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260513.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, May 13, 2026, Vol. 30, No. 133 Headlines 1060 NEPPERHAN: Seeks to Sell NY Property at Auction 11026 OXNARD: Voluntary Chapter 11 Case Summary 1106B LLC: Linda Leali Named Subchapter V Trustee 168 MANHATTAN: Samuel Dawidowicz Named Subchapter V Trustee 4145 BRIARGATE: Case Summary & Six Unsecured Creditors 590-600 REALTY: Voluntary Chapter 11 Case Summary 700 17TH STREET: Committee Hires Fairfield and Woods as Counsel 717 SOUTH: Unsecured Creditor Will Get 100% of Claim in Plan AITX: CEO to Present at LD Micro Invitational on May 18 ALASKA AIRLINES: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba1' ALGOMA STEEL: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative ALL AMERICAN: Katharine Battaia Clark Named Subchapter V Trustee ALLCLEAR COMMERCIAL: Ares Capital Marks $1.7MM 1L Loan at 51% Off ALLIANT HOLDINGS: S&P Upgrades ICR to 'B+', Outlook Stable AMERIGAS PARTNERS: Fitch Assigns BB- Rating on Sr. Unsecured Notes AMIRI 95: Seeks Chapter 7 Bankruptcy in New York ANDERSON HAY: Refinancing/Transaction Proceeds to Fund Plan ARCHBLOCK LLC: Hires Dundon Advisers LLC as Financial Advisor ARCHER MOTORSPORTS: Christopher Simpson Named Subchapter V Trustee ARCHER MOTORSPORTS: Hires Allen Jones & Giles as Counsel ARTETA LLC: Hires Royal Properties Inc. as Real Estate Broker ASCEND ELEMENTS: Hires Jefferies LLC as Investment Banker ASCEND ELEMENTS: Hires Mr. Titus of Alvarez & Marsal as CRO ASCEND ELEMENTS: Seeks to Hire Norton Rose Fulbright as Counsel ATHENAHEALTH GROUP: S&P Assigns 'B-' Rating on New $4BB Term Loan ATLANTIC INVESTMENT: Seeks to Hire Dixson Law LLC as Counsel AVANT GARDNER: Ends Lenders' Chapter 11 Dispute AVENTINE INTERMEDIATE: Ares Capital Marks $53.1M 2L Loan at 23% Off AVT INVESTMENTS: Seeks Chapter 11 Bankruptcy in Texas BALROG ACQUISITION: Ares Capital Marks $29.5MM 2L Loan at 28% Off BALROG ACQUISITION: Ares Capital Marks $3.7MM 1L Loan at 30% Off BAMBOO PURCHASER: Ares Capital Marks $21.2MM 1L Loan at 82% Off BEELINE HOLDINGS: Sansar Capital Master Fund Holds 9.93% Stake BKR LLC: Case Summary & 20 Largest Unsecured Creditors BLOOM HOTELS: Gets Final OK to Use Cash Collateral BLUE BIOFUELS: Q1 2026 Net Loss Widens to $664K With Zero Revenue BYSTOL PERFORMANCE: Neema Varghese Named Subchapter V Trustee CALDERONE SUBS: To Sell Delicatessen Biz to Lee & Lox CARBON HEALTH: Creditors Oppose Bankruptcy Loan Plan CELEBRITY MEDICAL: Andrew Layden Named Subchapter V Trustee CES MAIL: George Oliver Named Subchapter V Trustee CLEAN ENERGY: Says 2022-Q3 2025 Results Unreliable CMN GROUP: Jolene Wee Named Subchapter V Trustee COFIX-RX LLC: Richardo Kilpatrick Named Subchapter V Trustee CONNECTM TECHNOLOGY: To Divest India Unit in $34.2M Share Swap CONTINENTAL ACQUISITION: Ares Capital Marks $6.5 1L Loan at 46% Off CONTINENTAL ACQUISITION: Ares Marks $43.5MM 1L Loan at 46% Off COPPER FOX: Paula Beran Named Subchapter V Trustee COREFIT LLC: Holly Miller Named Subchapter V Trustee CROCHERON INC: Secured Party Sets May 28, 2026 Auction DALLAS MOTORS: Frances Smith Named Subchapter V Trustee DIOCESE OF BUFFALO: Seeks Court Approval for $4.6MM HQ Sale DIRECTV FINANCING: S&P Rates New $1.4BB Senior Secured Notes 'B+' DOVETAIL DEVELOPMENT: Hires Diller and Rice LLC as Counsel DRIVESMART SYSTEMS: Leon Jones Named Subchapter V Trustee DUSTED77 FINE: Joli Lofstedt Named Subchapter V Trustee DUSTED77 FINE: Seeks to Hire Markus Williams LLC as Counsel E.W. SCRIPPS: S&P Alters outlook to Pos., Affirms 'CCC+' ICR EAGLE FOOTBALL: Ares Capital Marks $1.8MM 2L Loan at 17% Off EKSO BIONICS: Closes Applied Digital Deal, Rebrands as ChronoScale EPICA INT'L: Public Sale of Collateral Scheduled for May 29 ESSENTIALS MASSAGE: Unsecured Creditors to Split $232K over 5 Years ETROG PROPERTIES: Claims to be Paid from Asset Sale Proceeds FAT BRANDS: Creditors Oppose Bankruptcy Asset Sales, Lender Control FESTIVAL FUN: Settles Hidden Fees Class Action Suit for $1MM FLIGHT 509: Unsecureds Will Get 6% of Claims over 5 Years FLORIDA FOOD: Ares Capital Marks $12.6 1L Loan at 31% Off FLORIDA FOOD: Ares Capital Marks $400,000 1L Loan at 50% Off FLORIDA FOOD: Ares Capital Marks $60.5MM 1L Loan at 40% Off FROM LOS ANGELES: Hires Michael Jay Berger as Legal Counsel GENESIS ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable GWG HOLDINGS: Co. Chair Guilty Over $150MM Looting Scheme HARVEST MIDSTREAM I: Moody's Rates New Senior Unsecured Notes 'B1' HEADWAY WORKFORCE: Trustee Hires Davis Hartman Wright as Counsel HEADWAY WORKFORCE: Trustee Hires Waldrep Wall as Special Counsel HOMES SWEET: Janice Seyedin Named Subchapter V Trustee INDICOR LLC: Moody's Puts 'B2' CFR Under Review for Upgrade J &ST DEV: Seeks to Tap George E. Jacobs as Bankruptcy Counsel J.F.M. 6090: Case Summary & 16 Unsecured Creditors JACQUELINE D MOORE: Angela Shortall Named Subchapter V Trustee JAGUAR HEALTH: Meets Nasdaq Listing Rule After Warrants Exercise JFM SPRING: Case Summary & 18 Unsecured Creditors JOHNSON PLACE: Seeks Chapter 7 Bankruptcy in New York JTD ENTERPRISES: Elizabeth Lally Named Subchapter V Trustee KA-FEY LLC: Seeks Chapter 7 Bankruptcy in Florida KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral KEYLINK ENTERPRISES: Hires Universal Elite as Real Estate Broker KINGSTOWN GREEN: George Purtill Named Subchapter V Trustee KIRKBRIDE LAND: Taps Hammer Ruff as Tax Consultant, Accountant KLE EQUIPMENT: Claims to be Paid from Continued Operations KRAKEN OIL: Moody's Rates New Sr. Unsecured Notes Due 2031 'B3' L'OREAL'S INVESTMENT: Cameron McCord Named Subchapter V Trustee LEVEL 3 FINANCING: Moody's Rates New Senior Unsecured Notes 'B3' LIGHTHOUSE PSYCHIATRY: Linda Gore Named Subchapter V Trustee LINDBLAD EXPEDITIONS: S&P Upgrades ICR to 'B+', Outlook Stable LL CREATIONS: Unsecured Creditors to Split $14,950 over 3 Years LYCRA COMPANY: Reorganized Co's Enterprise Value Set at $473M M & B HOLDINGS: Alexandra Garrett Named Subchapter V Trustee MAMA BIRD'S: Seeks to Hire Narron Wenzel PA as Special Counsel MANDS ELECTRIC: Joseph Frost Named Subchapter V Trustee MARCONE YELLOWSTONE: Ares Capital Marks $400,000 1L Loan at 25% Off MATE LLC: Seeks to Hire Eisler Hamilton LLC as Counsel MCGEACHY HOLDING: Kathleen O'Malley Named Subchapter V Trustee MEYER LABORATORY: Ares Capital Marks $600,000 1L Loan at 25% Off MODERN AVIATION: S&P Assigns 'B-' ICR on Market Size and Leverage MOUNTAIN RIDGE: Seeks to Sell Arkansas Properties at Auction MUTINY BBQ: Brian Hofmeister Named Subchapter V Trustee MY VAPE ORDER: Aaron Cohen Named Subchapter V Trustee MY VAPE ORDER: Hires Seeks to Hire Bryan K. Mickler as Attorney NEUROONE MEDICAL: Regains Compliance With Nasdaq Bid Price Rule NEW HOPE HOUSING: Angela Shortall Named Subchapter V Trustee NEW INSIGHT: S&P Lowers ICR to 'CCC+' Then Withdraws Rating NORTHERN LIGHT: Moody's Alters Outlook on Ba3 Bond Rating to Stable NRG ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable OCCIDENTAL PETROLEUM: S&P Alters Outlook to Pos, Affirms 'BB+' ICR OCUGEN INC: Launches Offering of $115MM Convertible Notes Due 2034 OLENOX INDUSTRIES: SG Echo Files Chapter 11 Case OLIVER PARK: Appointment of Chapter 11 Trustee Sought ONCOTELIC THERAPEUTICS: Unit Gets $12.5M Lunai Preferred Stake OUNZAR LLC: Case Summary & Five Unsecured Creditors PAC HOUSING: Seeks to Hire Toni Campbell Parker as Counsel PALM COAST PROFESSIONAL: Seeks Chapter 7 Bankruptcy in Florida PAPER TIGER: Case Summary & Eight Unsecured Creditors PAR PETROLEUM: S&P Upgrades ICR to 'BB-', Outlook Stable PCR AGAWAM: To Sell Agawam Property to Western Mortgage PENNYMAC MORTGAGE: Moody's Cuts CFR to B2, Outlook Remains Stable PRO ATHLETICS: Case Summary & 11 Unsecured Creditors PROSPECT MEDICAL: Patients Withdraw 2023 Data Breach Lawsuit QON CONN: Stephen Metz Named Subchapter V Trustee QVC GROUP: Net Enterprise Value for Reorganized Co. Pegged at $2B R.W. SIDLEY: Court Oks Bid Rules on Construction Biz Sale RAILHEAD INC: Republic Capital Seeks Chapter 11 Trustee Appointment REBORN COFFEE: Plans $21 Million Private Placement RHINOGRAM INC: Case Summary & 20 Largest Unsecured Creditors RITHM CAPITAL: S&P Rates New $500MM Senior Unsecured Notes 'B-' SAI BHOLE-NATH: $4M Unsecured Claims to Get 0% in Plan SAVIN GRACE: Gets Interim OK to Use Cash Collateral SAVIN GRACE: Hires Waldrep Wall Babcock as Legal Counsel SCREEN REPAIR: Case Summary & Five Unsecured Creditors SELECTIS HEALTH: Sells Two Georgia Nursing Facilities for $15.7M SHURAYA ENTERPRISES: Voluntary Chapter 11 Case Summary SMART COMMUNICATIONS: Hires Hudson Lambert as Local Counsel SPEYSIDE HOLDINGS: Cash Collateral Hearing Set for May 20 SPHERE 3D: Cathedra Combination to Operate 53 MW Power SPIRIT AIRLINES: Wind-Down Plan Includes Millions of Exec. Bonuses STARWOOD PROPERTY: S&P Rates New $600MM Sr. Unsecured Notes 'BB-' STEWARD HEALTH:Trustee Sues Insurers to Recoup $60MM+ Unpaid Claims SUPERNOVA MANAGEMENT: Seeks to Sell Equipment at Auction SYP - NORTHWEST: Commences Chapter 11 Bankruptcy in Texas SYP - NORTHWEST: Voluntary Chapter 11 Case Summary TACOMA ARTS: Board Seeks Voluntary Receivership TAVA HOLDINGS: Starts Chapter 11 Bankruptcy in Texas TEAM ACQUISITION: Ares Capital Marks $34.1 1L Loan at 39% Off TEAM ACQUISITION: Ares Capital Marks $5.7 1L Loan at 39% Off TEASDALE FOODS: Ares Capital Marks $77.4 1L Loan at 23% Off TEXAS WINE: Hires Mullin Hoard & Brown L.L.P. as Counsel TOPPER CORP: Seeks to Hire Batista Law Group P.S.C. as Counsel TRAVEL + LEISURE: S&P Rates New $900MM Senior Secured Notes 'BB-' TRI-CITIES GASTROENTEROLOGY: ClassAction.org Probes Data Breach TRILLION ENERGY: Delays FY2025 20-F to Complete Audit TRIVISTA OIL: Seeks to Sell Vehicles at Auction TTM TECHNOLOGIES: S&P Affirms 'BB+' Rating on Secured Term Loan B UNCLE NEAREST: Receiver Opposes Fast-Track Bankruptcy Appeal UNITY FABRICATION: Melissa Haselden Named Subchapter V Trustee UPSALA ISD 487: Moody's Affirms 'Ba2' Issuer & GOULT Bond Ratings URBAN ONE: Buys Two Dallas Radio Stations, Divests KZMJ to Fuzion VERISTA INC: Ares Capital Marks $1.1MM 1L Loan at 18% Off VERISTA INC: Ares Capital Marks $800,000 1L Loan at 25% Off VILLAGES HEALTH: To Sell Oxford Property to J. Ramsey & K. Ramsey VIVAKOR INC: Secures $72 Million Crude Oil Transaction VPROP OPERATING: Ares Capital Marks $33.3 1L Loan at 83% Off W. GATES REAL: Amanda Stofan Named Subchapter V Trustee WHITE WILSON: Unsecureds Will Get 20% to 40% in Liquidating Plan WHITEHALL PHARMACY: Plan Exclusivity Period Extended to July 16 YELLOW CORP: MFN Appeals Pension Deal Approvals in Ch. 11 Cases ZURN ELKAY: Moody's Upgrades CFR to Ba1, Alters Outlook to Stable ********* 1060 NEPPERHAN: Seeks to Sell NY Property at Auction ---------------------------------------------------- Parkview Financial REIT, LP and Parkview Financial 2020, L.P. (Parkview), secured creditors of Debtor 1060 Nepperhan Ave. LLC and KCT, Inc., seek approval from the U.S. Bankruptcy Court for the Southern District of New York, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors’ primary asset is the real property commonly known as 1060 Nepperhan Avenue, Yonkers, New York. The Property was intended to be developed into a self‑storage facility but remains materially incomplete and is not generating sufficient income to support ongoing operations or service secured debt. Parkview, with the Debtors' agreement, seeks approval of bidding procedures and related relief governing a structured sale process for substantially all of the Debtors’ Assets. The Debtors are required to obtain the Financing Obligations on or before the Financing Deadline, and, if the Financing Obligations are not satisfied by that date, the sale of the Property will proceed pursuant to Sale Procedures approved by the Court. The proposed sale process is designed to facilitate a transparent, competitive, and value‑maximizing disposition of the Debtors' primary asset—real property located at 1060 Nepperhan Avenue, Yonkers, New York—through court‑approved procedures and subject to ultimate Court approval of any sale transaction. The Debtors propose Bidding Procedures to establish a clear and commercially reasonable framework for marketing the Assets, soliciting competing bids, and, if necessary, conducting an auction, while preserving flexibility to respond to market conditions and bidder interest. The Debtors entered into a series of loan agreements pursuant to which Parkview extended construction and project financing secured by first‑priority mortgage liens and security interests in the Property and related assets. The Loans matured in 2023 and were subsequently extended to May 1, 2024. In light of the Debtors’ single‑asset real estate status, the continued accrual of secured claims and carrying costs, and the agreed framework reflected in the Stipulation and Agreed Order, Parkview respectfully submits that approval of the Bidding Procedures and a structured sale process represents an efficient and orderly mechanism—supported by the parties— to preserve and maximize value for the Debtors’ estates and their creditors. About 1060 Nepperhan Ave 1060 Nepperhan Ave, LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 1060 Nepperhan Ave sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22056) on January 23, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Mark S. Lichtenstein, Esq., at Akerman, LLP. Parkview Financial REIT, LP, as lender, is represented by Patrick Collins, Esq., at Farrell Fritz, P.C., in Uniondale, New York. 11026 OXNARD: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 11026 Oxnard LLC 2597 Denali Court Hawthorne, CA 90250 Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14455 Judge: Hon. Vincent P Zurzolo Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sheryl Patrice Petway Joseph as managing member. The Debtor has declared in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Q6G5BFY/11026_Oxnard_LLC__cacbke-26-14455__0001.0.pdf?mcid=tGE4TAMA 1106B LLC: Linda Leali Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for 1106B, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About 1106B LLC 1106B, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15592) on April 30, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Corali Lopez-Castro presides over the case. 168 MANHATTAN: Samuel Dawidowicz Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for 168 Manhattan, Inc. Mr. Dawidowicz will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About 168 Manhattan Inc. 168 Manhattan Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42134) on April 30, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Judge Elizabeth S. Stong presides over the case. 4145 BRIARGATE: Case Summary & Six Unsecured Creditors ------------------------------------------------------ Debtor: 4145 Briargate Parkway Ops, LLC d/b/a Spring Grove Recovery 133 Holiday Court, Suite 102 Franklin, TN 37067 Business Description: 4145 Briargate Parkway Ops, LLC d/b/a Spring Grove Recovery provides addiction treatment services in Colorado Springs, Colorado. The center offers medical detox, inpatient and residential care, co-occurring disorders treatment, medication-assisted treatment, aftercare support, substance- specific detox programs, and therapy programs including individual, group, family, cognitive-behavioral, dialectical behavior, trauma-informed, and motivational interviewing services. Spring Grove Recovery accepts Medicaid and offers 24/7 admissions, visitation, and designated nicotine-friendly areas. Chapter 11 Petition Date: May 6, 2026 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 26-02179 Judge: Hon. Randal S Mashburn Debtor's Counsel: Michael G. Abelow, Esq. SHERRARD ROE VOIGT & HARBISON, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Tel: (615) 742-4532 Email: mabelow@srvhlaw.com Total Assets: $134,712 Total Liabilities: $1,078,991 The petition was signed by Matthew Boyle as CEO. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O4XI2PI/4145_Briargate_Parkway_Ops_LLC__tnmbke-26-02179__0001.0.pdf?mcid=tGE4TAMA 590-600 REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 590-600 Realty Corp. 31 Amber Lane Oyster Bay, NY 11771 Business Description: 590-600 Realty Corp. owns and operates two adjoining multi-family residential apartment buildings at 590 and 600 Fulton Avenue in Hempstead, New York. The properties contain a combined 337 residential apartments and do not include retail or commercial space. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42201 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Karan Singh as vice-president and treasurer. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RAZXONA/590-600_Realty_Corp__nyebke-26-42201__0001.0.pdf?mcid=tGE4TAMA 700 17TH STREET: Committee Hires Fairfield and Woods as Counsel --------------------------------------------------------------- The official committee of unsecured creditors of 700 17th Street, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Fairfield and Woods, P.C. as counsel. The firm's services include: (a) attending meetings of the Committee; (b) communications and consultations with the Debtor, its secured lender(s), and other interested parties, including reviewing any documents or information produced to the Committee throughout the course of this case; (c) retention of professionals by the Debtor or by the Committee; (d) analyzing the Debtor's assets and liabilities, investigating the extent and validity of liens claimed against the Debtor, and reviewing any proposed asset disposition; (e) reviewing and determining the rights and obligations of the Debtor under existing leases and contracts; (f) analyzing any filed disclosure statement and determining an appropriate response; (g) participating in the negotiation, formulation, or response to any proposed plan of liquidation or reorganization; (h) explaining the powers and duties of the Committee under the Bankruptcy Code; (i) evaluating and investigating claims and potential litigation, including avoidance actions, in order to maximize value of the Debtor's assets for the benefit of all creditors; (j) preparing, filing, and prosecuting all necessary applications, motions, answers, objections, pleadings, and other documents on behalf of the Committee; (k) representing the Committee at all hearings and other proceedings; and (l) providing any other legal services that the Committee may require. The firm will be paid at these rates: Daniel J. Garfield, Esq. $615 per hour Paralegal $285 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Garfield 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: Daniel J. Garfield, Esq. Fairfield And Woods, P.C. 1801 California Street, Suite 2600 Denver, CO 80202 Telephone: (303) 830-2400 Facsimile: (303) 830-1033 E-mail: dgarfield@fwlaw.com About 700 17th Street, LLC 700 17th Street LLC is a single asset real estate company in Denver, Colo. 700 17th Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case. No. 25-16173) on September 24, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP as legal counsel. Gregoy Garvin, Acting U.S. Trustee for Region 19, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. 717 SOUTH: Unsecured Creditor Will Get 100% of Claim in Plan ------------------------------------------------------------ 717 South Michigan, LLC, filed with the U.S. Bankruptcy Court for the Western District of Washington a Disclosure Statement describing Plan of Reorganization dated April 30, 2026. The Debtor is a limited liability company formed under the laws of the state of Washington. Suzanne Price owns all equity interests in the Debtor. Patrick Price is the Debtor's general manager. The Debtor's primary asset is commercial real property located at 717 S Michigan St, Seattle, Washington ("Property "). The rents generated by the Property comprise the Debtor's income. The Property sits upon known but sealed environmental contaminants from the site's historical use. As of the Petition Date, Debtor's sole tenant at the Property is Seattle Seafood Center, LLC, which operates a seafood retail and wholesale business at the premises. Patrick Price is the majority equity holder of Seattle Seafood Center. The LLC's other equity holders are EB5 investors. The Debtor fell delinquent with respect to its obligations under deeds of trust after the note secured by the Property matured June 1, 2024. As no means of conventional financing were available because of the environmental issues at the Property, the parties entered into informal forbearance discussions. Debtor continued to make payments during those discussions, including cash payments between July 1, 2024 and the filing of an involuntary petition against the Debtor on December 3, 2024. However, the secured party moved forward with non-judicial foreclosure, which was only averted when the Debtor initiated this bankruptcy case. Class 3 consists of all Unsecured Claims against the Estate. Each Class 3 Claim shall be allowed or disallowed, as the case may be, whether prior to or following Confirmation, in such amount as to which the Debtor and the claimant may agree or the Court may approve following Notice and Hearing ("Class 3 Allowed Claims"). Debtor believes that the Class 3 Claims total approximately $129,000 without regard to any defenses, setoffs, or counterclaims the Debtor may hold as to any such Claims. The Debtor shall pay the Holders of the Class 3 Allowed Claims as follows: Interest shall accrue on the unpaid principal balance of the Class 3 Allowed Claims at the Federal Judgment Rate until the Class 3 Allowed Claims are paid in full. Holders of the Class 3 Allowed Claims may be paid from Net Proceeds from a Sale of the Property. This Class will receive a distribution of 100% of their allowed claims. Class 3 is impaired under the Plan. Class 4 consists of all Equity Interests in the Debtor ("Class 4 Equity Interests"). Class 4 is unimpaired under the Plan. The Holder of the Class 4 Equity Interests shall retain such Equity Interests following the Effective Date, but no distributions shall be made on account of such Equity Interests until all Allowed Claims against the Debtor are paid in full in accordance with the Plan. As detailed in the Plan, Allowed Claims will be paid in order of priorities set forth under the Plan from the Net Proceeds of a Sale. As of the date hereof, the Property is being actively marketed for sale. The Debtor and the Post-Effective Date Debtor shall continue to work with the Broker to seek the best return for the Property that is reasonably attainable in the time provided under the Plan. The Post-Effective Date Debtor shall continue to own and manage its Assets and business affairs in its sole discretion and in the ordinary course of business without further notice or order of the Court, so long as it is not inconsistent with the terms of the Plan or the Confirmation Order. So long as it complies with or is not contrary to other provisions of this Plan and the Confirmation Order, the Post-Effective Date Debtor shall have full discretion to take any action in connection with all aspects of the operation and maintenance of the Property. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=ERx6Le from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher L. Young, Esq. The Law Offices of Christopher L Young 92 Lenora St., No. 146 Seattle, WA 98121 Telephone: (206) 407-5829 Email: Chris@ChristopherLYoung.com About 717 South Michigan 717 South Michigan, LLC, is a Seattle-based commercial real estate holding company. 717 South Michigan, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10045) on Jan. 8, 2026. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Alston handles the case. AITX: CEO to Present at LD Micro Invitational on May 18 ------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. announced that it will be participating in the 16th Annual LD Micro Invitational at the Luxe Sunset Boulevard Hotel in Los Angeles, May 18th and 19th, 2026. Steve Reinharz, CEO/CTO and founder of AITX is scheduled to present on Monday, May 18, 2026, at 3:00 PM PT. Event: LD Micro Invitational XVI Date: Monday, May 18, 2026 Time: 3:00 PM PT "I'm looking forward to engaging with investors at LD Micro and sharing how our technology is being applied in real world environments today," commented Reinharz. "Those new to AITX, this is an opportunity to understand how we've built a practical AI driven platform that is already delivering measurable results. Our focus remains on execution, growing recurring monthly revenue, and expanding our footprint across enterprise clients." Summary of LD Micro Invitational XVI * The 2026 LD Micro Invitational XVI will take place May 18th and 19th, 2026 at the Luxe Hotel Sunset Boulevard in Los Angeles. * Registration will begin at 5:30 PM PT on May 17th in conjunction with a welcome reception. * Presentations will take place from 9:00 AM PT - 5:00 PM PT on the 18th, followed by panels and keynote speakers. * Presentations will take place from 9:00 AM PT - 5:00 PM PT on the 19th, followed by the LD Micro Moneyball Afterparty. This two-day event will feature micro and small-cap companies across all sectors, presenting in half-hour increments, and attending private meetings with investors. About LD Micro LD Micro, a wholly owned subsidiary of Freedom US Markets, was founded in 2006 with the sole purpose of being an independent resource in the micro-cap space. Through its dynamic, investor-driven conferences and curated company exposure, LD has served as an invaluable asset to all those interested in discovering the next generation of great companies. For more information on LD Micro, visit www.ldmicro.com. To register for the event, please contact: registration@ldmicro.com. About Artificial Intelligence Technology Headquartered in Ferndale, Mich., Artificial Intelligence Technology Solutions Inc. provides artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas. Through its next-generation robotic product offerings, AITX's RAD, RAD-R, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services, allowing experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced costs. AITX solutions are well-suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. Deer Park, Ill.-based L J Soldinger Associates, LLC, the Company's auditor since 2019, issued a "going concern" qualification in its report dated May 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, citing that the Company had negative cash flow from operating activities of approximately $12.2 million, an accumulated deficit of approximately $156.5 million and negative working capital of approximately $2.5 million as of and for the year ended February 28, 2025, which raises substantial doubt about its ability to continue as a going concern. As of November 30, 2025, the Company had $9.63 million in total assets, $58.33 million in total liabilities, and a total stockholders' deficit of $49.58 million. ALASKA AIRLINES: Moody's Rates New $500MM Sr. Unsecured Notes 'Ba1' ------------------------------------------------------------------- Moody's Ratings assigned a Ba1 rating to Alaska Airlines, Inc.'s planned $500 million backed senior unsecured note issuance. Alaska Airlines, Inc. is a wholly owned operating subsidiary of Alaska Air Group, Inc. ("Alaska Air"). The existing ratings of Alaska Air, including its Ba1 issuer rating, and the ratings of AS Mileage Plan IP Ltd. (MPIP) including its Baa2 backed senior secured bank facility and backed senior secured notes, are unchanged. Moody's also assigned a negative outlook to Alaska Airlines, Inc. The outlooks for Alaska Air and MPIP each remain negative. Proceeds from the planned $500 million issuance will be used for general corporate purposes, including to bolster the company's liquidity. This follows the recent issuance of a $500 million backed senior secured loyalty term loan by MPIP. The unsecured notes will mature in 2031 and be guaranteed on an unsecured basis by Alaska Air. The existing ratings are unchanged despite Moody's expectations for material weakening of Alaska Air's credit metrics in 2026 given higher fuel prices due to the conflict in the Middle East. Moody's forecasts that the company will face an additional $2 billion of fuel costs in 2026 which will result in negative operating profit for the year. Debt/EBITDA, excluding the planned debt issuance, will exceed 7.0x in 2026 before improving to below 4.0x in 2027. Strong demand across all segments will support higher ticket prices and enable the company to recapture the higher costs by the end of 2026 or early 2027. In the weeks following the beginning of the conflict in the Middle East, the price of jet fuel has doubled to more than $4.00/gallon since the end of 2025. This will negatively impact profitability at all US airlines as it takes time for price increases to catch up to quickly rising costs. Moody's expects that Alaska Air will be able to recoup a portion of the higher fuel costs through higher ticket fares and lower capacity growth across the industry. Airlines with premium offerings, international networks and good cash flow from loyalty programs and co-branded credit card renumeration will have more success passing along the higher costs than airlines without these attributes. RATINGS RATIONALE Alaska Air's Ba1 issuer rating reflects the company's strong business profile and historically conservative financial policy. Alaska Air is the 5th largest US airline in terms of available seat miles, garnering about 8% of the US market. The acquisition of Hawaiian Airlines in 2024 provided Alaska Air with a broadened network, both international and domestic. Prior to the pandemic, Alaska Air operated a conservative balance sheet, with debt/EBITDA around 2.0x, and had one of the strongest operating margins in the industry. Debt/EBITDA stood at 4.3x at the end of 2025, with pressured earnings related to a difficult operating environment in 2025, is higher than Moody's forecasted at the time of the acquisition. Deleveraging will be delayed for another year as the company grapples with higher fuel costs in 2026. Lower fuel prices are expected in 2027, and coupled with higher revenue from capacity expansion and some sticky ticket price increases, will enable the company to reduce debt/EBITDA to below 4.0x. The negative outlook reflects the current geopolitical environment that could create additional volatility in fuel prices and Moody's forecasts that debt/EBITDA will exceed 7.0x in 2026 before improving to below 4.0x in 2027. Moody's expects Alaska Air to maintain very good liquidity. The company's cash approximated $2.1 billion at December 31, 2025. The company has access to an $1.1 billion committed revolving credit facility that expires in September 2029. The facility requires the company to maintain at least $500 million of cash and short-term investments and to maintain a minimum ratio of the borrowing base of the collateral to outstanding obligations under the revolver of not less than 1.0 to 1.0. Moody's projects planned capex of approximately $1.5 billion will result in modest free cash flow in 2026. Alternate sources of liquidity are significant – Alaska Air had 103 unencumbered aircraft at December 31, 2025. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if Alaska Air successfully integrates Hawaiian's operations while sustaining debt/EBITDA below 3.0x as it inducts new aircraft into the fleet from the substantial order book. A ratings upgrade would also require a material proportion of the company's capital structure to be comprised of unsecured debt. The rating could also be upgraded if Alaska Air demonstrates the ability to preserve an operating margin above 12% and generate positive free cash flow during periods of weak demand. The ratings could be downgraded if geopolitical environment pressures the company's operating profit above and beyond Moody's current expectations, resulting in debt/EBITDA sustained above 3.5x or FFO + interest to interest sustained below 5.0x. Alaska Air Group, Inc. is based in Seattle and comprised of subsidiaries Alaska Airlines, Hawaiian Holdings, Inc., Horizon Air and McGee Air Services. The company serves more than 140 destinations throughout North America, Central America, Asia and across the Pacific. Alaska Airlines is a member of the oneworld Alliance. With oneworld and its additional global partners, Alaska Air's guests can travel to more than 1,000 worldwide destinations on 30 airlines. Alaska Air's revenue was $14.2 billion in 2025. The principal methodology used in this rating was Passenger Airlines published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ALGOMA STEEL: Fitch Lowers LongTerm IDR to 'B-', Outlook Negative ----------------------------------------------------------------- Fitch Ratings has downgraded Algoma Steel Group Inc.'s and Algoma Steel Inc.'s Long-Term Issuer Default Ratings (IDRs) to 'B-' from 'B'. Fitch has also downgraded Algoma Steel Inc.'s first-lien secured ABL credit facility to 'BB-' from 'BB' with a Recovery Rating of 'RR1' and its second-lien senior secured notes, due 2029, to 'B+'/'RR2' from 'BB-'/'RR2'. The Rating Outlook has been revised to Negative from Stable. Algoma Steel Group Inc.'s (Algoma) downgrade to 'B-' reflects the negative effects on earnings, cash flows and leverage of the U.S. Section 232 tariffs and an uncertain economic environment. This is partially offset by sufficient liquidity to support the remaining transition to electric arc furnace production. The Negative Outlook reflects Fitch's expectation that earnings, cash flow and EBITDA leverage will remain under pressure unless the Canadian steel market improves or U.S.-Canada trade agreements support profitable steel exports to the U.S. The Outlook could be revised to Stable if profitability and FCF generation turn sustainably positive or if EBITDA leverage trends toward the 4.5x to 5.5x range. Key Rating Drivers Challenged by 232 Tariffs: The current Section 232 tariff environment has severely constrained Canadian steel exports, resulting in an oversupply in the Canadian market. Algoma states 2025 direct tariff costs were CAD225.0 million. In addition, Canadian scrap prices reflect U.S. prices rather than Canadian steel prices because Canadian scrap imports into the U.S. are not subject to U.S. tariffs. Fitch expects 2026 EBITDA to show a loss of around CAD120 million. Prior to the reduction in exceptions and increase in tariff rates to 50% from 25% in June 2025, Algoma exported more than 50% of its production to the U.S. EAF Transition Accelerated: Fitch believes Algoma's transition to electric-arc-furnace-only (EAF) production improves its operating profile in the longer term. The transition will increase capacity and create a lower, more flexible cost structure. It will also reduce capital intensity and improve the company's environmental footprint. Algoma is ramping up its first EAF unit and expects to complete construction of the second EAF in 1H26. The transition to EAF steelmaking has replaced production from Blast Furnace No. 7, which was decommissioned in January 2026. Blast Furnace No. 6 remains idle. Margins will be pressured during the ramp-up and decommissioning. Elevated Leverage: Fitch expects Algoma to continue to borrow under government loan facilities to fund operations and capital spending through 2028 due to low production during the rampup, weak pricing in the Canadian market, and high raw material pricing. Thereafter, the company will likely use excess cash flow to repay debt. The rating case indicates that the USD375 ABL credit facility will need to be extended beyond 2028 and the 2029 USD350 million second lien notes will need to be refinanced. Limited Size/Production Concentration: Algoma is a relatively small steel producer with about 2.8 million tons of annual capacity, expected to increase to about 3.7 million tons as the EAF project is completed. Hot-rolled coil (HRC) accounted for 70% of total shipments in 2025 with around 51% of shipments to the U.S and 48% to Canada. Algoma's product concentration is partially offset by its plate shipments (23% of 2025 shipments) and the company's position as the only supplier of discrete plate in Canada. Plate products command a premium to HRC. The company guides 2026 shipments to 1.0 million-1.2 million tons. Peer Analysis Algoma is significantly smaller and has less product diversification, higher operational risk and weaker credit metrics than majority blast furnace flat-rolled steel producers United States Steel Corporation (BBB-/Stable) and Cleveland-Cliffs Inc. (B+/Stable). Algoma is also significantly smaller and has weaker credit metrics than long steel EAF steel producer Commercial Metals Company (BB+/Stable). Fitch’s Key Rating-Case Assumptions - Average selling prices improve to around CAD1200/ton on average through 2029; - Annual shipments at 1.1 million tons in 2026 ramping-up to 2.8 million tons by 2028; - Capex of CAD125 million in 2026 and around CAD120 million per year thereafter; - LETL facilities and Asset-based lending (ABL) drawn as needed; - ABL maturity is extended; - No dividends, share repurchases or acquisitions through 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, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (b-, Moderate), Company Operational Characteristics (ccc+, Higher), Profitability (b-, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (b-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2023, 40% for the forecast year 2027, 30% for the forecast year 2028 and 20% for the forecast year 2029. - 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 'aa-' results in no adjustment. - The SCP is 'b-'. Recovery Analysis The recovery analysis assumes that Algoma would be organized as a going concern in a bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch has also assumed a bankruptcy exit going concern EBITDA of CAD200 million. The going concern EBITDA estimate reflects a midcycle sustainable EBITDA level upon which the agency bases the enterprise valuation. A bankruptcy scenario could occur from some combination of a period of sustained low steel prices and/or weak demand which results in low capacity utilization over a sustained period of time and drains FCF. Fitch generally applies EBITDA multiples that range from 4.0x to 6.0x for metals and mining issuers, given the cyclical nature of commodity prices. Fitch applied a 5.0x multiple to the going concern EBITDA estimate to calculate a post-reorganization enterprise value of CAD900 million after an assumed 10% administrative claim. The valuation compares with Algoma Steel Inc.'s (B-/Stable) purchase of substantially all the operating assets and select liabilities of Essar Steel Algoma Inc. for CAD890.7 million. Fitch has assumed the ABL credit facility is 80% drawn in the recovery analysis and that the LETL CAD500 million facility is fully drawn. The LETL facility is 20% third-lien secured and 80% unsecured and therefore ranks junior to the first-lien ABL and second-lien notes. The allocation of value in the liability waterfall results in a recovery rating of 'RR1' for the first-lien secured asset-backed loan credit facility resulting in a 'BB-' rating and a recovery rating of 'RR2' for the second-lien secured notes resulting in a 'B+' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deteriorating liquidity position driven by anticipated cumulative cash burn approaching 80% of committed facilities; - EBITDA interest coverage below 2.0x; - EBITDA margins sustained below 3%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.0x; - Sustained positive FCF; - EBITDA margins sustained above 8%. Liquidity and Debt Structure As of Dec 31, 2025, Algoma had cash and cash equivalents of CAD78 million and CAD195 million available under its USD375 million asset-backed loan credit facility (ABL) due May 2028, after accounting for CAD170 million drawn and CAD66 million outstanding in letters of credit. The ABL has a 1.0x fixed charge covenant when availability falls below the greater of (i)10% of the lesser of the facility amount and the borrowing base and (ii) USD20 million. The company secured loan facilities under the Large Enterprise Tariff Loan (LETL) program comprising CAD400 million from the Government of Canada and CAD100 million from the Province of Ontario due in seven years. At Dec. 31, 2025, CAD83 million was drawn and CAD417 million was available, in aggregate under the LETL facilities. Issuer Profile Algoma is a flat-rolled steel producer in North America and the only producer of discrete plate in Canada, with an estimated annual liquid steel production capacity of approximately 2.8 million tons as of Dec. 31, 2025. 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 Algoma Steel 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 ----------- ------ -------- ----- Algoma Steel Inc. LT IDR B- Downgrade B senior secured LT BB- Downgrade RR1 BB Senior Secured 2nd Lien LT B+ Downgrade RR2 BB- Algoma Steel Group Inc. LT IDR B- Downgrade B ALL AMERICAN: Katharine Battaia Clark Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for All American Worldwide, Inc. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About All American Worldwide Inc. All American Worldwide Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31797) on April 27, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Stacey G. Jernigan presides over the case. Brandon John Tittle, Esq., at Tittle Law Firm, PLLC represents the Debtor as bankruptcy counsel. ALLCLEAR COMMERCIAL: Ares Capital Marks $1.7MM 1L Loan at 51% Off ----------------------------------------------------------------- Ares Capital Corp. has marked its $1.7 million loan extended to Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC to market at $700,000 or 49% 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 Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC. The 1L Loan is accrues an interest of 10.83% (6.00% PIK) SOFR(S) 7.00% per annum. The 1L Loan matures on May 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 Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC Allclear Commercial Inc., Allclear Military Inc., Allclear Space Inc., and Allclear Group LLC areprovider of military aircraft aftermarket parts and distribution, repair and logistics services. ALLIANT HOLDINGS: S&P Upgrades ICR to 'B+', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Alliant Holdings L.P. (Alliant) to 'B+' from 'B' and all issue-level ratings by one notch. The stable outlook reflects S&P's expectation that Alliant will maintain its satisfactory competitive position and sustain leverage levels consistent with its rating threshold on a run-rate basis, despite potential temporary increases related to periodic, debt-funded equity recapitalizations. Alliant's profitable growth has enabled significant deleveraging in the past year. S&P said, "Alliant has met our deleveraging expectations since our outlook revision to positive in July 2025.S&P Global Ratings-adjusted leverage improved substantially to 6.8x (excluding preferred equity; 7.9x including preferred equity treated as debt) at the end of 2025 from 8.4x (9.7x including preferred equity) at the end of 2024. Similarly, S&P Global Ratings-adjusted EBITDA coverage (excluding preferred dividends) strengthened to 2.2x in 2025 from 1.7x in 2024. The credit metric improvements stemmed from organic growth of 8.6% for the year, a 250-basis point expansion of S&P Global Ratings-adjusted margin to 28.7% (notably higher than company-calculated margin improvement on lower company EBITDA add-back exclusions), and a steady debt level as the company funded its limited acquisition activity with operating cash. "We continue to view Alliant's business risk profile as satisfactory, despite its slower organic growth last year. Our revision of the business risk assessment to satisfactory from fair last year (in conjunction with the outlook revision to positive) reflected Alliant's consistent track record of material profitable organic and inorganic expansion and diversification. For 2025, the company reported revenue of about $5.7 billion, with S&P Global Ratings-adjusted EBITDA exceeding $1.6 billion. Alliant is now the fifth-largest insurance broker in the U.S. (according to Business Insurance's 2025 rankings), having broken into the top-10 list just eight years prior. "Organic growth moderated significantly to approximately 6% in the second through fourth quarters and was 8.6% for full-year 2025, relative to a five-year average (2020-2024) of 16%. However, we attribute Alliant's organic deceleration primarily to broader market headwinds, rather than to company-specific execution issues, and growth remained relatively favorable compared to peers. Most of Alliant's divisions continued to experience organic growth in the high-single to low double-digit range, despite adverse property rate impacts. In our view, Alliant's consistent organic outperformance in these segments is driven by its ability to leverage and scale its specialty expertise across its numerous industry verticals, and a robust talent pool strengthened by a long-term focus on experienced producer hires, creating a compounding growth engine." Alliant's overall results were partially offset by the performance of the Alliant Consumer Group (ACG) segment, which contracted by low-single digits in the second through fourth quarters, and grew only by low-single digits for the full year. This segment, comprising acquisitions in personal auto, Medicare, and health exchange markets since 2020, has benefited from growth in auto and Medicare, but has taken a hit from headwinds in the health exchange market, including the elimination of Affordable Care Act (ACA) subsidies and the resulting enrollment declines. S&P said, "We expect solid performance to result in continued deleveraging in 2026, with a potential temporary leveraging event sometime afterward. Alliant has a history of deleveraging and releveraging through various equity recapitalizations and debt-funded acquisitions. While peak leverage levels can be elevated for a higher rating, we also note that Alliant can typically deleverage more rapidly than peers. This is because of its somewhat stronger organic growth profile and more intermittent approach to acquisitions. "Our base-case forecast incorporates modest deleveraging through 2026. This assumes organic growth of 5%-7% for the year, with continued upper-single to low-double digit growth in most segments, partially offset by flattish growth in ACG due to ongoing ACA headwinds. We expect margins to remain relatively steady as efficiency gains and growth in higher-margin segments (ACG is the lowest margin segment) offset potentially higher add-back exclusions (related primarily to the company's experienced producer hire initiatives). We anticipate acquisition activity to remain relatively subdued and total debt to remain relatively stable, as the company seeks to refinance 2027 maturities with debt at similar levels. "Beyond 2026, we believe the company will likely contemplate another debt-funded equity recapitalization in 2027 or 2028, consistent with its historical pattern. Our upgrade incorporates the assumption that any resulting leverage increase will be temporary, and the company will quickly deleverage back to rating commensurate levels including S&P adjusted debt to EBITDA (ex preferred) of below 7.5x. "The stable outlook reflects our expectations that the company will sustain its satisfactory competitive positioning and maintain leverage commensurate with our rating threshold on a run-rate basis. "We could lower the ratings in the next 12 months if we believe Alliant's leverage will remain above 7.5x (ex preferred equity treated as debt) with coverage below 2x (ex preferred dividend accrual) for a prolonged period following any potential re-levering event. This could occur following a combination of greater-than-anticipated releveraging and a lack of conviction that the company can reduce leverage back to 7.5x or below within approximately a year due to weaker performance trends or worsened quality of earnings. "While we view this as highly unlikely in the next 12 months, an upgrade is possible if Alliant maintains leverage below 5x and coverage well above 3x, which could result from more conservative financial policy decisions or substantially stronger performance. This would have to be accompanied by a commitment to maintain these metrics and by continued enhancements to the company's overall competitive position, scale, and diversification." AMERIGAS PARTNERS: Fitch Assigns BB- Rating on Sr. Unsecured Notes ------------------------------------------------------------------ Fitch Ratings has assigned a rating of 'BB-' with a Recovery Rating of 'RR4' to AmeriGas Partners, L.P.'s proposed senior unsecured notes co-issued by AmeriGas Finance Corp. Proceeds from the senior notes, along with the equity contribution funds and available cash, will be used to repay both the 2027 senior notes and intercompany loan, and repurchase up to $175 million of the 2028 senior notes. AmeriGas' Long-Term Issuer Default Rating (IDR) is 'BB-'. The Rating Outlook is Stable. AmeriGas' ratings reflect Fitch's expectation that leverage will be maintained within Fitch's 3.5x-4.5x sensitivity band supported by management's updated leverage target. 