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T R O U B L E D C O M P A N Y R E P O R T E R
Thursday, May 14, 2026, Vol. 30, No. 134
Headlines
ALORIA VINEYARDS: Seeks to Use Cash Collateral
AQUA RESOLUTION: Gets Court Nod to Use Cash Collateral
AZORRA AVIATION: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
BESTAR INC: Chapter 15 Case Summary
BRAZOS PERMIAN: S&P Places 'B+'ICR on CreditWatch Positive
CENTRAL FLORIDA: Plan Exclusivity Period Extended to May 14
CONNECTICUT HEALTHCARE: Chapter 15 Case Summary
CONTEMPORARY MEDICAL: Gets Extension to Access Cash Collateral
COW CREEK: Seeks to Extend Plan Exclusivity to June 5
CREATIVE PLANNING: S&P Affirms 'BB-' ICR on Stable Revenue Growth
DEMAR INSTALADORA: Chapter 15 Case Summary
DIRECTV FINANCING: Fitch Rates $1.4BB Secured Notes Due 2032 'BB+'
DR. DONNA MICHELLE: Case Summary & 15 Unsecured Creditors
EDMUNDSON INC: Seeks to Extend Plan Exclusivity to July 17
EEE DEVELOPMENT: Involuntary Chapter 11 Case Summary
EMBECTA CORP:S&P Lowers ICR to 'B' on Lower Demand, Outlook Stable
EMPIRE FACILITY: Gets Final OK to Use Cash Collateral
ENCORE CAPITAL: Fitch Rates $550MM Sr. Secured Notes 'BB+(EXP)'
EPIC LABORATORIES: Case Summary & Nine Unsecured Creditors
FINANCE OF AMERICA: Unit Buys $5.1B HECM MSR Portfolio from Onity
FIREHOUSE GRILL: Plan Exclusivity Period Extended to June 22
G2 TECHNOLOGIES: Court Extends Cash Collateral Access to June 8
GATES ENTERPRISES: Case Summary & 14 Unsecured Creditors
GENERIC MANUFACTURING: Gets Extension to Access Cash Collateral
GIP PILOT: S&P Assigns 'BB' Rating on Senior Secured Term Loan B
GREEN TREE: Court Extends Cash Collateral Access to June 2
H5 TRANSPORT: Updates Unsecured Claims Pay Details
HARRISON BY RENZZI: Unsecureds to Get Share of Income for 3 Years
HCH PROPERTY: Gets Final Court Nod to Use Cash Collateral
INOTIV INC: Lenders Grant Liquidity Covenant Waiver for May 1 and 8
ISLAND GASTROENTEROLOGY: Plan Exclusivity Period Extended to May 20
KENNEDY-WILSON INC: S&P Rates New $1.8BB Sr. Unsecured Notes 'B'
KOMAX LLC: Gets Interim OK to Use Cash Collateral
LAFAYETTE PHYSICAL: Seeks Cash Collateral Access
LAND GO: Gets Final OK to Use Cash Collateral
MANDS ELECTRIC: Gets Interim OK to Use Cash Collateral
MARQUIS STAR: Seeks to Extend Plan Exclusivity to July 20
MARRS CONSTRUCTION: Gets Extension to Access Cash Collateral
MCGEACHY HOLDINGS: Gets Interim OK to Use Cash Collateral
MERRICK WOODWORKING: Case Summary & 13 Unsecured Creditors
MK RE HOLDINGS: Unsecured Creditors to Split $85K over 3 Years
MONETTE FARMS: Chapter 15 Case Summary
MORRISON HOSPITAL: Gets Final OK to Use Cash Collateral
MORRISVILLE BOROUGH SCHOOL: S&P Affirms 'BB' Rating on GO Bonds
MURPHY OIL: S&P Rates Proposed Senior Unsecured Notes 'BB+'
NEW PROVIDENCE: Claims to be Paid from Financing Proceeds
P HEALTH INC: Voluntary Chapter 11 Case Summary
PAR PETROLEUM: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
PARADOX ENTERPRISES: Gets Final OK to Use Cash Collateral
PCR AGAWAM: Amends Terms of Agawam Property Sale
PLATINUM EXPRESS: Case Summary & 20 Largest Unsecured Creditors
PRET 2026-RPL2: Fitch Assigns 'Bsf' Final Rating on Class B2 Notes
QUEENS THEATER: Case Summary & 20 Largest Unsecured Creditors
RACE RANCH: Case Summary & Three Unsecured Creditors
