regarding debt restructuring, bankruptcy and asset dispositions; (b) taking all necessary actions to protect and preserve the Debtor's estate during the pendency of this Chapter 11 Case; (c) preparing on behalf of the Debtor, as debtor-in-possession, all necessary motions, applications, answers, orders, reports and papers in connection with the administration of this Chapter 11 Case; (d) counseling the Debtor with regard to its rights and obligations as debtor-in-possession; (e) appearing in Court to protect the interests of the Debtor; and (f) performing all other legal services for the Debtor which may be necessary and proper in these proceedings and in furtherance of the Debtor's operations. The firm's hourly billing rates are $500 to $700 for partners, $475 for counsel, $425 for associates, and $200 for paralegals. Prior to the filing, A.Y. Strauss received a retainer of $35,000 in addition to the filing fee. A.Y. Strauss 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: Eric H. Horn, Esq. David S. Salhanick, Esq. Eva M. Thomas, Esq. A.Y. STRAUSS LLC 290 West Mount Pleasant Avenue, Suite 3260 Livingston, NJ 07039 Telephone: (973) 287-5006 Facsimile: (973) 533-0217 About 63 Spring Lafayette 63 Spring Lafayette, LLC is a single-asset real estate company that owns a mixed-use property at 63 Spring Street in New York, New York, comprising residential and commercial space. 63 Spring Lafayette filed Chapter 11 petition (Bankr. D. N.J. Case No. 26-12619) on March 10, 2026, with between $10 million and $50 million in both assets and liabilities. Judge Christine M. Gravelle oversees the case. Eric H. Horn, Esq., at A.Y. Strauss, LLC, is the Debtor's legal counsel. ACADEMY LTD: Moody's Rates New $500MM Senior Secured Notes 'Ba2' ---------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Academy, Ltd.'s ("Academy") $500 million proposed senior secured notes. The company's Ba2 corporate family rating, its Ba2-PD probability of default rating, the Ba2 rating on its existing senior secured first lien term loan, and the SGL-1 speculative grade liquidity rating ("SGL") remains unchanged. The outlook is positive. The senior secured notes will be used to refinance the existing $400 million senior secured notes due November 2027 and to repay the outstanding $85 million term loan due November 2027, bolster balance sheet cash and to pay for related fees and expenses. As part of this transaction the company will also extend the maturity of its $1.0 billion asset based lending facility (ABL; unrated) by two years to 2031. Moody's views this transaction favorably, as it improves liquidity and lengthens the company's maturity profile. The rating on the term loan will be withdrawn upon close of the transaction. RATINGS RATIONALE Academy's Ba2 CFR reflects the company's scale and solid market position in the regions it serves, as well as management's ability to preserve profitability despite negative same store sales since 2022. During this period, the company focused on productivity enhancements, disciplined inventory management, and cost controls. While same store sales have remained negative, underlying trends have steadily improved, supported by contributions from new store openings. Ongoing improvements in merchandising and continued investment in omnichannel capabilities should further support operating performance over time. Additional earnings growth will be driven by Academy's store expansion program, launched in 2022, which is expected to add approximately 125 stores over the next 5 years and be funded with free cash flow. Academy maintains strong credit metrics, with leverage of 2.1x and EBIT to interest of 4.2x in 2025. Moody's expects leverage to remain relatively stable over the next 12 months, with modest improvement in coverage as earnings grow. Partially offsetting these strengths is a difficult consumer spending environment as consumers continue to face high inflation in key categories such as food, housing and insurance. The company also operates in a highly competitive sporting goods retail market, including direct to consumer efforts by major apparel and footwear brands and the continued shift toward online shopping. Sporting goods demand can also fluctuate, in part because of demand cycles in the firearms and ammunition, which Moody's estimates represents roughly 10% of Academy's sales. Academy's SGL-1 reflects its very good liquidity over the next 12 months. The company has a largely available $1.0 billion asset based revolving credit facility which will expire in 2031. In addition, Moody's estimates that the company will generate roughly $150-$200 million of free cash flow over the next 12 months. The positive outlook reflects Academy's continued strong credit metrics, driven by materially lower debt, and very good liquidity with healthy free cash flow. It also reflects that Moody's expects Academy to continue to maintain a balanced financial strategy that supports resilient credit metrics despite ongoing pressure on consumer spending. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if the company generates consistently positive same store sales, revenue and operating income growth while improving geographic diversification, maintaining very good liquidity and balanced financial policies. Quantitatively, the ratings could be upgraded with expectations for Moody's adjusted debt/EBITDA to be maintained below 2.25x and EBIT/interest expense sustained above 4.25x throughout economic cycles. The ratings could be downgraded if earnings or liquidity deteriorate or the company experiences material execution missteps. Aggressive financial strategy actions could also result in a downgrade. Quantitatively, the ratings could be downgraded if Moody's adjusted debt/EBITDA is maintained above 3.0x or EBIT/interest expense declines below 3.5x. Headquartered in Katy, Texas, Academy, Ltd. is a US sports, outdoor and lifestyle retailer with a broad assortment of hunting, fishing and camping equipment, along with footwear, apparel, and sports and leisure products. The company operates 322 stores under the Academy Sports + Outdoors banner, which are primarily located in Texas and the southeastern United States, and its website. It is a subsidiary of traded Academy Sports and Outdoors, Inc. (NASDAQ traded ASO). Academy generates approximately $6.1 billion in revenue. The principal methodology used in this rating was Retail and Apparel published in September 2025. ADIRONDACK STORE: Seeks to Use Cash Collateral ---------------------------------------------- Adirondack Store & Gallery, Inc. asks the U.S. Bankruptcy Court for the Northern District of New York for authority to use cash collateral. Adirondack operates two long-established retail stores in Lake Placid and Tupper Lake, specializing in home furnishings, gifts, and Adirondack-style furniture, and has maintained a 71-year presence in the region. After creditors initiated an involuntary Chapter 7 proceeding on March 18, 2026, the case was converted to Chapter 11 on April 27, allowing Adirondack to continue operating as a debtor-in-possession without a creditors' committee appointed. The Debtor asserts that immediate use of cash collateral is essential to avoid severe and irreparable harm, as it lacks alternative liquidity to meet critical expenses such as payroll, insurance, and utilities. Without access to these funds, the business would cease operations, resulting in loss of asset value and harm to creditors. The secured creditors include KeyBank (holding a senior lien), Newtek Bank, Shopify (which also operates the Debtor's e-commerce platform and collects loan repayments through a percentage of sales), and Parkview, which provided a merchant cash advance. These creditors hold security interests in the Debtor's assets, including inventory and accounts receivable. While the Debtor believes Parkview may not have a direct interest in cash collateral, it is included out of caution. To protect these creditors, the Debtor proposes adequate protection measures, including granting replacement liens on post-petition assets to offset any decline in collateral value, making periodic payments as outlined in the budget, and providing superpriority administrative claims if the liens prove insufficient. These protections are structured to ensure creditors do not suffer losses during the bankruptcy process. The replacement liens would exclude certain avoidance actions and remain subordinate to U.S. Trustee fees and limited Chapter 7 administrative expenses. A copy of the motion is available at https://urlcurt.com/u?l=z6UmxV from PacerMonitor.com. About Adirondack Store & Gallery Inc. Adirondack Store & Gallery, Inc. operates two long-established retail stores in Lake Placid and Tupper Lake, specializing in home furnishings, gifts, and Adirondack-style furniture. On March 18, 2026, creditors Geoffrey Robillard, Jean Hoffman, Richard Rodzinski, Danielle Ostiguy, and James Dodd filed an involuntary Chapter 7 petition (Bankr. N.D. N.Y. Case No. 26-10275) on March 18, 2026. Judge Patrick G. Radel oversees the case. Robert F. Franciscovich, Esq., at Arnold & Porter Kay School, represents the Debtor as legal counsel. AEROHP MAINTENANCE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- AeroHP Maintenance, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. Under the interim order, the Debtor is authorized to access cash collateral pending the final hearing on May 27 to pay the expenses set forth in its budget, which projects approximately $180,000 in near-term revenue. The Debtor's operations depend on cash generated from accounts receivable that are subject to pre-petition liens. It reserves the right to dispute the validity and scope of certain liens. As protection for the Debtor's use of cash collateral, secured lender Terrance Paul Sonday will receive $1,000 monthly, beginning May 23. In addition, the lender and other secured creditors will retain the same liens, encumbrances and security interests in the cash collateral generated after the Debtor's bankruptcy filing. A copy of the order is available at https://is.gd/mKbGie from PacerMonitor.com. About AeroHP Maintenance LLC AeroHP Maintenance, LLC provides charter services, aircraft management, maintenance, avionics support, and aircraft brokerage. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32896) on April 28, 2026. In the petition signed by Paul White, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. AEROHP MAINTENANCE: Hires Lane Law Firm LLP as Bankruptcy Counsel ----------------------------------------------------------------- AeroHP Maintenance, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Lane Law Firm, PLLC as general bankruptcy counsel. The firm will render these services: a. advise and represent the Debtor as debtor in possession in the administration of this Subchapter V case; b. analyze the Debtor's assets and liabilities, investigate the extent and validity of liens and claims, and review or participate in any proposed asset sales or dispositions; c. communicate and negotiate with creditors and other parties in interest; d. prepare pleadings, including motions and applications, and to represent the Debtor in all meetings, hearings, and conferences, including the section 341 meeting of creditors; e. assist in the preparation, analysis, and negotiation of a plan of reorganization and any accompanying disclosure statement, and to facilitate confirmation of such plan; f. take all actions necessary to protect and preserve the Debtor and its assets, including maintaining going-concern value for the benefit of creditors; g. appear before this Court and any other court or tribunal, as appropriate, and to represent the Debtor before the United States Trustee; and h. perform such other legal services as may be necessary in connection with this case. The firm will be paid at these hourly rates: Robert C. Lane, (lead) Partner $650 Joshua D. Gordon, Partner $625 Matthew W. Bourda, Senior Counsel $625 A. Zachary Casas, Attorney $575 Kyle Garza, Attorney $450 Paraprofessional $250 Lane Law Firm received a retainer of $35,000 from the Debtor. According to court filings, Lane Law Firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code and holds no interest adverse to the estate. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About AeroHP Maintenance, LLC AeroHP Maintenance, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32896) on April 28, 2026, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Jeffrey P Norman presides over the case. Robert C Lane, Esq. at The Lane Law Firm PLLC serves as the Debtor's counsel. ALASKA AIRLINES: Fitch Assigns 'BB+' LongTerm IDR, Outlook Negative ------------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating with a Recovery Rating of 'RR4' to Alaska Airlines, Inc.'s (Alaska) proposed unsecured bond issuance. Fitch has also assigned a first-time Long-Term Issuer Default Rating (IDR) of 'BB+' to Alaska. The Rating Outlook is Negative. The ratings are equalized with its parent entity, Alaska Air Group Inc.'s IDR. The bonds are issued by Alaska and guaranteed by Alaska Air Group Inc. The Negative Outlook reflects Fitch's expectation that profitability pressures, partly driven by higher fuel costs, will keep the company's credit metrics outside the negative rating sensitivities for longer than anticipated. Higher costs and the potential pressure on demand from higher fares come as Alaska's debt balance remains elevated following the acquisition of Hawaiian Airlines, Inc. Key Rating Drivers Unsecured Bond Issuance: Fitch has assigned Alaska's proposed unsecured bond issuance a 'BB+'/'RR4' rating. Fitch views the issuance as a prudent step to bolster liquidity amid elevated fuel prices and potential consumer weakness. Fitch also considers Alaska's access to the unsecured debt market an important milestone in its progress toward achieving long-term investment-grade ratings. Fuel To Pressure Margins: Rising jet fuel costs will pressure Alaska's margins in 2026 because Fitch does not expect the airline to fully recover higher costs through fares. Alaska ended 2025 with EBITDAR leverage of 4.1x and fixed-charge coverage of 3.2x. Both metrics were weaker than Fitch's negative rating sensitivities. The Stable Outlook assumed substantial improvement in 2026, but Alaska will now likely struggle to achieve it. Alaska faces incremental pressure relative to peers given its outsized exposure to West Coast jet fuel. Crack spreads remain elevated in that market, representing more than 50% of its total fuel consumption. Fitch's base case anticipates margin improvement over the long term, with metrics moving to within rating sensitivities by YE 2027. Accruing merger synergies with Hawaiian Airlines, international route expansion, and growth in premium seating should drive margin improvement over time, with the company targeting $1 billion in incremental profit from these initiatives by 2027. However, a prolonged fuel spike that weakens consumer demand could pressure metrics beyond 2026 and drive negative rating actions. Healthy Demand: Risks from rising jet fuel costs are partly mitigated by a strong U.S. demand environment. Airlines reporting record bookings in the first three months of 2026, and recent fare increases aimed at offsetting fuel costs appear to be holding. Fitch estimates Alaska may need to generate a high-single-digit full-year unit revenue increase over 2025 levels to fully offset a jet fuel spike lasting through 2Q26, which is achievable if demand remains robust. However, consumer health represents a key risk, particularly if the Middle East conflict drives a broader macroeconomic slowdown that undermines travel demand. Better Positioned than Low-Cost Carriers: Fitch believes Alaska is better positioned than low-cost competitors to manage through elevated fuel costs. The company benefits from a strong market position in the Pacific Northwest, a growing premium revenue mix, and a stronger margin profile than low-cost peers that have struggled to generate profits since the pandemic. Alaska produced an adjusted EBIT margin of 4.3% in 2025 despite headwinds that included two IT outages and a continued drag from lower-margin Hawaiian Airlines operations, while competitors such as JetBlue and Frontier continued to generate losses. Supportive Financial Flexibility: Alaska's ratings remain supported by solid financial flexibility. As of March 31, 2026, the company had 124 unencumbered aircraft and substantial additional value in its loyalty program, for total unencumbered assets of around $20 billion. Debt maturities are manageable at $554 million in 2026 and $766 million in 2027. Heavy capex will pressure FCF through the forecast period, with Fitch expecting negative FCF in 2026 and 2027 before potentially turning positive thereafter. Negative FCF is balanced by Alaska's healthy cash balance and available financing options. Buybacks are a Negative: Alaska's focus on shareholder returns pressures credit quality. The company repurchased $570 million in shares in 2025 and an additional $250 million year-to-date in 2026, despite being in the early stages of its Hawaiian integration with elevated debt. Share repurchases increase reliance on external financing in a high-fuel-cost environment and slow the pace of post-acquisition deleveraging. However, Fitch considers Alaska's track record of conservative balance sheet management and its publicly stated commitment to achieving investment-grade ratings as substantial mitigating factors. Merger Integration Risks Decreasing: Alaska Air Group's integration of Hawaiian Airlines continues to advance, with key milestones achieved in 2025, including the combination of loyalty programs and attainment of a single operating certificate. The cutover to a unified passenger service system, scheduled for April 2026, will mark the completion of the most significant IT integration challenges. While joint agreements between the carriers' unions will take time to finalize, achievement of these milestones should allow merger synergies to accrue more substantially through 2026 and 2027. Hawaiian remained a drag on overall performance in 2025, generating a 2.6% EBIT margin for the full year. Peer Analysis Alaska's 'BB+' rating is one notch below Delta Air Lines, Inc, (BBB-/Positive) and is in line with United Airlines, Inc. (BB+/Stable). Fitch expects Alaska's leverage and coverage metrics to be weaker than Delta's. Alaska continues to face merger integration risks, which are incorporated in the rating differential. Fitch expects United's and Alaska's leverage metrics to be similar over time as Alaska works through one-time integration and operational disruptions experienced in recent months. Alaska has a history of outperforming peers in profitability, consistently generating margins at or near the top of its peer group in the U.S. These factors partly offset Alaska's smaller size, scale and regional concentration relative to larger airlines. Fitch’s Key Rating-Case Assumptions - Capacity increases by low-single digits annually through the forecast; - Unit revenue increases by mid-single digits in 2026; - Unit revenues remain relatively flat in 2027 and increases by low- to mid-single digits in 2028 and beyond, supported by Alaska Accelerate strategic initiatives; - Jet fuel prices of $3.00/gallon in 2026 and around $2.60/gallon thereafter; - Capex is in line with company guidance. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bb-, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 30% for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross adjusted leverage remaining above 3.5x; - FFO fixed-charge coverage toward 3x; - Sustained EBIT margins in the single digits. Factors that Could, Individually or Collectively, Lead to an Outlook Revision to Stable - Demonstrated commitment to conservative financial policies supportive of achieving its long-term leverage targets; - Successful implementation of Alaska Accelerate initiatives leading to sustained margin recovery. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Adjusted debt/EBITDAR sustained around or below 2.25x; - FCF margins sustained in the mid-single digits; - Execution of Alaska's fleet modernization plan while maintaining or growing unencumbered assets and financial flexibility. Liquidity and Debt Structure Fitch views Alaska's liquidity balance as more than adequate to cover obligations, while providing downside protection against prolonged elevated fuel price environment. As of March 31, 2026, Alaska had $1.8 billion of unrestricted cash and marketable securities along with full availability under its $1,100 million in revolving credit facilities. The revolver matures in September 2029. Debt principal payments are fairly staggered with manageable maturities of $268 million to $878 million annually through 2029. Fitch expects FCF to be minimal over this period but expects Alaska to have ample flexibility to address maturities through a combination of cash on hand and borrowing against aircraft deliveries. Alaska's debt capital structure primarily consists of its $2 billion loyalty program financing, $715 million in aircraft EETCs, $1.64 billion in variable rate notes secured by aircraft, and $692 million in unsecured payroll support program (PSP) notes. Issuer Profile Alaska Air Group, Inc. is the fifth-largest air carrier in the U.S. by capacity. It operates through three primary subsidiaries: Alaska Airlines, Inc., Hawaiian Airlines, Inc., and Horizon Air Industries, which is Alaska's wholly owned regional subsidiary. Date of Relevant Committee April 30, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Alaska Air Group Inc. is 50 suggesting elevated exposure to climate-related risks in that year. This is in line with other airlines and reflects the gradually growing costs linked to the decarbonization of the sector, and potential for lower demand over time. Currently, climate transition risks do not have a material influence on airline ratings, as the potentially disruptive changes due to energy transition are unlikely to materialize in the next eight to 10 years. Alaska has a stated goal of achieving net-zero carbon emissions by 2040, 10 years earlier than the target of many airlines. It plans to achieve this goal by the increased use of sustainable aviation fuel, fleet modernization and electrification of ground equipment. The airline industry is energy intensive, and emissions mitigation is difficult. A large portion of Alaska's carbon reduction efforts are outside its control and depend on much better market availability of sustainable aviation fuel, along with the roll-out of new propulsion technology, which is still in its infancy. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Alaska Airlines, Inc. LT IDR BB+ New Rating senior unsecured LT BB+ New Rating RR4 USD bond/note LT BB+ New Rating RR4 ALTOMAR HOME: Seeks Cash Collateral Access ------------------------------------------ Altomar Home Healthcare, Inc. asks the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, for authority to use cash collateral belonging primarily to the U.S. Small Business Administration, while providing adequate protection through replacement liens and structured repayment protections. The Debtor explains that it is in immediate need of access to cash flow in order to continue operating its home healthcare business, which provides skilled nursing, therapy, home health aides, and related medical services to approximately 202 patients while employing 20 staff and generating roughly $3.8 million in annual revenue. Without access to cash collateral, the Debtor states it would be unable to meet critical ongoing obligations such as payroll, vendor payments, leases, and administrative expenses, thereby jeopardizing its ability to reorganize successfully. The Debtor entered Chapter 11 due to financial distress caused by delayed insurance and reimbursement payments, which led to liquidity shortages and arrears with major creditors including the IRS and SBA, the latter holding an approximate $500,000 Economic Injury Disaster Loan. To bridge cash shortfalls prior to bankruptcy, Altomar relied on merchant cash advance lenders, but these arrangements further strained liquidity due to aggressive repayment structures, ultimately contributing to default. The SBA loan, originated in June 2020 under COVID-19 relief programs, is secured by a broad UCC-1 lien covering substantially all of the Debtor's assets, including accounts receivable, deposit accounts, inventory, equipment, and general intangibles, which the Debtor treats as cash collateral. Altomar asserts that, based on a lien search, the SBA is the primary secured creditor with a perfected interest in the Debtor's cash collateral, while any other asserted liens are either junior or non-dispositive. In exchange for continued use of cash collateral, Altomar proposes to provide the SBA with (1) monthly adequate protection payments of $2,522 beginning this month, matching the prepetition loan obligation, (2) replacement liens on post-petition assets and receivables with the same priority as the SBA’s prepetition security interest, (3) maintenance of insurance on business assets, and (4) reporting and default cure provisions, including a 15-day cure period and limited allowance for repeated defaults before enforcement action. The Debtor also requests that the court approve these protections on a final basis through plan confirmation, emphasizing that continued use of cash collateral is essential to preserve operations and enable a viable reorganization. A court hearing is scheduled for May 27. A copy of the motion is available at https://urlcurt.com/u?l=ViOGXP from PacerMonitor.com. About Altomar Home Healthcare Inc. Altomar Home Healthcare, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Texas Case No. 26-30392) on March 23, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Christopher G. Bradley oversees the case. Miranda & Maldonado, P.C. is Debtor's legal counsel. AMERICAN AUTO: $130MM Loan Add-on No Impact on Moody's 'B3' CFR --------------------------------------------------------------- Moody's Ratings says the B3 corporate family rating, B3-PD probability of default rating, B3 backed senior secured bank credit facility and stable outlook of American Auto Auction Group, LLC (AAAG) remain unchanged following the company's announcement that it plans to issue a $130 million add-on to its existing senior secured first lien term loan maturing in 2032 (rated B3). AAAG will use the loan proceeds to enhance liquidity by repaying revolver borrowings and increasing its cash position. This will allow the company to continue with its acquisition-led growth. Moody's views the proposed add-on term loan as credit negative because it will keep leverage elevated and underscores the company's continued reliance on debt-funded growth. On a pro forma basis (accounting for run-rate EBITDA from acquisitions), debt/EBITDA at the end of 2025 was high at 7.5x, limiting financial flexibility. While Moody's continues to forecast EBITDA growth, modest deleveraging and free cash flow over the next 12 to 18 months, these expectations are subject to execution risk given the company's acquisitive strategy. The company has relied primarily on debt, and to a lesser extent free cash flow, to fund a dividend to its sponsor and support its rapid expansion strategy, and Moody's expects this approach to continue. Ongoing acquisitions at elevated leverage increase integration risk and could delay deleveraging. Moody's expects AAAG's liquidity to remain adequate. The company has a $150 million revolving credit facility which will have full availability once the incremental term loan is executed. Pro forma for the debt raise, cash would be $85 million as of March 31, 2026. Moody's projects growth in free cash flow over the next 12 to 18 months. Headquartered in Carmel, Indiana, American Auto Auction Group, LLC is a leading business-to-business used car auction company that facilitates transactions between buyers and sellers of used vehicles at physical and digital marketplaces. The company is majority-owned by funds managed by Brightstar Capital Partners. Revenue for 2025 was $640 million. AMERICAN AUTOMOTIVE: Case Summary & 11 Unsecured Creditors ---------------------------------------------------------- Debtor: American Automotive Alliance 822 N A1A Highway Ste 310 Ponte Vedra Beach, FL 32082 Business Description: American Automotive Alliance provides vehicle service contracts and related vehicle protection services. The company's offerings include roadside assistance, road hazard tire coverage, key fob replacement, customer support, stolen vehicle reward coverage, and identity theft recovery services. American Automotive Alliance has been in business since 2016 and is based in Ponte Vedra Beach, Florida. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02023 Judge: Hon. Jacob A Brown Debtor's Counsel: Thomas Adam, Esq. ADAM LAW GROUP, PA 2258 Riverside Ave Jacksonville, FL 32204 Email: tadam@adamlawgroup.com Total Assets: $191,374 Total Liabilities: $3,355,908 Ronnie Mcgraw signed the petition in his capacity as CEO A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CDG6H5A/American_Automotive_Alliance__flmbke-26-02023__0001.0.pdf?mcid=tGE4TAMA AMERIGAS PARTNERS: Fitch Hikes LongTerm IDR to BB-, Outlook Stable ------------------------------------------------------------------ Fitch Ratings upgraded AmeriGas Partners, L.P.'s Long-Term Issuer Default Rating (IDR) to 'BB-' from 'B'. Fitch has also upgraded the senior unsecured notes co-issued by AmeriGas and AmeriGas Finance Corp to 'BB-' from 'B' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The upgrade reflects the $300 million equity contribution for debt repayment, bringing pro forma EBITDA leverage within Fitch's 3.5x-4.5x sensitivity band for the 'BB-' IDR, supported by management's updated leverage target. The Stable Outlook reflects Fitch's expectations that AmeriGas will maintain rating headroom appropriate for a 'BB-' rating, assuming normal winter weather. AmeriGas is a major player in the fragmented retail propane distribution market, with seasonally dependent demand and higher-than-average commodity price exposure versus midstream peers. Fitch continues to monitor customer attrition, execution of operational and customer service initiatives. Key Rating Drivers Capital Allocation Supports Debt Reduction: Parent UGI Corporation (UGI; not rated) revised its long-term leverage target for AmeriGas to range between 3.25x to 3.75x, down from below 4.0x. Fitch positively views the sizable $300 million equity contribution being used for debt repayment including the $150 million intercompany loan from UGI International LLC (UGII) and addressing other upcoming maturities. Fitch calculates AmeriGas' pro forma leverage at around 4.0x as of LTM ended March 31, 2026. Fitch expects leverage to range around 3.8 to 3.9x over the medium-term forecast period. Winter Volumes Relatively Flat YoY: Retail gallons sold during fiscal 1H26 were relatively flat, down about 2.5% compared to the prior year. Volumes were flat in 1Q26 but driven lower due to the warmer weather outside of the northeast region of the U.S. during fiscal 2Q26. AmeriGas' large footprint lets it reallocate resources from weaker-demand areas and redeploy drivers to higher-demand areas. Extreme winter weather in some geographies reduced the benefits of colder seasonal conditions. In some instances the demand was strong but road conditions impacted safe delivery. Slowing Customer Attrition: AmeriGas continued to see net customer attrition during the 2025 -2026 winter period despite improvements related to AmeriGas' operational turnaround plan. AmeriGas' total customer count has dropped below 1.1 million, but the decline was slower than last winter. The net attrition observed was attributable to the combined effects of customers switching to other competitors and alternative fuel sources. Progress on Operational Turnaround: AmeriGas has made measurable progress on its operational turnaround plan and expects to achieve its goals by the winter of fiscal 2027. Key improvements compared to fiscal year 2024 include a 49% reduction in recordable incidents and a 52% decline in lost time due to injuries. Additional operational improvements include an 18% reduction in zero fill rates, 8% fewer average miles driven to serve customers, a 32% reduction in call volumes, and 67% higher net promoter scores. Large Footprint in Competitive Market: The market for propane distribution in the U.S. is fragmented with a handful of national distributors in competition with smaller local players. AmeriGas has a market share of around 11% and one of the largest retail propane distribution networks in the U.S. by gallons distributed annually. AmeriGas' geographic footprint spans 49 states. This broad scale and diversity help reduce weather-related volatility of cash flows. Retail gallon sales are evenly diversified by geography, which can help limit the effect of warm weather within its regional base. Rating Linkages: There is a parent-subsidiary relationship between UGI and AmeriGas. Fitch believes UGI has a stronger Standalone Credit Profile (SCP) than AmeriGas and follows the stronger parent path. Legal incentive to support is low as UGI does not guarantee AmeriGas' debt. Fitch notes the UGI credit agreement contains cross-default language that includes AmeriGas debt. Strategic and operational incentives are also low. AmeriGas has a history of paying dividends to UGI Corp., but the amount is varied and flexible. AmeriGas also has its own finance team and liquidity access. Due to the linkage considerations, Fitch rates the company on a standalone basis. Peer Analysis Fitch considers Sunoco LP, (BB+/Stable) a wholesale fuel distributor, comparable to AmeriGas as both have seasonal or cyclically exposed cash flow and perform fuel sourcing operations. AmeriGas' retail propane demand tends to be more seasonally affected than motor fuel demand. Sunoco's business risk profile has improved following a series of large acquisitions that increased its EBITDA generation and its geographic and business line diversity. Sunoco's leverage is currently elevated above Fitch's rating sensitivity band of 3.8x to 4.8x following a sizable acquisition, but Fitch expects it to fall back within range over the medium term. AmeriGas' leverage is forecast to remain around the midpoint of Sunoco's leverage sensitivity band. The significantly lower business risk at Sunoco accounts for the multi-notch rating difference. UGI International LLC (UGII; BB+/Negative) has retail propane operations in less-fragmented European markets with lower leverage. UGII is larger, generating roughly $100 million more EBTIDA in fiscal 2025. In addition to its larger size, UGII has lower leverage, which Fitch forecasts between 2.7x and 2.8x, around 1.0x lower than Fitch's leverage forecast for AmeriGas. UGII's larger size, market position and lower leverage justify the multi-notch rating difference. Fitch’s Key Rating-Case Assumptions - Retail gallons sales decline by low-single digits yoy for fiscal 2026 with single-digit growth forecast in fiscal 2027; - Base interest rate applicable to the ABL RCF reflects Fitch's latest "Global Economic Outlook" at 3.25% for 2026 and 3.00% in 2027; - No distributions paid by AmeriGas for fiscal 2026 and distributions recommence in fiscal 2027, in line with management financial policy; - No material acquisitions or divestitures assumed over the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (b, Moderate), Sector Characteristics (bb-, Lower), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (bbb-, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to be above 4.5x on a sustained basis; - Accelerating customer attrition rates or deterioration of business fundamentals; - Absence of proactive refinancing of upcoming maturities about one year in advance; - Impairments to liquidity; - Lack of parental support compared to Fitch's expectation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Increased business scale and improved profitability, with EBITDA leverage sustained below 3.5x. Liquidity and Debt Structure Fitch considers AmeriGas' liquidity to be sufficient over the near term with around $367 million of available liquidity as of March 31, 2026. About $268 million borrowing capacity was available on the senior secured ABL RCF, based on the borrowing base of about $269 million with no borrowings outstanding and $1 million in letters of credit and guarantees outstanding. AmeriGas also had around $99 million in cash and cash equivalents. AmeriGas' has several upcoming maturities. Following the repayment of the $150 million intercompany loan, the next maturity is the $512 million senior notes maturing May 2027, which Fitch expects to be refinanced prior to becoming current, followed by the June 2028 senior notes. AmeriGas was in compliance with all its covenants as of March 31, 2026. The ABL RCF contains a springing fixed-charge coverage ratio covenant of greater than 1.0x based on the undrawn availability of the facility. The ABL RCF contains a covenant requiring liquidity greater than or equal to the outstanding principal amount of any senior notes maturing within 91 days plus 20% of the maximum revolving advance amount. Issuer Profile AmeriGas is a large retail propane distributor serving residential, commercial, industrial, agricultural, wholesale and motor fuel customers across the U.S. The company is a wholly owned subsidiary of UGI Corporation. Summary of Financial Adjustments In calculating EBITDA, Fitch adds/subtracts unrealized losses/gains from commodity derivative instruments not associated with current-period transactions. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for AmeriGas Partners, L.P. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- AmeriGas Finance Corp. senior unsecured LT BB- Upgrade RR4 B AmeriGas Partners, L.P. LT IDR BB- Upgrade B senior unsecured LT BB- Upgrade RR4 B AP CORE II: Moody's Rates New Senior Secured Global Notes 'B2' -------------------------------------------------------------- Moody's Ratings assigned a B2 rating to AP Core Holdings II, LLC's ("AP Core", d/b/a "Yahoo") backed senior secured global note. All other ratings including the B2 corporate family rating and B2-PD probability of default rating remain unchanged. The outlook remains stable. The senior secured note along with the proceeds of the senior secured first lien credit facility announced on April 30t, 2026 will be used to refinance the company's existing debt due in September 2027. Leverage levels are relatively moderate (3.8x as of Q4 2025, including Moody's standard adjustments) following a significant improvement in operating performance and Moody's projects leverage will decline modestly in 2026 driven by EBITDA growth. Free cash flow (FCF) was negative in 2025 and Moody's expects it will remain negative in 2026, but that it will turn positive in 2027 as transition and one time costs decline. AP Core will likely maintain a good liquidity position driven by significant cash on the balance sheet and access to a $150 million revolving credit facility. The revolver maturity is expected to be extended as part of the refinancing. Moody's upgraded AP Core's CFR to B2 and PDR to B2-PD, and assigned a B2 senior secured first lien rating to the new credit facility as part of the refinancing effort announced April 30th, but the upgrade of the ratings are contingent on the transaction being completed and all near term debt being refinanced as proposed. RATINGS RATIONALE AP Core's B2 CFR reflect the company's: (i) relatively moderate leverage levels that are likely to continue to decrease in 2026; (ii) the company's scale as a leading online content aggregator with a very large online user base; (iii) diversified and personalized content offerings, including mail, search, finance, sports, news, and entertainment; and (iv) operating initiatives that have led to a significant improvement in operating performance, which is expected to continue in 2026. The credit profile also reflects (i) ongoing shifts in technology and consumer behavior driven by AI that will lead significant changes in the digital media landscape which may weigh on results and elevate volatility; (ii) significant related party transactions with College Parent (including the removal of AOL assets from the credit group); (iii) elevated dependence on desktop traffic; and (iv) highly competitive industry conditions against much larger companies, chiefly in search advertising and email. AP Core's liquidity is good as a result of about $341 million of pro forma cash on the balance sheet as of Q4 2025 and access to a $150 million revolving credit facility ($62 million of L/Cs outstanding). Free cash flow has been negative in recent years, but Moody's expects it will turn positive in 2027 driven by better operating results and lower restructuring and one time costs. The company also has a $360 million accounts receivable purchase agreement that has $188 million outstanding as of Q4 2025. AP Core has completed several modest sized acquisitions previously to improve its service offering in addition to dispositions of non core assets that provided an additional source of liquidity. The term loans are covenant lite. The revolver is expected to be subject to a 4.0x net first lien leverage ratio when more than 35% of the facility is drawn compared to a covenant calculated net leverage level of 1.9x as of Q4 2025. The stable outlook reflects Moody's expectations of continued improvement in revenue and EBITDA following the migration to Google ad manager that has led to better monetization and lower costs. Results are also likely to benefit from upgrades to the company's service offering including search, mail, finance and sports and growth in native advertising. Moody's expects leverage to decrease modestly in 2026 and 2027. However, changes to the digital media industry due to new AI based service offerings have the potential to increase volatility in performance and negatively impact the company's competitive position that could lead to negative rating pressure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS AP Core's ratings could be upgraded if the company demonstrates organic revenue growth of at least the mid-single digit percentage range with expanding EBITDA margins. Leverage would also need to be sustained well below 3x (Moody's adjusted) and the company would have to maintain a good liquidity profile with an adjusted FCF to debt ratio of at least 10%. Confidence would also be needed that the company would pursue a prudent financial policy consistent with a higher rating and be able to successfully adapt to any material changes in the digital media environment. AP Core's ratings could be downgraded if leverage was expected to be sustained above 4x (Moody's adjusted) as a result of a leveraging transaction, a removal of assets from the credit group, or a weakening in the company's competitive position due to changes within the digital media industry. Declining organic revenue performance or a weakened liquidity position due to negative FCF or significant distributions to the parent could also lead to negative rating pressure. With offices in Mountain View, CA and New York, NY, AP Core Holdings II, LLC ("AP Core" d/b/a "Yahoo") is a subsidiary of College Parent, L.P. (College Parent). AP Core is a leading global online content aggregator and web services provider. The online portal's web properties include: Search, Consumer (Yahoo Mail, Yahoo Finance, Yahoo News, Yahoo Sports, Yahoo Entertainment and Yahoo Lifestyle). In September 2021, the assets of Verizon Media Group ("VMG"), which was a division of Verizon Communications Inc., were reorganized and purchased by Apollo Global Management, Inc. in a buyout transaction totaling approximately $4.6 billion. College Parent, L.P. was formed as a new holding company with no material assets other than the equity interests of its subsidiaries that own the reorganized VMG assets. Apollo and Verizon own approximately 90% and 10%, respectively of the College Parent's common equity. AP Core's revenue totaled approximately $3.9 billion LTM ended Q4 2025. The principal methodology used in this rating was Business and Consumer Services published in February 2026. API GROUP: Fitch Assigns 'BB+' Rating on New Sr. Unsecured Notes ---------------------------------------------------------------- Fitch Ratings has assigned a 'BB+' rating to APi Group DE, Inc.'s proposed senior unsecured notes. APi Group Corporation's and APi Group DE, Inc.'s (collectively, APi) current Long-Term Issuer Default Ratings (IDRs) and senior unsecured debt rating is 'BB+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. APi plans to issue senior unsecured notes. Proceeds will be used for general corporate purposes, including acquisitions. APi's rating reflects its market leadership in fire and life safety, security, elevator and escalator, and specialty services. It also reflects long-standing customer relationships, high repeat business, diverse end markets and essential, regulatory-driven and recurring demand. Fitch expects the company to manage its Fitch-calculated EBITDA leverage between 3.0x and 3.5x while executing on its growth strategy, including acquisitions. Fitch forecasts annual FCF of $500 million to $700 million and (CFO-capex)/debt in the mid- to high-teens, supporting M&A-linked deleveraging. Key Rating Drivers Essential Business and Stable Demand: APi operates in the life safety and security industry, which is highly regulated across the federal, state and local level and deemed essential in most instances. Continuous regulatory changes such as mandated building codes and requirements such as testing, inspections, repair, maintenance, and specific retrofits increase APi's demand and recurring revenue. State and local municipalities require significant services that will elevate industry demand over the medium term. Fitch believes this increases recurring revenues and repeat business and helps APi offset and better withstand economic cycles. Acquisition-Driven Growth: Fitch forecasts M&A to rise in 2026 from 2025 levels, as the company balances its acquisition strategy targeting mostly bolt-on and platform acquisitions with a long-term target net leverage range of 2.5x to 3.0x. The safety services market is highly fragmented, and Fitch expects further acquisitions as the company grows its market share through organic growth and acquisition of smaller, locally focused enterprises and more platforms acquisitions that broaden the company's geographic reach. APi could pursue larger acquisitions, but Fitch would expect the company to focus on quickly deleveraging afterwards and maintain leverage within its expected range. Management has demonstrated a willingness and ability to repay debt to its stated range. Fitch forecasts annual FCF in the $500 million-$700 million range and (CFO-capex)/debt in the mid- to high teens range to support the company's deleveraging capacity. Improving Operating Margins: APi is targeting adjusted EBITDA margins to reach 16% or higher in 2028 from 13% in 2025 through improved service revenue mix, project execution, fleet optimization, SG&A efficiency, and scale and operational leverage. In Fitch's rating case, EBITDA margins are sustained around 13% but EBITDA margins could continue to improve as the company improves its service mix. APi has been able to strategically shift to higher margin, recurring service revenues, and the company has divested lower margin businesses. Forecast Positive FCF: APi has a track record of generating FCF. Margins are expected to be sustained in the mid-single-digit range over the forecast period. Driving strong cash flow is a key strategy for management, with a FCF conversion target to at least 115% of adjusted net income in 2026. FCF margins could be in the high single digits due to working capital initiatives, deleveraging, business mix improving and M&A. Capital Structure: As of Dec. 31, 2025, APi's debt structure consists of approximately $2.2 billion senior secured debt, about $600 million in senior unsecured bonds and series A preferred stock. A transition toward an unencumbered debt structure, in conjunction with an investment-grade financial policy, could facilitate positive rating momentum. Fitch assigns 100% equity credit to the series A preferred stock as the instruments are senior only to equity and will be mandatorily converted into equity in December 2026. Peer Analysis APi's operating profile is similar SPIE SA's (BBB-/Stable), a leading business service provider with multi-technical services. Both companies have strong market positions and scale, end-market diversification and high revenue visibility. APi Group benefits from essential regulatory-driven and recurring demand, and long-standing customer relations with a high percentage of repeat business. The company's business stability is similar to WEC US Holdings Ltd. (dba Westinghouse Electric; B+/Stable) and other industrial companies with a high proportion of service revenues like GE Vernova Inc. (BBB+/Positive). Fitch expects APi's FCF margins to be sustained in the mid-single-digit range over the forecast period and supports the company's growth strategy. Fitch expects APi to manage its Fitch-calculated EBITDA leverage around 3.0x, consistent with its current 'BB+' rating. Fitch’s Key Rating-Case Assumptions - Revenue grows organically in the low single digits; - EBITDA margins sustained at around 13% over the forecast period; - Capex intensity of around 1.5%; - M&A of about $750 million-$1.3 billion per annum; - Share repurchases between $250 million and $300 million per year. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A shift in financial policy or heightened acquisition activity leading to Fitch-calculated EBITDA leverage sustained above 3.5x or CFO-capex/debt sustained below 7.5%; - A material shift in business mix or competitive landscape that heightens earnings variability through business cycles; - Reduced financial flexibility through a shift in capital allocation policies or capital structure mix. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment to a financial policy and capital allocation plan that maintains Fitch-calculated EBITDA leverage below 3.0x; - Demonstration of broad access to capital markets through a shift toward an unsecured debt structure; - Continued execution of M&A policies that enhance the operating profile and improve cash flow risk through the cycle. Liquidity and Debt Structure As of Dec. 31, 2025, APi had total liquidity of $1.7 billion including $912 million in cash and $745 million in revolver availability. The revolving credit facility matures in May 2030 and has total availability of $750 million; the company has outstanding letters of credit of $5 million as of Dec. 31, 2025. APi's debt structure as of Dec. 31, 2025, consists of $2,157 million outstanding on its 2021 term loan that matures in January 2029. The company also has $337 million and $277 million outstanding on 4.125% senior notes due 2029 and 4.75% senior notes due 2029, respectively. Issuer Profile APi Group, headquartered in New Brighton, MN, is a market leader in fire and life safety, security, elevator and escalator, and specialty services. Date of Relevant Committee 23-Apr-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- APi Group DE, Inc. senior unsecured LT BB+ New Rating RR4 API GROUP: Moody's Rates New $1BB Secured First Lien Debt 'Ba1' --------------------------------------------------------------- Moody's Ratings assigned Ba1 ratings to APi Group DE, Inc.'s (APi) proposed $1 billion backed senior secured first lien revolving credit facility expiring 2031 and $2.157 billion backed senior secured first lien term loan B due 2033. Moody's also assigned a B1 rating to APi's proposed $500 million senior unsecured notes due 2034. All other ratings of the company and its stable outlook remain unchanged. Moody's expects the terms and conditions of the proposed debt to be similar to APi's existing debt. The existing revolver and term loan ratings will be withdrawn upon close of the transaction. The proceeds of APi's proposed $2.157 billion term loan and $500 million unsecured notes will be used to fully repay the $2.157 billion existing term loan, add $470 million of cash to the balance sheet and pay estimated fees and expenses associated with the transaction. Pro forma for the transaction, balance sheet cash is expected to be about $1.12 billion as of March 31, 2026. Moody's estimates that pro forma leverage will rise to around 3.5x for the last twelve-month period ended March 31, 2026. The company signed definitive agreements to acquire Wtech Fire Group, a comprehensive provider of fire protection, suppression, and detection solutions across Europe, on April 17, 2026, and Onyx-Fire Protection Services Inc., an inspection-first provider of fire and life safety services in Canada, on April 22, 2026. Moody's expects the balance sheet cash and internally generated free cash flow will be used to fund these and other acquisitions. RATINGS RATIONALE APi's Ba2 CFR reflects the company's market position as the largest provider by revenue of fire protection and sprinkler services with a broad customer base and a large market expansion opportunity in highly fragmented markets. APi also entered the elevator and escalator services market with its acquisition of Elevated Facility Services Group. The rating also benefits from the company's resilient profitability, positive free cash flow and very good liquidity. At the same time, the rating reflects the competitive nature of the industry in which it operates as well as the company's vulnerability to cyclical end markets. However, this cyclicality is somewhat mitigated as the company is highly diversified across end markets. APi partakes in debt-financed acquisitions but has a history of deleveraging through earnings growth and debt repayment. APi's SGL-1 Speculative Grade Liquidity Rating reflects Moody's views that the company will generate substantial free cash flow and maintain significant revolver availability. The company's very good liquidity is also supported by pro forma cash of about $1.12 billion as of March 31, 2026. The credit facility has a springing covenant of 1st lien secured debt-to-EBITDA, which gets triggered if over 30% of the revolver is drawn. The first lien net leverage covenant is 3.75x. Moody's expects the company to remain in compliance with its covenant. Substantially all assets are encumbered by the company's secured debt leaving minimal sources of alternate liquidity. The stable outlook reflects Moody's expectations that APi will continue to grow revenue organically and through bolt-on acquisitions, while maintaining stable credit metrics and generating strong free cash flow. The Ba1 ratings on the company's proposed $1 billion senior secured revolving credit facility expiring in 2031 and proposed $2.157 billion senior secured term loan due 2033 are one notch above APi's corporate family rating (CFR), reflecting the instruments' position as the most senior debt in the capital structure. The revolver and term loan is pari passu. The B1 ratings on APi's proposed $500 million senior unsecured notes due 2034, $337 million senior unsecured notes due 2029 and $277 million senior unsecured notes due 2029 are two notches below the CFR and result from the notes' position as the most junior debt in the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A ratings upgrade would require the company to maintain conservative financial policies, very good liquidity and strong free cash flow. An upgrade would also require debt to EBITDA below 3.0x, EBITA to interest expense above 6.0x and retained cash flow to net debt above 25%. The ratings could be downgraded if there is a contraction in operating performance or a deterioration in liquidity. The ratings could also be downgraded if debt to EBITDA is above 4.0x, EBITA to interest expense is below 4.5x or retained cash flow to net debt is below 15%. Headquartered in New Brighton, MN, APi Group Corporation is a publicly traded company on the NYSE with the ticker symbol APG. As measured by revenue, APi Group Corporation is the largest provider of fire protection and sprinkler services and a top five specialty contractor in North America with a broad customer base and a diversified revenue stream. The company generated about $8.2 billion in revenue for the last 12 months (LTM) period ending March 31, 2026. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. ASBURY AUTOMOTIVE: Fitch Alters Outlook on 'BB' IDR to Positive --------------------------------------------------------------- Fitch Ratings has affirmed Asbury Automotive Group, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB'. The Rating Outlook has been revised to Positive from Stable. The Positive Outlook reflects management's track record of financial discipline, sustaining EBITDAR leverage below 3.8x, and EBITDA growth through volatile operating conditions. Asbury holds a top-five position in the auto dealership industry, with revenue of $18 billion and EBITDA of about $1 billion. The rating is balanced by near-term headwinds, including new vehicle volume pressure, SG&A costs from the Tekion dealer management system transition and macroeconomic uncertainty. Fitch expects these factors to drive a low-single-digit EBITDA decline in 2026. An upgrade would require Asbury to demonstrate EBITDA stabilization and an ability to navigate near-term macroeconomic volatility with EBITDAR leverage sustained below 3.8x. Persistent earnings weakness or leverage deterioration could lead to a revision of the Outlook to Stable. Key Rating Drivers Reasonable Leverage: The Positive Outlook reflects management's disciplined capital allocation across cycles, with a stated net leverage target of 2.5x-3.0x (about 3.0x-3.5x on a Fitch EBITDAR basis). Management has maintained leverage in the high-2x to low-3x range over time, with a track record of post-acquisition deleveraging, as shown by the leverage reduction from 4.4x following the Larry H. Miller acquisition in 2021 to 2.6x in 2022. Pro forma 2025 EBITDAR leverage was about 3.5x, incorporating the HCC acquisition and divestitures through 1Q26. Fitch expects management to focus on debt reduction in the near term. Fitch expects EBITDAR leverage to be around 3.6x in 2026 due to new vehicle volume decline, margin normalization, and SG&A pressure from adopting Tekion, a new dealer management system. This transition creates near-term inefficiencies and duplicate system costs. Leverage could trend toward the low- to mid-3x range by 2028 as EBITDA recovers and higher-margin segments, Parts & Service (P&S) and Finance & Insurance (F&I), continue to grow, supporting positive rating momentum. Aftersales Business Cushions Tariff Uncertainty: Fitch expects tariff-related pressures to persist in 2026. Affected original equipment manufacturers (OEMs) could pass some price increases to customers, which may weaken consumer demand and reduce Asbury's new vehicle volumes. Fitch expects 2026 revenue to be flat, with new vehicle sales declining in low single digits, offset by growth in ancillary businesses, including P&S. Used vehicle sales could return to growth by late 2026 or 2027 as off-lease supply improves. EBITDA could decline to the low-single digits in 2026, with new vehicle pressure partially offset by a mix shift towards P&S and F&I, and HCC EBITDA contribution. Asbury's growing mix of P&S and F&I provides earnings stability against tariff headwinds in new vehicle sales, with P&S sales benefiting from higher parts costs passed to consumers with limited volume impact due to necessity-driven demand. F&I revenues could also increase as consumers seek more financing support given higher vehicle prices. In the long term, recovery in new vehicle conditions and Tekion-driven efficiencies and ancillary business growth could support EBITDA stabilization and a return to growth toward $1.1 billion by 2028. Strong FCF: Asbury's good cash flow generation provides financial flexibility through cycles and supports the deleveraging path while allowing the company to invest in strategic initiatives. FCF was around $570 million in 2025, above the average of around $270 million in 2023-2024, as working capital improved to flat from prior use of cash. Due to anticipated EBITDA moderation, Fitch expects FCF to be around $300 million in 2026 and recover to $400 million-$500 million in subsequent years, assuming neutral working capital and $250 million-$300 million in capex. Leading Player in Fragmented Industry: Asbury is one of the largest U.S. automotive dealership groups, with good OEM relationships and broad brand exposure. Pro forma the HCC acquisition and divestitures through 1Q26, the company operates around 202 franchises, mostly in southeastern and western U.S. regions, with HCC expanding its northeast presence. Its relationships with OEMs, consumer finance partners and auto parts providers give it an advantage over smaller peers. P&S (49% of gross profit in 2025) and F&I (24%) anchor healthy ancillary revenues, and Asbury's scale supports investment in core businesses, M&A, and its online platform, Clicklane. High Barriers to Entry: Industry incumbents, such as Asbury, benefit from high barriers to entry due to protected franchise agreements that are regulated at both state and federal levels. Additionally, dealerships require significant upfront capital investments for initial construction and working capital. These barriers protect Asbury's market position and support the stability of its recurring P&S and F&I revenues. Success in the industry is also predicated on established relationships with financing partners, including automotive captive finance entities, to achieve favorable floorplan financing terms that smaller peers and new entrants cannot easily replicate. Long-Term Growth: Asbury previously targeted $30 billion in sales over the long term, but this goal has been delayed due to macro factors such as high M&A valuation, used vehicle supply constraints, and high interest rates. Asbury has grown significantly, increasing sales from $7 billion in 2020 to $18 billion in 2025. Asbury plans to achieve growth through M&A, organic expansion, and technological investments, including its online platform Clicklane. Fitch expects a continuation of the company's long-term strategy and capital allocation priorities following the former COO's appointment as CEO in May 2026. Peer Analysis Asbury's peers include AutoNation, Inc. (BBB-/Stable), Sonic Automotive, Inc. (BB/Stable) and AutoZone Inc. (BBB/Stable). Asbury, AutoNation, and Sonic are leading players in the U.S. auto dealership industry for new and used vehicles, offering parts, services, financing, and insurance. This diversification results in a more balanced gross profit mix, limiting operational sensitivity to the cyclical nature of the vehicle market. Auto dealers have low margins, with Fitch expecting AutoNation and Asbury to generate mid-single-digit EBITDA margins in 2026, surpassing Sonic's low single digits due to EchoPark's lower margins. In terms of financial policy, Fitch expects AutoNation to maintain lower EBITDAR leverage at or below 3.3x, while Asbury could trend below 3.8x as reflected in its Positive Outlook, and Sonic's EBITDAR leverage range between 3.8x and 4.3x. AutoZone, differing from the dealership groups, competes in the retail auto parts and accessories aftermarket. Similar to Asbury, AutoZone has a leading position in its industry. However, AutoZone has relatively higher EBITDA margins in the low-20% range and maintains lower EBITDAR leverage, which Fitch expects to trend in the low-3x range. AutoZone's operating trajectory is supported by generally benign direct peer competition and the industry's resilience to discount and e-commerce competition due to inventory investment needs, a heavy service component, and purchase immediacy requirements. Fitch’s Key Rating-Case Assumptions - Fitch expects revenue to be flat in 2026 at around $18 billion, reflecting a full year of HCC performance and low-to-mid single digit growth in P&S and F&I, offsetting declining new vehicle sales from tariff-related demand pressures and consumer affordability challenges. Used vehicle sales could remain flat in 2026 but may return to growth toward end-2026 or 2027 as off-lease supply gradually improves; - Fitch expects medium-term revenue to grow in the low-single-digit range, assuming normalized vehicle supply and a stable macro environment, along with continued growth in Asbury's parts & service segment; - Fitch expects a low-single-digit EBITDA decline in 2026 to around $990 million, driven by new vehicle volume decline and margin normalization, with near-term SG&A pressure from the Tekion transition, partially offset by margin expansion from a mix shift toward P&S and F&I. As headwinds dissipate, Fitch expects EBITDA to recover toward $1.1 billion by 2028; - FCF could be around $300 million in 2026 based on Fitch's EBITDA assumptions, $250 million of capex and assuming neutral working capital. Fitch expects Asbury to primarily use FCF for debt reduction in the near term, along with some share repurchases; - EBITDAR leverage could be around 3.6x in 2026, then trend toward the low-to-mid 3x range in 2027-2028, driven by EBITDA growth and debt repayment; - Achieving the above projections could result in an upgrade of Asbury's ratings. - Asbury's credit facilities have a floating interest rate structure, with Fitch assuming SOFR base rates of around 3.5% over the forecast horizon. Asbury's notes have a fixed interest rate structure. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bb-, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - No adjustments made to SCP resulting in an IDR of 'BB'. Recovery Analysis Fitch does not use a waterfall recovery analysis for issuers rated in the 'BB' category. As a rating moves higher within the speculative-grade spectrum, the notching between different classes of issuances becomes more compressed. Fitch rates Asbury's secured ABL facility at 'BBB-' with a Recovery Rating of 'RR1', suggesting outstanding recovery prospects. Asbury's unsecured notes are rated 'BB' with a Recovery Rating of 'RR4', which indicates average recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected operating results, resulting in EBITDAR leverage sustained above 4.3x; - Financial policy decisions, including debt-financed M&A or share repurchases, resulting in EBITDAR leverage sustained above 4.3x. - A revision of Asbury's Outlook to Stable could result from failure to stabilize EBITDA trends, which in combination with capital policy actions could yield EBITDAR leverage sustained above 3.8x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated EBITDA stabilization through near-term headwinds, with EBITDAR leverage sustained below 3.8x. Liquidity and Debt Structure As of March 31, 2026, Asbury's liquidity totaled $786.3 million, including $6.4 million of cash and equivalents (excludes $18.9 million held by Total Care Auto), and $779.9 million available under its $925 million revolver maturing in October 2028. Separately, Asbury had $229.7 million available in floorplan offset accounts and $136.7 million available under its used vehicle floor plan facility. Including these, total accessible liquidity would be $1.15 billion. Fitch excludes availability from floorplan facilities from its liquidity calculation as floorplan payables are similarly excluded from debt. Total debt was $3.5 billion, comprising $2.25 billion in unsecured notes due 2028-2032, $120 million in revolver borrowings, and $1.2 billion in real estate and mortgage debt. Issuer Profile Asbury Automotive Group, Inc. is a new and used automotive retailer that also provides parts and repair services and finance and insurance products. In 2025, the company generated around $18 billion of revenue and $1 billion of EBITDA. Summary of Financial Adjustments Financial statement adjustments that depart materially from those contained in the published financial statements are disclosed below: - EBITDA is adjusted for stock-based compensation; - Floorplan financing is excluded from total debt and the related floorplan interest expense is treated as an operating cost within cost of goods sold; - Balance sheet lease liabilities are used as lease-equivalent debt starting in fiscal 2023, and lease-related interest and depreciation and amortization are reclassified as operating costs in the income statement and as operating cash outflows in the cash flow statement, in accordance with Fitch's Corporate Rating Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Asbury Automotive Group, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Asbury Automotive Group, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- ASCEND ELEMENTS: Seeks Court OK for $30MM Chapter 11 Financing -------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that battery recycler Ascend Elements Inc. asked a Texas bankruptcy judge to approve a $30 million DIP financing package, with about $18 million allocated to support ongoing operations and restructuring initiatives during the Chapter 11 process. The company said the funding is necessary to sustain its business. Court filings state that Ascend intends to use the financing to cover working capital expenses, maintain relationships with vendors and employees, and support its bankruptcy restructuring efforts. The company warned that a lack of financing could threaten its ability to continue as a going concern. Ascend said the DIP loan was the product of extensive negotiations and reflects the best terms available to the debtor. The company is seeking interim and final approval to ensure uninterrupted access to liquidity while the case proceeds. About Ascend Elements Ascend Elements is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Ryan E. Manns, Esq. of Norton Rose Fulbright Us LLP. ATARA BIOTHERAPEUTICS: Falls Below $50-Mil. Nasdaq MVLS Threshold ----------------------------------------------------------------- Atara Biotherapeutics, Inc. announced in a regulatory filing that it received a notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that the Company no longer meets Nasdaq's $50 million minimum market value for listed securities' requirement pursuant to Nasdaq Listing Rule 5450(b)(2)(A) for continued listing on the Nasdaq Global Select Market based on Nasdaq's review of the market value of the Company's listed securities for the last 30 consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a period of 180 calendar days, or until October 27, 2026, to regain compliance with the MVLS Requirement. If, at any time before the applicable Compliance Date, the Company's MVLS closes at $50 million or more for a minimum of 10 consecutive business days, the Staff will provide written notification to the Company that it has regained compliance with the MVLS Requirement. Nasdaq may, however, in its discretion, require the Company to demonstrate compliance for a longer period, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance. The Notice has no immediate effect on listing of the Company's common stock on the Nasdaq Global Select Market, and the Company's common stock will continue to trade on Nasdaq Global Select Market under the symbol "ATRA" at this time. The Company intends to actively monitor the market value of its listed securities. The Company may evaluate and consider available options for regaining compliance with the MVLS Requirement, which could include applying for a transfer to The Nasdaq Capital Market. However, there can be no assurance that the Company will take any specific action or be able to regain compliance with the MVLS Requirement. In the event the Company does not regain compliance with the MVLS Requirement by the Compliance Date, Nasdaq will provide written notification to the Company that its securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel. About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology Company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first Company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 16, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Decemeber 31, 2025, citing that Company's negative cash flow from operations and losses from operations raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20.2 million in total assets and $58.7 million in total liabilities, and total stockholders' deficit of $38.5 million. ATLAS LAND: Section 341(a) Meeting of Creditors on June 9 --------------------------------------------------------- On May 1, 2026, Atlas Land Holdings, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 9, 2026 at 02:00 PM. About Atlas Land Holdings, LLC Atlas Land Holdings, LLC is a real estate holding company engaged in the ownership, management, and development of land and property assets. The company oversees investment and operational activities related to commercial and real estate holdings. Atlas Land Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10493) on May 1, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Howard P. Magaliff. AVENUE LIVING 2014: DBRS Confirms 'BB' Rating on Subordinated Debt ------------------------------------------------------------------ DBRS, Inc. (Morningstar DBRS) confirmed Avenue Living (2014) LP's (Avenue Living or the Company) Issuer Rating and Senior Unsecured Debentures credit rating at BBB (low) and its Subordinated Debt credit rating at BB, all with Stable trends. The credit rating actions take into consideration Avenue Living Asset Management Ltd.'s March 2, 2026, announcement that the board of trustees of Avenue Living's parent, Avenue Living Real Estate Core Trust, has initiated a strategic review, following a formal recommendation from management to pursue a potential go-public transaction. The purpose of the strategic review is evaluating a transition to the public markets, alongside other strategic alternatives, with the objective of establishing an optimal organizational and capital structure to support long-term value creation. Capital calls and redemptions have been halted during the strategic review. KEY CREDIT RATING CONSIDERATIONS The Stable trends reflect Avenue Living's consistently strong operational performance achieved through recent accretive acquisitions, primarily within the U.S., supplemented by same-property net operating income (NOI) growth, high occupancy rates, and value-added capital investment. The positives are partially offset by elevated leverage resulting from a predominantly debt-funded acquisition strategy. The Stable trends also reflect Morningstar DBRS' expectation that the Company will execute its deleveraging strategy following the meaningful increase in debt during F2025, supported by continued realization of NOI from recent acquisitions and an expected slowdown in acquisition activity, which Morningstar DBRS expects to drive significant improvements in leverage and coverage ratios in the near to medium term. Notwithstanding these considerations, Morningstar DBRS notes that Avenue Living has limited remaining financial flexibility at its current credit rating category. The Stable trends also reflect Morningstar DBRS' expectation that the Series 2014 Limited Partnership units will be exchanged into a single new, economically equivalent unit class, resulting in the removal or modification of their preferred features, which includes a sunset provision, waterfall profit-sharing arrangements, and specific redemption mechanics. Following the exchange, the resulting units are expected to rank pari passu with the remainder of Avenue Living's common equity capitalization and thus receive 100% equity weighting in Morningstar DBRS' adjusted debt-to-EBITDA metric. Previously, Morningstar DBRS assigned a 75% equity weighting to the Series 2014 Limited Partnership units. CREDIT RATING DRIVERS Morningstar DBRS would consider a positive credit rating action should the Company's adjusted total debt-to-EBITDA improve below 8.6 times (x) and EBITDA interest coverage improve to above 2.66x on a sustained basis, all else equal. Conversely, all else equal, Morningstar DBRS would consider a negative credit rating action should the Company's adjusted total debt-to-EBITDA remain above 12.0x or EBITDA interest coverage deteriorates below 2.0x on a sustained basis. FINANCIAL OUTLOOK Morningstar DBRS expects the Company's adjusted total debt-to-EBITDA to significantly improve to the low 12.0x range by YE2025 and modestly improve to the low 11.0x range by YE2027, from 14.4x as of the last 12 months (LTM) ended December 31, 2025, driven by incremental NOI through the Company's recent accretive acquisitions in the U.S. and modest same-property NOI growth. Morningstar DBRS also expects the Company to maintain EBITDA interest coverage in the low 2.0x range throughout F2026 and F2027 relative to 2.1x at the LTM ended December 31, 2025. CREDIT RATING RATIONALE The credit ratings continue to be supported by the Company's (1) proven track record and consistent growth since its inception in 2006; (2) adequate asset quality catering to a large and stable workforce housing market segment with a track record of cash flow stability; (3) strong property and tenant diversification; and (4) experienced management team with expertise managing the Company through multiple economic cycles. The credit ratings remain constrained by (1) relatively high leverage; (2) a weak lease maturity profile and weak tenant quality; (3) a relatively small portfolio as measured by EBITDA of $259.3 million for the year ended December 31, 2025; and (4) asset type concentration with a portfolio focused entirely on multifamily rental housing. Notes: All figures are in Canadian dollars unless otherwise noted. AVITA MEDICAL: Appoints Cary Vance as CEO, Jan Reed as Board Chair ------------------------------------------------------------------ AVITA Medical, Inc. announced in a regulatory filing that the Board of Directors appointed Cary Vance as President and Chief Executive Officer. Mr. Vance will continue to serve as an executive member of the Board, while the Board appointed Jan Stern Reed as Chair of the Board while simultaneously terminating the Lead Independent Director position that she had been serving since October 2025. "Following a thorough search process conducted in coordination with a top-tier, international executive search firm, the Board unanimously concluded that Cary is the right leader to serve as CEO on a permanent basis," said Jan Stern Reed, the newly appointed Chair of the AVITA Medical Board of Directors. "Over the past six months, Cary has demonstrated decisive leadership at a critical time for the Company, stabilizing the business, sharpening our strategic focus, and rebuilding confidence and enthusiasm with employees, customers, and shareholders. His deep industry experience, operational discipline, and thorough understanding of the business position him well as he continues to lead the Company into an exciting growth period." "It has been a privilege to serve as Interim Chief Executive Officer, and I'm honored and excited to continue in the role on a permanent basis. Over the past several months, I've spent time with clinicians at meetings such as Boswick and the American Burn Association, as well as in leading burn and trauma centers. The feedback has been consistent: our products are driving clinically validated improvements in patient outcomes and meaningfully improving recovery," said Mr. Vance. "We are building real momentum at AVITA. Our focus is on scaling adoption, supporting more clinicians in delivering better outcomes, and then translating that momentum into consistent performance. I look forward to continuing to work closely with our team, and with Jan and the rest of the Board, as we realize the full potential of our acute wound care platform." "Jan is a highly experienced independent director who has served on the Board since 2021, having most recently served as the Board's Lead Independent Director since October," added Dr. Michael Tarnoff, the Chair of the Board's Human Capital and Compensation Committee. "As Board Chair, she will continue to work closely with Cary and the rest of the Board to support AVITA Medical's strategic priorities and continued growth." About Cary Vance Mr. Vance, age 60, has served as a Director of the Company since April 2023, as Chairman of the Board from August 2025 to October 2025, and as Interim CEO and Executive Chairman of the Board since October 2025. Upon his appointment as Interim CEO, Mr. Vance stepped down from serving as a member of both the Audit and Nominating and Corporate Governance Committees of the Board, and as Chair of the Human Capital and Compensation Committee. Mr. Vance has 30 years of leadership experience with commercial and operational expertise in the healthcare industry. He was most recently the President and Chief Executive Officer of PhotoniCare, Inc., a medical technology company developing diagnostic imaging solutions for otolaryngology. Prior to this appointment, he was President and Chief Executive Officer of Titan Medical Inc., a medical-device company based in Canada focused on robotic-assisted surgery, and also served as an independent director on Titan Medical's Board of Directors until November 2024. Previously, Mr. Vance served as President and Chief Executive Officer of XCath, Inc., a privately held neurovascular robotics company developing catheter-based navigation systems. Mr. Vance held similar leadership roles at OptiScan Biomedical Corporation, a developer of continuous bedside glucose-monitoring technology for critical-care settings; MyoScience, Inc., a medical device company; and Hansen Medical, Inc., a robotics-based intravascular surgery company. Earlier in his career, he held global executive leadership roles at Teleflex Incorporated, a diversified provider of medical technologies; Covidien plc, a global healthcare products company (now part of Medtronic plc); and GE HealthCare Technologies Inc., a leading provider of medical imaging, diagnostics, and digital-health solutions. Mr. Vance is NACD-certified and Lean/Six Sigma Black Belt Certified, and holds both a Bachelor of Arts degree in Economics and an MBA from Marquette University. There are no arrangements or understandings between Mr. Vance and any other persons pursuant to which he was appointed as an officer of the Company, and there are no family relationships between him and any director of the Board or executive officer of the Company. Mr. Vance has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. About Jan Stern Reed Jan Stern Reed has served on the AVITA Medical Board since 2021 and brings over 35 years of legal and business management experience in the healthcare industry, both as an executive leader and board member. Ms. Reed served as the Board's Lead Independent Director since October 2025, a role that the Board discontinued simultaneously with her appointment to the independent Chair position. Vance Employment Agreement In connection with this appointment, Mr. Vance and the Company entered into an Employment Agreement dated the Effective Date. The Employment Agreement provides for an annual base salary of $702,000 (subject to annual review) for an initial term of three years with automatic one-year extensions. Pursuant to the Employment Agreement, Mr. Vance is eligible to receive an equity grant comprised of 50% restricted stock units and 50% stock options with an aggregate cash value of $2,529,000, as well as an award of RSUs with a cash value of $825,000; both equity awards are subject to both Mr. Vance's continued service and approval of the Company's stockholders at its next Annual Meeting of Stockholders in 2027. Such RSUs and stock options will vest over a three-year period in equal annual installments, with the first 1/3 to vest immediately upon approval by the Company's stockholders at the 2027 ASM. Additionally, Mr. Vance will have an annual target bonus opportunity equal to 80% of his base salary based on the achievement of individual and Company performance goals established by the Board. The Employment Agreement also provides that Mr. Vance is entitled to participate in all employee benefit plans and programs generally available to similarly situated employees of the Company. The Company may terminate Mr. Vance's employment at any time without cause, effective upon delivery to Mr. Vance of written notice of such termination and payment of all monies owed in accordance with the Employment Agreement. In the event of a termination without Cause by the Company or a termination for Good Reason by Mr. Vance (as those capitalized terms are defined in the Employment Agreement), Mr. Vance is eligible for severance benefits consisting of: (i) his annual bonus, prorated for the number of days Mr. Vance worked in the fiscal year upon which his employment terminated, (ii) eighteen months of base salary and (iii) eighteen months of reimbursement for COBRA premiums, should Mr. Vance timely and properly elect such continuation benefits, in accordance with the Employment Agreement. Receipt of these severance benefits is subject to Mr. Vance's execution, delivery to the Company, and non-revocation of a release of claims within 60 days following the date of any termination of employment. A full text copy of the Employment Agreement is available at https://tinyurl.com/sck3vcnj About Avita Medical, Inc. AVITA Medical, Inc. and its subsidiaries is a leading therapeutic acute wound care company delivering transformative solutions. The Company's technologies are designed to optimize wound healing, effectively accelerating the time to patient recovery. The Company's solutions improve the healing outcomes for patients with traumatic injuries and surgical repairs, addressing critical healing needs that arise from unpredictable and life-changing events. At the forefront of the Company's portfolio is the patented and proprietary RECELL(R) System, approved by the U.S. Food and Drug Administration for the treatment of thermal burn wounds and full-thickness skin defects. RECELL harnesses the healing properties of a patient's own skin to create an autologous skin cell suspension, Spray-On Skin(TM) Cells, offering an innovative solution for improved clinical outcomes at the point-of-care. Newport Beach, California-based Grant Thornton LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated February 12, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has current debt service obligations and has incurred historical negative cash flows and recurring losses. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $56.4 million in total assets, $73 million in total liabilities, and $16.7 million in total stockholders' deficit. BALANCE HOLDING: Unsecureds Will Get 17% of Claims over 5 Years --------------------------------------------------------------- Balance Holding Company, LLC, submitted a Modified Small Business Subchapter V Plan of Reorganization dated April 27, 2026. The Debtor's financial projections show that the Plan provides that all the Debtor's projected disposable income to be received for the period described in Section 1191(c) of the Bankruptcy Code will be applied to make payments under the Plan. This Plan of Reorganization proposes to pay the Debtor's creditors from the cash flow from its business operations over 60 months with the final payment expected to be made on or about September 24, 2031. Nonpriority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 17 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 2 consists of all nonpriority unsecured claims allowed under Section 502 of the Code. This Class will receive quarterly cash payments after payment of all allowed administrative claims, of an estimated total value equal to 17% of their respective allowed claims within 5 years after the 90th day after the Effective Date. Class 2 claims are impaired. Class 3 consists of all nonpriority unsecured claims held by insiders allowed under Section 502 of the Code. This Class will be subordinated to the completion of all payments of allowed claims pursuant to the confirmed Plan, as may be amended from time to time. Class 3 claims are impaired. Class 4 consists of equity security holders will retain their interests in the Debtor. Class 4 claims are not impaired. The Class 1 claim will be paid from the collection of pre-petition accounts receivable. All other allowed claims will be paid from the cash flow generated by the Debtor's continuing business operations for the five-year period beginning on the 90th day after the Effective Date of the Plan. A full-text copy of the Modified Plan dated April 27, 2026 is available at https://urlcurt.com/u?l=2aaT6I from PacerMonitor.com at no charge. Counsel to the Debtor: Kermit A. Rosenberg, Esq. Washington Global Law Group. PLLC 1701 Pennsylvania Avenue, N.W., Suite 200 Washington, DC 20006 Telephone: (202) 683-2014 Facsimile: (202) 580-6559 E-Mail: krosenberg@washglobal-law.com About Balance Holding Company Balance Holding Company, LLC, is an investment and management company that focuses on business opportunities in the fitness industry. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-00421) on Dec. 12, 2024, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Elizabeth L Gunn presides over the case. Kermit A. Rosenberg, Esq. at Washington Global Law Group, PLLC, is the Debtor's counsel. BANCO MASTER: Court Won't Limit Rule 2004 Subpoena -------------------------------------------------- Chief Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida denied Daniel Vorcaro's Motion for Protective Order to limit or prohibit Rule 2004 Examination Subpoenas Duces Tecum issued by the Foreign Representative in the bankruptcy case of Banco Master, S.A.. On December 10, 2025, the Liquidator filed a petition seeking Chapter 15 recognition of the Brazilian extrajudicial liquidation proceeding pending before the Central Bank of Brazil against Banco Master, S.A., Banco LetsBank, S.A., Banco Master de Investimentos, S.A., and Master S/A Corretora de Cambio, Titulos e Valores Mobiliarios (collectively, the "Debtors"). Mr. Vorcaro, the former controlling shareholder and administrator of the Debtors, opposed recognition. On January 8, 2026, the Bankruptcy Court entered an order recognizing the Brazilian proceeding (the "Recognition Order") and authorizing the Liquidator to conduct discovery under Federal Rule of Bankruptcy Procedure 2004. Mr. Vorcaro, by and through his counsel, moves for a Protective Order pursuant to 11 U.S.C. Sec. 1521(a)(4), Federal Rules of Civil Procedure 26, as made applicable by Federal Rules of Bankruptcy Procedure 7026 and Rule 2004 and Local Rule 2004, as applicable, to limit the scope of 11 subpoenas issued by the Foreign Representative on April 9, 2026 and April 16, 2026, and any prospective Rule 2004 subpoenas, to prohibit inquiry into any of Mr. Vorcaro's personal assets and information. Mr. Vorcaro previously filed two motions for protective order under Local Rule 2004-1(C) challenging twenty-eight Notices of Taking Rule 2004 Examination Duces Tecum served by Foreign Representative. On April 6, 2026, the Court entered an order Granting in Part and Denying in Part Daniel Vorcaro's Motions for Protective Order to Limit or Prohibit Rule 2004 Examination Subpoenas Duces Tecum (the "Order"). Contemporaneously with this motion, Mr. Vorcaro has noticed an appeal from the Order and in the alternative seeks leave from the District Court to appeal the Order. Mr. Vorcaro files this motion for protective order (the "Motion") not to relitigate issues before this Court that this Court has already decided, but to preserve his rights while he pursues an appeal of the Order. On April 9, 2026, and April 16, 2026, the Foreign Representative issued subpoenas to the following entities (the "Subpoena Recipients") each of whom appear to be wholly unrelated to the Debtors: * ARYA INVESTMENTS LLC * CLEAR RIVER PROPERTIES LLC A/K/A ROLUJA LLC * CONSORTIS JW LLC * MIG INC. * MOSAIC CORPORATE SERVICES * MOSAIC GROUP LLC * PH 47 LLC * THE CLEARING HOUSE PAYMENTS COMPANY LLC * FLEXJET LLC * JETCRAFT CORPORATION * MONACO ACCOUNT CENTRE LLC The Subpoena Recipients include real estate groups and representatives, aviation companies and providers, and The Clearing House Payments LLC, which is a payment system infrastructure that operates an electronic check clearing and settlement system, a clearing house, and a wholesale funds transfer system within the United States. The Foreign Representative seeks testimony from Subpoena Recipients who are believed to offer administrative and corporate services. Upon information and belief, none of the Subpoena Recipients have any corporate relation to the Debtors or direct business with the Debtors. All eleven of the April 9 and 16 Subpoenas call for documents and information relating to "any of the Debtors" or the "Asset Freeze Parties," which, as defined therein, include Mr. Vorcaro. Mr. Vorcaro contends the Foreign Representative has not established good cause to continue issuing subpoenas that are untethered to any legitimate inquiry into the Debtors' assets and affairs. A copy of the Motion dated April 20, 2026, is available at https://urlcurt.com/u?l=v6scPF from PacerMonitor.com. A copy of the Court's Order dated April 30, 2026, is available at https://urlcurt.com/u?l=vLcb2c from PacerMonitor.com. Attorneys for Daniel Vorcaro: Gabriela M. Ruiz, Esq. KING & RUIZ LLP 2 S. Biscayne Blvd., Suite 3200 Miami, Florida 33131 Tel: (305) 395-4984 E-mail: gruiz@kingruiz.com About Banco Master Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial service sector. Banco Master filed a Chapter 15 Petition with the U.S. Bankruptcy Court for the Southern District of Florida on December 10, 2025 (Case No. 25-24568), with the Hon. Scott M Grossman presiding. BANCO MASTER: Court Won't Stay Rule 2004 Subpoena Order ------------------------------------------------------- Chief Judge Scott M. Grossman of the U.S. Bankruptcy Court for the Southern District of Florida denied Daniel Vorcaro's motion to stay the Court's April 6, 2026 Order Granting in Part and Denying in Part Daniel Vorcaro's Motions for Protective Order to Limit or Prohibit Rule 2004 Examination Subpoenas Duces Tecum, pending the District Court's resolution of Mr. Vorcaro's appeal from the Order. The Order permits 24 Rule 2004 subpoenas duces tecum to proceed immediately. According to the Motion, these Subpoenas direct art galleries, auction houses, luxury retailers, banks, trust companies, and law firms to produce six years of sensitive personal and financial records concerning Mr. Vorcaro -- who is not a debtor, is not a defendant in any pending U.S. litigation, and has not been adjudicated liable in any court. The Motion states if the Court applies the legal standard for a stay pending appeal under Federal Rule of Bankruptcy Procedure 8007, a stay is warranted on all four elements of the applicable test: (1) Mr. Vorcaro is likely to succeed on the merits; (2) Mr. Vorcaro will suffer irreparable harm absent a stay because the production of private financial records cannot be undone; (3) the Liquidator faces no substantial harm from a brief stay during appellate review; and (4) the public interest strongly favors ensuring that non-debtors in Chapter 15 cases retain the procedural protections to which they are entitled before their private financial lives are invaded. On December 10, 2025, the Liquidator filed a petition seeking Chapter 15 recognition of the Brazilian extrajudicial liquidation proceeding pending before the Central Bank of Brazil against Banco Master, S.A., Banco LetsBank, S.A., Banco Master de Investimentos, S.A., and Master S/A Corretora de Cambio, Titulos e Valores Mobiliarios (collectively, the "Debtors"). Mr. Vorcaro, the former controlling shareholder and administrator of the Debtors, opposed recognition. On January 8, 2026, the Bankruptcy Court entered an order recognizing the Brazilian proceeding (the "Recognition Order") and authorizing the Liquidator to conduct discovery under Federal Rule of Bankruptcy Procedure 2004. Between January 29 and February 19, 2026, the Liquidator issued twenty-eight Rule 2004 subpoenas duces tecum to third-party custodians -- including law firms -- seeking six years of records and communications relating not only to the Debtors but to non-debtor individuals and entities the Liquidator designated as "Asset Freeze Parties," including Mr. Vorcaro. Mr. Vorcaro moved for protective orders under Bankruptcy Local Rule 2004-1(C), arguing that the Subpoenas exceeded the scope of Rule 2004 and 11 U.S.C. Sec. 1521(a)(4). On March 2, 2026 -- two days before the March 4 hearing on the motions for protective order -- the Liquidator filed an adversary complaint against Sozo Real Estate Inc. (a Subpoena target), Henrique M. Vorcaro (Mr. Vorcaro's father), and Natalia Vorcaro Zettel (Mr. Vorcaro's sister). Adv. Pro. No. 26-1074-SMG. Although Mr. Vorcaro is not listed as a defendant, the complaint references him by name over forty times and alleges that he orchestrated a "complex scheme" to "conceal the dissipation of billions of Brazilian Reais (over USD $1 billion) from the Debtors." The complaint expressly alleges that Mr. Vorcaro's father and sister "knowingly and willfully conspired and agreed among themselves and others to dissipate Banco Master's assets and breach fiduciary duties owed by Daniel Vorcaro to Banco Master. On April 6, 2026, the Court granted the protective order as to four Subpoenas on pending-proceeding grounds (those related to the real property at issue in the adversary proceeding) and quashed one Subpoena on geographic grounds under Federal Rule of Civil Procedure 45(c)(2)(A). The Court denied the motions as to the remaining twenty-four Subpoenas, holding that Brazilian Law Nos. 6,024/74 and 9,447/97 themselves justified the broad Rule 2004 discovery and that Mr. Vorcaro had not carried his burden of demonstrating that a protective order was warranted as to his privacy interests. A copy of the Motion dated April 20, 2026, is available at http://urlcurt.com/u?l=tAVa51from PacerMonitor.com. A copy of the Court's Order dated April 28, 2026, is available at http://urlcurt.com/u?l=j0vKLlfrom PacerMonitor.com. About Banco Master Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial service sector. Banco Master filed a Chapter 15 Petition with the U.S. Bankruptcy Court for the Southern District of Florida on December 10, 2025 (Case No. 25-24568), with the Hon. Scott M Grossman presiding. BESTAR INC: Asks Court for Chapter 15 Recognition ------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Office furniture maker Bestar, headquartered in Quebec, together with its U.S. affiliates, asked a Delaware bankruptcy judge Monday to recognize Canadian insolvency proceedings under Chapter 15 of the U.S. Bankruptcy Code. The request is part of the company’s effort to manage a cross-border wind-down process. According to the filing, the companies are pursuing a supervised liquidation in Canada after facing financial difficulties affecting their business operations. By obtaining Chapter 15 recognition, the debtors seek protection of their U.S. assets and coordination between the Canadian and American courts. The companies said the relief is necessary to preserve value for creditors and streamline the administration of the proceedings while the wind-down moves forward in Canada. About Bestar Inc. Bestar Inc. is a leading Canadian manufacturer of ready-to-assemble furniture. Bestar Inc. sought relief under Chapter 15 of the U.S. Bankruptcy Code(Bankr. D. Del. Case No. 26-10659) on May 4, 2026. The Debtor is represented by Represented By David M. Klauder, Esq. of Bielli & Klauder, LLC. BETHUNE SUITES: Seeks to Tap Keller Williams as Real Estate Broker ------------------------------------------------------------------ Bethune Suites, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Keller Williams Hudson Valley Realty as its exclusive real estate broker. The firm will market and sell the Debtor's real property located at 46 Bethune Boulevard, Commercial Condominium Unit #2, Spring Valley, New York 10977. The firm's services include: (a) evaluating the value of the Debtor's real property located at 46 Bethune Boulevard, Commercial Condominium Unit #2, Spring Valley, New York 10977; (b) reviewing all pertinent documents in connection with marketing the Property; (c) creating a marketing program for the Property and preparing and disseminating all marketing materials; (d) communicating with parties who have expressed an interest in the Property and endeavoring to locate additional parties who may have similar interests; (e) responding and providing information to, negotiating with, and soliciting offers from prospective purchasers and making recommendations to the Debtor to the advisability of accepting particular offers; (f) arranging for physical inspection of the Property by prospective purchasers; (g) meeting with the Debtor and its attorneys as necessary; and (h) appearing, if requested, before the Bankruptcy Court during the term of its retention, to testify or to consult with the Debtor in connection with the marketing or disposition of the Property. The broker is a "disinterested person" within the meaning of sections 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached through: Dov Tessler Keller Williams Hudson Valley Realty 10 Esquire Road Suite #4 New City, NY 10956 Mobile: (845) 596-2434 Office: (845) 513-3800 Email: Dov@TheTesslerTeam.com About Bethune Suites, LLC Bethune Suites, LLC is a New York-based real estate company focused on the ownership and management of residential and hospitality-style properties. The company provides leasing, property management, and tenant accommodation services. Bethune Suites, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22323) on March 31, 2026. In its petition, the Debtor reports estimated assets of $1MM-$10MM and estimated liabilities of $1MM-$10MM. The Debtor is represented by Joel Shafferman, Esq. of Shafferman & Feldman, LLP. BIOMARIN PHARMACEUTICAL: Fitch Assigns 'BB+' IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has assigned a final Long-Term Issuer Default Rating (IDR) of 'BB+' to BioMarin Pharmaceutical Inc. (BioMarin). Fitch has also assigned final instrument ratings of 'BBB-' with a Recovery Rating of 'RR2' and 'BB+'/'RR4' to the senior secured and unsecured debt, respectively. The Rating Outlook is Stable. On April 27, 2026, BioMarin announced it had completed the acquisition of Amicus Therapeutics (Amicus). It funded this transaction with cash on hand and $3.65 billion in new senior secured and unsecured debt. The 'BB+' IDR reflects Fitch's expectations that BioMarin will benefit from strong profitability and cash flow, driven by a high-value product portfolio and improved scale and growth opportunities following the Amicus acquisition. The Stable Outlook also reflects Fitch's view that BioMarin's near-term leverage will remain in the 3.0x-3.5x range and that the impact from tariffs on branded pharmaceutical products and active pharmaceutical ingredients (APIs) will be manageable. Key Rating Drivers Diversified Product Portfolio: BioMarin has a diversified portfolio of commercial therapies addressing rare genetic disorders in multiple geographies. The Amicus acquisition will help expand scale and commercial breadth, adding two marketed products with revenue traction and multiple lifecycle expansion opportunities across age labels and indications. This will strengthen revenue diversification, improve long-term growth visibility and enhance BioMarin's ability to absorb fixed costs. The focus on orphan indications provides regulatory incentives, market exclusivity and pricing durability, limiting generic competition. Capital Deployment Priority: Fitch assumes Fitch-defined EBITDA leverage will decline toward 3.0x by YE 2026, from around 3.3x (pro forma) at closing. Management has articulated a clear and credible deleveraging strategy, aiming to reduce gross leverage to below 2.5x within two years through earnings growth and debt repayment. BioMarin's strong profitability and cash flow generation will support sufficient liquidity and financial flexibility to maintain leverage in the 3.0x-3.5x range over the rating horizon. Fitch expects BioMarin to prioritize business development opportunities over shareholder returns in the near term, focusing on building a durable portfolio of pipeline assets with long life cycles and acquiring commercial assets that overlap with its R&D capability. Management believes BioMarin will be able to rebuild its M&A capacity over the next 24 months and intends to pursue tuck-in M&A. Over the forecast period, Fitch assumes a combination of asset and business acquisitions, which will be largely funded with debt, resulting in a more modest deleveraging path. Strong Cash Flow Profile: BioMarin's credit profile is supported by high profit margins and robust cash flow generation reflecting premium orphan drug pricing, disciplined cost control and scale efficiencies. Despite assumed near-term cash requirements to acquire and integrate Amicus, Fitch forecasts FCF of more than $450 million in 2026, potentially reaching $1 billion in 2028 through growth opportunities, operating leverage and modest capital expenditure (capex). The assumed cash flow generation trajectory is a key rating consideration, supporting deleveraging capacity and strategic flexibility. Favorable Near-Term Growth: Fitch forecasts revenues of $3.8 billion in 2026, including high single-digit growth assumptions for Voxzogo and Palynziq and approximately $520 million from Amicus (adjusted for the April 27 closing date). Voxzogo revenue assumptions are driven by demand, expansion in existing and new countries and strong uptake in younger patients, while label expansion and demand support Palynziq growth opportunities. BioMarin could also see revenue upside from Galafold and Pombiliti + Opfolda being commercialized more broadly. Excluding an assumed business acquisition in 2027, Fitch projects revenues to exceed $4.6 billion in 2028. Earnings Growth Potential: Fitch forecasts Fitch-defined EBITDA of approximately $1.4 billion in 2026, potentially reaching $1.8 billion in 2028, reflecting margin assumptions of 36%-37% in 2026 and 39%-40% thereafter. Fitch assumes BioMarin will benefit from greater production capacity, consolidated back-office support, streamlined commercial activities and revenue expansion opportunities for Amicus' commercial products. Fitch assumes the tariff impacts will be manageable because of orphan drug designation and BioMarin's manufacturing footprint in the U.S. and Ireland. R&D Risks and Opportunities: The withdrawal of Roctavian in early 2026 and multiple pipeline assets over the last two years highlight execution risks that BioMarin and its peers face in the pursuit of growth potential. While BioMarin maintains a pipeline of mid- to late-stage assets that could reduce revenue concentration, trial delays or cancellations and regulatory setbacks could weaken growth prospects, particularly if not offset by continued strength in the commercial portfolio. Near-term catalysts include data readouts for Voxzogo in hypochondroplasia and BMN-401 in ectonucleotide pyrophosphatase/phosphodiesterase 1 deficiency. Exposure to Non-U.S. Markets: Fitch estimates that about two-thirds of revenues are from international markets, where reimbursement risk is assumed to be higher and drug pricing is likely lower than in the U.S. Exposure to government-funded healthcare systems outside the U.S. increases sensitivity to market access negotiations, changes to reimbursement policies and budget constraints. BioMarin relies on coverage in the U.S. from third-party payors, who have increasingly deployed cost-containment efforts that may delay access or reduce net pricing. Future healthcare reforms could further pressure reimbursement rates, with potential spillovers to commercial payors. Peer Analysis The 'BB+' IDR reflects BioMarin's product portfolio that has limited near-term exposure to generic competition, a strong financial profile and incremental growth opportunities. The credit profile is also supported by geographic diversification, in-house R&D capability, domestic manufacturing capacity and management's commitment to balance sheet deleveraging. However, these strengths are offset by BioMarin's scale in the biopharmaceutical industry, meaningful product and therapeutic market concentration and execution risks related to business development activities. While BioMarin does not have the scale of Teva Pharmaceutical Industries Limited (BB+/Stable) and Viatris Inc. (BBB/Stable), it compares favorably with peers in the 'BB' rating category and Hikma Pharmaceuticals PLC (Hikma; BBB/Stable). While Fitch assumes Hikma will operate with leverage near 1.5x, the company has lower profit and cash flow margins due to pricing and portfolio mix. In the near term, Fitch expects Genmab A/S (BB/Stable) and Jazz Pharmaceuticals PLC (BB/Stable) to operate with leverage near or above 3.5x. Fitch’s Key Rating-Case Assumptions - Products with orphan drug designation exempted from tariffs and a 15% tariff on branded pharmaceutical products and APIs imported from Ireland; - Revenue of $3.8 billion in 2026 and $4.3 billion in 2027, with annual organic growth rate in the mid-single digits thereafter; - Fitch-defined EBITDA of $1.4 billion in 2026 and $1.7 billion in 2027, with annual growth rate in the high single digits thereafter; - Effective interest rates of 4.5%-5.5% over the forecast period, moving with SOFR; - One-time cash expenses, primarily acquisition and integration costs, of $180 million to $200 million annually over the next two years for Amicus and an assumed business combination in 2027; - Working capital will be a use of cash, averaging 6.0% of revenue annually; - Annual capex of $160 million to $170 million in 2026 and 2027, declining to around 3.0% of revenue thereafter; - FCF of more than $450 million in 2026, improving gradually to more than $950 million in 2028; - Acquisitions totaling approximately $3.5 billion in 2027 and 2028 that will largely be funded with debt; - In addition to term loan amortization, full repayment of the 2027 subordinated convertible debt; - No discretionary FCF directed toward share repurchases or dividends to shareholders. Corporate Rating Tool Inputs and Scores Fitch scored BioMarin as follows, using the Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Higher), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (a, Lower), Financial Structure (bbb+, Moderate) and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch considers the senior secured credit facilities as Category 2 first lien debt because BioMarin generates a significant portion of revenues and earnings from international markets. Also, Fitch understands that most of BioMarin's intellectual property is located in non-U.S. entities. Therefore, the senior secured debt instruments are rated 'BBB-'/'RR2', one notch above BioMarin's 'BB+' IDR. The senior unsecured notes are rated 'BB+'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Debt-funded transactions that cause EBITDA leverage to be sustained above 3.5x and the (CFO-capex)/debt ratio to fall below 10%; - Failure to integrate Amicus and realize cost synergies, resulting in growth deceleration and higher financial leverage. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Disciplined capital and business management strategies that result in EBITDA leverage sustained below 3.0x and the (CFO-capex)/debt ratio maintained above 12.5%; - Strong revenue uptake of recently acquired assets and operational synergies that meaningfully improve profitability and cash flow profile; - Improved revenue mix and scale through organic growth and business development activities. Liquidity and Debt Structure Upon closing of the Amicus acquisition, liquidity is supported by an assumed $400 million to $500 million of cash on hand and an undrawn revolving credit facility of $600 million. Fitch forecasts Fitch-defined cash flow from operations of approximately $650 million in 2026 and more than $850 million annually thereafter, which should be sufficient to cover capex and other cash requirements. BioMarin has term loan amortization of $30 million in 2026 and $60 million annually thereafter. Debt maturities are fairly well spread, with $600 million of subordinated debt maturing in 2027 and approximately $3.3 billion of senior secured and unsecured debt maturing between 2031 and 2034 after deducting term loan amortization. Fitch assumes the company will fully repay the subordinated debt in 2027. Fitch assigns zero equity credit to the 2027 subordinated debt because this instrument has a fixed maturity, does not permit the deferral of interest and is only convertible at the option of the holders. Issuer Profile BioMarin is a global biotechnology company focused on developing medicines for rare and difficult-to-treat genetic conditions. BioMarin has nine commercial therapies on the market and a clinical pipeline specializing in rare diseases. Summary of Financial Adjustments Fitch adjusts both historical and projected EBITDA to remove non-cash and non-recurring expenses including stock-based compensation, asset impairments, acquired in-process R&D costs, inventory write-offs and certain restructuring and acquisition-related expenses. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of the Climate.VS screener did not indicate an elevated risk for BioMarin. ESG Considerations BioMarin Pharmaceutical Inc. has an ESG Relevance Score of '4' for Exposure to Social Impacts due to the highly sensitive political environment and social pressure to contain costs or restrict pricing, which have a negative impact on the credit profile and are relevant to the ratings in conjunction with other factors. BioMarin Pharmaceutical Inc. has an ESG Relevance Score of '4' for Management Strategy due to the pivot toward growth through M&A, potentially raising business and financial risks, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- BioMarin Pharmaceutical Inc. LT IDR BB+ New Rating BB+(EXP) senior unsecured LT BB+ New Rating RR4 BB+(EXP) senior secured. LT BBB- New Rating RR2 BBB-(EXP) BITTREX INC: Moves to Overturn $24MM Ruling After SEC Crypto Pivot ------------------------------------------------------------------ Ben Adlin of Law360 reports that in a bid to unwind a $24 million judgment, bankrupt cryptocurrency exchange Bittrex has asked a Seattle federal judge to revisit its 2023 settlement with the U.S. Securities and Exchange Commission. The company says the case rests on regulatory assumptions that no longer hold. Bittrex contends that the SEC has since retreated from its earlier view that certain digital assets qualify as securities. It described the agency’s position change as a fundamental shift in its enforcement approach to the crypto industry. Citing this development, Bittrex is seeking to have the judgment vacated, arguing that the settlement should not stand in light of the SEC's revised interpretation of digital token regulation, the report states. About Bittrex Inc. Bittrex is a regulated digital assets exchange platform. Desolation Holdings and three of its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Lead Case No. 23-10597) on May 8, 2023. Desolation Holdings' debtor affiliates are Bittrex, Inc., Bittrex Malta Holdings Ltd. and Bittrex Malta Ltd. At the time of filing, the Debtors estimated consolidated assets of $500 million to $1 billion in assets and $500 million to $1 billion in liabilities. The Hon. Brendan Linehan Shannon presides over the cases. Quinn Emanuel Urquhart & Sullivan, LLP, led by partner Patricia B. Tomasco, is the Debtors' counsel. Berkeley Research Group, LLC, is the Debtors' restructuring advisor. Omni Agent Solutions is the claims agent. * * * The Bankruptcy Court confirmed the Debtors' Amended Joint Chapter 11 Plan of Liquidation on Oct. 31, 2023. The Plan was declared effective Nov. 15, 2023. CARBON HEALTH: Committee Taps Gilbert LLP as Insurance Counsel -------------------------------------------------------------- The official committee of unsecured creditors of Carbon Health Technologies, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Gilbert LLP as its special insurance counsel. The firm's services include: a. analyzing all insurance policies under which the Debtors' may have rights and providing strategic advice to the Committee on steps to be taken to preserve and maximize insurance coverage; b. attending meetings and negotiating with representatives of the Debtors, their nonbankrupt affiliates, their insurance carriers, and other parties in interest in these Chapter 11 cases related to the preservation of insurance coverage and resolution of disputed insurance coverage; c. assisting the Committee with any insurance-related matters arising in connection with the formulation of any plan of reorganization and funding any trust for the payment of personal injury claims established under a plan of reorganization; and d. performing such other insurance-related tasks as may be necessary during the course of these Chapter 11 Cases. The current hourly rates of Gilbert's professionals are: Kami E. Quinn $1,835 Daniel, I. Wolf $1,135 Ifenanya Agwu $780 Partners $1,135 to $1,835 Counsel $975 to $1,050 Associates $500 to $915 Staff Attorneys $395 to $675 Paraprofessionals $290 to $645 The following information is provided pursuant to paragraph D.1 of the U.S. Trustee Guidelines: QUESTION: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No QUESTION: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. QUESTION: 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 post-petition, explain the difference and the reasons for the difference. Response: Not applicable. QUESTION: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: No. Gilbert will provide a budget once insurance policies have been identified. Gilbert is "disinterested," as that term is defined in section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtors' estates with respect to the matters for which Gilbert is to be employed. The firm can be reached through: Kami E. Quinn, Esq. Gilbert LLP 700 Pennsylvania Avenue SE, Suite 400 Washington, DC 20003 Phone: (202) 772-2336 Email: quinnk@gilbertlegal.com About Carbon Health Technologies Founded in 2015, Carbon Health Technologies Inc. is a modern health tech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Tex. Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP; Alvarez and Marsal; and Stifel, Nicolaus & Co., Inc. serve as bankruptcy counsel, financial advisor, and investment banker, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CARPENTER HOMES: Creditors to Get Proceeds From Liquidation ----------------------------------------------------------- Carpenter Homes, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Amended Plan of Liquidation dated April 28, 2026. The Debtor is a Florida limited liability company and Tampa-based homebuilder founded in 2019 by Ronald H. Carpenter, Jr. and Larry S. Thompson. Prior to the Petition Date, the Debtor built quality, cost effective, sustainable homes in greater Tampa Bay and southwest Florida. Mr. Carpenter and Larry S. Thompson were business partners with Mr. Carpenter owning 66.666% of the Debtor and Mr. Thompson owning 33.334% of the Debtor. The Debtor's Chapter 11 filing follows a cascade of operational and liquidity disruptions triggered by the conduct of Mr. Thompson, and the Debtor's lender, Lima One Capital, LLC, that deprived the Debtor of access to construction draws mid-project, impeded sales of completed homes, and accelerated default-rate interest, collectively constricting cash flow and impairing relationships with vendors, subcontractors, suppliers, and realtors. The Debtor and Lima One entered into a lending relationship pursuant to which Lima One funded individual new-build projects subject to approved budgets, draw requests, and inspections. While projects initially progressed and the Debtor timely serviced its obligations, in the spring and summer of 2023, Mr. Carpenter realized that the building projects supervised by Mr. Thompson were going over budget and over schedule and discovered that Thomco was not paying subcontractors and vendors. Due to Mr. Thompson's multiple breaches of his fiduciary duties, on July 24, 2023, Mr. Carpenter terminated Mr. Thompson. On August 29, 2023, Carpenter Homes terminated Thomco as a vendor. Since Mr. Thompson's termination, the parties have been embroiled in a variety of disputes. The Debtor's gross revenues for 2024 were $4,320,000.00. The Debtor ceased full scale operations in the spring of 2025 and transitioned to an orderly liquidation resulting in significantly reduced gross revenues for 2025 in the amount of $1,056,500.00. The Debtor commenced this Chapter 11 case on December 29, 2025 (the "Petition Date"), in the United States Bankruptcy Court for the Middle District of Florida, Tampa Division. The Debtor is managing its assets and winding down its operations as a debtor-in-possession. The case involves a voluminous portfolio of residential real property, multiple secured lenders, extensive stay-relief issues, disputed claims adjudication and other issues with Mr. Thompson, and valuable causes of action against Thomco, Mr. Thompson, and others. In the opinion of the Debtor, the treatment of Claims and Membership Interests under the Plan contemplates a greater recovery than that which is likely to be achieved under other alternatives, including (i) continued operation, development, and sale of its real estate assets through a reorganization, (ii) a sale of substantially all assets through a confirmed plan, and (iii) conversion of this case to a case under chapter 7 of the Bankruptcy Code. After careful consideration, the Debtor determined that liquidation under the Plan is reasonably expected to result in a greater recovery to creditors than any of these alternatives. Class 71 consists of General Unsecured Claims. Each Holder of a Class 71 General Unsecured Claim shall receive: (i) its pro rata share of the Distribution Fund after the payment of senior claims as soon as practicable after the Effective Date, and (ii) its pro rata share of Cause of Action Recoveries after the payment of senior claims as soon as practicable after they become available. The allowed unsecured claims total $12,379,039.34. This Class is impaired. Class 72 consists of the Membership Interests in the Debtor held by Ronald H. Carpenter, Jr. The Class 72 Membership Interests shall be extinguished upon the Dissolution Date. Between the Effective Date and the Dissolution Date, the Debtor shall exist solely as the Wind Down Debtor for purposes of effectuating the Debtor’s Plan. The Plan provides for: (i) the surrender of the Debtor's Assets to the Holders of Allowed first lien Secured Claims subject to other valid lien claims, (ii) prosecution of Causes of Action, and (iii) distributions to Holders of Allowed Claims in accordance with the Bankruptcy Code's priority scheme. Subject to the approval of the Bankruptcy Court and the satisfaction or waiver of the conditions precedent to the occurrence of the Effective Date contained in Article 9 of the Plan, on or as of the Effective Date, the Plan shall be implemented, and the following actions shall thereafter immediately occur: * The Wind Down Debtor shall make the distributions contemplated and required under the Plan. * The Wind Down Debtor shall carry out its other Effective Date responsibilities under the Plan, including the execution and delivery of all documentation contemplated by the Plan. On the Effective Date and except as otherwise expressly provided in the Plan, all remaining Assets of the Estate (including the Causes of Action) shall vest in the Wind Down Debtor, free and clear of any and all Liens, Debts, obligations, Claims, Cure Claims, Liabilities, encumbrances, and all other interests of every kind and nature, and the Confirmation Order shall so provide. As of the Effective Date, the Wind Down Debtor shall be responsible for the implementation of the Plan, the pursuit of Causes of Action, the payment of Allowed Claims, and such other duties imposed by the Plan and the Confirmation Order. All privileges with respect to the remaining Assets of the Debtor's Estate, including the attorney-client privilege, to which the Debtor is entitled shall automatically vest in, and may be asserted by or waived on behalf of, the Wind Down Debtor. A full-text copy of the Disclosure Statement dated April 28, 2026 is available at https://urlcurt.com/u?l=foyWGI from PacerMonitor.com at no charge. The Debtor's Counsel: Amy Denton Mayer, Esq. BERGER SINGERMAN LLP 1450 Brickell Avenue Suite 1900 Miami, FL 33131 Tel: (813) 498-3400 Email: amayer@bergersingerman.com About Carpenter Homes LLC Carpenter Homes LLC, based in Tampa, Florida, develops and constructs residential homes, building Green-certified properties under Florida Green Building Coalition standards with native landscaping, energy-efficient systems, and sustainable power. The Company operates in the real estate development and homebuilding sector, providing residential housing solutions across Florida. Carpenter Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09757) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor tapped Amy Denton Mayer, Esq., at Berger Singerman LLP as bankruptcy counsel and Jesse Lee Ray, Attorney at Law, PA as special litigation counsel. CATURUS ENERGY: Fitch Hikes LongTerm IDR to 'B', Outlook Stable --------------------------------------------------------------- Fitch Ratings has upgraded Caturus Energy, LLC's (Caturus) Long-Term Issuer Default Rating (IDR) to 'B' from 'B-' following the close of the Galvan Ranch asset acquisition. The Rating Outlook is Stable. Fitch has also upgraded the company's senior unsecured notes ratings to 'B' with a Recovery Rating (RR) of 'RR4' from 'B-'/'RR4' and the senior secured credit facility to 'BB'/'RR1' from 'BB-'/'RR1'. The upgrade reflects the company's increased scale, higher liquids mix and expected improvement in netbacks following the acquisition close. The company's 'B' IDR also reflects Caturus' strong access to growing liquefied natural gas (LNG) export markets, reasonable cost structure, improving FCF and moderate leverage. Fitch has removed all of Caturus' ratings from Rating Watch Positive. Key Rating Drivers Acquisition Increases Scale: Fitch views the acquisition favorably as it increases Caturus' scale and improves the company's liquids mix. For full-year 2025, the company produced 547 million cubic feet of natural gas equivalent per day (mmcfe/d). The acquisition will increase this by around 240 million mmcfe/d, which brings the operating scale in line with higher-rated peers. EBITDA scale remains a limiting factor for future rating upgrades. In 4Q25, an affiliate of Caturus entered into a 220,000 gross acre development agreement with Black Stone Minerals within the Shelby Trough and Haynesville Expansion. The agreement creates a multi-year drilling program utilizing Caturus' expertise operating in basins requiring deep drilling in hot, high-pressure zones. This arrangement exists outside of Caturus Energy but may eventually provide basin diversification through dropdowns into Caturus Energy. Continued Growth: Fitch's forecast assumes a three-rig program through 2027 and a four-rig program thereafter. This growth plan entails significant capital spending, ranging from $700 million to $800 million per year, and execution risk. While the growth plan could be funded from cash flows and revolver borrowings under strip pricing, under Fitch's base case price deck, additional funding beyond the current revolver commitment would be required. Improving FCF: The rating is supported by Caturus' ability to remain FCF positive under Fitch's base case price deck while maintaining relatively flat production post-acquisition. This flat production scenario is Fitch's base case. The company can maintain current production while spending significantly less capital than it would under the growth plan. Positive FCF provides the opportunity to repay some of the debt used to finance the acquisition over the forecast. Conservative Hedging Policy: Caturus's hedging policy supports the company's credit strength. The company targets hedging 75% of proved gas production two years ahead. Caturus is allowed under its revolver to hedge up to 85% of 1P production. The hedging policy provides downside protection to cash flows and stabilizes the credit profile. Supportive Equity Sponsors: Fitch believes the $525 million equity contribution from Kimmeridge Energy Management and Mubadala Energy to help fund the Galvan Ranch acquisition supports the upgrade. The equity contribution supports Caturus' conservative capital structure and has minimal effect on mid-cycle leverage. Peer Analysis Pro forma for the Galvan Ranch acquisition, Caturus' production will increase to around 850 mmcfe/d) which is in line with Aethon United BR LP (Aethon; B/RWP; 867 mmcfepd) and BKV Corporation (B/Stable; 829 mmcfe/d). The company remains smaller than Gulfport Energy Corporation (B+/Stable; 1,120 mmcfepd) and larger than W&T Offshore, Inc. (B-/Stable; 214 mmcfepd). Fitch believes the increased liquids component to Caturus' production will increase netbacks by at least $0.20/mcfe and align the company with its peers. Under Fitch's base forecast, Caturus is projected to remain at or below 2.0x leverage throughout the forecast which is broadly in line with peers. Fitch’s Key Rating-Case Assumptions - Revolver interest rate based on the secured overnight financing rate (SOFR) forward curve; - WTI prices of $65 for 2026, $58 for 2027 and $57 thereafter; - Henry Hub prices of $3.50 in 2026, $3.25 for 2027, $3.00 in 2028 and $2.75 thereafter; - Acquisition-related growth in 2026, mid-teen growth in 2027 and then relatively flat growth thereafter; - Capex $700 million in 2026 and then between around $400 and $600 million a year thereafter; - FCF used for debt repayment. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b, Higher), Financial Structure (a-, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 10% for the forecast year 2026, 10% for the forecast year 2027, 15% for the forecast year 2028 and 55% for the forecast year 2029. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Caturus would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern (GC) Approach Caturus' GC EBITDA assumptions reflect Fitch's projections under a stressed case price deck, which assumes Henry Hub natural gas prices of $3.00 in 2026, $2.50 in 2027 and $2.25 thereafter. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation (EV). The GC EBITDA assumption of $350 million reflects the decline from current pricing levels to stressed levels and then a partial recovery coming out of a troughed pricing environment. The GC EBITDA was increased by $125 million from the last review due to the increased production and EBITDA from the acquired assets. An EV multiple of 3.75x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of the multiple considered the following factors: The historical case study exit multiples for peer companies ranged from 2.8x to 7.0x, with an average of 5.2x and median of 5.4x; Liquidation Approach The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during a bankruptcy or insolvency proceeding and distributed to creditors. Fitch considers valuations such as SEC PV-10 and M&A transactions for each basin, including multiples for production per flowing barrel, proved reserves valuation, value per acre and value per drilling location. Recovery Waterfall The senior secured revolver is expected to be 80% drawn. This reflects the expectation that the borrowing base will be reduced in a stressed pricing environment. The allocation of value in the liability waterfall results in a recovery corresponding to 'RR1' for the senior secured revolver and a recovery corresponding to 'RR4' for the senior unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A reduction in financial flexibility resulting from an inability to transition to positive FCF and/or excessive use of the RBL; - Deviation from stated financial policy including aggressive organic growth initiatives and/or overly debt-funded mergers and acquisitions (M&A) activity; - Mid-cycle EBITDA leverage sustained above 3.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Independent of the Transaction - Growth and/or efficiency gains leading to mid-cycle EBITDA generation exceeding $750 million; - Sustained positive FCF; - Maintenance of conservative financial policy leading to mid-cycle leverage approaching 2.0x. Liquidity and Debt Structure Fitch believes liquidity is sufficient as of Dec. 31, 2025. The liquidity profile is further supported by positive FCF expectations and the company has minimal refinancing risk with no near-term maturities. Issuer Profile Caturus Energy, LLC is an independent exploration and production company focused primarily on the development of natural gas properties in South Texas. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals Caturus' revenue-weighted Climate.VS of 54 by 2035 is in line with other North American gas-focused producers. This score reflects the potential risks related to policies that require lower carbon emissions over time and encourage reduced usage of fossil fuels in favor of renewable fuels. The rating is not currently affected by these concerns as Fitch believes meaningful energy transition will play out over several decades. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Caturus Energy, LLC LT IDR B Upgrade B- senior unsecured LT B Upgrade RR4 B- senior secured LT BB Upgrade RR1 BB- CELEBRITY MEDICAL: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On April 28, 2026, Celebrity Medical Center, LLC filed for Chapter 11 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 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on 6/1/2026 at 10:00 AM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. About Celebrity Medical Center, LLC Celebrity Medical Center, LLC is a Florida-based healthcare company that operates a medical treatment and patient care facility. The company provides healthcare-related services and clinical support operations. Celebrity Medical Center, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03065) on April 28, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Jeffrey Ainsworth, Esq. of Bransonlaw PLLC. CELSIUS NETWORK: Government Credits Exec's Help in Sentencing Case ------------------------------------------------------------------ Emilie Ruscoe of Law360 reports that Manhattan prosecutors said a former Celsius Network executive should receive credit at sentencing because of significant cooperation provided during the government's investigation into former CEO Alex Mashinsky. The prosecutors said the assistance helped lead to Mashinsky’s guilty plea on charges tied to market manipulation and false representations. Court filings state that the former chief revenue officer supplied information that advanced the government's case against Celsius leadership. Prosecutors characterized the cooperation as valuable in uncovering details about the crypto lender's operations and communications with customers. The government asked the court to factor the executive's assistance into its sentencing decision. Celsius became a central figure in the crypto industry collapse after halting withdrawals and entering bankruptcy proceedings, the report states. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CES ENERGY: DBRS Confirms 'BB(low)' Issuer Rating, Trend Stable --------------------------------------------------------------- DBRS Limited (Morningstar DBRS) confirmed the Issuer Rating of CES Energy Solutions Corp. (CES or the Company) at BB (low) and its Senior Unsecured Notes (the Notes) credit rating at BB (low), both with Stable trends. The Recovery Rating on the Notes is RR4. KEY CREDIT RATING CONSIDERATIONS CES sustained solid operating performance in 2025, with revenue and EBITDA broadly in line with 2024 despite softer industry rig counts in both Canada and the U.S. Performance was driven by continued market share gains for drilling fluids and expanding production chemical treatment volumes, partially offset by margin compression from personnel investments ahead of onboarding new contracts. We view the margin compression as temporary rather than structural and expects margins to recover as newly awarded volumes ramp up through 2026. The growing contribution of the production and specialty chemicals (PSC) segment remains a key supportive factor for the credit ratings. PSC revenues are driven by existing production volumes rather than new drilling activity, providing a more stable earnings base through softer commodity environments, as demonstrated during the 2020 industry downturn. Continued PSC market share growth in both Canada and the U.S., including PureChem Services' ongoing penetration of the Canadian heavy oil thermal market, represents an incremental and less cyclically correlated source of earnings growth. DBRS said:, "We do not expect the current tariff environment to materially affect CES' cost structure, given its largely U.S.-based supply chain and the classification of key inputs on the U.S. critical minerals list. The Company also retains the ability to monetize its working capital surplus in a downturn, which has historically offset a meaningful portion of the impact of lower earnings on key credit metrics." CREDIT RATING DRIVERS Morningstar DBRS would consider an upgrade if CES were to demonstrate material growth in its size, especially the PSC segment, while maintaining its lease-adjusted cash flow-to-debt ratio above 50%. A negative credit rating action would be possible if activity levels declined materially over a sustained period and the Company's lease-adjusted cash flow-to-debt ratio remained below 35%. EARNINGS OUTLOOK CES reported solid operating performance in 2025, with revenue and EBITDA broadly in line with 2024 despite softer industry rig counts in both Canada and the U.S. Margin moderation during the year reflected targeted personnel investments ahead of onboarding new PSC contracts, which Morningstar DBRS views as temporary. Morningstar DBRS expects EBITDA to remain broadly in line with 2025 levels, supported by continued PSC growth and the ongoing service intensity tailwind. FINANCIAL OUTLOOK Morningstar DBRS expects operating cash flow in 2026 to modestly improve compared with 2025, supported by continued PSC segment growth and stable drilling activity. After accounting for the Company's capital expenditure program and dividend obligations, Morningstar DBRS expects CES to generate a modest free cash flow surplus. In a softer activity environment, the Company's ability to monetize its working capital surplus provides an additional lever to manage leverage metrics. CREDIT RATING RATIONALE The credit ratings are underpinned by CES' leading market position in Canadian drilling fluids, its strengthened and growing position in the U.S., and Morningstar DBRS' expectation that key credit metrics will remain supportive of the current credit ratings. The Stable trends reflect Morningstar DBRS' view that the Company's market position, earnings profile, and financial discipline are sustainable through moderate macro-economic variability, supported by a growing production chemical revenue base that provides a degree of earnings stability through softer market conditions. -- Comprehensive Business Risk Assessment (CBRA) CES' CBRA of BBL/BH reflects the Company's leading market position in Canadian drilling fluids and its growing presence in the U.S., balanced against the inherent cyclicality of the upstream oil and gas (O&G) sector. The assessment acknowledges the stabilizing influence of the PSC segment, which provides a degree of earnings recurrence through the cycle. -- Comprehensive Financial Risk Assessment (CFRA) CES' CFRA of BBB/BBBL reflects the Company's conservative financial policy, low leverage, and demonstrated ability to generate consistent free cash flow. CES has shown a track record of managing its balance sheet through the cycle, including its ability to monetize working capital during periods of lower activity, which partially mitigates the impact of earnings volatility on key credit metrics. -- Intrinsic Assessment (IA) The IA of BBL is within the IA Range and is based on the CBRA and CFRA. To account for the volatility of the O&G industry, Morningstar DBRS selected the IA at the lower end of the IA Range. -- Additional Considerations CES' credit ratings include no further negative or positive adjustments because of additional considerations. Notes: All figures are in Canadian dollars unless otherwise noted. CHARLES & COLVARD: Extends Appointment of Levin as Executive Chair ------------------------------------------------------------------ Charles & Colvard, Ltd. announced that the Board of Directors approved changing the term of Michael Levin's appointment as Executive Chair from a fixed term to a month-to-month arrangement, to continue until otherwise determined by the Board. Mr. Levin was originally appointed by the Board to serve as Executive Chair on January 5, 2026 for an initial term of three months, which the Board extended for an additional one-month period on March 25, 2026. During the Extended Term, the Board determined that Mr. Levin will receive $7,500 per month for his services as Executive Chair, in lieu of any other Board compensation applicable for the time period during which he is acting as Executive Chair. About Charles & Colvard Ltd. Charles & Colvard Ltd. is a jewelry manufacturer known for its lab-grown moissanite gemstones. Charles & Colvard Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-00969 on March 2, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge David M Warren oversees the case. The Debtor is represented by Rebecca Redwine Grow, Esq. and Jason L. Hendren, Esq. of Hendren Redwine & Malone, PLLC. CHOICE ELECTRIC: Gets Extension to Access Cash Collateral --------------------------------------------------------- Choice Electric, LLC received another extension from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. The court entered a stipulated interim order extending the Debtor's authority to use cash collateral through entry of a final order in accordance with an approved budget. The Debtor is not permitted to exceed any budget line item by more than 10% without Byline Bank's consent and pay obligations outside the budget. The Debtor is also generally prohibited from paying pre-petition debts without further court approval, except for certain construction trust fund obligations that may not constitute estate property under Colorado law. Byline Bank holds valid and perfected liens on substantially all of the Debtor's assets, including inventory, equipment, accounts, deposit accounts, and cash collateral, securing debt of at least $2.3 million. As adequate protection, Byline Bank will receive first-priority replacement liens on post-petition assets to the same extent and priority as its pre-petition liens, excluding Chapter 5 avoidance actions. In addition, the Debtor must maintain collateral in good repair, keep it insured, and continue providing monthly payments totaling $30,000, beginning this month. The Debtor is also required to maintain at least $450,000 in accounts receivable at the end of each month and submit detailed monthly financial and operational reports to the bank. The Debtor's authority to use cash collateral will terminate on July 31 or upon occurrence of certain events including conversion of its Chapter 11 case to Chapter 7, appointment of a trustee, uncured defaults or material adverse financial changes, whichever occurs first. The order is available at https://is.gd/2JW4fi from PacerMonitor.com A final hearing is scheduled for June 4. Choice Electric aims to preserve business value and reorganize its debts while continuing operations. At the time of filing, the Debtor had limited cash but significant accounts receivable, which have since grown substantially, along with its overall cash position. Byline Bank is owed over $2.3 million, but the collateral securing its claim is worth less, rendering it undersecured and effectively the only creditor with a secured interest in the Debtor's cash collateral. Other potential liens exist but are either subordinate or minimal in comparison. About Choice Electric Choice Electric, LLC, established in 1985, is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The Company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on Dec. 1, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Eric Berger as general manager. Judge Thomas B. McNamara presides over the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP as legal counsel; Martin, Vejvoda and Associates as accountant; and Dutkiewicz & Associates, LLC as financial consultant. CHRYSALIS HEALTHCARE: Unsecureds Will Get 23.44% over 5 Years ------------------------------------------------------------- Chrysalis Healthcare Partners LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Subchapter V Plan of Reorganization dated April 27, 2026. The Debtor started operations in April 2020. Debtor operates a by providing skilled medical services to patients in their home/facility - nursing, physical therapy, occupational therapy, speech therapy and personal care services. The Debtor is currently owned 90% by Medical Partners of Texas Inc, 3.00% by CHHC I, LLC, 3.00% by CHHC II, LLC and 4.00% by Texas Oakwood, LLC. Ownership interests will remain unchanged following confirmation. The Debtor filed this case on January 27, 2026. Debtor proposes to pay allowed unsecured based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Based upon the projections, the Debtor believes it can service the debt to the creditors. The Debtor will continue operating its business. The Debtor's Plan will break the existing claims into six classes of Claimants. These claimants will receive cash repayments over a period of time beginning on or after the Effective Date. Class 4 consists of Allowed Unsecured Claims. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years. Creditors shall receive monthly disbursements based on the projection distributions of each 12-month period with the first monthly payment shall be due 30 days after the Effective Date. Debtor will distribute $113,421.35 to the general allowed unsecured creditor pool over the 5-year term of the plan, including the under-secured claim portions. The Debtor's General Allowed Unsecured Claimants will receive 23.44% of their allowed claims under this plan. Any potential rejection damage claims from executory contracts that are rejected in this Plan will be added to the Class 4 unsecured creditor pool and will be paid on a pro-rata basis. The allowed unsecured claims total $483,941.17. This Class is impaired. Class 5 Equity Interest Holders (Current Owners) are not impaired under the Plan and shall be satisfied as follows: The current owners will receive no payments under the Plan; however, they will be allowed to retain ownership in the Debtor. Class 5 Claimants are not impaired under the Plan. The Debtor anticipates the continued operations of the business to fund the Plan. A full-text copy of the Subchapter V Plan dated April 27, 2026 is available at https://urlcurt.com/u?l=ESY2BV from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Chrysalis Healthcare Partners Chrysalis Healthcare Partners, LLC provides skilled medical services to patients in their home/facility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-80040) on January 27, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Alfredo R. Perez presides over the case. Robert C. Lane, at The Lane Law Firm, PLLC, is serving as the Debtor's bankruptcy counsel. CLARION HOME: Ares Capital Marks $1MM 1L Loan at 80% Off -------------------------------------------------------- Ares Capital Corp. has marked its $1 million loan extended to Clarion Home Services Group, LLC and LBC Breeze Holdings LLC to market at $800,000 or 20% of the outstanding amount, according to Ares Capital Corp's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to Clarion Home Services Group, LLC and LBC Breeze Holdings LLC. The 1L Loan accrues an interest of 9.78% SOFR (Q) 6.00% per annum. The 1L Loan matures on December 2027. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Clarion Home Services Group, LLC and LBC Breeze Holdings LLC Clarion Home Services Group, LLC and LBC Breeze Holdings LLC are providers of HVAC and plumbing services to residential and commercial customers. CLARION HOME: Ares Capital Marks $3.5MM 1L Loan at 14% Off ---------------------------------------------------------- Ares Capital Corp. has marked its $3.5 million loan extended to Clarion Home Services Group, LLC and LBC Breeze Holdings LLC to market at $3 million or 86% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Clarion Home Services Group, LLC and LBC Breeze Holdings LLC. The 1L Loan accrues an interest of 11.76% (6.00% PIK) SOFR (Q) 8.00% per annum. The 1L Loan matures on December 2027. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Clarion Home Services Group, LLC and LBC Breeze Holdings LLC Clarion Home Services Group, LLC and LBC Breeze Holdings LLC are providers of HVAC and plumbing services to residential and commercial customers. CLARION HOME: Ares Capital Marks $6.9MM 1L Loan at 16% Off ---------------------------------------------------------- Ares Capital Corp. has marked its $6.9 million loan extended to Clarion Home Services Group, LLC and LBC Breeze Holdings LLC to market at $5.8 million or 84% of the outstanding amount, according to Ares Capital Corp's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Clarion Home Services Group, LLC and LBC Breeze Holdings LLC. The 1L Loan accrues an interest of 12.04% (6.25% PIK) SOFR (Q) 8.25% per annum. The 1L Loan matures on December 2027. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Clarion Home Services Group, LLC and LBC Breeze Holdings LLC Clarion Home Services Group, LLC and LBC Breeze Holdings LLC are providers of HVAC and plumbing services to residential and commercial customers. CONNECTICUT HEALTHCARE: Seeks Chapter 15 Bankruptcy in Texas ------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that Connecticut Healthcare Insurance Company, a Cayman Islands insurance entity affiliated with Prospect Medical Holdings, has commenced a Chapter 15 case in Texas bankruptcy court seeking recognition of its foreign liquidation proceedings. The insurer is currently subject to winding-up proceedings in the Cayman Islands. In its filing, the company said Chapter 15 recognition would safeguard its U.S. assets and promote coordination between the Cayman court and American creditors. The insurer is seeking the customary protections available in cross-border insolvency cases under the Bankruptcy Code. The proceedings are part of broader efforts to manage the company’s financial obligations and administer claims in an organized manner while the Cayman liquidation moves forward, the report states. About Connecticut Healthcare Insurance Co. Connecticut Healthcare Insurance Company is a healthcare insurance carrier engaged in offering medical coverage and related insurance products. The company supports policyholders through health benefit programs, claims administration, and managed healthcare services across its markets. Connecticut Healthcare Insurance Co. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-32010) on May 5, 2026. Honorable Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtor is represented by Vienna Flores Anaya, Esq. of Jackson Walker LLP. CONSIGNMENT CRUSH: 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 Consignment Crush, LLC. 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 Consignment Crush LLC Consignment Crush LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-41788) on April 24, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark X. Mullin presides over the case. Robert Thomas DeMarco, Esq., represents the Debtor as legal counsel. CONVEY HEALTH: Ares Capital Marks $1.9MM 1L Loan at 32% Off ----------------------------------------------------------- Ares Capital Corp. has marked its $1.9 million loan extended to Convey Health Solutions, Inc. to market at $1.3 million or 68% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Convey Health Solutions, Inc. The 1L Loan is a non-accrual status. The 1L Loan matures on July 2029. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Convey Health Solutions, Inc. Convey Health Solutions, Inc. is a healthcare workforce management software provider. DALRADA TECHNOLOGY: Gets Default Notice on Multiple Loan Agreements ------------------------------------------------------------------- Dalrada Technology Group, Inc. announced in a regulatory filing that the Company, together with certain of its subsidiaries, received a notice of default from counsel to Nautilus Parent Holdings, LLC (as successor-in-interest to OnPoint LTB, LLC, the "Term Lender") and Nautilus Funding Solutions, LLC – Series XIII (the "Factoring Lender," and collectively with the Term Lender, the "Lender"). The notice declares defaults under: (i) the Term Loan Agreement dated July 25, 2023 (and related promissory note, guaranty by the Company, security agreements, warrant, and all amendments), (ii) four separate Loan and Security Agreements dated February 22, 2024, March 22, 2024, April 5, 2024, and April 18, 2024 between Genefic Specialty RX, Inc. and the Term Lender, and (iii) the Loan and Security Agreement dated February 25, 2025 among Genefic, Inc., the Company, and the Factoring Lender. The Lender attributes the defaults to the borrowers' failure to make required payments under the Loan Documents. The Lender demanded a cure payment of $500,000. The notice states that, if the cure payment is not made, the Lender will accelerate the respective balances of the Loans and immediately commence enforcement actions under the Loan Documents. The notice further reserves all rights and remedies of the Lender and expressly states that it does not waive any existing or future defaults. The Company is reviewing the notice and intends to engage in discussions with the Lender regarding resolution of the outstanding obligations. There can be no assurance that the defaults will be cured, that the Loans will not be accelerated, or that enforcement actions will not be pursued. About Dalrada Dalrada Technology Group, Inc. accelerates change for current and future generations by harnessing true potential and developing products and services that become transformative innovations. It five business divisions: Genefic, Dalrada Climate Technology, Dalrada Precision Manufacturing, Dalrada Technologies, and Dalrada Corporate. Within each of these divisions, the Company drives transformative innovation while creating solutions that are sustainable, accessible, and affordable. Dalrada's global solutions directly address climate change, gaps in the health care industry, and technology needs that facilitate a new era of human behavior and interaction and ensure a bright future for the world around us. As of December 31, 2025, and June 30, 2025, the Company had negative working capital of $15,341,014 and $8,001,819, respectively. San Diego, California-based CM3 Advisory, the Company's auditor since 2024, 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 suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. DAX INTERNATIONAL: Lender Seeks to Prohibit Cash Collateral ----------------------------------------------------------- Amerant Bank, N.A. asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to prohibit Dax International Brokers, Inc. from using cash collateral. The Lender asserts that the Debtor is improperly using funds in which Amerant holds a secured interest without consent or court authorization. Under 11 U.S.C. Section 363, a debtor is generally prohibited from using cash collateral—defined as cash and cash equivalents subject to a creditor's lien—unless the secured creditor consents or the court approves such use with adequate protection. Amerant argues that neither condition has been satisfied and that its interests are not being protected. The Lender explains that it extended a loan to the Debtor in January 2022 in the original principal amount of approximately $2.99 million, later modified in 2025, and secured by a comprehensive security agreement covering substantially all of the Debtor's personal property, including accounts receivable. Amerant perfected its lien through multiple UCC filings, and as of early 2026, the Debtor owes over $3.06 million on the loan. The Debtor itself acknowledged in its bankruptcy filings that Amerant's claim is secured by all of its assets. Amerant identifies the specific assets constituting its cash collateral, including approximately $63,393 in accounts receivable, $82,779 in bank accounts, over $1 million in receivables from related parties, and a $249,470 security deposit. Despite these assets being subject to Amerant's lien, the Debtor has allegedly used or is using them without seeking court approval or obtaining Amerant's consent, in violation of bankruptcy law requirements governing the use of such collateral. Based on these facts, Amerant requests that the court issue an order immediately prohibiting any further use of its cash collateral. Alternatively, if the court allows the Debtor to continue using the funds, Amerant demands adequate protection under 11 U.S.C. Section 361, which may include cash payments, replacement liens, or other relief to preserve the value of its secured interest. Specifically, Amerant seeks compensation for any use of its collateral, the granting of a post-petition replacement lien with the same validity and priority as its prepetition lien, and additional non-monetary protections such as regular financial reporting (including accounts receivable aging reports and budget-to-actual comparisons). A court hearing is scheduled for May 27. A copy of the motion is available at https://urlcurt.com/u?l=wAw0Zx from PacerMonitor.com. About Dax International Brokers Inc. Dax International Brokers, Inc. based in Miami, Florida, distributes kitchen, bathroom, flooring, and tile products and operates a showroom in Medley, Florida. The company provides wholesale delivery services to contractors, kitchen and bath companies, designers, interior decorators, and other wholesale customers across North, South and Central America and the Caribbean. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15092) on April 22, 2026. In the petition signed by Alejandro A. Randazzo, secretary, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Corali Lopez-Castro oversees the case. Nicholas Rossoletti, Esq., at Ron S. Bilu, PA, represents the Debtor as legal counsel. DAYLIGHT BETA: Ares Capital Marks $15MM 1L Loan at 92% Off ---------------------------------------------------------- Ares Capital Corp. has marked its $15 million loan extended to Daylight Beta Parent LLC and CFCo, LLC to market at $1.2 million or 8% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Daylight Beta Parent LLC and CFCo, LLC. The 1L Loan is non-accrual status. The 1L Loan matures on September 2033. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Daylight Beta Parent LLC and CFCo, LLC Daylight Beta Parent LLC and CFCo, LLC are health insurance sales platform provider. DELEK LOGISTICS: Fitch Rates New Sr. Unsecured Notes Due 2034 'B+' ------------------------------------------------------------------ Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of 'RR4' to Delek Logistics Partners LP's (DKL) proposed offering of senior unsecured notes due 2034. The notes are co-issued by Delek Logistics Finance Corp. The company intends to use the net proceeds from the proposed notes to tender its 2028 notes, partially redeem its 2029 notes and potentially reduce the balance under its revolving credit facility. Fitch assumes that total debt balance and EBITDA leverage are not materially affected by this transaction. DKL's 'B+' Issuer Default Rating (IDR) is supported by its location-advantaged assets, growing size and scale, and ongoing diversification initiatives. This is offset by the partnership's negative FCF driven by organic and inorganic expansionary investments and business risk associated with the acquired assets. DKL's parent, Delek US Holdings, Inc. (DK; B+/Stable), is currently its largest counterparty. Key Rating Drivers Offering Reduces Refinancing Risk: The proposed notes should remove the uncertainty around refinancing DKL's $400 million notes due 2028 and reduce the outstanding amount of the $1,050 million notes due 2029. The proposed notes are senior unsecured and guaranteed by most of DKL's operating subsidiaries, on par with the existing senior unsecured notes. The non-guarantor unrestricted subsidiaries and joint ventures accounted for approximately 11.5% of DKL's consolidated total assets at the end of 1Q26 and represented roughly 36% of its 1Q26 consolidated net income. High Counterparty Exposure: DK remains the largest counterparty for DKL, accounting for 56% of DKL's direct and indirect revenues in 1Q26 and 49.3% in 2025. Fitch expects the revenue concentration to decrease as the partnership pursues growth initiatives and amends its contracts. DK's Standalone Credit Profile (SCP) is 'b+' despite the below-average profitability of its refining segment given that it significantly benefits from the 63.3% stake in DKL and maintains moderate gross and low net debt. Fitch typically views midstream service providers with significant counterparty concentration as having exposure to outsized event risk. Stable Leverage, Negative FCF: Fitch projects that DKL's EBITDA leverage will remain between 4.7x and 4.9x in 2026-2030. EBITDA leverage excludes proportional EBITDA from DKL's equity investments in pipelines but includes dividends received from them. Fitch expects the partnership's debt to increase due to expansionary capex and acquisitions but forecasts that corresponding EBITDA growth will keep leverage under 5x. The partnership's post-dividend FCF has been consistently negative, and Fitch expects this trend to continue due to high growth capex and regular profit distribution inherent in the master limited partnership model. Growth Supported by Strategic Location: DKL benefits from its strategic location in the Permian Basin where oil production has remained resilient through various commodity price cycles. The acquisitions of the Delaware Gathering System, H2O Midstream, and Gravity assets expanded DKL's asset base in the Permian Basin in 2024-2025. The single-basin focus is offset by the basin quality and diversification across the Midland and Delaware basins of the Permian. Volumetric Risk, Commodity Price Exposure: The partnership's revenues are supported by long-term fixed-fee contracts with minimum volume commitments (MVCs) from DK and other customers. Approximately 60% of DKL's revenue comes from contracts with MVCs. Increasing third-party EBITDA contribution may expose the partnership to higher volumetric risk as gathering and processing contracts in the Permian Basin typically lack MVCs. DKL's direct commodity price exposure historically accounted for about 5% of its EBITDA, a relatively low level. Standalone Rating: DKL's SCP and DK's SCP are both 'b+', with DK's SCP reflecting support from its stake in DKL. DK generated weaker EBITDA and FCF margins per unit than most peers in recent years. However, profitability has improved after the company implemented a cost-optimization plan and benefited from favorable regulatory decisions on small refinery exemptions from renewable fuel obligations. Given that SCPs for the parent and the subsidiary are the same, Fitch rates both companies 'B+' on a standalone basis. Peer Analysis Peers include Harvest Midstream I, L.P. (HMI; BB-/Stable), Howard Midstream Energy Partners, LLC (BB-/Stable), and NGL Energy Partners LP (NGL; B/Stable). DKL is smaller than all but Howard and higher levered than all but NGL. Fitch expects HMI and Howard to maintain leverage in the mid- to low 4.0x range, while DKL's leverage is projected in the mid- to high 4.0x range. DKL is somewhat more exposed to volumetric risk than peers except for NGL. DKL is less diversified than these peers. Both DKL and Harvest have an elevated customer concentration risk; however, Harvest's key counterparty has a stronger profile. Fitch’s Key Rating-Case Assumptions - Fitch price deck for West Texas Intermediate oil price of $65/bbl in 2026, $58/bbl in 2027-2028, and $57/bbl thereafter; - Fitch price deck for Henry Hub prices of $3.50/mcf in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028 and $2.75/mcf thereafter; - Capex falling from over $220 million in 2026 to $125 million in 2030; - Regular profit distribution; - No significant acquisitions, asset sales or drop downs from DK assumed over the forecast; - No buybacks; - No additional contract amendment with DK. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b+, Higher), Profitability (bb-, Moderate), Financial Structure (bb+, Lower), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in a standalone approach. Recovery Analysis Fitch examined DKL on both a going concern (GC) and liquidation value basis and expects it would be reorganized as a GC in the event of bankruptcy. Fitch assumed a 100% draw on the $1.3 billion credit facility. Fitch applied a 10% administrative claim to the GC enterprise value (EV). Fitch's GC EBITDA reflects DKL's recovery from a scenario in which near-term liquidity constraints result in default and bankruptcy. Fitch uses a 6.0x EBITDA multiple to arrive at the GC EV, which is in line with other similar midstream companies. Fitch's GC standalone EBITDA of $370 million represents the emergence EBITDA after poor execution of acquisitions and growth projects leading to lowered liquidity and financial market access. Fitch has increased DKL's GC EBITDA to reflect the growth of its asset base. Fitch added value from equity investments to both GC and liquidation value approaches. DKL has non-consolidated income from its equity holdings in pipelines. Fitch expects an annual dividend of approximately $55 million from these investments. Fitch assumed that the value from these equity affiliates is equal to $275 million post restructuring. Fitch assumed that the proceeds from proposed notes due 2034 will be used to reduce the outstanding balance under the 2028 and 2029 notes. DKL's distribution of value results in the credit facility recovering at 'RR1' and the unsecured notes recovering at 'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expected leverage above 5.0x and/or distribution coverage below 1.0x on a sustained basis; - Material unfavorable change in contractual arrangements or operating practices; - Significant deterioration in customer quality with DK which negatively affects DKL's cash flow and earnings profile as long as DK remains a significant counterparty; - Impairments to liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated ability to maintain EBITDA leverage at or below 4.0x, together with a favorable rating action at DK. Liquidity and Debt Structure As of March 31, 2026, DKL had $1.1 billion available under its $1.3 billion committed revolving credit facility expiring in March 2031. The facility has a springing maturity clause dependent on the maturity of its 2029 notes. The credit facility is secured by first priority liens on substantially all of the partnership's and its subsidiaries' assets. The credit facility includes restrictions on total leverage, senior leverage and interest coverage, which must remain below 5.25x and 3.75x and above 2.0x, respectively. DKL's cash on the balance sheet was $10 million at March 31, 2026. The partnership's nearest bond in 2028 should be effectively extended after the proposed refinancing. Fitch expects DKL to use the revolver to cover negative FCF driven by capex in 2026-2030. Issuer Profile DKL is a limited partnership formed by DK. The partnership owns and operates crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing and terminalling, and offloading assets. DK owns four refineries in the U.S. Gulf Coast region. Summary of Financial Adjustments Fitch moved DKL's interest income from leases to revenue. Date of Relevant Committee April 16, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Delek Logistics Partners, LP. ESG Considerations Delek Logistics Partners, LP has an ESG Relevance Score of '4' for Group Structure due to material related party transactions with its sponsor DK, which has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Delek Logistics Finance Corp. senior unsecured LT B+ New Rating RR4 Delek Logistics Partners, LP senior unsecured LT B+ New Rating RR4 DELEK LOGISTICS: Moody's Rates New Unsec. Notes Due 2034 'B2' ------------------------------------------------------------- Moody's Ratings assigned a B2 rating to Delek Logistics Partners, LP's ("DKL") proposed senior unsecured notes due 2034. DKL's existing ratings, including the B1 Corporate Family Rating, B1-PD Probability of Default Rating and B2 ratings on the existing senior unsecured notes are unchanged. The ratings outlook is stable. "The proposed transaction is leverage neutral and adds financial flexibility by improving Delek Logistic's maturity wall." stated Giancarlo Rubio, Moody's Ratings Senior Analyst. RATINGS RATIONALE The proposed senior unsecured notes are rated B2, one notch below the B1 CFR and the same level as the ratings on the existing DKL's notes. The B2 rating reflects the contractual subordination of the notes to obligations under DKL's $1.3bn secured credit facility (unrated). The revolving credit facility is secured by a first priority lien on substantially all of DKL's assets. DKL's B1 CFR is underpin by long-term fee based contracts, growing asset base and increasing revenues and earnings from third party customers. The credit profile is constrained by historically high distributions, modest scale of operations and customer concentration risk , although reducing, since its parent remains its largest customer. DKL's main customer, Delek US Holdings, Inc. ("DK"), is exposed to the inherent volatility of the refining industry. DKL's gathering and processing operations has expanded significantly in the last two years accounting for around 67% of EBITDA at 1Q26, from 50% in 2024; this increase reflects the company's strategy to diversify its revenues. Third-party clients account for more than 66% of the revenues of this segment. The stable outlook reflects Moody's expectations that DKL will generate stable earnings from its long term contracts and continue diversifying its revenue base, while maintaining leverage levels. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if DKL continues to increase its scale and grow EBITDA, sources an increasing majority of earnings from third parties and achieves positive free cash flow, while maintaining leverage (Debt / EBITDA) below 4.0x. Given DK's controlling ownership and importance as a counterparty, an upgrade would also require that DK's CFR is sustained at B1 or higher. The ratings could be downgraded if leverage (debt /EBITDA) were to rise above 5.0x on a sustained basis or liquidity were to deteriorate. DK's CFR declining below B2 could also lead to a downgrade of DKL's rating. Delek Logistics Partners, LP, headquartered in Brentwood, Tennessee, is a midstream logistics company with crude oil and product transportation pipelines and crude oil gathering systems, terminals and storage facilities. Its general partner is 100% owned by Delek US Holdings, Inc. (NYSE: DK) and management, and the common units are owned by DK and public unitholders (~36% LP interest as of March 31, 2025). The principal methodology used in this rating was Midstream Energy published in October 2025. DENTISTAR P.C.: Case Summary & 19 Unsecured Creditors ----------------------------------------------------- Debtor: Dentistar P.C. 1615 N. Milwaukee Ave. Suite 120 Glenview, IL 60025 Business Description: DentiStar is a dental practice located in Glenview, Illinois. Founded in 2013, the practice provides general, cosmetic, pediatric, orthodontic, implant, denture, and emergency dental services. Its offerings include exams, cleanings, X-rays, treatment planning, veneers, tooth whitening, braces, retainers, pain relief, broken tooth care, and denture repair. Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-07914 Debtor's Counsel: Ben Schneider, Esq. THE LAW OFFICES OF SCHNEIDER AND STONE 8424 Skokie Blvd Suite 200 Skokie, IL 60077 Tel: (847) 933-0300 E-mail: ben@windycitylawgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Sam Shin as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q7SCUII/Dentistar_PC__ilnbke-26-07914__0001.0.pdf?mcid=tGE4TAMA DIAMOND ELITE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Diamond Elite Albuquerque LLC 283 Old Route 32 Highland Mills, NY 10930 Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-35494 Judge: Hon. Kyu Young Paek Debtor's Counsel: Mitchell Canter, Esq. LAW OFFICES OF MITCHELL J. CANTER 511 Airport Executive Park Nanuet NY 10954 Email: mitchell@mitchellcanterlaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Avraham Majer as chief restructuring 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/PUBVYQY/Diamond_Elite_Albuquerque_LLC__nysbke-26-35494__0001.0.pdf?mcid=tGE4TAMA DIOCESE OF ALEXANDRIA: Seeks to Extend Plan Exclusivity to June 30 ------------------------------------------------------------------ Diocese of Alexandria asked the U.S. Bankruptcy Court for the Western District of Louisiana to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 30 and Sept. 30, 2026, respectively. The Debtor explains that the case is large and complex. The Diocese, a nonprofit religious organization established in 1853, operates an extensive network of parishes, missions, and schools across central Louisiana. The case involves numerous tort claims arising from allegations of childhood sexual abuse, along with complex insurance coverage issues, questions regarding the characterization of donor-restricted funds, and the interplay between federal bankruptcy law, Louisiana civil law, and institutional constraints on the Debtor’s authority to agree to certain plan terms. The Motion is the Debtor's second request for an extension of the Exclusive Periods and is a modest request of sixty-one days to file a plan and sixty-one days to solicit. Continuing the Exclusive Periods will provide the Debtor a meaningful opportunity to negotiate with interested parties and to finalize, solicit, and confirm a plan. Further, given that these extensions will allow the Debtor to finalize the terms of a consensual plan, the extension is to the benefit of other parties in interest and will not prejudice such parties. Rather, the extension will advance the Debtor's effort to preserve value and avoid litigation through a consensual plan for the benefit of all parties. The Debtor asserts that formal insurance mediation scheduled for May 21, 2026, represents an unresolved contingency whose resolution is critical to plan funding and viability. Insurance carrier contributions will constitute a material component of the Plan Trust's assets. Until the mediation process concludes and insurer commitments are quantified, the Debtor cannot determine the total funding available for distribution to abuse survivors, cannot finalize plan terms, and cannot represent to the Court that the plan is feasible. The Debtor further asserts that until the claims bar date passes, the Debtor cannot reasonably quantify potential insurance carrier liabilities or predict what post-confirmation coverage litigation might yield in recoveries if there is no settlement. The requested extension provides the minimum time necessary for the parties to complete mediation, allows the claims bar date to pass, and translates its results into confirmed plan terms. Diocese of Alexandria is represented by: GOLD, WEEMS, BRUSER, SUES & RUNDELL Bradley L. Drell, Esq. Heather M. Mathews, Esq. 2001 MacArthur Drive P.O. Box 6118 Alexandria, LA 71307 Telephone (318) 445-6471 Facsimile (318) 445-6476 Email: bdrell@goldweems.com hmathews@goldweems.com Mark T. Benedict, Esq. HUSCH BLACKWELL LLP 4801 Main Street, Suite 1000 Kansas City, MO 64112 Telephone (816) 983-8000 Facsimile (816) 983-8080 Email: mark.benedict@huschblackwell.com - and - Francis H. LoCoco, Esq. Bruce G. Arnold, Esq. Lindsey M. Greenawald, Esq. 511 North Broadway, Suite 1100 Milwaukee, WI 53202 Telephone (414) 273-2100 Facsimile (414) 223-5000 Email: frank.lococo@huschblackwell.com bruce.arnold@huschblackwell.com lindsey.greenawald@huschblackwell.com About Diocese of Alexandria Diocese of Alexandria in Louisiana, established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX and later relocated to Alexandria, serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational, and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31, 2025. In its petition, the Debtor reports total assets of $16,667,411 and total liabilities of $9,467,288. Honorable Bankruptcy Judge John S. Hodge oversees the case. The Debtor is represented by Bradley L. Drell, Esq. of GOLD, WEEMS, BRUSER, SUES & RUNDELL. DUSTED77 FINE: Seeks Cash Collateral Access ------------------------------------------- Dusted77 Fine Minerals, LLC asks the U.S. Bankruptcy Court for the District of Colorado for authority to use cash collateral and provide adequate protection. The Debtor, a Colorado-based company specializing in selling mineral specimens, filed for Chapter 11 relief on April 29, 2026, and continues operating as a debtor-in-possession. Its primary assets include inventory valued at approximately $167,125, about $33,221 in a bank account, and proceeds from ongoing sales, all of which constitute cash collateral potentially encumbered by multiple secured creditors. Several lenders assert security interests in the Debtor's assets and cash collateral, including the U.S. Small Business Administration, JPMorgan Chase (which holds a senior lien due to subordination), and a PayPal-related lender (Swift Financial). These creditors are owed substantial amounts, and their liens extend to the Debtor's cash and proceeds from inventory sales. Because of these competing interests, the Bankruptcy Code requires either creditor consent or court approval—along with adequate protection—before the Debtor can use the cash collateral. The Debtor argues that immediate access to cash collateral is critical to maintain operations, including paying payroll, suppliers, and other working capital expenses. Without such access, the business would be forced to cease operations, causing significant loss of value to the estate and harming creditors' recovery prospects. To address creditor concerns, the Debtor proposes several forms of adequate protection: granting replacement liens on post-petition assets and income, maintaining insurance and upkeep of collateral, and limiting use of funds strictly according to a court-approved budget with controlled variances. If the Debtor fails to comply with these protections, its authority to use the funds would terminate. A copy of the motion is available at https://urlcurt.com/u?l=Vr3jHH from PacerMonitor.com. About Dusted77 Fine Minerals, LLC Dusted77 Fine Minerals, LLC is a Colorado-based company specializing in selling mineral specimens. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-13000-KHT) on April 29, 2026. In the petition signed by Scott Maller, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Kimberly H. Tyson oversees the case. Lacey Bryan, Esq., at Markus Williams LLC, represents the Debtor as legal counsel. ECO-GREEN SUPPLIER: Hires Brian K. McMahon as Bankruptcy Counsel ---------------------------------------------------------------- Eco-Green Supplier Diversity Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Brian K. McMahon, P.A. to serve as its legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Brian McMahon, Esq., will be paid at his hourly rate of $450 plus reimbursement. Brian K. McMahon, 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: Brian K. McMahon, Esq. Brian K. McMahon, P.A. 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 E-mail: brian@bkmbankruptcy.com About Eco-Green Supplier Diversity Group Eco-Green Supplier Diversity Group, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15243) on April 26, 2026, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Mindy A Mora presides over the case. Brian K. McMahon, Esq. serves as the Debtor's counsel. ENNIS I-45 11: Amends Several Secured Claims Pay ------------------------------------------------ Ennis I-45 11 Acre, LLC and Bay Point Capital Partners II, LP submitted a Disclosure Statement describing Second Amended Plan of Liquidation dated April 28, 2026. The Plan proposes that the Debtor's main asset, the Real Property located at 590 S Interstate, I-45, Ennis, Texas 75119, be sold through a two-step sales process: (i) first, the Real Property would be subjected to a private sale process, to the extent an offer for the Property is received that is acceptable to the Plan Administrator and (ii) second, if no such offer is received, the Property would be sold through an auction process conducted by the Plan Administrator. The Plan proposes that M&M, as directed by the Plan Administrator, would continue to seek solicitations for the purchase of the Property during the Solicitation Period. If the Plan Administrator determines that an offer for the Property received during the Solicitation Period is a motion with the Court seeking approval of the sale. If, however, at the conclusion of Solicitation Period, the Plan Administrator has not received an offer for the Property that the Plan Administrator deems to be adequate, the Property would then be subjected to a public auction, during which the Plan Administrator would determine the highest and best offer for the Property. The Plan provides that the net proceeds of the Purchase Price for the Property will be delivered to the Plan Administrator and used to fund the Plan. After the payment of Allowed Administrative Claims, Allowed Priority Tax Claims, and Other Secured Claims, and reserving the Plan Administration Reserve in the amount of $50,000, the Remaining Cash will be held by the Plan Administrator in an interest-bearing account pending the resolution of the Equitable Subordination Litigation. Upon resolution of the Equitable Subordination Litigation, the Plan Administrator shall distribute the Remaining Cash according to the Distribution Waterfall to the Holders of Claims in Class 2 (REH Secured Claim), Class 3 (Bay Point Secured Claim), Class 4 (General Unsecured Claims), Class 5 (REH Subordinated Claim), and/or Class 6 (Interests). The Plan Administrator will effectuate the windup of the Debtor's business according to the Plan, serve as distribution agent, and investigate, and if appropriate, pursue the Retained Actions. Any proceeds from the Retained Actions will be held by the Plan Administrator until the Plan Administrator determines additional distributions can be made or final distributions are made under the Plan, at which time the Plan Administrator will distribute any excess from the Plan Administration Reserve according to the Distribution Waterfall. Class 2 consists of REH Secured Claim. The amount of claim in this Class total $0.00 to $5,600,000. Promptly after the determination of the Equitable Subordination Litigation pursuant to a Final Order, each Holder shall receive payment from Remaining Cash according to the Distribution Waterfall in an amount not to exceed the Allowed amount of such REH Secured Claim. The Lien securing the REH Secured Claim will attach to the Remaining Cash to the same extent, and in the same priority, as to the Property. Class 3 consists of Bay Point Secured Claim. The amount of claim in this Class total $0.00 to $4,250,000. Promptly after the determination of the Equitable Subordination Litigation pursuant to a Final Order, each Holder shall receive payment from Remaining Cash according to the Distribution Waterfall in an amount not to exceed the Allowed amount of such Bay Point Secured Claim. The Lien securing the Bay Point Secured Claim will attach to the Remaining Cash to the same extent, and in the same priority, as to the Property, except that Bay Point's secured claim will be capped by agreement at $4,250,000. The Remaining Cash shall be distributed as set out in the following table (a) promptly following the conclusion of the Equitable Subordination Litigation by a Final Order and (b) through any subsequent distributions determined by the Plan Administrator. The claims in each tranche must be satisfied in the full amount of the Allowed Claims prior to any funds being distributed to a subsequent tranche. If Holders of Interests are entitled to a distribution, the Remaining Cash will be distributed to Holders of Interests pro rata based on the Interests held. The Plan Administrator shall sell the Property pursuant to the Sale Procedures. A full-text copy of the Disclosure Statement dated April 28, 2026 is available at https://urlcurt.com/u?l=979jgK from PacerMonitor.com at no charge. Counsel to the Debtor: Kyung S. Lee, Esq. Robert J. Shannon, Esq. Ella A. Cornwall, Esq. Shannon & Lee LLP 2100 Travis Street Houston, TX 77002 Tel: (713) 714-5770 Email: klee@shannonleellp.com rshannon@shannonleellp.com ecornwall@shannonleellp.com About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law EVANGELIA ISMAILOS: Late-Filed Lerebours Proof of Claim Allowed --------------------------------------------------------------- The Hon. James L. Garrity, Jr. of the U.S. Bankruptcy Court for the Southern District of New York granted Lerebours Antiques L.L.C.'s motion to allow its late-filed proof of claim in the bankruptcy case of Evangelia Ismailos. Debtor is employed by Anisma Films, Inc., her closely owned corporation. Lerebours Antiques L.L.C. contends it is an unscheduled creditor of the Debtor. Lerebours retails classic, modern and contemporary art objects and furnishings. It is operated by Cathy Lerebours, a dealer trained in design. By order dated December 18, 2023, the Court fixed January 31, 2024 as the last day for filing proofs of claim in the case. Debtor did not provide Lerebours with notice of this chapter 11 case, the Bar Date, or any order entered herein. On February 9, 2026, approximately 25 months after the Bar Date and four months after Debtor confirmed her Second Amended Chapter 11 Plan of Reorganization, Lerebours' counsel first learned of the case and the Bar Date, while conducting a PACER search of the court's records, in preparation for filing a state court collection action for Movant against Debtor. On February 19, 2026, Movant filed a proof of claim (the "Lerebours Claim") in the sum of $419,300 against the Debtor on account of "goods had and received, breach of oral agreement. Under the Plan, the holders of Allowed General Unsecured Claims are classified as Class 6 Creditors. As relevant, the Plan calls for holders of Allowed Class 6 Claims to receive 100% of their allowed claims with 4% annual interest, paid in twenty quarterly installments. It estimates that the aggregate allowed Class 6 Claims total $127,020.33. Debtor has commenced making the quarterly distributions to the holders of Allowed Class 6 Claims. Lerebours says it holds a meritorious claim against Debtor for quantum valebant (value of goods supplied), unjust enrichment, conversion and breach of contract. It contends that prior to the Petition Date, and at all relevant times, Debtor knew it was a creditor, but nonetheless failed to list it as a creditor, claimant or interested party on any petition, schedule, Statement of Financial Affairs, Summary of Assets and Liabilities, plan, matrix of creditors, mailing matrix, proof of service or proof of mailing filed in this case. Lerebours also contends that pursuant to Bankruptcy Rule 3002(c)(7), the Court should allow the Lerebours Claim as a late-filed claim against the Debtor. It argues that the policies underlying Bankruptcy Rule 3002(c)(7) favor allowing the Lerebours Claim since Movant did not receive any notice or knowledge whatsoever of either the case or the Bar Date until February 8, 2026. It also asserts that accepting the late-filed Lerebours Claim as an Allowed Class 6 Claim, will not disrupt the Second Amended Plan because, by its terms, the Plan anticipates the filing and allowance of late-filed Class 6 Claims. Debtor denies Lerebours is entitled to any relief. Debtor challenges Lerebours' request to file the late-filed claim, and contends, in any event, there is no merit to the claim. Debtor does not dispute that Lerebours emailed the invoices to her and that she received them. Still, she denies that Movant was a "known" creditor entitled to actual notice of the chapter 11 case -- essentially because she denies personal liability under the invoices. Debtor argues that allowing a $419,300 claim at this stage of the case will more than quadruple the aggregate Class 6 obligations, and will force her to incur substantial, unbudgeted legal fees to litigate the validity of a highly disputed, stale claim. She also complains it will create uncertainty for all other creditors regarding the timing and finality of their own Plan distributions, disrupt the Debtor's post-confirmation administration, and potentially require modification of the confirmed plan under 11 U.S.C. Sec. 1127. According to the Court, the facts do not support that argument. The allowance of the Lerebours Claim should have no impact on the timing and finality of the Plan distributions to other creditors. The Debtor owns four residential Condominium Units. Three of the Condominium Units are sources of rental income for the Debtor. It is undisputed that the Debtor has sufficient equity in the Condominium Units to satisfy Class 6 Claims in full under the terms of the Plan, even assuming, arguendo, the Lerebours Claim is allowed in full, as filed. Further, the allowance of the claim should not disrupt Debtor's post-confirmation administration because the Plan assumes Debtor will look to the proceeds of the Condominium Unit sales to finance the Plan. Moreover, the Plan makes allowance for resolution of disputed claims. The Court says the fact that Debtor may incur substantial costs in litigating the validity of the Lerebours Claim is irrelevant. Debtor will not be prejudiced by the filing of the late-filed Lerebours Claim. A copy of the Court's Memorandum Decision and Order dated May 4, 2026, is available at https://urlcurt.com/u?l=b10XHy from PacerMonitor.com. Attorneys for Lerebours Antiques L.L.C.: Eric W. Berry, Esq. BERRY LAW PLLC 745 Fifth Avenue, 5th Floor New York, NY 10151 Tel: (212) 355-0777 Fax: (212) 750-1371 E-mail: eric.berry@berrylawnewyork.com Evangelia Ismailos filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 22-10347) on March 21, 2022, listing under $1 million in both assets and liabilities. The Debtor is represented by Anthony Giuliano, Esq. F'DELUCA CONSTRUCTION: Claims to be Paid from Disposable Income --------------------------------------------------------------- F'Deluca Construction, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida an Amended Plan of Reorganization for Small Business dated April 27, 2026. The Debtor, a Florida limited liability company organized by Ferdinant Lulaj in January 2012, is a family owned and operated remodeling company which specializes in residential and commercial remodeling. The Debtor's principal office is located at 13250 95th Street, Largo, FL 33773 (the "Real Property"), which is an industrial/warehouse building owned by the Debtor and utilized as a design center. On January 12, 2026, the Debtor commenced this Subchapter V chapter 11 filing, which was intended to halt distracting, time consuming, and expensive litigation and collection activities initiated by a disgruntled customer who did not pay the Debtor for services rendered, including an appeal related thereto, so the Debtor could refocus on its business. Through the Subchapter V, the Debtor intends to complete jobs in progress for the benefit of its customers, preserve jobs for its subcontractors and suppliers, maintain and protect the company's goodwill, and establish fair procedures and a workable framework to facilitate the payment of creditors holding allowed claims. The Debtor must also show that it will have enough cash over the life of the Plan to make the required plan payments. The Debtor intends to file separate plan projections, which will support the Debtor's ability to pay all claims of secured, administrative, priority tax, priority, and unsecured creditors in full, without interest, from the Debtor's projected disposable income. Class 3 is comprised of all Unsecured, Non-Priority Claims allowed under Section 502 of the Bankruptcy Code. Each holder of an Allowed Unsecured, Non-Priority Claim shall be paid in full, without interest, from the Debtor's projected disposable income. Payments shall commence on the first day of the calendar quarter after the Effective Date and continue quarterly thereafter for a total of twelve quarters. Class 3 is Impaired. Class 4 consists of All Equity Interests. Ferdinant Lulaj shall retain his ownership interests in the Debtor. Class 4 is Unimpaired and is not entitled to vote to accept or reject the Plan. Payments required under the Plan will be funded from (i) existing cash on hand on the Effective Date, (ii) income from operations, and (iii) loan(s) from third-party(ies), potentially secured by a mortgage on the Debtor's real property. On the Effective Date, except as otherwise expressly provided in this Plan or in the Bankruptcy Code, all assets of the Debtor's estate (including any causes of action) shall vest in the Reorganized Debtor, free and clear of any and all liens, debts, obligations, claims, cure claims, liabilities, encumbrances, and all other interests of every kind and nature, and the Confirmation Order shall so provide. A full-text copy of the Amended Plan dated April 27, 2026 is available at https://urlcurt.com/u?l=qUYT89 from PacerMonitor.com at no charge. Counsel to the Debtor: BERGER SINGERMAN LLP Amy Denton Mayer, Esq. 101 E. Kennedy Blvd., Ste. 1165 Tampa, FL 33602 Telephone: (813) 498-3400 Facsimile: (813) 527-3705 Email: amayer@bergersingerman.com About F'Deluca Construction LLC F'Deluca Construction, LLC, a Florida limited liability company organized by Ferdinant Lulaj in January 2012, is a family owned and operated remodeling company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00064) on January 12, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtor as legal counsel. FAT BRANDS: Seeks to Extend Plan Exclusivity to Aug. 24 ------------------------------------------------------- FAT Brands Inc. and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 24 and Oct. 26, 2026, respectively. Courts may consider a variety of factors in determining whether "cause" exists to extend a debtor's exclusive period for filing a plan. The application of these factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary: First, the size and complexity of the issues attendant to the Chapter 11 Cases warrants approval of the requested relief. The Debtors comprise 183 affiliated entities operating in multiple jurisdictions, with significant funded indebtedness and a complex capital structure of more than $1 billion of funded indebtedness, including multiple whole-business securitization facilities and other non-securitization debt. The complexity of the Chapter 11 Cases is further evidenced by the contested hearings and litigation surrounding the Debtors' governance and obtaining and maintaining access to DIP Financing and use of cash collateral. Second, termination of the Exclusive Periods at this juncture would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance the Chapter 11 Cases. The Debtors are presently engaged in a Court-approved Sale Process, whereby the Court approved procedures for the sale of substantially all the Debtors' assets. Granting the requested extensions will allow the Debtors to focus on finalizing their restructuring strategy via consummation of asset sales and moving toward plan confirmation without the distraction, cost, and delay associated with a competing plan process. Third, the Debtors have obtained critical first day relief, secured DIP Financing on an interim basis, retained necessary professionals, successfully negotiated numerous settlement agreements to resolve outstanding disputes, and filed their schedules and statements, and implemented procedures for claims and professional compensation. The Debtors have also advanced their sale and restructuring efforts, including ongoing engagement with the WBS Ad Hoc Group and the Committee regarding the terms of a chapter 11 plan, which demonstrates meaningful progress toward a successful reorganization and satisfaction of the third and fourth factors. Fourth, the Debtors do not seek the extension of the Exclusive Periods as a means to exert pressure on the relevant parties in interest. Instead, the extension will allow the Debtors to continue making progress with key stakeholders. The Debtors seek the requested extension of the Exclusive Periods out of an abundance of caution simply to ensure the progress made to date is not upended by a potential loss of their Exclusive Periods. Finally, the Debtors continue to make timely payments on their undisputed postpetition obligations. Accordingly, the seventh factor weighs in favor of extending the Exclusive Periods. Co-Counsel for the Debtors: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com -and- Ray C. Schrock, Esq. Natasha Hwangpo, Esq. Randall Carl Weber-Levine, Esq. Ashley Gherlone Pezzi, Esq. Thomas Fafara, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, New York 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com natasha.hwangpo@lw.com randall.weber-levine@lw.com ashley.pezzi@lw.com thomas.fafara@lw.com - and - Ted A. Dillman, Esq. 10250 Constellation Blvd., Suite 1100 Los Angeles, CA 90067 Tel: (424) 653-5500 Email: ted.dillman@lw.