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; BB+/Negative) 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' maturities are manageable. Following the repayment of the $150 million intercompany loan and $512 million senior notes maturing May 2027, the next maturity is the June 2028 senior notes followed by the June 2030 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. Date of Relevant Committee 05 May 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 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 ----------- ------ -------- AmeriGas Finance Corp. senior unsecured LT BB- New Rating RR4 AmeriGas Partners, L.P. senior unsecured LT BB- New Rating RR4 AMIRI 95: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------ On May 5, 2026, Amiri 95 Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Amiri 95 Inc. Amiri 95 Inc. is a New York-based business engaged in commercial operations and retail-related activities. The company manages business interests associated with consumer products and day-to-day operational services. Amiri 95 Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42197) on May 5, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Caelyn T. Canace, Esq. of Law Firm Of Caelyn T. Canace, PLLC. ANDERSON HAY: Refinancing/Transaction Proceeds to Fund Plan ----------------------------------------------------------- Anderson Hay Enterprise, Inc., and its affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement describing Joint Plan of Reorganization dated April 30, 2026. The Debtors (also referred to as "Anderson Hay" or collectively, the "Company") have operated since 1960. Anderson Hay is a 4th generation family-led operation with Mark T. Anderson at the helm as CEO and 100% owner. The Anderson Hay companies are divided into two interconnected groups that are dependent on each other: * A hay production, processing, and pet-product group centered around Enterprise (the "Enterprise Group"); and * A real estate and ranching group centered around MTA Holdings (the "MTA Holdings Group"). In the three to five years preceding these Chapter 11 Cases, a number of significant macroeconomic and industry-specific factors adversely affected Anderson Hay's operations and financial performance. Collectively, these conditions reduced demand for the Debtors' products, put sustained downward pressure on pricing, and materially increased production and processing costs. On January 21, 2026, the court entered an Order Establishing Procedures for Sale of De Minimis Assets (the "De Minimis Assets Sale Procedures Order") pursuant to which the Debtors may liquidate estate assets valued at $50,000 or less without further order of the court, subject to notice to the Transaction Notice Parties, as defined in the De Minimis Assets Sale Procedures Order. Following the filing of numerous Transaction Notices and the expiration of the Transaction Notice periods, the Debtors have liquidated excess assets with the sale proceeds paying lien holders and AgWest. Of the total amount of non-priority general unsecured claims, $487,393.70 and $200,471.85 are asserted against AHG and Agri as entitled to priority for goods delivered within 20 days of the Petition Date. In summary, the Plan provides for full payment of all Allowed Claims not later than the Plan Deadline, which the Plan defines as October 31, 2026, from the proceeds of either a Refinancing or a Transaction (both as defined in the Plan), in either case in an amount sufficient to satisfy all Allowed Claims in full. The Debtors are in a position to provide such unusually beneficial treatment due in large part to their voluntary preConfirmation asset sales (which has substantially reduced outstanding debt), and extensive internal restructuring efforts. Class 16 consists of the all Unsecured Claims against AHG. If not sooner satisfied, the Debtors shall pay the Holder of each Class 16 Allowed Claim the full amount of such Class 16 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 16 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit A hereto (the "Class 16 Allowed Claims"). In the event the Debtors and the Holder of a Class 16 Claim are unable to agree on the amount of such Class 16 Allowed Claim, the Court shall fix the amount of each such Class 16 Allowed Claim following Notice and Hearing. Class 17 consists of the all Unsecured Claims against Agri. If not sooner satisfied, the Debtors shall pay the Holder of each Class 17 Allowed Claim the full amount of such Class 17 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 17 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit B hereto (the "Class 17 Allowed Claims"). In the event the Debtors and the Holder of a Class 17 Claim are unable to agree on the amount of such Class 17 Allowed Claim, the Court shall fix the amount of each such Class 17 Allowed Claim following Notice and Hearing. Class 18 consists of the all Unsecured Claims against AHE. If not sooner satisfied, the Debtors shall pay the Holder of each Class 18 Allowed Claim the full amount of such Class 18 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 18 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit C hereto (the "Class 18 Allowed Claims"). In the event the Debtors and the Holder of a Class 18 Claim are unable to agree on the amount of such Class 18 Allowed Claim, the Court shall fix the amount of each such Class 18 Allowed Claim following Notice and Hearing. Class 19 consists of the all Unsecured Claims against Pet Holdings. If not sooner satisfied, the Debtors shall pay the Holder of each Class 19 Allowed Claim the full amount of such Class 19 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 19 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit D hereto (the "Class 19 Allowed Claims"). In the event the Debtors and the Holder of a Class 19 Claim are unable to agree on the amount of such Class 19 Allowed Claim, the Court shall fix the amount of each such Class 19 Allowed Claim following Notice and Hearing. Class 20 consists of the all Unsecured Claims against MTA Farms. If not sooner satisfied, the Debtors shall pay the Holder of each Class 20 Allowed Claim the full amount of such Class 20 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 20 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit E hereto (the "Class 20 Allowed Claims"). In the event the Debtors and the Holder of a Class 20 Claim are unable to agree on the amount of such Class 20 Allowed Claim, the Court shall fix the amount of each such Class 20 Allowed Claim following Notice and Hearing. Class 21 consists of the all Unsecured Claims against MTA Holdings. If not sooner satisfied, the Debtors shall pay the Holder of each Class 21 Allowed Claim the full amount of such Class 21 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 21 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit F hereto (the "Class 21 Allowed Claims"). In the event the Debtors and the Holder of a Class 21 Claim are unable to agree on the amount of such Class 21 Allowed Claim, the Court shall fix the amount of each such Class 21 Allowed Claim following Notice and Hearing. Class 22 consists of the all Unsecured Claims against MTA Ranch. If not sooner satisfied, the Debtors shall pay the Holder of each Class 22 Allowed Claim the full amount of such Class 22 Allowed Claim in Cash on the earlier of (i) a Financial Event, or (ii) the Plan Deadline. Each Class 22 Claim shall be allowed as of the Effective Date as an Unsecured Claim pursuant to Bankruptcy Code sections 502(a) in the amounts set forth in Exhibit G hereto (the "Class 22 Allowed Claims"). In the event the Debtors and the Holder of a Class 22 Claim are unable to agree on the amount of such Class 22 Allowed Claim, the Court shall fix the amount of each such Class 22 Allowed Claim following Notice and Hearing. The Plan provides for the payment in full of all Allowed Claims not later than October 31, 2026 from the proceeds of either a Refinancing or a Transaction. The Debtors have made significant progress toward reducing their secured debt obligations through asset sales. The sale of the affiliate MTA Chelan LLC's property closed in March 2026, resulting in a reduction of AgWest's Claim of more than $9.3 million. The Bankruptcy Court has approved the sale of the Oregon Facility for $10.75 million, which is scheduled to close during May 2026, the net proceeds of which will be paid to PGIM. Additional asset sales are underway, including the marketing of two MTA Holdings real properties expected to yield approximately $8 million in proceeds, as well as equipment sales anticipated to generate additional proceeds. The Debtors have also undertaken significant structural and operational changes, that have materially reduced operating expenses and position the Reorganized Debtors to service their remaining obligations. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=k9qcnc from PacerMonitor.com at no charge. Counsel to the Debtors: James L. Day, Esq. Bush Kornfeld Llp 601 Union Street, Suite 5000 Seattle, WA 98101 Tel: (206) 292-2110 Email: jday@bskd.com About Anderson Hay Enterprise Anderson Hay Enterprise, Inc., together with its subsidiaries, supplies Pacific Northwest-grown forage products, including three-tie hay, bagged forage, compressed hay, and MAG bales, serving both consumer and commercial markets such as horse owners, small-acreage farms, retailers, and agricultural operations. The Company operates domestically and internationally, distributing hay to partners in more than 30 countries. Founded in 1960 and family-led since its inception, it focuses on producing consistent forage and maintaining long-term relationships across its supply chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case No. 25-02074) on Nov. 26, 2025. In the petition signed by Steve Gordon, CFO, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Whitman L. Holt oversees the case. James L. Day, at Bush Kornfeld LLP, is the Debtor's legal counsel. ARCHBLOCK LLC: Hires Dundon Advisers LLC as Financial Advisor ------------------------------------------------------------- Archblock LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Dundon Advisers LLC as financial advisor. The firm will provide these services: a. business and financial analyses of the Debtors; b. assist Debtors in the preparation of motions, declarations, plan and other pleadings in these Chapter 11 cases; c. development of case budgets and preparation of variance reports from time to time in relation to such case budgets; d. formulation of the business and financial aspects of one or more Chapter 11 plan of reorganization or liquidation; e. preparation of any required feasibility analysis, liquidation analysis and/or asset valuation as directed by the Debtors; f. assistance in the sale of any assets or raising of any capital which the Debtors may determine to be appropriate or necessary during the pendency of the Chapter 11 Cases; g. presentation of the Debtors' state of affairs and proposed Chapter 11 Plan of Liquidation to creditors and other stakeholders, and assistance (as directed by the Debtors) in their inquiries regarding the same; h. facilitate the transition of business and financial matters to the operating or wind-down officer(s), liquidating trustee, plan administrator or other successor(s) provided for in the Debtors' Chapter 11 plan(s), or to continuing trustee should any of the Chapter 11 Cases be converted; i. if requested, provide testimony and affidavits relating to the foregoing; and j. perform such other services as requested by the Debtors and agreed to by Dundon Advisers. The firm will be paid at the rate of $350 to $1,090 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Dundon disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew Dundon Dundon Advisers LLC 10 Bank Street Suite 100 White Plains, NY 10606 Telephone: (917) 650-2968 About Archblock LLC Archblock, LLC is a financial technology company operating in the blockchain and digital asset space. It develops and manages blockchain-based financial products and infrastructure designed to support digital currency and related financial services. Archblock and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Coode (Bankr. D. Del. Case No. 26-10152) on February 6, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $100 million and $500 million. The Honorable Craig T. Goldblatt presides over the cases. The Debtors are represented by Chipman Brown Cicero & Cole, LLP and Wollmuth Maher & Deutsch, LLP. Stretto, Inc. as administrative advisor. ARCHER MOTORSPORTS: Christopher Simpson Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Christopher Simpson, Esq., at Osborn Maledon P.A. as Subchapter V trustee for Archer Motorsports, Inc. Mr. Simpson will be paid an hourly fee of $580 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Simpson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher C. Simpson Osborn Maledon, P.A. 2929 N. Central Avenue, 21st Fl. Phoenix, AZ 85012 Phone: (602) 640-9349 Fax: (602) 640-9050 Email: csimpson@omlaw.com About Archer Motorsports Inc. Archer Motorsports, Inc., doing business as Archer's Bike,s is a family-owned, multi-location bicycle shop founded in 2013 and based in Prescott Valley, Arizona, with additional locations in Salt Lake City, Utah, and Mesa, Arizona. The company specializes in e-bikes and sells new and used bicycles, e-bikes, parts, and accessories. Archer's Bikes provides bicycle services including repairs, bike fitting and setup, e-bike conversions, suspension repair, warranty services, mobile services, rentals, trade-ins, and bike purchases. It also supports online, in-store, curbside, and home-delivery purchasing options. Archer Motorsports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-04217) on April 29, 2026, with $1,278,519 in assets and $1,654,209 in liabilities as of March 31, 2026. Randolph Archer, chief financial officer and president, signed the petition. Judge Madeleine C. Wanslee presides over the case. Anthony Cali, Esq., at Allen, Jones & Giles, PLC represents the Debtor as legal counsel. ARCHER MOTORSPORTS: Hires Allen Jones & Giles as Counsel -------------------------------------------------------- Archer Motorsports, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Allen, Jones & Giles, PLC as attorney. Allen, Jones & Giles, PLC to serve as legal counsel. The firm will provide these services: (a) provide the Debtor with legal advice with respect to its reorganization; (b) represent the Debtor in connection with negotiations involving secured and unsecured creditors; (c) represent the Debtor at hearings set by the Court in Debtor's bankruptcy case; and (d) prepare necessary applications, motions, answers, orders, reports or other legal papers necessary to assist in the Debtor's reorganization. The firm will be paid at these rates: Anthony P. Cali, Member $575 per hour David B. Nelson, Associate $425 per hour Ryan M. Deutsch, Associate $350 per hour Zachary A. Phillips, Associate $325 per hour Legal Assistants and Law Clerks $205 to $250 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The Debtor paid the firm a retainer of $34,238. Allen, Jones & Giles, PLC 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: Anthony P. Cali, Esq. David B. Nelson, Esq. Allen, Jones & Giles, PLC 1850 N. Central Ave., Suite 1025 Phoenix, AZ 85004 Telephone: (602) 256-6000 Facsimile: (602) 252-4712 Email: acali@bkfirmaz.com dnelson@bkfirmaz.com About Archer Motorsports, Inc. Archer Motorsports, Inc. DBA Archer's Bikes is a family-owned, multi-location bicycle shop founded in 2013 and based in Prescott Valley, Arizona, with additional locations in Salt Lake City, Utah, and Mesa, Arizona. The company specializes in e-bikes and sells new and used bicycles, e-bikes, parts, and accessories. Archer's Bikes provides bicycle services including repairs, bike fitting and setup, e-bike conversions, suspension repair, warranty services, mobile services, rentals, trade-ins, and bike purchases. It also supports online, in-store, curbside, and home-delivery purchasing options. Archer Motorsports, Inc. in Prescott Valley, AZ, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Ariz. Case No. 26-04217) on April 29, 2026, listing $1,278,519 in assets and $1,654,209 in liabilities. Randolph Archer, CFO and president, signed the petition. Judge Madeleine C Wanslee oversees the case. ALLEN, JONES & GILES, PLC serve as the Debtor's legal counsel. ARTETA LLC: Hires Royal Properties Inc. as Real Estate Broker ------------------------------------------------------------- Arteta, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Royal Properties, Inc. as real estate broker. The firm will market and sell the Debtor's real property located at 51 S. Route 9W, West Haverstraw, NY. The firm will be paid a commission of 5 percent of the sales price. Mr. Fogarty 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: Thomas Fogarty Royal Properties, Inc. 850 Bronx River Road, Suite 106 Bronxville, NY 10708 Tel: (914) 237-3400 About Arteta, LLC Arteta, LLC is a New York-based company engaged in business operations that may include real estate holdings, investment activities, or commercial services. The company focuses on managing its assets and operations within the regional market. Arteta, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22329) on April 1, 2026. In its petition, the Debtor reports estimated assets of $1MM-$10MM and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge Kyu Young Paek handles the case. The Debtor is represented by H. Bruce Bronson Jr., Esq. of Bronson Law Offices, P.C. ASCEND ELEMENTS: Hires Jefferies LLC as Investment Banker --------------------------------------------------------- Ascend Elements, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Jefferies LLC as investment banker. The firm will provide these services: (a) provide advice and assistance to the Company in connection with analyzing, structuring, negotiating and effecting, and acting as exclusive investment banker to the Company in connection with, any restructuring, reorganization, recapitalization, repayment or material modification of the Company's outstanding indebtedness or obligations (including, without limitation, any preferred equity), however achieved, including, without limitation, through any offer by the Company with respect to any outstanding Company indebtedness or obligations, a solicitation of votes, approvals, or consents giving effect thereto (including with respect to a prepackaged or prenegotiated plan of reorganization or other plan pursuant to the Bankruptcy Code, the execution of any agreement giving effect to the same, an offer by any third party to convert, exchange or acquire any outstanding Company indebtedness or obligations, or any similar balance sheet restructuring involving the Company (any of the foregoing, a "Restructuring"); (b) provide the Company with financial advice and assistance in connection with a possible sale, disposition or other business transaction or series of transactions involving all or a material portion of the equity or assets of one or more entities comprising the Company, whether directly or indirectly and through any form of transaction, including, without limitation, stock sale, asset sale, merger, reverse merger, asset swap, liquidation, recapitalization, reorganization, consolidation, amalgamation, spin-off, split-off, strategic partnership, license, a sale under section 363 of the Bankruptcy Code (including any "credit bid" made pursuant to section 363(k) of the Bankruptcy Code and including under a prepackaged or pre-negotiated plan of reorganization or other plan pursuant to the Bankruptcy Code) or other transaction (any of the foregoing, an "M&A Transaction"); and (c) act as sole and exclusive investment banker advisor in connection with any of the following (each, a "Financing", and a Financing, a Restructuring and a M&A Transaction, each and together, a "Transaction"): (i) the sale and/or placement, whether in one or more public or private transactions, of (A) common equity, preferred equity, and/or equity-linked securities of the Company (regardless of whether sold by the Company or its securityholders), including, without limitation, convertible debt securities (individually and collectively, "Equity Securities"), and/or (B) notes, bonds, debentures and/or other debt securities of the Company, including, without limitation, mezzanine and asset-backed securities (individually and collectively, "Debt Securities"), and/or (ii) the arrangement and/or placement of any bank debt and/or other credit facility of the Company including debtor-in-possession financing (individually and collectively, "Bank Debt," and any or a combination of Bank Debt, Equity Securities and/or Debt Securities, "Instruments"). For the avoidance of doubt, if a Financing is executed in more than one issuance or tranche, each shall be deemed to be a Financing for the purposes of the Engagement Letter. The firm will be paid at these fees: (a) Monthly Fee. A monthly fee (the "Monthly Fee") equal to $150,000 per month payable on the 9th day of each month until the termination of the Engagement Letter. Commencing with the seventh full Monthly Fee actually paid under the Engagement Letter, an amount equal to 50% of the Monthly Fees actually paid to Jefferies shall be credited once, without duplication, against any Restructuring Fee (as defined below) or M&A Transaction Fee (as defined below) that subsequently becomes payable to Jefferies under the Engagement Letter. (b) Restructuring Fee. Promptly upon consummation of a Restructuring, a fee (a "Restructuring Fee") in an amount equal to $4.25 million; provided, to the extent a Restructuring is consummated without the commencement of any insolvency proceedings involving any of the entities comprising the Company, the Restructuring Fee shall be equal to $2.5 million. (c) M&A Transaction Fees. Upon the consummation of an M&A Transaction, a fee (an "M&A Transaction Fee") equal to the greater of (A) $4.25 million and (B) an amount equal to 3.00% of the M&A Transaction Value (as defined in the Engagement Letter). It is expressly understood that in the event that more than one M&A Transaction shall occur, a separate M&A Transaction Fee shall be payable on account of each M&A Transaction. In the event that both a Restructuring Fee and a M&A Transaction Fee is payable on account of the same Transaction, only the greater of the Restructuring Fee and M&A Transaction Fee shall be payable on account of such Transaction. (d) Financing Fee. Promptly upon consummation of a Financing, a fee (a "Financing Fee") equal to an amount to be determined according to this schedule: -- (i) 1.5% of the maximum principal amount of commitments under any secured Bank Debt or secured Debt Securities of any Financing; plus -- (ii) 2.5% of the maximum principal amount of commitments under any Bank Debt or Debt Securities of any Financing not covered by subsection (d)(i) immediately above; plus -- (iii) 4.5% of the aggregate gross proceeds received or to be received from the sale of Equity Securities, including, without limitation, aggregate amounts committed to purchase Equity Securities in connection with any Financing (collectively, "Gross Proceeds"). Notwithstanding the foregoing: (1) the Financing Fee payable on account of any debtor in possession financing ("DIP Financing") shall be 2.0% of the maximum principal amount of commitments under such DIP Financing, and (2) the Financing Fee payable to Jefferies on account of any Goldman Financing (as defined in the Engagement Letter) shall be 1.0% of the maximum principal amount of commitments or Gross Proceeds, as applicable, under such Goldman Financing. Additionally, 25% of any Financing Fee actually paid to Jefferies (other than any Financing Fee paid on account of a DIP Financing) shall be credited once, without duplication, against any Restructuring Fee or M&A Transaction Fee subsequently payable to Jefferies under the Engagement Letter. Furthermore, notwithstanding anything to the contrary in the Engagement Letter, no Financing Fee shall be payable on account of any portion of a bridge financing provided by the Debtors' security holders existing as of the date of the Engagement Letter that is consummated outside of any insolvency proceedings unless Jefferies conducted any outreach or otherwise provided services in connection with such bridge financing. (e) Expense Reimbursement. In addition to any fees that may be paid to Jefferies under the Engagement Letter, whether or not any Transaction occurs, the Company will reimburse Jefferies, promptly upon receipt of an invoice therefor, for all reasonable costs and expenses, including ancillary expenses, travel costs, document production and other similar expenses, and reasonable fees and expenses of counsel and other professional advisors and independent experts, incurred by Jefferies and its designated affiliates in connection with the engagement contemplated under the Engagement Letter. Mr. O'Hara disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael O'Hara Jefferies LLC 520 Madison Avenue New York, NY 10022 Tel: (212) 284-2300 About Ascend Elements, Inc. 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. ASCEND ELEMENTS: Hires Mr. Titus of Alvarez & Marsal as CRO ----------------------------------------------------------- Ascend Elements, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Adam Titus of Alvarez & Marsal North America, LLC as chief restructuring officer. The firm will provide these services: a. assist in overseeing the Debtors' restructuring-related activities in consultation with the Debtors' management team and other advisors to effectuate the selected course of action; b. assist the Debtors' management team with developing and implementing cash flow forecasts and managing liquidity, including the development and ongoing maintenance of short-term liquidity tools, including a cash flow forecast, and assessing short- and long-term liquidity requirements; c. assist the Debtors in supporting financial diligence and preparation in connection with financing transactions, capital raises, refinancings, DIP financing, and other liquidity initiatives, including coordinating with lenders, investors, financial advisors, and legal counsel; d. assist the Debtors in preparing for and operating in any restructuring process, including negotiations with stakeholders and the formulation of a restructuring strategy, a plan of reorganization, a sale transaction, or other strategic alternative directed to help preserve and maximize value; e. assist the Debtors' management team with financial planning, budgeting, forecasting, management reporting, and evaluating cost reduction, working capital, vendor management, payment prioritization, and operational improvement initiatives; f. serve as a principal financial point of contact with respect to the Debtors' financial condition, liquidity, and financing matters, including communications with lenders, investors, and other key financial stakeholders; g. assist the Debtors' management team and other advisors in developing and evaluating strategic alternatives and other financial strategies for review by the Board; h. support related exit and post-exit activities and assist in implementation of any approved restructuring, sale, or financing transaction; i. assist with the preparation of financial-related disclosures required by the Court, including if required, the Debtors' Schedules of Assets and Liabilities, Statements of Financial Affairs and Monthly Operating Reports; j. assist with the identification of certain executory contracts and leases and perform cost/benefit evaluations with respect to the assumption or rejection of each; and k. provide such other services as may be requested or directed by the Debtors' chief executive officer or Board and agreed to by A&M, consistent with A&M's role in these Chapter 11 Cases. The firm will be paid at these rates: Managing Directors $$1,200 to 1,600 per hour Directors $900 to 1,175 per hour Associates $650 to 875 per hour Analysts $450 to 625 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm holds a total retainer of $305,000 (the "Retainer"). In the 90 days prior to the Petition Date, the firm received retainers and payments totaling $2,284,886 in the aggregate for services performed for the Debtors. in addition to the compensation structure, upon the earlier of (x) the consummation of a chapter 11 plan of reorganization and (y) the sale, transfer, or other disposition of all or a substantial portion of the assets or equity of the Debtors in one or more transactions, the firm will be entitled to a completion fee of $1,500,000 (the "Completion Fee"). Mr. Titus 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: Adam Titus Alvarez & Marsal North America, LLC 700 Louisiana Street, Suite 3300 Houston, TX 77002 Tel: (713) 571-2400 Fax: (713) 547-3697 About Ascend Elements, Inc. 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. ASCEND ELEMENTS: Seeks to Hire Norton Rose Fulbright as Counsel --------------------------------------------------------------- Ascend Elements, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Norton Rose Fulbright US LLP as counsel. The firm's services include: -- advising the Debtors with respect to their powers and duties as debtors in possession in the continued management and operation of their businesses and properties; -- advising and consulting on the conduct of these chapter 11 cases, including all of the legal and administrative requirements of operating in chapter 11; -- attending meetings and negotiating with representatives of creditors and other parties in interest; -- taking all necessary actions to protect and preserve the Debtors' estates, including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, and representing the Debtors in negotiations concerning litigation in which the Debtors are involved, including objections to claims filed against the Debtors' estates; -- preparing pleadings in connection with these chapter 11 cases, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estates; -- representing the Debtors in connection with obtaining authority to continue using cash collateral and postpetition financing; -- advising the Debtors in connection with any potential sale of assets; -- appearing before the Court and any appellate courts to represent the interests of the Debtors' estates; -- advising the Debtors regarding tax matters; -- taking any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a chapter 11 plan and all documents related thereto; and -- performing all other necessary legal services for the Debtors in connection with the prosecution of these chapter 11 cases, including: (i) analyzing the Debtors' leases and contracts and the assumption and assignment or rejection thereof; (ii) analyzing the validity of liens against the Debtors' assets; and (iii) advising the Debtors on corporate and litigation matters. The firm will be paid at these rates: Partners $820 to $2,310 per hour Senior Associates $715 to $1,160 per hour Senior Counsel $660 to $1,610 per hour Counsel $345 to $1,225 per hour Associates $570 to $1,140 per hour Of Counsel $595 to $1,650 per hour Paralegals $185 to $615 per hour Practice Support $90 to $475 per hour The firm received from the Debtors a retainer of $350,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The following is provided in response to the request for additional information set forth in Section D.1 of the UST Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: NRF has not agreed to any variations from, or alternatives to, NRF's standard and customary billing arrangements. NRF's rate structure is appropriate and is not significantly different from (a) the rates that NRF charges for other non-bankruptcy representations or (b) the rates of other comparably skilled professionals. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. The hourly rates used by NRF in representing the Debtors are consistent with the rates that NRF charges other comparable chapter 11 clients, regardless of the location of the chapter 11 case. 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. Answer: NRF may periodically adjust billing rates through (i) standard step increases tied to seniority and promotions and (ii) periodic adjustments within a given level. NRF will provide reasonable notice to the Debtors before implementing any periodic increases Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: NRF's expected fees and expenses are included in the Debtors' Budget. Mr. Manns 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: Ryan Manns Norton Rose Fulbright US LLP 2200 Ross Avenue, Suite 3600 Dallas, TX 75201-7932 Tel: (214) 855-8000 Fax: (214) 855-8200 About Ascend Elements, Inc. 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. ATHENAHEALTH GROUP: S&P Assigns 'B-' Rating on New $4BB Term Loan ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to athenahealth Group Inc.'s proposed $4 billion term loan, which will refinance a portion of its $5.953 billion first-lien senior secured term loan. The '3' recovery rating indicates its expectation for substantial recovery (50%-70%; rounded estimate: 65%) in the event of a payment default. The proposed transaction is leverage neutral and extends the maturity to May 2032 from February 2029. The remaining portion of outstanding term facility will still mature in February 2029. The transaction modestly increases interest expense (S&P estimates by about $10 million to $20 million annually, subject to final pricing). The 'B-' rating reflects athenahealth's very high leverage (12x, including preferred shares) and limited cash flow generation, which are somewhat offset by its good scale (about $2.5 billion in annual revenue), as well as its strong market position, robust profit margins (about 40%), and successful organic expansion despite a challenging competitive environment. S&P said, "We view the company's research and development and capitalized software costs (which burden its S&P Global Ratings-adjusted EBITDA metrics) as nondiscretionary and essential to support the growth of the company's bookings. Its cross-selling and upselling are also essential to growth amid a competitive end market, where it competes with other software providers and the in-house electronic health record (EHR) operations of larger and better-financed hospitals. "We project athenahealth will achieve mid-single-digit percent organic revenue growth in 2026, driven by increased patient utilization, successful customer implementations and upselling, the expansion of its payer business, and price increases. The company's investments in artificial intelligence (AI) within revenue cycle management (RCM) and its established EHR solutions support its competitive position. We believe athenahealth's EHR platforms are relatively resilient to complete disruption by AI due to their deep integration into clinical and RCM workflows, patient safety protocols, and regulatory compliance. "We expect the company to generate modest free operating cash flow (FOCF) in 2026 due to deferred premium payments on interest-rate caps, offset by a federal tax shield. A strong liquidity position, including an undrawn $1 billion revolving credit facility and $580 million in cash on hand as of December 2025, provides ample capacity to navigate potential cash flow challenges, fund RCM initiatives, enhance technology, and expand organically." Issue Ratings--Recovery Analysis Key analytical factors -- Pro forma for this transaction, athenahealth's capital structure consists of a $1 billion revolving credit facility expiring in February 2031, $1.953 billion term loan B expiring in February 2029, $4.0 billion term loan B expiring in May 2032, $2.35 billion unsecured notes, and $2.36 billion of preferred equity. -- S&P's simulated default assumes increased competition, a failure to retain customers, and service disruption. The health care IT (HCIT) solutions market is highly fragmented with numerous midsize to large competitors, so the company would have to continue to invest in research and development to stay competitive. -- S&P values the company as a going concern because it believes that following a payment default, it would likely reorganize rather than liquidate to maximize value to creditors. -- S&P applies a 6.5x multiple (consistent with other HCIT peers) to an estimated distressed exchange emergence EBITDA of $746 million to estimate gross recovery value of about $5.03 billion. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $746 million -- EBITDA multiple: 6.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $4.78 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Collateral value available to first-lien debt: $4.78 billion -- Total first-lien debt: $6.86 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) -- Collateral value available to unsecured debt: $0 -- Total unsecured claims: $4.5 billion --Recovery expectations: 0%-10% (rounded estimate: 0%) ATLANTIC INVESTMENT: Seeks to Hire Dixson Law LLC as Counsel ------------------------------------------------------------ Atlantic Investment Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Dixson Law LLC as counsel. The firm's services include: a. preparing pleadings, schedules and statements of financial affairs, adversary proceedings and applications incidental to administering the estate; b. developing the relationship and status of debtor-in-possession and handling of claims of creditors in these proceedings, all in the best interests of the Debtor, creditors and other interested parties; c. advising the debtor-in-possession of its rights, duties and obligations as a debtor-in-possession; d. performing legal services incidental and necessary to the day-to-day operation of the Debtor including, but not limited to, institution and prosecution of necessary legal proceedings, debt restructuring, general business, corporate and legal advice, and assistance necessary to the proper preservation and administration of the estate; e. preparing pleadings, schedules and statements of financial affairs, adversary proceedings and applications incidental to administering the estate; f. taking any and all necessary actions incident to the proper preservation and administration of the Debtor and to the conduct of its business; g. preparing a plan of reorganization and disclosure statement; and h. providing post-confirmation legal services in connection with implementation of the plan. 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. Mr. Dixson III 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: Francis R. Dixson III, Esq. Dixson Law LLC 125 Clairmont Avenue, Suite 440 Decatur, GA 30030 Tel: (404) 480-4420 Fax: (404) 480-4471 Email: francis@dixsonlaw.com About Atlantic Investment Ventures LLC Atlantic Investment Ventures LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Ga. Case No. 26-54571) on April 6, 2026. The Debtor hires Dixson Law LLC as counsel. AVANT GARDNER: Ends Lenders' Chapter 11 Dispute ----------------------------------------------- James Nani of Bloomberg Law reports that Avant Gardner has reached a bankruptcy settlement with several lenders over disputed loans connected to redevelopment work at the Brooklyn Mirage venue in Brooklyn. The deal aims to resolve claims involving more than $11 million in financing obligations tied to the company's operations and remodeling project. According to a motion filed in Delaware bankruptcy court, TVT Capital Source LLC, Insta Funding LLC, and Pinnacle Business Funding LLC would collectively receive $1.35 million under the proposed agreement. The lenders would also share in part of a $6 million unsecured claim as part of the negotiated resolution. The settlement would end litigation initiated by the merchant cash advance lenders against Avant Gardner and affiliated entities. The dispute involved financing arrangements that creditors alleged were used to support renovations and upgrades at the Brooklyn Mirage entertainment complex, the report states. The agreement represents another step in Avant Gardner's Chapter 11 restructuring process as the company works to resolve creditor disputes and stabilize its financial position. Court approval of the settlement could help narrow outstanding litigation and improve the efficiency of the bankruptcy proceedings, according to Bloomberg. About Avant Gardner Avant Gardner is a prominent Brooklyn-based entertainment venue operator and event promoter that is operating from its principal location at 140 Stewart Ave in Brooklyn, New York. It owns New York City's popular Brooklyn Mirage and other event spaces. The company manages entertainment venues and produces live events, with operations in the performing arts and entertainment event promotion sector. Avant Gardner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11443) on August 4, 2025. In its petition, the Debtor reports estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. The Debtor is represented by Sean Matthew Beach, Esq. at Young, Conaway, Stargatt & Taylor. AVENTINE INTERMEDIATE: Ares Capital Marks $53.1M 2L Loan at 23% Off ------------------------------------------------------------------- Ares Capital Corp. has marked its $53.1 million loan extended to Aventine Intermediate LLC & Aventine Holdings II LLC to market at $40.9 million or 77% 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 second lien senior secured loan extended to Aventine Intermediate LLC & Aventine Holdings II LLC. The Loan accrues an interests of 5.13% PIK per annum. The Loan matures on December 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 Aventine Intermediate LLC & Aventine Holdings II LLC Aventine Intermediate LLC & Aventine Holdings II LLC is a media and production company. AVT INVESTMENTS: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- On May 5, 2026, Avt Investments, LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas. 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 June 15, 2026 at 04:00 PM by TELEPHONE. Government claims deadline set for November 2, 2026. About Avt Investments, LLC Avt Investments, LLC is believed to operate as a Texas-based investment and asset holding company engaged in financial, real estate, or business investment activities. Avt Investments, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32003) on May 5, 2026. In its petition, the debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. BALROG ACQUISITION: Ares Capital Marks $29.5MM 2L Loan at 28% Off ----------------------------------------------------------------- Ares Capital Corp. has marked its $29.5 million loan extended to Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. to market at $21.3 million or 72% 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 second lien senior secured loan extended to Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. The 1L Loan is accrues an interest rate of 10.78% SOFR (M) 7.00% per annum. The 1L Loan matures on September 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 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. are manufacturer and distributor of specialty bakery ingredients. BALROG ACQUISITION: Ares Capital Marks $3.7MM 1L Loan at 30% Off ---------------------------------------------------------------- Ares Capital Corp. has marked its $3.7 million loan extended to Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. to market at $2.6 million or 70% 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 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. The 1L Loan is accrues an interest rate of 7.78% SOFR (M) 4.00% per annum. The 1L Loan matures on September 2028. 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 Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. Balrog Acquisition, Inc., Balrog Topco, Inc. and Balrog Parent, L.P. are manufacturer and distributor of specialty bakery ingredients. BAMBOO PURCHASER: Ares Capital Marks $21.2MM 1L Loan at 82% Off --------------------------------------------------------------- Ares Capital Corp. has marked its $21.2 million loan extended to Bamboo Purchaser, Inc. to market at $3.9 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 loan extended to Bamboo Purchaser, Inc. The 1L Loan is a non-accrual status. The 1L Loan matures on December 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 Bamboo Purchaser, Inc. Bamboo Purchaser, Inc. is a provider of nursery, garden, and greenhouse products. BEELINE HOLDINGS: Sansar Capital Master Fund Holds 9.93% Stake -------------------------------------------------------------- Sansar Capital Master Fund, L.P. disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it beneficially owns 3,042,906 shares of Beeline Holdings, Inc.'s Common Stock, representing 9.93% of the shares outstanding. Sansar Capital Master Fund, L.P. may be reached through: Sanjay Motwani, President c/o Sansar Capital Management, L.L.C. 25 West 53rd Street New York, NY 10019 Tel: 212-399-8981 A full-text copy of Sansar Capital Master Fund, L.P.'s SEC report is available at: https://tinyurl.com/y3yezrma About Beeline Holdings Beeline Financial Holdings, Inc. is a mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $70.2 million in total assets, $16.6 million in total liabilities, and $53.6 million in total equity. BKR LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: BKR LLC d/b/a Ramada Bakersfield-North 16350 Ventura Blvd., D523 Encino, CA 91436 Business Description: BKR LLC, doing business as Ramada Bakersfield-North, operates a hotel in Bakersfield, California. The company's property at 828 Real Road provides lodging to travelers visiting the area. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-10969 Judge: Hon. Martin R Barash Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael P. Crane 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/6NNNM2Q/BKR_LLC__cacbke-26-10969__0001.0.pdf?mcid=tGE4TAMA BLOOM HOTELS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida granted Bloom Hotels 6060, LLC final approval to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral from the petition date and throughout its Chapter 11 case, subject to a court-approved budget with a 10% variance per line item. Funds may be used for operating expenses, asset maintenance, insurance, and payment of statutory fees, including U.S. Trustee fees. The Debtor may also carry forward unused amounts and must explain any budget variances exceeding the allowed threshold. To ensure oversight, the Debtor must provide monthly financial reports to De Paz Family Investments, including detailed reconciliations comparing actual expenditures to the approved budget. These reports must be submitted by the seventh day of each month and include cumulative expense summaries, ensuring transparency and accountability in the use of cash collateral. As adequate protection, De Paz Family Investments was granted a replacement lien on post-petition cash collateral, maintaining the same priority and validity as its pre-petition liens. All parties retain the right to challenge those liens. The final order is available at https://is.gd/gK3A4u from PacerMonitor.com. About Bloom Hotels 6060 LLC Bloom Hotels 6060, LLC owns the real property and improvements at 6060 Indian Creek Drive in Miami Beach, Florida, a waterfront condo-hotel complex. Bloom Hotels 6060 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11867) on February 16, 2026, with between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Kristopher E. Pearson, Esq., at Damian Valori Culmo. BLUE BIOFUELS: Q1 2026 Net Loss Widens to $664K With Zero Revenue ----------------------------------------------------------------- Blue Biofuels, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $663,801 for the three months ended March 31, 2026, compared to a net loss of $243,833 for the same period in the prior year. The Company recognized no revenue for the three months ended March 31, 2026, consistent with the prior-year period. Liquidity and Capital Resources As of March 31, 2026, the Company had $8,665 in cash and cash equivalents and a total stockholders' deficit of $3,936,726, compared to $65,200 in cash and cash equivalents and a total stockholders' deficit of $3,706,083 as of December 31, 2025. Total debt, including convertible notes, accounts payable, other notes payable, interest payable, and legacy liabilities, was $5,246,366 as of March 31, 2026, an increase of $132,904 from $5,113,462 at December 31, 2025, primarily attributable to an increase in deferred wages of $155,925. During the three months ended March 31, 2026, the Company's net cash used in operating activities was $418,535, compared to net cash provided by operating activities of $13,416 in the three months ended March 31, 2025, a change primarily attributed to a higher net loss in 2026 due to grant income recognized in 2025. The Company generated $372,000 through financing activities during the three months ended March 31, 2026, compared to $100,000 in the prior-year period, an increase of $272,000 primarily attributable to net proceeds of $227,000 from a private placement and $125,000 from the exercise of warrants, compared to $100,000 from the issuance of notes payable in 2025 and $20,000 in 2026. As of May 4, 2026, the date of the 10-Q filing, the Company has raised $352,000 through the issuance of shares and $170,000 from the issuance of notes in 2026. Since inception, the Company has raised $17,974,375 in shares, $2,245,916 through converted notes, and $1,515,000 in debt or convertible notes. There is no guarantee that the Company will be able to raise any additional capital on terms acceptable to the Company. The Company anticipates needing additional funds for general and administrative expenses and will seek project financing for a commercial ethanol to sustainable aviation fuel (SAF) facility, in addition to funds needed to complete the commercialization of its CTS system. Going Concern As of March 31, 2026, the Company has incurred accumulated losses of $60,794,163 since inception. The Company has not generated any significant revenue since inception and expects to incur significant additional losses and liabilities in connection with its start-up and commercialization activities. These factors, among others, raise substantial doubt as to the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to meet its obligations and repay its liabilities when they become due and to generate sufficient revenues from its operations to pay its operating expenses. There are no assurances that the Company will continue as a going concern. Management believes that the Company's future success is dependent upon its ability to achieve profitable operations, generate cash from operating activities, and obtain additional financing. There is no assurance that the Company will be able to generate sufficient cash from operations, sell additional shares of stock, or borrow additional funds. The Company's inability to obtain additional cash could have a material adverse effect on its financial position, results of operations, and its ability to continue in existence. The inability to obtain funding either in the near term and/or longer term will materially affect the Company's ability to implement its business plan of operations and jeopardize the viability of the Company. Equity As of March 31, 2026, shareholders' deficit was $3,936,726. There were 320,948,112 shares of common stock issued and outstanding as of March 31, 2026. There were no preferred shares outstanding. The Company has paid no dividends. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/43drdr5m. About Blue Biofuels Inc. Blue Biofuels, Inc., was incorporated in Nevada on March 28, 2012, as Alliance Media Group Holdings, Inc. Since December 2013, Blue Biofuels, Inc. has been a technology company focused on emerging technologies in renewable energy, biofuels, and lignin. Spokane, Washington-based Assure CPA, LLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 19, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has accumulated losses since inception and has negative working capital. These factors raised substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $1,309,640 in total assets, $5,246,366 million in total liabilities, and $3,936,726 in total stockholders' deficit. BYSTOL PERFORMANCE: Neema Varghese Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Bystol Performance Center, Inc. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Bystol Performance Center Inc. Bystol Performance Center Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-07442) on April 29, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Joel A. Schechter, Esq. at the Law Office of Joel A. Schechter represents the Debtor as bankruptcy counsel. CALDERONE SUBS: To Sell Delicatessen Biz to Lee & Lox ----------------------------------------------------- Calderone Subs, LLC, seeks approval from the U.S. Bankruptcy Court for the District of New Jersey, to sell delicatessen business, free and clear of liens, claims, interests, and encumbrances. The Debtor's delicatessen business known as Mr. Bagel & Deli is located at 1611 Palisade Avenue, Fort Lee, New Jersey. The Debtor wants to sell the business to Nishant Suri And Rakesh Khettry d/b/a Lee & Lox, LLC. Fred Calderone is the sole Member of the Debtor. The Debtor operates two delicatessen businesses by the name of "Mr. Bagel & Deli". One of the Mr. Bagel & Deli locations is at 1611 Palisade Avenue, Fort Lee, New Jersey 07024 and a second Mr. Bagel & Deli at 71 Route 46W, Elmwood Park, New Jersey 07407. Calderone retains Marc Lazarus of NJ Business Brokers, LLC d/b/a Transworld Business Advisors of Passaic to serve as the business broker to secure a proposed purchaser for the Fort Lee Location. Calderone executed the Asset Purchase Agreement (APA) dated May 6, 2026, for the sale of the Elmwood Park Location to Nishant Suri and Rakesh Khettry, members of Lee & Lox, LLC, a limited liability company to be formed. The purchase price is $400,000.00. The APA is an "arms length" transaction. Proposed purchasers Suri, Khettry and Lee & Lox were secured by Transworld. The Proposed Purchasers are not seeking a breakup fee nor expense reimbursement. Suri, Khettry and Lee & Lox are not, in any manner, related to Calderone or to the Debtor. About Calderone Subs LLC Calderone Subs LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-10024) on January 2, 2026, listing up to $50,000 in both assets and liabilities. Judge Stacey L. Meisel presides over the case. Melinda D. Middlebrooks, Esq. at Middlebrooks Shapiro, P.C. represents the Debtor as counsel. CARBON HEALTH: Creditors Oppose Bankruptcy Loan Plan ---------------------------------------------------- Alex Wolf of Bloomberg Law reports that a creditor committee has raised strong objections to Carbon Health Technologies Inc.'s plan to increase its bankruptcy loan, warning that the move could facilitate a low-value acquisition by its lender while funding restructuring costs. The dispute is playing out in Texas bankruptcy court. According to the filing, the proposed financing from Future Solution Investments LLC is tied to a potential takeover strategy involving the company's chain of primary and urgent care facilities. Creditors argue the structure may prioritize the lender's acquisition ambitions over maximizing estate value. The unsecured creditors' committee said the additional borrowing could be used in part to pay restructuring advisers, further increasing administrative costs that reduce recoveries for other stakeholders. They described the proposal as favoring insider-driven restructuring outcomes, according to report. Carbon Health's April 28, 2026 request asks the court to approve an increase in its Chapter 11 credit facility as it works through its restructuring process. The motion remains pending as creditors continue to challenge its terms, Bloomberg reports. About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech 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. Texas 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 and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, 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. CELEBRITY MEDICAL: Andrew Layden Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Celebrity Medical Center, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Celebrity Medical Center LLC Celebrity Medical Center, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03065) on April 28, 2026, with $500,001 to $1 million in both assets and liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. CES MAIL: George Oliver Named Subchapter V Trustee -------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed George Mason Oliver as Subchapter V trustee for CES Mail Communications, Inc. Mr. Oliver will be compensated at $375 per hour for his services as Subchapter V trustee. Mr. Oliver disclosed in a court filing that he does not have an interest materially adverse to the interest of the Debtor's estate, creditors or equity security holders. The Subchapter V trustee can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC 405 Middle Street P.O. Box 1548 New Bern, NC 28563 Phone: (252) 633-1930 Fax: (252) 633-1950 george@georgeoliverlaw.com About CES Mail Communications Inc. CES Mail Communications, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02033) on May 4, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Pamela W. Mcafee presides over the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC represents the Debtor as legal counsel. CLEAN ENERGY: Says 2022-Q3 2025 Results Unreliable -------------------------------------------------- Clean Energy Technologies Inc. said its financial statements for periods from Jan. 1, 2022, through Sept. 30, 2025, should no longer be relied upon, according to an SEC filing. The Irvine, California, company said its board concluded on May 1 that accounting for certain long-term receivables and contract assets, as well as timing of revenue recognition and related interest income under U.S. GAAP, was incorrect. The company said the matters relate primarily to historical balance sheet items and do not affect current operations or underlying business activities. Clean Energy said it intends to file an amended annual report on Form 10-K/A with restated financial statements for 2024 and 2023 and amended quarterly reports on Form 10-Q/A for the quarterly periods ended March 31, June 30 and Sept. 30, 2025. The company said its chief executive, chief financial officer and audit committee chair discussed the matters with TAAD LLP, its independent registered public accounting firm. About Clean Energy Clean Energy Technologies, Inc. provides turnkey energy solutions, including power generation, waste heat recovery, and waste-to-energy systems for small and midsize projects. The company is based in Irvine, California, and serves markets in North America, Europe, and ASEAN countries. Its technologies include the patented Clean Cycle generator, which converts wasted heat into electricity, as well as solutions that convert waste from manufacturing, agriculture, wastewater treatment, and other industries into electricity, renewable natural gas, hydrogen, and biochar. Clean Energy Technologies also provides engineering, consulting, and project management services for municipal, industrial, and project development customers. In an audit report dated April 14, 2025, TAAD LLP included a going concern qualification, stating that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of Sept. 30, 2025, the Company had $14.80 million in total assets, $7.70 million in total liabilities, and $7.10 million in total equity. CMN GROUP: Jolene Wee Named Subchapter V Trustee ------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for CMN Group, LLC. Ms. Wee will be compensated at $660 per hour for work performed in 2026. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About CMN Group LLC CMN Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11060) on May 1, 2026, with $1 million to $10 million in both assets and liabilities. David C. Jones, Jr., Esq. at David C. Jones, Jr., P.C. represents the Debtor as legal counsel. COFIX-RX LLC: Richardo Kilpatrick Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for CoFix-Rx, LLC. Mr. Kilpatrick will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About CoFix-Rx LLC CoFix-Rx, LLC is a Farmington, Michigan-based company that produces hygiene products in the USA. The company offers CofixRX nasal solution and throat spray products for use in nasal passage, throat, and body hygiene routines. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44926) on April 29, 2026, with $2,485,751 in assets and $3,281,674 in liabilities. Ryan Tobias, member or manager, signed the petition. Judge Lisa S. Gretchko presides over the case. Lynn M. Brimer, Esq., at Strobl PLLC represents the Debtor as legal counsel. CONNECTM TECHNOLOGY: To Divest India Unit in $34.2M Share Swap -------------------------------------------------------------- ConnectM Technology Solutions Inc. agreed to divest its 94.1%-owned Global Impx Inc. subsidiary in a share-swap transaction valued at about $34.2 million, according to an SEC filing. The Marlborough, Massachusetts, company and AstraBridge Inc. agreed to transfer all of their Global Impx shares to Blue Cloud Softech Solutions Ltd. in exchange for 170 million Blue Cloud equity shares. ConnectM is expected to receive 160 million Blue Cloud shares, while AstraBridge is expected to receive 10 million shares. The shares will be subject to a six-month lockup. Following the closing, and assuming no change in Blue Cloud's outstanding shares, ConnectM is expected to own about 17.33% of Blue Cloud. The closing is expected within 180 days of May 4, 2026. ConnectM said Global Impx holds ConnectM India and its subsidiaries, including Geo Impex and a strategic land asset. Blue Cloud stockholders approved the transaction May 4. About ConnectM Technology ConnectM Technology Solutions Inc. provides technology-driven solutions for the modern energy economy, including energy storage, electrification, distributed energy, last-mile delivery, and industrial internet-of-things applications. The company is based in Marlborough, Massachusetts, and operates through six segments: Owned Service Network, Managed Solutions, Distributed Energy & Renewables, Transportation, Logistics, and Corporate & Strategic Assets. ConnectM delivers AI-enabled electrification, distributed energy, mobility, and IIoT solutions to customers worldwide. KNAV CPA LLP, in an audit report dated April 16, 2026, raised substantial doubt about the company's ability to continue as a going concern, citing recurring net losses, an accumulated deficit, stockholders' deficit and working capital deficit. The auditor said the company's ability to continue depends on raising additional equity or borrowings to fund operations, investing activities and financial obligations over the next year. As of Dec. 31, 2025, the company had $36.17 million in total assets, $34.59 million in total liabilities, and $1.58 million in total stockholders' equity. CONTINENTAL ACQUISITION: Ares Capital Marks $6.5 1L Loan at 46% Off ------------------------------------------------------------------- Ares Capital Corp. has marked its $6.5 million loan extended to Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. to market at $3.5 million or 54% 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 Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. The Loan is a non-accrual status. The Loan matures on July 2028. 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 Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. are distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets. CONTINENTAL ACQUISITION: Ares Marks $43.5MM 1L Loan at 46% Off -------------------------------------------------------------- Ares Capital Corp. has marked its $43.5 million loan extended to Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. to market at $23.5 million or 54% 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 Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. The Loan is a non-accrual status. The Loan matures on July 2028. 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 Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. Continental Acquisition Holdings, Inc. and Continental Group Holdings, L.P. are distributor of aftermarket batteries to the electric utility vehicle, automotive, commercial, marine and industrial markets. COPPER FOX: Paula Beran Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Paula Beran, Esq., at Tavenner & Beran, PLC as Subchapter V trustee for Copper Fox Antiques, LLC. Ms. Beran will be paid an hourly fee of $480 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Beran declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paula S. Beran, Esq. Tavenner & Beran, PLC 20 North 8th Street Richmond, Virginia 23219 Phone: (804) 783-8300 Email: Beran@TB-LawFirm.com About Copper Fox Antiques LLC Copper Fox Antiques, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 26-50252) on April 29, 2026, with $500,001 to $1 million in both assets and liabilities. COREFIT LLC: Holly Miller Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC as Subchapter V trustee for CoreFit L.L.C. Ms. Miller will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Miller declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Holly S. Miller, Esq. Gellert Scali Busenkell & Brown, LLC 1628 John F. Kennedy Boulevard, Suite 1901 Philadelphia, PA 19103 Telephone: (215) 238-0012 Facsimile: (215) 238-0016 Email: hsmiller@gsbblaw.com About CoreFit L.L.C. CoreFit L.L.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11923) on May 01, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Derek J. Baker presides over the case. David B. Smith, Esq. at Smith Kane Holman, LLC represents the Debtor as legal counsel. CROCHERON INC: Secured Party Sets May 28, 2026 Auction ------------------------------------------------------ Pursuant to (a) Section 9-610 of the Uniform Commercial Code ("UCC") as in effect in the State of New York and (b) the Pledge Agreement, dated as of December 9, 2023 (as amended, restated, or otherwise modified, the "Pledge Agreement") made by Shawn D. Wellington, an individual ("Pledgor") to N.Y.R.F.P., LLC, a New York liability company (together with its successors and assigns, "Secured Party"), the Secured Party will offer for sale at public sale (the "Auction") all right, title, and interest of the Pledgor in and to the following collateral (the "Subject Collateral"): (a) one hundred percent (100%) of the shares/capital stock in CROCHERON INC., a New York corporation (the "Company or "Debtor"), (b) all related rights and property owned by Pledgor relating to such interests in the Company, including without limitation all collateral pledged by Pledgor under the Pledge Agreement, and (c) all proceeds (as defined in the UCC) of the foregoing (collectively, the "Subject Collateral"). The Subject Collateral is security for the Pledgor's obligations under the Pledge Agreement and the Loan Documents (as defined in the Pledge Agreement). The Company is the owner of the real property commonly known as 36-06 215th Street, Bayside, New York 11361 (the "Property"), which Property is encumbered by a first priority mortgage in favor of the Secured Party. The Auction is being conducted in connection with the Secured Party's exercise of its rights and remedies under the Pledge Agreement and the other Loan Documents following the occurrence and continuance of one or more events of default thereunder. TERMS AND CONDITIONS OF THE AUCTION The Subject Collateral fs being sold as described above on an "AS IS, WHERE IS, WITH ALL FAULTS" basis pursuant to the following terms and conditions. 1. Parties interested in bidding at the Auction may, subject to executing confidentiality agreements and meeting the bidder qualifications set forth in the bidding procedures in the "Bidding Procedures"), which can be obtained by contacting David A. Kaminsky & Associates, P.C. The Bidding Procedures provide information about the bidding process, including bidder qualifications, Auction participation and determination of the winning bid. 2. The Auction will be held on May 28, 2026, at 2:00 p.m. EDT, exclusively via Zoom. The Auction shall not be conducted in person, Zoom Meeting Link: https://bit.ly/36-090nsUCC (URL is case sensitive); Meeting ID: 879 9676 9734: Passcode: 707068. The Auction on will be conducted by Matthew Mannion of Mannion Auctions, LLC Access to the Zoom meeting will be made available to qualified bidders. 3. The Subject Collateral will be sold on an "AS-IS, WHERE IS, WITH ALL FAULTS" basis, without recourse, and without and express or implied representations or warranties whatsoever including, without limitation, as to the condition of title, value, or quality of the Subject Collateral, or without regard to assets, liabilities, financial condition, or earnings of Debtor, Pledgor, or any of their affiliates, (WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ALL WARRANTIES, WHETHER OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR OTHERWISE, ARE EXPRESSLY DISCLAIMED. The sale of the Subject Collateral is specifically subject to all taxes, liens (other than those of the Secured Party) claims, assessments, liabilities, and encumbrances, if any, that may exist against the Subject Collateral under the UCC or other applicable law. The Secured Party makes no representations or warranties and provides no assurances as to any Subject Collateral. Prospective bidders should perform their own diligence as to the Subject Collateral. 4. The Secured Party reserves the right to determine which bidders qualify for participation in the Auction, reject any bid or all bids at the Auction, to announce such other terms at the Auction as may be commercially reasonable in the Secured Party's discretion or to accept non-conforming bids. Further, the Secured Party reserves the right to cancel, postpone, or adjourn the Auction by announcement made at the Auction, either before or after the commencement of bidding, without written notice or further publication. The Secured Party reserves the right to credit bid any portion of its secured indebtedness then outstanding under the Loan Documents at the Auction. The Secured Party reserves the right to implement such other terms or conditions at the Auction or regarding the Auction procedures as the Secured Party, in its sole discretion, determines to be commercially reasonable under the circumstances. All inquiries concerning this Notice of Public Sale and the terms and conditions of the sale (including requirements to be a "qualified bidder") should be made to: David A. Kaminsky, Esq., David Kaminsky & Associates, P.C., 299 Broadway, Suite 1615, New York, NY 10007, 212-571-1227, David@DavidAKaminsky.com. Any person making any inquiry or request must: (i) disclose the person or entity on whose behalf such information is being sought, (ii) execute the confidentiality agreement, which will be provided upon request, and (iii) maintain the confidentiality of the information provided in accordance with the confidentiality agreement. DALLAS MOTORS: Frances Smith Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Dallas Motors, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Dallas Motors LLC Dallas Motors is a Garland, Texas-based used vehicle dealer. The company sells used cars, trucks, and SUVs and provides vehicle financing, loan application support, vehicle history reports, and vehicle inspection and servicing. Dallas Motors serves car shoppers with used vehicle inventory across body styles including pickup trucks, sedans, SUVs, coupes, hatchbacks, minivans, wagons, and convertibles. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-31777) on April 24, 2026, with up to $50,000 in assets and $1 million to $10 million in liabilities. Ahmed Adi, member, signed the petition. Brandon Tittle, Esq., at Tittle Law Firm, PLLC represents the Debtor as bankruptcy counsel. DIOCESE OF BUFFALO: Seeks Court Approval for $4.6MM HQ Sale ----------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that bankrupt Roman Catholic Diocese of Buffalo is seeking court approval to move forward with a $4.6 million sale of its headquarters after a new bidder outpaced the original stalking horse purchaser. The request was filed in bankruptcy court as part of the diocese’s asset disposition process. According to court documents, the headquarters property attracted competing interest that resulted in a higher final offer than the baseline bid previously selected by the diocese. Church officials said the transaction would generate greater value for the estate and creditors involved in the Chapter 11 case. The diocese entered bankruptcy proceedings to address liabilities arising from numerous sexual abuse lawsuits. Its restructuring strategy has included property sales and negotiations intended to establish compensation funding for abuse survivors and other creditors, according to Law360. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DIRECTV FINANCING: S&P Rates New $1.4BB Senior Secured Notes 'B+' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to DirecTV Financing LLC's proposed $1.4 billion senior secured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a payment default. The company will use the net proceeds from these notes to redeem a portion of its outstanding 5.875% senior secured notes due 2027. S&P said, "Our 'B+' issuer credit rating and stable outlook on parent DirecTV Entertainment Holdings LLC are unchanged because we expect its S&P Global Ratings-adjusted leverage will remain about 2x. We view the issuance favorably from a liquidity standpoint because it will somewhat smooth the company's maturity profile as it looks to address its near-term maturities. In addition, DirecTV has taken a more focused approach to debt reduction under the debt repurchase program it initiated in 2025. We believe this strategy will lead the company to undertake opportunistic repurchases as the company targets net leverage of 1.5x over the next couple of years. "However, we view DirecTV's ratings upside as limited due to challenging industry conditions because the addressable market for linear TV continues to shrink significantly. Furthermore, our rating is constrained by the company's private-equity ownership, which we believe increases the risk it will issue debt-financed dividends to its shareholders that lead to higher leverage over the longer term." DOVETAIL DEVELOPMENT: Hires Diller and Rice LLC as Counsel ---------------------------------------------------------- Dovetail Development, Ltd seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Diller and Rice, LLC as counsel. The firm will provide these services: A. consult with and aid in the preparation and implementation of a plan of reorganization; and B. represent the Debtors in all matters relating to such proceedings. The firm will be paid at these rates: Steven L. Diller $450 per hour Eric R. Neuman $350 per hour The firm will be paid a retainer in the amount of $7,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Diller, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Steven L. Diller, Esq. Diller and Rice, LLC 124 East Main Street Van Wert, OH 45891 Tel: (419) 238-5025 Fax: (419) 238-4705 Email: Steven@drlawllc.com About Dovetail Development, Ltd Dovetail Development Ltd in Paulding, OH, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Ohio Case No. 26-30767) on April 8, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Alan W. Griffiths as managing partner, signed the petition. Judge John P. Gustafson oversees the case. DILLER AND RICE, LLC serve as the Debtor's legal counsel. DRIVESMART SYSTEMS: Leon Jones Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Drivesmart Systems, Inc. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Drivesmart Systems Inc. Drivesmart Systems, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55833K) on May 4, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Paul Baisier presides over the case. Ceci Christy, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. DUSTED77 FINE: Joli Lofstedt Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Joli Lofstedt, Esq., as Subchapter V trustee for Dusted77 Fine Minerals, LLC. Ms. Lofstedt, a practicing attorney in Louisville, Colo., will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lofstedt declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joli A. Lofstedt, Esq. P.O. Box 270561 Louisville, CO 80027 Phone: (303) 476-6915 Fax: (303) 604-2964 Email: joli@jaltrustee.com About Dusted77 Fine Minerals LLC Dusted77 Fine Minerals, LLC is a Colorado-based company specializing in selling mineral specimens. Dusted77 Fine Minerals, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-13000) on April 29, 2026, with $100,001 to $500,000 in assets and $500,001 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. DUSTED77 FINE: Seeks to Hire Markus Williams LLC as Counsel ----------------------------------------------------------- Dusted77 Fine Minerals, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Markus Williams LLC as counsel. The firm will provide these services: (a) assist in the production of the Debtor's schedules and statement of financial affairs and other pleadings necessary to file its Chapter 11 case; (b) assist in the preparation of the Debtor's plan of reorganization and disclosure statement; (c) prepare on behalf of the Debtor all necessary legal papers; (d) represent the Debtor in adversary proceedings and contested matters related to its bankruptcy case to the extent necessary; (e) investigate the assets, liabilities, and financial affairs of the estate and the Debtor; (f) assist the assets, liabilities, and financial affairs of the estate and the Debtor; (g) pursue claims and causes of action of the Debtor's bankruptcy estate; (h) defend the Debtor and the estate in any litigation matters which may be asserted; (i) provide legal advice with respect to the Debtor's rights, powers, obligations and duties as Chapter 11 in the continuing operation of its business and the administration of the estate; and (j) provide other legal services for the Debtor as necessary and appropriate for the administration of its estate. The firm will be paid at these rates: James T. Markus $695 per hour Bradley T. Hunsicker $485 per hour Matthew T. Faga $500 per hour Jennifer M. Salisbury $510 per hour Peter Q. Murphy $510 per hour David J. Moses $480 per hour Lacey S. Bryan $465 per hour William G. Cross $445 per hour Patrick R. Akers $425 per hour Cameron B. Hollingshead $400 per hour Ryan L. Blansett $365 per hour Paralegal $175 to 195 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received security retainer payments from the Debtor of $10,000 on March 3, 2026, and $20,000 on March 20, 2026. Mr. Faga 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: Lacey S. Bryan, Esq. Markus Williams LLC 1775 Sherman Street, Suite 1950 Denver, CO 80203 Telephone: (303) 830-0800 Facsimile: (303) 830-0809 Email: mfaga@markuswilliams.com About Dusted77 Fine Minerals, LLC Dusted77 Fine Minerals, LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 26-13000) on April 29, 2026. The Debtor hires Markus Williams LLC as counsel. E.W. SCRIPPS: S&P Alters outlook to Pos., Affirms 'CCC+' ICR ------------------------------------------------------------ S&P Global Ratings revised its outlook on The E.W. Scripps Co. (Scripps) to positive from negative. At the same time, S&P affirmed all ratings including the 'CCC+' issuer credit rating. The positive outlook reflects S&P's expectation for improving cash flow over the next 12 months, driven by strong political advertising revenue, cost-saving initiatives, and recent M&A transactions, which will support deleveraging. Scripps recently began a multi-year transformation program that's targeting $125 million-$150 million of annualized EBITDA growth by 2028. It also recently completed a series of asset sales and extended the maturity of its revolving credit facility. If the company can successfully execute its transformation plan, EBITDA and cash flow will significantly improve over the next few years and accelerate deleveraging. S&P expects cost-savings initiatives will improve cash flow and accelerate deleveraging, but there is execution risk. In February 2026, Scripps announced a multi-year transformation plan that targets $125 million-$150 million of annual run-rate EBITDA improvement by 2028, largely driven by cost-savings initiatives. The success of this strategy depends on the company's ability to achieve structural changes and expense management. This is a sizeable program relative to Scripps' current EBITDA base, as its two-year average S&P Global Ratings EBITDA is about $450 million. The program follows significant restructuring efforts in the company's Scripps Networks segment in 2025, which reduced expenses by almost $80 million. The company expects a total in-year EBITDA benefit of $20 million-$30 million in 2026 and into 2027, with an annualized run-rate benefit of about $75 million. Cost savings will be partially offset by $40 million-$50 million of restructuring costs over the near term (which S&P doesn't add back to EBITDA), but if the company successfully executes its plan, it will significantly improve EBITDA and cash-flow generation over the next few years and accelerate deleveraging. S&P said, "We forecast healthy free operating cash flow (FOCF) over a political cycle. We forecast FOCF to debt of about 4.6% in 2026 and about 2% in 2027. We expect strong political advertising revenue (at least $200 million) associated with the U.S. midterm elections to contribute to Scripps' local media division revenue increasing by 7%-8% in 2026, more than offsetting 4%-5% revenue declines in networks segment revenue. We expect core advertising will decline about 8% in 2026 due to weaker consumer spending and displacement from political advertising. This is despite continued growth from existing and recently acquired sports rights and positive contributions from the Winter Olympics and the upcoming FIFA World Cup. We expect gross retransmission revenue will decline about 5.5% in 2026 because price increases are insufficient to offset subscriber churn (also affected by a blackout with Xfinity between March 31 and May 7). However, we expect declines in program costs as the company renegotiates its network affiliate agreements will result in high-single-digit percent growth in net retransmission revenue. The company has also exercised its option to reacquire 23 television stations affiliated with ION (previously sold to comply with FCC ownership rules), which will improve the networks segment margin because Scripps will no longer pay the current station owner affiliate fees. We expect the balance of the company's preferred stock (which we include in our calculation of adjusted debt) will continue to increase in 2026 and 2027 due to the accrual of paid-in-kind dividends." Recent asset sales and debt-maturity extensions have improved Scripps' liquidity profile. In the first quarter of 2026, the company closed on the sales of CourtTV, its local broadcast station WFTX (in Ft. Myers, Fla.), and its local broadcast station WRTX (in Indianapolis, Ind.) for total cash proceeds of $130 million. The company also recently extended the maturity of $200 million of its revolving credit facility commitment by two years to 2029. S&P said, "We believe the company will likely extend the maturity of its accounts receivable securitization facility (currently maturing in April 2028), which would put its next maturity in June 2028, when its $271 million term loan B-2 facility matures. However, we expect the company will use cash proceeds from recent asset sales--combined with excess cash flow (bolstered by its cost savings initiatives)--to fully repay the term loan B2 facility prior to maturity." S&P said, "The positive outlook reflects our expectation for improving cash-flow generation over the next 12 months, driven by strong political advertising revenue, cost-savings initiatives, and recent M&A transactions, which will support deleveraging. "We could revise the outlook to negative if progress on the company's transformation initiatives is slower than anticipated, resulting in weaker-than-expected cash-flow generation that prolongs deleveraging." S&P could raise its ratings on Scripps if: -- The company shows substantial progress toward executing on its transformation initiatives over the next year; -- S&P expects FOCF will be substantially positive through a political cycle; and -- It keeps EBITDA interest coverage comfortably above 1.5x. EAGLE FOOTBALL: Ares Capital Marks $1.8MM 2L Loan at 17% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $1.8 million loan extended to Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited to market at $1.5 million or 83% 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 senior subordinated loan extended to Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited. The Loan accrues an interests of 20.00% PIK per annum. The 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 Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited Eagle Football Holdings BidCo Limited and Eagle Football Holdings Limited provide multi-club sports platform. EKSO BIONICS: Closes Applied Digital Deal, Rebrands as ChronoScale ------------------------------------------------------------------ Ekso Bionics Holdings, Inc. announced in a regulatory filing that the Company consummated its business combination transaction contemplated by the Contribution and Exchange Agreement, dated February 15, 2026, by and among the Company, APLD Intermediate HoldCo LLC, a Delaware limited liability company, APLD ChronoScale HoldCo LLC, a Delaware limited liability company and a wholly owned subsidiary of APLD Intermediate, each a wholly owned direct or indirect subsidiary of Applied Digital Corporation, a Nevada corporation, and Applied Digital Cloud Corporation, a Nevada corporation, a wholly owned indirect subsidiary of Applied Parent. Upon the Closing, Cloud became a wholly owned subsidiary of the Company, the Company changed its name to "ChronoScale Corporation," and the Common Stock began trading on The Nasdaq Capital Market under the symbol "CHRN." The CUSIP number for the Common Stock changed to 170924 104. Following the Business Combination, Applied Parent and the Contributor hold an aggregate of approximately 97% of the outstanding shares of Common Stock, and the remaining legacy Company security holders collectively hold an aggregate of approximately 3% of the outstanding shares of Common Stock. At the Closing, there were an aggregate of 143,093,381 shares of Common Stock outstanding, 138,216,820 of which were held by Contributor, 1,311,407 of which were held by Applied Parent, and 3,565,154 of which were held by the Company's other stockholders. APLD Parent PIPE Investment Immediately prior to the Closing, Applied Parent purchased 1,311,407 shares of the Company's common stock, par value $0.001 per share, at a price per share of $12.01, the closing price of the Common Stock on April 30, 2026, for gross proceeds to the Company of approximately $15.75 million, pursuant to a Securities Purchase Agreement dated May 1, 2026. Lake Street Capital Markets, LLC served as the Company's exclusive placement agent in connection with the APLD Parent PIPE Investment and received a cash fee equal to 5.0% of the aggregate gross proceeds, or approximately $0.75 million. Investor Rights Agreement At the Closing, the Company and Contributor entered into an Investor Rights Agreement, pursuant to which the APLD Designator has the right to designate four (4) of the seven (7) directors on the Board of Directors, including the Chairman. The initial APLD Designees are Wes Cummins (Chairman), Ella Benson, Douglas Miller and Richard Nottenburg. For so long as the APLD Investors beneficially own at least 50% of the aggregate outstanding voting securities of the Company, the APLD Designator may designate four (4) directors; this designation right scales down as ownership decreases, to three (3) directors at 25% ownership, two (2) directors at 10% ownership, and one (1) director below 10% ownership. The Investor Rights Agreement also provides the Contributor with preemptive rights for so long as it beneficially owns at least 10% of the Company's aggregate outstanding voting securities, and requires the Company to file a registration statement with the SEC covering the resale of all registrable securities held by the APLD Investors within sixty (60) days after the Closing. Management Advisory and Corporate Services Agreement At the Closing, Applied Parent and the Company entered into a Management Advisory and Corporate Services Agreement (the "Services Agreement"), pursuant to which Applied Parent has agreed to provide the Company with management advisory services, including financial, managerial, and operational advice, as well as certain corporate services including administrative, software, and personnel services. Under the Services Agreement, the Company will pay Applied Parent: (i) an amount equal to 1% of the gross revenue of the Company and its subsidiaries per quarter and (ii) fees for other corporate services as incurred on a monthly basis. The Services Agreement has an initial term of twelve (12) months, with automatic successive one (1)-month renewals unless either party provides at least sixty (60) days' prior written notice of non-renewal. Amended Articles of Incorporation and Bylaws On May 1, 2026, the Company filed its Second Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada, effective as of 3:00 a.m. ET on May 5, 2026, and adopted its Second Amended and Restated Bylaws upon the Closing. The A&R Articles, among other things, changed the Company's name to "ChronoScale Corporation," increased the number of authorized shares of Common Stock from 141,428,571 shares to 290,000,000 shares while maintaining the par value of $0.001 per share, bringing total authorized capital stock to 300,000,000 shares consisting of 290,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock, and provide that each share of Common Stock entitles the holder to one vote on any matter on which stockholder action is sought. The A&R Bylaws provide, among other things, that for so long as Applied Parent beneficially owns more than 50% of the voting power of the then outstanding shares entitled to vote, a two-thirds (66 2/3%) supermajority in voting power shall be required to constitute a quorum at any meeting of stockholders, and that stockholder action may be taken by written consent. The A&R Bylaws also include an exclusive forum provision, advance notice and proxy access provisions, and expressly apply Nevada's Acquisition of Controlling Interest Statute, provided that such statute does not apply to Applied Parent or its subsidiaries. Board of Directors and Executive Officers Effective upon the Closing, the size of the Board was increased to seven members and reconstituted as follows: Wes Cummins (Chairman), Ella Benson, Ying Cenly Chen (Chief Executive Officer), William M. Clancy, Scott G. Davis, Douglas Miller, and Richard Nottenburg. In connection with the Closing, Mary Ann Cloyd, Corinna Lathan, Ph.D., Charles Li, Ph.D., and Deborah Lafer Scher tendered their resignations from the Board, which were not the result of any disagreements with the Company or its management relating to the Company's operations, policies or practices. The compensation committee and nominating and governance committee of the Board were dissolved immediately after the Closing. The Board has determined that each of Ms. Benson, Mr. Clancy, Mr. Miller and Dr. Nottenburg qualify as "independent directors" as defined by the Nasdaq Listing Rules. The audit committee consists of Ms. Benson, Mr. Clancy and Mr. Miller, with Mr. Clancy serving as Chair. Although the Company qualifies as a "controlled company" under Nasdaq Listing Rules, it has elected not to rely on the available exemptions from independent director requirements. As of May 5, 2026, Ying Cenly Chen has been appointed Chief Executive Officer and Jerome Wong continues as Chief Financial Officer of the Company. Scott G. Davis has transitioned to the role of Chief Executive Officer of Ekso Bionics, Inc., the Company's wholly owned subsidiary, and Jason C. Jones has transitioned to the role of Chief Operating Officer of Ekso Bionics, Inc. Pursuant to her Offer Letter dated May 5, 2026, Ms. Chen is eligible to receive a base salary of $650,000 per annum and a discretionary annual bonus with a target amount of 100% of her annual base salary. The Offer Letter contemplates a grant to Ms. Chen of 2,800,000 restricted stock units subject to time-based vesting conditions. If Ms. Chen's employment is terminated without cause, she will receive, subject to execution of a general release: (i) eighteen (18) months of salary continuation, (ii) any unpaid annual bonus for the preceding fiscal year, (iii) a pro-rata annual bonus for the fiscal year in which termination occurs, and (iv) if such termination occurs prior to the two-year anniversary of the effective date, accelerated vesting of 50% of her then-unvested restricted stock units. 2026 Omnibus Equity Incentive Plan Effective upon the Closing, the Company adopted the ChronoScale 2026 Omnibus Equity Incentive Plan, under which an aggregate of 22,500,000 shares of Common Stock is authorized for issuance. The 2026 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance stock units, incentive bonus awards, other cash-based awards and other stock-based awards to eligible employees, non-employee directors and other service providers. The 2026 Plan will continue until terminated by the Board, provided that no awards shall be granted on or after the 10th anniversary of the date of the 2026 Plan's initial adoption. In connection with the adoption of the 2026 Plan, the Ekso Bionics Holdings, Inc. 2017 Employee Stock Purchase Plan and the Ekso Bionics Holdings, Inc. Amended and Restated 2014 Equity Incentive Plan were terminated immediately prior to the Closing, provided that outstanding awards under the 2014 Equity Incentive Plan will continue to be governed by their existing terms. Change of Auditor On May 5, 2026, the audit committee of the Board approved the termination of WithumSmith+Brown, PC as the Company's independent registered public accounting firm and the engagement of CBIZ CPAs P.C. to audit the Company's consolidated financial statements for the year ending May 31, 2026. CBIZ serves as the independent registered public accounting firm of Applied Parent and previously served as the independent registered public accounting firm of Cloud. Withum's report on the Company's consolidated financial statements as of and for the year ended December 31, 2025 did not contain an adverse opinion or a disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope or accounting principles, except for a going concern paragraph. During the period from January 1, 2024 through May 5, 2026, there were no disagreements with Withum on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures. Change in Fiscal Year In connection with the Business Combination, the Company changed its fiscal year end from December 31 to May 31, effective as of the Closing Date. Accordingly, the Company will file annual and quarterly reports based on the May 31 fiscal year end. Additional Information Full text copies of the Contribution and Exchange Agreement, Securities Purchase Agreement, Investor Rights Agreement, Services Agreement, Indemnity Agreements, Offer Letter, and 2026 Plan are available at https://tinyurl.com/4pa3877v, https://tinyurl.com/4ru9zbxx, https://tinyurl.com/mvfwbr8j, https://tinyurl.com/mv2xbubh, https://tinyurl.com/3resnmwr, https://tinyurl.com/wr5axwbb, and https://tinyurl.com/yc2he46d, respectively. About Ekso Bionics Holdings San Rafael, Calif.-based Ekso Bionics Holdings, Inc. designs, develops, and markets exoskeleton products to augment human strength, endurance, and mobility. San Francisco, Calif.-based WithumSmith+Brown PC, the Company's auditor since 2010, issued a 'going concern' qualification in its report dated February 23, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has an accumulated deficit at December 31, 2025 and, since inception, has suffered significant operating losses and negative cash flows from operations. The Company expects to generate operating losses and negative operating cash flows in the future and will require additional funding to support the Company's planned operations which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $19.7 million in total assets, $13.9 million in total liabilities, $3.7 million in temporary equity and $2.1 million in total stockholders' equity. EPICA INT'L: Public Sale of Collateral Scheduled for May 29 ----------------------------------------------------------- Quantum Scan Holdings, Inc. is the administrative agent and collateral agent for the lenders (in such capacities, the "Secured Party") under that certain Loan and Security Agreement, dated as of September 5, 2024 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"). Pursuant to the Security Documents (as defined "in the Credit Agreement) Epica International, Inc., Epica Human Health LLC, Epica Medical Innovations LLC, Epica Applied Technologies LLC and Peregrine Radiology LLC (collectively the "Debtors, and each separately, a "Debtor") granted the Secured Party a security interest in all of its Collateral (as defined in the Credit Agreement). This notice is being published pursuant to Sections 9-610 and 9-611 of the Uniform Commercial Code, as enacted and applicable with the State of California (the "UCC"). The Secured Party intends sell (the "Sale") some or all of the Collateral described on Exhibit A hereto (the "Sale Collateral") in public as follows (as such date, time and location may be continued, postponed or otherwise delayed, modified or adjusted in the discretion of the Secured Party from time to time): Day and Date: Friday, May 29th (or such later date as may be determined by the Secured Party in its discretion; such date, the "Sale Date"). Time: 10:00 a.m. (Pacific Time) Place: Paul Hastings LLP 1999 Avenue of the Stars, 26th Floor, Century City, CA 90067 The Sale will be available by teleconference. Remote access details can be requested from (1) Justin Rawlins (Paul Hastings) at 310-620-5760 or justinrawlins@paulhastings.com or (2) Robert Nussbaum (Paul Hastings) at (212) 318-6079 or robertnussbaum@paulhastings.com. Persons interested in participating in the Sale should contact Mr. Rawlins or Mr. Nussbaum no later than five (5) days prior to the Sale Date. The purchase price for the Sale Collateral shall be payable by wire transfer drawn on US banks in same-day funds or by or bank check drawn upon a US bank as follows: (i) a one million dollar ($1,000,000) deposit (a" Good Faith Deposit") is required to be delivered at least one (1) business day prior to the Sale Date, which deposit shall be delivered pursuant to wire instructions available upon request by a prospective bidder to Mr. Rawlins or Mr. Nussbaum, (ii) on the Sale Date, the winning bidder shall, if necessary, deposit additional cash with the Secured Party in order to, when aggregated with the Good Faith Deposit, ensure that the Secured Party has received cash in an amount not less than 10% of the winning purchase price amount, and (iii) the balance of the purchase shall be payable within ten (10) business days following the Sale Date. All Good Faith Deposits shall be non-refundable once submitted; provided, that, if a bidder who has delivered a Good Faith Deposit shall be forfeited to the Secured Party and the Secured Party specifically reserves the right to seek all available damages from such defaulting winning bidder. The bids made at the auction must be accompanied by evidence satisfactory to the Secured Party, in its sole and absolute discretion, of the bidder's ability to make payment in cash in full of the purchase price as and when required by the terms of the Sale. The Sale shall be subject to the further conditions set forth in the terms of sale which are available upon request from Mr. Rawlins or Mr. Nussbaum and such revisions thereto as may be announced prior to or at the start of the auction. Copies of documentation available to the Secured Party concerning the Sale Collateral will be made available to qualified bidders who have entered into a confidentiality agreement acceptable to the Secured Party. The Secured Party reserves the right to bid, to become purchaser at the Sale and, without deposit, to credit against the purchase price all sums related to the Obligations under the Credit Agreement to adjourn, delay or terminate the Sale at any time. The Sale Collateral will be sold "as is" and "where is" and without any implied or express including without limitation any warranty relating to title, possession, quiet enjoyment, or the like in the disposition of any or all of the Sale Collateral. The Sale Collateral may be sold as a bloc, although the Secured Party reserves the right to consider proposals to only acquire certain assets. Among other requirements, the purchaser at the Sale will be required to represent that any Sale Collateral consisting of securities is being acquired for the purchaser's own account and not with a view to the sale or distribution thereof and that such Sale Collateral will not be resold unless pursuant to an effective registration statement under the Securities Act of 1933 (the "Act") and any applicable state securities laws or under a valid exemption from the registration requirements of the Act and such laws. The purchaser will also be required to provide the Secured Party with an investment letter. ESSENTIALS MASSAGE: Unsecured Creditors to Split $232K over 5 Years ------------------------------------------------------------------- Essentials Massage and Facials of Trinity 54 LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement in connection with Plan of Reorganization dated April 30, 2026. The Debtor operates as a day spa that provides massage, facials, and nail services to the public. The Debtor leases its place of business located at 2451 Country Place Boulevard, New Port Richey, Florida, 34655. The Debtor has been in continuous operation since its establishment on March 31, 2015. However, on February 8, 2019, the Debtor became entangled in litigation when it was named as a co defendant in a negligence lawsuit against a masseuse and the Debtor. The lawsuit, filed in the Circuit Court of Pasco County under case number 19-CA-000466, was initiated by Jane Doe, a fictious name. After a three-day jury trial, a jury directed a verdict against the Debtor for negligence, in the amount of $8,000,000.00, jointly and severally between Debtor and the co-defendant. The judgment, paired with the Debtor's Small Business Administration loan, made the Debtor insolvent. Prior to the filing of a Petition, the Debtor appealed the jury's verdict to the Florida Second District Court of Appeal, in Case No. 2D2025-0497. Since the filing of the Petition, the Debtor continues its management and operations. Additionally, the Debtor retained Special Counsel, Dineen Pashoukos Wasylik of Dineen Pashoukos Wasylik, P.A. d/b/a DPW Legal, as special counsel to provide representation in connection with the appeal. As of the date of the filing of this Disclosure Statement, the appeal remains pending. Class III consists of General Unsecured Claims. The Debtor will fund a plan pool with monthly payments of $3,872.00. This will be paid into the Disputed Claim Reserve and/or paid out to claimants in the Allowed Amount of the Unsecured Claim paid in in annual installments over 5 years from the Confirmation Order, or as otherwise agreed to by the Debtor and the claimant, with payments commencing on the one-year anniversary of the entry of the Confirmation Order. The estimated distribution to this Class shall be $232,342.00. The amount of the pro rata distribution will be considered final and binding thirty days after the first payment is made to the claimants. Class IV includes the preferred and common interests in the Debtor. On the Effective Date, all Allowed Equity Interests in the Debtor shall be maintained. In the event any funds remain after paying Administrative Expense Claims, and the Allowed General Unsecured Claims in full, any amounts remaining in the Disputed Claims Reserve may be paid out into Class IV claimants. Class IV is Impaired under the Plan and the Holder of a Class IV Claim is entitled to vote to accept or reject the Plan. The terms proposed by the Debtor for the treatment of allowed claims and allowed interests under the Plan are based upon, among other things, the assessment by the Debtor of the relative priority afforded to various claims and interests under the Bankruptcy Code and the ability to repay each of the obligations consistent with the Debtor's reorganization. The treatment prescribed for claims in the Plan and the Disclosure Statement shall in all events refer exclusively to the allowed amount of each respective claim. If the allowed amount of any claim is not determined by agreement or otherwise prior to the Effective Date, then the treatment prescribed shall be deemed effective as of the date of the determination of the allowed amount of each claim by agreement or by entry of an order by the Bankruptcy Court. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=fm00xu from PacerMonitor.com at no charge. Counsel to the Debtor: Kristina E. Feher, Esq. Feher Law, P.L.L.C. 1275 66th Street N., #40042 St. Petersburg, FL 33743 Tel: (727) 359-0367 About Essentials Massage and Facials of Trinity 54 Essentials Massage and Facials of Trinity 54, LLC operates a wellness and beauty spa offering massages, facials, body sculpting, and spa packages. It provides customized, results-focused treatments that blend relaxation with aesthetic goals. It serves clients from its location in Trinity, Florida. Essentials Massage sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03987) on June 13, 2025. In its petition, the Debtor reported total assets of $33,228 and total liabilities of $8,225,240. Judge Roberta A. Colton handles the case. The Debtor is represented by Kristina Feher, Esq., at Feher Law, PLLC. ETROG PROPERTIES: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------------ Etrog Properties LLC and its affiliates filed with the U.S. Bankruptcy Court for the Eastern District of New York a Joint Disclosure Statement describing Joint Chapter 11 Liquidating Plan dated April 30, 2026. The Debtors' major assets consists of the three mixed use rent stabilized apartment buildings located at 938 Intervale Avenue, 916-918 Faile Street, and 2734 Sedgwick Avenue, all in the Bronx (collectively the "Buildings"). The Buildings are subject to separate mortgages held by Valley National Bank ("VNB") in the respective total pre-petition sums of $3,956,813, $6,040,896 and $6,370,713 (collectively, the "Mortgages"). Prior to bankruptcy, the Debtors became subject to separate foreclosure proceedings filed by VNB against all three Buildings under separate caption in Bronx County. The Debtors' Chapter 11 cases began with due recognition that the best exit strategy was a sale of the Buildings under an auction process to test actual current market conditions. The Debtors and VNB came to a final agreement with respect to the terms of the Revised Insider Bid. Prior to approval of the Revised Insider Bid on April 9, 2026, the Bankruptcy Court previously entered an Order dated October 27, 2025 (the "Sale Procedures Order"), approving the Bid Procedures to be used in the sale of the Buildings. Under the Revised Insider Bid, which forms the cornerstone of the Plan, each of the Buildings shall be sold to separate special purpose entities to be formed by the Insiders (hereinafter, each a "NEWCO" and collectively, the "NEWCOS") free and clear of all liens, claims, taxes and interests for a combined purchase price of at least $8,646,250. The Revised Insider Bid is comprised of: (i) a cash payment of $6,650,000 to VNB at closing in full settlement of all mortgage claims against the Debtors and Guarantors without any residual liability of deficiency claims; (ii) payment of all accrued real estate taxes and water bills to the City of approximately $1,600,000 (as may be adjusted); (iii) payment of professionals in the reduced sum of $150,000 (subject to allowance by the Court following notice and a hearing); (iv) payment of U.S. Trustee fees in the projected sum of $80,000; (v) payment of Brokerage commission equal to 2.5% of $6,650,00, or $166,250, for a grand total of approximately $8,546,250. Additionally, the NEWCOS shall assume all obligations owed to the Small Business Administration (the "SBA") in accordance with existing Covid 19 loans, with the pre-confirmation arrears of approximately $40,000 to be cured by the Debtors on the Effective Date. The funds to cure shall come from available cash maintained in the DIP account. The Debtors shall also establish a general creditor reserve of $50,000 (the "GUC Fund") to make a pro rata distribution to the holders of Allowed Class 2 Unsecured Claims, including all unsecured non-lien allowed claims of the City for ECB, HPD or Building Code violations and fines. The total available cash on deposit is approximately $600,000, which has accumulated during the Chapter 11 cases. The available cash will be used to fund the GUC Reserve and help pay Allowed Administrative Expenses, including U.S. Trustee Fees. The balance of available cash will be used to pay July 2026 real estate taxes and make continue repairs at the Property to remove violations. Class 2 consists of Unsecured Claims. The Plan classifies all other claims against the Debtors or the Buildings as being fully unsecured with the exception of the SBA, which is separately treated below. Class 2 also consists of the non-lien clams asserted by the City for any HPD, DOB or ECB violations and penalties, as well as a tort claim filed by Yhoddy Lozano for $10 million, to the extent that the claim exceeds available insurance (if any) once it is finally allowed. All Allowed Class 2 Unsecured Claims shall be paid a pro rata dividend from the GUC Fund established by the Debtors or Insiders. The pro rata dividend shall be made on the Effective Date of the Plan in full satisfaction and settlement of all Class 2 Allowed General Unsecured Claims. The Class 2 Claims of Allowed General Unsecured Creditors are impaired and are eligible to vote on the Plan. Class 4 consists of the Equity Interests in the Debtors. No payments shall be made on account of the Interests held by Debtors' Equity Holders. Their Interests may be cancelled following the Effective Date of the Plan in the most tax beneficial manner possible. The Plan shall be implemented and funded through the sale and transfer of the Buildings to respective NEWCOS as designated by the Insiders in furtherance of the Revised Insider Bid, as confirmed prior to confirmation of the Plan and incorporated for purposes of the Plan and Confirmation. A full-text copy of the Joint Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=STwLcs from PacerMonitor.com at no charge. Counsel to the Debtors: Kevin J. Nash, Esq. Goldberg Weprin Finkel Goldstein LLP 125 Park Ave., Floor 12 New York, NY 10017 Telephone: (212) 221-5700 Email: knash@gwfglaw.com About Etrog Properties LLC Etrog Properties LLC is a single asset real estate company that owns property located at 938 Intervale Avenue in the Bronx, New York. Etrog Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43396) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor tapped Kevin J. Nash, at Goldberg Weprin Finkel Goldstein LLP, as counsel and FIA Capital Partners LLC as restructuring advisor. FAT BRANDS: Creditors Oppose Bankruptcy Asset Sales, Lender Control ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that the Unsecured creditors of FAT Brands Inc. moved to challenge a proposed bankruptcy sale that would transfer several well-known restaurant chains to the company's lenders. The creditors argue the transaction improperly benefits noteholders while jeopardizing recoveries for other stakeholders in the Chapter 11 case. In a court filing submitted Monday, May 4, 2026, in Texas bankruptcy court, the creditors' committee objected to the proposed takeover involving brands such as Johnny Rockets and Twin Peaks. The committee said the deal relies on inflated lender claims and could leave insufficient value to pay senior administrative and unsecured obligations. The lenders reportedly hold claims exceeding $1.4 billion against FAT Brands and its affiliated entities. Creditors, however, contend the scope and priority of those claims remain under dispute and should be subject to further litigation before any sale proceeds. They also questioned whether the proposed transaction maximizes value for the bankruptcy estate, according to report. The challenge increases pressure on FAT Brands as it attempts to restructure its operations and debt through the bankruptcy process. The outcome of the sale dispute may shape both creditor recoveries and the future ownership of several national restaurant brands tied to the company's portfolio, the report relays. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FESTIVAL FUN: Settles Hidden Fees Class Action Suit for $1MM ------------------------------------------------------------ Top Class Actions reports that Festival Fun Parks agreed to a $1 million class action settlement to resolve claims it charged undisclosed processing fees when consumers purchased tickets to Splish Splash waterpark. The Splish Splash class action settlement benefits all individuals in the United States who purchased electronic tickets to the Splish Splash waterpark between Aug. 29, 2022, and March 5, 2024, and were charged processing fees. Plaintiffs in the class action lawsuit accused Festival Fun Parks of failing to disclose processing fees for electronic tickets to its Splish Splash waterpark before consumers selected the tickets for purchase. According to the class action lawsuit, this practice violated New York law. Festival Fun Parks is a company that operates several amusement parks and waterparks, including the Splish Splash waterpark in New York. Festival Fun Parks has not admitted any wrongdoing but agreed to a $1 million class action settlement to resolve the allegations. Under the terms of the Splish Splash settlement, class members can receive a cash payment based on the amount they paid in processing fees. No payment estimates are available at this time. The company also agreed to change its practices to better disclose processing fees. Ticket purchase flows on the Splish Splash website will either not charge fees or will clearly disclose all fees before consumers select tickets for purchase. The deadline for exclusion and objection is May 26, 2026. The final approval hearing for the class action settlement is scheduled for June 25, 2026. To receive a settlement payment, class members must submit a valid claim form by Aug. 10, 2026. Who's Eligible The class action settlement benefits consumers who purchased electronic tickets to the Splish Splash waterpark from the defendant's website between Aug. 29, 2022, and March 5, 2024, and who were charged processing fees. Potential Award TBD Proof of Purchase Claimants must provide their email address used to purchase tickets, the date of the ticket purchase and the order number, if known. Claim Form NOTE: If you do not qualify for this settlement do NOT file a claim. Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you're unsure if you qualify, please read the FAQ section of the Settlement Administrator's website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don't qualify for this settlement, check out our database of other open class action settlements you may be eligible for. Claim Form Deadline 08/10/2026 Case Name Rodriguez v. Festival Fun Parks LLC d/b/a Palace Entertainment, Case No. 2:24-cv-01245-NJC-ARL, in the United States District Court for the Eastern District of New York Final Hearing 06/25/2026 Settlement Website SplishSplashTicketFeeSettlement.com Claims Administrator Splish Splash Ticket Fee Settlement c/o Epiq P.O. Box 3013 Portland, OR 97208-3013 info@SplishSplashTicketFeeSettlement.com (855) 533-5216 Class Counsel Philip L. Fraietta BURSOR & FISHER P.A. Rachel Dapeer DAPEER LAW P.A. Defense Counsel Elizabeth Del Cid O'HANNAH MEYER PLLC [GN] FLIGHT 509: Unsecureds Will Get 6% of Claims over 5 Years --------------------------------------------------------- Flight 509 LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Washington a Disclosure Statement describing Plan of Reorganization dated April 30, 2026. The Debtor is a family entertainment center and adventure park. It registered with the State of Washington on August 5, 2021, and opened for business on April 12, 2024. Business was slower than expected. The Debtor engaged a consultant to help gauge how the business might grow, but it lacked the funds to apply the recommendations. In the summer of 2025, the Debtor was no longer able to make minimum payments on debts. Timothy and Tammy Homer, a married couple, are the sole owners of Flight 509. They have two daughters that work at Flight 509. The claims of creditors secured by the above assets total $6,016,813.52. The unsecured claims owed by Debtor, as listed in the Bankruptcy Schedules or pursuant creditors' filed Proofs of Claims, totals $18,940,249.38. The Debtor's estimate of future performance is that administrative and priority claims will be paid in full, secured creditors will be paid to the extent of the value of the collateral, and unsecured nonpriority creditors will receive 6% of their claims. Flight 509 will continue to operate its family entertainment center in Spokane, Washington. The Debtor will continue to operate pursuant to the agreements with the various creditors, as modified by the Plan. Debtor will pay creditors' claims consistent with the terms of the plan from ongoing revenue and sale of assets with Court approval. As can be seen in the budget attached to the Plan, the Debtor anticipates consistent revenue, with a conservative projection of growth of 1% to 2% through 2029. Class C-1 consists of all allowed general unsecured claims against the Debtor, including any unsecured portion of Class B-2 and B-3. Class C claims receive 6% of their claims within five years of the Effective Date of the Plan. Confirmation of the Plan shall serve to release any holder of a Class C-1 claim as of the Petition Date of any claim or cause of action against such holder (other than defenses of setoff or recoupment). The pro rata share of the claimed amount of any Unsecured Claims which are then subject to objections as to which a Final Order has not been entered shall be deposited in an interest-bearing bank account until a Final Order is entered. When Final Orders are entered disallowing or allowing and liquidating all Class C-1 Unsecured Claims, the remaining funds in the bank account shall be distributed to the holders of all Class C-1 claims pro rata. This class is impaired. Class C-2 consists of the Unsecured Claims of RAMH Entertainment LLC and TNT Montgomery Property LLC ("Insiders"). Class C-2 creditors shall be paid consistent with the terms applied to Class C-1, but only after all payments required to be made to the Class C-1 creditors have been completed. No payments for pre-petition Insider claims shall be made by the Debtor until all payments required to be made to the Class C-1 creditors have been completed. Funds for implementation of the Plan will be derived from the sale of some or all of the Debtor's assets and business operations, cash on hand and business income. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=m26R0W from PacerMonitor.com at no charge. The Debtor's Counsel: Amy Wilburn, Esq. LAW OFFICE OF AMY WILBURN, PLLC PO Box 112350 Tacoma WA 98411 Phone: (253) 617-4380 Email: amy@amywilburnlaw.com About Flight 509 LLC Flight 509 LLC based in Spokane Valley, Washington, operates a family entertainment center featuring mini-bowling, laser tag, ropes and ninja warrior courses, bumper cars, arcade games, and a large soft play structure. The facility provides recreational and event services for families and children and includes ADA compliant features and sensory-friendly accommodations. Flight 509 LLC serves the Spokane Valley area, offering indoor entertainment and leisure activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-02024) on November 20, 2025. In the petition signed by Timothy Homer, owner, the Debtor disclosed $779,586 in assets and $5,921,347 in debts. Judge Frederick P. Corbit oversees the case. The Law Office of Amy Wilburn, PLLC, is serving as the Debtor's bankruptcy counsel. FLORIDA FOOD: Ares Capital Marks $12.6 1L Loan at 31% Off --------------------------------------------------------- Ares Capital Corp. has marked its $12.6 million loan extended to Florida Food Products, LLC to market at $8.7 million or 69% 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 Florida Food Products, LLC. The Loan accrues an interest of 8.78% (2.00% PIK) SOFR (Q) 5.00% per annum. The Loan matures on October 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 Florida Food Products, LLC Florida Food Products, LLC is a provider of plant extracts and juices. FLORIDA FOOD: Ares Capital Marks $400,000 1L Loan at 50% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $400,000 loan extended to Florida Food Products, LLC to market at $200,000 or 50% 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 Florida Food Products, LLC. The Loan accrues an interest of 8.76% (2.00% PIK) SOFR (Q) 5.00% per annum. The Loan matures on October 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 Florida Food Products, LLC Florida Food Products, LLC is a provider of plant extracts and juices. FLORIDA FOOD: Ares Capital Marks $60.5MM 1L Loan at 40% Off ----------------------------------------------------------- Ares Capital Corp. has marked its $60.5 million loan extended to Florida Food Products, LLC to market at $36.3 million or 60% 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 Florida Food Products, LLC. The Loan is a non-accrual status. The Loan matures on April 2031. 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 Florida Food Products, LLC Florida Food Products, LLC is a provider of plant extracts and juices. FROM LOS ANGELES: Hires Michael Jay Berger as Legal Counsel ----------------------------------------------------------- From Los Angeles LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law Offices of Michael Jay Berger as counsel. The firm's services include: (a) representing the Debtor in Chapter 11 proceedings and advising of its legal rights and remedies; (b) negotiating with attorneys for unsecured creditors; (c) negotiating with creditors; (d) representing Debtor at related hearings; (e) assisting Debtor in complying with Office of the United States Trustee rules and regulations; (f) assisting in paperwork preparation to continue and conclude this chapter 11 proceeding; (g) responding to creditor inquiries; (h) reviewing proofs of claims filed in this bankruptcy proceeding; (i) preparing Notices of Automatic Stay in all State Court proceedings in which Debtor is sued during pendency of the bankruptcy; (j) responding to Motions filed in Debtor's bankruptcy; and (k) objecting to inappropriate claims and prepare the Plan of Reorganization. The firm will be paid at these rates: Michael Jay Berger $695 per hour Sofya Davtyan $645 per hour Kevin Ronk $595 per hour Laura Portillo $595 per hour Robert Poteete $475 per hour Paralegals $200 per hour The firm will be paid a retainer of $25,000. The Law Offices of Michael Jay Berger 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: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices Of Michael Jay Berger 9454 Wilshire Blvd. 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About From Los Angeles LLC From Los Angeles LLC, filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 2:26-bk-13976-DS) on April 23, 2026. The Debtor hires Law Offices of Michael Jay Berger as counsel. GENESIS ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Genesis Energy, LP's (Genesis) Long-Term Issuer Default Rating (IDR) at 'BB-' and Genesis' senior unsecured debt rating at 'BB-' with a Recovery Rating of 'RR4'. The notes are co-issued by Genesis Energy Finance Corp. The Rating Outlook is Stable. Genesis' ratings reflect an improving financial profile, with leverage expected to decline from about 6.0x currently to 5.5x or below over the medium term. Deleveraging is supported by healthy operating cash flow, limited growth capex, modest and stable shareholder returns, and use of excess cash to repay high-coupon preferred units. Key concerns remain its high volumetric exposure which can drive cash flow volatility, as seen recently in its offshore pipeline and sulfur services business. Volumes should recover gradually, although Fitch expects near-term levels will settle below prior expectations before modestly improving in the medium term. Key Rating Drivers Improving Financial Profile: Fitch expects Genesis' leverage to decline from around 6.0x in 2026 (Fitch's forecast and calculation differs from management) to under 5.5x in 2027-2029. Genesis is expected to continue repaying a meaningful portion of its outstanding high coupon 11.24% class A convertible preferred units annually until it is fully repaid. Fitch treats this instrument as 100% debt, and repayment of it also materially reduces Genesis' cost of capital. Healthy cash flow generation and capital allocation policy supports continued debt reduction. While not imminently expected, any asset rationalization could further support deleveraging. Modestly Soft Near-Term Performance: Most of Genesis' business is volume exposed which leads to cash flow volatility. Between 4Q25 and 1Q26, Genesis was impacted by lower-than-expected volumes on its offshore pipeline, a sulfur supply disruption from a large customer, and increased competition for sodium hydrosulfide (NaHS). This was further exacerbated by a heavier dry-docking schedule and lower day rate expansion for marine vessels. These are expected to modestly recover starting in 2Q26, but 2026 is anticipated to average at lower levels than prior expectations. Nonetheless, the long-term fundamentals remain supportive. Supportive Business Fundamentals: The offshore pipeline business in the Gulf of Mexico (Gulf of America) drives over 65% of gross margins. The Gulf exhibits low decline rates and operating costs. Capital-intensive offshore developments require extensive expertise and long lead times, creating barriers to entry. E&P issuers base offshore developments on long-term commodity prices, supporting volumes during short-term price disruptions. Other businesses are driven by refinery utilization and crude slate along the U.S. Gulf Coast and demand for NaHS. The rise in near-term oil prices, refineries blending heavy oil and the scarcity of Jones Act vessels should provide support. Stable Cash Flow Generation: Fitch expects nearly 90% of Genesis' run-rate EBITDA to be generated from fixed-fee acreage and/or volume-dedicated contracts with creditworthy counterparties. Around 25% will come from revenue-assurance-type minimum volume commitment (MVC) contracts in the near term, declining progressively to less than 10% and potentially lower, exposing the company to volumetric risks. However, Genesis' business diversity and presence in the Gulf leads to lower volume volatility. About 10% will come from commodity price-exposed activities, most of which will contain short-term hedges. Relationship with Customers: Genesis' customers are creditworthy, and the company has maintained long-term relationships with them. The top 10 customers in its largest segment, Offshore Pipeline, are mostly investment-grade, contributing nearly 75% of this segment's margin, and have life-of-lease acreage dedications spanning 30+ years. The capital and technical expertise required for offshore developments ensure E&P companies in the region are well capitalized and creditworthy. This reduces their vulnerability to short-term price and sector downturns. Customers in other segments are also creditworthy and maintain long-term relationships with Genesis. Peer Analysis Kinetik Holdings, L.P. (Kinetik; BB+/Stable) is a Permian-focused midstream company with business similar to Genesis driven by crude oil production dynamics, high volumetric exposure, and low volume volatility. Genesis is smaller in size but slightly more diversified. The Permian offers low breakeven costs and production resiliency but has higher decline rates, requiring frequent drilling. Conversely, the offshore Gulf has higher new development costs and longer lead times but benefits from lower decline rates and longer reserve life. Kinetik's robust hedging program ensures up to 85% of cash flow from fixed-fee contracts with mostly investment-grade customers. While most of its business is exposed to volumetric risks, its long-haul pipelines provide meaningful revenue assurance through long-term take-or-pay contracts. Kinetik's leverage, which Fitch expects to range between 4.0x and 4.3x, is lower than Genesis'. Genesis' smaller size, weaker cash flow profile with relatively modest long-term MVCs, basin economics of the Gulf versus the Permian, and higher leverage results in a two-notch lower rating. Fitch’s Key Rating-Case Assumptions - Fitch's oil and gas price deck; - Base interest rate for the credit facilities reflects Fitch's "Global Economic Outlook"; - Oil and gas activity levels on the U.S. Gulf Coast and in the Gulf consistent with Fitch's base case for oil and gas prices; - Net distributions from joint ventures and minority interests received in accordance with the partnership agreement; - Common unit distributions remain consistent with the current levels and no material unit repurchases for most of the forecast; - No material M&A, asset divestitures, business exits, or large growth projects 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 (bbb-, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb-, Lower), Financial Structure (b+, Higher), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 40% for the forecast year 2026, 40% 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-'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage expected to sustain above 5.8x; - Sustained high capital expenditures or a change in financial policy that reduces Genesis' credit quality; - M&A, asset sales, or large growth projects not funded in a balanced manner and/or that meaningfully increase the overall business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade is not likely in the near term due to Genesis' high cost of capital. However, a positive rating action/upgrade could occur if Genesis' cost of debt reduces significantly and EBITDA leverage sustains below 4.8x; - Meaningful improvements in business risk including significant reduction in volume exposure due to, but not limited to, material growth in the proportion of cash flow derived from long-term revenue-assurance-type take-or-pay or MVC contracts. Liquidity and Debt Structure As of March 31, 2026, Genesis had about $822 million of liquidity available consisting of roughly $3 million unrestricted cash and $819 million available under its $900 million senior secured credit facility (net of letters of credit), subject to covenant compliance. Genesis also has a $400 million accordion available as a revolver or a Term Loan A. The revolver matures on Oct. 16, 2028, if the 8.25% senior unsecured notes due 2029 remain outstanding or Jan. 14, 2030, if more than $150 million of the 8.875% senior unsecured notes due 2030 remaining outstanding. If no springing maturity applies, the revolver matures on March 31, 2031. The covenants on the credit facility permit a maximum consolidated leverage ratio of 5.75x through Dec. 31, 2027, and 5.5x thereafter, a senior secured leverage ratio of 2.5x, and a minimum interest coverage ratio of 2.0x through Dec. 31, 2026, 2.15x through Dec. 31, 2027, and 2.25x thereafter. As of March 31, 2026, Genesis was compliant with all the covenants, and Fitch expects the company to remain compliant with the covenants and maintain sufficient liquidity throughout the forecast period. Issuer Profile Genesis is a publicly traded master limited partnership which owns and operates offshore crude oil and natural gas pipelines in the Gulf, along with marine transportation and other onshore midstream assets along the U.S. Gulf Coast. Summary of Financial Adjustments According to Fitch's "Corporate Hybrids Treatment and Notching Criteria," Fitch considers Genesis' class A convertible preferred units as 100% debt, which is included in the leverage calculation. There is a first lien secured credit facility at one of Genesis' joint ventures, Poseidon Oil Pipeline Company, LLC, in which Genesis has 64% ownership interest. The debt is non-recourse to the owners, and due to certain conditions in the joint venture agreement involving major decisions it is not consolidated in Genesis' financial statements. Fitch has excluded this debt from its leverage calculations. Fitch's calculation of adjusted EBITDA excludes equity in earnings from unconsolidated affiliates and includes cash distributions from those unconsolidated affiliates. The values in the above sensitivities and other metric values calculated by Fitch are different from management's and the bank's calculations. 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 Genesis. 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 ----------- ------ -------- ----- Genesis Energy, L.P. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Genesis Energy Finance Corporation senior unsecured LT BB- Affirmed RR4 BB- GWG HOLDINGS: Co. Chair Guilty Over $150MM Looting Scheme --------------------------------------------------------- James Nani of Bloomberg Law reports that GWG Holdings' company chair has been convicted after being accused of misappropriating $150 million in corporate funds, according to a court ruling issued this week. The decision concludes a high-profile trial involving allegations of large-scale financial misconduct. Authorities alleged the executive used their position to channel company money into unauthorized accounts and transactions over an extended period. Prosecutors said the scheme involved complex financial movements designed to conceal the diversion of assets, the report relays. The defendant denied wrongdoing, arguing that all transfers were part of approved strategic financial planning. However, the court determined that the actions exceeded authorized authority and constituted unlawful appropriation of corporate funds, according to report. The verdict sets the stage for sentencing and possible asset recovery efforts. The case underscores growing scrutiny of executive financial conduct in large corporate organizations, Bloomberg reports. About GWG Holdings Headquartered in Dallas Texas, GWG Holdings, Inc. (NASDAQ: GWGH) conducts its life insurance secondary market business through a wholly owned subsidiary, GWG Life, LLC, and GWG Life's wholly owned subsidiaries. GWG Holdings Inc. and affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 22-90032) on April 20, 2022. In the petition filed by Murray Holland, president and chief executive officer, GWG Holdings disclosed between $1 billion and $10 billion in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Mayer Brown, LLP and Jackson Walker, LLP, as bankruptcy counsels; Tran Singh, LLP as special conflicts counsel; FTI Consulting, Inc. as financial advisor; and PJT Partners, LP, as investment banker. Donlin Recano & Company is the Debtors' notice and claims agent. National Founders LP, a debtor-in-possession (DIP) lender, is represented by Michael Fishel, Esq., Matthew A. Clemente, Esq., and William E. Curtin, Esq., at Sidley Austin, LLP. The U.S. Trustee for Region 7 appointed an official committee to represent bondholders in the Debtors' cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Porter Hedges, LLP, as legal counsels; Piper Sandler & Co. as investment banker; and AlixPartners, LLP as financial advisor. The Debtors obtained confirmation of their Further Modified Second Amended Joint Chapter 11 Plan on June 20, 2023. HARVEST MIDSTREAM I: Moody's Rates New Senior Unsecured Notes 'B1' ------------------------------------------------------------------ Moody's Ratings assigned a B1 rating to Harvest Midstream I, L.P.'s (Harvest Midstream or the partnership) proposed offering of senior unsecured notes. Harvest Midstream's existing ratings, including its Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, existing B1 senior unsecured notes rating, and stable outlook are unchanged. The net proceeds from the proposed notes offering, together with borrowings under Harvest Midstream's revolving credit facility, are expected to fund the redemption of its 2028 notes. "Harvest Midstream's notes issuance is opportunistically refinancing existing debt to extend maturities," commented Amol Joshi, Moody's Ratings Vice President – Senior Credit Officer. RATINGS RATIONALE The B1 rating on the proposed senior unsecured notes is in line with Harvest Midstream's existing senior unsecured notes rating. The new notes will rank equally with its existing notes. The unsecured notes are rated one notch below the Ba3 CFR reflecting their junior position in the capital structure to the unrated secured revolving credit facility and term loan. Harvest Midstream's Ba3 CFR reflects its moderate scale and well-diversified asset portfolio, including its established midstream operating platform in the San Juan Basin of New Mexico and Colorado, gathering and transportation operations in Alaska, midstream assets in Louisiana, Texas and North Dakota as well as the Uinta and Green River basins across Wyoming, Utah, and Colorado. The company generates a largely stable earnings stream, with roughly 80% fixed-fee and cost of service revenues, providing a high degree of certainty to cash flow available for debt service. Harvest Midstream is expected to fund its capital spending requirements and distribution payouts through 2026 with operating cash flow. The company has elevated debt balances since debt-funding its recent roughly $1 billion acquisition of assets in late 2025. However the company is expected to gradually reduce debt using free cash flow, resulting in improving leverage metrics into 2027. Harvest Midstream is owned and controlled by Hildebrand Enterprises LP (Hildebrand Enterprises, unrated). The singular control Mr. Jeffery Hildebrand has over Hildebrand Enterprises, including Harvest Midstream, is also considered in the partnership's credit profile. However, Harvest Midstream has thrived under Mr. Hildebrand's control and leadership, limiting its use of excessive debt financing. Under the common ownership of Hildebrand Enterprises, Harvest Midstream has a strategic relationship with its affiliate Hilcorp Energy I, L.P. (Hilcorp, Ba1 negative) for whom it provides midstream services primarily in support of its Alaska and San Juan Basin production. Moody's regards Harvest Midstream as having adequate liquidity. Harvest Midstream is expected to continue to generate significant operating cash flow in 2026 to fully fund its capital expenditures and use a significant portion of free cash flow to reduce debt. In late 2025, the company closed the acquisition of certain assets of MPLX LP (MPLX, Baa2 stable) using revolver borrowings and proceeds from a $600 million term loan maturing in November 2029. Its $1.1 billion secured revolving credit facility matures in May 2030 and had $711 million of outstanding borrowings at December 31. Moody's expects the partnership to utilize a portion of its free cash flow to gradually reduce debt balances over time. The next debt maturity is in September 2028 when $800 million of notes mature, and Moody's expects the net proceeds from the new notes to extend maturities by refinancing the 2028 notes. The outlook is stable reflecting Moody's expectations that Harvest Midstream's leverage metrics will improve into 2027 while growing its earnings. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Harvest Midstream rating could be upgraded if debt/EBITDA is sustained below 3.5x and EBITDA exceeds $500 million with no additional exposure to commodity price or volume risk. Harvest Midstream rating could be downgraded if debt/EBITDA exceeds 4.5x, contract structure erodes materially or Hilcorp is downgraded below Ba3 CFR. The principal methodology used in these ratings was Midstream Energy published in October 2025. Harvest Midstream I, L.P. is engaged in the business of gathering, processing, treating, transporting, purchasing and selling natural gas, crude oil and natural gas liquids, whose assets are operated by its general partner, Harvest Midstream Company, headquartered in Houston, Texas. HEADWAY WORKFORCE: Trustee Hires Davis Hartman Wright as Counsel ---------------------------------------------------------------- John C. Bircher III, the Litigation Trustee of Headway Workforce Solutions, Inc., seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Davis Hartman Wright LLP as counsel. The firm's services include: -- assist in identifying the legal problems which may arise in the administration of the Headway Litigation Trust; -- examine security agreements, identify and examine any statutory or judicial liens; -- determine the validity and priority of all such security agreements, liens and encumbrances; -- investigate any additional assets and any rights which the Trustee may have for the benefit of the Headway Litigation Trust; -- examine and research all legal problems which may arise in the administration of Headway Litigation Trust; and -- generally advise the Trustee upon any legal matters which may arise in the course of the administration of Headway Litigation Trust. 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. Mr. Bircher III 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: John C. Bircher III, Esq. Davis Hartman Wright LLP 209 Pollock Street New Bern, NC 28560 Telephone: (252) 514-2828 Facsimile: (252) 514-9878 Email: john.bircher@dhwlegal.com About Headway Workforce Solutions, Inc. Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HEADWAY WORKFORCE: Trustee Hires Waldrep Wall as Special Counsel ---------------------------------------------------------------- John C. Bircher III, the Litigation Trustee of Headway Workforce Solutions, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Waldrep Wall Babcock & Bailey PLLC as special counsel. The firm will assist in the initiation and prosecution of all Causes of Action on behalf of the Litigation Trust, including Avoidance Actions, D&O Claims, DIP Lender Challenge and Tort Claims. The firm will be paid at these rates: Paralegals $225 per hour Junior Associates $325 per hour Senior Associates and Partners $450 per hour Senior Partners $525 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Waldrep, Jr. 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: Thomas W. Waldrep, Jr. Waldrep Wall Babcock & Bailey PLLC 3600 Glenwood Ave., Suite 200 Raleigh, NC 27612 Telephone: (919) 443-1591 Email: twaldrep@waldrepwall.com About Headway Workforce Solutions, Inc. Headway Workforce Solutions, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-01682-5-JNC) on May 5, 2025. In the petition signed by Brendan Flood, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Joseph N. Callaway oversees the case. Rebecca Redwine Grow, Esq., at Hendren, Redwine & Malone, PLLC, is the Debtor's legal counsel. Noor Staffing Group, LLC, as DIP lender, is represented by: Pamela P. Keenan, Esq. Kirschbaum, Nanney, Keenan & Griffin, P.A. PO Box 19766 Raleigh, NC 27619-9766 Telephone: (919) 848-0420 Facsimile: (919) 848-8755 Email: pkeenan@kirschlaw.com HOMES SWEET: Janice Seyedin Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Homes Sweet Chicago, LLC. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Homes Sweet Chicago LLC Homes Sweet Chicago, LLC is a privately held company in Chicago, Illinois, that leases real estate properties. Homes Sweet Chicago filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-07530) on Aril 30, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. David R. Herzog, Esq., at the Law Offices of David R Herzog represents the Debtor as bankruptcy counsel. INDICOR LLC: Moody's Puts 'B2' CFR Under Review for Upgrade ----------------------------------------------------------- Moody's Ratings placed the ratings of Indicor, LLC (Indicor) on review for upgrade, including the B2 corporate family rating, B2-PD probability of default rating, and B2 ratings on the senior secured bank credit facilities. Previously, the outlook was stable. The review was prompted by Ametek, Inc.'s (Ametek, A3 stable) announcement on May 06, 2026 that Ametek has entered into a definitive agreement to acquire a portfolio of instrumentation businesses from Indicor in an all-cash transaction valued at approximately $5.0 billion. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close in the second half of 2026. Moody's placed the ratings on review for upgrade because Moody's believes it is probable that, pursuant to the provisions of the asset disposition covenant in the credit agreement, Indicor will use a portion of the sales proceeds to repay the outstanding amounts under the bank credit facilities in full. In the review for upgrade Moody's will focus on the completion of the transaction once all necessary approvals are obtained, and whether Indicor's debt will be fully repaid at closing. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Excluding the review for upgrade, Indicor's B2 CFR reflects the company's solid market position as a provider of preparation and testing equipment, sensors, and flow control systems serving diversified end markets globally. Indicor maintains solid margins supported by its asset-light business model and the critical nature of its products. A majority of sales is tied to products requiring value-added engineering or customized integration, supporting strong customer retention. Liquidity is expected to be good, underpinned by positive free cash flow and ample availability under the revolving credit facility. However, Indicor has exposure to volatile end markets, including oil and gas, that are susceptible to industrial and economic downturns. The company is expected to remain acquisitive as it enhances and broadens its product portfolio. Financial leverage remains high, but Moody's expects it to improve gradually toward 5.9x over the next 12-18 months as earnings grow. Factors that could lead to an upgrade or downgrade of the ratings will be updated once the review is completed. Prior to the review, the ratings could be upgraded with consistent organic revenue growth, while sustaining strong margins and Moody's expectations that debt-to-EBITDA remains below 5.0x. An upgrade would also require conservative financial policies that support lower financial leverage, along with a good liquidity profile. Prior to the review, the ratings could be downgraded if Indicor's debt-to-EBITDA is sustained above 6.7x. Additionally, a downgrade could occur if liquidity deteriorates, including reduced revolver availability, or if the company prioritizes shareholder-friendly distributions—especially if debt-funded—or pursues other aggressive financial policies, including significant debt-financed acquisitions. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Charlotte, NC, Indicor, LLC has a good portfolio of brands serving the materials preparation and testing, sensors, and flow control applications sectors globally. The company has a diversified group of businesses carved out from the process technologies, and measurement and analytical solutions business lines of Roper Technologies in 2022. Indicor is owned by private equity sponsor Clayton, Dubilier & Rice and Roper Technologies, Inc. Revenue for the twelve months ended December 31, 2025 was approximately $1.24 billion. J &ST DEV: Seeks to Tap George E. Jacobs as Bankruptcy Counsel -------------------------------------------------------------- J &ST Dev., LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan to employ George Jacobs, Esq., an attorney practicing in Flint, Mich., as its counsel. The attorney will provide these services: (a) advise the Debtor with respect to its rights and duties in conection with this Chapter 11 proceeding; and (b) perform all other legal services which may be necessary herein. Mr. Jacobs will be paid at his hourly rate of $350. The attorney received a retainer of $13,262 from the Debtor. Mr. Jacobs disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: George E. Jacobs, Esq. 2425 S. Linden Rd., Ste. C Flint, MI 48532 Telephone: (810) 720-4333 Email: george@bklawoffice.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.F.M. 6090: Case Summary & 16 Unsecured Creditors -------------------------------------------------- Debtor: J.F.M. 6090, Inc. 2 Market Street 2nd Floor Paterson, NJ 07501 Business Description: J.F.M. 6090, Inc., based in Paterson, New Jersey, operates a Burger King restaurant in Paterson, serving customers through the fast-food chain's hamburger-focused menu, including its flame-grilled Whopper sandwiches and related quick- service restaurant offerings. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15123 Debtor's Counsel: Richard D. Trenk, Esq. TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. 290 W. Mt. Pleasant Avenue Suite 2370 Livingston, NJ 07039 Tel: (973) 533-1000 Email: rtrenk@trenkisabel.law Total Assets: $11,500 Total Liabilities: $4,327,288 The petition was signed by Ranjana Jethwa as president. 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/VFZLZJY/JFM_6090_Inc__njbke-26-15123__0001.0.pdf?mcid=tGE4TAMA JACQUELINE D MOORE: Angela Shortall Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC as Subchapter V trustee for Jacqueline D Moore, PLLC. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Jacqueline D Moore PLLC Jacqueline D Moore PLLC, doing business as Comprehensive Surgery Specialists and Comprehensive Surgical Specialists of Stone Ridge, is a surgical practice located in Aldie, Virginia. The practice provides minimally invasive surgical procedures and robotic surgery, including colon, breast cancer, acid reflux, hernia, gallbladder, and abdominal cancer procedures. It also treats conditions including appendix pain, cysts, diverticulitis, hemorrhoids, hidradenitis suppurativa, lipomas, moles, painful leg veins, skin cancer, and skin tags. The practice serves communities including Aldie, Fairfax, Chantilly, Ashburn, South Riding, Dulles, Annandale, Springfield, and Burke. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11018) on April 29, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jacqueline D. Moore, MD, sole member, signed the petition. Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, P.L.C. represents the Debtor as legal counsel. JAGUAR HEALTH: Meets Nasdaq Listing Rule After Warrants Exercise ---------------------------------------------------------------- Jaguar Health, Inc. disclosed in a regulatory filing that following the exercise by certain third-party investors of existing pre-funded warrants to purchase common stock on May 4, 2026, the Company now has 513,974 shares of Common Stock issued and outstanding and 513,939 publicly held shares, surpassing the minimum 500,000 Publicly Held Shares requirement for continued inclusion set forth in Nasdaq Listing Rule 5550(a)(4). The Company is awaiting the Staff's formal confirmation that the Company has evidenced compliance with the Publicly Held Shares Requirement. Background On May 1, 2026, the Company received a written notification from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that, as a result of the 1-for-35 reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.0001 per share, effected on April 30, 2026, the Company had a post reverse stock split number of publicly held shares of Common Stock of approximately 401,226. As a result, the Company did not comply with the Publicly Held Shares Requirement. Accordingly, this matter serves as an additional basis for delisting the Company's securities from Nasdaq. The Notice also serves as a formal notification that the Nasdaq Hearings Panel will consider this matter in its decision regarding the Company's continued listing on The Nasdaq Capital Market. Remaining Compliance Conditions In addition, Staff notes that under Nasdaq Listing Rule 5810(c)(3)(A), the Company will remain non-compliant with both the minimum $1 bid price requirement and the Publicly Held Shares Requirement until the Publicly Held shares deficiency is cured and, thereafter, the Company evidences a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days, unless Staff exercises its discretion to extend this 10-day period as discussed in Nasdaq Listing Rule 5810(c)(3)(H). The Company is diligently working to timely satisfy the requirements set in the Notice; however, there can be no assurance that the Company will be able to do so. In the event that the Company is unable to meet such requirements, the Company will be subject to delisting from Nasdaq. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. RBSM LLP, the Company's auditor since 2022, issued a going concern qualification in its report dated April 7, 2026, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $38.3 million in total assets, $57 million in total liabilities, and $18.7 million in total stockholders' deficit. JFM SPRING: Case Summary & 18 Unsecured Creditors ------------------------------------------------- Debtor: JFM Spring LLC 2 Market Street Second Floor Paterson, NJ 07501 Business Description: JFM Spring LLC, based in Paterson, New Jersey, operates a Burger King restaurant in Spring Valley, New York, serving customers through the fast-food chain's hamburger-focused menu, including its flame-grilled Whopper sandwiches and related quick-service restaurant offerings. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15124 Judge: Hon. John K. Sherwood Debtor's Counsel: Richard D. Trenk, Esq. TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. 290 W. Mt. Pleasant Avenue Suite 2370 Livingston, NJ 07039 Tel: (973) 533-1000 Fax: (973) 533-1111 Email: rtrenk@trenkisabel.law Total Assets: $10,750 Total Liabilities: $4,383,503 The petition was signed by Ranjana Jethwa as president. A full-text copy of the petition, which includes a list of the Debtor's 18 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VJO4HNY/JFM_Spring_LLC__njbke-26-15124__0001.0.pdf?mcid=tGE4TAMA JOHNSON PLACE: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- On May 5, 2026, Johnson Place Holdings LLC filed for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Johnson Place Holdings LLC Johnson Place Holdings LLC is a privately held company believed to be involved in real estate holding and property-related investments in New York. Johnson Place Holdings LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71778) on May 5, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella is handling the case. The debtor is represented by Eric S. Landau, Esq. of the Law Office of Eric S. Landau. JTD ENTERPRISES: Elizabeth Lally Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Elizabeth Lally as Subchapter V trustee for JTD Enterprises, LLC. Ms. Lally will be paid an hourly fee of $300 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Lally declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Elizabeth Lally 12020 Shamrock Plaza, Suite 200 Omaha, NE 68154 Telephone: (402) 778-4840 Email: elally@lally-legal.com About JTD Enterprises LLC JTD Enterprises LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.D. Case No. 26-30337) on April 30, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Sarah Catherine Duffy, Esq., at Ahlgren Law Office represents the Debtor as bankruptcy counsel. KA-FEY LLC: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------- On May 4, 2026, The Ka-Fey, LLC sought Chapter 7 bankruptcy protection in the Middle District of Florida. According to the bankruptcy petition, the debtor reported liabilities between $0 and $100,000 and indicated it has between 1 and 49 creditors. About The Ka-Fey, LLC The Ka-Fey, LLC is a privately owned company associated with cafe, dining or hospitality operations in Florida. The Ka-Fey, LLC filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Case No. 26-03795) on May 4, 2026. The petition states that the company’s estimated assets range from $0 to $100,000, while estimated liabilities also range from $0 to $100,000. The bankruptcy case is being overseen by Honorable Judge Caryl E. Delano. The debtor is represented by Jake C. Blanchard, Esq. of Blanchard Law, P.A. KENNEDY CONSTRUCTION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Kennedy Construction Groups, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued a sixth interim order granting the Debtor approval to use funds in which Midwest Regional Bank and other secured creditors assert an interest and to use such funds for necessary expenses listed in its budget, subject to a 10% variance per line item. As adequate protection, secured creditors will be granted replacement liens, maintaining the same priority as their pre-bankruptcy liens. In addition, the order requires the Debtor to maintain insurance on its assets and preserves all parties' rights to later request modified protection or restrictions on cash use. It also keeps open the rights of a creditors' committee, should one be appointed, to challenge any liens. The next hearing is scheduled for July 9. The sixth interim order is available at https://shorturl.at/wXY7E from PacerMonitor.com. Kennedy estimates that the collective claims of secured creditors are secured by $304,646.08 in assets consisting of $19,657.20 in cash and $284,988.88 in accounts receivables. Midwest asserts $1.19 million in secured claim. Midwest is represented by: Zina Gabsi, Esq. McGlinchey Stafford 201 East Kennedy Blvd. Suite 1200 Tampa, FL 33602 Phone: (656) 228-0300 Fax: (656) 206-3002 zgabsi@mcglinchey.com dbeauchamp@mcglinchey.com About Kennedy Construction Groups LLC Kennedy Construction Groups, LLC, operating as Kennedy Roofing, provides residential and commercial roofing, gutter, window, and carpentry services in Florida. Kennedy Construction Groups sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07452) on April 16, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. KEYLINK ENTERPRISES: Hires Universal Elite as Real Estate Broker ---------------------------------------------------------------- Keylink Enterprises seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Universal Elite Realty as real estate broker. The firm will market and sell the real property of the Debtor located at 38261 Shoal Creek Road, Murrieta, CA 92562. The firm will be paid 2.5% of the total purchase price. Mr. Zhang 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: Xiao Zhang Universal Elite Realty 7700 Irvine Center Drive, Suite 680 Irvine, CA 92618 Tel: (949) 379-6713 About Keylink Enterprises Keylink Enterprises, a single-asset real estate entity, owns and manages the property at 38261 Shoal Creek Drive in Murrieta, California, valued at $1.56 million. Keylink Enterprises sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:25-bk-13463-MH) on December 9, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Mark Houle oversees the case. Law Offices of Krystina T Tran is Debtor's legal counsel. KINGSTOWN GREEN: George Purtill Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 2 appointed George Purtill as Subchapter V trustee for Kingstown Green Inc. Eco-Friendly Casket. Mr. Purtill will be paid an hourly fee of $455 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Purtill declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: George M. Purtill 19 Water Street, P. O. Box 50 South Glastonbury, CT 06073 Office: (860) 659-0569 Cell: (860) 918-5442 Email: george.m.purtill@snet.net About Kingstown Green Inc. Eco-Friendly Casket Kingstown Green Inc. Eco-Friendly Casket sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Conn. Case No. 26-20448) on May 04, 2026, with $500,001 to $1 million in assets and liabilities. Judge James J. Tancredi presides over the case. Joseph J. D'Agostino, Jr., Esq. represents the Debtor as legal counsel. KIRKBRIDE LAND: Taps Hammer Ruff as Tax Consultant, Accountant -------------------------------------------------------------- Kirkbride Land and Snow Management LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Hammer Ruff and Associates Tax and Consulting Inc. as a tax consultant, advisor, and accountant. The firm's services include: a. For tax year 2021, gathering information related to a Form 1065 improperly filed by a prior accountant and completing a Form 1120 C-Corporation tax return; b. For tax year 2022, gathering information related to a Form 1065 improperly filed by a prior accountant and completing a Form 1120 C-Corporation tax return; c. For tax year 2023, completely re-doing a Form 1065 improperly filed by a prior accountant as a Form 1120 C-Corporation tax return instead; d. For tax year 2024, using a profit and loss report and balance sheets to reconcile the Debtors' books through December 31, 2024, adjusting for new assets, depreciation, dividends, and any other needed adjustments; then completing a Form 1120 C-Corporation tax return for 2024; and e. Specifically for PAI—which intends to sell real estate as a part of its reorganization in this Case—calculating capital gains tax on the sale of assets. The firm will be paid at these rates: Jesse Hamilton Senior Tax Accountant $210 per hour Kevin Peterman CPA $210 per hour Ronald Ruff Co-Owner $250 per hour Kasey Hammer Co-Owner $210 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Ruff 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: Ronald E. Ruff Hammer Ruff and Associates Tax and Consulting Inc. 2700 Kull Rd. Lancaster, OH 43130 Tel: (740) 681-1676 About Kirkbride Land and Snow Management LLC Kirkbride Land and Snow Management, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53599) on August 18, 2025, listing up to $10 million in both assets and liabilities. Angelia Kirkbride, managing member, signed the petition. Judge Mina Nami Khorrami oversees the case. David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP, represents the Debtor as legal counsel. KLE EQUIPMENT: Claims to be Paid from Continued Operations ---------------------------------------------------------- KLE Equipment Leasing LLC and affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Disclosure Statement describing Chapter 11 Plan dated April 30, 2026. Collectively, the Debtors operate transportation, logistics and commercial motor vehicle leasing businesses. In 2024, total revenue, excluding inter-company revenue was $34 million. Kirk Ecklund has been in a logistics business since 2007. He started with Ecklund Logistics, Inc. His parents operated it, and he bought it from them for $3 million. Beginning in February 2019, KLE Equipment obtained loans from BMO Harris Bank N.A. to purchase commercial vehicles. In May 2022, Kirk Ecklund purchased Elite in Merrill, Wisconsin. It had a logistics business, and owned semi-tractors, trailers and real property out of which it operated. The purchase of Elite's business closed on May 31, 2022. Since the sale to Stoops was set for the next day, BMO lent $12 million on a "bridge note" with a 9-month term to Olson. At the closing, BMO Bank also lent $2 million to Wausau Office secured by a mortgage and assignment of rents for the purchase of Elite's real property located at N1545 County Road W. Merrill, Wisconsin, out of which the business operated (the "Merrill Property"). On May 14, 2025, the Debtors reached a tentative agreement with BMO Bank to forestall the deposition with the intent to reach a forbearance agreement that would resolve the motions set for hearing on May 21st. As agreed, the Debtors provided a proposal by noon on May 20th for a further one-month extension while a definitive forbearance agreement could be negotiated. BMO Bank responded on May 20th that the proposal was unacceptable and would go forward with the hearing at 10:00 a.m. on May 21st. That hearing prompted the Debtors to file the chapter 11 cases. Unsecured Claims include the unsecured portion of an under secured Claim as well as trade-type claims. They will be paid in monthly installments over 10 years with interest at the Judgement Rate which for purposes of projections was assumed to be 3.5%. Unsecured Claims of $1,000 or less, or Creditors electing to reduced their Claims to $1,000 will be paid in full on the Effective Date without interest. Equity Security interests are not affected by confirmation of the Plan. They are unimpaired. The cash to fund the monthly installments to Creditors under the Plan will come from the business operations of the Debtors and International. Management will remain the same as it was before the Petition Date and during the Case. The Debtors will be managed by Kirk Ecklund. Prior to the Petition Date, because Kirk Ecklund believed the over-the-road trucking business would likely not survive a chapter 11 filing, most of the Debtors' business was migrated to International, a company owned by Kirk Ecklund's two sons. Additionally, in late 2024 and early 2025, Kirk Ecklund transferred assets to his sons. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=kh4AAR from PacerMonitor.com at no charge. Attorneys for the Debtors: Jerome R. Kerkman, Esq. Nicholas W. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About KLE Equipment Leasing KLE Equipment Leasing, LLC, is a Wisconsin-based equipment leasing company headquartered in Neenah. KLE Equipment Leasing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge G. Michael Halfenger handles the case. The Debtor is represented by Nicholas Kerkman and Jerome R. Kerkman, at Kerkman & Dunn. KRAKEN OIL: Moody's Rates New Sr. Unsecured Notes Due 2031 'B3' --------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Kraken Oil & Gas Partners LLC's (Kraken) proposed senior unsecured notes due 2031. Kraken's existing ratings, including the B1 Corporate Family Rating, a B1-PD Probability of Default Rating, and B3 ratings on the existing senior unsecured notes, are unchanged. The rating outlook is stable. "The proposed transaction is leverage neutral since Kraken will use proceeds to repay borrowings under its revolving credit facility," stated Giancarlo Rubio, Moody's Ratings Senior Analyst. RATINGS RATIONALE The proposed senior unsecured notes are rated B3, two notches below the B1 CFR and at the same level as the ratings on the existing Kraken's notes. The B3 rating reflects that the notes are subordinated to company's very large $1.5 billion Reserve Based Loan "RBL" revolving credit facility (unrated). The RBL is secured by first priority liens with a value of at least 90% of the PV-9 proved oil and gas reserves of the company and its subsidiaries. Kraken's B1 CFR and stable outlook reflect its healthy cash margins per barrel supported by the high oil content in its production stream, as well as its well-balanced leverage policy targeting net Debt/EBITDA of around 1x through the cycle (0.8x at December 2025). The ratings are constrained by company's relatively small production scale compared to higher rated peers, geographical concentration in the Williston basin, and the need to further demonstrate a track record of organic reserve replacement at its present scale. The stable outlook reflects Moody's expectations that the company will continue generating positive free cash flow and maintain strong liquidity with leverage below 1x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if Kraken can increase its production scale and fully replace reserves organically at competitive costs and returns on investment. A leveraged full cycle ratio (LFCR) maintained above 1.5x and RCF to Debt ratio sustained above 50% would be supportive of an upgrade. The ratings could be downgraded if Kraken's production volume materially declines, RCF to debt ratio falls below 25%, or if liquidity deteriorates significantly. Large debt funded acquisitions or dividends to its owners could also lead to a downgrade. Kraken is an independent exploration and production company with operations in the Williston Basin. In Q4 2025, the company's average production stood around 80.5 Mboe/d (66% oil). The company also owns dedicated water management midstream assets that can support processing 540 thousand barrels of water per day. Kraken is controlled by funds managed by Kayne Anderson, a private equity firm. The principal methodology used in this rating was Independent Exploration and Production published in February 2026. L'OREAL'S INVESTMENT: Cameron McCord Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for L'oreal's Investment Group LLC. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About L'oreal's Investment Group LLC L'oreal's Investment Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55906) on May 4, 2026, with $100,001 to $500,000 in both assets and liabilities. LEVEL 3 FINANCING: Moody's Rates New Senior Unsecured Notes 'B3' ---------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Level 3 Financing, Inc.'s (Level 3) backed senior unsecured notes. All other ratings at Lumen Technologies, Inc. (Lumen), Level 3 and Qwest Corporation (Qwest) remain unchanged, including Lumen's B2 corporate family rating and B2-PD probability of default rating. Lumen's SGL-1 Speculative Grade Liquidity Rating (SGL) also remains unchanged. The outlooks for Lumen, Level 3 and Qwest remain unchanged at stable. Proceeds from the proposed offering will be used to refinance some outstanding debt and for general corporate purposes. Pro forma for this offering, Moody's projects total debt-to-EBITDA (Moody's adjusted) to be around 4.0x by year end 2026. The B3 rating assigned to the senior unsecured notes is one notch below Lumen's CFR reflecting its structural subordination to Level 3's backed senior secured first lien notes rated Ba3. The new senior unsecured notes are pari passu with Level 3's existing senior unsecured notes. RATINGS RATIONALE Lumen's B2 CFR reflects the company's materially improved credit profile and continued operating progress. On February 02, 2026, Lumen completed the previously announced sale of its Mass Markets fiber-to-the-home (FTTH) business to AT&T Inc. (Baa2 stable) for cash consideration of $5.75 billion, subject to post-closing adjustments and indemnities set forth in the purchase agreement. Concurrently with the closing, Lumen used net proceeds from the transaction to retire approximately $4.8 billion of outstanding debt, resulting in a meaningful improvement in its credit profile. The sale and debt repayment will lead to around $300 million of annual interest expense savings and an estimated $1 billion reduction in annual capital expenditures as the company shifts away from FTTH network expansion. Pro forma for the asset sale and debt reduction, Moody's expects Lumen's free cash to flow to improve materially. Lumen has very good liquidity and has been successful in selling fiber connectivity and network management services to hyperscale customers. Pro forma for the asset sale and debt reduction, Moody's estimates Lumen's current cash position to be more than $1 billion, and project the company will generate around $700 million in free cash flow (Moody's adjusted, net of deal related taxes and expenses) in 2026. These estimates are after all fees related to the sale of the FTTH business to AT&T Inc., and expenses associated with the modernization and simplification of the network. As of December 31, 2025, Lumen had secured nearly $13 billion in new long-term contracts to provide fiber capacity and related services to large customers, including AWS, Google, Meta and Microsoft. These 20-year agreements include cash payments to be received between 2024 and 2031, which materially strengthen the company's free cash flow generation and liquidity profile. At the same time, Moody's opinion continues to reflect the company's moderate, though improving leverage, sizable capital expenditure requirements, and execution risks associated with its ongoing efforts to modernize and expand its fiber rich network. Furthermore, Lumen has continued to report revenue declines, primarily driven by legacy mass market operations. For 2026 and 2027, Moody's projects revenue will decline by 11% (mostly driven by the sale of the FTTH business to AT&T Inc.) and 4%, respectively. The SGL-1 speculative grade liquidity rating reflects Moody's expectations that Lumen will maintain very good liquidity. This is supported by (i) around $1 billion in cash as of December 31, 2025, (ii) a new $825 million senior secured revolving credit facility expiring in April 2029, (iii) Moody's expectations of around $700 million of free cash flow in 2026, and (iv) a long-dated debt maturity schedule with no significant maturities due prior to 2029. The stable outlook reflects Moody's expectations that Lumen over the next 12 to 18 months will maintain very good liquidity despite elevated levels of capital expenditures, and declining revenue and EBITDA trends, such that total-debt-to-EBITDA will approach 4.0x by year end 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if Lumen materially narrows the rate of revenue decline, and demonstrates the ability to grow EBITDA, maintains very good liquidity and achieves predictable and sustained free cash flow generation, and total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained below 4.0x. The rating could be downgraded if the company's liquidity position deteriorates, operating performance weakens, total debt-to-EBITDA (inclusive of Moody's adjustments) is sustained above 5.0x, or free cash flow (Moody's adjusted) weakens materially. Headquartered in Monroe, Louisiana, Lumen Technologies, Inc., is an integrated communications company that provides an array of communications services to large enterprise, mid-market enterprise, government and wholesale customers in its larger Business segment. The company's smaller Mass Markets segment primarily provides broadband services to its residential and small business customer base. The principal methodology used in this rating was Telecommunications Service Providers published in December 2025. LIGHTHOUSE PSYCHIATRY: Linda Gore Named Subchapter V Trustee ------------------------------------------------------------ J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Linda Gore as Subchapter V trustee for Lighthouse Psychiatry & Behavioral Health Clinic, LLC. The Subchapter V trustee can be reached at: Linda B. Gore P.O. Box 1338 Gadsden, AL 35902 Telephone No. 256-546-9262 Email: linda@ch13gadsden.com About Lighthouse Psychiatry & Behavioral Health Clinic Lighthouse Psychiatry & Behavioral Health Clinic, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80999) on April 30, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Clifton R. Jessup Jr. presides over the case. Stuart M. Maples, Esq., at Thompson Burton PLLC represents the Debtor as legal counsel. LINDBLAD EXPEDITIONS: S&P Upgrades ICR to 'B+', Outlook Stable -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on U.S.-based expedition cruise and land-based adventure travel provider Lindblad Expeditions Holdings Inc. to 'B+' from 'B' and its issue-level rating on its $675 million senior secured notes to 'B+' from 'B'. The stable outlook reflects S&P's expectation that Lindblad's forward bookings will support further occupancy recovery, EBITDA and cash flow growth, and continued deleveraging to the mid-4x area in 2026. The upgrade to 'B+' reflects sufficient liquidity to fund Lindblad's growth plans. S&P Global Ratings doesn't expect the company to increase our measure of gross leverage above our 5x threshold at a 'B+' rating. As of March 31, 2026, Lindblad had an unrestricted cash balance of about $275 million (not netted against debt) and full availability under its $60 million revolving credit facility. S&P said, "We also expect free operating cash flow to exceed $100 million this year. In addition to better-than-expected forward bookings, cash flow, cash balances, and anticipated cushion in our key leverage measure, we reassessed management's ability to execute its aggressive growth plans for potential new ship builds, ship acquisitions, and land-based acquisition spending options over the next few years." Lindblad has a track record of using cash to purchase new ships and acquire land-based businesses. S&P believes it could absorb at least one potential new ship build similar to those in its fleet in its cash balance and operating cash flow. Lindblad paid less than $200 million for each of its Endurance and Resolution ship deliveries in 2020 and 2021. Although not in S&P's base case, expansion opportunities from the extended partnership with National Geographic could allow Lindblad to increase capacity with newer and larger ships over the next several years, which could be funded with additional debt and potentially increasing leverage and limiting further ratings upside. Continued strength in forward bookings and occupancy will further deleveraging. Net yields expanded 14% in the first quarter of 2026 and occupancy improved to 93.2% from 88.9%. The land experiences segment revenue increased 14% in the quarter on higher revenue per guest. Overall revenue and reported EBITDA increased 16%. Following Lindblad's recent conversion of series A convertible preferred stock (which we previously treated as debt), S&P Global Ratings adjusted leverage was 4.8x as of March 31, modestly below S&P's 5x threshold to raise the rating. Despite temporary disruptions from geopolitical conflicts on its Egypt itineraries and inclement weather causing some cancellations in Antarctica, momentum has remained strong. Forward bookings for 2026 and 2027 are trending ahead of last year. S&P now expects leverage will decline to the mid-4x area in 2026 from approximately 5.6x at the end of 2025. This supports the upgrade and provides sufficient cushion relative to our 5x leverage threshold at the 'B+' rating. Macroeconomic uncertainty and higher fuel prices amid geopolitical conflict pose risks. S&P Global macroeconomists believe that if the Middle East conflict prolongs high energy prices, discretionary consumer spending would suffer. However, Lindblad's extended booking window that typically exceeds nine months will provide good revenue visibility and likely delay effects on its yields, onboard spending, and booking volumes until later in 2026 or 2027. Although Lindblad does not hedge fuel consumption, S&P's expect near-term spikes in fuel costs would only modestly affect profitability, given its fleet of smaller expedition ships and diversified portfolio of land-based businesses. Fuel costs accounted for approximately 3.1% of consolidated revenue in 2025. In addition, an escalation in geopolitical conflicts could increase cancellations for some itineraries if consumers avoid traveling to affected regions. Given Lindblad's small scale and limited geographic diversity, elevated cancellations from regional conflicts can affect its operating performance more significantly than that of larger, more diversified peers in the cruise industry. Still, its affluent customer base might be less affected by a weaker macroeconomic backdrop than other customer segments. Lindblad's niche offering in the adventure cruise segment limits its addressable customer base. During a recession, its brand concentration with National Geographic and small scale (in terms of ships and itineraries) might be less vulnerable to price discounting and higher net yields than other cruise operators. S&P said, "The stable outlook reflects our expectation that Lindblad's forward booked position will support increasing EBITDA and cash flow, enabling it to continue deleveraging to the mid-4x area by the end of 2026. A resulting cushion relative to our 5x downgrade threshold would be sufficient to withstand modest operating volatility." S&P could lower the rating if: -- Operating performance is weaker than S&P expects, such that leverage increases and sustains above 5x, because of a material pullback in consumer spending and demand for cruising due to a macroeconomic slowdown; -- Heightened customer travel fears related to escalating geopolitical conflicts diminish Lindblad's ability to sail, increasing cancellations and material underperformance relative to S&P's base case; or -- Lindblad unexpectedly adopts a more aggressive financial policy that includes leveraging acquisitions or shareholder returns. S&P said, “Although unlikely given our base-case forecast, we could consider a one-notch upgrade if we believe Lindblad will sustain S&P Global Ratings-adjusted leverage under 4x, incorporating operating volatility, potential new ship build orders, acquisitions, or shareholder returns." LL CREATIONS: Unsecured Creditors to Split $14,950 over 3 Years --------------------------------------------------------------- LL Creations, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated April 28, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around January 7, 2014. The Debtor operates an e-commerce business specializing in a micro-niche of the adult novelty industry — specifically, the sale of male chastity devices, accessories, and experiences. When the Debtor launched in 2014, its sole product was The Vice, a bespoke and proprietary male chastity device developed by the Debtor's founder and owner to address a gap in the market for a product that was both secure and comfortable. From its inception, the Debtor has maintained a firm commitment to offering quality products at accessible prices and exceptional customer service. The Debtor's principal place of business is located at 1410 Woodstork Drive, Brandon, FL 33511, which is a residential premises leased by Debtor's managing member. The Debtor's projected disposable income is $14,930.00. This Plan provides for 1 class of secured claims; 1 class of unsecured claims; and 1 class of equity security holders. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The Debtor proposes to pay unsecured creditors a pro rata portion of $14,950.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $1,245.83.00 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $14,930.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee’s administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $781.50. The quarterly payments for the second four quarters shall be $1,702.00. The quarterly payments for the final four quarters shall be $1,249.00. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated April 28, 2026 is available at https://urlcurt.com/u?l=PMx7ZV from PacerMonitor.com at no charge. About LL Creations LLC LL Creations, LLC operates an e-commerce business specializing in a micro-niche of the adult novelty industry. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02729) on April 7, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hon. Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Jennifer L. Morando, Esq. Branson Ainsworth PLLC 1501 East Concord Street Orlando, Florida 32803 Telephone: (407) 894-683434 Facsimile: (407) 894-8559 Email: jeff@bransonlaw.com E-mail: jennifer@bransonlaw.com LYCRA COMPANY: Reorganized Co's Enterprise Value Set at $473M ------------------------------------------------------------- In supporting confirmation of the First Amended Joint Prepackaged Plan of Reorganization for The LYCRA Company LLC and its debtor-affiliates, Houlihan Lokey Inc., performed a valuation analysis estimating the total Enterprise Value and implied Equity Value of the Reorganized Debtors on a going-concern basis, pro forma for the Plan transactions. As of an assumed Effective Date of May 15, 2026 (with analysis as of April 29, 2026), Houlihan estimates the Enterprise Value in a range of approximately $416 million to $529 million, with a midpoint of $473 million. After adjustments for debt, capital leases, contingent liabilities, excess cash, and non-operating assets, the implied Equity Value ranges from $0 to approximately $61 million, with a midpoint of $0. Based on the valuation and Plan terms, projected recoveries are as follows (including post-petition interest considerations for certain classes): Class 3 (ssTL Claims): 69%-96% (midpoint 74%) Class 4 (Euro Notes Claims): 3-4% (midpoint 3%) Class 5 (Dollar Notes Claims): 2% (midpoint 2%) Class 6 (Promissory Notes Claims): M & B HOLDINGS: Alexandra Garrett Named Subchapter V Trustee ------------------------------------------------------------ Mark S. Zimlich, the U.S. Bankruptcy Administrator for the Southern District of Alabama, appointed Alexandra K. Garrett as Subchapter V trustee for M & B Holdings of Delaware, LLC. About M & B Holdings of Delaware LLC M & B Holdings of Delaware, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11230) on April 29, 2026, with $1 million to $10 million in both assets and liabilities. Judy Belk, manager, signed the petition. Judge Henry A. Callaway presides over the case. Edward J. Peterson, Esq., at Berger Singerman, LLP represents the Debtor as legal counsel. MAMA BIRD'S: Seeks to Hire Narron Wenzel PA as Special Counsel -------------------------------------------------------------- Mama Bird's Cookies N Cream LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Narron Wenzel, PA as special counsel. The Debtor needs the firm's legal assistance in connection with the investigation/examination by the United States Department of Labor, Wage and Hour Division which appears to be focusing on the Apex franchise and the Debtor is seeking legal advice and assistance dealing with the Investigation. The firm will be paid at the rate of $430 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Austin disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William Joseph Austin, Jr., Esq. Narron Wenzel, PA 3737 Glenwood Avenue, Suite 200 Raleigh, NC 27612 Tel: (919) 977-8018 Email: jaustin@narronwenzel.com About Mama Bird's Cookies N Cream LLC Mama Bird's Cookies N Cream, LLC, doing business as Mama Bird's Ice Cream, produces handcrafted ice cream and baked goods from its locations in Holy Springs and Apex, North Carolina, offering a range of rotating flavors that highlight traditional recipes with unique twists. The company emphasizes scratch-made desserts, including gluten-free options, and serves customers through its physical locations and a mobile unit. Its operations focus on creating a community-oriented environment, catering to local consumers and families seeking artisanal frozen treats. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-00272) on January 20, 2026, with $321,096 in assets and $1,044,349 in liabilities. Lesley Richmond, managing member, signed the petition. Judge David M. Warren presides over the case. Laurie B. Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. MANDS ELECTRIC: Joseph Frost Named Subchapter V Trustee ------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed Joseph Z. Frost as Subchapter V Trustee for MANDS Electric NC LLC. About MANDS Electric NC LLC MANDS Electric NC LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01997) on May 1, 2026, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge David M. Warren presides over the case. Jennifer B. Lyday, Esq. at Waldrep Wall Babcock & Bailey, PLLC represents the Debtor as legal counsel. MARCONE YELLOWSTONE: Ares Capital Marks $400,000 1L Loan at 25% Off ------------------------------------------------------------------- Ares Capital Corp. has marked its $400,000 loan extended to Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC to market at $300,000 or 75% 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 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC. The 1L Loan accrues an interests of 7.56% SOFR (Q) 3.75% per annum. The 1L Loan matures on June 2028. 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 Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC is a distributor of OEM appliance aftermarket parts. MATE LLC: Seeks to Hire Eisler Hamilton LLC as Counsel ------------------------------------------------------ Mate, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Eisler Hamilton, LLC as counsel. The firm will provide these services: (a) provide advice on duties and responsibilities in the chapter 11 case; (b) maximize the value of assets of the bankruptcy estate; (c) negotiate with creditors and parties in interest; (d) prosecute prospective actions on behalf of the Debtor and defend against actions brought against the Debtor; (e) review and (where appropriate) object to proofs of claim; (f) where appropriate, assume and reject executory contracts and unexpired leases; (g) prepare necessary motions, notices, orders, and reports; (h) prepare and seek approval of a disclosure statement and plan of reorganization; and (i) appear at meetings and in court and provide other necessary and appropriate services. The firm will be paid at an hourly rate of $540. On March 25, 2026, Nesrin Abazza, the wife of Alfredo Mauricio Fraga, the 80% member of the Debtor, paid the firm a retainer of $19,147. Eisler Hamilton, 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: Alan D. Eisler, Esq. Eisler Hamilton, LLC 1 Research Court, Suite 450 Rockville, MD 20850 Telephone: (240) 283-1164 Facsimile: (301) 519-8005 E-mail: aeisler@e-hlegal.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. Mate LLC in Washington, DC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.C. Case No. 26-00213) on April 24, 2026, listing $321,348 in assets and $1,874,370 in liabilities. Alfredo Mauricio Fraga as managing member, signed the petition. EISLER HAMILTON, LLC serve as the Debtor's legal counsel. MCGEACHY HOLDING: Kathleen O'Malley Named Subchapter V Trustee -------------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Kathleen O'Malley as Subchapter V trustee for McGeachy Holding LLC. Ms. O'Malley will be paid an hourly fee of $375 for her services. Ms. O'Malley disclosed in a court filing that she does not have an interest materially adverse to McGeachy Holding's estate, creditors and equity security holders. About McGeachy Holding LLC McGeachy Holding LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01995) on May 1, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Joseph N. Callaway presides over the case. Laurie Biggs, Esq. at Biggs Law Firm, PLLC represents the Debtor as bankruptcy counsel. MEYER LABORATORY: Ares Capital Marks $600,000 1L Loan at 25% Off ---------------------------------------------------------------- Ares Capital Corp. has marked its $600,000 loan extended to Meyer Laboratory, LLC and Meyer Parent, LLC to market at $500,000 or 75% 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 Meyer Laboratory, LLC and Meyer Parent, LLC. The Loan accrues an interests of 10.45% (3.75% PIK) SOFR (Q) 6.75% per annum. The Loan matures on February 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 Meyer Laboratory, LLC and Meyer Parent, LLC Meyer Laboratory, LLC and Meyer Parent, LLC is a provider of industrial and institutional cleaning chemicals and application systems. MODERN AVIATION: S&P Assigns 'B-' ICR on Market Size and Leverage ----------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to fixed-based operator (FBO) Modern Aviation FBO Holdings LLC (Modern) and a 'B-' issue-level rating to its senior secured debt, with a recovery rating of '3'. S&P said, "The stable outlook reflects our expectation of continued favorable operating performance, driven by industry tailwinds and both organic and M&A-driven revenue growth. We expect S&P Global Ratings-adjusted debt to EBITDA to remain at 7x-8x." Modern plans to issue an $85 million revolving credit facility and a $500 million term loan B to refinance its capital structure. In terms of its number of locations, Modern is smaller than more-established peers, but the company has been growing through acquisitions. S&P said, "Our ratings reflect Modern's small but growing position in the North American FBO market. Operating in 19 airport locations, Modern is among the top five largest North American operators. There are very high barriers to entry in this industry, as leases with airports average 25 years. Winning and retaining these leases hinges on strong relationships and excellent service quality, areas where Modern has demonstrated success through its renewal rates. Another barrier is the limited airport development space because more hangars cannot be built due to regulations and limited available land. As a result, we believe having these long-dated leases is fundamental for success. Modern is working toward improving utilization of its hangar space to grow rental revenue, which in turn will improve margins. While Modern has a decent position in the overall market, it's much smaller than the top two FBOs, Signature and Atlantic Aviation, which have over 150 and 100 airport locations in North America, respectively. We view these two as the dominant industry leaders." Modern's smaller size makes it more vulnerable to execution risk. S&P considers the private aviation market to be resilient, as it's recovered quickly after economic downturns. Original equipment manufacturer backlogs also point to continued growth as demand for larger jets persists, in turn increasing demand for fuel and hangar rentals. Modern is also well positioned to handle volatility, as it has a largely variable cost base. Fuel is its largest cost, and it passes this through to customers. However, given the relatively few number of locations, Modern's topline could be hit harder if certain airport flight volumes are reduced or the company encounters issues with ongoing operations or integrating newly acquired FBOs. S&P said, "We expect Modern will maintain high profitability in the coming years, with S&P Global Ratings-adjusted EBITDA margins above 25%. The company has low working-capital needs and limited maintenance capex requirements, which we believe will drive cash-flow generation. We anticipate Modern will increase growth capital expenditures as needed to secure acquisitions or new leases requiring hangar improvements. As a result, we expect free operating cash flow (FOCF) of almost $15 million in 2026. While the company works to grow its rental revenue organically and through M&A, we expect year-over-year margin improvement, with EBITDA margins increasing 70 basis points to almost 27% in 2026 and further expansion in 2027." Modern's private-equity ownership and plans for M&A growth could limit significant deleveraging. Apollo Global Management invested in Modern in 2024 through its infrastructure funds managed by affiliates and currently has majority ownership. Tiger Infrastructure Partners has a minority stake. S&P said, "We believe the sponsors support the strategy to grow through M&A, though our base-case scenario doesn't factor in any specific acquisitions because their timing and size are uncertain at this stage. We believe the owners could fund M&A with excess cash flows or debt. We also see debt-funded dividend payments as possible, though we think acquisitions may weigh more on the company's financial policy in the near term." The stable outlook reflects S&P's expectation of continued favorable operating performance, driven by industry tailwinds, both organic and M&A-driven revenue growth, and improving margins. S&P could lower its rating on Modern if: -- There's a severe decline in general aviation activity due to a recession, supply-chain issues, or high volatility in fuel prices; -- Cash flow turns negative, which could result from loss of business due to operational execution mishaps that could include service-quality issues or reputational challenges; -- S&P views the company's capital structure as unsustainable; this could occur if EBITDA interest coverage is weaker than it expects due to business execution missteps or debt-funded acquisitions that aren't immediately accretive to earnings. S&P could raise its rating on Modern if: -- It demonstrates a more conservative financial policy, sustaining adjusted leverage under 7x and FOCF to debt in the mid-single-digit percent area; and -- The company increases its scale and scope through organic growth and EBITDA-accretive M&A, in line with similarly rated issuers. MOUNTAIN RIDGE: Seeks to Sell Arkansas Properties at Auction ------------------------------------------------------------ Mountain Ridge Condominium Council of Co-Owners, Inc. and its affiliates, The Mountain Meadows Association, Inc., Cliffside Lodge II Council of Co-Owners, Inc., Hamilton Cove Townhouses Properties Owners Association, Inc., and The Fairways Townhouse Association, Inc., seek permission from the U.S. Bankruptcy Court for the Eastern District of Arkansas, Central Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. Debtors are non-profit corporations organized under the laws of the State of Arkansas pursuant their respective Articles of Incorporation filed with the Secretary of State of the State of Arkansas, filed on June 17, 1985, for Mountain Ridge; July 20, 1984, for Mountain Meadows; May 1, 2000, for Cliffside Lodge; June 30, 1986, for Hamilton Cove; and June 18, 1982, for The Fairways. The properties governed by Debtors include: a) Mountain Ridge includes five buildings, with a total of 60 separate Units, located at 100 Mountain Ridge Circle, Fairfield Bay, Arkansas 72088. b) Mountain Meadows includes 16 stand-alone Units (villas), located at 100 Pedestal Lane, Fairfield Bay, Arkansas 72088. c) Cliffside Lodge includes two buildings, with a total of 24 separate Units, located at 125 Chelsea Drive, Fairfield Bay, Arkansas 72088. d) Hamilton Cove includes seven buildings, with a total of 37 separate Units, located at 1125 Dave Creek Parkway, Fairfield Bay, Arkansas 72088. e) The Fairways includes seventeen buildings, with a total of 68 separate Units, located at 100 Fairways Drive, Fairfield Bay, Arkansas 72088. The Declarations establish each of the Debtors and submit the Properties to an interval form of ownership. The By-Laws also provide that the owners of the condominium units are the members of respective the Debtor. The Properties operate as timeshare communities, with all Units being fully furnished. There are in total 10,660 unit-weeks across the Properties, including 3,120 at Mountain Ridge, 832 at Mountain Meadows, 1,248 at Cliffside Lodge, 1,924 at Hamilton Cove, and 3,536 at the Fairways. Mountain Ridge owns 120 intervals at its Properties and a concomitant share of the common elements, which comprises approximately 3.85% of the total intervals at Mountain Ridge; Mountain Meadows owns 32 intervals at its Properties and a concomitant share of the common elements, which comprises approximately 3.85% of the total intervals at Mountain Meadows; Cliffside Lodge owns 48 intervals at its Properties and a concomitant share of the common elements, which comprises approximately 3.85% of the total intervals at Cliffside Lodge; Hamilton Cove owns 37 intervals at its Properties and a concomitant share of the common elements, which comprises approximately 1.92% of the total intervals at Hamilton Cove; and The Fairways owns 136 intervals at its Properties and a concomitant share of the common elements, which comprises approximately 3.85% of the total intervals at The Fairways. Each Debtor is a tenant in common with its Association Members. PTVO Owners Association, Inc. owns 1,667 intervals at Mountain Ridge, 421 intervals at Mountain Meadows, 717 intervals at Cliffside Lodge, 1,110 intervals at Hamilton Cove, and 1,967 intervals at The Fairways, which represents approximately 53.43%, 50.60%, 57.45%, 57.69%, and 55.63% of the total intervals, respectively. Wyndham Vacation Resorts, Inc. owns 426 intervals at Mountain Ridge, 110 intervals at Mountain Meadows, 171 intervals at Cliffside Lodge, 239 intervals at Hamilton Cove, and 489 intervals at The Fairways, which represents approximately 13.65%, 13.22%, 13.70%, 12.42%, and 13.83% of the total intervals, respectively. The remaining intervals (907 at Mountain Ridge, 269 at Mountain Meadows, 312 at Cliffside Lodge, 538 at Hamilton Cove, and 944 at The Fairways, total 29.07%, 32.33%, 25.00%, 27.96%, and 26.70% of the total intervals, respectively) are owned by parties to corresponding contracts, with each interval having its own separate corresponding contract with their corresponding Debtor. The Debtors intend to file one or more adversary proceedings seeking judgments authorizing the sale of the Properties (collectively or individually), together with the interests of all Association Members, including the interests of the Interval Owners. The Debtors retain Hilco Real Estate, LLC as real estate broker to market the Properties. The Debtors seek approval of the Bidding Procedures to establish an open process for the solicitation, receipt, and evaluation of Bids in a fair, accessible, and expeditious manner. The Debtors seek to sell the Properties to the highest and best bidder to maximize value for the bankruptcy estates. The Bidding Procedures are designed to generate the highest or otherwise best available recoveries to Debtors’ stakeholders by encouraging prospective bidders to submit competitive, value-maximizing Bids. Debtors are seeking approval of the Bidding Procedures and the following proposed timeline for the sale process to establish a clear and open process for the solicitation, receipt, and evaluation of Bids on a timeline that allows Debtors to consummate one or more Sale Transactions. The Auction for the Properties, if needed, will be conducted virtually via Zoom on July 27, 2026, at 10:00 a.m. prevailing Central Time, subject to any adjournment in accordance with the Bidding Procedures. Only Qualified Bidders that have submitted Qualified Bids by the Bid Deadline are eligible to participate in the Auction, provided that any Stalking Horse Bidder shall be considered a Qualified Bidder and any Stalking Horse PSA shall be considered a Qualified Bid. The Debtors submit that the Bidding Procedures are a valid exercise of their business judgment, fair and appropriate under the circumstances, consistent with procedures routinely approved by courts in this Circuit, and in the best interest of their estates. The Debtors believe that the proposed Bidding Procedures will promote active bidding from seriously interested parties and will maximize the value of the Properties for the benefit of Debtors’ estates. 