RBT LOGISTICS: Unsecureds to Get $300 per Month over 5 Years
REBORN COFFEE: Signs $21M Securities Purchase Deal With Investors
RITHM CAPITAL: Fitch Assigns B+(EXP) Rating on Sr. Unsecured Notes
SANDISK CORP: S&P Upgrades ICR to 'BB+', Outlook Positive
SCILEX HOLDING: ACEA Enters $1B Stock Acquisition with Phoenix Asia
SEASHORE PROPERTIES: Gets Extension to Access Cash Collateral
SPIRIT AIRLINES: Collapse Signals Broader Airline Industry Stress
STOLI GROUP: Seeks Cash Collateral Access
SUN COLOR: Unsecureds Will Get 100% of Claims over 60 Months
SYRACUSE INDUSTRIAL: Fitch Affirms CC on 2016A/B Revenue Bonds
TEDDER INDUSTRIES: Plan Exclusivity Period Extended to July 6
TEXAS INTERNATIONAL: Lender Seeks to Prohibit Cash Access
TIMBER PROS: Seeks 75-Day Extension of Plan Filing Deadline
TOMATLAN INC: Court Extends Cash Collateral Access to June 9
TRAVEL + LEISURE: Fitch Rates At Least $750MM Secured Notes 'BB+'
TREEO'S TREE: Voluntary Chapter 11 Case Summary
TTM TECHNOLOGIES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
UNITED FP: S&P Downgrades ICR to 'D' on Missed Interest Payments
UNITY FABRICATION: Gets Interim OK to Use Cash Collateral
US MAGNESIUM: Seeks to Extend Plan Exclusivity to July 7
VIVAKOR INC: Resets Special Dividend Payment Date to June 30
VIVAKOR INC: Secures $72M Recurring Crude Oil Deal Through May 2027
W. GATES REAL: Gets Interim OK to Use Cash Collateral
WAREHOUSE ONE: Commences CCAA Proceedings for Orderly Wind Down
WHERE FAMILIES: Case Summary & 13 Unsecured Creditors
WILLIAM D. LEDFORD: Claims to be Paid from Future Income
WRIGHT SCAPES: Unsecured Creditors Will Get 7% of Claims in Plan
ZHU ELITE: Unsecured Creditors Will Get 100% of Claims in Plan
[] Three Restructuring Partners Join Dechert LLP's Dallas Office
[^] Recent Small-Dollar & Individual Chapter 11 Filings
*********
ALORIA VINEYARDS: Seeks to Use Cash Collateral
----------------------------------------------
Aloria Vineyards, LLC, asks the U.S. Bankruptcy Court for the
Eastern District of California, Fresno Division, for authority to
use cash collateral and provide adequate protection.
The Debtor needs access to cash collateral to maintain its vineyard
and wine production business, preserve its value as a going
concern, and meet necessary expenses.
The Debtor generates income through wine sales, memberships, and
distribution, and currently operates with minimal staff. It
maintains four debtor-in-possession bank accounts with a combined
balance of $1,745 at the time of the bankruptcy filing.
Aloria lists two secured creditors with UCC-1 filings and three
total creditors with filed claims, including the U.S. Small
Business Administration as the largest creditor.
To protect secured creditors, the Debtor proposes granting
replacement liens equivalent to the value of any cash collateral
used.
A court hearing is scheduled for May 20.
A copy of the motion is available at https://urlcurt.com/u?l=HEM0tw
from PacerMonitor.com.
About Aloria Vineyards LLC
Aloria Vineyards, LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D. Calif. Case No. 26-10737) on February
24, 2026. At the time of the filing, the Debtor had estimated
assets of between $100,001 and $500,000 and liabilities of between
$100,001 and $500,000.