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 Café & 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. FINGER LAKE: Unsecured Creditors to be Paid in Full in Plan ----------------------------------------------------------- Equity Security Holders (the "Plan Proponents") filed with the U.S. Bankruptcy Court for the Western District of New York a Disclosure Statement describing Plan of Reorganization for Finger Lake LLC dated April 28, 2026. The Debtor owns and operates the 102-room Best Western Plus hotel located in Horseheads, New York (the "Hotel"). The Hotel serves leisure and regional business demand in the Finger Lakes market. Construction and development were completed and operations commenced in March 2023 after an extended development period marked by COVID-related delays and increased construction costs. Since opening, the Hotel has continued to develop market presence and operating stability. Based on the information available to the Plan Proponents, Tom Shen is the majority equity holder of the Debtor and has historically served as the principal owner-operator and strategic decision-maker for the Hotel. Other minority equity holders collectively hold the remaining ownership interests. The Plan contemplates that post-confirmation ownership and governance may be adjusted to support the reorganization, including potential participation by Christopher K. Anderson in a revenue strategy and performance optimization role. The principal components of the Plan include: * funding through Summit Investment Management LLC exit financing; * an equity/borrower contribution expected to be approximately $800,000, subject to final documentation and plan structure; * full payment of secured obligations and lienholder claims; * treatment of unsecured claims through full repayment; * full payment of allowed administrative and priority claims as required by the Bankruptcy Code; * retention and preservation of going-concern value; and * post-confirmation professional hotel management. Class 3 consists of Unsecured Claims. Unsecured Claims will be paid in full on or shortly after the Effective Date by the reorganized Debtor's third-party managers from the capital contribution deposited into the reorganized Debtor's bank account by the Equity Security Holders. The allowed unsecured claims total $247,832.17. The Plan is funded primarily by approximately $4,950,000.00 in DIP financing to be provided by Summit Investment Management LLC, subject to final documentation and Court approval, as well as an additional Equity contribution by the Equity Security Holders of a minimum of $800,000.00. These proceeds will (i) pay administrative expenses, (ii) pay all Priority Class 1 claims in full, (iii) pay all properly secured Class 2 claims in full, (iv) pay all Unsecured Class 3 Claims in full, and (v) fund plan consummation. Post-confirmation operations and cash flow will support on-going plan performance; longer-term refinancing (including potential SBA financing) may be sought. The Equity Security Holders have an additional $1,000,000.00 available to fund if needed in the future. A full-text copy of the Disclosure Statement dated April 28, 2026 is available at https://urlcurt.com/u?l=hECUr0 from PacerMonitor.com at no charge. Attorney for the Debtor's Equity Security Holders: Peter A. Orville, Esq. Orville & McDonald Law, PC 4100 Vestal Road, Suite 103 Vestal, NY 13850 Telephone: (607) 770-1007 Email: peteropc@gmail.com About Finger Lake LLC Finger Lake LLC is an accommodation and food services business operating in Horseheads, New York. Finger Lake LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Case No. 25-20007) on January 4, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50,000 and $100,000 each. Kevin Tung, Esq. of Kevin Kerveng Tung, P.C. represents the Debtor as counsel. FIRST BRANDS: Lender Blasts 'Meritless' Creditor Probe ------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that Aequum Capital, a lender to First Brands Group, has asked a Texas bankruptcy judge to block unsecured creditors from extending their deadline to investigate liens claimed by the lender. The company argued that the creditors' request is baseless and would unnecessarily prolong the bankruptcy proceedings. According to court papers, Aequum maintained that unsecured creditors have not presented evidence suggesting the liens are invalid or improperly asserted. The lender further argued that creditors have already had ample opportunity to conduct due diligence. The lender urged the court to deny the motion and avoid additional costs and delays in the Chapter 11 case. The dispute centers on creditor efforts to scrutinize the scope and enforceability of Aequum's liens, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FIRST EAGLE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed First Eagle Holdings, Inc.'s (First Eagle) Long-Term Issuer Default Rating (IDR) and senior secured debt rating at 'BB-' following the completion of its acquisition of Diamond Hill Investment Group, Inc. (Diamond Hill). The Rating Outlook is Stable. Fitch has also assigned an expected rating of 'BB-(EXP)' to the company's proposed $575 million senior secured notes. Proceeds from the proposed issuance are expected to fully pay down outstanding borrowings on the RCF and additional bridge loan that were used to fund the closing of the Diamond Hill acquisition. The coupon and final maturity will be determined at the time of issuance. Key Rating Drivers Growing Franchise; Solid Investment Performance: The affirmation of First Eagle's ratings reflect its long-tenured franchise as an investment manager (IM), solid investment performance within its public market funds, experienced management team, and above average fee-based EBITDA (FEBITDA) margins. Elevated Leverage: The ratings are constrained by First Eagle's elevated leverage, weak interest coverage, and smaller but growing platform scale and diversity relative to peers. They are also constrained by its exposure to net asset value (NAV)-based fees, which increase FEBITDA volatility, and private equity ownership, which introduces some uncertainty around financial policies and strategic objectives. Diamond Hill Acquisition: First Eagle completed its acquisition of Diamond Hill on April 22. Pro forma combined assets under management/assets under advisement (AUM/AUA) was $213 billion as of March 31, 2026 (1Q26), up from First Eagle's standalone AUM of $186 billion. Fitch views the increase in First Eagle's scale, competitive positioning, and product diversification favorably. The Diamond Hill acquisition expands First Eagle's traditional fixed-income product suite while adding a complementary U.S.-focused multi-cap equity platform to its existing Global Value and Small Cap franchises. Fitch would view continued AUM growth and enhanced platform diversification as a credit positive. Improving Net Client Flows: First Eagle had positive net inflows of 7.5% for the TTM ended 1Q26, driven by strong demand for its high-yield municipal credit, Global Value Strategic Initiatives funds, and new exchange traded fund and separately managed account product launches. Net client flows have been positive over the trailing four-years (2022-2025), averaging 2.0% of total AUM and aligning with Fitch's 'bbb' category benchmark range for IMs with NAV-based fees of negative 5% to positive 5%. Fitch believes the expansion of First Eagle's institutional distribution capabilities and diversification of product offerings may enhance the stability of client flows and strengthen the firm's competitiveness. Fitch views consistently positive net client flows favorably. Above Average Margins: First Eagle's FEBITDA margin, excluding performance fee-related revenues and expenses, was 37.2% in 2025, below the four-year (2022-2025) average of 39.3% and within Fitch's 'a' category benchmark range of 30%-50%. Fitch estimates that First Eagle's pro forma EBITDA margin would improve to 39.6%, based on 2025 full-year combined FEBITDA figures. Fitch believes there is potential for further margin improvement over the Outlook horizon through the realization of identified cost synergies. However, these will be subject to execution risks. Leverage Increase Following Acquisition: Cash flow leverage, measured as gross debt to adjusted FEBITDA, was 5.1x at YE 2025, which was above the rated peer average and corresponds to Fitch's 'b' category benchmark of 5x-7x for traditional IMs. Excluding yet to be executed cost synergies, leverage would increase to 5.3x pro forma the acquisition. While Fitch views the increase in leverage as a rating constraint, Fitch expects First Eagle to deleverage gradually through incremental FEBITDA growth. Failure to maintain leverage below 6.0x on a sustained basis over the Outlook horizon could result in negative rating action. Fitch views First Eagle's leverage as elevated compared to peers. Interest Coverage Pressure: Interest coverage (adjusted FEBITDA-to-interest expense) was 2.5x at YE 2025, compared with the four-year (2022-2025) average of 2.6x. First Eagle's interest coverage is weaker than peers and falls within Fitch's 'b' category benchmark range of 1x to 3x for traditional IMs. Fitch expects interest coverage will remain strained over the Outlook horizon, given increased funding costs from a larger debt balance and the potential for increased use of the company's delayed draw term loan for additional opportunistic acquisitions in the medium term. Failure to sustainably improve interest coverage above 2.5x could yield negative rating pressure. Sound Liquidity: Fitch views the firm's liquidity as adequate, supported by $169 million in pro forma unrestricted cash, $450 million of revolver capacity following the repayment from the proposed senior secured notes transaction, and its cash-generative operations. The firm does not have any near-term refinancing risk, with the next term debt maturity in 2032. However, First Eagle's secured term loan has a 1% annual amortization requirement, which is sufficiently covered by the firm's liquidity sources. Fitch views the firm's fully secured funding profile as a rating constraint, given it limits financial flexibility, especially during times of stress. Stable Outlook: The Stable Outlook reflects Fitch's expectation that First Eagle's strategic initiatives will be supportive of continued solid operating performance, which should lead to gradual deleveraging and the maintenance of interest coverage above 2.5x. Fitch also expects First Eagle to continue executing on its business and investment strategies such that it leads to further diversification of product offerings and supports greater consistency of customer net flows. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained increase in cash flow leverage above 6.0x; - Failure to sustainably improve interest coverage above 2.5x or a notable decline in available liquidity; - Pursuit of aggressive financial policies, including substantial shareholder distributions or dividend recapitalizations, that prioritize shareholder returns over debt reduction; - Sustained material investment underperformance, leading to substantial long-term AUM outflows or weakening of franchise strength; - A material deviation in the investment or operational strategy such that it leads to a more substantial balance sheet exposure or funding risks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained improvement in reported cash flow leverage below 4.5x; - Sustained interest coverage above 4.5x; - Favorable investment performance and sustained improvements of net flows, in particular, long-term net client flows; - Sound execution against management's business plan and financial targets, in particular pertaining to FEBITDA generation and AUM. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The expected rating on the proposed senior secured notes is equalized with First Eagle's Long-Term IDR, reflecting the current funding mix and Fitch's expectations for average recovery prospects under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The expected secured debt rating is primarily sensitive to changes in First Eagle's Long-Term IDR, and secondarily to material changes in First Eagle's funding mix or changes in Fitch's assessment of the recovery prospects for the debt instrument. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason(s): Weakest Link - Capitalization & Leverage (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Historical and future metrics (negative). ESG Considerations First Eagle has an ESG Relevance Score of '4' for Governance Structure due to private equity ownership, which may result in more opportunistic growth strategies or shareholder-friendly financial policies, which has a negative impact on the credit profile, and is highly relevant to the ratings resulting in a lower Long-Term IDR. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- First Eagle Holdings, Inc. LT IDR BB- Affirmed BB- senior secured LT BB-(EXP) Expected Rating senior secured LT BB- Affirmed BB- FIRST EAGLE: Moody's Affirms 'Ba3' CFR, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings affirmed First Eagle Holdings, Inc. (FEH) corporate family rating of Ba3, its probability of default rating of Ba3-PD, and its senior secured first lien bank credit facilities of Ba3. Concurrently, Moody's assigned a Ba3 rating to new $575 million backed senior secured notes due June 2032. The net proceeds of the issuance will be used to finance the purchase of Diamond Hill Investment Group (Diamond Hill), which closed on April 22; paydown FEH's revolving credit facility; and pay transaction fees and expenses. The outlook remains stable. RATINGS RATIONALE The affirmation reflects First Eagle Holdings' moderate revenue scale, strong retention rates, and more diversified business profile following the acquisition of Diamond Hill. Diamond Hill, which has been consistently profitable and had no debt, will help bolster FEH's equity and growing fixed income platform, adding $31 billion in assets under management. However, the rating is constrained by FEH's high leverage as a result of its growth-oriented expansion strategy, and low pre-tax income margins. Following the transaction, FEH's pro-forma leverage will be approximately 6.11x debt/EBITDA with Moody's adjustments, which is higher than 5.5x at year-end 2025, but lower compared to 6.47x in Q1 2025. The company also maintains an unutilized $350 million Delayed Draw Term Loan, which will be used in conjunction with free cash flow for funding future acquisitions in pursuit of its strategic growth initiatives. The rating also reflects the fact that M&A is a key part of FEH's business strategy, which may lead to business and operational risks, along with volatility in the company's leverage profile, as FEH adds new investment managers to their platform of managers over time. The stable outlook reflects Moody's expectations that funding of future growth from a combination of free cash flow and modest increases in notional debt, with the potential for accretive acquisitions leads to a stable leverage profile. Additionally, much of the capital investments the firm has made in recent years towards building out its distribution platform have largely peaked, contributing positively to free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The following developments could contribute to upward ratings pressure: 1) Debt/EBITDA with Moody's adjustments is sustained below 4.5x; 2) strong absolute investment performance combined with organic AUM growth; and 3) diversification of asset mix as a result of asset raising in new products. Conversely, the following developments could contribute to downward ratings pressure: 1) Debt/EBITDA with Moody's adjustments is sustained above 6.5x; 2) decrease in AUM arising from sustained net outflows; 3) persistent underperformance of the firm's two flagship funds relative to their benchmarks, and 4) significant staff turnover, particularly within the Global Value portfolio management team. The principal methodology used in these ratings was Asset Managers published in May 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. First Eagle Holdings, Inc. is headquartered in New York, NY. It is independently owned, has offices worldwide, and had $182 billion in assets undermanagement as of December 31, 2025. FORTUNA STONEWORKS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Fortuna Stoneworks, LLC Creative Surfaces 155 Hunt Drive Rossville GA 30741 Business Description: Fortuna Stoneworks, LLC is a family-owned stonework company based in Rossville, Georgia, outside Chattanooga, Tennessee. The company provides countertop and stonework fabrication and installation services, including material selection support and laser templating of countertop spaces. Fortuna Stoneworks serves commercial development, residential remodel, and new construction projects across East Tennessee, North Alabama, and North Georgia. The company works with materials including granite, quartz, porcelain, and solid surface. Chapter 11 Petition Date: May 4, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-40736 Debtor's Counsel: Will Geer, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 Email: wgeer@rlkglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 milion to $10 million The petition was signed by Partha Chakraborty as manager. 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/XDE2K5I/Fortuna_Stoneworks_LLC__ganbke-26-40736__0001.0.pdf?mcid=tGE4TAMA FRIEDENBACH FAMILY: Committee Taps Fox Rothschild as Legal Counsel ------------------------------------------------------------------ The official committee of unsecured creditors of Friedenbach Family Farms, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Fox Rothschild LLP as counsel. The firm will render these services: a. give legal advice with respect to the Committee’s powers and duties in the context of this Case; b. assist and advise the Committee in its consultation with the Debtor and others regarding the administration of this Case; c. attend meetings and negotiate with the Debtor, lenders, creditors, other parties in interest and others; d. appear, as appropriate, before the Court, relevant appellate courts, and in other appropriate forums, and to represent the interests of the Committee before said Courts and forums; e. advise the Committee in connection with proposals and pleadings submitted by the Debtor or others to this Court; f. generally prepare on behalf of the Committee all necessary applications, motions, answers, orders, reports and other legal papers in support of positions taken by the Committee; g. take all necessary action to protect and preserve the interests of unsecured creditors represented by the Committee, including: (i) assessing the validity, priority and scope of liens and claims; (ii) to investigate and prosecute actions on the Committee’s behalf; and (iii) to conduct negotiations concerning all litigation in which the Debtor, the estate or the Committee is or may be involved; h. assist the Committee in the review, analysis and negotiation of any plan(s) of reorganization that may be filed and to assist the Committee in the review, analysis, and negotiation of the disclosure statement accompanying any plan(s) of reorganization; i. retain expert professional assistance and witnesses, as necessary; and j. perform all other necessary legal services for the Committee in connection with this Case. The firm's current hourly rates are: Michael A. Sweet $1,200 Joseph J. DiPasquale $1,255 Noah Thomas $520 Agostino Zammiello $695 Attorneys $270 to $1,400 Paraprofessionals $125 to $590 Fox has also agreed to a blended rate cap for all billers at $750. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Fox Rothschild is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Brian R. Anderson, Esq. Fox Rothschild LLP 230 N. Elm Street, Suite 1200 Greensboro, NC 27401 Telephone: (336) 378-5205 Email: BRAnderson@FoxRothschild.com About Friedenbach Family Farms LLC Friedenbach Family Farms, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-10638) on Feb 17, 2026, with $10 million to $50 million in both assets and liabilities. The petition was signed by Kurt Michael Friedenbach as manager. Judge Jennifer E. Niemann oversees the case. The Debtor is represented by: Peter A. Sauer, Esq. Fear Waddell, P.C. 7650 N. Palm Avenue Suite 101 Fresno CA 93711 Telephone: (559) 436-6575 Email: psauer@fearlaw.com GLOBAL BUSINESS: Fitch Puts 'BB' LongTerm IDR on Watch Negative --------------------------------------------------------------- Fitch Ratings has placed the 'BB' Long-Term Issuer Default Ratings for Global Business Travel Group, Inc. (GBTG) and GBT US III LLC, and its 'BBB-' with a Recovery Rating of 'RR1' senior secured debt on Rating Watch Negative (RWN) following the company's agreement to be acquired by Long Lake Management, with support from General Catalyst and Alpha Wave. The RWN reflects uncertainty about the private company's post-close capital structure after paying down all existing debt, including potentially higher EBITDA leverage or higher financial policy risk. However, Fitch expects Long Lake's ownership to improve Amex GBT's strategic positioning by accelerating AI-enabled service modernization. Fitch expects Amex GBT to continue to benefit from a strong industry position and room for productivity gains. The Rating Watch Negative may remain in place for longer than six months, depending on the timing of the transaction. Key Rating Drivers Take-private Transaction Announced: GBTG announced it agreed to be acquired by Long Lake, with support from General Catalyst and Alpha Wave, in a $6.3 billion deal that would take the company private. Fitch expects gross EBITDA leverage to rise above the high 2.0x's if the post-close capital structure includes $1.5 billion or more of debt. Fitch has limited visibility into financial policy under the new ownership. However, Fitch believes Long Lake's ownership could expand the company's upside through productivity gains and stronger client satisfaction, supported by its extensive proprietary data and enhanced AI capability. Margin Expansion Supports Profitability: Fitch anticipates GBTG's EBITDA margin will continue to improve, driven by enhanced operational efficiency through booking channel digitalization, generative AI-enabled automation and service personalization. Fitch expects self-service solutions to continue to drive operating leverage by enabling more bookings per employee. Fitch also expects GBTG's EBITDA margin to approach low 20% by YE 2026, up from 19% in 2025 despite temporary pressure from integration with CWT. Execution risk should be moderate, given the company's recent success and continued focus on technology investment. Steady Growth; Resilient Position: Fitch projects GBTG's 2025's organic revenue growth will remain steady, supported by small and medium-sized enterprise (SME) share gains. While the acquisition of CWT added moderate exposure to the U.S. government, GBTG derives meaningful booking volume from global multinational (GMN) industry verticals tied to essential business travel. These sectors, including IT, business and professional services and pharmaceutical and healthcare, involve high-value travel that is likely resilient to macroeconomic pressure. Over the medium term, Fitch expects GBTG to use its competitive position, technology, and high-touch capabilities to gain market share. Strong Industry Position: Amex GBT is a leading software and services company for travel, expense and meetings and events, with travel professionals in more than 140 countries. The company's marketplace benefits from network effects stemming from its extensive base of content suppliers and corporate clients and from proprietary end-to-end platforms that offer integrated solutions. The company had a 96% client retention rate in 2025. Most long-term contracts range from three to five years, while contracts with its top 10 GMN clients average 15 years. Strategic M&A: Fitch expects GBTG to continue to explore M&A opportunities accretive to its existing operations, increasing its breadth of offerings to gain market share in the fragmented travel management industry. The CWT acquisition expanded its client base across different geographies and industries, while also driving cost synergies. Fitch also expects GBTG to pursue M&A that provides synergies in technology enhancement, given its focus on driving productivity gains and client experience through AI. Revenue Diversification: GBTG derives roughly 80% revenue from the U.S. and the U.K., with 80% of total revenue coming from travel and the rest from products and professional services. The concentration in transaction-based revenue is somewhat offset by its diversified client and supplier base, as no single client represents more than 2% of revenue. The company's client portfolio spans various industry verticals and is evenly divided between GMNs and SMEs, with further diversification through potential M&A. Cyclical and Competitive Industry: Corporate travel is cyclical and subject to event risks such as terrorism and pandemics. Low-value events and internal meetings are increasingly substituted by teleconferencing technologies as businesses seek to justify returns on investment (ROI). Nonetheless, hybrid or remote work models are fueling travel related to team building, as companies aim to strengthen connectivity among colleagues. Unmanaged travel, which constitutes 70% of global SMEs, presents a substantial growth opportunity for Amex GBT to offer solutions in cost management, disruption management and ROI tracking. Peer Analysis GBTG is rated three notches below its Fitch-rated peer, Expedia Group, Inc. (BBB/Stable). Expedia focuses on the leisure travel segment, which tends to be more discretionary and cyclical compared to corporate travel. Expedia operates at a significantly larger scale than GBTG, which is a leader in a more fragmented market. Historically, GBTG has experienced lower margins relative to Expedia due to the high-touch nature of corporate travel management. However, GBTG has achieved substantial margin improvements through technological transformation. Additionally, Expedia adheres to a gross leverage policy of 2.0x, whereas GBTG maintains a net leverage policy ranging from 1.5x-2.5x. Fitch’s Key Rating-Case Assumptions The following assumptions exclude the anticipated effects of the pending acquisition by Long Lake Management. Fitch removed prior leverage assumptions given expected debt repayment and uncertainty around the post-acquisition capital structure. - Revenue grows 20% in 2026 due to integration of CWT. This follows by low-single-digit growth in 2027-2029, driven by improvements in corporate travel budget and accelerated market share gains in the SME segment; - EBITDA margin increases from high-teens to 21% by YE 2028, driven by cost synergies, operational efficiency and operating leverage; - Capex is maintained at 5% of total revenue over the rating horizon as a result of technology investment that drives productivity and operational efficiency; - Annual amortization of 1% under its term loan B. Fitch assumes no voluntary debt paydown; - Base interest rate assumptions reflect current SOFR forward curve, offset by interest rate swaps. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bb+, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb+, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Recovery Analysis Fitch applies the generic approach for issuers in the 'BB' rating category and equalizes the IDR and unsecured debt instrument ratings when average recovery prospects are present, as per the Corporates Recovery Ratings and Instrument Ratings Criteria, as issuers rated 'BB-' and above are too far from default for a credible default scenario analysis to be generated, and would likely generate Recovery Ratings (RR) that are too high across all instruments. Where an RR is assigned, the generic approach reflects the relative instrument rankings and their recoveries, as well as the higher enterprise valuation of 'BB' ratings in a generic sense for the most senior instruments. Considering the IDR of 'BB', the Category 1 first lien senior secured debt is notched up two levels to 'BBB-'/'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Completion of the take-private transaction, if it results in EBITDA leverage sustained above 3.5x; - An expectation of deterioration of business environment in the corporate travel industry; - Prolonged deviation from stated financial policy through excessive debt-funded acquisitions or shareholder-friendly actions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Evidence of continued ability to gain new clients and increase penetration into the SME segment; - EBITDA leverage sustained below 3.0x; - An expectation of an overall stable corporate travel environment over the rating horizon; - Successful integration of CWT, demonstrated by realized cost synergies and increased transaction volume; - Margin sustained in the high teens or above. Liquidity and Debt Structure GBTG had robust liquidity, with $434 million of cash and cash equivalents and $360 million of revolver availability as of March 31, 2026. Fitch expects the company's discretionary FCF margin to remain steady in the mid-single digits, driven by margin expansion through improved operational efficiency and reduced interest payments following the repricing of term loan B. Issuer Profile American Express Global Business Travel (Amex GBT) is a B2B travel platform, providing software and services to manage travel, expenses, meetings and events for companies of all sizes. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Global Business Travel Group, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Global Business Travel Group, Inc. LT IDR BB Rating Watch On BB GBT US III LLC LT IDR BB Rating Watch On BB senior secured LT BBB- Rating Watch On RR1 BBB- GLOBAL MEDICAL: Moody's Puts 'B2' CFR on Review for Upgrade ----------------------------------------------------------- Moody's Ratings placed Global Medical Response Inc.'s (GMR) ratings on review for upgrade, including the B2 corporate family rating and B2-PD Probability of Default Rating following its parent's (GMR Solutions Inc.) IPO announcement. Concurrently, Moody's placed on review for upgrade the B2 ratings on the senior secured first lien term loan B and senior secured notes. Previously, the outlook was positive. The review follows GMR Solutions Inc.'s announcement that it has filed an S-1 registration statement to offer 31.9 million shares at an initial price range of $22–$25 per share, representing potential proceeds of approximately $700-800 million dollars. GMR Solutions Inc.'s intends to use the proceeds to redeem the outstanding shares of Series B preferred stock, that are not subject to the concurrent preferred exchange, with any remaining net proceeds, together with net proceeds from a concurrent private placement and cash on hand, to repay a portion of the term loan B credit facility. In the review, Moody's will assess GMR's financial policy as a public company including leverage expectations, potential for acquisitions, dividends, board composition, debt mix, free cash flow projections, and operating strategy. The planned IPO's ultimate impact on GMR's financial profile could change depending on the size and pricing of the offering but will likely result in some reduction in debt and cash interest expense that will improve free cash flow, if completed. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Notwithstanding the rating review, GMR's B2 CFR benefits from the company's scale as the nation's largest provider of emergency medical services ("EMS"), delivering EMS and other essential out-of-hospital care in rural and urban communities that represent more than 60% of the US population. As the only national, fully integrated, air and ground EMS provider, GMR operates in approximately 1,400 counties across the country. The company benefits from significant diversification by geography, payor and service lines, as well as growing predictability of revenues from increasingly in-network commercial payor sources. The rating is constrained by GMR's exposure to weather fluctuations in the air medical transport business, certain labor pressures, and continued uncertainty surrounding reimbursement rates. GMR's financial leverage is moderately high, with gross debt/EBITDA of 4.6x for the LTM December 31, 2025 using Moody's calculations. The review for upgrade on GMR's ratings reflects the leverage reduction that is expected to follow the IPO completion. The rating review will focus on GMR's post-transaction capital structure and financial policies with a public company parent, including leverage targets and M&A strategy. Given the review for upgrade, a downgrade of the ratings is unlikely at this time. Global Medical Response, Inc. is the nation's largest provider of emergency medical services ("EMS"), delivering EMS and other essential out-of-hospital care in rural and urban communities. GMR has been a portfolio company of sponsor KKR & Co. Inc. and its subsidiaries (KKR) since 2015. The company generated about $5.7 billion of revenue over the last twelve months ended December 31, 2025. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. GMR's B2 rating is two notches below the LTM scorecard-indicated outcome of Ba3 as it is weighted to the company's track record of aggressive financial policies seasonal volatility. GREAT CIRCLE: Hires Marcus & Millichap as Real Estate Broker ------------------------------------------------------------ Great Circle Park LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Marcus & Millichap Real Estate Investment Services, Inc. as real estate broker. The broker will market and sell the Debtor's parking garage located at 70 Little West Street, CUD, New York, NY. Marcus shall be entitled to a commission equal to 4 percent of the gross loan amount of such financing, payable upon the closing thereof. As disclosed in the court filings, Marcus is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtor or the Debtor's estate. The firm can be reached through: John Horowitz Marcus & Millichap Real Estate Investment Services, Inc. 260 Madison Ave. New York, NY 10016 About Great Circle Park LLC Great Circle Park, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GREEN SUITES: Hires Charles Wertman PC as Bankruptcy Counsel ------------------------------------------------------------ Green Suites LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ the Law Offices of Charles Wertman PC as counsel. The firm's services include: (a) providing legal advice with respect to the Debtor's powers and duties as debtor-in-possession in accordance with the provisions of the Bankruptcy Code; (b) preparing, on behalf of the Debtor, all necessary schedules, applications, motions, answers, orders, reports, adversary proceedings and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (c) assisting the Debtor in the development and implementation of a plan of reorganization or liquidation, including the proposed sale of the Property; (d) performing all other legal services for the Debtor that may be necessary in connection with this Chapter 11 case and the Debtor's attempts to reorganize its affairs under the Bankruptcy Code. The firm will be paid at these hourly rates: Attorneys $525 Paraprofessionals $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing date, and on behalf of the Debtor, the firm was paid a total sum of $9,238, including the filing fee of $1,738. Charles Wertman, Esq. disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Charles Wertman, Esq. Law Offices of Charles Wertman PC 100 Merrick Road, Suite 304W Rockville Centre, NY 11570 Telephone: (516) 284-0900 Email: charles@cwertmanlaw.com About Green Suites LLC Green Suites LLC holds ownership of a single-family residential property situated in Brooklyn, New York, with a current value of $1.6 million. Green Suites sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40419) on Jan. 27, 2026, listing up to $1,600,000 in total assets and up to $2,578,279 in total liabilities. Judge Elizabeth S. Stong oversees the case. The Debtor tapped the Law Offices of Charles Wertman PC as counsel. HARTSOOK 14001: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Hartsook 14001, LLC 530 South Lake Ave #364 Pasadena, CA 91101 Business Description: Hartsook 14001, LLC is a real estate company that holds a single property asset at 14001 Hartsook Street in Sherman Oaks, California, with an estimated value of $2.13 million. Chapter 11 Petition Date: May 4, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14398 Judge: Hon. Neil W Bason Debtor's Counsel: Robert Altagen, Esq. LAW OFFICE OF ROBERT S. ALTAGEN, INC. 1111 Corporate Center Drive #201 Monterey Park CA 91754 Tel: (323) 268-9588 Email: robertaltagen@altagenlaw.com Total Assets: $2,125,000 Total Liabilities: $1,664,285 The petition was signed by Jeffrey Thompson as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6HZNTKY/Hartsook_14001_LLC__cacbke-26-14398__0001.0.pdf?mcid=tGE4TAMA HARVEST MIDSTREAM I: Fitch Rates New $800MM Unsec. Notes 'BB-' -------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating with a Recovery Rating of 'RR4' to Harvest Midstream I, L.P.'s (HMI) proposed $800 million senior unsecured notes. The notes will rank equally with HMI's other senior unsecured debt. Net proceeds and borrowings under the revolving credit facility will be used to redeem in full its outstanding 7.500% senior notes due 2028. The ratings reflect HMI's diversified asset portfolio, relatively stable cash flows and affiliate relationship. These strengths are offset by higher leverage, reliance on acquisitions for growth, volumetric risk, increasing commodity price exposure, and concentrated counterparty exposure. HMI currently has limited rating headroom, as Fitch expects leverage to approach the high end of the rating sensitivity range and remain elevated in the near term. Key Rating Drivers Acquisitions Elevating Leverage: Fitch expects leverage to approach 4.5x in 2026, driven mainly by the fully debt-funded Rockies acquisition. HMI's leverage has risen since 2022 after several debt-funded acquisitions. The partnership has used acquisitions to expand its modest size and scale, partly because of its large presence in mature or lower-growth basins. This strategy has accelerated portfolio diversification and supported cash flow stability. However, recent debt-funded deals raised financial risk, while the dispersed asset footprint could limit integration synergies and scale benefits. Modest leverage remains critical to the rating, given HMI's acquisitive strategy, customer concentration, and exposure to volumetric and commodity price risk. While the portfolio should generate meaningful FCF for debt reduction over the forecast period, weaker commodity prices could hinder deleveraging. Fitch believes management's return to its target net leverage range of 3.0x-3.5x depends on disciplined capital allocation and strong operational execution. Further large debt-funded acquisitions or significant unplanned organic growth spending before leverage normalizes could pressure the rating. Diversified Portfolio: Fitch views HMI's diversification as a key credit strength. HMI is among the few midsized operators in the capital-intensive midstream sector with a broadly diversified asset portfolio. Diversification across regions, services, and commodities has supported relatively stable cash flow through varying market conditions. The recent Rockies acquisition is expected to increase HMI's scale and further strengthen diversification by rebalancing the commodity mix and materially reducing reliance on its largest counterparty. HMI now operates across six distinct regions, with exposure to diverse basin fundamentals and market dynamics. Volumetric Risk: Volumetric risk remains a key consideration in HMI's contract framework, given limited volume commitments. This risk is partially mitigated by the low declines of the mature basins in which HMI operates. However, unconventional development, such as the Mancos in the San Juan Basin, could accelerate decline rates. HMI is also mitigating volumetric risk by incorporating volume protections into select new contracts. In addition, Alaska's cost-of-service contracts provide downside protection by allowing tariff adjustments in response to volume fluctuations, although the lag between volume changes and tariff resets could result in temporary cash flow volatility. Commodity Price Exposure: HMI's commodity price exposure has increased in recent years, with marketing and non-fee-based revenue rising to about 20% of net revenues for the last three years. Expansion of its crude marketing business in Texas and Louisiana has increased exposure to price spreads. Rockies revenues, while largely fixed-fee, will add further exposure to keep-whole margins driven by spreads between natural gas and NGL prices. HMI has hedged a portion of this exposure, and Four Corners benefits from a natural hedge between fee modifiers and keep-whole margins. Affiliate Relationship: HMI's risk profile remains tied to its E&P affiliate, Hilcorp (Not Rated), which is expected to account for less than 40% of net revenues after the Rockies acquisition. Acquisitions and organic growth have steadily diluted Hilcorp's contribution over time. Hilcorp, one of the largest privately held oil and gas producers in the U.S., shares common ownership with HMI under Mr. Jeffery Hildebrand. HMI's operations are strategically important to Hilcorp's production in the Alaska and Four Corners regions. Fitch expects continued operational alignment between the two companies as HMI diversifies its customer base and pursues third-party growth. Peer Analysis Howard Midstream Energy Partners, LLC (Howard; BB-/Stable) serves as a comparable peer to HMI due to its geographic diversification. Howard's assets are located in South Texas, the Texas Gulf Coast, Oklahoma and Pennsylvania. Compared to HMI, Howard is smaller in size and has lower commodity price exposure, as over 90% of its EBITDA are generated from fixed-fee contracts. While 40%-50% of Howard's EBITDA are supported by take-or-pay contracts, HMI benefits from higher diversification and cost-of-service contract. Howard's leverage is expected to remain in the mid-to-low 4.0x range, largely in line with HMI's after 2026. Howard has a long-term net leverage target of below 4.0x compared to HMI's commitment to a leverage of 3.0x-3.5x. HMI and Howard are rated the same primarily because Howard's lower commodity price risk is balanced by its smaller size. Fitch’s Key Rating-Case Assumptions - Fitch price deck advises commodity price assumptions; - Base interest rates applicable to the partnership's outstanding variable rate-debt obligations reflect the Fitch Global Economic Outlook. - Near term capex largely in line with management guidance; - Periodic acquisition activities in the forecast period; - Modestly lower distributions in years with significant growth projects or acquisitions. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Moderate), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb-, Higher), Financial Structure (bb+, Moderate), and Financial Flexibility (bb, Lower). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - EBITDA leverage above 4.5x on a sustained basis; - Increases in capital spending and/or funding for acquisitions beyond Fitch's expectation, particularly if not funded with a balance of debt and equity, resulting in negative consequences for the credit profile; - An event that has a material negative effect on Hilcorp's credit profile or operations; - Material changes to contractual arrangements and operating practices that negatively affect HMI's cash flow or earnings profile; - Impairment to liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Change in the cash flow stability profile, with a greater proportion of EBITDA derived from more prolific basins and/or decreased volumetric and commodity price exposure; - Meaningful improvement to counterparty credit profile and an increase in scale, with EBITDA leverage expected to sustain below 3.5x. Liquidity and Debt Structure The partnership had total liquidity of approximately $394 million as of Dec. 31, 2025, including about $5 million of cash and $389 million of availability under its $1.1 billion first-lien secured revolving credit facility (RCF). The RCF, which matures on May 7, 2030, includes a $120 million letter of credit sublimit, with no outstanding letters of credit as of YE 2025. HMI also has a $600 million term loan maturing on Nov. 12, 2029, with mandatory prepayments beginning March 31, 2026. Both the RCF and term loan are subject to a springing maturity of June 1, 2028, if the 7.50% 2028 notes are not refinanced or repaid by that date. The credit facilities require a maximum net secured leverage ratio of 3.50x, a maximum total leverage ratio of 5.25x, and a minimum interest coverage ratio of 3.00x. HMI was in compliance with these covenants as of Dec. 31, 2025. Fitch expects the partnership to generate FCF and remain in compliance throughout the forecast period. Issuer Profile Harvest Midstream I, L.P. is a private Houston-based midstream partnership. It owns interests in oil, natural gas, and wastewater pipelines, gas processing and treating plants, facilities, and related equipment across six North American regions: Alaska, Four Corners, Louisiana, Eagle Ford, Bakken, and Rockies. Date of Relevant Committee February 5, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Harvest Midstream I, L.P. ESG Considerations Harvest Midstream I, L.P. has a Governance Structure Score of '4'. As a privately held company wholly owned by its founder, Harvest Midstream I, L.P. does not have a board with independent directors, unlike the requirement for public companies, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Harvest Midstream I, L.P. senior unsecured LT BB- New Rating RR4 HARVEST MIDSTREAM: S&P Rates Proposed Senior Unsecured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Harvest Midstream I, L.P.'s proposed $800 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The company intends to use the proceeds to redeem its $800 million senior unsecured notes due 2028. S&P's 'BB-' issuer credit rating on Harvest is unchanged because we expect the company's leverage to remain around 4.0x in 2026 and 2027. Harvest, headquartered in Houston, is a diversified midstream energy infrastructure partnership that gathers, processes, compresses, treats, transports, liquifies, stores, purchases, and sells natural gas, crude oil, and natural gas liquids. Through its consolidated subsidiaries, Harvest owns and holds interest in processing, treating and liquefaction plants, crude oil and natural gas pipelines, terminals, facilities, and related equipment primarily in Alaska, New Mexico, Colorado, Utah, Wyoming, North Dakota, Louisiana, Texas, and Ohio. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default assumes an oversupply of crude oil and natural gas that leads to an extended downturn in commodity prices. The declining oil and gas prices force producers in Alaska, San Juan, and other basins to cut back production, reducing throughput volumes on Harvest's systems, lowering revenue and cash flow. S&P's default scenario also contemplates lower volumes from Alaska due to declining production as a result of structurally higher breakevens and prohibitive regulations. -- S&P assumes the $1.1 billion RCF is 85% drawn at default. Simulated default assumptions -- Simulated year of default: 2030 -- EBITDA at emergence: approximately $326 million -- EBITDA multiple: 7x Simplified waterfall -- Net enterprise value (after 5% administrative costs): approximately $2.2 billion -- Senior secured debt claims: approximately $1.3 billion -- Collateral value available to senior unsecured debt claims: approximately $827 million -- Senior unsecured debt claims: $1.3 billion --Recovery expectations: 50%-70% (rounded estimate: 60%) Note: All debt amounts include six months of prepetition interest. HERITAGE WVILLE: Seeks to Hire James E. Dickmeyer PC as Counsel --------------------------------------------------------------- Heritage Wville, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire James E. Dickmeyer, PC as counsel. The firm will provide these services: a. prosecute actions on behalf of the estate as may be appropriate, to advise the debtor concerning the administration of the estate; and b. assist in the formulation of a reorganization plan and otherwise represent the debtor in possession in the performance of all duties and obligations of a debtor in possession. The firm will be paid at $500 per hour. The firm received $10,000 from the Debtor. In addition, the firm will seek reimbursement for its out-of-pocket expenses. James Dickmeyer, Esq., a partner at James E. Dickmeyer, P.C. 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: James E. Dickmeyer, Esq. James E. Dickmeyer, PC 520 Kirkland Way, Suite 400 P.O. Box 2623 Kirkland, WA 98083 Telephone: (425) 889-2324 About Heritage Wville, LLC Heritage Wville, LLC, which was established in 2018 and operates Heritage Restaurant and Bar in Woodinville, Washington, runs a full-service restaurant and bar in the Woodinville Wine Country area. Led by chef-owner Breanna Beike and her husband, Chris Brende, the company serves casual food and cocktails and expanded its operations with the opening of Tarte by Heritage, a bake shop, in 2022. Its customers include local residents, wine-country visitors and private-event clients. Heritage Wville, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wa. Case No. 26-10977) on March 30, 2026, listing $181,167 in assets and $2,285,162 in liabilities. The petition was signed by Breanna Beike as manager. Judge Timothy W Dore handles the case. James E. Dickmeyer, Esq. at James E. Dickmeyer, PC serves as the Debtor's counsel. HIGHLAND CAPITAL: Texas Panel Considers Sanctions Over $1B Judgment ------------------------------------------------------------------- Spencer Brewer of Law360 reports that on Wednesday,May 6, 2026, a Texas appeals court scrutinized arguments from lawyers for former Highland Capital Management LLP executives seeking relief from a contempt ruling. The judges challenged the legal grounds offered to set aside the finding. Much of the discussion centered on the court's prior order directing each executive to pay $500 in sanctions. The panel asked counsel what remedy, if any, would be appropriate if the contempt finding were upheld, the report states. No decision was made from the bench, but the court’s questioning suggested it is carefully evaluating whether the sanction and underlying contempt order should remain in effect, according to Law360. About Highland Capital Management Highland Capital Management, LP was founded by James Dondero and Mark Okada in Dallas in 1993. Highland Capital is the world's largest non-bank buyer of leveraged loans in 2007. It also manages collateralized loan obligations. In March 2007, it raised $1 billion to buy distressed loans. Collateralized loan obligations are created by bundling together loans and repackaging them into new securities. Highland Capital Management sought Chapter 11 protection (Bank. D. Del. Case No. 19-12239) on Oct. 16, 2019. On Dec. 4, 2019, the case was transferred to the U.S. Bankruptcy Court for the Northern District of Texas and was assigned a new case number (Bank. N.D. Tex. Case No. 19-34054). Judge Stacey G. Jernigan is the case judge. At the time of the filing, Highland had between $100 million and $500 million in both assets and liabilities. The Debtor tapped Pachulski Stang Ziehl & Jones LLP as bankruptcy counsel, Foley & Lardner LLP as special Texas counsel, and Teneo Capital, LLC as litigation advisor. Kurtzman Carson Consultants, LLC, is the claims and noticing agent. The U.S. Trustee for Region 6 appointed a committee of unsecured creditors on Oct. 29, 2019. The committee tapped Sidley Austin LLP and Young Conaway Stargatt & Taylor LLP as bankruptcy counsel, and FTI Consulting, Inc. as financial advisor. HILTON DOMESTIC: S&P Rates Proposed Senior Unsecured Notes 'BB+' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '4' recovery rating to the proposed senior unsecured notes issued by Hilton Worldwide Holdings Inc.'s (BB+/Stable/--) borrowing subsidiary Hilton Domestic Operating Co. Inc. The company is targeting a single $1 billion tranche due in 2031. Hilton intends to use the proceeds from the notes to repay borrowings under its revolving credit facility, which had approximately $450 million outstanding as of May 7, 2026. The remainder of the proceeds will be used for general corporate purposes, including share repurchases. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery for lenders in the event of a default. Issue Ratings--Recovery Analysis Key analytical factors -- S&P assigned its 'BB+' issue-level rating and '4' recovery rating to Hilton's proposed unsecured notes. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 30%) recovery for noteholders in the event of a default. This is in line with S&P's existing issue-level and recovery ratings on Hilton's existing senior unsecured notes. -- S&P rates the company's senior secured debt (a $2 billion revolving credit facility due in 2028 and the $3.1 billion term loan B-4 due in 2030) 'BBB-' with a '1' recovery rating. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 95%) recovery for lenders in the event of a default. -- The senior secured debt is collateralized by a perfected security interest in substantially all domestic tangible and intangible assets, and a 65% stock pledge from foreign subsidiaries. S&P said, "We cap our issue-level ratings for speculative-grade issuers (other than the secured debt of regulated utilities and real estate firms) at 'BBB-' regardless of our recovery rating. This deemphasizes the weight recovery plays in notching up issue-level ratings for issuers near the investment-grade threshold because recovery is a smaller component of credit risk when default risk is more remote, particularly considering recovery prospects may be less predictable and more variable for these issuers. "Our simulated default considers prolonged economic weakness and significantly reduced transient and group travel volume, leading to a default in 2031. "We assume a reorganization following the default and use an emergence EBITDA multiple of 7.5x to value the company. This multiple--at the high end of our range for the leisure sector--reflects the quality and scale of Hilton's portfolio of brands. "We assume the revolving credit facility is 85% drawn at default after excluding the unused portion of letters of credit." Simulated default assumptions -- Year of default: 2031 -- Emergence EBITDA: $1.1 billion -- Multiple: 7.5x Simplified waterfall -- Net enterprise value after administrative expenses (5%): $8.0 billion -- Obligor/nonobligor split: 70%/30% -- Estimated senior secured debt claims: $4.7 billion -- Value available for secured debt claims: $7.2 billion --Recovery expectation: 90%-100% (rounded estimate: 95%) -- Estimated senior unsecured debt claims: $10.2 billion -- Value available for unsecured debt claims: $3.3 billion --Recovery expectation: 30%-50% (rounded estimate: 30%) Note: All debt amounts include six months of prepetition interest. HUBBARD RADIO: Moody's Lowers PDR to 'D-PD' Amid Debt Repurchase ---------------------------------------------------------------- Moody's Ratings downgraded Hubbard Radio, LLC's (Hubbard) Probability of Default Rating to D-PD from Ca-PD after its purchase of its outstanding senior secured term loan debt which Moody's considered a distressed exchange. Moody's affirmed the Ca Corporate Family Rating and withdrew the Ca rating on the backed senior secured first lien term loan which is no longer outstanding. The outlook remains stable. RATINGS RATIONALE Hubbard Radio, LLC purchased its outstanding $206.88 million of backed senior secured first lien term loan due September 2027 at a significant discount to par. Moody's viewed the purchase as a distressed exchange, which is a default under Moody's definitions. Subsequent to this rating action, Moody's will withdraw the CFR, PDR and the outlook because Hubbard has no rated debt outstanding. Hubbard Radio, LLC, formed in 2011, is a family controlled and privately held media company that owns and operates radio stations in 8 of the top 50 markets. Hubbard is a wholly owned subsidiary of Hubbard Broadcasting, Inc. (HBI), a television and radio broadcasting company that was started in 1923. Headquartered in St. Paul, Minnesota, Hubbard generated revenue on a standalone basis of $183 million as of LTM Q3 2025. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. INDICOR LLC: S&P Places 'B' ICR on CreditWatch Negative ------------------------------------------------------- S&P Global Ratings placed all its ratings on Indicor LLC, including the 'B' issuer credit rating, on CreditWatch with negative implications. The CreditWatch placement reflects that there is at least a one-in-two likelihood S&P will lower its rating on the company following the close of the acquisition, given the significant reduction in its scale and scope. S&P said, "We anticipate resolving the CreditWatch placement before or at the close of the transaction, which we expect will occur in calendar year 2026 subject to the receipt of regulatory approvals. At that time, we will review Indicor's post-transaction capital structure and financial policy." On May 6, 2026, Indicor LLC announced it had entered into a definitive agreement to sell its instrumentation businesses to Ametek Inc., a manufacturer of electronic instruments and electromechanical devices, for a purchase price of $5 billion. Following the transaction, the remaining business will comprise the company's flow-related assets, which accounted for approximately $235 million of 2025 revenue. S&P said, "We expect the transaction will reduce the scale and diversity of Indicor's revenue base. The sale of the instrumentation businesses will reduce the scale of the company's operations by about 80%. That said, we understand Indicor will repay all its rated debt at the close of the transaction. We will reevaluate our ratings on the company once we receive definitive details around its post-transaction capital structure and financial policy. We expect Clayton Dubilier & Rice (CD&R) will retain its controlling ownership stake in the remaining Indicor LLC business. "The CreditWatch placement reflects that there is at least a one-in-two likelihood we will lower our rating on Indicor following the close of the acquisition. We believe a downgrade, if any, would be limited to one notch." INGENOVIS HEALTH: Moody's Appends 'LD' Designation to PDR --------------------------------------------------------- Moody's Ratings appended a limited default "/LD" designation to Ingenovis Health, Inc.'s (Ingenovis) Probability of Default Rating changing it to Caa3-PD/LD from Caa3-PD, following the company's maturity extension transactions to the initial revolving credit facility with an original expiration date of March 05, 2026. There is no change to the company's Corporate Family Rating at Caa3 and senior credit facilities at Caa3. The outlook is stable. Ingenovis has completed a series of extensions on its revolving credit facility that will extend the maturity by about 3 months through June 15, 2026. This debt extension is considered a default on the instrument. The "/LD" designation will be removed in approximately three business days. Ingenovis Health is an Ohio based services company with a leading portfolio of healthcare staffing brands providing nursing, allied and physician workforce solutions comprised of traditional and fast response travel nursing & allied staffing; cardiology specialty nurse & allied staffing; acute and alternative setting staffing; locum tenens staffing; practice-based solutions; and labor disruption staffing & services across the US. Ingenovis is majority owned by Cornell Capital and Trilantic Capital Partners (the Investor Group). As of LTM September 30, 2025, Ingenovis generated around $960 million of revenue. INSTITUTO MEDICO: Court Directs U.S. Trustee to Appoint PCO ----------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico directed the U.S. Trustee to appoint a patient care ombudsman for Instituto Medico Del Norte Inc. The bankruptcy judge finds that the provisions of Section 333(a)(1) of the Bankruptcy Code for appointment of a PCO apply to Instituto Medico Del Norte after having filed its bankruptcy petition, indicating that it operates a health care business. On April 28, Instituto Medico Del Norte filed a Chapter 11 petition designating the company as a health care business. About Instituto Medico Del Norte Inc. Instituto Medico Del Norte Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01886) on April 28, 2026, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Mildred Caban Flores presides over the case. Jesus Enrique Batista Sanchez, Esq. at The Batista Law Group, Psc represents the Debtor as legal counsel. INTERTRADE HOLDINGS: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------------- Intertrade Holdings Inc. asks the U.S. Bankruptcy Court for the Southern District of Florida, Broward County Division, for emergency authorization to use cash collateral and provide adequate protection. The company conducts its business by representing food manufacturers and earning commissions on sales, while also purchasing and reselling food products at a markup. Its operations are centered in Pembroke Pines, Florida, and it relies heavily on working capital tied up in inventory, receivables, and cash on hand to maintain day-to-day operations. At the time of filing, the Debtor reported approximately $69,549 in cash, about $49,000 in inventory, and roughly $2.17 million in accounts receivable, although it estimates that up to half of those receivables may be uncollectible. The Debtor also acknowledged significant secured and unsecured obligations, including approximately $3.5 million owed to the SBA and additional exposure to Truist Bank, which is believed to hold the only perfected security interest in the Debtor's cash collateral. However, the Debtor disputes the validity, priority, and extent of all asserted liens and reserves the right to challenge them as the case progresses. The Debtor requires the use of cash collateral to fund essential operating expenses through September 2026, as outlined in the budget. These expenses include payroll, overhead, and other ordinary business costs necessary to keep the company functioning. The Debtor requests flexibility to exceed individual budget line items by up to 10%, or exceed all line items collectively by up to 10% of the total budget, to accommodate operational variability. The Debtor argues that use of cash collateral is justified because Truist is adequately protected through replacement liens and because continued operations will preserve the going-concern value of the business. It emphasizes that uninterrupted operations are essential to avoid liquidation, maintain customer relationships, and maximize value for creditors. Without access to cash collateral, the Debtor asserts it would be forced to cease operations, significantly reducing estate value and harming all stakeholders. A copy of the motion is available at https://urlcurt.com/u?l=qT4WA9 from PacerMonitor.com. About Intertrade Holdings Inc. Intertrade Holdings Inc. is a Florida-based food brokerage and wholesale company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15399) on April 28, 2026. In the petition signed by Perry Burk, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian S. Behar, Esq., at Behar, Guff & Glazer, P.A., represents the Debtor as legal counsel. J &ST: Cash Collateral Hearing Set for May 12 --------------------------------------------- The U.S. Bankruptcy Court for the Western District of Michigan is set to hold a hearing on May 12 to consider extending J &ST Dev., LLC's authority to use cash collateral. The Debtor's authority to access cash collateral under the court's May 6 interim order expires on May 12. The order authorized the Debtor to use up to $30,000 in cash collateral during the interim period and granted the State of Michigan replacement liens on and security interests in all assets of the Debtor as protection. The State of Michigan is listed as a secured creditor with an interest in the cash collateral, securing a debt of approximately $600,000. A copy of the court's order is available at https://shorturl.at/LBd5d from PacerMonitor.com. 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. J &ST: Thomas Richardson Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Thomas Richardson as Subchapter V trustee for J &ST Dev., LLC. Mr. Richardson will be paid an hourly fee of $330 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Richardson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Thomas C. Richardson P.O. Box 51067 Kalamazoo, MI 49005-1067 269-349-7415 Email: tcrtrustee@lewisreedallen.com 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. J.R. BUTLER: Creditors to Get Proceeds From Liquidation ------------------------------------------------------- J.R. Butler, Inc., filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement describing Plan of Liquidation dated April 28, 2026. The Debtor is a Colorado-based specialty commercial glazing contractor, responsible for the design, engineering, manufacturing, and installation of unitized glazing systems and miscellaneous glass scopes. In the period immediately preceding the Petition Date, the Debtor experienced increasing financial distress and project disruption attributable to the COVID-19 global pandemic, which in turn resulted in skyrocketing prices, reduction in labor, and project scheduling challenges. This in turn led to widespread disputes with general contractors, sureties, subcontractors, and project owners regarding payment, offsets, and alleged performance issues. As a result, substantial contract balances and retainage otherwise due to the Debtor were withheld across multiple projects. After evaluating available alternatives, including a debt/equity raise which fell through in May of 2025 because of a misrepresentation by a potential partner, the Debtor ceased ongoing business operations on June 6, 2025, and thereafter commenced an orderly wind-down. The Debtor's lease of its operating premises, which was more than one year in arrears, was terminated prior to the Petition Date. As part of its efforts to liquidate collateral and maximize resources available to pay creditors, the Debtor sold certain equipment and operating assets, most notably, commercial CNC machines and CNC tooling which could not be operated by the Debtor without any employees, to Phox ONE, LLC for $240,000. This transaction represented the Debtor's good-faith assessment of the fair market value of such assets, which remain encumbered by existing liens held by SMS Financial CRE Fund, LLC. The Debtor ultimately determined that relief under chapter 11 of the Bankruptcy Code was necessary to preserve estate value for the benefit of creditors. The Debtor therefore commenced this chapter 11 case. As of the Petition Date and throughout the post-petition period, the Debtor's assets consist primarily of accounts receivable arising from prepetition construction projects, together with limited cash. Consistent with its liquidation strategy, the Debtor's assets are being administered and monetized for the benefit of creditors. Class 4 consists of Allowed Unsecured Claims. Holders of Class 4 Claims shall receive a Pro-Rata Distribution of remaining Cash of the Debtor available from the Unsecured Claims Reserve. The Debtor shall make one or more Pro-Rata Cash Distributions after all Allowed Unsecured Claims have been finally allowed or disallowed and the applicable Pro-Rata Share and after all Cash Distributions have been made to Allowed Administrative Expenses, Priority Tax Claims; and Class 1, 2, and 3 Secured Claims. Distributions to Class 4 are limited to 100% of any such Creditor's Allowed Claim, without interest. Class 4 is impaired. Class 6 consists of Interests in the Debtor. Class 6 is impaired and entitled to vote on the Plan. All Interests shall be cancelled, released, and extinguished upon completion of the payments set forth in the Plan, and holders of Interests shall receive no distribution under the Plan. The Plan provides for the orderly liquidation of the Debtor's remaining assets, including accounts receivable and causes of action, and the distribution of proceeds to creditors in accordance with the priority scheme set forth in the Bankruptcy Code. The Debtor does not intend to reorganize or resume operations following confirmation. Instead, the Plan is designed to maximize recoveries through the continued administration and resolution of estate assets under court supervision. The primary assets to be liquidated under the Plan consist of accounts receivable arising from prepetition construction projects, together with related causes of action and settlement rights. As described elsewhere in this Disclosure Statement, the Debtor is actively pursuing these receivables through litigation, including the pending Adversary Proceeding, and through ongoing settlement negotiations with project owners, general contractors, sureties, and other counterparties. A full-text copy of the Disclosure Statement dated April 28, 2026 is available at https://urlcurt.com/u?l=uk16Dy from PacerMonitor.com at no charge. J.R. Butler Inc. is represented by: Jeffrey A. Weinman, Esq. Jeremy T. Jonsen, Esq. Bailey C. Pompea, Esq. MICHAEL BEST & FRIEDRICH LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 E-mail: jeffrey.weinman@michaelbest.com jeremy.jonsen@michaelbest.com bailey.pompea@michaelbest.com Justin M. Mertz, Esq. Christopher J. Schreiber, Esq. Davis W. Sullivan, Esq. 790 N. Water Street, Suite 2500 Milwaukee, Wisconsin 53202 Phone: 414.225.4972 Email: jmmertz@michaelbest.com cjschreiber.@michaelbest.com davis.sullivan@michaelbest.com About J.R. Butler Inc. J.R. Butler Inc. is an Englewood, Colorado-based specializing in unitized glazing systems. The company designs, engineers, and manufactures glazing systems for commercial construction projects. J.R. Butler Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-15598) on Aug. 29, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Judge Thomas B. McNamara oversees the case. The Debtor is represented by Jeffrey Weinman, Esq. at Allen Vellone Wolf Helfrich & Factor P.C. JHRG MANUFACTURING: Hires Transworld Business Advisors as Broker ---------------------------------------------------------------- JHRG Manufacturing LLC asks the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Transworld Business Advisors of Eastern NC as broker. The broker will market and sell the Debtor's business, including real property, personal property, and other intangibles, located at 4125 NC 581 Hwy, Louisburg, NC 27549. The firm will receive a success fee of $10,000. As disclosed in the court filings, Transworld Business Advisors does not have or represent any interest adverse to the Debtor or its estate. The firm can be reached through: John Chafee Khoury Connect, LLC dba Transworld Business Advisors of Eastern-NC 100 E 4th St Greenville, NC 27858 Phone: (252) 347-9606 Email: jchaffee@tworld.com About JHRG Manufacturing LLC JHRG Manufacturing LLC is a North Carolina-based company that specializes in the production of personal protective garments and safety-related items used in industrial and recreational settings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03211-5-DMW) on August 20, 2025. In the petition signed by John E. Holland, member/manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge David M. Warren oversees the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as legal counsel. WBL SPO I, LLC, as lender, is represented by: William Walt Pettit, Esq. HUTCHENS LAW FIRM LLP 6230 Fairview Road, Suite 315 Charlotte, N.C. 28210 Telephone: (704) 362-9255 Telecopier: (704) 362-9268 Email: walt.pettit@hutchenslawfirm.com KNIFE RIVER: $300MM Loan Add-on No Impact on Moody's 'Ba1' CFR -------------------------------------------------------------- Moody's Ratings said that Knife River Corporation's (Knife River) Ba1 corporate family rating and its Ba1-PD probability of default rating are not affected by the proposed $300 million add-on to the company's senior secured term loan B due March 2032, which is rated Ba1. The Ba1 ratings assigned to Knife River's $500 million senior secured revolving credit facility (RCF) due 2030 and $258 million (as of March 31, 2026) senior secured term loan A due 2030 and the Ba2 rating assigned to its $425 million senior unsecured notes due 2031 are not affected as well. The RCF and term loans are pari passu with each other. Knife River's SGL-1 Speculative Grade Liquidity rating (SGL) and its stable outlook also remain unchanged. The proposed $300 million add-on will increase the size of the existing senior secured term loan B to around $800 million. Proceeds will be used to term out RCF borrowings of about $270 million (as of March 31, 2026), which were used to fund working capital and bolt-on acquisitions. Bolt-on acquisitions expand Knife River's product offerings into new markets. Moody's expects leverage to remain reasonable at slightly below 3x debt/EBITDA pro forma at year-end 2026. However, Knife River does not have much financial flexibility in its current metrics for additional debt-financed acquisitions or to weather a material industry downturn. Knife River's credit profile is supported by its good operating performance, with Moody's expectations that EBITDA margins will be sustained at 16% through 2026. Good operating performance will support healthy cash generation and very good liquidity. Moody's expects Knife River to maintain conservative financial policies, despite the increase in debt. Furthermore, the long-term fundamentals of the US construction market remain robust despite near-term softness. Offsetting these credit strengths is the cyclicality of the US construction industry, the main driver of Knife River's revenue, and intense competition. Capital deployment for additional acquisitions is another credit risk. While Knife River's margins are decent, operating margins are below those of other rated building materials peers due to Knife River's geographic concentration and its lower-margin contracting services business. Moody's baseline scenario assumes a short-lived conflict in the Middle East. While the direct impact of the conflict in the Middle East will be limited on Knife River, weakening economic activity and slowing of construction projects in North America could constrain further improvements in the company's credit metrics in the near term. Knife River's SGL-1 reflects expected modest free cash flow, access to a $500 million RCF due 2030 and sufficient cushion under financial covenants. Knife River faces no significant maturities over the next four years. The stable outlook reflects Moody's expectations that the company will continue to perform well and leverage will remain around 3x debt/EBITDA though 2026. Very good liquidity, no significant maturities, conservative financial policies and the favorable long-term fundamentals of the US construction industry further support the stable outlook. Knife River (NYSE: KNF), headquartered in Bismarck, North Dakota, is a supplier of aggregates and a provider of construction contracting services. The company also manufactures asphalt and ready-mix concrete. Its revenue for the 12 months ended March 31, 2026 was $3.2 billion. KRAKEN OIL: Fitch Rates New Sr. Unsecured Notes Due 2031 'BB-' -------------------------------------------------------------- Fitch Ratings has assigned a 'BB-' rating with a Recovery Rating of 'RR4' to Kraken Oil & Gas Partners LLC's (Kraken) proposed senior unsecured notes due 2031. The company intends to use the notes' net proceeds to repay a portion of credit facility borrowings. Kraken's ratings reflect its high-quality, high oil mix Williston basin assets, which drive peer-leading margins, the credit-friendly financing of its historical acquisitions, strong forecast pre-distribution FCF and adequate liquidity profile. These factors are partially offset by the company's smaller production size compared with 'BB' category peers. Key Rating Drivers Leverage-Neutral Notes Issuance: Fitch believes Kraken's proposed senior unsecured notes issuance is neutral for the credit profile. Management intends to use the proceeds to repay borrowings under its credit facility, which Fitch expects will maintain midcycle leverage at about 1.0x. The issuance also improves Kraken's liquidity profile and expands facility availability. High-Quality Assets; Accretive Acquisition: Kraken's acquisition of membership interest in Zavanna Energy Operating, LLC supports the rating as the assets are complementary and high-quality. Pro forma, Kraken's asset base will consist of 404,000 net acres in the Williston Basin in both Montana and North Dakota. The asset base has high liquids and oil exposure (67% oil at YE25), is over 90% operated and produced 80 Mboed in 4Q25. The deal also adds 107 drilling locations, bringing the pro forma total to 563 gross operated locations, of which around 350 have breakevens of $50 WTI or less. Two-Rig Drilling Program: Kraken's current two-rig drilling program and sub-30% decline rate allow it to maintain production at about 76-80 barrels of oil equivalent per day (Mboed) in 2026. Management expects a modest improvement to oil price differentials and slight increase in lease-operating expenses in 2026 due to the Iran conflict. Fitch expects the company to experience a neutral to marginally positive short-term impact from elevated oil prices stemming from the conflict in the Middle East, which should support FCF. Strong FCF, Peer-Leading Margins: Fitch forecasts pre-distribution FCF generation of more than $400 million in 2026 at the agency's $65/bbl WTI price assumption. The company has also generated positive pre-distribution FCF in each of the last four years. Kraken's high oil mix, low-cost profile and sub-50% reinvestment rate result in peer-leading EBITDA margins, FCF margins and per-barrel profitability, which Fitch expects will continue. The company's FCF profile is further supported by management's multi-year hedging program covering a substantial amount of PDP, ensuring cash flow and returns. Three-Year Rolling Hedging Program: Fitch views Kraken's three-year hedging program positively as it helps lock in future returns and meaningfully reduces cash flow volatility and downside pricing risks. The company is hedging approximately 75% of its total oil volumes in 2026, around 55% in 2027 and around 30% in 2028. This is higher than similarly rated peers and supports cash flow stability. Management's consistent, long-dated hedging strategy and willingness to hedge beyond 50% of PDP required under the company's RBL agreement supports the credit profile and through-the-cycle leverage metrics. Low Leverage, Balanced Distribution Policy: Fitch-calculated EBITDA leverage is forecast to remain at 1.2x at Fitch's $57/bbl WTI mid-cycle price assumption following the proposed note issuance. Management has made and expects to continue to make equity distributions to its sponsor with FCF following debt paydown. Fitch expects distributions will be reduced in the near term to enhance FCF for further debt reduction following the acquisition. Peer Analysis Kraken is a medium-sized, high-quality Williston basin operator with production estimated at 76-80 Mboed in 2026. On a production basis, the company is larger than Wildfire Energy I LLC (B+/Stable; 49 Mboepd pro forma the APA acquisition) but smaller than diversified peer Vermilion Energy Inc. (BB-/Negative; 120 Mboed in 2026), and Matador Resources Company (BB/Stable; 207 Mboed in 2025; 58% oil). The company benefits from a high oil mix of about 68%, similar to Wildfire, but higher than Vermilion and Matador. This, combined with the company's lean cost structure, results in one of the strongest unhedged cash netbacks within Fitch's aggregate E&P peer group and supports FCF generation. Fitch projects mid-cycle leverage of around 1.2x which is modestly better than the peer group. Fitch’s Key Rating-Case Assumptions - WTI oil price of $65/bbl in 2026, $58/bbl in 2027 and $57/bbl thereafter; - Henry Hub natural gas prices of $3.50/mcf in 2026, $3.00/mcf in 2027 and $2.75 thereafter; - Successful launch of the proposed note issuance with proceeds used to reduce RBL borrowings; - 2026 average production of 78 Mboepd with relatively flat growth thereafter; - 2026 capex of $460 million funding the two-rig drilling program; - Measured distributions to sponsor throughout forecast; - No material M&A activity following the close of the Zavanna acquisition. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its CRT to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 5% weight for the historical year 2025, 5% for the forecast year 2026, 15% for the forecast year 2027, 25% for the forecast year 2028 and 50% for the forecast year 2029. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bb-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deviation from stated financial policies including overly debt-funded M&A activity or shareholder distributions; - Material reduction in liquidity including sustained high revolver utilization; - Mid-cycle EBITDA leverage sustained above 2.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Average daily production sustained above 125 Mboed and/or mid-cycle EBITDA above $1.25 billion while maintaining similar oil mix; - Maintenance of economic drilling inventory and reserve life; - Mid-cycle EBITDA leverage sustained below 2.0x. Liquidity and Debt Structure At 4Q25, Kraken had $48 million of cash on hand and $374 million outstanding under its $1.4 billion credit facility ($1.5 billion borrowing base). Following the Zavanna acquisition, the $200 million equity contribution from Kayne Anderson and the proposed unsecured notes issuance, Kraken is expected to have around $250 million outstanding under its credit facility. Fitch expects the company will allocate FCF toward reduction of credit facility borrowings in the near-term. The liquidity profile is further supported by the company's strong three-year hedge program and flexible distribution policy, which Fitch expects will continue. Issuer Profile Kraken Oil & Gas Partners LLC is a private-equity-owned, oil-focused E&P company within the Williston Basin in North Dakota and Montana. Date of Relevant Committee February 4, 2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations Kraken Oil & Gas Partners LLC has an ESG Relevance Score of '4' for Energy Management which reflects the company's cost competitiveness and financial and operational flexibility due to scale, business mix, and diversification. These factors have a negative impact on the credit profile and are relevant to the rating in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Kraken Oil & Gas Partners LLC senior unsecured LT BB- New Rating RR4 KUBERA HOTEL: Seeks to Hire KW Commercial as Real Estate Agent -------------------------------------------------------------- Kubera Hotel Properties, LP seek approval from the U.S. Bankruptcy Court for the Northern District of California to employ KW Commercial Sarhan Hotel Group as real estate agent. The firm will market and sell the Debtor's property located at 920 University Avenue, Berkeley, California 94710. The broker will receive a commission equal to 3% of the gross price. Mr. Schulman, an agent with KW Commercial Sarhan Hotel Group, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Eric Schulman, Esq. KW Commercial Sarhan Hotel Group 9000 Sunset Blvd West Hollywood, CA 90069 Phone: (323) 202-3279 Email: eric.schulman@kw.com About Kubera Hotel Properties LP Kubera Hotel Properties LP operates a 113-room hotel located at 920 University Avenue, Berkeley, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-40996) on June 6, 2025. In the petition signed by Pradeep Kantilai T. Khatri, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Charles Novack oversees the case. The Law Offices of Ryan C. Wood, Inc., represents the Debtor as counsel. L3DFX LLC: Seeks to Extend Plan Exclusivity to Aug. 31 ------------------------------------------------------ L3DFX, LLC asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity period to file a plan of reorganization to Aug. 31, 2026. The Debtor is an Illinois limited liability company currently located at 640 Remington Blvd., Bolingbrook, Illinois (the "Current Location"), and engaged in the business of designing and fabricating custom scenic elements, props, architectural features, and immersive environments for use in themed entertainment venues, museums, branded experiences, live events, and location-based attractions. The Debtor's Chapter 11 case was filed due to ongoing litigation with the Debtor's landlord and other creditors, and was a direct result of timing issues in connection with the Debtor's collection of its accounts receivable. The Debtor explains that it is in need of an extension of time to file its Plan due to its rejection of the Current Location by order of this Court dated April 16, 2026. The Debtor claims that it is currently deciding between entering into a lease for a new location, entering into an agreement for storage of its assets, or liquidation of its assets under either Chapter 7 of the Bankruptcy Code or a liquidating Chapter 11. Successful pursuit of a new lease location would present a very different picture of a plan of reorganization. The Debtor asserts that the requested extension is attributable to circumstances for which the Debtor should not justly be accountable. The Debtor further asserts that this Motion is not being brought to cause delay, no party will be prejudiced by the granting of the requested extension, and no prior extensions have been requested. L3DFX, LLC is represented by: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Tel: (312) 641-6777 Email: sclar@cranesimon.com About L3DFX, LLC L3DFX, LLC is a limited liability company engaged in commercial operations in Illinois. L3DFX, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01909) on Feb. 2, 2026. In its petition, the Debtor estimated assets of up to $100,000 and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by Scott R. Clar, Esq., of Crane, Simon, Clar & Goodman. LEVEL 3 FINANCING: Fitch Rates New $1BB Sr. Unsecured Debt 'B-' --------------------------------------------------------------- Fitch Ratings has assigned Level 3 Financing, Inc.'s (Level 3) proposed $1.0 billion in senior unsecured debt issuances due 2037 a rating of 'B-' with a Recovery Rating of 'RR5'. Proceeds from this new debt issuance will be used to fund a broad tender repurchase offering of up to $750 million with a focus on 2028-2031 maturities across Level 3 second lien tranches, Level 3 senior unsecured bullet notes, Lumen Technologies, Inc. unsecured bullet notes, and Qwest Capital Funding unsecured bullet notes, with the remainder used for general corporate purposes. Fitch has also assigned Level 3's proposed $2.4 billion senior secured Term Loan B-5 due 2032 at 'BB'/'RR1'. Level 3's Long-Term Issuer Default Rating (IDR) remains at 'B' with a Stable Rating Outlook. Key Rating Drivers AT&T Transaction Offers Material Delevering: Fitch views Lumen's sale of its Mass Markets fiber-to-the-home (FTTH) segment to AT&T for nearly $5.75 billion as a material milestone for delevering the balance sheet and refocusing the business on enterprise opportunities. The transaction recently closed on February 2, 2026, and Lumen used the cash proceeds to repay all super-priority debt, reducing total leverage to the high 3x range from the mid-5x range. Very Favorable Maturity Schedule: The combination of opportunistic Level 3 refinancing and LUMN super-priority paydowns after the close of the AT&T deal gives the company more flexibility on its debt maturities. It faces no other significant maturities until 2029. Contract Wins Support Liquidity: Recent private connectivity fabric (PCF) contract wins totaled nearly $13 billion. Lumen is receiving the initial cash payments and will continue to receive them over the next several years. These wins have strengthened Lumen's near-term liquidity. They also indicate asset value in parts of its network. The contracts include dark fiber and other services to Microsoft Corporation. They also cover other hyperscaler, social media, and technology companies. The contracts are long term, and some extend up to 20 years. Expected Decline in Capex: Fitch expects the sale of the Mass Markets FTTH business to AT&T to reduce overall annual capex by about $1 billion, or nearly one-fourth of overall capex. Fitch estimates the revenue and EBITDA effect at roughly 3%-6%. Following high capex in 2025 to support initial PCF contract wins, the company anticipates a gradual decline in capital intensity later in the rating period. Telecoms Face Challenges: Lumen faces industrywide challenges similar to those of other wireline operators as customers shift from legacy offerings to newer products and services. The company is addressing these pressures more aggressively by increasing investment in its enterprise business and selling its consumer fiber assets to AT&T. Execution risk remains, but the strategy could eventually support revenue growth over time. Peer Analysis Lumen has a solid competitive position based on the scale of its wireline operations in the enterprise and business services market. Its business segment, which accounted for nearly 80% of its 2025 revenue, is smaller than those of both AT&T Inc. (BBB+/Rating Watch Negative) and Verizon Communications Inc. (A-/Stable). All three companies have extensive U.S. footprints. AT&T and Verizon maintain lower financial leverage, generate materially higher EBITDA and FCF, and offer greater service diversification through wireless operations than Lumen. Lumen has not shown the ability to stabilize its revenue or EBITDA and does not yet generate sustainable FCF, unlike its larger peers. Lumen's larger enterprise business differentiates it from other wireline operators, including Uniti Group LLC (B-/Stable) and Cincinnati Bell, Inc. (B/Stable). Fitch’s Key Rating-Case Assumptions - Revenue declines in the low single digits in 2026, pro forma for the AT&T sale. Business segment revenue is expected to inflect and begin growing in 2028, while total Lumen revenue is not expected to inflect and return to growth until 2029; - EBITDA margins increase in 2026 due to benefits from PCF deals coupled with ongoing cost savings expected to continue to improve in subsequent years to reach the high 20% range, given it will no longer be supporting its consumer FTTH business coupled with enterprise margin expansion from recognition of PCF deals; - Capex declines in 2026 due to selling its consumer FTTH business to AT&T; - Material spike in FCF in 2026 driven by lower capex, positive cash tax refunds, and favorable PCF cash flow. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b, Higher), Financial Structure (bb-, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis Fitch undertakes a tailored analysis of recovery upon default for each issuance for entities rated 'B+' and below, where default is closer, and recovery prospects are more meaningful to investors. The resulting debt instrument rating includes a Recovery Rating (on a scale from RR1 to RR6) and is notched from the IDR accordingly. This analysis has three steps: estimating the distressed enterprise value (EV), estimating creditor claims, and distribution of value. Fitch assumes Lumen would emerge from a default scenario through the going concern (GC) approach rather than liquidation. Fitch has conducted two separate recovery analyses incorporating the primary borrower entities: Level 3 Financing, Qwest Corporation and Lumen Technologies. The key assumptions in each recovery analysis are as follows: Level 3 Financing, Inc. GC EBITDA: Assumed at $1.2 billion, below Fitch's 2026 projection, reflecting revenue pressures and EBITDA margins trending toward the low 20% range, indicating potential competitive and pricing challenges. EV Multiple: A 5.5x multiple is applied, aligned with Fitch-rated peer Frontier Communications and supported by sector trading multiples, M&A activity, and bankruptcy precedents in the Technology, Media, and Telecommunications (TMT) sector. Qwest Corporation GC EBITDA: Assumed at $2.0 billion, below the 2026 projection. This factors in the recent completion of the AT&T transaction and subsequent immediate full repayment of all outstanding super-priority debt. EV Multiple: A 5.0x multiple is used, lower than Level 3 and Frontier Communications due to greater secular pressures in local business segments but similarly supported by market and bankruptcy benchmarks. Lumen Technologies, Inc. Fitch estimates that all Lumen debt (including new senior secured revolver commitments), Qwest Corporation unsecured notes and Qwest Capital Funding unsecured notes would recover at an 'RR1' level. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening of Lumen's operating results, including deteriorating margins and consistent mid-single-digit or greater revenue erosion; - Increased liquidity pressure or difficulties refinancing parts of the capital structure; - EBITDA leverage increasing above 5.5x on a sustained basis; - EBITDA interest coverage falling below 3.0x on a sustained basis; - Negative (CFO less capex)/debt on a sustained basis. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Operating fundamentals improve, including sustained revenue and EBITDA growth or positive FCF; - Capital structure changes that are positive for the overall credit profile. Liquidity and Debt Structure As of 1Q26, Lumen had $1.6 billion in cash and equivalents supported by asset sales, tax refunds, and upfront payments from long-term hyperscaler contracts. It also has $825 million available under its recently refinanced first lien revolving credit facility. Lumen has approximately $12.9 billion in pro forma debt, excluding finance leases and certain adjustments, spread across term loans and secured/unsecured notes at three main borrowing entities. Issuer Profile Lumen is one of the largest U.S. wireline providers. Much of its business is focused on the enterprise market, although it also serves residential customers. It is publicly traded on the NYSE under the ticker LUMN. Date of Relevant Committee 17-Apr-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Lumen Technologies, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Level 3 Financing, Inc. senior unsecured LT B- New Rating RR5 senior secured LT BB New Rating RR1 LOUISIANA CRANE: Seeks to Hire Lugenbuhl Wheaton Peck as Attorney ----------------------------------------------------------------- Louisiana Crane & Construction, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to employ Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) as attorneys. The firm will render these services: a. assist the Debtor in identifying assets of the estate and taking any legal actions necessary to recover and/or liquidate any assets relating to the prepetition donations, including the sale of any property co-owned with the estate; b. act as general counsel for Debtor and to assist Debtor in evaluating other bankruptcy issues affecting the estate for which the Debtor requests legal advice; c. investigate and prosecute any actions subject to avoidance and/or recovery under the Bankruptcy Code and/or state law and to assist the Debtor in investigating and pursuing any other causes of action that the estate may have; d. advise and consult with Debtor concerning legal questions the Debtor might have arising in the conduct of the administration of the estate and concerning Debtor's rights and remedies with regard to the estate's assets and the claims of secured, priority, and unsecured creditors and other parties in interest; and e. assist in the preparation of such pleadings, motions, notices, and orders with respect to any of the foregoing. The firm will be paid at these rates: Douglas S. Draper $600 per hour Greta M. Brouphy $400 per hour Michael E. Landis $400 per hour Paralegals $120 per hour The Debtor paid the firm a retainer of $50,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing, Lugenbuhl, Wheaton, Peck, Rankin & Hubbard is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Benjamin W. Kadden, Esq. Douglas S. Draper, Esq. Greta M. Brouphy, Esq. Michael E. Landis, Esq. Lugenbuhl, Wheaton, Peck, Rankin & Hubbard (A Law Corporation) 601 Poydras Street, Suite 2755 New Orleans, LA 70130 Telephone: (504) 568-1990 Fax: (504) 310-9195 Email: bkadden@lawla.com ddraper@lawla.com gbrouphy@lawla.com mlandis@lawla.com About Louisiana Crane Louisiana Crane & Construction, LLC, is a Eunice, La.-based supplier of traditional crane services and general oilfield construction, pipeline, plant maintenance, rotating equipment, and millwright services. Louisiana Crane & Construction sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 21-50198) on April 6, 2021. At the time of the filing, the Debtor had between $10 million and $50 million in both assets and liabilities. Judge John W. Kolwe oversees the case. Heller, Draper & Horn, LLC is the Debtor's legal counsel. LS INTERIORS: Unsecured Creditors to Split $30K in Plan ------------------------------------------------------- LS Interiors Group, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Small Business Plan of Reorganization under Subchapter V dated April 28, 2026. The Debtor was founded in September 2008, at the height of the economic recession. Initially, the Debtor began by sharing office space within a tile showroom while operating as an interior designer. In the years that followed, the company experienced financial strain related to litigation and uncollected accounts receivable. These circumstances impacted overall cash flow and limited the ability to meet certain financial obligations in the ordinary course of business. As a result, the decision was made to file for Chapter 11 protection in order to restructure the company's financial obligations while continuing operations. This step has allowed the business to stabilize, maintain ongoing projects, and preserve relationships with clients and vendors. During the chapter 11, the Debtor sought and obtained permission from the Bankruptcy Court to use cash collateral, which allowed the Debtor to continue operating. The Debtor was further authorized to pay its employees wages that were owed prior to the commencement of this case. By doing so, the Debtor has secured the loyalty of these employees to reingage with the Debtor as the business rebounds. Based on the plan projections, the Debtor's quarterly disposable income, as that term is defined by Section 1191(d) of the Bankruptcy Code, to be committed to the payment of claims for the 5-year period as described in Section 1191(c)(2) of the Bankruptcy Code is $30,000.00. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the future profits and revenue of the Debtor. Treatment of Creditors' claims is determined by which class such claim belongs to. Claims have been classified below in accordance with section 1122 of the Code. Class 2 consists of General Unsecured Claims. Every holder of a Class 2 nonpriority general unsecured claim against the Debtor shall receive its pro-rata share of $30,000.00. Payments to Class 2 creditors shall be made quarterly and shall begin no later than ninety days following the Effective Date. This Class is impaired. Class 3 consists of Equity Interests of Lori Schlegel. All Equity Interests of the Debtor shall revest in Lori Schlegel. The Debtor's Plan will be implemented through the Debtor's business operations and then payment to creditors from disposable income. All distributions under the Plan shall be made by the Debtor, whether the Plan is confirmed pursuant to Section 1191(a) or (b) of the Bankruptcy Code. A full-text copy of the Subchapter V Plan dated April 28, 2026 is available at https://urlcurt.com/u?l=iSuW78 from PacerMonitor.com at no charge. Counsel to the Debtor: Brian S. Behar, Esq. Behar, Gutt & Glazer, PA 1855 Griffin Road Fort Lauderdale, FL 33004 Telephone: (954) 266-3710 Email: bsb@bgglaw.com About LS Interiors Group Inc. LS Interiors Group, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11143) on January 29, 2026, listing assets of up to $50,000 and liabilities of $100,001 to $500,000. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee Judge Erik P. Kimball presides over the case. Brian S. Behar, represents the Debtor as legal counsel. LYCRA COMPANY: Asks Court to Confirm Chapter 11 Plan ---------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that textile company The Lycra Co. LLC told a Texas bankruptcy judge that its Chapter 11 plan should be confirmed after it struck a deal with a group of creditors supporting the restructuring proposal. The company said the agreement resolved significant concerns raised during the bankruptcy case. Lycra argued that the plan maximizes value for creditors and provides a sustainable financial structure for the company moving forward. The debtor also emphasized that the settlement demonstrates meaningful progress toward consensus among stakeholders, the report staets. The company asked the court to approve the plan and clear the way for implementation of the restructuring transaction. Lycra said confirmation is necessary for the business to complete its turnaround and emerge from bankruptcy protection, according to Law360. About Lycra Company Lycra Company is a manufacturer of spandex and other stretch fabrics. Lycra Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90399) on March 17, 2026. In its petition, the petition list estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Christopher M. Lopez oversees the case. The Debtor is represented by Arsalan Muhammad, Esq. and Kourtney Pickens Lyda, Esq., of Haynes And Boone, LLP. LYNSKEY PERFORMANCE: Commences Chapter 11 Bankruptcy in Tennessee ----------------------------------------------------------------- Jeff Barber of Singletracks reports that U.S. bicycle manufacturer Lynskey Performance Products, LLC has sought Chapter 11 protection in bankruptcy court, citing mounting liabilities and declining cash flow. The Chattanooga-based company disclosed debts ranging from $1 million to $10 million, while estimating assets at no more than $50,000. Another filing showed the company held roughly $59,000 in cash as of April 30, 2026. According to court documents, delayed order fulfillment and increasing chargebacks from customers strained the company’s liquidity. Rising titanium costs further pressured operations, with federal data indicating prices have risen sharply since 2021. The filing lists more than 200 creditors, including FSA and SRAM, as well as outstanding credit card obligations owed to Chase Visa. The company traces its roots to the founding of Litespeed Titanium in 1984 by members of the Lynskey family. After selling Litespeed in 1999, the family reentered the titanium bicycle market by launching Lynskey Performance Products in 2006. Over the years, the business developed a reputation for manufacturing high-end titanium frames in the United States and remained entirely family-owned. Lynskey became especially known for design and manufacturing innovations, including its Helix tubing technology, which uses twisted titanium tubing to improve ride characteristics and structural performance. The company produced mountain, gravel, and road bicycle frames under the Lynskey brand and reportedly supplied frames to other cycling companies such as Salsa, Kona, and Sage. The bankruptcy filing states the business employed 31 full-time workers before seeking court protection, the report states. About Lynskey Performance Designs LLC Lynskey Performance Designs LLC manufactures and sells handcrafted titanium bicycle frames and complete bicycles, including gravel, mountain and road models, as well as related bicycle parts and merchandise. The company, based in Chattanooga, Tennessee, serves cyclists seeking titanium bicycles and components for performance, durability and recreational riding. Lynskey Performance Designs LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11156) on April 30, 2026. In its petition, the Debtor reports debts ranging from $1 million to $10 million, while estimating assets at no more than $50,000. Honorable Bankruptcy Judge Nicholas W. Whittenburg handles the case. The Debtor is represented by W. Thomas Bible, Jr., Esq. of OM BIBLE LAW. M. DELANEY: Seeks to Hire Scarlett & Croll as Bankruptcy Counsel ---------------------------------------------------------------- M. Delaney LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Scarlett & Croll, P.A. as attorneys. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties; (b) represent the Debtor in defense of proceedings instituted to reclaim property of the estate or to obtain relief from the automatic stay under Sec. 362 of the Bankruptcy Code; (c) assist the Debtor in the preparation of schedules, statement of financial affairs, and any amendments thereto that the Debtor may be required to file in this case; (d) represent the Debtor's interests in this bankruptcy proceeding; (e) assist the Debtor in the preparation of its Plan of Reorganization and supporting documents or an orderly liquidation of its assets; (f) investigate and advise the Debtor as to the potential ways to reorganize its affairs and attempt, if appropriate, to discover potential assets in this bankruptcy proceeding; and (g) perform all of those duties appropriate to represent the Debtor in this bankruptcy proceeding. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The hourly rates of the firm's counsel and staff are below: Robert B. Scarlett $415 Attorneys $250 - $385 Law Clerks/Paralegals $150 - $175 The Debtor paid Scarlett & Croll, P.A. $11,500 for legal fees and expenses to file this bankruptcy proceeding. Robert Scarlett, Esq., a partner at Scarlett & Croll, disclosed in a court filing that the firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert B. Scarlett, Esq. Scarlett & Croll, PA 201 N. Charles St., Ste. 600 Baltimore, MD 21201 Telephone: (410) 468-3100 Facsimile: (410) 332-4026 Email: Rscarlett@scarlettcroll.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 Telephone: (410) 739-4562 bgaloubandi@gmail.com MATE LLC: Seeks to Use Cash Collateral -------------------------------------- Mate, LLC asks the U.S. Bankruptcy Court for the District of Columbia for authority to use cash collateral and provide adequate protection. The Debtor continues operating its restaurant business at its Washington, D.C. location while attempting to reorganize after experiencing declining revenues in recent years. The Debtor reports gross revenues of approximately $1.67 million in 2024, about $1.41 million in 2025, and roughly $987,000 year-to-date in 2026, with financial strain leading to missed payments on obligations such as rent and sales taxes, the latter of which resulted in the District of Columbia's seizure of the Debtor's bank accounts. The Debtor operates under a complex secured debt structure involving multiple UCC-1 filings against substantially all assets, including accounts receivable and cash. The largest claim is held by the U.S. Small Business Administration with a blanket lien, alongside tax liens asserted by the D.C. Office of Tax and Revenue and several merchant or financing entities asserting interests in receivables or future payments. The Debtor disputes the validity or secured status of several of these claims, noting that some lenders are allegedly unsecured or may have satisfied debts without releasing liens. Collectively, approximately $1.56 million in asserted secured claims are identified as potentially impacting cash collateral, though only the SBA is acknowledged as partially secured. The Debtor argues that its accounts receivable and operating cash constitute cash collateral under 11 U.S.C. section 363, requiring either creditor consent or court approval for use. It seeks authority to use these funds for a limited initial period of 30 days to cover essential operating expenses under a proposed budget, including payroll, rent, utilities, and other necessary business costs. The Debtor asserts that without immediate access to cash collateral, it will be unable to continue operations, resulting in irreparable harm and loss of going-concern value. As adequate protection, the Debtor proposes maintaining the business as a going concern, which it contends preserves or enhances collateral value, and granting replacement liens on postpetition assets and proceeds in the same priority and extent as prepetition liens. The Debtor also commits to providing monthly operating reports and additional financial disclosures to secured creditors upon request. A copy of the motion is available at https://urlcurt.com/u?l=lz1k2y from PacerMonitor.com. About Mate LLC Mate LLC, doing business as Susheria, operates a fusion-cuisine restaurant in Washington, D.C., offering sushi, specialty rolls, ceviche, sashimi, small plates and other Japanese- and Latin-inspired dishes. Based in Georgetown, the restaurant provides dine-in service, online ordering, reservations, catering and private-event hosting for individual and group customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00213) on April 24, 2026. In the petition signed by Alfredo Mauricio Fraga, managing member, the Debtor disclosed $321,348 in total assets and $1,874,370 in total liabilities. Alan D. Eisler, Esq., at Eisler Hamilton, LLC, represents the Debtor as legal counsel. MAVIS TIRE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has affirmed Mavis Tire Express Services TopCo, Corp.'s and Metis HoldCo, Inc.'s (collectively Mavis) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has affirmed Mavis' revolver and first lien term loans at 'B'/ 'RR3' following the company's decision to upsize its new secured term loan by $410 million to $1,185 million. Fitch has affirmed its senior unsecured notes at 'CCC'/'RR6'. Proceeds from the new term loans are expected to redeem preferred equity and repay revolver borrowings. This upsizing is leverage neutral. The Outlook is Stable. The ratings reflect Mavis's position as a leading tire and automotive services retailer in the U.S. non-discretionary market, with 18+ years of positive same-store sales (SSS) growth and $750 million EBITDA in 2026. This is balanced against high-6x EBITDAR leverage in 2026 and negative FCF from rapid expansion. Fitch expects EBITDAR fixed-charge coverage to remain in the mid-to-high 1x range. Key Rating Drivers Aggressive Growth Strategy: Fitch expects Mavis to continue expanding via greenfield, brownfield, and large-scale M&A to deepen density. Management is targeting over 120 new stores in 2026, accelerating to over 160 annually in 2027-2030 toward its long-term goal of 10,000+ locations. Since the 2021 leveraged buyout, Mavis has grown to 3,619 from 1,190 locations, primarily through acquisitions, including TBC (595 stores in 2023) and Midas (2025). EBITDA has more than tripled to $633 million. The Midas acquisition added about 1,200 franchise locations and an asset-light franchise royalty revenue stream; 111 were converted to company-operated stores. The growth strategy is capital intensive, resulting in negative FCF (after growth capex) during the near to intermediate term, and new stores generating negative EBITDA during ramp-up. As with prior acquisitions, future large-scale deals are likely to be funded through additional debt and sale-leaseback transactions, which could keep Mavis' EBITDAR leverage high. Execution and integration risks persist, though Mavis has a strong track record of margin improvement across acquired brands since 2018 and mature greenfields achieving about a two-year payback period. Margin Expansion: Fitch expects EBITDA to expand to around $750 million in 2026 from $633 million in 2025, with strong EBITDAR margins that Fitch expects to improve by 100 to 200 bps in 2026. The acquired Midas stores could contribute an additional $60 million EBITDA in 2026 based on a full year of operations, while improving margins given its largely franchised operation. Integration synergies and stores maturing through 2022-2024 support additional near-term margin expansion. MavOS, Mavis' proprietary operating system, could drive 100-200 bps gross margin improvement through enhanced labor deployment efficiency and inventory management, with full rollout across 1,600+ company-operated stores expected by YE 2026. EBITDAR margins could continue improving in the next few years, supported by operating leverage, private label tire penetration growth, and digital transformation. High Leverage with Deleveraging Path: Fitch expects EBITDAR leverage to rise to the high-6x in 2026, pro forma for the $775 million term loan to redeem the convertible preferred equity, then decline gradually to the mid-6x range by 2029 through EBITDA growth rather than debt repayment. The deleveraging path could be delayed by debt-funded acquisitions, consistent with growth-oriented capital allocation. EBITDAR fixed-charge coverage is low and could remain in the mid- to high-1x range through 2026-2029. Scaled Leader, Fragmented Market: Mavis benefits from its established position as a leading tire and automotive services retailer in the U.S., with around 3.4% market share and 3,619 locations across 49 states. The industry is highly fragmented: together, the top five players hold less than 10% of market share and independent operators dominate the remainder. Mavis differentiates itself through its convenience, broad selection, competitive pricing, and high-quality customer service. Its scale provides advantages in procurement, marketing, and data-driven site selection, supporting above-industry same-store sales and unit growth. Adequate Liquidity: Pro forma for the transaction with about $410 million of proceeds used to repay revolver borrowings, Mavis will have adequate liquidity of $878 million to support its store expansion program. This comprises $83 million in cash at YE 2025 and $795 million of available capacity under the revolver. Fitch expects negative FCF (after growth capex) during the near to intermediate term, driven by growth capex, and increased interest expense of around $50 million. Mavis can supplement funding through sale-leaseback transactions and revolver draws. Fitch expects management to moderate growth if liquidity tightens, with risks diminishing as the platform scales. Non-Discretionary Market, Industry Tailwind: Automotive preventative maintenance is non-discretionary and resilient across economic cycles, with growing car counts and miles driven supporting demand. Mavis has delivered 18+ years of positive SSS. Vehicle aging and rising complexity increase repair frequency and average ticket values. EV adoption introduces modest pressure on oil change services, though EVs wear tires about 30% faster due to increased weight. Oil changes are around 12% of Mavis' revenue, limiting direct exposure. Consumer trade-down to maintenance over new vehicle purchases in economic stress provides counter-cyclical support. Parent Subsidiary Linkage: Fitch's analysis includes a strong subsidiary/weak parent approach between the parent, Metis HoldCo, Inc. and its subsidiary, Mavis Tire Express Services TopCo, Corp. Fitch assesses the quality of the overall linkage as high, which results in consolidation of the ratings. The consolidation reflects open legal ring-fencing and open access and control between the strong subsidiary and the parent. Peer Analysis Mavis' peers include Genuine Parts Company (GPC; BBB-/Rating Watch Negative), Asbury Automotive Group (BB/Stable), Sonic Automotive (BB/Stable) and Wayfair Inc. (B/Positive). All are leaders in their respective highly fragmented markets yet hold modest share. Mavis holds about 3.4% of the over $170 billion U.S. tire and services market. Mavis' 2026 expected EBITDA of about $750 million exceeds Wayfair's (about $650 million) and Sonic's ($560 million) and is below Asbury's (about $1 billion). Mavis' gross profit of about $2 billion exceeds Asbury's and Sonic's parts and service (P&S) segment gross profit alone, about $1.5 billion and $1 billion respectively, highlighting its scale in non-discretionary services. GPC operates at a materially larger scale, with about $2 billion of EBITDA and $24 billion of revenue, and has automotive and industrial diversification. However, it is on Rating Watch Negative due to its planned separation. EBITDAR leverage is the key rating differentiator. Mavis's expected 2026 leverage of high-6x exceeds Asbury's mid-3x, Sonic's about 4x and GPC's high-3x. Wayfair serves as a 'B' rated leverage comparable, with expected 2026 EBITDAR leverage of mid-4x. Fitch's Key Rating-Case Assumptions - Revenue increases in the mid- to high-single digits to $4.6 billion in 2026 from $4.3 billion in 2025, driven by around 120 new greenfield/brownfield store openings, mature same store sales growth in the low single digits, and the added Midas franchise contribution. Revenue could continue to increase in the mid- to high-single digits in 2027-2029, supported by accelerated store openings and bolt-on acquisitions; - EBITDAR margins could expand by 100-200 bps, driven by operating leverage on the fixed cost base, continued growth of the private label tire program, and the full rollout of MavOS, partially offset by new store ramp-up costs; - Capex is expected to rise in the near to intermediate term to support the accelerated growth plan, leading to negative FCF (after growth capex), assuming neutral working capital; - EBITDAR leverage increases to high-6x in 2026, and improves toward low-6x by 2029 supported by EBITDA expansion; - Mavis' first lien term loan bears interest at SOFR plus 300 bps, and the revolver has a leverage-based floating rate, estimated at SOFR plus 250 bps. Fitch expects the new $1,185 million term loan to bear interest at SOFR plus 325 bps. Fitch assumes SOFR base rates of 3.5% over the forecast period. The $720 million senior unsecured notes have a fixed coupon of 6.5%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Lower), Company Operational Characteristics (bb, Moderate), Profitability (b-, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. Recovery Analysis For issuers with IDRs of 'B+' and below, Fitch performs a recovery analysis for each class of obligations of the issuer. The issue ratings are derived from the IDR and the relevant Recovery Rating (RR) and notching, based on Fitch's recovery analysis. Fitch's recovery analysis assumes Mavis' value is maximized as a going concern in a post-default scenario, given a going concern valuation of approximately $3.2 billion relative to a liquidation value of around $1.1 billion. Fitch's going concern value is derived from a projected EBITDA of around $550 million. The scenario assumes a lower revenue base of around $3.9 billion, or about 15% below expected 2026 revenue. This reflects mis-execution, lower customer counts declines, partially offset by additional revenue from anticipated acquisitions executed with revolver capacity freed up by the contemplated paydown with upsized term loan proceeds. EBITDA margins could trend below projected 2026 levels, assuming the impact of lost sales on Mavis' fixed expenses are somewhat offset by cost reductions. Fitch selected a going concern multiple of 6x, within the 4x-8x range observed for North American corporates, reflecting an assessment of Mavis' industry dynamics and company-specific factors. This is at the upper end of the 4x-6x range used in Fitch's analysis of retailers due to the company's exposure to the non-discretionary tire and vehicle maintenance services. Mavis' secured revolver and term loans, including the new $1,185 million term loan, are pari passu. Fitch assumes the $800 million revolver, which is secured by substantially all of Mavis' assets, would be fully drawn. After deducting 10% administrative claims from the going concern valuation, the secured debt would have good recovery prospects resulting in a 'B'/'RR3' rating while the unsecured notes would have poor recovery prospects, resulting in a 'CCC'/ 'RR6' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected operating results, persistently negative FCF, with EBITDAR fixed charge coverage sustained below 1.5x; - Financial policy decisions, including debt-financed M&A or share repurchases, resulting in EBITDAR leverage sustained above 7.5x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued strong operating performance, with FCF trending towards breakeven, and EBITDAR fixed charge coverage sustained above 2.0x; - EBITDAR leverage sustained below 6.5x through better-than-expected operating performance and/or financial policy actions. Liquidity and Debt Structure As of Dec. 31, 2025, Mavis' liquidity totaled $478.1 million, including $82.9 million in cash and equivalents, and $395.2 million available (net of LOCs) under its $800 million revolver due 2028. Fitch views Mavis' liquidity as satisfactory, taking into account the flexibility in its growth capex. Pro forma for the transaction, total debt increases to $5.5 billion, comprising a $3.6 billion first lien term loan due May 2028, a new $1,185 million non-fungible first lien term loan due May 2033, and $720 million in senior unsecured notes due May 2029. The new term loan includes a springing maturity 91 days prior to the senior unsecured notes if more than $500 million remains outstanding. About $775 million of proceeds will redeem convertible preferred equity at Metis HoldCo, the indirect parent of the rated entity, and the remaining $410 million will repay the revolver borrowings. Mavis' next material maturity is May 2028 when the revolver and existing first lien term loan come due. Issuer Profile Mavis is a leading independent tire and auto service retailer in the U.S. It has 2,401 company-operated retail services centers and 1,218 franchised service centers across 49 states in the U.S. and Canada. Summary of Financial Adjustments - EBITDA is adjusted for stock-based compensation; - Lease-related interest and D&A are reclassified as operating costs in the income statement and as operating cash outflows in the cash flow statement, in accordance with Fitch's Corporate Rating Criteria; - Balance sheet lease liabilities are used as lease-equivalent debt starting in Fiscal 2023, in accordance with Fitch's Corporate rating criteria dated Dec. 6, 2024. Prior years used an 8x multiple applied to lease expense for lease-equivalent debt. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Mavis. ESG Considerations Fitch does not provide ESG relevance scores for Mavis Tire Express Services TopCo, Corp. and Metis HoldCo, Inc. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Metis HoldCo, Inc. LT IDR B- Affirmed B- Mavis Tire Express Services TopCo, Corp. LT IDR B- Affirmed B- senior unsecured LT CCC Affirmed RR6 CCC senior secured LT B Affirmed RR3 B MCCOOL MILLWORKS: Has Deal on Cash Collateral Access ---------------------------------------------------- McCool Millworks, Inc. asks the U.S. Bankruptcy Court for the District of Oregon for authority to use cash collateral and provide adequate protection, in accordance with its agreement with Columbia Bank. The Debtor explains that its business processes cotton from local producers, converting raw cotton into baled fiber for USDA classification and market sale, while also supplying agricultural inputs through its retail farm store. The cooperative's continued operations depend on liquidity to fund payroll, utilities, inventory, maintenance, and other operating expenses. The Debtor identifies CoBank ACB as the primary secured creditor, holding a first lien on substantially all assets—including real estate, accounts receivable, inventory, equipment, and rolling stock—supporting a debt of approximately $645,000 against collateral valued at about $1.5 million. The Small Business Administration holds a second lien securing a disaster loan of roughly $414,800, while Cotton Country Electric, Inc. holds a significant unsecured judgment claim of approximately $600,800. As of the petition date, the Debtor reports total cash and receivables of about $422,343, all of which are subject to CoBank's lien and thus constitute cash collateral. The Debtor emphasizes that it must immediately use these funds to continue operations, including meeting weekly payroll obligations of approximately $10,750 and covering essential expenses such as repairs, insurance, supplies, and utilities. Without access to cash collateral, the Debtor states it would be forced to cease operations entirely, eliminating any prospect of reorganization and causing irreparable harm to the estate and its farmer-members. The Debtor submits a 14-day budget showing projected cash inflows and disbursements for both the gin and farm store, including roughly $16,144 in gin expenses and $77,276 in farm store expenses, and asserts these projections support continued liquidity and operational stability. To address creditor protections, the Debtor proposes that CoBank is adequately protected due to a substantial equity cushion, with collateral value exceeding debt by nearly $1 million. Alternatively, the Debtor offers replacement liens on postpetition assets and proceeds to ensure creditors' secured positions are not diminished during the case. The Debtor also requests expedited consideration on shortened notice, arguing that delay would jeopardize payroll and essential operations. A copy of the motion is available at https://urlcurt.com/u?l=JEW9ii from PacerMonitor.com. About McCool Millworks Inc. McCool Millworks, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 26-60938) on April 8, 2026. In the petition signed by Michael McCool, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge David W. Hercher oversees the case. Loren S. Scott, Esq., at The Scott Law Group, represents the Debtor as legal counsel. METICULOUS CLEANING: Scott Rever Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Scott Rever, Esq., at Genova Burns, LLC as Subchapter V trustee for Meticulous Cleaning Services, Inc. Mr. Rever 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. Rever declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott S. Rever, Esq. Genova Burns LLC 110 Allen Rd., Suite 304, Basking Ridge, NJ 07920 Telephone: (973) 387-7801 Email: Rever@genovaburns.com About Meticulous Cleaning Services Inc. Meticulous Cleaning Services, Inc. is a Waldwick, New Jersey-based cleaning company founded in 2006 and locally owned by founder Zerlinda Rodriguez. The Debtor provides residential, commercial, industrial, post-construction, special event, house cleaning, and maid services. Its commercial cleaning work includes trash removal, paper and toiletry restocking, glass spot-cleaning, and hallway vacuuming. Meticulous Cleaning serves residential, commercial and industrial customers in New Jersey, including communities in the Bergen County area. Meticulous Cleaning Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14629) on April 27, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Zerlinda Rodriguez, owner, signed the petition. Karina Lucid, Esq., at Karina Pia Lucid, Esq. LLC represents the Debtor as legal counsel. METROPOLITAN OPERA: S&P Lowers 2012 Bond Long-Term Rating to 'BB-' ------------------------------------------------------------------ S&P Global Ratings lowered its long term rating on The Metropolitan Opera (The Met Opera; The Met), New York's series 2012 taxable bonds to 'BB-' from 'BB+.' The outlook is negative. The downgrade reflects erosion of the endowment and weak liquidity compared to the amount of debt outstanding including the line of credit balance. S&P said, "We analyzed the Met Opera's environmental, social, and governance credit factors pertaining to its market position, management and governance, and financial performance. Because it's in New York City, our view of its environmental risk to some extent mirrors that of the city. We believe environmental risk is somewhat elevated because of storm exposure on the Atlantic coastline. We view social and governance risk as a neutral factor in our credit rating analysis. "The negative outlook reflects our view that financial resources may continue to decline and liquidity will be pressured. "We could consider a lower rating if financial resources decline from current levels and liquidity levels continue to fall. Shortfalls in fundraising such that the Met Opera incurs large cash losses that further deplete financial resources would also be viewed negatively. Violation of covenants that could trigger immediate acceleration of the outstanding line of credit balance may significantly deplete financial resources and result in a lower rating, as would additional debt beyond current levels without growth in financial resources. Large, extraordinary draws on the endowment would also be viewed negatively. "While unlikely, we could consider an outlook revision to stable if financial resources stabilized, and no additional debt were issued. Less reliance on fundraising and increases in revenue to offset growing expenses would also be viewed favorably." MINISTRY BRANDS: Ares Capital Marks $700,000 1L Loan at 14% Off --------------------------------------------------------------- Ares Capital Corp. has marked its $700,000 loan extended to Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. to market at $600,000 or 86% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. The 1L Loan accrues interest at a rate of 11.25% Base Rate (Q) 4.50% per annum. The 1L Loan matures on December 2027. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. Ministry Brands Holdings, LLC and RCP MB Investments B, L.P. provide transformative technology and services focuses on organizations to grow, protect, and engage their communities. MOUNTAIN RIDGE: Hires Hilco Real Estate as Real Estate Broker ------------------------------------------------------------- Mountain Ridge Condominium Council of Co-Owners, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to employ Hilco Real Estate, LLC as their real estate agent. The firm's services include: a. developing a sales strategy with the Debtor, including meeting with the Debtor to ascertain its goals, objectives, and financial parameters in selling the Debtor's Property, a timeshare property located in Pagosa Springs, Colorado; b. soliciting interested parties for the sale of the Property and marketing the Property for sale through a managed qualifying bid process; and c. negotiating, at the Debtor's direction, the sale of the Property. The firm will be paid at these rates: a. Fee: In the event the property is sold, Hilco shall earn a fee equal to 4 percent of the Gross Sale Proceeds. b. Costs: The Debtor shall reimburse Hilco for all reasonable and customary Reimbursable Expenses incurred in connection with the performance of the services proposed hereunder; provided, however, that such reimbursement obligation shall be capped at $25,000. Eric W. Kaup, head of Hilco Global, 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: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 About Mountain Ridge Condominium Council of Co-Owners Inc. Mountain Ridge Condominium Council of Co-Owners, Inc. and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Lead Case No. 26-10474) on February 11, 2026, with $10 million to $50 million in assets and $500 million to $1 billion in liabilities. Judge Phyllis M. Jones presides over the cases. The Debtors tapped Charles T. Coleman, Esq., at Wright, Lindsey & Jennings, LLP as counsel and Myers Brettholtz & Company PA as accountant. NCR VOYIX: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------- Fitch Ratings has affirmed NCR Voyix Corporation's and certain subsidiary co-borrowers' (together, Voyix) Long-Term Issuer Default Ratings (IDRs) at 'BB'. The Rating Outlook is Stable. The issue-level ratings for Voyix's $500 million senior secured revolving credit facility have also been affirmed at 'BBB-' with a Recovery Rating of 'RR1', its senior unsecured notes have been affirmed at 'BB'/'RR4', and its preferred notes have been affirmed at 'BB-'/'RR5'. Voyix's ratings reflect its solid market position in the retail and restaurants segments, its stable and recurring business model and its growing EBITDA margins. However, increasing competition and macro headwinds in its end markets weigh against the ratings. Key Rating Drivers Solid Market Position: Voyix holds solid positioning in each of its segments, retail and restaurants, particularly in retail, where it is a market leader in self-checkout and point-of-sale (POS) software, and in restaurants, where Aloha is a leading POS platform. Fitch estimates normalized free cash flow (FCF) will be positive and in the low-to-mid-single digits as a percentage of revenue over the ratings horizon. Near-term cash flow could be affected by one-time costs related to the hardware model transition. Modest Growth Expectations: Fitch expects Voyix's revenue could grow in the low-single-digit percentage range over time. Reported hardware revenue is expected to decline materially following the ODM transition, with commissions replacing gross hardware sales. Secular growth drivers include increased card usage relative to cash and greater enterprise reliance on software-centric solutions. EBITDA and margins are likely to grow faster than revenue over time, largely due to cost reductions, a shift to an ODM hardware model, and operating leverage from revenue growth. Improving Leverage: Voyix has used most of the proceeds from its digital banking divestiture to reduce its gross debt outstanding, improving leverage despite the lower EBITDA base. Fitch calculates EBITDA leverage of 3.2x for 2025 and expects it to remain in the low-3.0x or lower range over the forecast period, supported by gradual EBITDA expansion. Management has guided net leverage to about 2.0x over the forecast period. Recurring Revenue: Recurring revenue increased to approximately 62% of total revenue in 2025, continuing an upward trend driven by SaaS, maintenance, and payments revenue. This included products and services under contract, for which revenue is recognized over time. This level of recurring revenue is materially lower than for other companies Fitch rates in the payments and technology industries, partly due to hardware sales, and this affects Fitch's assessment of the IDR. Recurring revenue is likely to rise after the ODM transition. Management seeks to grow recurring revenue, which Fitch believes will occur through a combination of internal sales initiatives, payment processing growth and incremental M&A. Competitive End Markets: Voyix has a meaningful presence in its end markets, but competition is intense and fragmented in several areas. It has solid market positioning in retail POS, restaurant software and self-checkout systems. Its customer base includes Starbucks, McDonald's, Whole Foods Market and Walmart. However, it faces competition from fintech providers, technology-focused disruptors and other companies, which could limit growth over time. Peer Analysis Fitch's ratings for Voyix are supported by the company's market position across its businesses, diverse end markets, a history of positive FCF generation and manageable leverage for the rating category. Voyix does not have any direct rating peers within Fitch's coverage that compete across all of its segments, given the diversity of its end markets, but Fitch assesses the rating relative to other payment and technology companies that provide a range of similar software, hardware and service offerings. Compared to Block, Inc. (BBB-/Positive), the company is materially smaller, has a weaker growth profile and higher leverage. While not an industry peer, NCR Atleos Corp. (BB-/RWP) has slightly larger scale, but similar leverage and projected FCF profile. Unlike other companies Fitch rates in the fintech space, Voyix's exposure to payment processing is minimal and the company derives most of its revenue and profitability from software, services and hardware. It operates a meaningfully lower-margin business than other Fitch-rated fintech peers due to a higher mix of hardware and services. Relative to other technology hardware and software providers rated by Fitch, the company has smaller scale, lower margins and less FCF generation. Fitch believes the 'BB' IDR fairly captures the risk profile relative to other companies in Fitch's rated technology and services universe. Fitch’s Key Rating-Case Assumptions - Organic revenue growth in the low-single-digit range in the next few years, with revenue expected to decline in 2026, stabilizing in 2027 due to hardware transitioning to an ODM model; - EBITDA margins increase by more than 20% in the next few years, helped by a shift away from hardware and a higher mix of software and services revenue; - Capex near 6% of revenue; - EBITDA leverage sustained at about 3.0x after debt was reduced in 2024 by proceeds from the digital banking divestiture; - Floating rate debt assumes SOFR near 3.6% over the ratings horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, High), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (bb, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Competitive and/or structural changes to industry that pressure revenue, EBITDA and/or FCF; EBITDA leverage sustained at or above 3.75x; (CFO-capex)/debt expected to be sustained near or below 5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Revenue growth sustained in the mid-single digit range or higher over time; EBITDA leverage sustained at or below 3x; (CFO-capex)/debt sustained at or above 10%. Liquidity and Debt Structure Fitch expects Voyix's liquidity to be stable in the near term and to support its operations, growth and M&A strategy over the forecast period. Liquidity is supported by $231 million of cash and equivalents at December 2025 and a $500 million senior secured revolver. Fitch estimates FCF margins could be in the low-single-digit percentage range in the next few years. Voyix's debt structure includes a $500 million multicurrency, senior secured revolving credit facility (fully available) and $1.1 billion of senior unsecured notes. The majority of Voyix's debt is fixed rate, including various senior unsecured notes issuances. Fitch calculates gross debt was $1.31 billion at December 2025, including $207 million of series A convertible preferred stock outstanding, which Fitch considers to be debt as per its "Corporate Hybrids Criteria." Issuer Profile NCR Voyix Corporation (known as NCR Corp. prior to October 2023) operates as a software, services and hardware enterprise solutions provider, with products targeted at the retail and restaurant sectors. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for NCR Voyix Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NCR Voyix Corporation LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB preferred LT BB- Affirmed RR5 BB- senior secured LT BBB- Affirmed RR1 BBB- NCR Limited LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- NCR Nederland B.V. LT IDR BB Affirmed BB senior secured LT BBB- Affirmed RR1 BBB- NEOVIA ACQUISITION: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Neovia Acquisition LLC's and Neovia Logistics, LP.'s (collectively, Neovia) Long-Term Issuer Default Rating (IDR) at 'B-'. Fitch has also affirmed the super priority revolver at 'BB-' with a Recovery Rating of 'RR1' and the senior secured term loan at 'B-'/'RR4'. The Rating Outlook is Stable. Neovia's rating reflects its relatively small size in competitive third-party logistics markets and its progress on commercial and operational initiatives. Fitch believes the company's contract portfolio has largely stabilized, while recent new business wins support growth. Fitch forecasts 2026 EBITDA leverage in the high-5.0x range, pro forma for the full contribution of new contract launches, and EBITDA interest coverage at 1.6x, consistent with a 'B-' rating. Fitch anticipates negative FCF in 2026 due to growth investments, before FCF turns positive in 2027 with capacity to fully cash pay interest. Fitch also expects Neovia to address its 2027 debt maturities before they become current. Key Rating Drivers New Business Wins Support Performance: Fitch expects Neovia to return to growth in 2026, driven by recent business wins. Fitch forecasts 2026 EBITDA, pro forma for a full-year contribution from new contracts, at approximately $71 million, up from $63 million in 2025. New sites won over the 2025-2026 timeframe have launched and are performing in line with expectations which, along with contracted business already in place, provides visibility into Neovia's earnings and cash flow profile. Fitch-defined EBITDA is adjusted for finance lease expense and removes the one-time reserve reversal benefit recorded in 2025 results. Near-Term Execution Is Key: Fitch views execution as critical to Neovia's ability to address its 2027 debt maturities. Fitch believes the contract portfolio has largely stabilized, following the runoff of higher operational-risk contracts and the rationalization of lower-margin business. Nevertheless, sustained operational execution remains necessary to fully realize earnings from new sites and control growth-related costs. Commercial wins and renewals will also support earnings growth and cash flow generation. Fitch will monitor performance through 2026 for evidence of improved credit metrics ahead of the upcoming maturities. Coverage Mid 1x, Leverage High5x: Fitch expects Neovia's financial profile to remain consistent with the current rating level. Fitch projects pro forma EBITDA interest coverage of about 1.6x in 2026, calculated on a full cash-pay basis, and expect coverage to remain in the mid-1.0x to 2.0x range over the medium term. Fitch forecasts pro forma EBITDA leverage in the high-5x range in 2026 with EBITDA growth and lower PIK accruals expected to support improved deleveraging capacity in 2027. Growth-linked FCF: Fitch expects negative FCF in 2026 despite PIK term loan interest, reflecting investment in working capital and capex to support new contract launches, as well as growth-related bonuses and other one-time items. Fitch forecasts mildly positive FCF before significant growth investments in 2027, assuming a return to full cash interest payments; however, growth-related investment will be a priority. While new business wins may require upfront investments, the contractual nature of the business supports overall cash flow visibility. Niche Position in Contract Logistics: Fitch views the business risk profile as consistent with the 'B' category, considering its limited operating network and customer concentration. Its top 10 customers account for roughly 60% of total revenue. The contract logistics market is competitive, but integral to customers' businesses in managing inventory. As such, quality service and smooth supply chain integration create a level of switching costs that are key differentiators on top of pricing. Contracts, End Markets Support Revenue: The contractual nature of Neovia's business supports revenue steadiness. The company derives a large portion of its revenue from volume-agnostic components such as markup on fixed costs, contributing roughly 50% of EBITDA. The remainder is sensitive to volume and activity levels. However, its end markets are resilient to economic cycles because of the company's large exposure to the aftermarket for automotive and industrial customers, as well as a large retailer in the consumer staples sector. Neovia also retains cost flexibility through lease terms that are mostly coterminous with customer contracts and through its ability to adjust labor costs based on volume. Peer Analysis Fitch compares Neovia with niche logistics operator Forward Air Corporation (B/Negative). Both are exposed to cyclical demand, although Neovia is somewhat more resilient due to its aftermarket exposure, while Forward Air is more exposed to fluctuations in the retail end market. Neovia's contracted business also better protects against pricing pressure than Forward Air's spot market exposure. Forward Air has faced pressure from weak demand and acquisition underperformance, although its liquidity, along with Fitch's expectation that leverage in the 5.5x-6.0x range and EBITDA interest coverage between 1.8x-2.0x, is stronger than Neovia's. Fitch’s Key Rating-Case Assumptions - Revenue grows at a high-single-digit rate in 2026, driven by new site launches. Revenue grows at a low- to mid-single-digit rate thereafter, reflecting moderate net contract wins and pricing. - EBITDA margin remains between 10% -11% throughout the forecast period. - Growth-related cash bonuses and other restructuring, transaction and contract termination costs are large use of cash in 2026, but are expected to moderate going forward. - CAPEX is elevated at around 2% in 2026 to support new site launches and thereafter declines to mostly maintenance levels at around 1%. - The company PIKs its interest payments in 2026, but returns to cash pay in 2027. - Revolver, AR securitization and term loan are extended before upcoming maturities. - SOFR remains around 3.75%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Lower), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b+, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b-'. Recovery Analysis The recovery analysis assumes that Neovia would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. The going-concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, forming the basis for the company's valuation. Fitch estimates a $48 million GC EBITDA, considering a scenario where the company loses key customers or experiences a sustained economic downturn that weakens volume and pricing. A 5.0x EBITDA multiple is applied to the GC EBITDA to calculate the post-reorganization enterprise value. This multiple considers the fragmented and competitive nature of the third-party logistics industry and is broadly consistent with comparable peers. Fitch's analysis assumes approximately 70% utilization rate on the AR securitization facility, reflecting a contracted revenue base in bankruptcy, and a full draw on the company's $43 million revolving credit facility. In its recovery analysis, Fitch considers the AR facility as senior to the revolver, which is in turn senior to the term loan. Preferred shares at the parent level are treated as legally and structurally subordinated to the previously mentioned debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to refinance or extend debt maturities in a timely manner; - EBITDA interest coverage with interest calculated on a full cash-pay basis sustained below 1.5x; - EBITDA leverage sustained above 6x; - Heightened liquidity risks, including sustained negative FCF and/or revolver utilization above 50%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA interest coverage with interest calculated on a full cash-pay basis sustained above 2x; - EBITDA leverage sustained below 5x; - Maintenance of adequate liquidity position, including positive FCF and/or revolver utilization below 25%. Liquidity and Debt Structure As of December 2025, the company had adequate liquidity of $49 million, including cash and revolver availability, above the $15 million minimum liquidity covenant. Neovia has the option to PIK a portion of term loan interest until maturity. The revolver and account receivable securitization facilities mature in May 2027, followed by the term loan in November 2027. Neovia operates dedicated facilities for customers, with leases mostly coterminous with customer contracts, providing flexibility in managing lease liabilities. Issuer Profile Neovia Logistics is a third-party logistics company specializing in outsourced warehousing services, including inbound logistics, storage and distribution, and reverse logistics. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Neovia. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Neovia Acquisition, LLC LT IDR B- Affirmed B- Neovia Logistics, LP LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- senior secured LT B- Affirmed RR4 B- NEWBURY POWER: Seeks to Extend Plan Exclusivity to Aug. 2 --------------------------------------------------------- Newbury Power Center A-1, LP asked the U.S. Bankruptcy Court for the Western District of Pennsylvania to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 2 and Oct. 1, 2026, respectively. The Debtor is the owner or ground lessee of commercial real property identified as 256-G-10 and 256-G-40 on Presto-Sygan Road, Bridgeville, Pennsylvania, 15017 (the "Property"), which is subject to a mortgage in favor of Fund investment 154, LLC ("Fund") and security interests of other taxing bodies. The Debtor filed this case to pursue and consummate a sale of the Property or otherwise address maximize the value of the Property and the indebtedness to Fund and the Debtor's other creditors. The Debtor explains that an extension of the Exclusivity Periods is appropriate. Since the Petition Date, the Debtor has worked expeditiously to market and sell the Property or otherwise amicably address the indebtedness of Fund and has been in constant communication with Fund. Indeed, the Debtor has been in negotiations with various prospective buyers in acquiring and developing the property since the Petition Date. Moreover, out of these negotiations, the Debtor has made and continues to make proposals to Fund for consensual sale of the Property and resolution of Fund's indebtedness. The Debtor is not aware of any prejudice to creditors that would result from a modest extension of the Exclusivity Periods. In addition, there is no threat of confusion to creditors by competing plans and the Debtor has worked in good faith to make progress in this chapter 11 case. The Debtor asserts that in order to continue its negotiations with prospective buyers for the sale and purchase of the Property, its discussions with Fund and amicably resolve any potential objections to the contemplated sale, potential chapter 11 plan, and confirmation thereof, the Debtor requests an extension of the Exclusivity Periods as provided in this Motion. Newbury Power Center A-1, LP is represented by: Paul J. Cordaro, Esq. Campbell & Levine, LLC 310 Grant St., Suite 1700 Pittsburghg, PA 15219 Telephone: (412) 261-0310 Facsimile: (412) 261-5066 About Newbury Power Center A-1 Newbury Power Center A-1, LP's primary holding is a residential property located at 1263 Newbury Highland in Bridgeville, Pennsylvania. Newbury Power Center A-1 sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20022) on January 4, 2026. At the time of the filing, the Debtor listed up to $10 million in both assets and liabilities. Brett A. Malky, managing member, signed the petition. Judge Gregory L. Taddonio oversees the case. The Debtor tapped Paul J. Cordaro, Esq., at Campbell & Levine, LLC as counsel. NEXT GENERATION: Case Summary & 11 Unsecured Creditors ------------------------------------------------------ Debtor: Next Generation Roofing, LLC 1804 NW 16th St Oklahoma City, OK 73106 Business Description: Next Generation Roofing, LLC provides roofing installation and inspection services in Oklahoma City, Oklahoma, serving property owners with roof assessments and related exterior-damage evaluations. The company, led by Robert E. Baker, offers roofing contractor services that include support for property inspections and insurance-claim-related assessments. Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 26-11534 Judge: Hon. Janice D Loyd Debtor's Counsel: Gary D Hammond, Esq. HAMMOND LAW FIRM 512 N.W. 12th Street Oklahoma City OK 73103 Tel: (405) 216-0007 E-mail: gary@okatty.com Total Assets: $1,635,000 Total Liabilities: $3,082,280 The petition was signed by Robert Baker as CEO. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UQMSFJI/Next_Generation_Roofing_LLC__okwbke-26-11534__0001.0.pdf?mcid=tGE4TAMA NGUYEN WIN: Seeks Cash Collateral Access ---------------------------------------- Nguyen Win Properties LLC asks the U.S. Bankruptcy Court for the Northern District of Oklahoma for authority to use cash collateral and provide adequate protection. The cash collateral primarily consists of rental income and contract-for-deed payments generated from its portfolio of residential real estate properties. These income streams are subject to asserted security interests by various lenders, most notably First Bank and Trust, which claims liens on a large portion of the properties. The Debtor explains that it is in the process of selling certain properties, with sale proceeds expected to satisfy secured claims—particularly that of First Bank and Trust—subject to escrow for disputed amounts such as fees and interest. A detailed cash flow analysis is provided showing anticipated income and necessary expenditures, including adequate protection payments, insurance, and property taxes tied to each secured creditor's collateral. The Debtor asserts that all secured creditors are oversecured, meaning the value of the underlying properties exceeds the amounts owed, and therefore their interests are not at risk of diminution. Despite some uncertainty regarding the perfection of certain creditors' liens—since many filed mortgages rather than UCC-1 financing statements—the Debtor intends to treat them as secured for purposes of payment, except for disputed portions such as unadvanced funds or excessive charges. The requested use of cash collateral is narrowly structured: funds attributable to each secured creditor's collateral will first be used to pay that creditor's adequate protection, insurance, and tax obligations, with only surplus funds being used for general operational expenses. The Debtor emphasizes that this approach preserves property values, maintains necessary protections like insurance, and ensures continued operations without impairing creditor interests. A copy of the motion is available at https://urlcurt.com/u?l=Q2jxr9 from PacerMonitor.com. About Nguyen Win Properties Nguyen Win Properties LLC, based in Tulsa, Oklahoma, operates as a residential real estate and property management company, holding multiple single-family lots and subdivision properties across Tulsa, Broken Arrow, Mounds, Porter, and Wagoner County. The company's portfolio primarily consists of fee simple residential properties, which it manages and offers for lease. Nguyen Win Properties sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Okla. Case No. 25-11795) on November 24, 2025, with $27,160,442 in assets and $22,927,424 in liabilities. Bao Quoc Mai Nguyen, manager/member, signed the petition. Paul R. Thomas oversees the case. Ron D. Brown, Esq., at Brown Law Firm, PC represents the Debtor as counsel. Citibank, N.A., acting as trustee for CMLTI Asset Trust, is represented by Linda St. Pierre, Esq. at McCalla Raymer Leibcrt Pierce LLP. NIED OWNERSHIP: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------ On May 1, 2026, Nied Ownership LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100 million and $500 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 1, 2026 at 02:00 PM. U.S. Trustee (Orl) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 5814238#. About Nied Ownership LLC Nied Ownership LLC is a holding company involved in large-scale ownership and management of investment and business assets. The company oversees operational and financial interests tied to its portfolio holdings and related ventures. Nied Ownership LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03232) on May 1, 2026. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Amy Denton Mayer, Esq. of Berger Singerman LLP. NUMERICAL CONCEPT: Terre Haute Property Sale to Central States OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Terre Haute Division, has granted Numerical Concepts Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 4040-4048 E. 1st Parkway, Harrison Township, Vigo County, Terre Haute, Indiana 47804. The Court has authorized the Debtor to sell the Property to Central States Galvanizing LLC, an Indiana Limited Liability Company in the purchase price of $1,390,000.00. The Property may be transferred to the Buyer free and clear of all interests, with such interests to attach to the proceeds of the sale of the Property in the order of their priority with the same validity, force, and effect as they have against the Property. The Debtor is authorized to issue bills of sale and deeds and related documents to effect such transfer. The Debtor is directed to file a report for sale within 15 days of closing. The Closing shall occur no later than the end of the day on May 15, 2026, unless the Bank agrees by written consent to another day. The Debtor is authorized, directed and empowered to fully assume, perform under, consummate and implement the sale to the Buyer, together with all additional instruments and documents that may be reasonably necessary or desirable to implement the sale and the transactions contemplated. On and after the closing date, each of the Debtor's creditors is directed to execute such documents and take all other actions as may be necessary to release its interests, if any, against the Property, as such interests may have been recorded or may otherwise exist. The transfer of the Property to the Buyer is not subject to taxation under any state or local law imposing a stamp, transfer or similar tax. About Numerical Concepts Inc. Numerical Concepts Inc. is a woman-owned manufacturer established in 1973, specializing in the design and fabrication of both custom-built machines and individual components for various industries worldwide. Operating from a 78,000-square-foot facility, the Company offers comprehensive services including machining, assembly, inspection, and testing with minimal subcontracting. Leveraging over 450 years of combined management and machinist experience, Numerical Concepts serves as a one-stop provider of complex equipment and parts with a focus on quality and customer satisfaction. Numerical Concepts Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-80405) on August 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jeffrey J. Graham handles the case. The Debtor tapped Jason T. Mizzell, Esq., at Kroger, Gardis & Regas, LLP as counsel and Sackrider & Company as accountant. NXT ENERGY: Annual and Special Meeting Set for June 9, 2026 ----------------------------------------------------------- NXT Energy Solutions Inc. announced that its Annual and Special Meeting of Security Holders will be held on June 9, 2026, in Calgary, AB. The record date for notice of the Meeting, for voting, and for beneficial ownership determination is April 21, 2026. Proxy-related materials will be sent directly to non-objecting beneficial owners ("NOBOs"), and the Company will pay for delivery to objecting beneficial owners ("OBOs"). Notice and Access ("NAA") applies to both beneficial and registered holders, with no stratification criteria applicable to either group. Voting Security Details: Description: Common Shares CUSIP Number: 62948Q107 ISIN: CA62948Q1072 About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2026, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had C$19.3 million in total assets, C$4.4 million in total liabilities, and C$14.9 million in total stockholders' equity. OMNI HEALTH: Plan Exclusivity Period Extended to May 19 ------------------------------------------------------- Judge Ashely M. Chan of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania extended Omni Health Services, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 19 and July 18, 2026, respectively. As shared by Troubled Company Reporter, cause for an extension of exclusivity exists because the Debtor needs additional time to restructure its budget and operations in order to incorporate the court-approved rejection of certain of the Debtor's unexpired commercial leases and the commensurate consolidation of the Debtor's operations. The Debtor explains that it would be premature (at best), as well as a waste of time, effort and resources, including judicial resources, to require the Debtor to file a plan by March 20, 2026 to maintain its right to exclusivity. The Debtor asserts that it should be afforded a full and fair opportunity to negotiate, propose, and seek acceptances to a confirmable plan of reorganization. The Debtor believes that an extension of the exclusive periods is warranted and appropriate under the circumstances and should be granted. The Debtor further asserts that the extension requested will not prejudice the legitimate interests of any creditor and will likely afford parties in interest an opportunity to pursue to fruition the beneficial objectives of a consensual reorganization. The Debtor's Counsel: David B. Smith, Esq. SMITH KANE HOLMAN, LLC 112 Moores Road Suite 300 Malvern, PA 19355 Tel: 610-407-7215 Fax: 610-407-7218 E-mail: dsmith@skhlaw.com About Omni Health Services Omni Health Services, Inc., is a community-based mental health services provider operating 12 locations across Pennsylvania and New Jersey. Omni Health Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on Nov. 20, 2025, listing between $1 million and $10 million in assets and liabilities. Michael Thevar, president of Omni Health Services, signed the petition. Judge Ashely M. Chan oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, is serving as the Debtor's legal counsel. ORIGIN FOOD: Seeks to Extend Plan Exclusivity to June 10 -------------------------------------------------------- Origin Food Group, LLC asked the U.S. Bankruptcy Court for the Western District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 10 and July 30, 2026, respectively. The Debtor explains that the reason for this third request is that the company is still working to secure white knight exit financing. However, more importantly, the Debtor is also still working to firm up its financial projections based on commitments from customers and vendors in anticipation of the delivery and installation of its new Tetra Pak 4 Loop Ultra Filtration System (the "UF4 Loop") which is expected to occur in July. Moreover, the auction sale of certain of the Debtor's equipment approved pursuant to the Court's Order Granting Motion for Approval of Auction Marketing Agreement and to Sell Free and Clear of Any Interest in Property entered on March 20, 2026, is set to close the first week of June 2026, and the requested extension of time will allow the Plan to fully capture and incorporate the results of the auction as it relates to the auction sale proceeds. Lastly, to the extent financially feasible, the Debtor will engage a professional financial consultant to assist it in preparing the Plan projections. The Debtor submits that this request is made in good faith and not for the purposes of delay, and that no party of interest will be harmed by the granting of the extension requested herein. Origin Food Group, LLC is represented by: ESSEX RICHARDS, P.A. John C. Woodman, Esq. 1701 South Boulevard Charlotte, North Carolina 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com About Origin Food Group Origin Food Group, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-50268) on Aug. 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, is the Debtor's legal counsel. OUT ON A LIMB: Unsecureds to be Paid in Full over 5 Years --------------------------------------------------------- Out on a Limb, LLC, ("OOAL") filed with the U.S. Bankruptcy Court for the District of Idaho a Plan of Reorganization dated April 28, 2026. OOAL grew out of business activities by its principal, Troy Carlin, that began in 2009 in Utah. Those activities were excavation, tree services, and some building. The company later relocated to Bloomington, Idaho near Bear Lake. Its primary activity is excavation services with some general construction. OOAL sold off its tree business to Mr. Carlin's son and daughter-in-law in 2021. Payment from them for the tree business stopped in 2025, leading to litigation. The loss of cash flow from those payments coupled with a decline in overall revenue were the key events leading to the bankruptcy. The Plan is built around the idea that the Debtor will sell off its real property to dramatically reduce its debt burden, hopefully resolve the litigation restoring some flow of payments for the sale of the former, tree business and run a slimmed down operation able to service its remaining obligations. The Plan pays all administrative and priority creditors in full. Secured creditors are paid the value of their collateral. And, unsecured creditors and those whose secured claim is deemed at least partially unsecured are paid in full. Class UC1 consists of General Unsecured Claims. All other claims filed as of the Claims Bar Date or listed in the Debtor's Schedules as unsecured shall be paid in full within five years of the Effective Date with interest accruing at 5% per annum. The Debtor shall make equal pro-rata payments to such creditors beginning the first May 5th or October 5th after the Effective Date in the amount of $25,000 each May 5th or October 5th thereafter until paid in full. If any remaining balance remains at the end of the Plan, the Debtor shall pay off the remainder in a lump sum. The Debtor will sell its real property. After payment of Class SC1, 50% of any additional net proceeds will be paid in a lump sum to UC1 as an advance payment. If Debtor is able to resolve its dispute with Out on a Limb Tree Removal and Snow Removal, either through a negotiated settlement or litigation, at least 50% of such net proceeds will be applied towards payment of the Class UC-1 or plan payments. Pursuant to the Confirmation Order and upon Confirmation of this Plan, the Debtor shall be authorized to take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of this Plan, in accordance with its terms. On or before the Effective Date, Debtor may file with the Bankruptcy Court such agreements and other documents as may be necessary or appropriate to effectuate or further evidence the terms and conditions of this Plan and the other agreements referred to herein. A full-text copy of the Plan of Reorganization dated April 28, 2026 is available at https://urlcurt.com/u?l=3eVDzc from PacerMonitor.com at no charge. Counsel to the Debtor: Steven L. Taggart, Esq. OLSEN TAGGART PLLC P. O. Box 3005 Idaho Falls, ID 83403 Telephone: (208) 552-6442 Facsimile: (208) 524-6095 E-mail: staggart@olsentaggart.com About Out on a Limb, LLC Out on a Limb, LLC, doing business as Carlin Construction, operates as a construction and excavation contractor based in Bloomington, Idaho, providing site preparation, grading, land clearing, home building, renovations, and related services for residential and commercial clients. Out on a Limb, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 26-40051-BRW) on January 28, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Brent R. Wilson oversees the case. Olsen Taggart PLLC is Debtor's legal counsel. OWENS-BROCKWAY GLASS: Moody's Rates New $500MM Unsecured Notes 'B3' ------------------------------------------------------------------- Moody's Ratings assigned a B3 rating to the proposed $500 million backed senior unsecured notes due 2033 issued by Owens-Brockway Glass Container, Inc. ("OBGC"), a subsidiary of O-I Glass, Inc. ("O-I"). O-I's B1 corporate family rating, B1-PD probability of default rating, instrument ratings of O-I's subsidiaries, and stable outlook all remain unchanged. Proceeds from the notes issuance, along with incremental borrowings on the company's revolving credit facilities expiring 2030, will be used to repay, repurchase or redeem the existing senior unsecured notes at OBGC that will mature in 2027. Moody's views this transaction as leverage-neutral, and expects the proposed notes to be pari passu with OBGC's existing unsecured notes. RATINGS RATIONALE O-I's B1 CFR reflects the company's leading market position as the largest glass packaging company in the world by revenue and volume; broad manufacturing presence with multiple locations globally; high exposure to defensive end markets such as beer, soft drinks, spirits and food; and strategic relationships with global blue-chip beverage customers. Moody's views are supported by O-I's ability to generate stable profit, with majority of global sales under long-term contracts, which include provisions for raw material and energy costs pass-through. O-I's credit quality is constrained by the continued weak volume recovery which, combined with restructuring costs, has pushed leverage to 7.5x debt/EBITDA in 2025. Due to their recurring nature, Moody's includes restructuring costs in Moody's adjusted EBITDA for O-I. As restructuring costs decline and sales recover, Moody's expects leverage to improve to less than 5.5x the latest by 2027. O-I's credit profile also reflects the company's product concentration, low organic growth and capital-intensive nature with high fixed costs of glass manufacturing that restrain free cash flow generation. The stable outlook reflects Moody's expectations of a gradual improvement in volumes and profitability and combined with a successful execution of restructuring activities will support material improvements in the company's credit metrics in 2026, with visibility for further improvements in 2027. The stable outlook also reflects the company's good liquidity and Moody's expectations for positive free cash flow to be maintained in 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade the ratings if debt/EBITDA is below 4.5x, EBITDA/interest coverage is above 4.0x, and retained cash flow/net debt is trending toward 15%. Moody's could downgrade the ratings if debt/EBITDA is above 5.5x, EBITDA/interest coverage is below 3.0x, and retained cash flow/net debt is below 10%. The principal methodology used in this rating was Packaging Manufacturers: Metal, Glass and Plastic Containers published in December 2025. Headquartered in Perrysburg, Ohio, O-I Glass, Inc. is the leading global glass packaging company by revenue. The company manufactures glass bottles for soft drinks, beer, wine and hard liquor, and glass containers for cosmetics and food. For the 12 months that ended December 2025, O-I generated about $6.4 billion in revenue. PETVET CARE: Ares Capital Marks $129.8MM 1L Loan at 14% Off ----------------------------------------------------------- Ares Capital Corp. has marked its $129.8 million loan extended to PetVet Care Centers, LLC to market at $111.6 million or 86% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to PetVet Care Centers, LLC. The 1L Loan accrues interest at 9.67% SOFR (M) 6.00% per annum. The 1L Loan matures on November 2030. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PetVet Care Centers, LLC PetVet Care Centers, LLC is a veterinary hospital operator. PETVET CARE: Ares Capital Marks $5.4MM 1L Loan at 15% Off --------------------------------------------------------- Ares Capital Corp. has marked its $5.4 million loan extended to PetVet Care Centers, LLC to market at $4.6 million or 85% of the outstanding amount, according to Ares Capital Corp's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended to PetVet Care Centers, LLC. The 1L Loan accrues interest at 9.67% SOFR (M) 6.00%. The 1L Loan matures on November 2029. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PetVet Care Centers, LLC PetVet Care Centers, LLC is a veterinary hospital operator. PIONEER OPCO: Moody's Rates New $1.17BB Secured Notes'B2' --------------------------------------------------------- Moody's Ratings assigned a B2 rating to Pioneer OpCo, LLC's ("Pioneer", operator of The Venetian Resort Las Vegas and The Venetian Expo and Convention Center, collectively "The Venetian") proposed $1,175 million senior secured notes. The company's B2 Corporate Family Rating, B2-PD Probability of Default Rating and B2 rated $500 million senior secured revolving credit facility and B2 rated $1,175 million senior secured term loan B remain unchanged. The outlook remains stable. Proceeds from the proposed $1,175 million senior secured notes, along with the previously announced $1,175 million term loan B, will be used to refinance the company's existing debt, put cash on the balance sheet, and pay related fees and expenses. RATINGS RATIONALE Pioneer's B2 Corporate Family Rating reflects the company's high debt to EBITDA leverage level with geographic concentration on the Las Vegas Strip, with a single integrated casino resort asset. Risks related to general economic conditions, particularly for sectors such as gaming that are heavily reliant on consumer discretionary spending, remain a constraint. The rating is supported by the company's strong operating performance, aided by significant levels of capital investment in the property that have resulted in continued revenue and EBITDA growth. The Venetian's large convention center and group business, hotel complex and gaming floor help drive mid-week occupancy and revenue across the resort. The rating is additionally supported by the company's good liquidity. The stable outlook reflects Moody's expectations that leverage will decline from current levels as earnings grow as the business continues to perform, while maintaining good liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Ratings could be upgraded if the company continues to grow revenue and earnings and generate strong positive free cash flow, with Moody's adjusted debt to EBITDA leverage sustained below 6x. Ratings could be downgraded if liquidity deteriorates or if Moody's anticipates that earnings will decline due to reduced visitation or reductions in discretionary consumer spending at the company's casino. Ratings could also be downgraded if the company's Moody's adjusted debt to EBITDA leverage remains over 8x or if free cash flow is weak. Pioneer OpCo, LLC operates The Venetian Resort Las Vegas and The Venetian Expo Convention Center, a large integrated casino resort located on the Las Vegas Strip. The company leases the real estate assets of The Venetian from an affiliate of VICI Properties LP under a triple-net lease agreement. The Venetian is owned by funds managed by Apollo Global Management. Revenue for the last twelve months ended December 31, 2025 were $2.3 billion. The principal methodology used in this rating was Gaming published in September 2025. PRESBYTERIAN VILLAGES: Fitch Alters Outlook on 'BB-' IDR to Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Presbyterian Villages of Michigan Obligated Group's (PVM OG or 'the OG') Issuer Default Rating (IDR) at 'BB-'. Fitch also affirmed the following 2020A and 2015 revenue bonds issued by the Public Finance Authority (Wisconsin) and the Michigan Finance Authority on behalf of PVM OG at 'BB-': The Rating Outlook has been revised to Stable from Negative. Entity/Debt Rating Prior ----------- ------ ----- Presbyterian Villages of Michigan Obligated Group (MI) LT IDR BB- Affirmed BB- Presbyterian Villages of Michigan Obligated Group (MI) /General Revenues/1 LT LT BB- Affirmed BB- The affirmation reflects balance sheet improvement. In early May 2025, PVM OG received about $10 million from its divestiture in PACE Central Michigan. The affirmation also assumes PVM OG will receive roughly $3 million in ERC funds in 2027 and another $3 million from an additional divestiture in 2026. Cash to adjusted debt improved to 31% at YE 2025 from 21% at FYE 2024, consistent with the low end of the 'bb' financial profile. The Outlook revision to Stable reflects operational improvement. Management reduced expenses by 13% in 2025 while increasing resident service revenue. Fitch expects PVM OG to continue growing revenue while maintaining cost discipline. SECURITY The bonds are secured by a pledge of unrestricted receivables, a mortgage on certain properties and a DSRF. KEY RATING DRIVERS Revenue Defensibility - bbb The 'bbb' assessment reflects generally stable occupancy across the OG, supported by continued leasing at East Harbor's rental ILU expansion. The OG includes two distinct campuses: East Harbor and Westland. Westland serves primarily middle- to low-income residents in a more economically challenged service area. Management is pursuing plans to convert much of the campus to low-income housing and remove it from the OG. East Harbor benefits from a stronger market and more favorable demographics, providing key support for the assessment. There is competition in the broader market, although more limited near both campuses. Despite East Harbor and Westland having similar unit sizes, East Harbor contributes materially more revenue and margin to the overall enterprise. Combined occupancy for the OG, including Harbor Inn expansion units, averaged 90% in fiscal 2025, materially improved from historical levels generally in the low 80% range. Harbor Inn occupancy improved to about 85% through most of fiscal 2025 from 64% in 2Q23. The slow fill-up has continued to pressure cost containment. PVM OG's primarily rental model also limits exposure to housing market volatility. Operating Risk - bb Fitch's 'bb' operating risk assessment reflects PVM OG's historically weak operating performance and predominantly rental contract mix. Cost control was challenged, with operating ratios above 115% in 2022 and 2023. Performance improved to 110% in 2024 as management implemented expense-control measures, with the benefits more fully evident in the 97% operating ratio reported for fiscal 2025. Management materially reduced expenses while increasing revenue in 2025, and Fitch expects operating performance to remain at or better than these levels as cost discipline continues. PVM OG has maintained adequate capital investment, although average age of plant remains somewhat elevated at about 17 years. Management reports no plans for additional debt or major capital spending and is instead pursuing asset divestitures and business model changes to support long-term viability. PVM OG also no longer subsidizes routine operations outside the OG, which should help stabilize cash flow. Financial Profile - bb PVM OG's financial profile remains pressured by prior balance sheet erosion, though the absence of additional debt plans limits further leverage risk. Liquidity declined to about $9.4 million at FYE 2024, equal to 21% cash to adjusted debt, reflecting Harbor Inn lease-up pressure, higher labor costs, inflation, subsidies to non-obligated entities, and elevated corporate expenses. The roughly $10 million divestiture proceeds along with operational improvements increased this measure to about 31% at FYE 2025, still below 2021 levels of $23 million and 44%. Fitch believes management's implementation of consultant-recommended cost controls has begun to stabilize performance. MADS coverage, which averaged about 1x from 2019 to 2024, improved to 2.5x in fiscal 2025 as cash flow strengthened. Management also reported 115 days cash on hand in 2025, above the 90-day covenant minimum under the MTI, though still below Fitch's 200-day threshold, supporting an asymmetric "weaker" liquidity consideration within the 'bb' financial profile. Under PVM's forbearance agreement with Huntington bank, cash exceeding 115 DCOH is transferred to the master trustee for application under the bond documents. About 35% of PVM OG's $58 million in debt is held by Huntington Bank. Following DSCR covenant defaults in 2023 and 2024, PVM OG executed a forbearance agreement in September 2025. Asymmetric Additional Risk Considerations A high proportion of Medicaid revenue remains an asymmetric risk consideration and continues to support the 'bb' assessment. Liquidity is weaker with DCOH below 200. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Cash-to-adjusted debt sustained below 30%; - MADS coverage below 1x; - Operating ratios consistently above 105%; - Deterioration in combined ILU occupancy below 70%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Cash-to-adjusted debt progressing toward 75%; - Sustained operating performance, with an operating ratio at or below 105%; - MADS coverage consistently above 1.2x; - Occupancy at the Harbor Inn expansion sustained above 86%. PROFILE PVM OG, an aging services network headquartered in Southfield, Michigan, includes PVM Corporate, the PVM Foundation, and life plan communities in Westland and Chesterfield (East Harbor), plus Weinberg Green Houses and Presbyterian Village North. Its OG campuses total 385 independent living units, 116 assisted living units, and 102 skilled nursing beds. With the Series 2020 bonds, PVM OG added Harry and Jeanette Weinberg Green Houses at Rivertown in Detroit and Harbor Inn in Chesterfield Township. PVM OG also holds interests in about 2,021 units through non-obligated entities, manages 486 additional units, and recorded $39 million in operating revenue in fiscal 2025. Management is seeking bondholder permission to remove Westland from the OG and reimburse BH's $9.5 million in associated debt. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. ESG Considerations Presbyterian Villages of Michigan Obligated Group (MI) has an ESG Relevance Score of '4' for Governance Structure due to permeability of cash flows between the OG and non-OG entities, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. PRESTIGE HEALTHCARE: U.S. Trustee Appoints Maude Holt as PCO ------------------------------------------------------------ Matthew W. Cheney, the Acting U.S. Trustee for Region 4, appointed Maude R. Holt as patient care ombudsman for Prestige Healthcare Resources Inc. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the District of Maryland on April 21. Section 333(b) of the Bankruptcy Code provides that the patient care ombudsman shall: * Monitor the quality of patient care provided to patients of the Debtor, to the extent necessary under the circumstances, including interviewing patients and physicians, as provided under Section 333(b)(1) of the Bankruptcy Code, as set forth in the Consent Order; * Not later than 60 days after the entry of an order approving the Patient Care Ombudsman's appointment, and not less frequently than at 60-day intervals thereafter, report to the Court after notice to the parties in interest, at a hearing, or in writing, regarding the qualify of patient care provided to the patients of the Debtor, as provided under Section 333(b)(2) of the Bankruptcy Code; and * If the Patient Care Ombudsman determines that the quality of patient care provided to patients of the Debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination pursuant to Section 333(b)(3) of the Bankruptcy Code. About Prestige Healthcare Resources Inc. Prestige Healthcare Resources Inc., incorporated in Maryland in 2009, operates as a behavioral health core service agency providing mental health and related support services to individuals in Washington, D.C., Prince George's County, and Baltimore City, Maryland, and is recognized as a certified provider in the behavioral health sector, offering therapy, mental health rehabilitative services, substance use disorder programs, elderly and persons with physical disabilities waiver case management, non-medical respite, problem gambling assistance, and assertive community treatment team services. Prestige Healthcare Resources Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10955) on January 29, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by John S. Smith, Jr. as president. Joseph Selba, Esq., at Tydings Rosenberg, LLP serves as the Debtor's legal counsel. PRIME LIMITED: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Prime Limited Holdings, LLC Addison Dental Associates, PC 4045 Orchard Road Suite 300 Smyrna GA 30080 Business Description: Prime Limited Holdings, LLC, doing business as Addison Dental Associates, P.C., operates a dental practice in Smyrna, Georgia. The company provides general dentistry services, including cosmetic and family dental care, to patients in the Smyrna and greater Atlanta area. Chapter 11 Petition Date: May 4, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-56003 Debtor's Counsel: Sims W. Gordon, Jr., Esq. THE GORDON LAW FIRM, PC 400 Galleria Parkway SE Suite 1500 Atlanta GA 30339 Tel: 770-955-5000 Email: law@gordonlawpc.com Total Assets: $3,216,789 Total Liabilities: $3,276,275 The petition was signed by Clarence Lee Benjamin Addison as CEO. A full-text copy of the petition, which includes a list of the Debtor's 16 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HDD3S4A/Prime_Limited_Holdings_LLC_dba__ganbke-26-56003__0001.0.pdf?mcid=tGE4TAMA PRO RACKING: Seeks to Tap Sanchez & Baltazar as Bankruptcy Counsel ------------------------------------------------------------------ Pro Racking Systems Corp. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Sanchez & Baltazar Attorneys, P.C. as its general bankruptcy counsel. The firm will render these services: a. advise the Debtor regarding matters of bankruptcy law; b. represent the Debtor in proceedings or hearings in the bankruptcy court involving matters of bankruptcy law; c. prepare and assist the Debtor in the preparation of reports, accounts, applications, and orders; d. advise the Debtor concerning the requirements of the Bankruptcy Code and rules relating to administration of this bankruptcy case; and e. assist the Debtor in the negotiation, formulation, confirmation, and implementation of the plan of reorganization. The firm will be paid at these hourly rates: Joanne P. Sanchez, Partner $450 Lisbette J. Baltazar, Partner $425 Other Attorneys $400 Paralegals $225 Other support staff $195 The Debtor agreed to pay S&B a Chapter 11 retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joanne P. Sanchez, a partner at Sanchez & Baltazar Attorneys, P.C., 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: Joanne P. Sanchez, Esq. Sanchez & Baltazar Attorneys P.C. 1140 S. Tremont Suite 105 Oceanside, CA 92054 Tel: (760) 302-4652 Fax: (844) 881-5852 Email: joanne@sblegalfirm.com About Pro Racking Systems Corp. Pro Racking Systems Corp. installs warehouse storage and pallet racking systems for commercial and industrial facilities, undertaking metal racking construction and tenant improvement projects. The company operates through licensed contracting activities tied to large-scale warehouse installations for commercial clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12211) on March 25, 2026. In the petition signed by Gabriel J. Galeana, chief executive officer and sole shareholder, the Debtor disclosed $685,550 in total assets and $1,084,073 in total liabilities. Judge Scott H. Yun oversees the case. Joanne Sanchez, Esq., at Sanchez & Baltazar Attorneys, P.C., represents the Debtor as legal counsel. PS OPERATING: Ares Capital Marks $19.6MM 1L Loan at 83% Off ----------------------------------------------------------- Ares Capital Corp. has marked its $19.6 million loan extended to PS Operating Company LLC and PS Op Holdings LLC to market at $3.3 million or 17% of the outstanding amount, according to Ares Capital Corp's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended toPS Operating Company LLC and PS Op Holdings LLC. The 1L Loan is a non-accrual status. The 1L Loan matures on Decemeber 2026. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PS Operating Company LLC and PS Op Holdings LLC PS Operating Company LLC and PS Op Holdings LLC are specialty distributor and solutions provider to the swine and poultry markets. PS OPERATING: Ares Capital Marks $6MM 1L Loan at 82% Off -------------------------------------------------------- Ares Capital Corp. has marked its $6 million loan extended to PS Operating Company LLC and PS Op Holdings LLC to market at $1.1 million or 18% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured revolving loan extended toPS Operating Company LLC and PS Op Holdings LLC. The 1L Loan is a non-accrual status. The 1L Loan matures on December 2026. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About PS Operating Company LLC and PS Op Holdings LLC PS Operating Company LLC and PS Op Holdings LLC are specialty distributor and solutions provider to the swine and poultry markets. Q-FREE TCS: Jeffrey Schwendeman of RPA Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Jeffrey Schwendeman of RPA Advisors, LLC as Subchapter V trustee for Q-Free TCS, Inc. Mr. Schwendeman will charge $450 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Schwendeman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeffrey Schwendeman RPA Advisors, LLC 45 Eisenhower Drive Paramus, NJ 07652 (201) 527-6661 Email: jschwendeman@rpaadvisors.com About Q-Free TCS Inc. Q-Free TCS, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10619) on April 29, 2026, with $500,001 to $1 million in both assets and liabilities. Julia Bettina Klein, Esq., at Klein, LLC represents the Debtor as legal counsel. RCP HOMES: Case Summary & 13 Unsecured Creditors ------------------------------------------------ Debtor: RCP Homes, LLC 815 Superior Avenue Suite 1618 Cleveland, OH 44114 Business Description: RCP Homes, LLC is a real estate holding company that owns and leases residential properties in the Cleveland-area market. Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court Northern District of Ohio Case No.: 26-12134 Judge: Hon. Jessica E Price Smith Debtor's Counsel: Glenn E. Forbes, Esq. FORBES LAW LLC 166 Main Street Painesville, OH 44077 Tel: 440-739-6211 E-mail: bankruptcy@geflaw.net Total Assets: $1,718,598 Total Liabilities: $2,083,509 The petition was signed by Darrion Smith McKnight as managing member. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KC6RPAA/RCP_Homes_LLC__ohnbke-26-12134__0001.0.pdf?mcid=tGE4TAMA REALTRUCK INC: S&P Cuts ICR to SD on Distressed Debt Restructuring ------------------------------------------------------------------ S&P Global Ratings lowered our issuer credit rating on RealTruck Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its term loans and unsecured notes to 'D' (default). S&P does not assign outlooks to default ratings. S&P will likely raise its issuer credit rating in the coming days to reflect the revised capital structure following a thorough review. On May 6, 2026, RealTruck Inc. completed its previously announced distressed debt restructuring. It raised a super-priority, new money, first-lien term loan, extended maturities on existing term loans, and exchanged its unsecured notes at a discount. S&P views the exchange as distressed and tantamount to default because debtholders receive less value than promised and that a conventional default over the near to medium term is realistic possibility. The downgrade follows RealTruck's completion of a distressed debt restructuring. On May 6, 2026, RealTruck raised a super-priority, new money, first-lien term loan; extended maturities on existing term loans; and exchanged its unsecured notes at a discount. S&P said, "We consider this transaction tantamount to default because debtholders receive less value than promised. Moreover, we view the exchange as distressed since, without it, a conventional default over the near to medium term remains realistic given RealTruck's weak operating performance, high leverage, and tightening liquidity." S&P said, "While the exchange of term loans to extend maturity through 2031 is completed at par, we view the subordination relative to the super-priority, new money term loan as inadequate compensation for lenders. Further, we do not believe the modest increase in the applicable margin on its term loans provides adequate compensation. Unsecured noteholders were offered an exchange at material discounts for a new second-lien note facility. We consider this a clear indication that noteholders received less than promised. We do not believe the restructuring impairs lenders of the company's $250 million asset-based lending facility. "We will review and likely raise our ratings to the 'CCC' category in the next week. Our review of the issuer credit and issue-level ratings will focus on the long-term viability of RealTruck's revised capital structure and our forward-looking opinion of its ability to stabilize performance, generate free operating cash flow, and maintain liquidity. We also will update our recovery analysis based on the new capital structure and assign issue and recovery ratings to the new debt." RED RIVER: Trusts Oppose Data Preservation Suit in Delaware ----------------------------------------------------------- Jarek Rutz of Law360 Bankruptcy Authority reports that a group of asbestos bankruptcy trusts told the Delaware Supreme Court on Wednesday, May 6, 2026, that major companies including Johnson & Johnson and Dow Chemical are improperly attempting to broaden a narrow equitable remedy into a sweeping litigation tactic. The trusts said the defendants seek expansive access to sensitive claims information. In their arguments, the trusts asserted that the companies have failed to justify the need for extensive data preservation and production measures. They argued that existing legal procedures already provide defendants with adequate protections in asbestos litigation. The trusts asked the court to reject the defendants’ efforts, saying the proposed approach would impose significant administrative burdens and threaten the confidentiality of asbestos claimants. The matter could shape future discovery disputes involving asbestos trust records, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REDCOLE PARTNERS: Case Summary & Five Unsecured Creditors --------------------------------------------------------- Debtor: RedCole Partners, LLC 3030 Gemstone Circle Pace, FL 32571 Business Description: RedCole Partners, LLC is a Pace, Florida- based real estate holding or investment entity tied to a residential property in Pace. Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court Northern District of Florida Case No.: 26-30477 Debtor's Counsel: Byron W. Wright III, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 E-mail: twright@brunerwright.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Andrew M. Coleman as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BHZQI3A/RedCole_Partners_LLC__flnbke-26-30477__0001.0.pdf?mcid=tGE4TAMA RELIABLE MOVERS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Reliable Movers, LLC d/b/a Reliable Moving 14634 SE 22nd St. Bellevue, WA 98007 Business Description: Reliable Movers, LLC, doing business as Reliable Moving, is a Seattle, Washington-based moving company serving the Seattle/Bellevue metropolitan area since 1996. The company provides local, residential, commercial, and office moving services, along with packing, unpacking, West Coast moving, and storage. Its moving services cover Washington, Oregon, and California. Chapter 11 Petition Date: May 4, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11489 Judge: Hon. Christopher M Alston Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 Email: courtmail@expresslaw.com Total Assets: $67,087 Total Liabilities: $1,690,959 The petition was signed by Benny Sena as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U6H4K4Q/Reliable_Movers_LLC__wawbke-26-11489__0001.0.pdf?mcid=tGE4TAMA RESILIENCE PARENT: Incremental Loan No Impact on Moody's 'B3' CFR ----------------------------------------------------------------- Moody's Ratings said that Resilience Parent, LLC's (dba MacLean Power Systems – MPS) proposed $120 million fungible incremental senior secured first lien term loan will have no impact on the company's existing ratings, including the B3 corporate family rating and B3-PD probability of default rating. Moody's further noted that the B2 rating on the existing senior secured first lien revolving credit facility and the stable outlook are also unchanged. MPS plans to use the proceeds from the $120 million incremental term loan and $40 million of existing cash to reduce the size of its second lien term loan by $160 million. Moody's views the transaction as being a credit positive as it will reduce MPS' debt load and its interest expense. While leverage is still high, industry tailwinds remain quite strong. MPS is well-positioned to provide products that update an aging electricity system that is experiencing increased demand. Moody's expects utilities to spend heavily to keep up with demand driven by AI, electric vehicles, and growth in residential markets. In addition, Moody's expects MPS to maintain good liquidity. Following the refinancing, MPS will hold $35 million in cash and will have access to a $100 million ABL revolver and a $150 million cash flow revolver. Moody's expects both facilities to remain undrawn over the next 12-18 months. Resilience Parent, LLC is a utility focused supplier and manufacturer of a broad range high quality grid hardware that serves the full transmission and distribution value chain. The company was formed as a combination of MacLean Power Systems, an established provider of utility products, and Power Grid Components, a grid components supplier with a substation focus. The entity is owned by Blackstone. Pro forma revenue for the twelve months ended December 31, 2025 was approximately $1.26 billion. REVALIZE INC: Ares Capital Marks $700,000 1L Loan at 14% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $700,000 loan extended to Revalize, Inc. to market at $600,000 or 86% of the outstanding amount, according to Ares Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Ares Capital Corp. is a participant in a first lien senior secured loan extended to Revalize, Inc. The 1L Loan accrues interest at a rate of 9.85% (1.25% PIK) SOFR (Q) 6.00% per annum. The 1L Loan matures on April 2029. Ares Capital Corp. is a business development company that provides financing solutions to middle-market companies across a range of industries. The Company is led by M. Kort Schnabel as Chief Executive Officer and Scott C. Lem as Chief Financial Officer and Treasurer. The Company can be reached at: M. Kort Schnabel Ares Capital Corporation 245 Park Avenue, 44th Floor New York, NY 10167 Telephone: (212) 750-7300 About Revalize, Inc. Revalize, Inc. is a developer and operator of software providing configuration, price and quote capabilities. RIVERSIDE LAND: Hires Crane Simon Clar and Goodman as Attorney -------------------------------------------------------------- Riverside Land Investments LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Crane, Simon, Clar and Goodman as its attorneys. The firm will render these services: a. prepare necessary applications, motions, answers, orders, adversary proceedings, reports and other legal papers for presentation to this Court; b. provide the Debtor advice with respect to its rights and duties involving its property as well as its reorganization efforts; c. appear in court and to litigate any issues, when necessary; and d. perform any and all other legal services that may be required from time to time in the ordinary course of the Debtor's business during the administration of this bankruptcy case. The firm received a pre-petition retainer from the Debtor, in the amount of $10,000 plus the filing fee of $1,738. Prior to the Petition Date, Crane, Simon, Clar and Goodman performed 6.4 hours of legal services at the rate of $475 per hour for a total of $1,425. As disclosed in the court filings, Crane, Simon, Clar and Goodman does not hold any interest adverse to the Debtor or the estate in the matters upon which CSCG is to be engaged. The firm can be reached through: John H. Redfield, Esq. Crane, Simon, Clar & Goodman 135 S. LaSalle Street, Suite 3950 Chicago, IL 60603 Phone: (312) 641-6777 Email: jredfield@cranesimon.com About Riverside Land Investments LLC Riverside Land Investments LLC is a single-asset real estate company based in Buffalo Grove, Illinois, that owns and operates a residential rental property alongside a horse boarding and training facility. Riverside Land Investments LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81721) on December 30, 2025, listing $1,150,000 in assets and $905,000 in liabilities. The petition was signed by Susan Morris as authorized representative of the Debtor. Judge Thomas M Lynch presides over the case. Marshal P. Morris, Esq. at MARSHAL P. MORRIS, LLC serves as the Debtor's counsel. SABRE INDUSTRIES: S&P Affirms 'B' Rating on First-Lien Debt ----------------------------------------------------------- S&P Global Ratings affirmed its 'B' issue-level rating on Sabre Industries Inc.'s first-lien debt (revolving credit facility and first-lien term loan). The recovery rating was revised to '3' from '4'. The '3' recovery rating indicates our expectation for meaningful recovery (50%-70%; rounded estimated 60%) in the event of a payment default. This follows the company's recently issued $320 million nonfungible incremental first-lien term loan due 2032 (unrated) and $210 million second-lien term loan due 2034 (unrated). TPG Rise Climate will purchase a majority stake in Sabre Industries from Blackstone, funded by the proceeds and $1.1 billion of equity. The revision is supported by the modest junior debt cushion in the new capital structure due to the new second-lien term loan. Our 'B' rating on Sabre Industries Inc. and stable outlook are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- S&P bases its analysis on the capital structure, including the $150 million revolving credit facility due in 2030, $125 million AR securitization facility due in 2027 (not rated), $1.3 billion first-lien term loan due 2032, $320 million nonfungible incremental first-lien term loan due 2032 (not rated), and $210 million second-lien term loan due 2034 (not rated). -- The $1.3 billion term loan due 2032 is rated 'B' with a '3' recovery rating, indicating S&P's expectation for meaningful recovery (50%-70%; rounded estimate 60%) recovery in the event of default. -- S&P's simulated default considers an unexpected and severe decline in overall infrastructure and capital spending by Sabre's utility and telecommunication customers. The resulting weak demand and increased competition (causing a loss of large customers) would lead to negative cash flow and the company's inability to meet its financial obligations. -- S&P assumes 85% of the revolving credit facility is drawn at default. -- S&P assumes a 5.5x implied enterprise value multiple, consistent with other building materials firms. Simulated default assumptions -- Year of default: 2029 -- Emergence EBITDA: $234 million -- EBITDA multiple: 5.5x -- Gross recovery value: $1.3 billion Simplified waterfall -- Net enterprise value (after 5% administrative costs): About $1.2 billion -- Estimated priority claims: $128 million -- Estimated first-lien claims: $1.8 billion --Recovery expectations: 50%-70% (rounded estimated: 60%) Note: the estimated first-lien term loan claim reflects payment of scheduled amortization of 1% per year through 2029. All estimated debt claims include about six months of accrued but unpaid interest. SANDY PINES: Taps CBRE Inc, Hunneman, Keenan Auction as Brokers --------------------------------------------------------------- Sandy Pines, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire CBRE, Inc., Hunneman Commercial Real Estate, and Keenan Auction Company, Inc. as sale brokers. The firm's services include: (a) preparing a sales book containing property information and other marketing material; (b) contacting buyers via written or email communication, telephone calls and/or in person, and provide the Offering Book and other materials to potential buyers; (c) soliciting written offers from buyers; (d) when appropriate, arranging, and participating in visits by selected buyers, and making such introductions and performing such services as the Brokers believe desirable to develop buyers' interest in the business; (e) assisting the Debtor in negotiations with buyers and analyzing transaction proposals; (f) assisting the Debtor in managing the due diligence process; (g) complying with Bid Procedures Order, including communication with Bangor Savings Bank and MutualOne Bank (including as to sharing offers and other information; and (h) assisting the Debtor in the negotiation and execution of the final definitive agreements and in the closing of the transaction. The Debtor proposes to compensate the brokers by paying them, in aggregate, a commission equal to 4% of the final sale price of the Debtor's assets. The Brokers will allocate the commission 1.33% to each. The brokers are "disinterested person" as that term is defined in Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code, according to court filings. The firms can be reached through: David N. Ross Hunneman Commercial Real Estate 303 Congress Street Boston, MA 02210 Telephone: (617) 457-3392 Email: dross@hunnemanre.com - and - James Halepis CBRE, Inc. 111 W Oak Ave Suite 100 Tampa, FL 33602 Telephone: (603) 969-6166 Email: james.halepis@cbre.com - and - Stefan P. Keenan, CAI, AARE Keenan Auction Company, Inc. 2063 Congress Street Portland, ME 04102 Telephone: (207) 885-5100 Email: stef@keenanauction.com About Sandy Pines Sandy Pines, LLC, operates Sandy Pines Campground, a seasonal resort-style campground in Kennebunkport, Maine, offering cottage rentals, glamping accommodations and RV sites. Sandy Pines sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20038) on Feb. 24, 2026. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Bankruptcy Judge Michael A. Fagone handles the case. The Debtor is represented by D. Sam Anderson, Esq., and Adam R. Prescott, Esq., of Bernstein Shur Sawyer & Nelson. SANTA PAULA: Seeks to Hire Capello & Noel as Special Counsel ------------------------------------------------------------ Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Capello & Noel LLP as special counsel. The firm will investigate and prosecute the AgWest Claims and defend against any claims that may be asserted against the estate in connection with the litigation. The firm will be paid at these rates: A. Barry Cappello Partner $1,450 Leila J. Noel Partner $1,000 Wendy W. Welkom $775 Brian M. Metcalf $675 Richard Lloyd $525 David Edholm $385 The Debtor will provide the firm with a $90,000 retainer for legal fees and $10,000 retainer for costs and expenses. As disclosed in the court filings, Cappello is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as modified by Section 1107(b) of the Bankruptcy Code, and as required by Section 327(a) of the Bankruptcy Code. The firm can be reached through: A. Barry Cappello, Esq. Cappello & Noel LLP 831 State St. Santa Barbara, CA 93101 Phone: (805) 564-2444 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SAVAGE ENTERPRISES: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Savage Enterprises, LLC and Savage Companies Inc. (collectively, Savage) at 'B+'. Fitch also affirmed the 'BB+' rating with a Recovery Rating of 'RR1' on the company's $750 million ABL facility and the 'BB-'/'RR3' ratings on its $735 million first-lien term loan B. Fitch has removed the Rating Watch Negative and assigned a Stable Outlook. Savage's Negative Watch has been removed following improved visibility on capital allocation after the Rail & Terminals divestiture. Proceeds are expected to reduce debt in the near term, supporting deleveraging. Fitch expects leverage to be managed around the high-3.0x over the long term, consistent with the current 'B+' rating and management's financial policies. The Stable Outlook also reflects greater clarity on strategy, cash flow risk, and financial flexibility, which mitigates the implications of a moderately higher proportion of commodity-linked earnings. Key Rating Drivers Transaction Supports Financial Flexibility and Strategy: Fitch has removed the Negative Watch following the Rail & Terminals divestiture, reflecting improved visibility on capital allocation and near-term deleveraging. Fitch expects pro forma leverage in the low-3.0x, supported by the use of proceeds for debt reduction. The divestiture enhances financial flexibility to support growth initiatives focused on scale, diversification, and vertical integration. The transaction shifts Savage's business mix to more commodity-linked earnings from more stable, service-oriented operations. This results in somewhat higher cash flow risk. Fitch considers the increase manageable and consistent with the current 'B+' rating. The divested assets accounted for less than 10% of EBITDA. Expansion into new projects, including processing facilities, introduces execution risk from development and customer ramp-up. Savages established customer relationships and integrated logistics network mitigate these risks. Leverage and Financial Policy: Fitch expects Savage to maintain EBITDA leverage in the high-3.0x range over the long term. This aligns with the current 'B+' rating and the company's 3.5x-4.0x net leverage target. Fitch expects the company to continue pursuing growth and acquisitions within this framework. Leverage will decline in the near term following the divestiture, with proceeds used to repay debt, including approximately $200 million of the term loan B. Post-Divestiture Business Profile: Fitch views Savage's agribusiness operations as consistent with the high 'B' category, reflecting regional concentration, exposure to a narrower set of commodities and EBITDA below $500 million. However, the company retains in-refinery services and short-haul commodity transport operations. These operations support customer relationships and provide commercial links across end markets. Savage uses risk management strategies to moderate commodity price and fuel cost exposure, which reduces cash flow volatility. The company's agribusiness platform also includes operational capabilities designed to reduce sourcing risk. FCF Supports Growth: Fitch expects FCF to be near breakeven over the forecast horizon, reflecting continued discretionary investment in growth. The company is expected to balance growth capex while maintaining robust availability under its ABL facility. This supports financial flexibility. The company also can reduce discretionary spending if operating conditions weaken. Capital projects are expected to prioritize scale, vertical integration and diversification. Inventories Bolster Contingent Liquidity: Most of Savage's agribusiness commodity inventory is highly liquid throughout business cycles. This provides contingent liquidity and is broadly consistent with other agricultural merchandisers. As of 4Q25, Savage's most liquid inventories totaled $450 million and included commodities such as wheat, corn, and soybeans. Fitch forecasts EBITDA interest coverage in the high-3.0x to low-4.0x range from 2026-2029, which further supports Savage's financial flexibility. Impacts of Tariffs: Fitch's forecast assumes any lower demand from Mexico would be offset through access to U.S. ports, the ability to ship elsewhere, but potentially at higher costs, or by seeking additional domestic demand. The agency will continue to monitor trade developments and Savage's optionality. Fitch expects steady U.S. crop demand, based on the U.S. Department of Agriculture's (USDA) projections for renewable diesel, demographic shifts and livestock needs. Mexico contributes about one-third of Savage's EBITDA, with most grain transported by train and some by vessel. Peer Analysis Compared with rated agricultural peers such as Tereos SCA (BB/Negative) and Andre Maggi Participacoes S.A. (BB-/Negative), Savage operates at a smaller scale and is more geographically concentrated. This can heighten operational and sourcing risks. Savage's operating profile is more comparable to Aragvi Holding International Limited (B+/Stable), as both issuers have regional concentration, more limited scale and relatively focused product offerings. Fitch expects Savage's EBITDA leverage to remain in the ~3.5x- 4.0x range over the next few years, broadly in line with Aragvi's gross EBITDA leverage over the same period. Fitch’s Key Rating-Case Assumptions - Revenue and EBITDA grow organically by low single digits annually over the medium term; - Capex of around $175 million to $225 million annually; - Working capital investment is expected to moderate following completion of the crush facility, though variability remains linked to commodity-based operations; - Savage balances growth-oriented capital deployment with maintaining robust ABL availability and leverage profile around the mid-to-high-3.0x range; - Annual owner distributions remain steady; - SOFR of 3.5% throughout the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (b, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Fitch has made no adjustments to the SCP, resulting in an IDR of 'B+ Recovery Analysis The recovery analysis assumes that Savage would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level and is the basis for Savages valuation. GC EBITDA is projected at approximately $300 million and incorporates the impact of the Rail & Terminals divestiture, offset by contributions from the Ceres platform, improvement in Project Crush and other agribusiness assets recently added. The estimate considers potential downside scenarios, including adverse weather conditions affecting commodity sourcing, continued decline in the coal business, and broader economic weakness. The GC multiple of 4.5x reflects the company's exposure to commodity-linked earnings following the portfolio shift, which generally command lower valuation multiples than more stable, service-oriented operations. The multiple also considers the company's scale and the relative stability of its remaining logistics and infrastructure services, as well as observed valuation ranges for comparable agriculture and infrastructure-related businesses. In Fitch's calculation of ABL utilization, the average historical borrowing base is considered and assumed to be fully drawn. The waterfall analysis results in a 'BB+'/'RR1' rating for the $750 million ABL facility and a 'BB-'/'RR3' rating for the $735 million first-lien term loan B. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x; - Reduced financial flexibility, as reflected in EBITDA interest coverage sustained below 3.0x or an inability to sustain midcycle ABL availability around 50% or more; - Greater-than-expected earnings volatility resulting from margin compression, volume declines, or execution challenges as the company increases its exposure to commodity-linked operations. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated commitment and track record of financial policies leading to EBITDA leverage sustained below 3.0x; - Improved scale and diversification across commodities, geographies, and value-added capabilities that support a more stable through-the-cycle cash flow profile; - Improved financial flexibility as indicated by sustaining EBITDA interest coverage above 3.5x. Liquidity and Debt Structure As of Dec. 31, 2025, Savage had approximately $610 million of total available liquidity, consisting of $63 million of cash and $546 million of availability under its $750 million ABL facility due 2030, after incorporating approximately $17 million of outstanding letters of credit. Positive free cash flow, before dividends and growth capex, supports financial flexibility, and the company has no meaningful near-term maturities. Debt is primarily comprised of a $735 million term loan B due 2032 and a $700 million senior secured Farm Credit term loan facility due 2030. Issuer Profile Savage is a privately held agribusiness and logistics company, with most of its operations in grain merchandising, including origination, storage, and transportation. The company also operates across grain processing and energy-related services, supported by its logistics and materials handling network. Summary of Financial Adjustments Fitch has deconsolidated the SGR subsidiary from Savage, resulting in the exclusion of the $150 million of notes due in 2041 from its standalone credit metrics. Similarly, the subsidiary's assets, note collateral and earnings stream are not considered in the analysis. Fitch regards the notes as adequately ring-fenced and funded by note receivables from customers using the underlying rail terminal facility. Fitch also assumes that Savage would not support the SGR entity in the event of financial distress, given its limited operational and financial contribution to Savage, in accordance with Section 6 of the "Corporate Rating Methodology". Fitch expects the SGR debt will be repaid or assumed by the buyer following the Rail & Terminals divestiture. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Savage Enterprises, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Savage Enterprises, LLC LT IDR B+ Affirmed B+ senior secured LT BB+ Affirmed RR1 BB+ senior secured LT BB- Affirmed RR3 BB- Savage Companies Inc. LT IDR B+ Affirmed B+ SHREE OF MEMPHIS: Available Cash & Rental Income to Fund Plan ------------------------------------------------------------- Shree of Memphis, LLC filed with the U.S. Bankruptcy Court for the Western District of Tennessee a Plan of Reorganization dated April 28, 2026. The Debtor is a Tennessee Limited Liability Company that is owned and managed by two individuals. Class 3 consists of the unsecured priority claim of The State of Tennessee. This creditor holds an unsecured priority claim in the amount of $24,000.00. This creditor shall be paid in full with a monthly payment of $400.00. The Plan will be funded by: (a) the Cash on hand, that will be transferred to the Reorganized Debtor, on the Effective Date; (b) the weekly income generated by the Debtor through the money earned by renting rooms to guests. On the Effective Date, the Reorganized Debtor will execute and deliver each of the amended and restated instruments and all of the assets, properties, and rights of the Debtor of every type and description, tangible, intangible, wherever located, including post-petition leases, shall be transferred and automatically vest in the Reorganized Debtor, free and clear of all liens, claims, rights of setoff, security interests, pledges, encumbrances, adverse right of interest, covenants, charges, debts and contractually imposed restrictions, and all such all liens, claims, rights of setoff, security interests, pledges, encumbrances, adverse right of interest, covenants, charges, debts and contractually imposed restrictions, shall be extinguished, except as provided for in the Plan. The entry of the Confirmation Order shall constitute authorization for the Debtor and/or the Reorganized Debtor to take or cause to take all action necessary and appropriate to consummate and implement the Plan prior to and after the Effective Date, and all such actions taken or caused to be taken shall be deemed to have occurred and shall be in effect from and after, but subject to the occurrence of, the Effective Date pursuant to applicable nonbankruptcy law and the Bankruptcy Code, without any requirement of further action by the Debtor and/or the Reorganized Debtor. A full-text copy of the Plan of Reorganization dated April 28, 2026 is available at https://urlcurt.com/u?l=TMbvG8 from PacerMonitor.com at no charge. Counsel to the Debtor: John E. Dunlap, Esq. 3333 Poplar Memphis, TN 38111 Telephone: (901) 320-1603 Facsimile: (901) 320-6914 Email: jdunlap00@gmail.com About Shree of Memphis Shree of Memphis, LLC is a two-member Limited Liability Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21265) on March 6, 2026, with $1,000,001 to $10 million in assets and liabilities. John Edward Dunlap, Esq., represents the Debtor as legal counsel. SJ HOLDINGS: Has Deal on Cash Collateral Access ----------------------------------------------- SJ Holdings Group LLC and A10 Commercial Mortgage Trust 2024-FLSN1, LLC advise the U.S. Bankruptcy Court for the Eastern District of New York that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order following confirmation of its liquidation plan. The stipulation is between the plan administrator—now the sole representative of the estate with authority to implement the confirmed plan and liquidate assets—and the secured creditor, and it reinstates and modifies a previously approved cash collateral order that had been extended through plan confirmation in February 2026. Under the proposed terms, the plan administrator is authorized to continue using cash collateral to operate the mortgaged property and manage the estate during the liquidation process, with the authorization extended through the earlier of July 31, 2026 or the plan's closing date. The agreement incorporates an updated operating budget and refines provisions governing the handling of collected cash collateral. In return, the secured creditor receives ongoing adequate protection to safeguard against any decline in the value of its collateral, while the plan administrator must comply with operational safeguards, including maintaining insurance on the property, naming the creditor as an insured and loss payee, and providing proof of coverage. A copy of the motion is available at https://urlcurt.com/u?l=SVWyKQ from PacerMonitor.com. About SJ Holdings Group SJ Holdings Group, LLC, doing business as Walden Pointe Apartments, is the owner of certain real properties, improvements and related assets known as "Walden Pointe Apartments," a 379-unit apartment complex located in Memphis, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-42207) on May 7, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Nancy Hershey Lord presides over the case. Kevin J. Nash, at Goldberg Weprin Finkel Goldstein LLP, is the Debtor's legal counsel. A10 Commercial Mortgage Trust 2024-FLSN1, LLC, as secured creditor, is represented by Paul Rubin, Esq. and Hanh Huynh, Esq., at Rubin, LLC. SOLARIS ENERGY: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned first-time Long-Term IDRs of 'BB' to Solaris Energy Infrastructure, Inc. (SEI) and Solaris Energy Infrastructure, LLC. (Solaris). The Rating Outlooks are Stable. Fitch also rated Solaris's senior unsecured notes 'BB' with a Recovery Rating of 'RR4' and secured revolver at 'BB+'/'RR2'. The rating reflects Solaris's favorable data center power contracts with strong counterparties and lack of commodity and power market exposure. Fitch forecasts leverage of around 5.2x during the buildout, improving to 3.3x in 2028 and 2.7x in 2029. Successful execution of its transformation strategy would materially expand the company's scale and improve its business mix. Fitch expects the Power Solutions Segment to account for about 70% of 2026 EBITDA. Fitch also expects the logistics business to continue as a steady-state EBITDA contributor during this period. The IDRs for Solaris and SEI have been equalized because SEI guarantees Solaris's debt. Key Rating Drivers Contracted, Infrastructure-Like Cash Flows: Solaris's power solutions business is based on behind-the-meter, equipment-based contracts with high-quality counterparties and long-term tenor, which are generally seven to 10 years. The contracts have fixed-fee or fixed monthly payment structures rather than merchant power arrangements. Solaris does not have commodity price risk, and more recent contracts completely transfer commodity, gas sourcing and power price risk to customers, supporting a consistent stream of revenues and cash flow. The company is diversified across major investment-grade hyperscalers and does not rely heavily on any one customer. Solaris has exposure to Hyperscaler 1 through its ownership stake in a joint venture called Stateline. Solaris has signed a dry lease contract with another hyperscaler (Hyperscaler 2) that is being converted into a power purchase agreement (PPA). It recently signed a with another hyperscaler (Hyperscaler 3). Contract Structures with Downside Protection: Solaris's most recent contracts have terms of 10-20 years, including renewal options, and generally provide guaranteed minimum returns in the event of termination. These returns are typically 50% of undiscounted remaining contract revenue. The company's performance obligations are reasonable and liquidated damages are capped. These structural protections support cash flow visibility and mitigate customer concentration, project execution, and performance risks. Contract Renewal Risk: Counterparties may not renew their contracts with Solaris. They may pursue alternate power arrangements and require Solaris to remove its equipment. Although this outcome is possible, Fitch considers it unlikely. At each site, Solaris owns the generators, switchgear and cables. A counterparty's operations would likely stop while Solaris removes its equipment and the counterparty sources and installs new equipment, which would likely require new environmental permits. Operating Capability and Supply Chain Positioning: Solaris has completed more than 450MW of single-site deployments in less than one year and maintained uptime above 99.9%. The company has strategic supply chain relationships, more than $1.0 billion of owned natural gas turbine assets and ancillary equipment, and approximately $2.0 billion committed under firm purchase orders. These factors support deliverability, but the pace and scale of planned growth still create execution risk. Power Solutions Growth Increases Execution Risk: Solaris has shifted its earnings mix from a legacy logistics-only business to a predominantly power solutions platform. The company expects to deliver 3.1GW by YE 2029, including 2.2GW currently under long-term contracts. This growth supports scale and revenue visibility, but execution depends on successful fleet deployment, contract ramp-up, and conversion of the Hyperscaler 2 contract to a PPA. Path to Lower Leverage: Solaris has total recourse debt of approximately $2.2 billion. Fitch estimates recourse leverage of 5.4x for 2026 and 5.2x for 2027, improving to 2.7x at the start of full operations in 2029. Solaris also targets leverage of 3x after the near-term investment phase. Deleveraging depends on timely contract ramp-up, EBITDA realization, and avoiding cost overruns or contractual underperformance. Public Ownership Provides Credit Support: Solaris's public ownership, diverse shareholder base, and management ownership support transparency and good governance. The company states disciplined capital allocation and willingness to issue equity to preserve balance sheet strength reflect public company corporate governance. Solaris has made accretive acquisitions and says future transactions would remain credit-accretive and likely include an equity component. Access to public markets supports financial flexibility. Conservative Financial Policy and Balance Sheet: Fitch expects Solaris to pursue growth initiatives while maintaining conservative financial policies and disciplined balance sheet management. Fitch also expects it to target leverage of 3x after the near-term investment phase. The company recently refinanced with low-coupon convertible debt and has no near-term maturities. Its first substantial maturity is in 2030. The company has robust pro forma liquidity which will increase with its RCF. Logistics Business Provides Cash Flow: Solaris's logistics segment remains a stable source of cash flow with minimal capex and helps fund growth in power solutions. The company has maintained leading market share in oilfield logistics through all-electric, high-efficiency sand handling equipment. Management describes the segment as a stable funding source for higher-return power opportunities. This legacy business provides some diversification and internal cash generation while the company scales it power platform. Peer Analysis Solaris's closest peers are VoltaGrid (BB-/Stable), Pattern Energy Operations LP (PEO; BB-/Stable), and Talen Energy Supply, LLC (Talen; BB-/Negative). Solaris also overlaps somewhat with Generac Holdings Inc. (bb+*) as an equipment-oriented power solutions provider, although Solaris's business model is more infrastructure-like due to its long-term contracted BTM power deployments. Solaris currently operates a mixed power solutions and logistics business, but earnings are expected to shift materially toward power solutions. Solaris expects to operate 3.1 GW by end-2029, including 2.2 GW under long-term contracts, versus VoltaGrid's expected 4.3 GW by 2027, Talen's 13 GW, and PEO's roughly 3.6 GW proportionate wind capacity. Solaris compares favorably with VoltaGrid and Talen on regulatory exposure and commodity risk because its hyperscaler contracts are structured as fixed-fee equipment rentals and eventually a tolling-style PPA, with limited or no commodity price risk. Like VoltaGrid, Solaris's BTM model has little linkage to wholesale power markets and lower direct exposure to FERC/PJM-style market risks than Talen's grid-connected nuclear generation. Solaris is also stronger than PEO here because PEO remains exposed to resource variability, power market dynamics, and renewable output risk, while Solaris describes its cash flows as infrastructure-like and fixed-fee. Relative to VoltaGrid, Solaris has lower counterparty concentration risk, stronger track record and supply-chain readiness, and a stronger financial profile during buildout, with lower projected leverage, over $1 billion of pro forma cash, a new RCF, no meaningful near-term maturities, and a more conservative public, founder-led funding posture. Fitch’s Key Rating-Case Assumptions - Capex through 2028 per management estimates; - Generation capacity increases from 1 GW currently to 3.1 GW by 2029; - New RCF and senior unsecured notes; - Proportional consolidation of Stateline JV; - Logistics business continues operation at steady state with $10 million/year of capex; - Existing power supply contracts continue on current terms; - Hyperscaler 2 dry lease contract is converted to PPA; - No volume, commodity, power market exposure in any of Solaris's contracts; - Construction to be undertaken in 2026-2028 with phased commencement of operations during 2027-2029. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Moderate), Sector Characteristics (a-, Moderate), Market and Competitive Positioning (bb+, Lower), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 45% weight for the forecast year 2026, 45% for the forecast year 2027 and 10% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Failure to execute the Hyperscaler 2 or Hyperscaler 3 contracts as assumed in the underwriting case or inability to meet contractual commitments; - Material asset underperformance, technology issues or service delivery problems resulting in contractual penalties, weaker customer relationships or reduced scalability; - Senior net leverage or total net leverage exceeding 3.5x and 5.25x, respectively, in accordance with lender covenants, and inability to subsequently deleverage with Fitch-calculated EBITDA leverage of above 4.5x on a sustained basis after 2027; - A more aggressive financial policy, including additional debt-funded growth, without sufficient contractual protections, liquidity support or a clear path to deleveraging. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Successful execution of the current deployment plan, including timely conversion/finalization of the Hyperscaler 2 and Hyperscaler 3 contracts and ramp-up of contracted projects; - Demonstrated operating track record across the expanded AI data center fleet with no material underperformance or contractual penalties; - Broader diversification of contracted revenues across customers or end markets without weakening contract quality or increasing business risk; - Sustained positive FCF and deleveraging following the investment phase, with EBITDA leverage below 3.5x on sustained basis. Liquidity and Debt Structure Solaris has substantial growth capex needs to perform under its executed and expected contracts, and forecasts negative unlevered FCF through 2028. The company plans to rely on cash on hand, operating cash flow, and external financing during its continued buildout phase. Solaris plans to issue senior unsecured notes with multiple maturities. The proceeds will be used to repay a $300 million bridge facility otherwise due in 2027, refinance $170 million of debt (incl. breakage fees) assumed with its acquisition of Genco Power Solutions, and send the remainder to Solaris's balance sheet. Solaris is also entering into an unfunded secured RCF. The RCF's financial covenants are expected to be: - Maximum senior net leverage of 3.50x; - Maximum total net leverage of 5.25x; - Minimum interest coverage ratio of 3.00x. The company has two convertible senior note issuances of $155 million due 2030 and $748 million due 2033. The company has demonstrated repeated access to the equity markets during its acquisitions of Mobile Energy Rentals LLC, HVMVLV LLC and Genco Power Solutions. Issuer Profile Solaris delivers power generation and distribution solutions and logistics equipment and services to data center, energy, and other commercial clients. The company is listed on the NYSE under SEI. The company is founder-led, with approximately 25% insider ownership. Date of Relevant Committee 20-Apr-2026 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Solaris Energy Infrastructure, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Solaris Energy Infrastructure, Inc. LT IDR BB New Rating Solaris Energy Infrastructure, LLC LT IDR BB New Rating senior unsecured LT BB New Rating RR4 senior secured LT BB+ New Rating RR2 SPIRIT AIRLINES: Fitch Affirms & Then Withdraws 'D' LongTerm IDR ---------------------------------------------------------------- Fitch Ratings has affirmed Spirit Airlines, LLC's (Spirit) Long-Term Issuer Default Rating (IDR) at 'D'. Fitch has also affirmed Spirit's loyalty program debt at 'C' and revised the Recovery Rating to 'RR6' from 'RR4', reflecting the company's impending liquidation and the limited recovery prospects for noteholders. The program debt is co-issued by Spirit Loyalty Cayman Ltd. and Spirit IP Cayman Ltd. Following these rating actions, Fitch has withdrawn its ratings on Spirit Airlines, LLC and its loyalty-backed debt instruments as a result of the company's decision to cease operations. Fitch has also placed the ratings on Spirit's 2015-1 and 2017-1 series of EETCs on Rating Watch Negative as listed below. The RWN reflects uncertainties inherent in the timing of and proceeds from the sale of the collateral aircraft. Fitch expects to withdraw the EETC ratings following the sale of the assets. Fitch has withdrawn its ratings on Spirit Airlines, LLC and its loyalty-backed debt instruments following the company's decision to cease operations and enter bankruptcy liquidation. Key Rating Drivers 2017-1 Class AA and Class A Certificates: Existing ratings for the 2017-1 transaction remain supported by solid overcollateralization and desirable aircraft. Ratings are derived through Fitch's top-down approach which incorporates asset value haircuts and assumptions for repossession and remarketing costs. Fitch's 'A' level stress scenario produces stressed LTVs of 65% and 83% for the Class AA and A certificates respectively, suggesting healthy collateral coverage. Recovery expectations are supported by current market values that remain above base values in recent appraisals for similar aircraft reviewed by Fitch. 2015-1 Class A Certificates: As with the 2017-1 transaction, LTVs based on recent appraisal data indicate solid collateral coverage for Spirit's 2015-1 Class A certificates. Fitch's 'A' level stress scenario produces an LTV 87%. Collateral Quality: Fitch considers both the A320 and A321 to be tier 1 aircraft. The 2017-1 transaction is secured by a pool of 7 A320-200s and 5 A321-200s while the 2015-1 transaction is backed by 3 A320-200s and 12 A321-200s. Although these aircraft are not the latest technology, fuel-efficient models, they benefit from a wide user base and from recent undersupply of narrowbody aircraft driven by supply chain constraints. Peer Analysis The Class AA certificates and Class A certificates rated in both Spirit EETC transactions are in line with other EETC Class AA and A certificate ratings in Fitch's coverage. The level of overcollateralization and LTVs is consistent with similarly rated certificates. Fitch’s Key Rating-Case Assumptions Given Spirit's liquidation announcement, Fitch's key assumptions focus on the EETC ratings. Within the rating case for the issuer, Fitch models a severe downside scenario in which the collateral aircraft are remarketed during a severe slump in aircraft values. Fitch's models also incorporate a full draw on the liquidity facilities and include assumptions for repossession and remarketing costs. Recovery Analysis Revision of Spirit's Loyalty debt to 'RR6' reflects Fitch's expectations for minimal recovery based on the nature of the loyalty program assets, and the cessation of Spirit's operations. RATING SENSITIVITIES EETCs: Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Negative rating actions could be driven by an unexpected decline in collateral values, or an inability to monetize collateral aircraft in a timely manner as the company undergoes liquidation. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The Class AA and A certificate ratings are primarily based on a top-down analysis based on the value of the collateral. An upgrade to the Class AA certificates is unlikely, as the company has ceased operations and is undergoing liquidation. Issuer Profile Spirit Airlines, LLC is a Florida-based ultra-low-cost air carrier. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Spirit Airlines, LLC LT IDR D Affirmed D LT IDR WD Withdrawn Spirit Loyalty Cayman Ltd. senior secured LT C Affirmed RR6 C senior secured LT WD Withdrawn Spirit IP Cayman Ltd. senior secured LT C Affirmed RR6 C senior secured LT WD Withdrawn Spirit Airlines Pass Through Trust Certificates Series 2017-1 senior secured LT A Rating Watch On A senior secured LT A+ Rating Watch On A+ Spirit Airlines Pass Through Trust Certificates Series 2015-1 senior secured LT A Rating Watch On A SPX FLOW: Moody's Withdraws 'B2' CFR Following Debt Repayment ------------------------------------------------------------- Moody's Ratings has withdrawn SPX Flow, Inc.'s (SPX Flow) ratings, including the B2 corporate family rating and B2-PD probability of default rating. Prior to the withdrawal, the B2 CFR and B2-PD PDR were on review for upgrade and the outlook was ratings under review. This action follows the repayment of SPX Flow's rated debt upon closing of the sale to ITT Inc. RATINGS RATIONALE Moody's have withdrawn the ratings as a result of the repayment in full of the rated debt. Headquartered in Charlotte, NC, SPX Flow is a global provider of process technologies that perform mixing, blending, fluid handling, separation, thermal heat transfer and other activities across a variety of nutrition, health and industrial markets. Key products include pumps, valves, homogenizers, mixers, separators and heat exchangers, along with related aftermarket parts and services. SRC HOLDINGS: Seeks to Hire YK Law LLP as Bankruptcy Counsel ------------------------------------------------------------ SRC Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire YK Law, LLP as attorneys. The firm will render these services: a. advise and assist Debtor with respect to compliance with the requirements of the United States Trustee; b. advise Debtor regarding matters of bankruptcy law, including the rights and remedies of Debtor in regards to its assets and with respect to the claims of creditors; c. represent Debtor in any proceedings or hearings in the Bankruptcy Court and in any action in any other court where Debtor's rights under the Bankruptcy Code may be litigated or affected; d. conduct examination of witnesses, claimants, or adverse parties and to prepare and assist in the preparation of reports, accounts, and pleadings related to the Chapter 11 case; e. advise Debtor concerning the requirements of the Bankruptcy Court and applicable rules as the same affect Debtor in this proceeding; f. assist Debtor in negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; g. make ant bankruptcy court appearances on behalf of Debtor; and h. take such other action and perform such other services as Debtor may require of its general counsel in connection with Chapter 11 case. i. perform all of the legal services for Debtor as Debtor-in-Possession which may be necessary. The firm will be paid at these rates: Partners $550 Associates $350 Paraprofessional $150 The firm received a pre-petition retainer of $20,000. YK Law is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). Furthermore, the Firm does not have an interest adverse to Debtor's estate in accordance with 11 U.S.C. Sec. 327. The firm can be reached through: Vahe Khojayan, Esq. YK LAW, LLP 445 S. Figueroa Street, Ste 2280 Los Angeles, CA 90071 Tel: (213) 401-0970 Fax: (213) 529-3044 Email: vkhojayan@yklaw.us About SRC Holdings, LLC SRC Holdings, LLC is a holding company that appears to manage investments or oversee affiliated business operations. SRC Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10894) on April 27, 2026. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Vahe Khojayan, Esq. of YK Law, LLP. STANDARD BUILDING: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Standard Building Solutions Inc.'s ratings, including its Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch also affirmed Standard's ABL credit facility at 'BBB-' with a Recovery Rating of 'RR1', senior secured term loan at 'BB+'/'RR2' and its senior unsecured notes at 'BB'/'RR4'. The Rating Outlook is Stable. Standard's ratings reflect the company's leading market positions within its business segments, high exposure to the relatively less-cyclical repair and replacement end markets, excellent financial flexibility and strong EBITDA and pre-dividend FCF generation. Long-term risk factors include its elevated leverage, exposure to volatile raw materials costs, the cyclicality of the company's new construction end markets, and history of occasionally making sizable distributions to its parent. Key Rating Drivers Elevated Leverage: Standard's EBITDA leverage increased to 4.6x at YE 2025 from 3.7x at YE 2024 as revenues declined due to lower storm-related demand and compressed margins. YE 2025 EBITDA leverage was slightly above the 4.5x negative sensitivity for the 'BB' IDR. Fitch expects EBITDA leverage to decline below 4.5x by YE 2026 and remain below this level in 2027, driven by modest revenue and margin improvement. EBITDA net leverage was 3.6x at YE 2025 and within the IDR sensitivities. (CFO-capex)/debt was 6.2% in 2025 and is forecast to be between 6% and 7% in 2026 and 2027, modestly below the 7.5% negative sensitivity. The lower ratio is driven by higher capex in 2025 and 2026 associated with the buildout of a new shingle manufacturing plant. Fitch expects (CFO-capex)/debt to improve to at least 8% in 2028. Standard operates with higher leverage levels for a building products manufacturer rated 'BB'. However these levels are appropriate given the company's strong business profile, solid liquidity and ability to generate strong pre-dividend FCF. Subdued Demand Environment: Fitch expects revenues to grow 3.5%-4.5% in 2026, driven primarily by commercial segment growth, pricing actions, and modest volume improvement. Fitch's rating case assumes existing home sales and repair and remodel (R&R) spending will be flat in 2026, with weaker demand for larger discretionary R&R projects. Fitch also forecasts low-single digit declines in single-family housing starts and low-single digit growth in nonresidential construction spending. Escalating geopolitical tensions (Iran War) pose downside risks to this outlook through higher oil prices, renewed inflationary pressures, delayed Federal Reserve rate cuts, and mortgage rates remaining above 6%. Persistently high borrowing costs, combined with weaker consumer confidence, could further slow construction activity. Margin Stabilization: Fitch projects EBITDA margin will be flat to slightly higher in 2026, supported by operating leverage and benefits from restructuring initiatives, following a 300 bp decline in 2025 due to lower volumes. Fitch expects EBITDA margins to be 18.5%-19.0% in 2026 compared to 18.7% in 2025 and 21.7% in 2024. Higher oil prices may also strain margins in the near term, However, the company has historically been able to increase selling prices to offset inflationary pressures. Standard's EBITDA margin remains strong for its 'BB' IDR and in line with investment-grade U.S. building products peers. Strong Pre-Dividend FCF: Fitch expects pre-dividend FCF at 3%-4% of revenues in 2026 and 4%-5% in 2027, down from the mid-single digit FCF margin in 2023-2025. Fitch forecasts elevated 2026 capex to support capacity expansion. Post-dividend FCF may be volatile, depending on dividends to parent, Standard Industries Inc. (Standard Industries). Standard made dividend payments in 2021, 2022 and 2025, and Fitch's rating case assumes annual dividends in the forecast period, which could keep post-dividend FCF flat to negative. Fitch believes Standard's strong liquidity position and pre-dividend FCF support its capital allocation priorities. Leadership Position: Fitch believes Standard's leading market position and strong market share drive pricing power and provide advantages in shelf space allocation within distribution channels. This is reflected in EBITDA margins that are comparable to investment-grade building products peers and relatively stable margins even during periods of inflationary input costs. Standard is the leading manufacturer of residential and commercial roofing products in North America, as well as the leading manufacturer of flat and pitched roofing systems in Europe. Standard Industries Ownership: Standard Industries is a privately-held holding company that owns Standard and W.R Grace & Co. (Grace), a specialty chemicals and materials producer. In 2021, Standard used cash and $2.5 billion of incremental debt to fund a $3.1 billion cash dividend to its parent for the Grace acquisition. Although Fitch does not expect Standard to regularly pay significant dividends to Standard Industries, additional acquisitions by the parent may require the upstreaming of large dividends and weaken Standard's credit profile. Management has a strong track record of maintaining excellent financial flexibility through the cycle. End-Market Diversity Tempers Cyclicality: Fitch views Standard's end-market exposure as a credit positive, as roofing repair and replacement is largely nondiscretionary and less volatile than new construction through the cycle, providing stability to margins and cash flows. The company's products are sold primarily to the residential and commercial end markets in the U.S. and Europe, providing Standard with exposure to sectors that typically have different cycles. Fitch estimates that about 75% of Standard's sales are derived from repair and replacement-driven demand, with the balance tied to new construction activity. Peer Analysis Standard's leverage metrics are meaningfully weaker than investment-grade building products peers, including Owens Corning (BBB+/Stable) and Masco Corporation (BBB/Stable), as well as BB rating category peers like MasterBrand, Inc. (BB+/Stable). The company has a less diverse product portfolio than Owens Corning but has less exposure to the more volatile new construction market. The company's profitability metrics are in line with Owens Corning and Masco and stronger than MasterBrand. Fitch’s Key Rating-Case Assumptions - Revenues improve 3.5%-4.5% in 2026 and 1%-2% in 2027; - EBITDA margin between 18.5% and 19% in 2026 and 19%-20% in 2027; - FCF margin, excluding distributions, is projected to be between 3% and 4% in 2026, increasing to 4% to 5% in 2027; - (CFO-capex)/debt of 6% to 7% in 2026 and 2027. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bb-, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bbb-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Fitch's expectation that EBITDA leverage will be sustained above 4.5x or EBITDA net leverage will be sustained above 4.0x; - (CFO - capex)/debt sustained below 7.5%; - Shareholder-friendly capital allocation during a construction downturn or period of economic distress. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Fitch's expectation that EBITDA leverage will be sustained below 3.8x; - (CFO-capex)/debt sustained above 10%. Liquidity and Debt Structure Standard has a strong liquidity position, supported by $1.5 billion of cash, no borrowings under the company's $850 million asset-based lending (ABL) facility that matures in November 2028 and pre-dividend FCF-generating ability. The company's debt is well laddered, with the next major maturity in 2028, when $1 billion of senior notes come due and its $500 million senior secured term loan facility matures. Fitch's rating case assumes that the company refinances its debt as they mature. Issuer Profile Standard Building Solutions Inc. is one of the largest manufacturers of residential and commercial roofing in the U.S. and leading manufacturer of flat and pitched roofing systems in Europe. Standard also manufactures waterproofing products, insulation products, aggregates, specialty construction and other products. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Standard Building Solutions Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Standard Building Solutions Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- senior secured LT BB+ Affirmed RR2 BB+ STREAM TV: Court Tosses Rembrandt Adversary Proceeding ------------------------------------------------------ Judge Derek J. Baker of the U.S. Bankruptcy Court for the Eastern District of Pennsylvania dismissed without prejudice the adversary proceeding captioned as Rembrandt 3D Holding Ltd., Plaintiff, v. Shadron L. Stastney, Hawk Investment Holdings, Ltd., SeeCubic, Inc., and SLS Holdings VI, LLC, Defendants, Adv. Proc. No. 24-00142 (DJB) (Bankr. E.D. Pa.). Before the Court is defendant SeeCubic, Inc.'s Motion to Dismiss the Revised Amended Adversary Proceeding. Rembrandt 3D Holding Ltd., or its predecessor, has owned certain intellectual property for well over a decade. At some point prior to the present bankruptcy, Rembrandt developed a relationship with the debtor Stream TV Networks, Inc. whereby Rembrandt licensed certain intellectual property to Stream. That relationship has since soured. SeeCubic Inc. was created sometime prior to 2020 to receive the assets of Stream. While it is unclear from the pleadings exactly when or what transactions caused SeeCubic to come into possession of Rembrandt's technology, Rembrandt alleges that SeeCubic has been infringing on their intellectual property rights since 2020, or at least by 2022. Rembrandt also pleads that it is a party to a pending federal action with SeeCubic pending in the District of Delaware. Stream's present bankruptcy was filed March 15, 2023 and the Court approved a sale of substantially all of the Debtors' assets to SeeCubic on December 9, 2024. The Asset Purchase Agreement and Sale Order clarified that Rembrandt's property was not being sold and that Rembrandt was in no way prevented from pursuing claims against SeeCubic. Rembrandt alleges this action is necessary to re-confirm its ownership rights in its intellectual property and prosecute SeeCubic for alleged ongoing infringement. SeeCubic counters that the Court lacks subject matter jurisdiction to hear this action because it is not "related to" Stream's bankruptcy case. The Court questions how this dispute would lead to liability or assets flowing to the estate. However, a jurisdictional ruling either way would come with potential delay that could prejudice all parties; such a result is easily avoided. Assuming that the Court has jurisdiction, it will simply invoke permissive abstention to refrain from hearing this case. The Court recognizes that the following factors exist from the prior recitation which all favor abstention: (i) this dispute likely has no effect on the estate and would be most efficiently decided in another court rather than as an accessory to the present bankruptcy case; (ii) this proceeding has no connection to what remains of the main bankruptcy case (i.e., disposition/distribution of estates proceeds to creditors); (iii) the substance of this claim is a non-bankruptcy intellectual property dispute with only superficial ties to this bankruptcy case; (iv) this dispute is poised to potentially involve overseeing compliance with ongoing injunctive relief in a dispute that may outlast the Debtors' main bankruptcy case, where a sale of substantially all assets has already been completed; and (v) this dispute is entirely between non-debtor parties. Therefore, given that the applicable permissive abstention factors overwhelmingly support abstention, the Court abstains from hearing this dispute pursuant to 28 U.S.C. Sec. 1334(c) and, in the exercise of such abstention, dismisses the adversary proceeding in its entirety without prejudice. A copy of the Court's Order dated April 28, 2026, is available at https://urlcurt.com/u?l=ZWB6A5 from PacerMonitor.com. About Stream TV Networks Stream TV Networks Inc. develops technology intended to display three-dimensional content without the use of 3D glasses. Stream TV Networks sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Penn. Case No. 23-10763) on March 15, 2023. In the petition filed by Mathu Rajan, as director, the Debtor reported assets between $500 million and $1 billion and estimated liabilities between $10 million and $50 million. The case is overseen by Honorable Bankruptcy Judge Magdeline D. Coleman. The Debtor is represented by Rafael X. Zahralddin-Aravena, Esq., at Lewis Brisbois Bisgaard & Smith. SYNCUBE CONTAINERS: Unsecureds to Split $268K over 60 Months ------------------------------------------------------------ Syncube Containers, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization dated April 27, 2026. The Debtor is a Michigan Limited Liability Company. The Debtor incorporated in the state of Michigan on August 24, 2024. The Debtor has two members, Onisim Boboescu and Markus Timoce. The Debtor purchases shipping containers, wholesale, from large suppliers, and then, Sells and porters the containers to purchasers. The Debtor leases a bare piece of land, and has little operating expense, other than the cost of purchasing the containers it resells and the vehicles it leases, which transport the containers. The bankruptcy was caused by a confluence of events. The Debtor was operating in 2025, and had two vehicles totaled. One was jack knifed in Zilwaukee, Michigan. The other was totaled by negligence related to employee use of the vehicle (e.g., an employee put the incorrect fuel in the vehicle, causing catastrophic failure). Aside from this, GEICO insurance (initially) denied the claims Debtor made on their insurance policy. To turn things around, the Debtor needed capital. But, the Debtor has only existed since 2024 (less than two years). The only funding they did qualify for were financing options based upon their cash flow and/or receivables. Through a series of "brokers," wholly unrelated to the funding entities, and completely unregulated, Debtor pledged or leveraged a significant amount of capital. So much so, they couldn't purchase containers to resell. This plan of reorganization is submitted by Debtor under Chapter 11 of Title 11 of the United States Code and proposes to pay its creditors from operational income. Class 4 consists of General Unsecured Claims. Claims 1, 3, 4, 7, 8, 9, 10, any future claim of Forward Financing, and any other creditor that has not filed a claim. This class will receive all disposable income of the Debtor as that term is defined in Section 1191(d)(2) of the Code which is not otherwise devoted to the payment of necessary priority claims, over a period of 60 months after the effective date of the Plan. In the event that the Plan is confirmed under 1191(d), the Debtor proposes to continue to make its own plan payments. To the extent this Court Orders, a ratable portion calculated by the Sub Chapter V Trustee shall be disbursed to each member of this Class pursuant to the terms of the Payment in section G, 3. To the extent the Court allows Debtor to make payment directly, they shall calculate payment in a manner the same as the Sub Chapter V Trustee would. It is estimated that $4481.01 will be available per month to unsecured creditors each month, over the 60-month Plan (roughly, $268,000). The reorganized debtor shall fund this plan from future earnings. The Debtor shall retain all assets of the bankruptcy estate, and such assets shall vest with the Reorganized Debtor, or as otherwise set out in the Plan regarding claims and/or Adversary Proceedings. A full-text copy of the Plan of Reorganization dated April 27, 2026 is available at https://urlcurt.com/u?l=I9PplU from PacerMonitor.com at no charge. Counsel to the Debtor: Alexander J. Berry-Santoro, Esq. Ethan D. Dunn, Esq. MAXWELL DUNN, PLC 2937 E. Grand Blvd., Ste. 308 Detroit, MI 48202 Telephone: (248) 246-1166 E-mail: aberrysantoro@maxwelldunnlaw.com About Syncube Containers LLC Syncube Containers, LLC purchases shipping containers, wholesale, from large suppliers, and then, sells and porters the containers to purchasers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-40806) on Jan. 27, 2026, with $100,001 to $500,000 in assets and liabilities. Alexander Joseph Berry-Santoro, at Maxwell Dunn, PLC, is the Debtor's legal counsel. T.E.A.M. PARKER: Hires Jones Accounting Group as Accountant ----------------------------------------------------------- T.E.A.M. Parker Hospitality, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Alabama to hire Jones Accounting Group, LLC to provide general accounting and bookkeeping tasks. The firm will perform general accounting and bookkeeping services that become necessary and/or are requested during the pendency of this bankruptcy case. At present, the Debtor needs the firm's assistance with preparing and filing certain income tax returns with the Alabama Department of Revenue and Internal Revenue Service. The firm will charge $175 per hour for the services of Saafir Malik, an enrolled Agent with Jones Accounting Group. The firm also charges for the following: Bookkeeper Data Entry $85.00 per hour Photocopies $0.20 per page Phone, Long Distance actual cost Travel Prevailing IRS Mileage Rate Mr. Malik assured the court that Jones Accounting Group does not hold or represent any interest adverse to the Debtor-in-Possession or to its bankruptcy estate. The firm can be reached through: Saafir Malik Jones Accounting Group, LLC 8449 Crossland Loop Ste 120 Montgomery, AL 36117 Phone: (503) 656-6900 Email: info@thejonesgroup.us About T.E.A.M. Parker Hospitality, LLC T.E.A.M. Parker Hospitality, LLC, doing business as The Toasted Yolk Cafe, operates a breakfast, brunch, and lunch restaurant. The company is part of the broader Toasted Yolk franchise network, serving chef-inspired, made-from-scratch menu items in a casual cafe setting with a full bar. T.E.A.M. Parker Hospitality, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 26-10218) on February 20, 2026, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Judge Christopher L Hawkins presides over the case. Anthony Brian Bush, Esq. at THE BUSH LAW FIRM, LLC serves as the Debtor's counsel. TPD DESIGN: Committee Taps Fox Rothschild as Bankruptcy Counsel --------------------------------------------------------------- The official committee of unsecured creditors of TPD Design House, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Fox Rothschild LLP as its counsel. The firm's services include: (a) advising the Committee with respect to its rights, duties, and powers in this Chapter 11 Case; (b) assisting and advising the Committee in its consultations with the Debtor relative to the administration of this Chapter 11 Case; (c) assisting the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (e) assisting the Committee in analyzing (i) the Debtor's pre-petition financing, (ii) proposed use of cash collateral, the terms and conditions of the proposed use of cash collateral and the adequacy of the budget, and (iii) DIP financing; (f) assisting the Committee in its investigation of the liens and claims of the holders of the Debtor's pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (g) assisting the Committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions, and the terms of one or more plans of reorganization or liquidation for the Debtor and accompanying disclosure statements and related plan documents; (h) assisting and advising the Committee as to its communications to unsecured creditors regarding significant matters in this Chapter 11 Case; (i) representing the Committee at hearings and other proceedings; (j) reviewing and analyzing applications, orders, statements of operations, and schedules filed with the Court, and advising the Committee as to their propriety; (k) assisting the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives in this Chapter 11 Case, including without limitation, the preparation of retention papers and fee applications for the Committee's professionals, including Fox Rothschild; (l) preparing, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (m) performing such other legal services as may be required or are otherwise deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Fox Rothschild's current hourly rates are: Attorneys $520 to $1,390 Associates $520 to $720 Paraprofessionals $275 to $605 Jesse M. Harris, Partner $710 Matthew A. Skolnick, Associate $570 Robin I. Solomon, Paralegal $605 Marcia Steen, Paralegal $550 Fox Rothschild LLP is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, and does not represent or hold any interest adverse to the interests of the Debtor's estate, according to court filings. The firm can be reached through: Jesse M. Harris, Esq. Fox Rothschild LLP 2001 Market Street, Suite 1700 Philadelphia, PA 19103 Tel: (215) 299-2864 Fax: (215) 299-2150 Email: jesseharris@foxrothschild.com About TPD Design House, LLC TPD Design House, LLC is a multidisciplinary creative studio that collaborates with clients to shape and communicate brand narratives across platforms and media. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11073) on March 16, 2026. In the petition signed by Vanessa Kreckel, managing member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Derek J. Baker oversees the case. David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, represents the Debtor as legal counsel. TRUETT MEMORIAL: Case Summary & One Unsecured Creditor ------------------------------------------------------ Debtor: The Truett Memorial Southern Baptist Church, Inc. (a California nonprofit religious corporation) a/k/a The Anointed Place 3435 San Anseline Ave Long Beach, CA 90808 Business Description: The Truett Memorial Southern Baptist Church is a California nonprofit religious corporation located in Long Beach, California. The church provides worship services, Sunday School, Bible Study, and church ministries. Its ministries include programs for children, men, women, deacons, dance, worship, music, and fitness-oriented faith activities. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14431 Debtor's Counsel: Marcus Tiggs, Esq. BAYER WISHMAN & LEOTTA 1055 Wilshire Blvd Ste 1900 Los Angeles CA 90017 Tel: 213-629-8801 Email: mtiggs@lawbwl.com Total Assets: $12,584,087 Total Liabilities: $5,620,055 The petition was signed by Lance Riley as pastor. The Debtor identified the Internal Revenue Service, P.O. Box 7346, Philadelphia, Pennsylvania 19101-7346, as its only unsecured creditor, listing a $36,692 tax-related claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KHH5MBI/THE_TRUETT_MEMORIAL_SOUTHERN_BAPTIST__cacbke-26-14431__0001.0.pdf?mcid=tGE4TAMA UGI INT'L: Fitch Alters Outlook on 'BB+' IDR to Negative -------------------------------------------------------- Fitch Ratings has revised UGI International LLC's (UGII) Outlook to Negative from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook revision follows UGII's announced large one-off dividend, in addition to generous dividends in FY26-FY28 (year-end in September), which, together with higher capex, will lead to negative free cash flow (FCF) after divestitures. UGII will fund the one-off distribution with additional debt, limiting EBITDA leverage headroom over 2026-2028. Higher net debt, together with its forecast of mildly decreasing EBITDA, will result in EBITDA leverage of 2.7x-2.8x (from 2.4x in FY25), versus the 3.0x negative sensitivity. The one-off dividend will be funded with drawings under its revolving credit facility (RCF), but Fitch expects UGII to refinance these drawings with long-term borrowings during FY26. The affirmation reflects UGII's leading market position as a liquified petroleum gas (LPG) distributor in Europe, its cash-generative business before dividends and resilient unitary margins throughout the cycle. Key Rating Drivers Negative Impact of Extraordinary Distribution: About USD300 million of UGII's one-off dividend will be used to support AmeriGas Partners, L.P. (APU, BB-/Stable) - a sister company - which will weaken UGII's credit profile through the new borrowings to partly finance the dividend. The distribution follows considerable dividends in FY23 and FY24 and a USD200 million loan extended to APU in FY25, underlining UGII's consistent support for APU. The leverage impact will partly be mitigated by proceeds from non-core asset disposals in FY26, the solid operational performance of UGII and the expected full APU loan repayment of USD200 million (currently USD150 million outstanding). Fitch expects a generous but normalised level of dividends in FY27-FY28 of about USD170 million a year, as Fitch believes APU will be in a stronger position due to ongoing operational improvements and a stronger capital structure, following the one-off dividend. Negative FCF Margin After Divestitures: Higher dividends and growing annual capex of about USD115 million result in negative FCF margins after divestitures in its rating case. Fitch believes it is important for UGII to maintain neutral-to-positive FCF after divestitures, given the secular challenges of the industry. The slightly negative FCF margin after divestitures, alongside rising leverage, places UGII at the weaker end of the 'BB+' IDR, underscoring the Negative Outlook. Further non-core disposals would not generate rating upside, in its view, as these would likely be used to fund higher dividends to the parent rather than deleveraging the company. Limited Leverage Headroom: Fitch forecasts EBITDA leverage (Fitch-defined) to increase towards 2.8x, leaving limited leverage headroom to the 3.0x negative sensitivity for the 'BB+' rating. The one-off dividend will only result in a limited increase in gross debt, due to the cash generation and proceeds from asset disposals expected in FY26; however, its forecast of a consistent, mild decrease in EBITDA (also related to a refocused business) will result in higher EBITDA leverage compared with historical levels. Resilient Business Performance: Recent business performance has been positive and supportive of UGII's credit profile. Unitary margins remain resilient, and the underlying business is now more focused, following the discontinuation of the energy marketing business and an increased emphasis on core geographies. FCF generation before dividends should remain consistently positive. Cash generation in FY26 was also supported by external factors such as a colder winter and positive FX developments, which partly offset steadily decreasing volumes due to natural gas conversions and structural conservation. Secular Industry Challenges: The LPG business faces secular challenges due to regulatory and technological developments that aim at increasing electrification and reducing emissions across Europe both at the retail and industrial levels. Muted economic prospects further limit the upside of expansion into the industrial segment, in its view. Fitch expects a slow but steady decline in volumes to continue across Europe, reducing UGII's addressable market. Defensive Pricing Arrangements: Unitary margins remain resilient despite volume and pricing volatility, with higher margins in retail offsetting tighter mark-ups for bulk customers. The contracts of most UGII customers have pricing arrangements, under which prices move in tandem with propane spot prices to mitigate price risk. About 15% of UGII's LPG volumes are derived from fixed-price contracts, for which sold volumes are hedged with forward contracts. Standalone Approach: UGII's IDR reflects its Standalone Credit Profile (SCP; bb+), due to 'Weak' legal, operational and strategic incentives for support from its stronger ultimate majority shareholder, UGI Corp, in accordance with Fitch's Parent and Subsidiary Linkage Rating Criteria. UGII's senior unsecured bonds and loans are non-recourse to the parent and are not guaranteed; however, UGI Corp's credit agreement contains cross-default language that includes UGII's debt. Fitch believes UGII has a limited strategic role within the overall UGI group even though it is one of its larger assets. Peer Analysis UGII is well-positioned relative to its Fitch-rated peers such as Vivo Energy Limited (BBB-/Stable) and Puma Energy Holdings Pte. Ltd (BB/Stable). Vivo and Puma have more diversified businesses than UGII, with integrated downstream and midstream operations. Puma is more geographically diversified than UGII in emerging markets. Fitch views the less volatile operating environment and stronger governance environment in Europe (compared with emerging markets) for UGII as a mitigating factor for weak demand. UGII has a strong cash-generative profile (pre-dividend), with expected negative FCF (after dividends and divestitures) and higher average EBITDA margins than most of its peers. This is due to higher margins on retail propane and LPG sales for home heating and cooking as well as industrial use than Puma and Vivo, which are focused on highly competitive and low-margin retail motor fuel sales. UGII has a stronger financial profile than Puma, while Vivo has lower leverage than UGII. Both peers are slightly less capital-intensive than UGII. UGII is also better positioned than its sister company, APU (BB-/Stable), which is also a large propane retailer. However, APU operates in a highly fragmented US market, with a market share of about 11%. APU has much higher Fitch-estimated leverage, but stronger EBITDA margins. Its margin benefits from its ability to compete with small retail propane distributors in the US and to use its large size to lower overhead costs while maintaining sales. APU has also become adept at managing EBITDA and gross margins, even in an environment of contracting sales and volatile propane prices. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within the Rating Case for the Issuer: - LPG volumes decreasing from 1.6 million tonnes in FY25, to 1.3 million tonnes in FY28 - No contribution from the energy marketing business by 2026 - Total EBITDA decreasing towards USD365 million by FY28 from about USD380 million in FY26 - Effective interest rate at about 4% for FY26-FY28 - Capex of about USD115 million over the near-to-medium term - Cumulative dividends of USD810 million between FY26 and FY28 - Full repayment of USD200 million loan to APU in FY26 - USD125 million proceeds from disposals in FY26 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Higher), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - Assessments of the quantitative financial subfactors also include bespoke calculations for FCF calculations as Fitch is including divestures proceeds in the FCF margin computation. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-Fitch-expected financial performance due to structurally lower profit margins, or mostly debt-funded M&As, resulting in EBITDA leverage persistently higher than 3.0x and EBITDA interest coverage weakening towards 7.0x - Consistently higher dividends than forecast - Structurally negative FCF after divestitures Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch could revise the Outlook to Stable if UGII is able to maintain EBITDA leverage persistently below 3.0x and generate neutral-to-positive FCF after divestitures. Fitch currently does not anticipate an upgrade to the 'BBB' category. Upside is limited by UGII's business profile as an LPG distributor and lack of diversification towards other businesses with more robust long-term prospects. However, a material improvement of the business profile supported by increased scale and diversification while maintaining solid market shares would be positive for the credit profile. Liquidity and Debt Structure At end-March-2026, UGII's liquidity was composed of USD352 million cash on its balance sheet and over USD450 million available under its RCF, maturing in 2028. UGII's worsening liquidity due to the use of short-term facilities to fund the one-off dividend is mitigated by the repayment of the loan extended to APU, the expected proceeds from non-core disposals to be received during 2H26 and limited long-term maturities until 2028. Beyond the proposed one-off dividend, liquidity is supported by consistently positive FCF before distributions and a flexible dividend policy. Issuer Profile UGII is an LPG distributor in nine European countries, heavily weighted towards France and with leading market positions in other EU countries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for UGI International, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- UGI International, LLC LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ UNITED NATURAL: Moody's Raises CFR to B2, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings upgraded United Natural Foods, Inc's ("UNFI") corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD. Concurrently, Moody's upgraded the rating on the company's senior unsecured global notes to Caa1 from Caa2 and affirmed the B3 rating on its senior secured term loan. The Speculative Grade Liquidity rating ("SGL") remains unchanged at SGL-2, and the outlook remains stable. The upgrade reflects UNFI's turnaround progress, which has driven solid improvement to operating earnings and cash flow. Stronger earnings reflect continued pruning of unprofitable customers, optimization of the company's DC network, continued cost reduction initiatives, and disciplined working capital management. As a result, leverage has improved with debt to EBITDA at 5.3x for the LTM ended January 31, 2026 from 6.0x in 2024. At 0.9x, EBITA to interest remains weak and below Moody's 1.5x upgrade threshold, but Moody's expects coverage metrics to improve over time with continued debt repayment and further earnings growth. RATINGS RATIONALE UNFI's B2 CFR reflects the company's high, though improving, debt to EBITDA at 5.3x and weak EBITA to interest at 0.9x. Leverage includes an adjustment to debt for a $393 million receivables monetization. Moody's expects debt to EBITDA to improve to about 4.5x and EBITA to interest to strengthen to roughly 1.5x over the next 12 months driven by earnings growth and debt repayment. Moody's also expects free cash flow at about $300-350 million for the same period. The ratings also reflect the mature nature of UNFI's low margin fixed cost distribution business, where topline growth is important to improve profitability. Moody's expects the business environment will remain highly competitive especially for the independent food retailers or small retail grocery chains. These customers are being squeezed by larger, better capitalized traditional supermarkets, such as The Kroger Co. and alternative food retailers, such as Walmart Inc. thereby pressuring their growth and profitability. The company's credit profile also reflects its roughly 25% sales concentration with its largest customer. Partially offsetting these challenges are UNFI's formidable size in the supermarket distribution industry, and its leadership position in the fast growing natural, organic and specialty food business. The stable outlook reflects Moody's expectations for good liquidity supported by the company's good free cash flow and about $1.3 billion available as of January 31, 2026 under its $2.4 billion asset based lending facility (ABL; unrated) expiring April 2031. Moody's also expects credit metrics will continue to improve over the next 12 months as sales and earnings improvement continues. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if operating performance continues to improve while maintaining good liquidity and positive free cash flow. Quantitatively, ratings could be upgraded if debt to EBITDA is sustained below 4.5x and EBITA to interest is sustained above 1.75x. Ratings could be downgraded if operating performance deteriorates. Ratings could also be downgraded if debt/EBITDA remains above 5.5x or EBITA/interest remains below 1.25x or if the company fails to generate consistently positive free cash flow, liquidity deteriorates or if its financial strategies do not prioritize debt reduction. United Natural Foods, Inc is a leading distributor of natural, organic, and specialty, produce, and conventional grocery foods and non-food products, and provider of support services in the United States and Canada. The company is publicly traded and has 48 distribution centers and generates about $31.5 billion in revenue. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The B2 corporate family rating is two notches below the Ba3 scorecard-indicated outcome, and reflects the continued execution risks related to the company's complex turnaround plans. VALLE DEL SUR: Case Summary & Two Unsecured Creditors ----------------------------------------------------- Debtor: Valle Del Sur Memorial Park Inc. Sector Pozo Hondo Carr. 7711 Km 0.5 Guayama, PR 00784 Business Description: Valle Del Sur Memorial Park Inc. operates a private cemetery and memorial park in Guayama, Puerto Rico. The company, whose facility is located in the Pozo Hondo sector along Puerto Rico Route 7711, provides cemetery and burial-related services to families in the Guayama area. Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court District of Puerto Rico Case No.: 26-02069 Debtor's Counsel: Alexandria Bigas Valedon, Esq. MODESTO BIGAS LAW OFFICE PO Box 7462 Ponce, PR 00732 Tel: (787) 844-1444 Fax: (787) 842-4090 Email: alexandra.bigas@gmail.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Alejandro Mayendia Blanco as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7G47I6Y/VALLE_DEL_SUR_MEMORIAL_PARK_INC__prbke-26-02069__0001.0.pdf?mcid=tGE4TAMA VERATICS INC: Seeks to Hire GGG Partners LLC as Financial Advisor ----------------------------------------------------------------- Veratics, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire GGG Partners, LLC as financial advisor. The firm will render these services: a. advise the Debtor with respect to finances and to guide the Debtor in making sound financial decisions for its operations in order to ensure that the Debtor reaps the benefits of reorganization and will be able to continue its operations and to comply with the rules of the Court; b. prepare financial documents for the Debtor's edification and use in making sound financial decisions, and other documents as necessary for the success of the Debtor's Chapter 11 case; and c. provide financial advice to the Debtor in negotiation with its creditors and in the preparation of a confirmable plan. The firm will be paid at these rates: Katie Goodman $495 per hour Other Partners $400 to $450 per hour GGG will also seek reimbursement for reasonable out of pocket expenses. GGG has been paid approximately $5,000 from a pre-petition retainer for advising and assisting the Debtors in connection with these Chapter 11 cases. Katie Goodman, managing member of GGG Partners, LLC, assured the court that GGG is disinterested, as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached through: Katie S. Goodman GGG Partners, LLC 2870 Peachtree Rd, Ste 502 Atlanta, GA 30305 Office: (404) 256-0003 ext. 225 Direct: (404) 293-0137 Email: kgoodman@gggpartners.com About Veratics Inc. Veratics, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02546) on April 10, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtor as legal counsel. WABASH NATIONAL: Moody's Cuts CFR to B3 & Unsecured Notes to Caa1 ----------------------------------------------------------------- Moody's Ratings downgraded the ratings of Wabash National Corporation (Wabash), including its corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and senior unsecured notes rating to Caa1 from B3. The outlook remains negative. The company's speculative grade liquidity rating remains unchanged at SGL-3. The rating downgrade reflects Moody's expectations that Wabash's credit metrics will remain at very weak, unsustainable levels over the next 12 months. Wabash's earnings have evaporated and cash burn has persisted during a prolonged down cycle in new truck trailer production as the company's customers defer investments in their transportation fleets. Moody's expects trailer production to increase sequentially over the course of 2026 as improving freight market conditions from higher rates should support customer's decision to reinvest in their fleets. However, Moody's still forecast Wabash's revenue to be slightly down in 2026 with negative earnings and free cash flow. Moody's believes Wabash has adequate liquidity to bridge the company to what Moody's expects will be a meaningfully improved production environment in 2027. However, additional cash burn in 2026 will increase the company's reliance on its $350 million asset-based revolving credit facility (ABL). This facility expires in September 2027, which introduces refinancing risk in the near-term. While Moody's forecasts Wabash's earnings to significantly improve in 2027, Moody's still expect the company's credit metrics to be relatively weak, though trending in a positive direction. Moody's forecasts debt/EBITDA to be around 6x by the end of 2027, but free cash flow to remain negative as the company's working capital needs to support growth outweigh the recovery in earnings. The negative outlook reflects the risk that the anticipated recovery in trailer production during 2027 does not materialize, thus preventing Wabash from improving its earnings and jeopardizing the company's liquidity position. RATINGS RATIONALE Wabash's ratings reflect the company's exposure to the highly volatile truck trailer manufacturing market, specifically for Class 8 commercial vehicles, which contributes to exceptionally sizeable swings in the company's operating performance. The current downturn in trailer and truck body production has significantly eroded the company's profitability, resulting in negative operating leverage and ongoing cash burn. Wabash's revenue is down around 40% since the end of 2023 as demand for new truck trailer production fell off following an extended replacement cycle in the immediate post-pandemic years. The substantial drop in production volumes has resulted in negative operating leverage for Wabash despite the company taking structural cost measures to adapt to current demand. Moody's expects EBITDA on a Moody's adjusted basis to be negative in 2026 although it should turn positive during the second half of the year. Moody's expects pent-up replacement demand from fleets will drive significantly higher trailer and truck body production in 2027. Moody's forecasts Wabash's revenue will increase at least 25% next year, which should translate to improved operating leverage and an EBITDA margin of around 5%. Historically, Wabash has demonstrated an ability to effectively navigate through periods of severe end market declines by maintaining a conservative balance sheet and ample liquidity ahead of anticipated downturns. The company entered the current cycle with debt/EBITDA near 1x at the end of 2023. However, the duration of this downturn has been more prolonged, and the earnings deterioration has been more pronounced than past cycles. As a result, Moody's believes a recovery in Wabash's credit metrics to more normalized levels will not occur until the end of 2027. Moody's expects Wabash to maintain adequate liquidity. However, liquidity is tightening as earnings remain negative. Wabash's liquidity as of March 31, 2026 consisted of $43 million of cash and $122 million of availability under its revolving credit facility, net of letters of credit and borrowing base limitations. The company had $100 million in borrowings under its revolver to fund cash burn in prior quarters, including a one-time $30 million legal settlement. For the full year 2026, Moody's expects negative free cash flow of at least $90 million, which will be primarily incurred during the first half of the year. Moody's expects free cash flow will improve in 2027 but remain negative as working capital investments to support a gradual recovery in demand will offset improved earnings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if trailer and truck body demand substantially improves and Wabash's EBITDA margin remains above 5%. Further, a rating upgrade would also require debt/EBITDA that is expected to remain below 6x and adequate liquidity with solidly positive free cash flow. The ratings could be downgraded if trailer demand remains weak and Wabash is unable to improve earnings. Weakening liquidity, including increased reliance on its ABL or free cash flow that is expected to remain negative, could also lead to a ratings downgrade. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Wabash National Corporation, based in Lafayette, Indiana, is a leading designer and manufacturer of truck and tank trailers, as well as related transportation equipment. The company also manufactures truck bodies. Revenue for the last 12 months ended March 31, 2026 was approximately $1.5 billion. WHITEWATER MATTERHORN: $143MM Add-on No Impact on Moody's Ba3 CFR ----------------------------------------------------------------- Moody's Ratings commented that on May 5, 2026, WhiteWater Matterhorn Holdings, LLC's ("MXPH") proposed a $143 million add-on to its backed senior secured Term Loan B due 2032. The incremental borrowing will weaken leverage and is credit negative but will not impact the Ba3 rating of the Term Loan. The Ba3 Corporate Family Rating and Ba3-PD Probability of Default Rating of WhiteWater Matterhorn InvestCo, LLC ("InvestCo"), the parent and the guarantor of MXPH, and the stable outlook on all ratings are also not affected. The $143 million add-on will be fungible with the existing Term Loan, for a pro forma total amount of $1,018 million, with proceeds used to fund MXPH's ongoing equity contributions to build the Eiger Express Pipeline ("Eiger"). InvestCo's Ba3 CFR is supported by stable distributions received from Matterhorn Express Pipeline, LLC ("MXP" or "OpCo"), through its 65% indirect ownership interest. These distributions are currently the sole source of cash flow for MXPH's debt service. InvestCo's credit profile is constrained by substantial structural subordination of its debt to MXP's debt, as well as elevated stand-alone leverage. The add-on borrowing is credit negative because it will weaken leverage metrics in 2026-2028, with stand-alone leverage peaking at around 8.7x (calculated as MXPH's debt to received distributions) and proportionally consolidated debt/EBITDA reaching around 7.1x at the end of 2027. The incremental borrowing will also reduce EBITDA coverage of interest expense to around 2x over the next two years, that Moody's considers low for the Ba3 rating. Pending completion of the pipeline in 2028 and recovery in the leverage metrics, InvestCo's credit profile will remain susceptible to adverse changes in operating or financing environment. Moody's acknowledges strong operating track record of the company, and expect that it will take additional measures to mitigate elevated financial risks, including by hedging interest rate exposure on up to 75% of the principal of the Term Loan. The limitations for incremental debt under the current Term Loan credit agreement should limit further borrowing until the company rebuilds its leverage profile. The credit profile will be strengthened by anticipated sponsor equity contributions to help fund MXPH's involvement in the Eiger project. Eiger is a joint venture to build a new 3.7bcf/d natural gas pipeline connecting the Permian basin to the Katy hub; the pipeline will be a loop of MXP, being around 98% collocated to MXP. Total development costs are projected to reach around $4.6 billion, to be financed with about $3.7 billion in project-level debt and $0.9 billion in equity contributions. MXPH has an indirect 45.5% equity interest in Eiger through a Joint Venture. Eiger is not part of MXPH's credit group under its existing Term Loan B. MXPH will receive no distributions from Eiger until project completion expected in 2028. Additionally, future project financing expected to be raised at the Eiger level could limit its ability to upstream distributions even after the completion of the project. InvestCo is a holding company with 100% ownership in MXPH, that indirectly owns 65% of Matterhorn Express Pipeline, LLC ("MXP" or "Opco"). MXP owns an intrastate natural gas transportation system, from the Permian Basin to the Katy hub, which started commercial operations in November 2024. The WhiteWater team manages Opco operations. WhiteWater is an infrastructure company that develops and manages multiple pipelines in Texas and Louisiana. WISER SOLUTIONS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Wiser Solutions, Inc. (Lead Debtor) 26-80002 1875 Mission Street Suite 103 San Franciso CA 94103 Brand Protection Agency, LLC 26-80001 Blosm, LLC 26-80003 RW3 Technologies, Inc. 26-80004 Shelvspace, Inc. 26-80005 Business Description: The companies and their affiliates provide software-as-a-service products for brands and retailers, enabling commercial intelligence and analytics through online and in-store data collection and analysis technology. They serve customers in multiple countries through term-based subscription platforms, with contract terms ranging from month-to-month arrangements to multi-year engagements. Through acquisitions and internal growth, they serve over 750 brands and retailers globally and have historically tracked more than 10 billion products, recommended more than 4 million prices, and monitored more than 600,000 stores. Chapter 11 Petition Date: April 26, 2026 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Scott W Everett Debtors' Texas Bankruptcy Counsel: Katharine Battaia Clark, Esq. Alexandra E. Rossetti, Esq. THOMPSON COBURN LLP 2100 Ross Avenue, Suite 3200 Dallas, TX 75201 Tel: (972) 629-7100 Fax: (972) 629-7171 Email: kclark@thompsoncoburn.com arossetti@thompsoncoburn.com AND Jacob T. Schwartz, Esq. THOMPSON COBURN LLP 488 Madison Avenue, 14th Floor New York, NY 10022 Tel: (212) 478-7200 Fax: (212) 478-7400 Email: jschwartz@thompsoncoburn.com Debtors' General Bankruptcy Counsel: Todd M. Schwartz, Esq. HOGAN LOVELLS US LLP 609 Main Street Houston, TX 77002 Tel: (650) 463-4000 Fax: (650) 463-4199 Email: todd.schwartz@hoganlovells.com AND Erin N. Brady, Esq. Christopher R. Bryant, Esq. Danielle A. Ullo, Esq. HOGAN LOVELLS US LLP 390 Madison Avenue New York, NY 10017 Tel: (212) 918-3000 Fax: (212) 918-3100 Email: erin.brady@hoganlovells.com chris.bryant@hoganlovells.com danielle.ullo@hoganlovells.com Debtors' Investment Banker: SSG CAPITAL ADVISORS, LLC Debtors' Notice, Claims & Balloting Agent: EPIQ CORPORATE RESRUCTURING, LLC Lead Debtor's Estimated Assets: $50 million to $100 million Lead Debtor's Estimated Liabilities: $100 million to $500 million The petitions were signed by Donald Harer as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VOIXJAA/Wiser_Solutions_Inc__txnbke-26-80002__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. William S. Seybold & Elizabeth Litigation $19,814,383 C. Seybold Revocable Trust Claimant/ Email: Bill.Seybold@Gmail.Com Note 2. Bruce Nagle Litigation $3,299,678 Email: Bnagle@Wiser.Com Claimant/ Note 3. Tom Steyer*** Note $2,694,520 Email: Susi.Galyon@Fahrllc.Com 4. Bairesdev LLC Litigation $2,689,264 800 W El Camino Real Suite 180 Claimant/ Mountain View, Ca 94040.0 Note Phone: 408-913-6213 Email: Billing@Bairesdev.Com 5. VG Shelvspace, LLC*** Note $1,332,600 Email: Hhajarnavis@VggrowthPartners.Com 6. Firetower Investments LLC*** Note $1,325,068 Email: Kurt@Lmlpartners.Net 7. The Kurt and Tamra Mobley Note $1,325,068 Trust Dtd 5-26-1993*** Email: Kurt@Lmlpartners.Net 8. Paul B. Edgerley*** Note $1,290,301 Email: Pbillington@Vantedge.Partners 9. Joshua Bekenstein*** Note $1,187,397 Email: Katie@Theturnllc.Com 10. Tallwave Commercialization Convertible $1,130,311 Fund I, LP Note Email: Dholthe@Dbhcap.Com 11. Bialla Venture Partners 2, LLC Convertible $1,039,353 Email: David@Enduranceholdings.Com Note 12. Hunter Philbrick*** Note $991,335 Email: Hunter@Hf.Com 13. Barry K. Vandevier*** Note $954,965 Email: Barry.Vandevier@Gmail.Com 14. Goodwin Procter LLP Litigation $816,675 100 Northern Avenue Claimant/ Boston, Ma 2210.0 Note Phone: 617-305-6595 Email: Statements@Goodwinlaw.Com 15. Tallwave Holdings, LLC Convertible $784,008 Email: Jeffrey.Pruitt@Tallwave.Com Note 16. The Chen Trust*** Note $674,246 Email: Hyc@Hychen.Com 17. Jonathan Desimone*** Note $622,178 Email: jdesmioneinvest@redtrain.org 18. The J P Connaughton 06 Inv Note $617,534 Trust*** Email: Jconnaughton@Baincapital.Com 19. Robert and Renee Little Note $615,273 Email: Rolittle2@Gmail.Com 20. Dave Albertson*** Note $585,756 Email: Davealbertson123@Gmail.Com *** The Creditor either directly or indirectly holds preferred and/or common equity and/or options/RSUs in Wiser Solutions, Inc. WMB HOLDINGS: S&P Upgrades ICR to 'BB', Outlook Stable ------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on U.S.-based global business administration and compliance service provide provider WMB Holdings Inc. (also known as CSC) to 'BB' from 'BB-'. S&P said, "At the same time, we raised our issue-level rating on the company's first-lien term loan B to 'BB' from 'BB-'. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The stable outlook reflects our expectation that CSC will reduce leverage to below 4x in 2026, with earnings expansion stemming from 4% revenue growth and stable EBITDA margins as well as at least $34 million of mandatory debt amortization. We expect robust free operating cash flow (FOCF) to continue into 2026 at about 15% of debt, which gives the company flexibility to further prepay debt. "CSC exceeded our financial expectations in 2025 due to revenue growth, EBITDA margin expansion, and debt prepayments in excess of mandatory debt amortization. "We expect earnings momentum to continue into 2026, ultimately leading to sustained S&P Global Ratings-adjusted leverage below 4x." CSC's 2025 performance exceeded our expectations. The company's revenue grew 7.9% in 2025 (4.3% on a net revenue basis, excluding pass-through revenues) due to growth across all its business segments. Its largest segment -- corporate and legal solutions (57% of annual 2025 net revenue) -- grew 4.1% due to increased demand for its services in the U.S. and less of a drag from international declines, as prior remediation efforts, related to the Intertrust acquisition in 2022, are now complete. The 4.1% growth in this segment exceeds the 2.5% growth in 2024. Management has cited that revised know-your-customer (KYC) frameworks have resulted in faster new client onboarding, allowing for quicker revenue realizations. The company also retained clients through modest price increases and continues to win share in the U.S. CSC's funds and capital markets segment (22% of annual 2025 net revenue) grew 5%. This level of growth is impressive given the ongoing delays in capital raising and new fund launches in the current macroeconomic climate. Growth in the segment was driven by the company's global expansion strategy and increasing demand for escrow services. S&P doesn't expect any revenue disruption risks as a result of management's recent decision to create a new revenue segment (Global Financial Solutions), which will include its prior funds and capital markets services segment as well as a portion of its corporate and legal solutions segment. The new segment should allow CSC to adopt global solutions for its clients rather than a country-by-country approach. CSC's remaining two segments--digital brand services (13% of revenue) and tax and business solutions (8%)--grew 4% and 3.5%, respectively, in 2025. The company's S&P Global Ratings-adjusted EBITDA margins grew 160 basis points (bps) during 2025 to 28.5%. The company realized positive operating leverage as revenues expand, limiting the increase of employee and non-employee costs. S&P expects further margin gains (of about 30 bps) in our 2026 forecast. The potential of global master service agreements with clients from country-specific agreements and an increasing labor work force in low-cost jurisdictions support margin growth opportunities. S&P said, "CSC's voluntary debt repayments support management's deleveraging targets. Its S&P Global Ratings-adjusted leverage was 4.0x at year-end 2025 compared with 4.8x at year-end 2024, which is at our previous upside leverage trigger of 4x. CSC repaid $219 million of debt on a net basis in 2025 ($203 million was voluntary). Management's proactive debt reduction, even after a sizable $115 million of stockholder distribution for tax purposes, is a credit positive. We expect CSC to pursue deleveraging over large acquisitions while its leverage remains above its target 2x-2.5x (company-adjusted leverage was 3.6x at the end of 2025). We view management's approach to acquisitions as price-disciplined and patient. Unlike some of CSC's competitors that are private equity owned (TMF Group, Apex Group, and Vistra), CSC is held by three families, and the company can afford to take a very long-term view on strategic investments. CSC has no major debt maturities until November 2029, when its term loan B comes due. "CSC's recurring business model and good market position support steady performance, even with volatile macroeconomic conditions and AI advancements. Our updated base-case forecast includes macroeconomic uncertainty, which could slow the growth of CSC's transactional revenue. Specifically, it could lead to lighter activity in the company's global financial solutions segment, which is affected by higher interest rates and slower fundraising. However, 70%-80% of the company's annual revenue is recurring. The company's long track record of over 125 years, global presence, and scale (with 90% of the Fortune 500, 75% of the largest private equity firms, and thousands of law firms) should help protect its market position. Profitability should also be relatively insulated in a downturn, as CSC's fully automated and high-margin services typically increase during times of financial distress. "We also expect the company to be insulated from AI advancements over the next year, but over the longer term, it could face revenue and margin threats. The regulated nature of the work CSC performs acts as a near-term mitigant from AI risks, as there are generally sensitivities from clients and regulators about sharing data with large language AI models. CSC's long history and scale of marquee customers also provide assurance that the work performed will be of high quality and low risk. We view the risk of clients insourcing (with the help of AI) administrative/compliance work as low currently given the event and legal risks if errors are made. Over the longer term, there are risks as CSC and others in the industry utilize more AI to streamline work and potentially reduce costs. In such a scenario, clients could demand CSC and others to share the AI-related savings with them in the form of lower pricing. "The stable outlook reflects our expectation that CSC will reduce leverage to below 4x in 2026, with earnings expansion stemming from 4% revenue growth and stable EBITDA margins as well as $34 million in mandatory debt amortization. We expect robust FOCF to continue into 2026 at about 15% of debt, which gives the company flexibility to further prepay debt." S&P could lower the rating if it believes CSC will sustain leverage above 4x, which could result from: -- A more aggressive financial policy, including additional leveraging acquisitions or debt-financed shareholder returns; -- A reduction in service quality that leads to higher client churn; -- AI disintermediation risks; or -- Compliance or service issues that result in fines or other remediation with a meaningful financial impact. S&P said, "While unlikely over the next 12 months, we could upgrade CSC again if it continues to demonstrate good, sustained organic revenue growth, increasing market share, and continued margin improvement in conjunction with demonstrating financial policies that we believe will support maintaining leverage comfortably below 3x." WOODCREST CONDOMINIUMS: Seeks to Extend Plan Exclusivity to Sept. 1 ------------------------------------------------------------------- Woodcrest Condominiums IX, LLC, asked the U.S. Bankruptcy Court for the District of Columbia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 1 and Nov. 1, 2026, respectively. The Debtor is a limited liability company formed under the laws of the District of Columbia, which owns three condominium units (the "Condo Units") located on Woodcrest Drive SE, Washington, DC 20032. The Condo Units are part of a larger condominium development known as Woodcrest Villas. The Condo Units are the Debtor's primary assets, and the proceeds from the sale of the Condo Units represent the Debtor's primary source of cash for funding its operations and administrative expenses incurred during the Bankruptcy Case. Welch Family Limited Partnership Five asserts a disputed lien against the Condo Units. The Debtor filed an adversary proceeding against Welch seeking to, among other things, determine that the Welch lien is invalid, which adversary proceeding is pending and has yet to be adjudicated. The Debtor explains that although this is not a large case, the pendency of the disputed liens asserted by Welch and the extensive litigation with Welch has made this case complex. The Debtor has worked expeditiously to position the disputed issues before the Court for determination. The Debtor believes it is prudent to preserve its exclusive right to file a plan while it works through the issues relating to the liens on and the sale of the Condo Units. The amount of time that the Debtor is requesting is modest and is in line with this Court's extension of exclusive periods in similar cases. The Debtor believes that good cause exists to grant the Motion and extend the Debtor's Exclusive Periods to file a proposed plan and solicit acceptances thereto. Woodcrest Condominiums IX LLC is represented by: Brent C. Strickland, Esq. Whiteford, Taylor & Preston L.L.P. 8830 Stanford Blvd., Suite 400 Columbia, Maryland 21045 Phone: (410) 347-9402 Facsimile: (410) 223-4302 Email: bstrickland@whitefordlaw.com Joshua D. Stiff, Esq. Whiteford, Taylor & Preston, L.L.P. 249 Central Park Avenue, Suite 300 Virginia Beach, VA 23462 Telephone: (757) 271-9751 Facsimile: (757) 271-9736 Email: jstiff@whitefordlaw.com About Woodcrest Condominiums IX LLC Woodcrest Condominiums IX LLC is a residential real estate company that appears to develop or manage condominium properties in Washington, DC, operating under the Woodcrest Villas brand. The company maintains its principal place of business at 454-460 Woodcrest Drive SE in Washington, DC, with its primary operations in residential building construction as indicated by its NAICS code 2361. Woodcrest Condominiums IX LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00265) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Elizabeth L. Gunn oversees the case. The Debtors are represented by Brent C. Strickland, Esq. at Whiteford Taylor & Preston L.L.P. WYNDHAM HOTEL: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has affirmed Wyndham Hotels & Resorts Inc.'s (WH) Issuer Default Rating (IDR) at 'BB+'. Fitch has also affirmed the long-term ratings on WH's senior secured credit facilities and unsecured notes at 'BBB-' with a Recovery Rating of 'RR1' and 'BB+'/'RR4', respectively. The Rating Outlook is Stable. Fitch expects WH's EBITDA leverage to remain below 4.0x through 2029. Despite near-term headwinds in royalty fees driven by muted RevPAR and a reduction in Revo-related fees, Fitch forecasts continued EBITDA growth driven by steady system expansion and higher ancillary revenues. WH's room growth is reinforced by an extensive development pipeline. In addition, WH's strong FCF position should allow it to continue to invest in its business and return capital to shareholders. Key Rating Drivers Multiple Levers Support Growth: Wyndham's credit profile benefits from multiple avenues for earnings growth including system expansion, RevPAR recovery, and ancillary revenues. System growth remains a key pillar, with approximately 4% net room growth and a pipeline increasingly skewed toward higher FeePAR assets, supporting long-term fee base expansion even as near-term metrics are affected by Revo- and Super 8-related adjustments. RevPAR, while currently muted, has begun to stabilize and represents an additional lever for recovery as demand improves, particularly in the U.S. economy segment. Most recently, Wyndham has demonstrated an ability to offset softer core fees through strong ancillary revenue growth. Despite pressure on royalties from weak RevPAR trends and Revo-related deferrals, ancillary revenues supported by the renewed Barclays credit card agreement and broader loyalty initiatives have continued to expand, providing a more stable and diversified source of earnings. Cautious Outlook Despite Strong Quarter: The U.S. lodging environment remains bifurcated, with strength in higher-end segments and ongoing softness in economy and midscale. Wyndham's portfolio, skewed toward select-service, has therefore faced greater RevPAR pressure. Trends improved relative to expectations in 1Q26. Performance was roughly flat year over year, indicating stabilization after several quarters of underperformance, driven by higher occupancy and stronger leisure demand . Despite these improvements, Wyndham continues to underperform higher-end peers, where pricing power supports ADR-driven growth. Management highlighted ADR as both the primary opportunity and constraint, with rates still below recovery levels seen in upper tiers. While demand is improving, the Fitch's outlook remains cautious for 2026, with expectations for broadly flat performance in the back half. This reflects continued macro uncertainty, including elevated fuel costs that may indirectly pressure discretionary spending among Wyndham's more price-sensitive customers, potentially limiting near-term RevPAR upside relative to peers. Returns Balanced by Leverage Discipline: Fitch expects WH to continue to prioritize shareholder returns through repurchases and dividends as it has a high incentive to buy back shares from management's sentiment around stock undervaluation. As of Q126, WH had $223 million availability under its share repurchase program. Fitch expects capital allocation to be funded through a mix of FCF and additional financing while managing its capital structure in accordance with a net leverage policy of 3x-4x. Fitch forecasts steady EBITDA leverage at 3.9x through 2029 with EBITDA growth offset by debt financed shareholder returns. Asset-Light Model Supports Margins: Wyndham's asset-light franchise model supports consistently high margins and lower operating leverage relative to owned and operated hotel models. Because the company does not own the underlying real estate and instead earns fee-based revenue from franchisees, it avoids direct exposure to property-level costs and capital requirements, resulting in Fitch-defined EBITDA margins that remain in the mid- to high 70% range even during periods of RevPAR softness. This structure also reduces earnings volatility compared to owned-hotel operators, as Wyndham's fee streams are less sensitive to swings in hotel-level profitability. Pipeline Supports Growth: Wyndham remains one of the largest global hotel franchisors by number of franchised properties and maintains a sizable development pipeline of over 259,000 rooms across 65 countries, with roughly 57% of the pipeline located internationally. About 70% of the pipeline is weighted toward midscale and above-tier segments. While this pipeline supports long-term fee growth, near-term reported growth has been partially offset by portfolio adjustments, including the Revo insolvency and the exclusion of Super 8 China MLA rooms, which have created some volatility in system metrics despite underlying development strength. Ancillary Revenues Provide Stability: Ancillary revenues continue to provide an important source of earnings stability, growing at a double-digit pace driven by the Barclays co-branded credit card agreement and broader loyalty initiatives. Because these revenues are less directly tied to hotel-level performance, they help diversify Wyndham's fee streams and partially insulate earnings from cyclical RevPAR volatility, as demonstrated during the recent period of softer royalty growth. Peer Analysis WH's rating reflects its diversification across brands, geographies and offerings relative to peers. Its system size of 869,000 rooms, development pipeline of over 259,000 rooms and loyalty program of over 124 million members as of 1Q26 trails industry leaders like Hilton Hotels & Resorts (not rated) and Marriott International (not rated), which have system sizes of over 1 million, development pipelines roughly double that of WH and loyalty reward programs with over 150 million members. However, WH tracks ahead of Hyatt Hotels Corporation (BBB-/Stable) and Accor S.A. (BBB-/Positive/Under Criteria Observation), with a larger total room count and pipeline size. WH is predominately exposed to lower chain scales, while Hilton, Accor, and Marriott offer brands across most chain scales and Hyatt focuses on high-end offerings. WH has lower top-line revenue than its lodging peers but leads in EBITDA margins. The asset-light business structure is fully franchised compared with its lodging peers, which have a small percentage of owned, leased and managed portfolios. The focus on franchise revenue streams in the select-service space allows for lower operating costs and cash flow volatility. WH's stated financial policy of 3.0x-4.0x net leverage is wider in range relative to Marriott (3x-3.5x gross leverage), Hilton (3x-3.5x net leverage), Accor (less than 3.0x net leverage) and Hyatt (3x-3.5x net leverage). Like Hilton, Fitch expects WH to use capital return to manage leverage in lieu of accretive deals. Fitch’s Key Rating-Case Assumptions - Base interest rates for WH's outstanding variable rate debt obligations are aligned with the current secured overnight financing rate forward curve; - RevPAR of about 0% in 2026 and remains flat throughout the forecast as higher international mix drags 0%-1% RevPAR growth closer to 0%; - Annual net room growth of approximately 1.5% in 2026 assuming the exclusion of Revo, increasing to approximately 4% when including Revo in the system, and remaining at approximately 4% thereafter; - About $110 million in development advance notes per annum; - Capex stays at about 5% of revenue throughout the forecast horizon; - Mid- to high single-digit dividend per share growth throughout the forecast; - Annual share repurchases of $250 million through the forecast period. As of Dec. 31, 2025, WH had $274 million of remaining availability under its program. Fitch assumes WH's board will approve another share repurchase program upon completion; - EBITDA leverage of approximately 3.9x throughout the forecast period. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (a+, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No further adjustments were made to the SCP resulting in an IDR of 'BB+'. Recovery Analysis Fitch applies the generic approach for issuers in the 'BB' rating category, aligning the IDR and unsecured debt instrument ratings when average recovery prospects are expected, according to its "Corporates Recovery Ratings and Instrument Ratings Criteria." Issuers rated 'BB-' and above are considered too distant from default to conduct a credible default scenario analysis, which would likely result in Recovery Ratings that are too high across all instruments. Where a Recovery Rating is assigned, the generic approach considers the relative instrument rankings and their recoveries, along with the higher enterprise valuation associated with 'BB' ratings for the most senior instruments. Fitch classifies WH's revolving credit facility and its proposed senior secured term loan as Category 1. Considering its IDR of 'BB+', the Category 1 first lien senior secured debt is notched one level to 'BBB-'/'RR1'. The unsecured debt is equalized at 'BB+'/'RR4'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch's expectations for EBITDA leverage being sustained above 4.25x, potentially through a change in WH's long-term financial policies; - A deterioration in WH's brand and franchise strength, resulting in below-average performance, loss of management contracts or system room loss; - Weakening of operating EBITDA margin due to unsustainable cost structure initiatives; - A material reduction in liquidity that challenges refinancing ability and leads to higher cost of debt or reliance on secured borrowings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch's expectations of EBITDA leverage being sustained below 3.25x; - Sustained EBITDA margin strength; - A tightened company-stated leverage policy with an exhibited clear commitment; - Demonstrated lower cash flow volatility through the cycle relative to peers; - Enhanced scale and portfolio diversification by geography and segment offerings. Liquidity and Debt Structure WH had $79 million of cash on hand as of March 31, 2026, and its $1 billion revolving credit facility remained undrawn, providing total liquidity of roughly $1.1 billion following the company's recent refinancing. Its next meaningful maturity is in 2028 when the $500 million senior unsecured notes are due. Fitch expects WH to use excess FCF to return capital to shareholders through share repurchases and dividends, which should limit meaningful deleveraging and keep leverage within management's target range. This capital allocation could shift toward acquisitions if attractive opportunities arise. Issuer Profile WH, one of the world's largest hotel franchisors by system size, has approximately 8,400 affiliated hotels across approximately 100 countries. WH's network of over 869,000 rooms commands a leading presence in the economy and midscale segments of the lodging industry. Summary of Financial Adjustments Fitch excludes marketing, reservation and loyalty costs, along with revenues and cost reimbursements, from its calculations of both revenue and EBITDA. These costs encompass expenses related to promoting and advertising the company's services, managing booking systems and platforms for customer reservations, and maintaining customer loyalty programs, including rewards and incentives to encourage repeat business. The revenues and associated expenses are considered equivalent, meaning they generally match in amount, with any differences resulting from timing discrepancies. This equivalence implies that the revenue generated from these activities is offset by the costs incurred, often leading to large figures that can skew the perception of growth and margins. By excluding these elements, Fitch aims to more accurately reflect the issuer's true financial profile. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Wyndham Hotels & Resorts Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Wyndham Hotels & Resorts Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ senior secured LT BBB- Affirmed RR1 BBB- ********* 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. 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