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. MUTINY BBQ: Brian Hofmeister Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Brian Hofmeister, Esq., as Subchapter V trustee for Mutiny BBQ Company, LLC. Mr. Hofmeister will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hofmeister declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian W. Hofmeister, Esq. 3131 Princeton Pike Building 5, Suite 110 Lawrenceville, NJ 08648 Phone: (609) 890-1500 Email: bwh@hofmeisterfirm.com About Mutiny BBQ Company LLC Mutiny BBQ Company, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14759) on April 29, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Jonathan Goldsmith Cohen, Esq., at I. Mark Cohen Law Group represents the Debtor as bankruptcy counsel. MY VAPE ORDER: Aaron Cohen Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for My Vape Order, Inc. Mr. Cohen will be paid an hourly fee of $325 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About My Vape Order Inc. My Vape Order, Inc., led by Chief Executive Officer Kyle Godfrey, is an Irvine, California-based wholesale company that provides nicotine e-liquid products. Founded in 2016, the company submitted a Premarket Tobacco Application to the U.S. Food and Drug Administration for its e-liquids in 2020 and serves customers in the vape and nicotine-products market. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01900) on April 29, 2026, with $215,509 in assets and $5,507,034 in liabilities. Kyle Godfrey, chief executive officer, signed the petition. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. MY VAPE ORDER: Hires Seeks to Hire Bryan K. Mickler as Attorney --------------------------------------------------------------- My Vape Order, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bryan K. Mickler, a professional practicing law in Jacksonville, Florida, as its attorney. Mr. Mickler will provide these services: (a) general representation of the applicant in this proceeding; and (b) performance of all legal services for the applicant which may be necessary. The professional will be paid an hourly rate of $300 to $400. Mr. Mickler assured the court that he has no interest adverse to the Debtor or the estate in any of the matters upon which he is to be engaged. The firm can be reached at: Bryan K. Mickler, Esq. Law Offices of Mickler & Mickler, LLD 5452 Arlington Expressway Jacksonville, FL 322211 Telephone: (904) 725-0822 Facsimile: (904) 725-0855 E-mail: bkmickler@planlaw.com About My Vape Order, Inc. My Vape Order, Inc. operates in the vaping products market, offering a range of electronic nicotine delivery systems, accessories, and related merchandise through online and retail channels. My Vape Order, Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01900) on April 29, 2026. The filing lists assets estimated between $100,001 and $1,000,000 and liabilities ranging from $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Jacob A. Brown. The Debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. NEUROONE MEDICAL: Regains Compliance With Nasdaq Bid Price Rule --------------------------------------------------------------- NeuroOne Medical Technologies Corporation announced that the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC notifying the Company that it had regained compliance with the $1.00 per share minimum bid price requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2), as a result of the closing bid price of the Company's common stock being at $1.00 per share or greater for the prior 10 consecutive business days. The letter indicated the Company is in compliance with the Bid Price Rule and the matter is closed. As previously disclosed, on May 6, 2025, the Company received a deficiency letter from the Staff notifying the Company that because the closing bid price per share of the Company's common stock was below $1.00 per share for 30 consecutive business days preceding the date of the Bid Price Notice, the Company did not meet the Bid Price Rule. About NeuroOne Medical Technologies Headquartered in Eden Prairie, Minnesota, NeuroOne Medical Technologies Corporation -- https://nmtc1.com/ -- is a medical technology company focused on (i) diagnostic, ablation and deep brain stimulation technology for brain related conditions such as epilepsy and Parkinson's disease; (ii) ablation and stimulation for pain management throughout the body; and (iii) drug delivery including diagnostic and stimulation capabilities. The Company is developing and commercializing thin film electrode technology for continuous electroencephalogram ("cEEG") and stereoelectrocencephalography ("sEEG"), spinal cord stimulation, brain stimulation, drug delivery and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential tremors, chronic pain due to failed back surgeries and other pain-related neurological disorders. The Company is also developing the capability to use its sEEG electrode technology to deliver drugs or gene therapy while being able to record brain activity before, during, and after delivery. Additionally, the Company is investigating the potential applications of its technology associated with artificial intelligence. Minneapolis, Minnesota-based Baker Tilly US, LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated Dec. 17, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025, citing that had recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future and requires additional working capital. These are the reasons that raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $8.6 million in total assets, $2.2 million in total liabilities, and $6.4 million in total stockholders' equity. NEW HOPE HOUSING: Angela Shortall Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC as Subchapter V trustee for New Hope Housing, Inc. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About New Hope Housing Inc. New Hope Housing, Inc. is a non-profit agency based in Alexandria, Virginia. Founded in 1977, the organization has provided services to homeless families and single adults since 1978. It offers housing programs and support services in Northern Virginia, including group homes, Housing First apartments, homeless prevention and rapid re-housing, education and employment support, and mobile medical outreach. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11054) on May 1, 2026, with $1 million to $10 million in assets and liabilities. Ann Barrett, executive director, signed the petition. Brittany B. Falabella, Esq. at HIRSCHLER FLEISCHER, P.C. represents the Debtor as legal counsel. NEW INSIGHT: S&P Lowers ICR to 'CCC+' Then Withdraws Rating ----------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on New Insight Holdings Inc.'s (doing business as Dynata) to 'CCC+' from 'B-'. S&P also lowered its issue-level rating on its first-lien debt to 'B' from 'B+' and its issue-level rating on its second-lien debt to 'CCC+' from 'B-'. The recovery ratings are unchanged. At the same time, S&P revised the outlook to negative from stable. S&P subsequently withdrew all the ratings at the request of the issuer. S&P said, "The downgrade reflects our view that New Insight's capital structure is unsustainable due to weakening operating performance, negative free cash flow, and elevated leverage. As of March 31, 2026, the company held approximately $26.5 million in cash and had $60 million available under its $85 million asset-based revolving credit facility (ABL). The company was able to refinance its ABL in the first half of 2026, upsizing to $85 million with a 2031 maturity, which provides some near-term flexibility. However, this underscores the company's ongoing need for external funding given its negative free operating cash flow (FOCF). FOCF improved to negative $12.2 million in 2025 from negative $22.2 million in 2024, demonstrating some progress from the company's transformation plan. However, we forecast continued negative FOCF of approximately $11 million in 2026, driven by increased working-capital needs, a planned one-time legal settlement, and our expected revenue declines. We assess the company's liquidity as less than adequate, as it has limited capacity to absorb low-probability adversities due to ongoing negative FOCF. In addition, its second-lien debt is trading well below par, heightening the risk of a distressed transaction. We expect the lack of near-term maturities (the soonest is in July 2028) to provide some time for the company to execute its business initiatives, but operational missteps or delays could quickly erode liquidity." New Insight's revenue declined significantly (8.8%) in 2025, reflecting challenging end-market conditions. S&P expects revenue to decline further by 1.5% in 2026 and 4% in 2027. The expected $30 million in political revenue from the 2026 midterm election cycle will partially mitigate the anticipated decline, but S&P still forecasts an overall revenue decrease of 1.5%. These declines are attributable to macroeconomic uncertainty, an evolving competitive landscape, decreased advertising budgets, and the trend of larger corporations insourcing their market research needs. The company's ability to counter these headwinds will depend on the development and adoption of new product offerings and increased market penetration. The company's profitability improved in 2025, with its S&P Global Ratings-adjusted EBITDA margin reaching 22.9%, primarily due to the roll-off of restructuring-related expenses from the 2024 bankruptcy. S&P said, "However, in 2026 we anticipate a modest margin contraction of approximately 30 basis points (bps) to 22.6%. This stems primarily from continued pricing pressure within the core Market Research Agency (MRA) business, which is highly competitive. Furthermore, we expect operating expenses to increase marginally in 2026 as New Insight nears the completion of its three-year transformational plan." Despite these headwinds and declining revenue, New Insight has maintained relatively stable gross margins in the low 60% range and S&P Global Ratings-adjusted EBITDA margins in the low 20%. The company continues to pursue strategic growth initiatives aimed at diversifying its service offerings and increasing market capture. New Insight's capital structure remains a key concern. Its S&P Global Ratings-adjusted debt to EBITDA is currently elevated, above 7x, and we expect it to remain relatively flat at approximately 7.1x in 2026. The company has limited financial flexibility to absorb further operational weakness. While the planned reduction in capital expenditures to $19 million in 2026 from $30 million in 2025 will support cash-flow generation somewhat, it's insufficient to improve it materially without a sustained recovery in operating performance. S&P subsequently withdrew all its ratings on New Insight Holdings at the issuer's request. NORTHERN LIGHT: Moody's Alters Outlook on Ba3 Bond Rating to Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Northern Light Health, ME 's (NLH) Ba3 revenue bond rating. The outlook has been revised to stable from negative. NLH had $572 million of debt outstanding at fiscal year-end 2025. Revision of the outlook to stable from negative reflects an ongoing turnaround of financial performance, which is allowing NLH to reduce operating losses and stabilize cash reserves. RATINGS RATIONALE Affirmation of the Ba3 rating is supported by NLH's dominant market position over a broad geography and limited competition. NLH reduced operating losses in fiscal 2025 and will build upon operating performance improvements to sustain positive operating cash flow margins in fiscal 2026. Liquidity remains weak but is stabilizing at approximately 50-60 days cash on hand. Management is executing a financial turnaround plan and evaluating systemwide care delivery efficiencies, which should support longer-term improvement. Additionally, given the current financial environment, NLH is working with Optum to restructure the existing partnership to support its performance improvement work and to finalize the advance related to Change Healthcare. Ongoing challenges include elevated labor costs, particularly at rural facilities and the flagship hospital, driven by agency utilization and union-related wage increases. RATING OUTLOOK The stable outlook reflects a continuation of improved operating cash flow generation as management advances performance initiatives, supporting maintenance of at least 50 days cash on hand (excluding bank line draws). The outlook also assumes that NLH will clear its financial covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material growth in liquidity absent additional debt -- Sustained and continued improvement in financial performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to sustain positive operating cash flow margins -- Decline or projected decline in cash on hand to below 45 days (excluding bank line draws) -- Inability to renew bank lines or renewal with unfavorable terms PROFILE Northern Light Health is comprised of 9 hospitals located across Maine, including the flagship Eastern Maine Medical Center in Bangor. The system employs a large number of physicians and has the largest geographic footprint in the state. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. NRG ENERGY: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed NRG Energy, Inc.'s (NRG) Long-Term Issuer Default Rating at 'BB+'. The Rating Outlook is Stable. Fitch has also affirmed NRG's senior secured debt at 'BBB-' (including debt issued by Alexander Funding Trust II), senior unsecured debt at 'BB+', and preferred debt at 'BB-'. The affirmation reflects the completion of the LS Power acquisition, which adds 13 GW of natural gas-fired generation capacity and a 6 GW commercial and industrial virtual power plant platform. The transaction doubles NRG's generation fleet while enhancing its geographic footprint and fuel diversification. Although leverage is expected to rise above Fitch's negative sensitivity threshold in the near term, Fitch anticipates it will decline to below 3.5x by 2028. Key Rating Drivers Leveraging Transaction: On Jan. 30, 2026, NRG completed the LS Power acquisition funded by 24.25 million shares of NRG common stock, $6.4 million of cash consideration, which was debt funded, and certain adjustments of $479 million. NRG also assumed $3.2 billion of subsidiary debt. NRG's pro forma 2026 EBITDA gross leverage increases to approximately 4.3x, which is materially above Fitch's 3.5x downgrade threshold. Fitch expects gross leverage to decline to below 3.5x by 2028 facilitated by debt paydown and EBITDA growth. Fitch's 3.5x leverage threshold is calculated on a gross debt basis and includes NRG's series A preferred stock (50% equity credit). Improved Asset and Market Diversity: The acquisition improves NRG's fuel mix with the addition of more modern natural gas fired plants. The acquisition also reduces the company's exposure to Texas. Fitch estimates that NRG's EBITDA attributed to Texas will decline to approximately 40%, from 50% previously. EBITDA contribution from Vivint, which provides security and smart home services, will decline to approximately 20%, from the prior 27% level. NRG's coal generation capacity is reduced to 24% from 48% pre-acquisition, reducing climate transition risks and potential regulatory risks. Shift in Asset Ownership Strategy: NRG's acquisition of generating assets is a significant shift from the customer-focused nature of its prior major acquisitions: Direct Energy in 2020 and Vivint Smart Home in 2022. With the LS Power acquisition, NRG now has surplus capacity in both the ERCOT and PJM markets, erasing the previous deficit. While the addition of physical assets removes risk related to being short power, NRG is now exposed to different risks such as merchant prices for excess generation, fuel supply and plant operations. The increased ownership of physical generation could allow NRG to reduce collateral postings, which is a positive. Commodity Exposure: Despite the additional generation assets, as an integrated energy marketer, NRG is still exposed to commodity risks. Unexpected differences in load forecasts, wholesale power markets, commodity prices and plant operations could have a significant impact on cash flow. Fitch expects NRG's pre-acquisition ERCOT generation to be approximately 50% hedged in 2026 and less than 25% in 2027. Significant Load Growth Expected: NRG expects to benefit from the increasing demand for electricity from data centers. In addition to increased utilization of existing facilities, the company is discussing redevelopment of retired power facilities. NRG signed a 445 MW long-term PPA with a hyperscaler in 2025 and is likely to pursue similar opportunities going forward. Fitch's financial forecast includes one large, contracted data center opportunity in 2026. Fitch expects NRG to pursue contracted data center growth within its stated credit metric goals and limit stock buybacks to $1 billion annually until it has reached 3.0x net debt to adjusted EBITDA, per its calculations. Non-Recourse Subsidiary Debt: The recent financings redeemed $1.5 billion of the $3.2 billion Lightning Power, LLC nonrecourse debt. Lightning Power will be an excluded project subsidiary under NRG's credit agreement. While NRG debt is technically subordinated to Lightning debt, Fitch does not anticipate significant restrictions in NRG's ability to upstream cash. As a result, Fitch has evaluated NRG's credit metrics on a consolidated basis. Peer Analysis NRG is rated below peers Vistra Corp. (BBB-/Stable) and Calpine Corporation (BBB/Stable). The LS Power acquisition raises NRG's leverage meaningfully. Fitch expects gross EBITDA leverage to return within NRG's 3.5x downgrade threshold by 2028. NRG's leverage is higher than that of Vistra, which is expected to sustain gross EBITDA leverage at 3.0x-3.5x from 2025-2027. Fitch expects Calpine's leverage to be 3.5x-4.0x in 2025-2028. Calpine's rating benefits from strong linkage to its parent, Constellation Energy Corporation. NRG's recent acquisition will diversity its cash flow sources. Fitch estimates that NRG's concentration in Texas will decline to 40% of EBITDA from prior 50%. Vistra's portfolio is less diversified geographically than its peers, with more than 50% of its consolidated EBITDA from operations in Texas. Like NRG, Vistra benefits from ownership of large and well-entrenched retail electricity businesses in Texas. Calpine's retail business is much smaller. NRG's business profile benefits from its ownership of Vivint, a home security business, which diversifies its revenue stream compared to Vistra. Furthermore, NRG's generation fleet bears less operational and environmental risk compared to Vistra's portfolio, which also has nuclear and coal generation assets. Fitch’s Key Rating-Case Assumptions - Average PJM capacity prices are assumed to be approximately $333/MW-day for 2027/28, $325/MW-day for 2028/29 and $325/MW-day for 2029/30; - Around the clock power prices in PJM and ERCOT at low to mid-$50s/MWH over 2026-2030; - NRG retail gross margins remain in line with Fitch's current expectations and continued practice of hedging retail energy load at signing; - Texas Energy Fund development portfolio completed on time and on budget; - One large data center deal executed in 2026 per management's publicly stated forecast; - Debt paydown and stock buybacks of $1.0 billion annually until net debt to adjusted EBITDA returns to less than 3.0x as per management's publicly stated forecast; - Dividend growth of 7%-9% as per management's publicly stated forecast. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bbb, Moderate), Financial Structure (bb+, Higher), 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. - 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 the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch applies a generic approach to rate and assign Recovery Ratings for issuers in the 'BB' rating category. As per Fitch's criteria, first lien debt of issuers with an IDR of 'BB+' is notched up one level from the IDR. Unsecured debt is rated the same as the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Gross EBITDA leverage exceeding 3.5x by the end of 2028; - Weaker-than-expected power prices and/or capacity auction results; - Unfavorable changes in regulatory constructs or market rules in NRG's core markets; - Aggressive growth including debt funded acquisitions, investment in merchant generation assets or contracted assets with significant volumetric or commodity risks. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Gross EBITDA leverage under 3.0x on a sustainable basis; - Balanced capital allocation to fund new investments that maintain balance-sheet flexibility and leverage within stated goal. Liquidity and Debt Structure NRG has adequate liquidity. It maintains a total of $5.2 billion of secured revolver lines. As of March 31, 2026, NRG had unrestricted cash of $178 million and an undrawn revolver of $3.0 billion. The company has a $900 million senior secured first lien note maturing in 2027 and $500 million maturing in 2029. It also has a $821 million senior note due in 2028 and $2.03 billion due in 2029. Fitch expects NRG to continue to have strong access to capital markets. Issuer Profile NRG is an unregulated, integrated power company producing and selling electricity, natural gas, and related products in major competitive power markets in the U.S. and Canada. Summary of Financial Adjustments NRG's series A preferred stock received 50% equity credit based on Fitch's "Corporate Hybrids Treatment and Notching Criteria." The features supporting 50% equity credit include an ability to defer dividend payments for at least five years and the cumulative feature of deferred dividends. 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 NRG Energy, 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 Prior ----------- ------ ----- Alexander Funding Trust II senior secured LT BBB- Affirmed BBB- NRG Energy, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed BB+ senior secured LT BBB- Affirmed BBB- preferred LT BB- Affirmed BB- OCCIDENTAL PETROLEUM: S&P Alters Outlook to Pos, Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook to positive from stable on Texas-based oil and gas exploration and production (E&P) company Occidental Petroleum Corp. (OXY). S&P also affirmed its 'BB+' issuer credit rating on OXY and its 'BB+' issue-level rating on its existing senior unsecured debt. The positive rating outlook reflects S&P's expectation that OXY will continue to use a portion of its FOCF to pay down gross debt, bringing principal debt to its target of $10 billion, while maintaining FFO to debt above 45%, including under our marginal price assumptions. OXY has paid down $15.6 billion of principal debt since it closed its highly levered acquisition of CrownRock Petroleum in August 2024, bringing total gross debt to $13.3 billion as of May 5, 2026. At the same time, based on its current West Texas Intermediate (WTI) crude oil price assumptions, it estimates the company will generate over $10 billion in free operating cash flow (FOCF) this year, compared with $3.2 billion in 2025. As a result, S&P now estimates OXY's funds from operations (FFO) to debt will exceed 80% in 2026, 70% in 2027, and remain above 45% under its marginal price assumptions. The outlook revision reflects OXY's improved credit measures, as a result of meaningful debt paydown and increased FOCF. Since closing its highly levering acquisition of private-equity-backed Permian producer CrownRock Petroleum in mid-2024, OXY has cut its debt in half, going to $13.3 billion as of May 5, 2026, from nearly $29 billion of gross debt as of Aug. 1, 2024. It repaid debt with FOCF and proceeds from assets sales, including the $9.7 billion cash sale of its chemicals business (OxyChem) to Berkshire Hathaway that closed in January 2026. OXY also suspended share buybacks during 2024 and 2025 as it focused on reducing debt. Incorporating S&P's standard adjustments (including the $8.3 billion preferred and netting $3.8 billion of cash), it estimates S&P Global Ratings-adjusted debt was about $26 billion as of May 5, 2026. S&P said, "OXY's cash flows are highly sensitive to changes in our oil price assumptions, as oil and liquids account for 75% of its production. We have increased our WTI crude oil price assumptions four times since the beginning of the year, with our current assumption at $95 per barrel (/bbl) for the rest of 2026 and $70/bbl in 2027 (from $55/bbl and $60/bbl, respectively, in January). "With over 50% of its total production crude oil and another 25% oil-linked natural gas liquids (NGLs), OXY's cash flows are highly sensitive to changes in our oil price assumptions. Cash flows will also be enhanced by lower interest payments following the significant debt reduction, as well as lower costs due to improving capital efficiencies. "We now estimate OXY's FFO to debt will exceed 80% this year and 70% in 2027, and remain above 45% even under our marginal price assumptions ($50/bbl WTI), which are appropriate ratios for an investment-grade rating given OXY's operating scope, scale and diversification. Despite nearly 15% of its total production generated in the Middle East (in Oman, the United Arab Emirates [UAE], and Qatar), OXY only expects its annual production to be down about 1% as a result of the regional conflict, strategic EOR actions and higher prices under PSC terms. "We expect OXY to achieve its $10 billion gross debt target by year end. Its two key priorities for cash flow are unchanged: maintaining its current production base and growing its dividend. However, once OXY hits its $10 billion debt target, it will reassess its secondary priorities, including further debt reduction, opportunistic share repurchases, and building cash to redeem its preferred stock. "Under the terms of the preferred stock (held by Berkshire Hathaway), OXY cannot voluntarily redeem the preferred stock prior to August 2029, but it would be required to redeem at a 10% premium on a dollar-for-dollar basis for every dollar distributed to shareholders above $4.00/share. After August 2029, OXY can voluntarily redeem the preferred at a 5% premium. We do not assume the company redeems the preferred before August 2029." Successful execution of its long-lived, cost efficient, existing resource base will drive growth, although acquisitions are always an option. OXY estimates it has a 16.5 billion barrels of oil equivalent (boe) resource base that is roughly 50% weighted to short-cycle, high-margin unconventional plays in the U.S., about 30% weighted to enhanced oil recovery (EOR) projects in the onshore U.S., and about 20% weighted to the Gulf of Mexico and international. About 80% of the future portfolio has an oil price break-even below $50/bbl. The company estimates it has brought down operating and capital costs by $2.0 billion since 2023, with another $500 million in savings targeted for 2026, driven by improved operating efficiency. Over the past three years, OXY's organic reserve replacement totaled 116% (including revisions), at a cost of around $10/boe. S&P believes the company's position as a leader in capturing and storing CO2 gives it a natural advantage in executing future, capital-efficient EOR projects in the Permian Basin. S&P said, "We make several adjustments to OXY's debt to calculate our cash flow and leverage metrics. Consistent with our hybrid criteria, we treat the entirety of OXY's preferred stock ($8.3 billion as of March 31, 2026) as a debt-like instrument." This assessment is based on key features of the preferred stock, including the disincentives for deferring dividend payments (unpaid dividends accrue at 9% per annum, and OXY may not pay dividends on common stock during deferral), and ownership by one party. Other adjustments include $3.6 billion of asset retirement obligations, $1.7 billion of lease liabilities, $1.4 billion of environmental liabilities, $0.9 billion in unamortized premiums/debt issuance costs, and $0.7 billion of pension liabilities. S&P also subtracts accessible cash in its adjusted debt figures, which amounted to $3.8 billion as of March 31, 2026. S&P said, "The positive outlook reflects our expectation that OXY will generate stronger cash flow over the next two years based on our higher crude oil price assumptions and continue to use a portion of its FOCF to pay down gross debt, bringing its principal debt amount to $10 billion. We estimate OXY's FFO to debt will average above 80% in 2026 and above 70% in 2027, and remain comfortably above 45% even under our marginal price assumptions, which include a $50/bbl WTI price." S&P could revise its outlook to stable over the next 12 months if we no longer expect OXY to sustain FFO to debt above 45%, including under its marginal price assumptions. This could occur if: -- Oil and gas prices retreat for a prolonged period and the company does not reduce capital spending or shareholder rewards; or -- The company pursues a more aggressive financial policy, such as prioritizing shareholder rewards over debt repayment, or makes a leveraging acquisition that does not add to near-term cash flow. S&P could raise its rating if it expects OXY to maintain FFO to debt above 45%, including under our marginal price assumptions. This would most likely occur if: -- The company continues to generate significant positive FOCF as a result of higher oil prices, cost reductions, and disciplined capital spending; and -- The company achieves its $10 billion gross debt target and continues to use a portion of its FOCF to pay down gross debt or build cash. OCUGEN INC: Launches Offering of $115MM Convertible Notes Due 2034 ------------------------------------------------------------------ Ocugen, Inc. announced its intention to offer, subject to market conditions and other factors, $115 million aggregate principal amount of convertible senior notes due 2034 in a private placement to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended. In connection with the Offering, the Company expects to grant to the initial purchaser of the Notes an option to purchase, for settlement within a 13-day period from the date of initial issuance of the Notes, up to an additional $15 million aggregate principal amount of the Notes. Use of Proceeds The Company intends to use approximately $32.7 million of the net proceeds from the Offering to fully repay the outstanding principal amount, plus accrued and unpaid interest on, the loan and pay other obligations, including the related prepayment fee, in connection therewith, outstanding under the Loan and Security Agreement that the Company is party to with Avenue Venture Opportunities Fund II, L.P. and Avenue Venture Opportunities Fund, L.P. as lenders and Avenue Capital Management II, L.P. as administrative agent and collateral agent, and terminate the Avenue Loan Agreement and all related loan documents. The Company intends to use the remaining net proceeds from the offering for general corporate purposes. Preliminary Financial Information In connection with the Offering, the Company has provided certain preliminary unaudited financial information as of March 31, 2026 as supplemental disclosure to its prior filings with the U.S. Securities and Exchange Commission. The preliminary unaudited financial information is an estimate based on information available to management as of the date of this announcement, has not been reviewed or audited by the Company's independent registered accounting firm, and is subject to change. It is possible that the final results may differ from the preliminary unaudited information provided, including differences due to the completion of the financial closing procedures and/or the annual audit process, changes in facts, circumstances and/or assumptions, and/or developments in the interim. The preliminary unaudited financial information does not present all information necessary for a complete understanding of the Company's results as of March 31, 2026 and should not be viewed as a substitute for full financial statements prepared in accordance with GAAP. Important Notice Neither this announcement nor any related disclosure constitutes an offer to sell or a solicitation of an offer to buy the Notes, any shares of the Company's common stock issuable upon conversion of the Notes, or any other securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by means of a private offering memorandum. A full text copy of the excerpts from Preliminary Offering Memorandum is available at https://tinyurl.com/ypf86mvu About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of December 31, 2025, the Company had $43.5 million in total assets, $55.7 million in total liabilities, and $12.2 million in total stockholders' deficit. OLENOX INDUSTRIES: SG Echo Files Chapter 11 Case ------------------------------------------------ Olenox Industries Inc. disclosed in a regulatory filing that on May 4, 2026 that its wholly owned subsidiary, SG Echo LLC, a Delaware limited liability company, commenced a voluntary case under title 11 of the United States Code on April 28, 2026, in the United States Bankruptcy Court for the Eastern District of Oklahoma, to seek a court-administered reorganization pursuant to a plan of reorganization. The Chapter 11 Case pertains solely to SG Echo and does not involve Olenox Industries, Inc. or any of its other subsidiaries or affiliates, all of which continue normal operations without interruption. SG Echo is pursuing this court-supervised process as part of a proactive strategy to strengthen its financial foundation, streamline operations, and position the business for sustainable long-term growth. The Debtor continues to operate its business as the "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Debtor is seeking approval of a variety of "first day" motions containing customary relief intended to facilitate the Debtor's ability to continue its ordinary course operations, and expects to shortly file the Plan, which contemplates the treatment of claims, including general unsecured claims. "Over the past several months, we have taken meaningful steps to enhance SG Echo's operational efficiency, including the successful relocation of its manufacturing facility to Conroe, Texas," said Mike McLaren, Chief Executive Officer and Chairman of the Board. "This reorganization represents a constructive path forward, enabling SG Echo to significantly reduce its liabilities -- by an estimated $2 million -- and emerge as a stronger, more resilient business with improved cash flow generation." Chief Financial Officer Patricia Kaelin added, "This process provides SG Echo with the flexibility and tools needed to address legacy obligations while accelerating its transformation into a leaner, more efficient operation. We view this as an important milestone in unlocking long-term value for our shareholders." Acceleration of Debt Obligations The filing of the Chapter 11 Case constitutes an event of default that accelerated obligations under the following material debt instrument: approximately $4 million (plus any accrued but unpaid interest) under that certain Loan and Security Agreement between SG Echo, LLC and Enhanced Capital Oklahoma Rural Fund, LLC, dated as of September 20, 2024 (the "Enhanced Loan Agreement"). The Enhanced Loan Agreement provides that, as a result of the Chapter 11 Case, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the Enhanced Loan Agreement are automatically stayed as a result of the Chapter 11 Case, and the creditors' rights of enforcement in respect of the Enhanced Loan Agreement are subject to the applicable provisions of the Bankruptcy Code. Olenox remains focused on delivering high-quality products and services across its core markets, including modular infrastructure, oil and gas, energy services, and energy technologies. Additional Information Additional information about the Chapter 11 Case, including access to Bankruptcy Court documents, is available at the Bankruptcy Court clerk's office located at 101 N. 5th Street, P.O. Box 1888, Muskogee, OK 74402, or through PACER (Public Access to Court Electronic Records) at https://pacer.uscourts.gov. About Olenox Industries Olenox Industries Inc. formerly Safe & Green Holdings Corp. is an industrial holding company focused on acquiring, operating, and scaling businesses that provide engineered solutions across industrial, energy, and infrastructure markets. Through its subsidiaries, including Giant Containers, the Company delivers high-quality modular and containerized systems designed for rapid deployment and long-term performance. The Woodlands, Texas-based M&K CPAS, PLLC, the Company's former auditor, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred net losses since its inception, negative working capital, and negative cash flows from operations, which raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $54,105,678 in total assets, $29,170,121 in total liabilities, and a total stockholders' equity of $24,935,557. OLIVER PARK: Appointment of Chapter 11 Trustee Sought ----------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, asked the U.S. Bankruptcy Court for the Northern District of Georgia to authorize the appointment of a Chapter 11 trustee in Oliver Park Apartments, LLC's bankruptcy case. In a court filing, the U.S. trustee questioned payments made to insiders, including OC Management and Oliver Capital Group, LLC that warrant investigation as these transactions may constitute "voidable preferences or fraudulent transfers." Citing the company's bank statements and court testimony from its representatives, the U.S. trustee alleged the company transferred at least $56,376.50 or 64% of its gross receipts to insiders during the 11-month period from Sept. 1, 2024 through July 31, 2025. The documents show total receipts of $88,139.69 into the company’s Wells Fargo account during that period. "[The company's] management has been unable to provide a sound business justification for causing [the company] to transfer funds to various entities they own and which have not been shown to provide goods or services to [the company] commensurate with the value received," the U.S. trustee said. While the company made payments to insiders, it does not appear to have made payments on its secured obligation to the lender, U.S. Bank, National Association, during the year preceding its bankruptcy filing, according to the U.S. trustee. A court hearing is set for May 20. About Oliver Park Apartments Oliver Park Apartments, LLC leases residential real estate properties. Oliver Park Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60028) on Sept. 1, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC. ONCOTELIC THERAPEUTICS: Unit Gets $12.5M Lunai Preferred Stake -------------------------------------------------------------- Oncotelic Therapeutics Inc. said its wholly owned subsidiary received $12.5 million in stated value of Lunai Bioworks, Inc.'s preferred stock after a patent-holding company partly owned by the subsidiary merged into a Lunai unit, according to an SEC filing. The company said Neurobridge IP Holdings Incorporated merged with a subsidiary of Lunai Bioworks on May 1, with Lunai issuing eight Series B convertible preferred shares with a $20 million aggregate stated value to the holders. Oncotelic Therapeutics's subsidiary received 62.5% of the preferred stock, while Pelerin Therapeutics Inc. received three shares with a $7.5 million stated value. The Series B preferred stock has a per-share stated value of $2.5 million. After stockholder approval, full conversion based on a $1.50 conversion price would result in up to 8,333,333 common shares, subject to adjustment. The company also said it entered an asset transfer agreement with Autotelic Inc., under which Autotelic agreed to transfer certain assets to the company in exchange for common shares equal to 10% of Oncotelic Therapeutics's fully diluted outstanding shares, with the issuance conditioned on an uplisting to NYSE or Nasdaq. No cash was paid for the asset transfer agreement. About Oncotelic Therapeutics Oncotelic Therapeutics, Inc. is a clinical-stage biopharmaceutical company based in Agoura Hills, California. The company develops drugs for orphan oncology indications, including antisense and small molecule injectable drugs for cancer treatment. Its pipeline includes programs for various cancers, including rare pediatric cancers, and it develops additional cancer-treatment products through its joint venture, GMP Biotechnology, Limited. Oncotelic also explores strategic alliances and licensing of its product portfolio and has programs involving artificial intelligence for clinical trials and research and development, manufacturing technologies, COVID-19-related technologies, and apomorphine development for Parkinson's Disease, erectile dysfunction, and female sexual dysfunction. In an audit report dated April 15, 2026, Rose Snyder and Jacobs LLP included a going concern qualification, stating that Oncotelic had experienced recurring losses from operations and had an accumulated deficit and a working capital deficiency. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $393.09 million, total liabilities of $131.36 million and total stockholders' equity of $261.73 million. OUNZAR LLC: Case Summary & Five Unsecured Creditors --------------------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Ounzar LLC (Lead Debtor) 26-42010 19177 Preston Rd Suite 165 Dallas, TX 75252 Capelli Partners LLC 26-42011 11909 Preston Rd Suite 1425 Dallas, TX 75230 Capelli Frisco LLC 26-42012 3311 Preston Rd Suite 6 Frisco, TX 75034 Capelli Austin LLC 26-42014 2600 Lohmans Spur Austin, TX 78734 Business Description: The Debtors own and operate Capelli Salon hair salons in Texas as a single economic unit. With more than 20 years of experience, the salons are marketed as high-end, full- service destination salons and are widely reviewed among Dallas' top hair salons. Their services include hair extensions using major application methods, balayage, custom color, signature "Dallas blonde" coloring, haircuts, blowouts, bridal styling, keratin smoothing treatments, hair replacement and wigs. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Northern District of Texas Judge: Hon. Mark X Mullin Debtors' Bankruptcy Counsel: Robert DeMarco, Esq. Michael S. Mitchell, Esq. DEMARCO MITCHELL, PLLC 500 N. Central Expressway Suite 500 Plano, Texas 75074 Tel: 972-991-5591 Fax: 972-346-6791 Email: robert@demarcomitchell.com mike@demarcomitchell.com Ounzar LLC's Estimated Assets: $1,359,561 Ounzar LLC's Estimated Liabilities: $4,568,570 The petitions were signed by Younes Ounzar as managing member. A full-text copy of the Lead Debtor's petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WEUICBA/Ounzar_LLC__txnbke-26-42010__0001.0.pdf?mcid=tGE4TAMA PAC HOUSING: Seeks to Hire Toni Campbell Parker as Counsel ---------------------------------------------------------- PAC Housing Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Toni Campbell Parker, Esq., an attorney practicing in Memphis, Tenn., to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $20,000. Mr. Parker 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: Toni Campbell Parker, Esq. 45 North Bb King Blvd., Ste. 201 Memphis, TN 38103 Tel: (901) 483-1020 Email: Tparker002@att.net About PAC Housing Group, LLC PAC Housing Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-20073) on January 6, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge M Ruthie Hagan presides over the case. Toni Campbell Parker, Esq. at the Law Office of Toni Campbell Parker represents the Debtor as bankruptcy counsel. PALM COAST PROFESSIONAL: Seeks Chapter 7 Bankruptcy in Florida -------------------------------------------------------------- On May 4, 2026, Palm Coast Professional Services LLC filed for Chapter 7 bankruptcy 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. About Palm Coast Professional Services LLC Palm Coast Professional Services LLC is believed to provide professional, administrative, or business support services in Florida. Palm Coast Professional Services LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02006) on May 4, 2026. In its petition, the debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The debtor is represented by Marc E. Dwyer, Esq. PAPER TIGER: Case Summary & Eight Unsecured Creditors ----------------------------------------------------- Debtor: Paper Tiger Marketing LLC 67 East Ridgewood Avenue, Ste D Ridgewood, NJ 07450 Business Description: Paper Tiger Marketing LLC provides brand, web design, development, and digital marketing services. The company offers services including design systems, art direction, Webflow development, WordPress-to-Webflow migrations, website development, SEO, conversion optimization planning, content creation, paid advertising, analytics, and brand identity work. It also provides related design, hosting, content management, e-commerce, email marketing, and maintenance services. Paper Tiger Marketing LLC is based in Ridgewood, New Jersey. Chapter 11 Petition Date: May 7, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15182 Debtor's Counsel: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. 841 Mountain Avenue Springfield, NJ 07081 Tel: (973) 218-6877 Fax: (973) 218-6878 Email: middlebrooks@middlebrooksshapiro.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Debiak as managing member. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MHB7K5Q/Paper_Tiger_Marketing_LLC__njbke-26-15182__0001.0.pdf?mcid=tGE4TAMA PAR PETROLEUM: S&P Upgrades ICR to 'BB-', Outlook Stable -------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Par Petroleum LLC (Par) to 'BB-' from 'B+'. S&P said, "We also raised our issue-level rating on the company's senior secured debt to 'BB+' from 'BB'. Our '1' recovery rating is unchanged, indicating our expectation for very high (90%-100%; rounded estimate: 90%) recovery in the event of a payment default. We expect to withdraw the rating on the term loan B (TLB) once the company completes its refinancing. "At the same time, we assigned our 'BB-' rating to the company's proposed senior unsecured debt. Our '3' recovery indicates our expectation for meaningful recovery in the event of a payment default. "The stable outlook on Par reflects our expectation that it will maintain S&P Global Ratings-adjusted leverage below 3.0x during our forecast period." Par Pacific's historical track record and the anticipated improvement in financial metrics support the upgrade. The company generated approximately $634 million in adjusted EBITDA in 2025, a significant increase from $239 million in 2024. This growth was spurred by expanded refining margins, high throughput of approximately 188,000 barrels per day (bbl/day), and a systemwide margin capture of approximately 90%. EBITDA momentum has persisted into 2026, with first-quarter 2026 adjusted EBITDA reaching approximately $92 million, compared with $10 million in the first quarter of 2025. Given current market conditions, S&P expects Par will deliver robust financial results by capturing higher refining margins compared with those in previous years. S&P projects Par's leverage will remain below 3.0x over the next two years, which supports our upgrade. Furthermore, S&P expects the logistics and retail segments will contribute EBITDA of approximately $210 million over the next two-three years. Compared with the refining segment, these businesses generate more stable cash flows and strengthen the company's overall competitive position. Par's liquidity position provides sufficient financial flexibility to support growth initiatives. The company intends to increase its asset-based lending (ABL) facility to $1.8 billion from $1.4 billion, which S&P considers adequate to absorb working capital volatility driven by commodity price fluctuations. Combined with expected positive free operating cash flow in future years, this liquidity profile provides Par with the capacity to fund future strategic opportunities. Par plans to issue eight-year senior unsecured bullet notes. As part of this refinancing, the company will issue senior unsecured notes due 2034, the proceeds of which will be used to fully refinance and extinguish the $632 million TLB due 2030, as well as to fund general corporate purposes. The remaining TLB balance will be repaid using cash on hand. S&P said, "We view this transaction as credit neutral because the reduction in total debt outstanding following the refinancing is offset somewhat by the absence of mandatory amortization. We expect to withdraw the rating on the TLB once the refinancing is complete." The stable outlook on Par reflects our expectation that it will maintain S&P Global Ratings-adjusted leverage below 3.0x during our forecast period. S&P could take a negative rating action if it anticipates the company cannot sustain S&P Global Ratings-adjusted leverage below 3.0x. This could occur if: -- Refining margins deteriorate meaningfully on a sustained basis; or -- Par pursues a more aggressive financial policy. Although unlikely in the near term, S&P could consider an upgrade if the company significantly diversifies away from the refining business, mitigating its cash flow volatility, while maintaining consolidated S&P Global Ratings-adjusted debt to EBITDA below 3.0x through the commodity cycle. PCR AGAWAM: To Sell Agawam Property to Western Mortgage ------------------------------------------------------- PCR Agawan LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts, Western Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of 21 Dwight Street, Agawam, MA. 21 Dwight Street is residential rental property with 22 units. The Debtor receives an offer for 21 Dwight Street from Western Mortgage Investors, LLC for the purchase price of $2,500,000. The proposed sale has no contingencies, including financing and inspection contingencies. The proposed transaction requires completion within 30 days of the entry of an Order of the Bankruptcy Court approving the sale. A deposit of $25,000.00 is required under the attached purchase & sale agreement, and, under the agreement, $5,000.00 has been provided with the balance due by May 8, 2026. Higher offers are being solicited under the Motion and a Notice of Intended Sale. There is no broker's fee for the sale. The Debtor believes that the purchase price represents a fair and reasonable price for 21 Dwight Street. the Debtor believes that the interests of the estate of the Chapter 11 Debtor are served by the entry of an Order authorizing the Debtor to sell the aforesaid free and clear of liens and encumbrances. The Debtor believes that there are liens on 21 Dwight Street as follows: * Real Estate and Water and Sewer Charges that may be owed. * A (first) Mortgage to Freedom Credit Union for an amount estimated at $1,950,000. * A junior Mortgage granted to FCU as security for other loans obligations owed to FCU. * A junior Mortgage (junior to all obligations owed to FCU) to 2030 HDFL LLC The sale is free and clear of all liens and encumbrances, excepting real estate taxes, water and sewer charges, and other municipal charges (although these are anticipated to be paid from the sale price). About PCR Agawam LLC PCR Agawam LLC is a Massachusetts-based limited liability company engaged in real estate ownership and investment activities. PCR Agawam LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-30101) on February 16, 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 Elizabeth D. Katz handles the case. The Debtor is represented by the Law Offices of Louis S. Robin. PENNYMAC MORTGAGE: Moody's Cuts CFR to B2, Outlook Remains Stable ----------------------------------------------------------------- Moody's Ratings has downgraded PennyMac Mortgage Investment Trust's (PMT) long-term corporate family rating to B2 from B1. Moody's have also affirmed PMT's B3 long-term issuer rating. The outlook remains stable. RATINGS RATIONALE The downgrade of PMT's CFR primarily reflects the significant decline in the company's capitalization over the past year. PMT's capitalization, as measured by tangible common equity (TCE) to tangible managed assets excluding loans eligible for repurchase (adjusted TMA), is weaker than similarly rated non-bank residential mortgage companies at only 8.3% as of March 31, 2026. This ratio is down materially from 13.5% at year-end 2024 because of significant growth in the company's private-label securitization program, which has resulted in over 50% growth in PMT's assets over the same period. While the securitization financings are non-recourse to the company, PMT often retains a first-loss subordinated interest in the securitization, thereby increasing its exposure to the credit risk of the underlying mortgages. Moody's expects PMT will continue to grow its private-label securitization program, likely leading to a further decline in capitalization, a credit negative. As such, governance considerations were a key factor in the rating action. PMT's B2 CFR is supported by its relationship with its external manager, PennyMac Financial Services, Inc. (PFSI, Ba2 CFR, stable), and its solid franchise position. Combined with PFSI, PMT is the largest correspondent aggregator of US residential mortgage loans. PMT's CFR also reflects strong asset quality in the company's investment portfolio supported by loan borrowers with strong credit fundamentals. The affirmation of PMT's B3 long-term issuer rating primarily reflects credit positive structural features of the company's secured funding arrangements, consisting primarily of mortgage servicing rights (MSR) facilities, credit risk transfer term notes and securitizations to finance its servicing assets and credit-sensitive investments. These arrangements rank senior to the company's senior unsecured obligations and benefit from conservative advance rates that provide meaningful overcollateralization, thereby reducing loss severity for secured creditors and increasing the availability of unencumbered assets to unsecured creditors. PMT's investments also exhibit high credit quality characteristics, which support asset value stability and recovery prospects through the cycle. Furthermore, PMT's strong interest rate hedging framework mitigates earnings volatility and limits potential equity deterioration arising from MSR write-downs. In a default scenario, the lower expected loss severity for senior unsecured creditors further supports the B3 long-term issuer rating. The stable outlook reflects Moody's expectations that profitability and asset quality will remain steady while capitalization will decline modestly over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS PMT's ratings could be upgraded if the company demonstrates solid financial performance, including an increase in capitalization, as measured by TCE/adjusted TMA increasing and remaining above 12.5%, and improvement in long-term, through-the-cycle profitability while preserving its franchise value and maintaining its current liquidity and funding profile. PMT's ratings could be downgraded if Moody's expects the company's capitalization, as measured by TCE/adjusted TMA, to decline and remain below 6.0%. The ratings could also be downgraded if the company's through-the-cycle net income to average managed assets declines and remains below 0.5% or its liquidity position deteriorates materially. The principal methodology used in these ratings was Finance Companies published in July 2024. PMT's "Assigned Standalone Assessment" adjusted score of b2 is set two notches below the "Financial Profile Score" score of Ba3 to reflect the company's declining capitalization and modest profitability. PRO ATHLETICS: Case Summary & 11 Unsecured Creditors ---------------------------------------------------- Debtor: Pro Athletics LLC 2823 E 11th Street Los Angeles, CA 90023 Business Description: Pro Athletics LLC manufactures and sells custom athletic apparel and uniforms, including sportswear produced for team and recreational sports markets. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14467 Judge: Hon. Deborah J Saltzman Debtor's Counsel: Michael Jay Berger, Esq. LAW OFFICES OF MICHAEL JAY BERGER 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Tel: (310) 271-6223 Fax: (310) 271-9805 Email: michael.berger@bankruptcypower.com Total Assets: $122,693 Total Liabilities: $2,507,390 The petition was signed by Christopher A. Serna as managing member. 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/OXNFCKQ/Pro_Athletics_LLC__cacbke-26-14467__0001.0.pdf?mcid=tGE4TAMA PROSPECT MEDICAL: Patients Withdraw 2023 Data Breach Lawsuit ------------------------------------------------------------ Christopher Brown of Bloomberg Law reports that a federal judge has dismissed a proposed class action against Prospect Medical Holdings Inc. after 11 patients voluntarily withdrew claims related to a 2023 data breach that allegedly exposed the personal information of more than 190,000 individuals. The case was pending in Pennsylvania federal court. Judge Wendy Beetlestone entered the dismissal order on Tuesday, May 5, 2026, following a stipulation filed by the plaintiffs weeks earlier. The court had previously declined to dismiss the case in August 2024, allowing it to proceed through earlier stages of litigation, the report states. The plaintiffs' consolidated 2024 complaint alleged that Prospect Medical breached its duty of care by failing to implement adequate safeguards to protect patient data. The alleged security failures were said to have resulted in unauthorized access to confidential information, according to Bloomberg. The voluntary withdrawal brings the lawsuit to a close in its current form, ending one of the major legal actions arising from the healthcare operator's 2023 cybersecurity incident, the report relays. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. QON CONN: Stephen Metz Named Subchapter V Trustee ------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for Qon Conn, LLC. Mr. Metz will be paid an hourly fee of $660 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Metz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Metz Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, Maryland 20814 Phone: (240) 507-1723 Email: smetz@offitkurman.com About Qon Conn LLC Qon Conn, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.D.C. Case No. 26-00231) on April 30, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Linda M. Dorney, Esq., at the Law Offices of Ricahrd B. Rosenblatt, PC represents the Debtor as bankruptcy counsel. QVC GROUP: Net Enterprise Value for Reorganized Co. Pegged at $2B ----------------------------------------------------------------- Evercore Group L.L.C., QVC's investment banker, has estimated the Net Enterprise Value of the Reorganized QVC Debtors at $1.85 billion to $2.25 billion, with a midpoint of $2.05 billion. The valuation was prepared solely for purposes of formulating and negotiating the Debtors' Joint Prepackaged Plan of Reorganization and analysis of implied relative recoveries to creditors under the Plan. The valuation reflects a going-concern estimate as of an assumed Plan Effective Date of Aug. 31, 2026. It is based on Financial Projections provided by the Debtors' management for the years 2026 through 2029 and is presented net of the 40% minority interest in QVC Japan held by Mitsui & Co., LTD. After deducting pro forma funded debt of $1.275 billion and adding estimated emergence cash of $423 million -- including $350 million in unrestricted cash and cash equivalents at QVC, Inc. and approximately $73 million at Cornerstone Brands, Inc. -- the analysis implies an Equity Value for the QVC New Equity Interests of about $998 million to $1.398 billion, with a midpoint of $1.198 billion. The Plan, however, provides that Takeback Debt may be increased to $1.325 billion conditional upon receiving an Exit ABL without a minimum utilization requirement. Unrestricted QVC cash may also be reduced to $325 million conditional upon meeting certain emergence liquidity conditions. Evercore utilized two primary valuation methodologies: -- Discounted Cash Flow (DCF) analysis, which calculates the present value of projected unlevered after-tax free cash flows over the projection period plus a terminal value based on perpetuity growth rates. -- Trading Multiples Analysis, which compares the Reorganized Debtors to selected publicly traded companies with generally similar operating and financial characteristics, applying multiples to relevant metrics such as Adjusted EBITDA. The valuation reflects discussions with senior management, review of historical financial information and the Financial Projections, and other analyses deemed appropriate by Evercore. It assumes the Reorganized Debtors will achieve the projected results in all material respects and that no material changes affecting value will occur between the Disclosure Statement date and the Assumed Effective Date. As reported by Troubled Company Reporter, Judge Alfredo R. Perez granted the motion of QVC Group, Inc. and its affiliated debtors for entry of an order: (a) scheduling the Combined Hearing; (b) establishing the Confirmation Schedule and related procedures; (c) approving the form and manner of the Combined Hearing Notice; (d) approving the Solicitation Procedures; (e) waiving the requirement to mail Solicitation Packages to the Non-Voting Classes; (f) allowing the notice period for the Disclosure Statement and the Combined Hearing to run simultaneously; (g) directing the U.S. Trustee to not convene a Creditors' Meeting and conditionally waiving (1) such Creditors' Meeting and (2) the deadline to file Schedules and SOFAs and Rule 2015.3 Financial Reports; and (h) granting related relief, all as more fully set forth in the Motion. Any objections to the entry of this Order, to the extent not withdrawn or settled, are overruled. The following Confirmation Schedule is approved. Voting Record Date - April 13, 2026 Solicitation Launch Date - April 16, 2026 Petition Date - April 16, 2026 Initial Plan Supplement Deadline - May 11, 2026, at 4:00 p.m., prevailing Central Time Voting Deadline Opt-Out / Opt-In Deadline - May 19, 2026, at 11:59 p.m., prevailing Central Time Confirmation Objection Deadline - May 19, 2026, at 11:59 p.m., prevailing Central Time Deadline to File Confirmation Brief, Reply, and Voting Report - 4 days before the Combined Hearing Combined Hearing - May 26, 2026, or such other date as the Court may direct Occurrence of Effective Date - June 8, 2026, or as soon as practicable thereafter The Combined Hearing, at which time this Court will consider, among other things, final approval of the adequacy of the Disclosure Statement and confirmation of the Plan, shall be held on May 26, 2026 at 9:00 a.m., prevailing Central Time. The Combined Hearing may be continued from time to time by the Court, without further notice, other than adjournments announced in open court or in the filing of a notice of reset hearing in these chapter 11 cases. The adjourned date or dates will be available on the electronic case filing docket and the Claims and Noticing Agent's website at: https://restructuring.ra.kroll.com/QVC The Disclosure Statement (including all applicable exhibits thereto) provides Holders of Claims, Holders of Interests, and other parties in interest with sufficient notice of the injunction, exculpation, and release provisions contained in Article VIII of the Plan, in satisfaction of the requirements of Bankruptcy Rules 2002(c)(3) and 3016(b) and (c). As shared by the Troubled Company Reporter, on April 16, 2026, QVC Group, together with certain of its direct and indirect subsidiaries, entered into a Restructuring Support Agreement with majority lender support. Pursuant to the RSA, QVC Group's principal amount of debt (as of Dec. 31, 2025) will be reduced from approximately $6.6 billion to $1.3 billion, and the newly deleveraged company will emerge as Reorganized QVC, Inc. QVC Group's subsidiaries and entities outside of the U.S. are not included in the court-supervised process underway in the U.S. The only exception is a non-operating subsidiary in Luxembourg that has no team members, customers, vendors or business partners. The Company's global business operations are continuing as normal -- including customer-facing operations in the UK, Germany, Japan, and Italy -- and they are paying vendors and suppliers as usual across all of these geographies. Due to the prepackaged nature of the financial restructuring, the Company expects to complete this process on an expedited basis and, pursuant to the RSA, is targeting emergence within approximately 90 days. The Company had over $1 billion in domestic cash and cash equivalents as of Dec. 31, 2025. Together with cash generated from ongoing operations, QVC Group has ample liquidity to meet its business obligations during the U.S. court-supervised process. Under the terms of the RSA, all third-party general unsecured creditors will be unimpaired, with their claims to be paid in full or reinstated. About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. R.W. SIDLEY: Court Oks Bid Rules on Construction Biz Sale --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, Cleveland, has approved R. W. Sidley Inc.'s bidding procedures for the sale of substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks the Court’s authority to sell substantially all of its operating assets free and clear of liens, claims, encumbrances, and interests, and to assume and assign certain executory contracts and unexpired leases at an auction to a potential purchaser. To maximize the prospect of competitive bidding and obtain the highest value for the assets to be sold at auction. The Debtor requests the Court's approval of a bidding process by which interested bidders may submit to the Debtor a written offer to purchase the Sale Assets as described in the Stalking Horse APA that contains all of the bid components required by the Bidding Procedures. The Court has authorized the Debtor to conduct a bidding procedure. Only pre-qualified bidders may bid and submit a competitive bid to purchase Sale Assets at the Auction Sale, which shall be conducted virtually by video conference commencing at 1:00 p.m. (EST) on June 5, 2026. The Stalking Horse Bidder’s breakup fee of $200,000 is approved. The Breakup Fee will be payable, at Closing, in the event that a Competing Offer is submitted by a Qualifying Bidder(s), anyone other than the Stalking Horse Bidder is determined by an order of the Bankruptcy Court to be the Prevailing Bidder approved to purchase the Sale Assets; and the Stalking Horse APA has not previously been terminated as the result of an uncured breach by the Stalking Horse Bidder. The rights of the Debtor's creditors to bid at the auction of any property shall not be impaired by the entry of this Order and the entry of an order approving the Debtor's motion for approval of the sale of its assets and assumption and assignment of executory contracts and unexpired leases. About R.W. Sidley, Inc. R.W. Sidley Inc. is a construction materials company based in Thompson, Ohio. R.W. Sidley sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-12797) on July 2, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Bankruptcy Judge Jessica E. Price Smith handles the case. The Debtor tapped Anthony J. DeGirolamo, Esq., as counsel and Root, Spitznas & Smiley, Inc. as accountant. RAILHEAD INC: Republic Capital Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------------- Republic Capital Access, LLC filed a motion seeking the appointment of a Chapter 11 trustee in Railhead, Inc.'s bankruptcy case. In its motion, Republic Capital Access asked the U.S. Bankruptcy Court for the Eastern District of Virginia to authorize the appointment of an independent trustee, citing gross mismanagement of funds it claims as its property. Republic Capital Access, the receivables factor under a 2018 agreement with Railhead, complained proceeds from receivables that it claims are its property were improperly used as bridge financing. "Collections that should have been directed to the segregated account instead moved through Railhead-controlled accounts and were used for operations and payroll while [Railhead] waited for Department of State funds," Republic Capital Access said. Republic Capital Access said Railhead President and CEO Jason Butler later admitted diverting about $400,000 in back pay owed to it. In addition to the pre-bankruptcy diversion of its receivable proceeds, Republic Capital Access also alleged that Railhead failed to comply with the March 30 order authorizing interim use of its cash collateral. Republic Capital Access said Railhead continues to miss weekly payments and violate the March 30 order despite the court warning that further noncompliance could result in denial of cash collateral use or the appointment of a Chapter 11 trustee. The motion is on the court's calendar for May 15. A copy of the motion is available for free at https://urlcurt.com/u?l=e897Mm from PacerMonitor.com. Counsel for Republic Capital Access: Thomas J. McKee, Jr., Esq. Greenberg Traurig, LLP 1750 Tysons Blvd., #1000 McLean, VA 22102 Phone: (703) 749-1300 Fax: (703) 749-1301 Tom.McKee@gtlaw.com About Railhead Inc. Railhead, Inc. is a Virginia-based government contracting and consulting firm. Railhead sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10508) on March 2, 2026. In the petition signed by Jason Butler, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Jeffery T. Martin, Esq., at Martin Law Group, PC, represents the Debtor as bankruptcy counsel. REBORN COFFEE: Plans $21 Million Private Placement -------------------------------------------------- Reborn Coffee Inc. agreed to sell common stock in a two-closing private placement for aggregate gross proceeds of $21 million, according to an SEC filing. The Brea, California, company said the first closing covers 1.4 million shares at $2 each for $2.8 million in gross proceeds, subject to Nasdaq review and customary closing conditions. The second closing covers up to 9.1 million shares at the same purchase price for gross proceeds of $18.2 million and is expected after stockholder approvals and other closing conditions. Reborn said net proceeds will support principal business initiatives, including flagship store expansion in key metropolitan markets, brand development, working capital and continued growth of its multichannel distribution strategy. The company said the offering will be exempt from registration under Regulation S and that investors represented that they are non-U.S. persons. About Reborn Coffee Reborn Coffee Inc. is a Brea, California-based specialty coffee retailer and roaster. The company operates retail coffee locations and sells coffee and related products through wholesale and other distribution channels. In an audit report dated April 22, 2026, BRG Group issued a "going concern" qualification citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company had $13.18 million in total assets, $8.54 million in total liabilities, and $4.65 million in total shareholders' equity. RHINOGRAM INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Rhinogram, Inc. PO Box 24655 Chattanooga, TN 37422 Business Description: Rhinogram, Inc., based in Chattanooga, Tennessee, provides a cloud-based patient engagement and virtual care platform that enables health-care providers, patients and office administrators to communicate through HIPAA-compliant SMS/MMS messaging, video interactions, encrypted phone calls, e-forms, appointment reminders and contactless payment tools. Founded in 2017 by Dr. Keith Dressler, the company serves medical, dental, behavioral health, community health, specialty care and health-system customers, with its platform integrating with EHR and practice-management systems to support patient communications and clinical workflows. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-11199 Judge: Hon. Nicholas W Whittenburg Debtor's Counsel: W. Thomas Bible, Jr., Esq. TOM BIBLE LAW 6112 Shallowford Road Chattanooga, TN 37421 Tel: (423) 424-3116 Fax: (423) 499-6311 E-mail: tom@tombiblelaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Keith Dressler as chairman. 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/MIDCA4Q/Rhinogram_Inc__tnebke-26-11199__0001.0.pdf?mcid=tGE4TAMA RITHM CAPITAL: S&P Rates New $500MM Senior Unsecured Notes 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' debt rating to Rithm Capital Corp.'s proposed $500 million senior unsecured notes due 2031. The company intends to use the net proceeds for general corporate purposes, including the repayment of its secured debt. S&P views positively the company's efforts to be more reliant on unsecured funding, which unencumbers its balance sheet and lowers the margin call risk of its capital structure. S&P said, "Our debt rating on the proposed senior unsecured notes is one notch below the 'B' issuer credit rating. This is because we expect Rithm's priority debt to remain above 30% of adjusted assets and its unencumbered assets-to-unsecured debt ratio to remain well above the covenant limit of 1.2x. "Pro forma for the proposed transaction, we expect the company's leverage, measured as debt to adjusted total equity (ATE), to remain within our base-case expectation of 4.5x-6.0x. As of March 31, 2026, its leverage was about 5.5x, relatively unchanged from the end of 2025 level. "The positive outlook on Rithm reflects our expectation that it will continue to increase its scale and business diversity while generating stable earnings and maintaining adequate liquidity. We also expect Rithm to operate with debt to ATE of 4.5x-6.0x on a sustained basis." SAI BHOLE-NATH: $4M Unsecured Claims to Get 0% in Plan ------------------------------------------------------ Sai Bhole-Nath Hotels, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement in support of Joint Plan of Reorganization dated April 30, 2026. The Debtor is a Georgia corporation formed in 2015 by Chetan "Chaz" Patel and Bhartiben "Bharti" Patel, who each own 50% of all outstanding shares. Sai Bhole-Nath owns a limited-service hotel, the Baymont by Wyndham Lubbock - Downtown Civic Center, located at 601 Avenue Q, Lubbock, Texas 79401 (the "Baymont Property"), and conveniently located near the Lubbock Civic Center, Texas Tech University, and the Lubbock airport. Sai Bhole-Nath purchased the Property in 2019 for approximately $4,800,000.00. Sai Bhole-Nath believes that its assets are fully encumbered by the first liens of G Bank and that amounts owed to Mercury Capital Funding LLC and to the U.S. Small Business Administration under the EIDL Loan are unsecured with respect to Sai Bhole-Nath and its assets. Sai Bhole-Nath started to see a decline in occupancy in 2024, when approximately six hundred new hotel rooms were added to the Lubbock tourism market. G Bank was informed of Sai Bhole-Nath's decline in revenue in 2024 and has worked with the Debtor; however, rising interest rates over the past few years, in connection with the decline in revenue, have hindered the Debtors' ability to service the loan in the ordinary course. Sai Bhole-Nath seeks to liquidate its Assets through Chapter 11 pursuant to section 363 of the Bankruptcy Code for the benefit of its creditors. The primary purpose of the Plan is to facilitate the resolution and treatment of the Debtors' outstanding Claims, Liens and Equity Interests. The Plan contemplates a number of Restructuring Transactions, which will provide the basis and consideration for Claims against the Debtors. Class A4 consists of the General Unsecured Claims Against Sai Bhole-Nath. Except to the extent that a holder of an Allowed General Unsecured Claim and the Debtors or Reorganized Debtors agree to less favorable treatment, each holder of an Allowed General Unsecured Claim shall receive in full and final satisfaction of such claim, on or before the one-year anniversary of the Effective Date, its Pro Rata share of any sale proceeds or Cash remaining following payment in full of Claims in Classes A1, A2, and A3. Class A4 is Impaired under the Plan and is entitled to vote. The allowed unsecured claims total $4,099,388.60. This Class will receive a distribution of 0% of their allowed claims. Class B3 consists of the General Unsecured Claims Against Sai Krupa. Except to the extent that a holder of an Allowed B3 General Unsecured Claim and the Debtors or Reorganized Debtors agree to less favorable treatment, each holder of an Allowed B3 General Unsecured Claim shall receive in full and final satisfaction of such claim its Pro Rata share of the Sai Krupa GUC Cash. Class B3 is Impaired under the Plan and is entitled to vote. The allowed unsecured claims total $1,303,480.07. This Class will receive a distribution of 1% of their allowed claims. Class C3 consists of the General Unsecured Claims Against Sai Shyam. Except to the extent that a holder of an Allowed C3 General Unsecured Claim and the Debtors or Reorganized Debtors agree to less favorable treatment, each holder of an Allowed C3 General Unsecured Claim shall receive in full and final satisfaction of such claim its Pro Rata share of the Sai Shyam GUC Cash. Class C3 is Impaired under the Plan and is entitled to vote. The allowed unsecured claims total $807,666.21. This Class will receive a distribution of 1% of their allowed claims. On or before the Effective Date, the Debtors shall effect the following Restructuring Transactions and execute all agreements, instruments, and other documents necessary to complete such transactions. * Sale of Sai Bhole-Nath Assets. On or before the Effective Date, Sai BholeNath shall hire a broker to market and sell substantially Assets of Sai BholeNath as a going concern. Such sale shall be made pursuant to the Bid Procedures filed concurrently herewith and subject to an order of this Court approving such sale. Such Assets shall be liquidated for the benefit of Sai Bhole-Nath's creditors and the sale proceeds distributed to such creditors pursuant to the terms of this Plan. * Sale of Shares of Reorganized Sai Krupa. On the Effective Date, SK Purchaser shall purchase new membership interests in the Reorganized Sai Krupa in exchange for a sum of $30,000.00 (the "Sai Krupa Sale Transaction Cash"). The Reorganized Sai Krupa is authorized to issue all Plan related securities and documents, including, without limitation, the New Membership Interests, without the need for any further corporate, partnership, or limited liability action. * Sale of Shares of Reorganized Sai Shyam. On the Effective Date, SS Purchaser shall purchase new membership interests in the Reorganized Sai Shyam in exchange for a sum of $20,000.00 (the "Sai Shyam Sale Transaction Cash"). The Reorganized Sai Shyam is authorized to issue all Plan related securities and documents, including, without limitation, the New Membership Interests, without the need for any further corporate, partnership, or limited liability action. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at https://urlcurt.com/u?l=Y6vIzR from PacerMonitor.com at no charge. SAI Bhole-Nath Hotels, Inc. is represented by: Megan F. Clontz, Esq. Rachael L. Smiley, Esq. Sabrina M. March, Esq. FERGUSON BRASWELL FRASER KUBASTA PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 Tel: (972) 378-9111 Fax: (972) 378-9115 Email: mclontz@fbfk.law Email: rsmiley@fbfk.law Email: smarch@fbfk.law About SAI Bhole-Nath Hotels, Inc. Sai Bhole-Nath Hotels, Inc., a Georgia corporation founded in 2015 by Chetan "Chaz" Patel and Bhartiben "Bharti" Patel, operates the Baymont by Wyndham Lubbock - Downtown Civic Center in Lubbock, Texas. The 138-room limited-service hotel features an outdoor pool, business center, and parking, and was acquired in 2019 for approximately $4.8 million. Sai Krupa Hospitality, LLC, a Texas limited liability company formed in 2020 with Chetan Patel as manager, owns the La Quinta In by Wyndham and Conference Center San Angelo. The 173-room limited-service hotel, located near Angelo State University, includes a pool, meeting facilities, and daily breakfast, and was purchased in 2021 for approximately $4.8 million. Sai Krupa Hospitality, LLC and Sai Shyam Hotels, LLC, a Texas limited liability company formed in 2021 with Chetan Patel as manager, operates the Motel 6 San Angelo Texas. The 98-room limited-service hotel offers an outdoor pool, Wi-Fi, and guest laundry, and was acquired in 2021 for approximately $2.8 million. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case 25-50333) on December 1, 2025. At the time of the filing, Sai Bhole-Nath Hotels disclosed $4,301,544 in total assets and $2,999,222 in total liabilities. Ferguson Braswell Fraser Kubasta, PC represents the Debtor as legal counsel. SAVIN GRACE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Savin Grace, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay approved budget expenses, provided spending does not exceed 110% of any budgeted line item. As of the petition date, the Debtor's cash collateral included approximately $3,030.45 in bank accounts and $12,222 in accounts receivable due within 90 days. The Debtor said uninterrupted access to these funds is critical to maintaining services for vulnerable patients and preserving the going-concern value of the business, warning that any disruption could severely harm operations and reduce the value of the estate. The Debtor runs a residential facility for children and adolescents with mental health, behavioral, and intellectual disabilities, along with community-based peer support services in Johnston County, North Carolina, from its facility in Selma, North Carolina. Creditors with potential claims on the cash collateral include the U.S. Small Business Administration, IFP Fund I LLC, and Velocity Commercial Capital. As protection, potential secured creditors will be granted valid security interest in and lien on all post-petition assets of the Debtor that are similar to their pre-petition collateral. The order is available at https://urlcurt.com/u?l=6zUnqf from PacerMonitor.com. About Savin Grace LLC Savin Grace, LLC runs a residential facility for children and adolescents with mental health, behavioral, and intellectual disabilities, along with community-based peer support services in Johnston County, North Carolina, from its facility in Selma, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01924-5-PWM) on April 30, 2026. In the petition signed by Jacqueline Bell, member manager/president, the Debtor disclosed up to $500,000 in both assets and liabilities. Ciara L. Rogers, Esq., at Waldrep Wall Babcock & Bailey PLLC, represents the Debtor as legal counsel. SAVIN GRACE: Hires Waldrep Wall Babcock as Legal Counsel -------------------------------------------------------- Savin Grace, LLC seeks approval from the U.S. Bankruptcy Court for the Easter District of North Carolina to employ Waldrep Wall Babcock & Bailey PLLC as counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor-in-possession; b. advising the Debtor on all general bankruptcy matters; c. preparing all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's bankruptcy estate on behalf of the Debtor; d. assisting other professionals retained by the Debtor in the investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, and any other matters relevant to this bankruptcy case or to the formulation of a plan of reorganization or liquidation; e. representing the Debtor at all hearings on matters relating to its affairs and interests as debtor-in-possession before this Court and any appellate courts, and protecting the interests of the Debtor; f. prosecuting and defending any litigated matters that may arise during this bankruptcy case, including such matters as may be necessary for the protection of the Debtor's rights, the preservation of estate assets, or the Debtor's successful reorganization; g. investigating the validity, extent, and priority of any secured claims against the Debtor's bankruptcy estate, and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; h. preparing, filing, negotiating, presenting, and implementing a plan of reorganization or liquidation, as appropriate; i. representing the Debtor on matters relating to the assumption or rejection of executory contracts and unexpired leases; and j. performing other necessary legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case. The firm will be paid at these rates: The Debtor paid the firm a retainer of $11,135.60. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Rogers 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: Ciara L. Rogers, Esq. Bobby Decker, Esq. Waldrep Wall Babcock & Bailey PLLC 3600 Glenwood Ave, Suite 210 Raleigh, NC 27612 Telephone: (984) 480-2005 Email: crogers@waldrepwall.com bdecker@waldrepwall.com About Savin Grace, LLC Savin Grace, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.C. Case No. 26-01924-5) on April 29, 2026. The Debtor hires Waldrep Wall Babcock & Bailey PLLC as counsel. SCREEN REPAIR: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Screen Repair by Joe Power LLC f/d/b/a 9 Flags LLC 90 Fort Wade Road Ponte Vedra, FL 32081 Business Description: Screen Repair by Joe Power LLC, operating under the Screen Enclosures by Joe Power brand and formerly doing business as 9 Flags LLC, provides screen repair and enclosure contracting services in Northeast Florida. The Ponte Vedra, Florida-based company, founded in 2000, designs, builds and repairs patio enclosures, screened lanais, pool enclosures, screen rooms and related outdoor living structures for residential customers in Jacksonville, St. Augustine, Ponte Vedra Beach, Mandarin and surrounding communities. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02029 Judge: Hon. Jacob A Brown Debtor's Counsel: Donald M. DuFresne, Esq. PARKER & DUFRESNE, P.A. 8777 San Jose Blvd., Suite 301 Jacksonville, FL 32217 Tel: 904-733-7766 Fax: 904-733-2919 Email: bankruptcy@jaxlawcenter.com Total Assets: $373,240 Total Liabilities: $3,527,980 The petition was signed by Trey Walker as president. 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/7ZNMORY/Screen_Repair_by_Joe_Power_LLC__flmbke-26-02029__0001.0.pdf?mcid=tGE4TAMA SELECTIS HEALTH: Sells Two Georgia Nursing Facilities for $15.7M ---------------------------------------------------------------- Selectis Health Inc. completed the sale of two Georgia skilled nursing facilities for $15.7 million on May 1, according to a filing with the Securities and Exchange Commission. The Denver company said net proceeds received at closing were about $9 million after payment of mortgage debt and other liabilities, excluding $1.57 million of escrows established at closing. The properties were the 101-bed Glen Eagle Healthcare and Rehab facility in Abbeville, Georgia, and the 100-bed Eastman Healthcare and Rehab facility in Eastman, Georgia. The sellers retained the right to pursue and collect certain amounts from tenants related to pre-closing periods. Controlled lease operators for the facilities also completed an operations transfer agreement with controlled subsidiaries of the purchasers. No additional or separate consideration was paid for the assigned assets and operations. About Selectis Health Selectis Health Inc. is a Denver-based company that owns and operates health care real estate and skilled nursing facilities through subsidiaries. The company has focused on long-term care and related health care properties, including skilled nursing facilities in the United States. In an audit report dated April 15, 2026, WithumSmith+Brown, PC included a going concern qualification, stating that recurring losses, an accumulated deficit and limited liquidity raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company had $32.58 million in total assets, $38.79 million in total liabilities, and a total deficit of $6.21 million. SHURAYA ENTERPRISES: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Debtor: Shuraya Enterprises Limited Liability Company 20 Avenue at Port Imperial 208 West New York NJ 07093 Business Description: Shuraya Enterprises is a real estate debtor whose business consists of a single income- generating asset. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15128 Debtor's Counsel: Eric S. Landau, Esq. LAW OFFICE OF ERIC S. LANDAU PLLC 50 Fountain Plaza Suite 1400 Buffalo NY 14202 Tel: 718-440-6723 Email: ericslandau@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Vijay Komar as pesident. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NXWITUA/Shuraya_Enterprises_Liability__njbke-26-15128__0001.0.pdf?mcid=tGE4TAMA SMART COMMUNICATIONS: Hires Hudson Lambert as Local Counsel ----------------------------------------------------------- Smart Communications Holding, Inc. and affiliate seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Hudson Lambert Parrott, LLC as local South Carolina counsel. The firm's services include: a. providing legal counsel concerning local South Carolina matters; b. serving as local counsel to Smart Holding in the SC Protest, including assisting with necessary briefs, appearances, and oral argument at any hearings or trials; and c. assisting with any appeals which arise from the SC Protest. The firm will be paid at these rates: Principals $525 to 600 per hour Associates $410 to 455 per hour Paralegal $275 per hour The firm will be paid a retainer in the amount of $75,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Placone 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: D. Gregory Placone, Esq. Hudson Lambert Parrott, LLC W. McBee Ave, Suite 450 Greenville, SC 29601 Tel: (864) 235-5535 About Smart Communications Holding, Inc. Smart Communications Holding, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09473) on December 16, 2025, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. The Debtor tapped Eric D. Jacobs, Esq., at Venable LLP as bankruptcy counsel and Matthew M. Haar, Esq., at Saul Ewing LLP as special litigation counsel. SPEYSIDE HOLDINGS: Cash Collateral Hearing Set for May 20 --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York is set to hold a hearing on May 20 to consider extending Speyside Holdings, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral under the court's fourth interim order expires on May 15. The interim order approved the payment of expenses from cash collateral in accordance with the Debtor's budget and granted secured creditor, Speylo Holdings, LLC, replacement liens on post-petition assets, with the same priority and validity as its pre-petition liens. The interim order also approved certain payments, including $0.94 per ton of rock sold, payment of post-petition real estate taxes, and monthly interest payments tied to certain affiliated entities' obligations, beginning May 15. The order is available at https://is.gd/T7DL7e from PacerMonitor.com. About Speyside Holdings LLC Speyside Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70730) on February 20, 2026. In the petition signed by Eugene Fernandez, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Gary C. Fischoff, Esq., at BFSNG Law Group, LLP, represents the Debtor as legal counsel. SPHERE 3D: Cathedra Combination to Operate 53 MW Power ------------------------------------------------------ Sphere 3D Corp. and Cathedra Bitcoin Inc. said their proposed business combination remains expected to close in the near term, according to a Form 8-K filing with the Securities and Exchange Commission. The companies said the combination is expected to initially operate 53 megawatts of managed power capacity across five data centers in Iowa, Kentucky and Tennessee. Cathedra also announced a hosting agreement expected to use about 80% of the 15-megawatt capacity at its Shire site in Kentucky, representing about 25% of Cathedra's current hosting capacity. Sphere filed a definitive proxy statement on April 16, 2026, and Cathedra filed notice of its special shareholder meeting and accompanying circular on SEDAR+ on April 7, 2026. Cathedra received conditional acceptance for the arrangement from the TSX Venture Exchange on April 30, 2026. About Sphere 3D Sphere 3D Corp. is a Stamford, Connecticut-based company incorporated in Ontario, Canada, that operates a Bitcoin mining business. The company began Bitcoin mining operations in January 2022 and seeks to grow an enterprise-scale mining operation through mining equipment procurement and service-provider partnerships. In an audit report dated March 27, 2026, MaloneBailey LLP included a going concern qualification, stating that Sphere 3D had suffered recurring losses from operations and did not expect to have sufficient cash on hand to fund operations. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $25.12 million, total current liabilities of $1.80 million and total shareholders' equity of $23.30 million. SPIRIT AIRLINES: Wind-Down Plan Includes Millions of Exec. Bonuses ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Spirit Airlines has unveiled a liquidation strategy in bankruptcy that includes millions of dollars in retention payments for employees and revised incentive compensation for top executives. The company pivoted from reorganization efforts to an orderly wind-down after talks for a federal rescue package failed and the airline shut down operations over the weekend. According to court filings, Spirit plans to maintain a reduced workforce to assist with the liquidation of aircraft and other assets. The company told the bankruptcy court that retaining employees has become increasingly difficult amid uncertainty over the airline’s future and ongoing attrition following its Chapter 11 filing. Spirit is asking the court to approve up to $10.7 million in retention payments for 130 non-management workers. The airline said the payments are necessary to preserve staffing levels needed to complete critical operational, financial and compliance tasks during the liquidation process, which is expected to continue for several months, the report states. In addition, the company proposed a separate bonus arrangement for CEO Dave Davis and two other senior executives tied to the efficiency and cost management of the wind-down process. The incentive package would replace standard annual bonuses and is still being negotiated with lenders. The bankruptcy court is expected to consider the requests during a scheduled hearing, according to Bloomberg Law. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. STARWOOD PROPERTY: S&P Rates New $600MM Sr. Unsecured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue rating to Starwood Property Trust Inc.'s proposed $600 million senior unsecured notes due 2031. The rating is one notch below its 'BB' issuer credit rating. The proposed issuance won't materially change our measure of Starwood's leverage (debt to adjusted total equity), which was about 4x as of March 31, 2026 as we anticipate the issuance will be leverage neutral. S&P said, "We expect Starwood to use the net proceeds to redeem or repay the $400 million outstanding aggregate principal amount of its 3.625% senior notes due 2026. We also expect it to direct some of the net proceeds for general corporate purposes, which may include the repayment of outstanding indebtedness under its credit facilities." S&P said, "We think commercial real estate (CRE) lenders' portfolios have largely realized the impact of high interest rates and that older loans will possibly cause further asset quality deterioration. However, as of the end of March, 68% of Starwood's commercial portfolio originated after 2021, which should help the portfolio withstand challenges in CRE markets. Over the next 12 months, we expect that it'll continue to ramp up its origination activity, with leverage remaining at roughly around 4x." In the first quarter, loans with internal risk ratings of 4 or 5 made up 42% of adjusted total equity (ATE), a slight increase from 37% during the same period last year. Real estate owned (REO) also increased to $931 million as of March 31, 2026, from $514 million a year before. The company had five new foreclosed loans, consisting of three multifamily, one life science, and one mixed use ($488 million on a GAAP basis). Partially offsetting that was its exit from one foreclosed asset ($45 million). Starwood's exposure to U.S. office was 7.6% of assets, which highlights the good asset quality of the portfolio, with decreasing exposure to troubled asset classes. Loans on nonaccrual totaled about $920 million (4.2% of gross commercial loans and 15% of ATE), down slightly from $1.04 billion a year before (5.4% of gross commercial loans and 16.5% of ATE). S&P said, "We think the strain on Starwood's book is manageable for now, but we will continue to monitor how the company's resolution processes play out. It plans to have completed the majority of them by 2027." The company's good diversification, expertise in managing troubled assets, and sizable unencumbered assets will allow it to continue to navigate its way through its asset quality strains, in our view, without it seeing a significant weakening of its financial or business positions. S&P said, "The stable outlook on the issuer credit rating reflects our expectation that Starwood will navigate macroeconomic uncertainty and stress in the CRE markets without a sharp drop in its asset quality, liquidity, or performance. We view favorably Starwood's actions to diversify its funding by accessing the unsecured debt markets." STEWARD HEALTH:Trustee Sues Insurers to Recoup $60MM+ Unpaid Claims ------------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Steward Health Care's liquidating trustee filed lawsuits against Humana Inc. and other insurance companies, alleging they failed to properly reimburse hospitals for patient services and owe more than $60 million in unpaid claims. The cases were filed in Texas bankruptcy court as part of the ongoing liquidation proceedings. Court complaints state that the insurers allegedly denied or underpaid thousands of claims tied to hospital operations before Steward sold or closed facilities in several states. The trustee said the missing reimbursements deprived the healthcare system of vital revenue during a period of escalating financial instability. In the filings, the trustee alleged Humana repeatedly and wrongfully denied payments required under contractual agreements with Steward hospitals. The lawsuits argue the insurers’ reimbursement practices aggravated the company's financial crisis and accelerated the collapse of the hospital operator’s nationwide network. The legal actions seek to recover damages on behalf of the bankruptcy estate and creditors affected by Steward's downfall. The trustee maintains that insurers breached contractual obligations by withholding payments for medically necessary services already provided to patients, the report states. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. SUPERNOVA MANAGEMENT: Seeks to Sell Equipment at Auction -------------------------------------------------------- SuperNova Management, Inc. and its affiliates, seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Equipment at auction, free and clear of liens, claims, interests, and encumbrances. The personal property owned by Supernova is described as follows: a) 2013 Mack truck - VIN #1M1AW07Y8DM030960; b) Delivery truck 1 - 2012 International, VIN #1HTMMAAL8CH547112; c) Delivery truck 2 - 2013 HINO, VIN #5PVNV8JV2D4S52718; and d) Delivery truck 3 - 2014 FRHT, VIN #3ALACWDTXEDFR0443 (Equipment). The Debtor requests authority to retain Richie Brothers as Auctioneers to conduct said auction sale and to compensate Richie Brothers for their services. The Equipment is either outdated or in poor repair. The trucks are not in running condition. The costs of repair, maintenance, and storage of the Equipment outweighs any benefit of retaining the Equipment. If retained, the Equipment will be burdensome to the estate. In Debtor's business judgment, the sale of the Equipment is in the best interest of Debtor's creditors and the estate. Debtors will have the trucks towed to Richie Brothers at a cost of $300 each. No liens are on title to the trucks. Richie Brothers is a well-known international auctioneer company and routinely conducts auction sales of vehicles, machinery, and equipment similar to that which the Debtor desires to sell. Richie Brothers has the experience and expertise necessary to sell the Equipment. Debtor has conducted business with Richie Brothers in the past and has been satisfied with their services. Richie Brothers charges a 10% commission on the gross sales proceeds. Debtor believes that this compensation is fair, reasonable, and standard for the area. The Debtors assert that a sale of the Equipment with proper notice to all know lienholders, creditors, and parties in interest. About SuperNova Management Inc. SuperNova Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32616) on April 14, 2026. In the petition signed by Martin Abrahams, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SYP - NORTHWEST: Commences Chapter 11 Bankruptcy in Texas --------------------------------------------------------- On May 5, 2026, Syp - Northwest L.C. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the debtor reports between $1 million and $10 million in debt owed to creditors. A meeting of creditors under Section 341(a) to be held on June 9, 2026 at 08:30 AM by TELEPHONE. Proofs of Claims due by 7/14/2026. About Syp - Northwest L.C. Syp - Northwest L.C. is a privately owned company associated with investment activities, commercial asset management, and business holdings. Syp - Northwest L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42003) on May 5, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The debtor is represented by Joyce W. Lindauer, Esq. of Joyce W. Lindauer Attorney, PLLC. SYP - NORTHWEST: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: SYP - Northwest L.C. Regal Row Express Car Wash 8904 N. Stemmons Freeway Dallas, TX 75247 Business Description: SYP - Northwest L.C., doing business as Regal Row Express Car Wash, operates a vehicle wash and detailing business in Dallas, Texas. The company provides exterior wash and detailing services from its facility on N. Stemmons Freeway. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42003 Debtor's Counsel: Joyce Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 Email: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Shiraz R. Poonawala as president. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6QJJCRI/SYP_-_NORTHWEST_LC__txnbke-26-42003__0001.0.pdf?mcid=tGE4TAMA TACOMA ARTS: Board Seeks Voluntary Receivership ----------------------------------------------- Bonny Matejowsky of msn reports that the outlook for Tacoma Arts Live has improved after the nonprofit transferred control to a receiver experienced in corporate and nonprofit restructurings. The organization had announced in January that it planned to cease operations after 47 years because of declining ticket sales and substantial debt. Court records show Tacoma Arts Live filed for voluntary receivership in March, giving receiver Shelly Crocker authority over the nonprofit’s assets and operations. Crocker previously helped oversee the restructuring of the Bellevue Arts Museum after that institution entered bankruptcy proceedings in 2024. According to Crocker, her immediate priorities are resolving creditor claims and preserving community confidence in the organization’s mission. Tacoma Arts Live reportedly owes more than $3 million secured by The Armory property. While staffing reductions may eventually become necessary, the organization continues to operate performances and arts programming through the end of June. Crocker said several future options are being explored for The Armory, including maintaining it as a venue for community arts organizations and commercial events under a tiered pricing structure. Popular public events and educational programs may also continue if a sustainable operational model can be developed. About Tacoma Arts Live Tacoma Arts Live is a nonprofit cultural organization focused on live entertainment, arts education and theater management in Tacoma, Washington, USA. Tacoma Arts Live was placed into voluntary receivership after financial difficulties threatened the future of the longtime nonprofit arts organization. The group cited declining attendance, operational challenges and millions of dollars in secured debt tied to The Armory venue. The board selected restructuring professional Shelly Crocker to serve as receiver and assume authority over the organization’s assets and business operations. TAVA HOLDINGS: Starts Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On May 5, 2026, Tava Holdings Group, LLC filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. Deadline to file the Chapter 11 Small Business Plan and Disclosure Statement is November 2, 2026. About Tava Holdings Group, LLC Tava Holdings Group, LLC is believed to operate as a privately held investment and holdings company involved in managing business assets, investments, or commercial interests. Tava Holdings Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32004) on May 5, 2026. In its petition, the debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Scott W. Everett handles the case. TEAM ACQUISITION: Ares Capital Marks $34.1 1L Loan at 39% Off ------------------------------------------------------------- Ares Capital Corp. has marked its $34.1 million loan extended to Team Acquisition Corporation to market at $20.8 million or 61% 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 Team Acquisition Corporation. The Loan is a non-accrual status. The 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 Team Acquisition Corporation Team Acquisition Corporation is a provider of team uniforms and athletic wear. TEAM ACQUISITION: Ares Capital Marks $5.7 1L Loan at 39% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $5.7 million loan extended to Team Acquisition Corporation to market at $3.5 million or 61% 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 Team Acquisition Corporation. The Loan is a non-accrual status. The Loan matures on November 2028. 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 Team Acquisition Corporation Team Acquisition Corporation is a provider of team uniforms and athletic wear. TEASDALE FOODS: Ares Capital Marks $77.4 1L Loan at 23% Off ----------------------------------------------------------- Ares Capital Corp. has marked its $77.4 million loan extended to Teasdale Foods, Inc. and Familia Group Holdings Inc. to market at $59.6 million or 77% 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 Teasdale Foods, Inc. and Familia Group Holdings Inc. The Loan is a non-accrual status. The Loan matures on March 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 Teasdale Foods, Inc. and Familia Group Holdings Inc. Teasdale Foods, Inc. and Familia Group Holdings Inc. are provider of beans, sauces and hominy to the retail, foodservice and wholesale channels. TEXAS WINE: Hires Mullin Hoard & Brown L.L.P. as Counsel -------------------------------------------------------- Texas Wine Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Mullin Hoard & Brown, L.L.P. as counsel. The firm will provide these services: (a) prepare all legal papers necessary to comply with the requisites of the United States Bankruptcy Code and Bankruptcy Rules; (b) advise the Debtor regarding preparation of operating reports; motion to obtain post-petition financing, motion to pay critical vendors; and development of a Chapter 11 Plan; and (c) provide all other legal services ordinarily associated with a bankruptcy case. The firm will be paid at these hourly rates: Partners and Associates $350 to $590 per hour Paralegals $80 to $225 per hour Law Clerks $110 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received from the Debtor a retainer of $25,000. David Langston, Esq., an attorney at Mullin Hoard & Brown, 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: David R. Langston, Esq. Mullin Hoard & Brown, LLP P.O. Box 2585 Lubbock, TX 79408 Telephone: (806) 765-7491 Facsimile: (806) 765-0553 About Texas Wine Company, Inc. Texas Wine Company, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-50119) on April 6, 2026, with $500,001 to $1 million in assets and up to $50,000 in liabilities. David R. Langston, Esq., at Mullin, Hoard & Brown represents the Debtor as legal counsel. TOPPER CORP: Seeks to Hire Batista Law Group P.S.C. as Counsel -------------------------------------------------------------- Topper Corporation seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Batista Law Group, P.S.C. as counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its Chapter 11 case and related proceedings; (b) represent the Debtor in matters arising in the bankruptcy case; (c) assist the Debtor in planning and conducting the bankruptcy proceedings due to its need for competent legal counsel; and (d) perform all other legal services necessary for the administration and handling of the Debtor's Chapter 11 case, subject to court approval. The firm received from the Debtor a retainer of $8,000. The firm will be paid at these rates: Jesus E. Batista Sanchez, Esq. $350 per hour Associates $275 per hour Paralegals $110 per hour Mr. Sanchez 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: Jesus E. Batista Sanchez, Esq. The Batista Law Group, P.S.C. Capital Center I 239 Ave. Arterial de Hostos, Suite 206 San Juan, PR 00918-1475 Telephone: (787) 620-2856 Facsimile: (787) 777-1589 E-mail: jeb@batistasanchez.com About Topper Corporation Topper Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 26-01815) on April 23, 2026, with $100,001 to $500,000 in both assets and liabilities. Jesus Enrique Batista Sanchez, Esq., at The Batista Law Group, Psc represents the Debtor as legal counsel. TRAVEL + LEISURE: S&P Rates New $900MM Senior Secured Notes 'BB-' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '4' recovery rating to Travel + Leisure Co.'s proposed $900 million secured notes due in 2031. The '4' recovery rating reflects its expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders in the event of a default. The company intends to use the proceeds to repay its $650 million, 6.625% secured notes due in July 2026 and repay outstanding revolver borrowings. S&P's existing ratings on Travel + Leisure are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- Travel + Leisure's senior secured credit facility comprises a $1 billion revolver ($240 million outstanding as of March 31, 2026) and $852 million outstanding term loan B due in 2029, net of unamortized discounts and debt financing costs of $12 million. Pro forma for the proposed issuance, the capital structure also includes $400 million senior secured notes due in 2027, $650 million senior secured notes due in 2029, $350 million senior secured notes due in 2030, $900 million proposed senior secured notes due in 2031, and $500 million senior secured notes due in 2033. -- S&P's 'BB-' issue-level rating (same as its long-term issuer credit rating) and '4' recovery rating on the proposed term loan reflect its expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders. -- S&P said, "Our simulated default scenario considers a payment default in 2030 stemming from the loss of key exclusivity contracts in the exchange business with timeshare operators and management contracts with homeowner associations, decline in the popularity of timeshares as a vacation alternative, severe economic downturn and tightening of consumer credit markets, and illiquidity in the financial markets for timeshare securitizations and conduit facilities. We assume the company would reorganize following default and value it using an emergence EBITDA multiple of 6.5x." -- S&P incorporates its standard assumption that the revolver is 85% drawn for the purposes of our hypothetical default scenario and this recovery analysis. Simulated default assumptions -- Emergence EBITDA: $337 million -- EBITDA multiple: 6.5x -- Revolving corporate credit facility: 85% drawn at default Simplified waterfall -- Gross recovery value: $2.19 billion -- Net recovery value for waterfall after 5% administrative expenses: $2.08 billion -- Obligor/nonobligor valuation split: 100%/0% -- Total value available for senior secured debt: $2.08 billion -- Estimated senior secured debt claim: $4.60 billion --Recovery expectations: 30%-50% (rounded estimate: 45%) All debt amounts include six months of prepetition interest. TRI-CITIES GASTROENTEROLOGY: ClassAction.org Probes Data Breach --------------------------------------------------------------- Attorneys working with ClassAction.org are looking into whether a class action lawsuit can be filed in light of the Tri-Cities Gastroenterology data breach. As part of their investigation, they need to hear from individuals who had their information exposed in the incident, including those who received notice of the Tri-Cities Gastroenterology data breach or otherwise believe they are affected. Tri-Cities Gastroenterology Security Incident: What Happened? Tri-Cities Gastroenterology, which operates five offices in northeast Tennessee, has announced a data breach impacting 67,115 individuals. A notice posted to the company's website states that an unauthorized third party had accessed and removed files from the network on or around December 11, 2025. An investigation concluding on April 22, 2026 determined that information compromised in the Tri-Cities Gastroenterology data breach includes full names, Social Security numbers, dates of birth, addresses, email addresses, phone numbers, gender, and medical record numbers. Tri-Cities Gastroenterology began notifying affected individuals on April 29. What You Can Do After the Tri-Cities Gastroenterology Data Breach If your information was exposed in the Tri-Cities Gastroenterology data breach, attorneys want to hear from you. You may be able to start a class action lawsuit to recover compensation for loss of privacy, time spent dealing with the breach, out-of-pocket costs, and more. A successful case could also force Tri-Cities Gastroenterology to ensure they take proper steps to protect the information they were entrusted with. [GN] TRILLION ENERGY: Delays FY2025 20-F to Complete Audit ----------------------------------------------------- Trillion Energy International Inc. announced in a regulatory filing that it was unable to complete and file its annual report on Form 20-F for the fiscal year ended December 31, 2025 within the prescribed time period, without unreasonable effort and expense, because the Company is experiencing administrative delays in the preparation of its Form 20-F and the Registrant's auditor has not completed their review of the Form 20F. The Company anticipates that the Form 20-F Annual Report, along with the audited financial statements, will be filed on or before the 15th calendar day following the prescribed due date of the Form 20-F. About Trillion Energy Trillion Energy International Inc. and its consolidated subsidiaries is a Canadian based oil and gas exploration and production Company. Calgary, Canada-based MNP LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated April 30, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has a negative working capital position, has accumulated deficits, and negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern. TRIVISTA OIL: Seeks to Sell Vehicles at Auction ----------------------------------------------- Trivista Oil Co., LLC and Trivista Operating LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell Vehicles, free and clear of liens, claims, interests, and encumbrances. The Debtors are Southeast Texas oil and gas producers. Trivista Oil owns leases comprising approximately 16,000 gross acres and 315 wells in the Taylor Sands field. Trivista Oil also owns its real property, at which its field office is located, as well as potentially other mineral interests. Trivista Operating conducts the operations at the wells and owns related equipment. The Debtors filed these cases to restart operations and use the revenue generated to reorganize. The Debtors anticipate funding the restart of operations and the reorganization of the Debtors by accessing available funds at Classic Bank and obtaining post-petition financing. The Debtors won the following vehicles: -- 2015 Ford F250 White Ford Truck -- 2024 Ford F150 Truck -- 2016 Ford F550 White Truck -- 2000 Freight Liner FLD White Vac Truck -- 2011 Freight Liner M2 Dragon -- 2008 GMC C4500 Roustabout Truck -- 2007 International 7000 Tiger Truck -- 2005 International 7000 Commercial Truck -- 2016 Ram 2500 White Dodge Truck -- 2022 Ram 1500 Silver Dodge Truck -- 2023 Ram 1500 Truck The Debtors employ Rosen Systems, Inc. (RSI) as auctioneer pursuant to the auction proposal. RSI's extensive experience, competitive rates, and competency of its auctioneers make it well qualified for the representation. Kyle Rosen is a duly licensed auctioneer in the State of Texas and is qualified to act as auctioneer for the estate. The Debtors submit that retention of RSI is in the best interest of the Debtors, their estates, and their creditors. The Debtors and RSI have agreed to compensation comprising a percentage commission. The Debtors believe that the Compensation Terms are reasonable and within rates charged by similarly qualified firms in the Southern District of Texas for these types of assets. The Debtors seek authority to sell the Assets free and clear of all liens, claims, and encumbrances. About Trivista Oil Co. LLC Trivista Oil Co., LLC is an oil-sector company focused on energy-related business activities in the United States. Trivista Oil Co., LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32229) on April 2, 2026. The petition lists estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. The case is being handled by Honorable Bankruptcy Judge Jeffrey P. Norman. The debtor is represented by R. J. Shannon, Esq., of Shannon Lee Beatty, LLP. TTM TECHNOLOGIES: S&P Affirms 'BB+' Rating on Secured Term Loan B ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' issue-level rating on TTM Technologies Inc.'s secured term loan B following the company's announcement of a new $1 billion secured revolver, which S&P will not rate. S&P's '2' recovery rating on the term loan B is unchanged, indicating its expectation for substantial (70%-90%; rounded estimate: 85%) recovery in the event of a default. At the same time, S&P lowered its issue-level rating on TTM's unsecured notes to 'B+' from 'BB-' and revised the recovery rating to '6' from '5'. The '6' recovery rating indicates its expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default. The company intends to use the new $1 billion secured revolver to replace its existing $150 million U.S. and $150 million Asia asset-based lending revolver. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P affirmed its 'BB+' issue-level rating on TTM's secured debt. The '2' recovery rating is unchanged. -- S&P lowered its issue-level rating on the company's unsecured debt to 'B+' from 'BB-' and revised the recovery rating to '6' from '5' due to the increase in its secured debt claims stemming from the new $1 billion secured revolver. S&P said, "Our simulated default scenario assumes a payment default occurring in 2031 due to depressed economic conditions and heightened competitive pressures. Under this scenario, we envision that TTM Technologies' profitability and cash flows would be impaired, hindering its ability to invest in new products to remain competitive. Eventually, the company's liquidity and cash flow would become insufficient to cover its interest expense, required term loan utilization, working capital, and maintenance capital expenditure outlays such that it is unable to continue to operate without filing for bankruptcy. "Under our default scenario, we assume the company's lenders would achieve the greatest recovery of their principal through a reorganization rather than a liquidation of its assets. "We apply a 5.5x multiple to our emergence-level EBITDA of $213 million. This multiple is in the average range we use for the technology sector, which we believe is appropriate, given the industry's cyclical nature, high fragmentation, and high capital spending requirements." Simulated default assumptions: -- Simulated year of default: 2031 -- EBITDA at emergence: $213 million -- EBITDA multiple: 5.5x -- Revolving credit facility: 85% drawn at default Simplified waterfall: -- Net enterprise value at default (after 5% administrative costs): $1.1 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Priority claims: $261 million -- Secured debt claims: $949 million -- Value available for secured debt claims: $852 million --Recovery expectations: 70%-90% (rounded estimate: 85%) -- Unsecured debt claims: $516 million -- Value available to unsecured debt claims: $0 --Recovery expectations: 0%-10% (rounded estimate: 0%) UNCLE NEAREST: Receiver Opposes Fast-Track Bankruptcy Appeal ------------------------------------------------------------ Samantha Dorisca of msn reports that receiver Phillip G. Young Jr. is opposing efforts by Uncle Nearest to fast-track an appeal tied to the whiskey company's blocked bankruptcy filing. In a response filed in federal court, Young argued that the emergency motion merely repeats arguments already pending in the ongoing receivership dispute. The legal battle began after Uncle Nearest founder Fawn Weaver approved Chapter 11 filings for several affiliated entities in Tennessee bankruptcy court. The filings came while the whiskey brand remained under receivership after defaulting on more than $108 million in obligations owed to Farm Credit Mid-America, the report relays. Weaver defended the restructuring effort publicly, saying Chapter 11 would require full financial transparency and allow the company to address disputed claims from its lender. She maintained that the company's liabilities were outweighed by a reported enterprise valuation of approximately $529 million and described bankruptcy protection as a path toward continued growth, according to msn. Shortly after the filing, however, U.S. Bankruptcy Judge Suzanne Bauknight ruled that Weaver lacked authority to place the company into bankruptcy because control had shifted to the court-appointed receiver. Young now contends that the request to expedite the appeal should be denied because the issues are already being addressed within the broader receivership proceedings, the report states. About Uncle Nearest Uncle Nearest Real Estate Holdings, LLC, based in Shelbyville, Tennessee, owns the Nearest Green Distillery, including the building, furniture, equipment, and fixtures used in its operations. Uncle Nearest sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30472) on March 17, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case. The Debtor is represented by Lynn Tarpy, Esq., of Tarpy,Cox, Fleishmann, & Leveille, PLLC. UNITY FABRICATION: Melissa Haselden Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Unity Fabrication, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Unity Fabrication LLC Unity Fabrication, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-33074) on April 30, 2026, with $1 million to $10 million in assets and liabilities. Judge Jeffrey P. Norman presides over the case. Robert C. Lane, Esq. at The Lane Law Firm, PLLC represents the Debtor as bankruptcy counsel. UPSALA ISD 487: Moody's Affirms 'Ba2' Issuer & GOULT Bond Ratings ----------------------------------------------------------------- Moody's Ratings has affirmed Upsala Independent School District 487, MN's Ba2 issuer rating and Ba2 rating on the outstanding general obligation unlimited tax (GOULT) bonds. The district has about $6 million in GOULT debt outstanding. The affirmation of the Ba2 reflects the expectation that the district's financial position will remain stable though in a deficit position for at least the next three to four years. RATINGS RATIONALE The Ba2 issuer rating reflects the district's deeply negative reserves that are stabilizing after a rapid deterioration in fiscal 2024. Audited results that year materially deviated from prior estimates. Year-to-date results for fiscal 2026 reflect essentially balanced operations with a small $130,000 increase in general fund reserves. Fiscal 2025 also closed with stable results and a general fund balance that was in line with the prior fiscal year, remaining below -20% of revenue. The district increased its cash flow borrowing to $2 million from $1 million during calendar year 2024 and borrowed a similar amount in 2025 to provide sufficient operating liquidity. The district is under Statutory Operating Debt (SOD) status, which places it under state oversight and requires it to submit to the Commissioner of Education a five-year budget plan to balance operations. The original SOD plan indicated a small $120,000 surplus in fiscal 2024 but significant variances created a sizable operating deficit and deficit fund balance. The current SOD plan reflects gradual improvements each year though reserves would remain negative at least through fiscal 2029. Moody's sees some risk that the district may underperform the forecast given the prior negative variances and revisions to the SOD plan that continue to reflect a prolonged period of deficit fund balance. The small size of the district and low enrollment constrain expenditure reduction flexibility. Favorably, the district has a resident income ratio just above 100%, a full value per capital exceeding $200,000 and a moderate long-term liabilities ratio around 200% that is not likely increase. The Ba2 GOULT rating is at the same level as the district's Ba2 issuer rating because of the district's full faith and credit pledge and authority to levy ad valorem property taxes to pay debt service without limit as to rate or amount. RATING OUTLOOK Moody's do not assign outlooks to local governments with this amount of debt. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Consistent operational improvements that provide confidence the district's fund balance will return to a positive position -- A stable enrollment trend that supports stable to growing revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Fiscal 2026 financial performance that adversely deviates from current estimates or the inability to continue improving fund balance in fiscal 2027 -- Failure to receive the state's approval for the ongoing revisions of a SOD plan to place the district on firm financial footing -- The inability to maintain a cash position sufficient to meet operating expenditures on a timely basis PROFILE Upsala Independent School District 487 is in central Minnesota (Aaa stable) about 35 miles northwest of St. Cloud (Aa2). The district provides kindergarten through twelfth grade education to around 330 students and serves a community of about 2,000 residents. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in December 2025. URBAN ONE: Buys Two Dallas Radio Stations, Divests KZMJ to Fuzion ----------------------------------------------------------------- Urban One, Inc. announced that it has entered into an agreement to acquire Service Broadcasting Group, LLC, including its flagship radio stations KKDA and KRNB. It has also agreed to sell radio station KZMJ to Fuzion Dallas, LLC. Both transactions are subject to regulatory approval by the Federal Communications Commission (FCC) and other customary closing conditions. The acquisition marks a significant expansion of Urban One's reach in the Dallas community and reinforces the company's commitment to providing high-quality, local content to the market. The acquisition will elevate influential urban voices and allow them to operate from a more powerful and expansive platform. "This transaction is accretive and advances our consolidation strategy by scaling our presence in high-growth regions where our target audience is most concentrated," said Alfred C. Liggins, III, President and Chief Executive Officer of Urban One. "By bringing these stations into our portfolio, we aren't just growing our footprint; we are elevating our ability to serve our audience and our advertising partners with unmatched scale and local expertise." The acquisition is designed to offer a more comprehensive solution for local businesses, providing them with a broader reach and deeper community engagement. Listeners can expect the same high standards of programming and community-focused broadcasting they have come to associate with Urban One and the Radio One brand, now amplified across two of the region's most prominent frequencies. "Our people are the heart of our success," added Doug Abernathy, Regional Vice President of Urban One "By aligning our best-in-class team with these new platforms, we are securing the future of local radio in Dallas and ensuring we remain the primary source for news, entertainment, and connection for the communities we serve." About Urban One Urban One, Inc. operates in the media industry, focusing on content production and distribution across broadcast, digital and other platforms that serve diverse audiences. As of December 31, 2025, the Company had $592.99 million in total assets and $565.76 million in total liabilities, $2.631 million in redeemable non-controlling interests and total stockholders' equity of $24.60 million. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CC' and its issue-level rating on its senior secured notes due 2028 to 'D' from 'CC'. VERISTA INC: Ares Capital Marks $1.1MM 1L Loan at 18% Off --------------------------------------------------------- Ares Capital Corp. has marked its $1.1 million loan extended to Verista, Inc. to market at $900,000 or 82% 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 Verista, Inc. The Loan accrues an interests of 9.79% SOFR (M) 6.00% per annum. The Loan matures on February 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 Verista, Inc. Verista, Inc. provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector. VERISTA INC: Ares Capital Marks $800,000 1L Loan at 25% Off ----------------------------------------------------------- Ares Capital Corp. has marked its $800,000 loan extended to Verista, Inc. to market at $600,000 or 75% 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 Verista, Inc. The Loan accrues an interests of 10.79% (1.00% PIK) SOFR (M) 7.00% per annum. The Loan matures on February 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 Verista, Inc. Verista, Inc. provides systems consulting for compliance, automation, validation, and packaging solutions to the healthcare sector. VILLAGES HEALTH: To Sell Oxford Property to J. Ramsey & K. Ramsey ----------------------------------------------------------------- The Villages Health System LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain real property located at 11368 Laufersky Lane, Oxford, FL 34484. The Real Property is a modern, move-in-ready single-family home in the Oxford Oaks community just outside The Villages. The Debtor believes the Real Property is free and clear of all Encumbrances. The Debtor employs Realty Executives in The Villages to market and sell the Real Property. On April 16, 2026, the Debtor entered into the Contract with Jeffrey L. Ramsey and Katie A. Ramsey to sell the Real Property for a cash purchase price of $310,000.00. On May 4, 2026, the Debtor and the Buyer entered into an addendum to the Contract to provide for an outside closing date of June 5, 2026. An additional addendum was contemplated to provide a minor $500 credit to the buyer and waive the remainder of the inspection period, and the Debtor may provide a notice of that addendum in a subsequent filing. The Debtor has determined in its business judgment that the Buyer's offer, which was the result of the diligent sale efforts led by the Broker, is the highest and best offer attainable. The Broker listed the Real Property on multiple public platforms and engaged with multiple interested buyers. The Debtor believes the sale efforts have resulted in an arms-length, fair value transaction. The Debtor, through the exercise of its business judgment, has determined that the sale of the Real Property to the Buyer is in the best interests of the Debtor, its creditors and the estate. About The Villages Health System The Villages Health System, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:25 bk-04156) on July 3, 2025. In the petition signed by Neil F. Luria, chief restructuring officer, the Debtor disclosed listed between $50 million and $100 million in assets and between $100 million and $500 million in liabilities. Judge Lori V. Vaughan oversees the case. Elizabeth A. Green, Esq., at Baker & Hostetler, LLP, represents the Debtor as legal counsel. VIVAKOR INC: Secures $72 Million Crude Oil Transaction ------------------------------------------------------ Vivakor Inc. said its commodities trading platform executed a recurring crude oil transaction valued at about $72 million over 12 months, according to a filing with the Securities and Exchange Commission. The Dallas company said the transaction extends through May 2027 and represents about $6 million in crude oil volume per month, including associated transportation services. Vivakor said it expects to recognize about 1% of the contract value on standard crude trades. The company also said it reset the payment date for its previously announced special dividend of Adapti Inc. shares to June 30, 2026. The dividend will be paid to holders of record of Vivakor common shares as of Sept. 5, 2025. Vivakor said it currently holds 206,595 Adapti shares. About Vivakor Inc. Vivakor Inc. is a Dallas-based company that operates transportation logistics services and terminaling and storage facility products and services related to oil and gas production. The company provides crude oil and produced-water gathering, storage, transportation, reuse and remediation services. In an audit report dated April 15, 2026, Urish Popeck & Co., LLC, the independent registered public accounting firm, included a going concern qualification, citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $113.49 million, total liabilities of $76.30 million and total stockholders' equity of $37.19 million. VPROP OPERATING: Ares Capital Marks $33.3 1L Loan at 83% Off ------------------------------------------------------------ Ares Capital Corp. has marked its $33.3 million loan extended to VPROP Operating, LLC and V SandCo, LLC to market at $5.6 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 loan extended to VPROP Operating, LLC and V SandCo, LLC. The Loan is a non-accrual status. The Loan matures on November 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 VPROP Operating, LLC and V SandCo, LLC VPROP Operating, LLC and V SandCo, LLC is a sand-based proppant producer and distributor to the oil and natural gas industry. W. GATES REAL: Amanda Stofan Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Amanda Stofan of Farinash & Stofan as Subchapter V trustee for W. Gates Real Estate Holdings, LLC. Ms. Stofan will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Stofan declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amanda M. Stofan Farinash & Stofan 100 West M L King Blvd, Ste. 816 Chattanooga, TN 37402 Voice: (423) 805-3100 Fax: (423) 805-3101 Email: amanda@8053100.com About W. Gates Real Estate Holdings LLC W. Gates Real Estate Holdings, LLC owns a residential real estate property in Nolensville, Tennessee, at 2794 Sanford Road. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11110) on April 29, 2026, with $1 million to $10 million in both assets and liabilities. William Coffee, managing member, signed the petition. Judge Nicholas W. Whittenburg presides over the case. W. Thomas Bible, Jr., Esq., at Tom Bible Law represents the Debtor as bankruptcy counsel. WHITE WILSON: Unsecureds Will Get 20% to 40% in Liquidating Plan ---------------------------------------------------------------- White Wilson Medical Center, PA, filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement describing Plan of Liquidation dated April 30, 2026. The Debtor is a multi-specialty medical practice and clinic that as formed in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson. The Debtor consists of approximately 58 medical providers and 232 staff members as part of its medical practice. The combination of reduced revenue streams and escalating interest burdens has made it increasingly difficult for the practice to meet its financial obligations to vendors, employees, and clinical partners in a timely manner. The Debtor filed this case to preserve the value of the Assets and treat all creditors fairly and equitably. The Debtor, in the exercise of its business judgment, designated Kain Capital LLC as its stalking horse bidder and entered into a Stalking Horse Agreement on Jan. 26, 2026. The Debtor has accepted the qualified bid from Kain Capital and entered into that certain Asset Purchased Agreement dated Jan. 29, 2026 ("APA," and together with the transactions contemplated thereby, the "Sale Transaction"). On Feb. 23, 2026, the Court entered the Order (i) Authorizing the Sale of Substantially All of the Debtor's Assets Free and Clear of Liens, Claims, Encumbrances and Interests, (ii) Authorizing Assumption and Assignment of Executory Contracts and Unexpired Leases and (iii) Granting Related Relief ("Sale Order"). The Sale Order, among other things, grants the Debtor's Sale Motion, overrules Fisher's Limited Objection, approves and ratifies the APA, and sets for hearing the Cure Objections. The Plan provides for the liquidation of the Debtor's assets through a sale transaction that has been consummated or is being consummated pursuant to that certain Asset Purchase Agreement, as approved by the Bankruptcy Court. The sale has occurred in two phases, consisting of (i) an initial closing relating to non-clinical assets and operations (the "Phase I Closing"), which occurred on or about March 20, 2026, and (ii) a second closing relating to clinical assets and operations (the "Phase II Closing"), which is anticipated to occur in mid-to-late June 2026, subject to the terms of the Purchase Agreement. The Plan is a liquidating plan. On the effective date, a Plan Administrator will be appointed to administer distributions to creditors. The Debtor shall retain Causes of Action, and any net proceeds thereof shall be remitted to the Plan Administrator for distribution in accordance with the Plan. Class 9 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan in the approximate amount of $11,858,625.38. Each Holder of an Allowed Class 9 General Unsecured Claim shall receive, in full and final satisfaction of such Claim, on a date determined by the Plan Administrator, such Holder's Pro Rata share of: * Net Sale Proceeds and Cash on hand after reserving for the U.S. Trustee fees and payment in full of Allowed Secured Claims, Allowed Subrogation Claims, Allowed Cure Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims in the approximate amount of $212,724.38; * non-voting equity interests in KC WW Acquisition, LLC (the "MSO Common Units"); and * Litigation Proceeds in an estimated amount of approximately $500,000.00. The MSO Common Units shall be distributed by the Purchaser o Holders of Allowed Class 9 Claims on a pro rata basis, constituting a component of the consideration for the Purchased Assets, with an estimated pro rata recovery of approximately 20% to 40% of the Allowed Unsecured Claims. Distributions of MSO Common Units shall occur on or after the effective date, or such later date as all Allowed Claims have been determined by Final Order or agreement of the parties. Class 9 is impaired. As set forth in the Liquidating Analysis, after payment of Administrative Expense Claims, secured claims, subrogation claims, priority claims, and other senior obligations, little to no value would remain for distribution to holders of General Unsecured Claims in a chapter 7 liquidation. By contrast, under the Plan, holders of Allowed Class 9 General Unsecured Claims will receive distributions consisting of (i) Net Sale Proceeds, (ii) MSO Common Units, and (iii) Litigation Proceeds, if any. A full-text copy of the Disclosure Statement dated April 30, 2026 is available at is https://urlcurt.com/u?l=tp4wuW from PacerMonitor.com at no charge. White Wilson Medical Center PA is represented by: Alberto F. Gomez, Jr., Esq. Johnson Pope Bokor Ruppel & Burns, LLP 400 N. Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 E-mail: al@jpfirm.com About White Wilson Medical Center PA White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Michael C. Markham, at Johnson, Pope, Bokor, Ruppel & Burns, LLP, is the Debtor's legal counsel. WHITEHALL PHARMACY: Plan Exclusivity Period Extended to July 16 --------------------------------------------------------------- Judge Richard Taylor of the U.S. Bankruptcy Court for the Eastern District of Arkansas extended Whitehall Pharmacy LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 16 and Sept. 14, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the size and complexity of the case supports a second extension of the Exclusive Periods. Debtor operates a network of pharmacies across Arkansas and is involved in multiple complicated prescription drug reimbursement programs. Debtor has negotiated multiple cash collateral budgets and orders with Stone Bank and other stakeholders, implemented a consent cash-management regime and assumed critical executory contracts. Additionally, the Debtor has been required to replace its professional accountants in order to obtain and file amended monthly operating reports and obtain a more accurate accounting of Debtor's financial operations throughout the pendency of the bankruptcy. The Debtor asserts that it does not file this Motion for any improper purposes. No prejudice or improper leverage will be gained by entry of an order pursuant to this Motion. Debtor seeks this extension to marshal information and build consensus, not to delay recoveries or pressure creditors. Extending exclusivity will preserve a stable environment for plan negotiations while avoiding the distraction and expense of competing plans. Whitehall Pharmacy, LLC is represented by: Charles Darwin Davidson, Sr., Esq. Deven K. Harvison, Esq. Davidson Law Firm 724 Garland Street Little Rock, AR 72201 Telephone: (501) 374-9977 Email: deven.harvison@dlf-ar.com About Whitehall Pharmacy Whitehall Pharmacy, LLC, operates pharmacies in multiple locations in Arkansas. Whitehall Pharmacy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing between $1 million and $10 million in assets and liabilities. Floyd Lelan Stice, company owner, signed the petition. Judge Phyllis M. Jones oversees the case. The Debtor tapped Charles Darwin Davidson, Sr., at Davidson Law Firm, as bankruptcy counsel and Sykes & Company, P.A,. as accountant. YELLOW CORP: MFN Appeals Pension Deal Approvals in Ch. 11 Cases --------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that MFN Partners LP, Yellow Corp.'s largest shareholder, is appealing bankruptcy court rulings that approved pension plan settlements resolving years of withdrawal liability disputes in the trucking company's Chapter 11 case. The hedge fund is seeking review of the finalized agreements in federal appellate proceedings. The appeal challenges April orders by Delaware Bankruptcy Judge Craig T. Goldblatt that authorized settlements between Yellow Corp. and pension plans including Central States, the Mid-Jersey Trucking Industry Pension Fund, and Teamsters Local 701. Court documents filed Monday, May 4, 2026, confirm MFN's push for review. The settlements, valued at more than $1 billion, resolved pension claims that had originally exceeded $7.4 billion in withdrawal liability. Those obligations were reduced over time through earlier court rulings before the agreements were reached, the report states. The deals were part of broader efforts to settle pension obligations in the wake of Yellow Corp.'s bankruptcy and liquidation. MFN's appeal now raises questions about the finality of those court-approved resolutions, according to Bloomberg. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. ZURN ELKAY: Moody's Upgrades CFR to Ba1, Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings upgraded the ratings of Zurn Elkay Water Solutions Corporation (Zurn), including the corporate family rating to Ba1 from Ba2 and probability of default rating to Ba1-PD from Ba2-PD. Concurrently, Moody's upgraded the rating on the senior secured bank credit facility held at subsidiary Zurn Holdings, Inc. (Zurn Holdings) to Ba1 from Ba2. The outlook on both entities was changed to stable from positive. Zurn's SGL-1 speculative grade liquidity rating is unchanged. The rating upgrade reflects Zurn's solid operating performance, with steady business growth while maintaining relatively stable long-term debt, as well as Moody's expectations for continued improvement in credit metrics and robust free cash flow over the next 12-18 months. RATINGS RATIONALE The Ba1 CFR reflects Zurn's well-established position and broad product portfolio in several water management categories. Demand for the company's products is supported by favorable long term drivers for water infrastructure, including positive trends in water conservation, safe drinking water, and regulation. Moody's expects the company to maintain healthy EBITDA margins sustained above 23% into 2027 and modest financial leverage, with debt-to-EBITDA remaining below 2.0x (including Moody's standard adjustments) absent significant debt-funded acquisitions. Supply chain optimization, with a shift in materials sourcing primarily to the US, reduces exposure to tariff volatility. The rating also reflects Zurn's modest scale with a niche concentration in water management. Moody's expects acquisitive growth to remain a core component of the company's strategy to increase size and scale. Zurn operates in a fragmented and competitive landscape. The company is also subject to some seasonality and almost all of the revenue is generated in North America. Approximately 50% of revenue is derived from the cyclical new construction market, with the remainder generated from the more stable retrofit market. While residential construction remains soft, institutional end markets, growing data center demand and the company's focus on a higher margin product mix continue to support growth. The stable outlook reflects Moody's expectations that Zurn's key institutional markets, including education and healthcare, will support steady revenue growth, anchored by regulatory requirements for water hygiene and safety. Retrofit/replacement business growth, pricing and productivity improvements will also support improving results over the next 12-18 months. These factors will help offset negative impacts from a soft residential sector, lingering macroeconomic uncertainty and evolving tariff and trade policies. Moody's also expects Zurn to maintain a prudent approach to capital allocation, balancing acquisitions, share repurchases and dividends with modest financial leverage. Zurn has very good liquidity as reflected in the SGL-1 speculative grade liquidity rating. This is based on Moody's expectations that Zurn will maintain a healthy cash balance and generate over $250 million of free cash flow annually over the next 12-18 months. Liquidity is also supported by an undrawn $550 million revolving credit facility that expires in 2031, of which approximately $540 million was available as of March 31, 2026, net of letters of credit. Moody's do not expect the company to utilize the facility for daily operations but it may be used for acquisitions. There are no material debt maturities before the term loan maturity in October 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with prudent and profitable scale expansion and improved product diversity. Quantitively, EBITDA margin approaching 25% while maintaining very good liquidity, including strong free cash flow, could also support an upgrade. The maintenance of a consistent, conservative financial policy that results in debt-to-EBITDA sustained below 2.0x would also be necessary for a rating upgrade, as would moving toward a capital structure that allows for maximum financial flexibility. The ratings could be downgraded with significant margin deterioration driven by weaker demand, the loss of a key customer or distributor, or competitive pressures. The ratings could also be downgraded if debt-to-EBITDA deteriorates toward 3.0x or free cash flow-to-debt weakens considerably. Additionally, an increasingly aggressive financial policy, including sizable debt-financed acquisitions with no clear pathway for deleveraging, or significant weakening of liquidity could lead to a 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. Zurn Elkay Water Solutions Corporation (NYSE: ZWS or "Zurn") designs, procures, manufactures, and markets products that provide and enhance water quality, safety, flow control and conservation. The company's portfolio provides solutions for drinking water (approximately 20% of portfolio), water safety and control (30%), hygienic and environmental (30%), and flow systems (20%). Revenue was approximately $1.7 billion for the twelve months ended March 31, 2026. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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