Judge Jennifer E. Niemann oversees the case.
Equal Justice Law Group is the Debtor's bankruptcy counsel.
AQUA RESOLUTION: Gets Court Nod to Use Cash Collateral
------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, entered an order granting Aqua Resolution, LLC
another extension to use the cash collateral of the U.S. Small
Business Administration).
Under the order, the Debtor is authorized to continue using cash
collateral through June 1 on the same terms as the court's prior
order entered on April 6.
The Debtor's budget projects total operational expenses of $99,150
for May.
The SBA will receive a replacement lien on and security interest in
the Debtor's assets to the same extent as its pre-petition liens.
As additional protection, the Debtor is required to continue making
regular monthly payments to the secured lender under existing loan
agreements.
A further hearing is scheduled for June 1.
The order is available at https://is.gd/CmIwEJ from
PacerMonitor.com.
About Aqua Resolution LLC
Aqua Resolution, LLC, doing business as RainSoft of Chicago,
provides water treatment and filtration systems and related
services, operating as an independent RainSoft dealership in
Lombard, Illinois, serving residential and commercial customers.
Aqua Resolution filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-00804) on January
17, 2026, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Thomas J. Norton, managing member, signed
the petition.
Judge Michael B. Slade presides over the case.
David P. Leibowitz, Esq., at the Law Offices of David P. Leibowitz,
LLC represents the Debtor as bankruptcy counsel.
AZORRA AVIATION: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded Azorra Aviation Holdings, LLC's (Azorra)
Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-'. The
Rating Outlook is Stable. Fitch has also upgraded Azorra Finance
Limited's senior unsecured debt rating to 'BB' from 'BB-' and
Azorra's SOAR TLB Finance Limited's secured long-term debt rating
to 'BB+' from 'BB'.
These rating actions are being taken in conjunction with Fitch's
global aircraft leasing sector review. For more information on the
sector review, please see "Fitch Ratings Completes Aircraft Lessor
Peer Review; Revises Sector Outlook to Deteriorating,".
Key Rating Drivers
Enhanced Scale and Strategic Execution: The upgrade reflects
Azorra's enhanced scale and franchise strength following the
completed acquisition of 49 aircraft and two engines from Dubai
Aerospace Enterprise (DAE), which was announced in May 2025 and was
completed with the novation of all associated leases in early 2026.
Fitch also notes that Azorra has enhanced its funding duration,
with a $550 million unsecured issuance in July 2025 and a $400
million unsecured issuance in February 2026. In addition, strategic
execution has been strong, with the firm delivering against its own
business plan and sustaining key financial metrics commensurate
with the current rating.
Franchise Strength; Small Narrowbody Aircraft Focus: Azorra's
ratings continue to reflect its position as a leading lessor
focused on small narrowbody aircraft, its robust orderbook
supported by relationships with OEMs, appropriate target leverage,
no meaningful near-term debt maturities, solid liquidity metrics,
and ownership by Oaktree Capital Management, L.P., which provides
investment expertise and capital commitment to support planned
fleet growth.
Limited Track Record: The ratings are constrained by portfolio
concentrations in regional and small narrowbody aircraft, a limited
standalone operating track record, higher reliance on secured
wholesale funding, orderbook placement risk, key person risk
related to founder and CEO John Evans, and governance risks from
limited board independence and majority ownership by fixed-life
fund structures.
Sector Rating Constraints: Rating constraints applicable to the
aircraft lessor industry more broadly include the monoline nature
of the business; potential exposure to residual value risks, the
reliance on wholesale funding sources; and vulnerability to
exogenous shocks, including sensitivity to higher oil prices,
inflation and unemployment, which could negatively impact travel
demand. Fitch also notes the ongoing Iran conflict and risk of
protracted jet fuel shortages. While airlines globally have
responded by cutting capacity on less-profitable routes, lessors
may still face increased requests for lease deferrals. If granted,
these deferrals could negatively impact liquidity and internal
capital generation over time.
Moderate Portfolio Concentration: As of Dec. 31, 2025, Azorra's
owned portfolio comprises 170 aircraft and 62 engines with a net
book value (NBV) of $3.6 billion. Azorra also has purchase
commitments of 33 aircraft, including 12 A220s and 11 Embraer E2s.
While Azorra's portfolio is moderately concentrated from a lessee
perspective, with the single largest customer accounting for 9.0%
of NBV, it is adequately diversified by geography, with the five
largest geographic exposures representing 47% of NBV as of Dec. 31,
2025.
Solid Asset Quality: Azorra has demonstrated solid asset quality
performance to date. In 2025, Azorra recognized provision for
losses on notes and loans receivable of 0.4%, consistent with
historical periods. The firm's ability to purchase aircraft at
attractive prices and its relatively conservative depreciation
policies should help contain impairment risk over time. Given its
regional and small narrowbody focus, Azorra's portfolio consists of
less liquid tier 2 (82%) and tier 3 aircraft (18%), as categorized
by Fitch; however, its average fleet age (5.3 years) and average
remaining lease term (6.4 years) are closely aligned to
higher-rated peers focusing on larger narrowbody aircraft.
Adequate Profitability: Net spread (lease yield - funding costs)
was 5.7% for 2025, compared to an average of 6.6% from 2022-2025.
The decline in 2025 was largely due to the addition of a
significant number of aircraft to the portfolio toward the end of
2025, diluting spread profitability for the year. Pro forma for a
full-year earnings contribution of these assets, net spreads would
have been 6.8%. Fitch expects spreads will be comfortably
maintained within the 'bbb' benchmark range of 5%-15% for aircraft
lessors, with a sector risk operating environment (SROE) score in
the 'bbb' category over the Outlook horizon.
Appropriate Leverage: Fitch's calculated leverage (gross debt to
tangible equity), which treats Azorra's preferred shares as 100%
equity, was 2.8x as of Dec. 31, 2025. The company's leverage target
on a net debt-to-equity basis is 2.65x-2.85x, which is
approximately 2.9x-3.1x based on Fitch's core leverage benchmark
metric. Pro forma for the $400 million unsecured notes issuance and
$100 million Term Loan B (TLB) upsize in February 2026, leverage
would be 3.0x at YE25. Going forward, Fitch expects Azorra to
manage Fitch-calculated leverage at 3x-or-below, which the agency
considers commensurate with the issuer's business profile and fleet
mix.
Increase in Unsecured Debt Mix: Azorra has accessed the capital
markets repeatedly, growing unsecured debt to 37% of total debt as
of Dec. 31, 2025. Pro forma for the $400 million unsecured issuance
in February 2026, unsecured debt represented 48% of total debt at
YE25, which Fitch views positively because it enhances funding
flexibility. Over the near to medium term, Fitch expects Azorra to
continue to tap the unsecured debt markets to refinance secured
debt coming due.
Sound Liquidity: Pro forma for the $400 million senior unsecured
notes issuance and $100 million TLB upsize in February 2026,
liquidity resources amounted to $1.7 billion at YE25, including
$287 million in unrestricted cash and $1.1 billion of committed
revolver capacity. This covered contracted aircraft purchases and
upcoming debt maturities over the next 12 months by 1.9x, which
Fitch views as sound. Refinance risk is limited. The next debt
maturity is a $638 million TLB due in October 2029.
Stable Outlook: The Stable Outlook reflects Fitch's expectation
that Azorra will manage its balance sheet to maintain sufficient
headroom within its targeted leverage range and against Fitch's
negative rating sensitivities over the Outlook horizon. This view
incorporates increased macro challenges, including geopolitical
risks, higher fuel prices, higher inflation and uncertainty about
air travel demand strength.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Erosion of earnings such that net spreads are sustained below 5%,
a sustained increase in leverage above 3.0x, and/or liquidity
coverage below 1.2x;
- A material decrease in unsecured debt, sustained below 35% of
total debt;
- Macroeconomic and/or geopolitical pressures on airlines that lead
to lease restructurings, rejections, lessee defaults and increased
losses;
- Azorra's ownership by fixed-life private funds could also
contribute to negative rating action if it leads to elevated
capital extractions or if a forced sale of the company at fund
maturity impairs Azorra's financial profile, franchise or long-term
strategic direction;
- Any key person event involving CEO and Chairman John Evans would
not lead to an immediate downgrade of Azorra's ratings. However,
Fitch would evaluate the event's impact on the firm's strategic
direction and industry relationships before taking any rating
actions.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Solid execution of planned growth targets and long-term strategic
financial objectives, including net operating income sustained
above $150 million and maintenance of leverage within the targeted
range;
- Enhanced scale, as exhibited by lessee diversification, reduced
exposure to weaker airlines, maintenance of low impairment ratios,
and reduction in the proportion of tier 3 aircraft as categorized
by Fitch;
- Net spreads sustained above 7%, unsecured debt maintained above
50% and liquidity coverage remaining above 1.2x;
- Rating upside remains subject to Fitch's view on governance and
conflict of interest risks associated with Azorra's externally
managed business model, limited board independence and ownership by
a fixed-life private equity fund.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
The senior secured debt rating is one-notch above Azorra's
Long-Term IDR and reflects the aircraft collateral backing the
obligations, which suggests good recovery prospects.
The senior unsecured debt rating is equalized with Azorra's
Long-Term IDR and reflects expectations for average recovery
prospects in a stress scenario, given the availability of
unencumbered assets.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The senior secured debt rating is primarily sensitive to changes in
Azorra's Long-Term IDR and secondarily to the relative recovery
prospects of the instruments.
The senior unsecured debt rating is primarily sensitive to changes
in Azorra's Long-Term IDR and the relative recovery prospects of
the instruments. A decline in unencumbered asset coverage, combined
with a material increase in secured debt could result in the
notching of the unsecured debt down from the Long-Term IDR.
ADJUSTMENTS
The Standalone Credit Profile (SCP) has been assigned in line with
the implied SCP.
The Asset Quality score has been assigned below the implied score
due to the following adjustment reasons: Portfolio concentration in
regional and small narrowbody aircraft; asset performance
(negative); Risk profile and business model (negative).
The Earnings & Profitability score has been assigned below the
implied score due to the following adjustment reason: Historical
and future metrics (negative).
The Capitalization & Leverage score has been assigned below the
implied score due to the following adjustment reason: Historical
and future metrics (negative).
ESG Considerations
Azorra has an ESG Relevance Score of '4' for Management Strategy
due to the execution risk associated with the operational
implementation of the company's outlined strategy. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.
Azorra has an ESG Relevance Score of '4' for Governance Structure
due to the potential governance and conflict of interests
associated with Azorra's externally managed business model, and
ownership by a fixed-life private fund structure. This also
reflects key man risk related to its CEO and Chairman John Evans,
who is leading the growth and strategic direction of the company.
This has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Prior
----------- ------ -----
Azorra Aviation
Holdings, LLC
LT IDR BB Upgrade BB-
Azorra Finance
Limited
senior unsecured LT BB Upgrade BB-
Azorra SOAR TLB
Finance Limited
senior secured LT BB+ Upgrade BB
BESTAR INC: Chapter 15 Case Summary
-----------------------------------
Lead Debtor: Bestar Inc.
4220, Villeneuve Street
Lac-Megantic, Quebec, G6B 2C3
Canada
Business Description: The Debtors manufacture and sell ready-to-
assemble residential and commercial furniture in Canada and the
United States. Founded through legacy furniture businesses
including Bestar and Bush Industries, the group offers beds,
desks, closet systems, storage furniture, home-office furniture
and commercial office furniture through e-commerce and retail
channels. The Debtors are headquartered in Sherbrooke, Quebec, and
maintain operations that include a distribution center in Erie,
Pennsylvania, and a manufacturing facility in Jamestown, New York.
Foreign Proceeding: Superior Court of Quebec (Commercial
Division), District of Megantic
Chapter 15 Petition Date: May 4, 2026
Court: United States Bankruptcy Court
District of Delaware
Eight affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Bestar Inc. (Lead Case) 26-10659
Bush Industries Inc. 26-10660
E-Solutions Furniture Group Inc. 26-10661
Bestar USA Inc. 26-10662
LCP Bush Holdings, Inc. 26-10663
Bush Management, Inc. 26-10664
Bush Industries Of Pennsylvania, Inc. 26-10665
Bush Technologies, Inc. 26-10666
Judge: Hon. Mary F. Walrath
Foreign Representative: PricewaterhouseCoopers Inc.
1250, Rene-Levesque W. Blvd.
Montreal, Quebec, H3B 4Y1
Canada
Foreign
Representative's
Counsel: David M. Klauder, Esq.
BIELLI & KLAUDER, LLC
1204 N. King Street
Wilmington, Delaware 19801
Tel: (302) 803-4600
Email: dklauder@bk-legal.com
AND
David A. Agay, Esq.
Joshua A. Gadharf, Esq.
MCDONALD HOPKINS LLC
300 North LaSalle Street, Suite 1400
Chicago, Illinois 60654
Tel: (312) 280-0111
Fax: (312) 280-8232
Email: dagay@mcdonaldhopkins.com
jgadharf@mcdonaldhopkins.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Lead Debtor's Chapter 15 petition is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/U6A5S4Y/PricewaterhouseCoopers_Inc_and__debke-26-10659__0001.0.pdf?mcid=tGE4TAMA
BRAZOS PERMIAN: S&P Places 'B+'ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings placed its 'B+' issuer credit rating on Brazos
Permian II LLC and its 'B+' issue-level rating on Brazos Delaware
II LLC's debt on CreditWatch with positive implications.
The CreditWatch placement reflects the likelihood that S&P will
raise the ratings after the acquisition closes, expected in the
second quarter of 2026.
On May 6, 2026, Western Midstream Partners L.P. announced it had
entered into a definitive agreement to acquire all outstanding
equity interests of Brazos Delaware II LLC, a subsidiary of Brazos
Permian II LLC, in an equity and cash transaction valued at
approximately $1.6 billion.
S&P said, "We placed our ratings on Brazos Permian II LLC and
Brazos Delaware II LLC on CreditWatch with positive implications to
reflect the likelihood that we will raise the ratings following the
close of the acquisition by Western Midstream Partners L.P. because
of the integration into Western Midstream Operating LP's group.
"The CreditWatch placement reflects the likelihood we will raise
the ratings after the acquisition closes, expected in the second
quarter of 2026."
CENTRAL FLORIDA: Plan Exclusivity Period Extended to May 14
-----------------------------------------------------------
Judge Grace E. Robson of the U.S. Bankruptcy Court for the Middle
District of Florida extended Central Florida Firearms, LLC, d/b/a
Live Free Armory's exclusive periods to file a plan of
reorganization and obtain acceptance thereof to May 14 and July 13,
2026, respectively.
As shared by Troubled Company Reporter, the Debtor explains that
its counsel has filed multiple motions to allow the Debtor to
operate its business, reject burdensome executory contracts, enter
into new executory contracts, value claims, ensure utilities and
insurance, and respond to multiple motions for relief from stay.
Additionally, the Debtor has been in negotiations with various
creditors and needs additional time to finalize the negotiations to
prepare its plan of reorganization.
The Debtor claims that this motion is made before the expiration of
the Exclusive Periods. The Court therefore has the discretion to
grant the relief requested herein.
Central Florida Firearms, LLC is represented by:
Jeffrey S. Ainsworth, Esq.
Jennifer Morando, Esq.
Branson Ainsworth, PLLC
1501 E. Concord St.
Orlando, FL 32803
Phone: 407-894-6834
Primary E-mail: jeff@bransonlaw.com
jennifer@bransonlaw.com
Secondary: tammy@bransonlaw.com
lisa@bransonlaw.com
About Central Florida Firearms LLC
Central Florida Firearms, LLC, doing business as Live Free Armory,
specializes in the production of slides, barrels, and other firearm
parts, offering next-day shipping on available inventory for orders
received before the daily cutoff.
Central Florida Firearms LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on
September 26, 2025. In its petition, the Debtor reported estimated
assets of $5.2 million and estimated liabilities of $12.7 million.
The Debtor is represented by Jeffrey S. Ainsworth, Esq. of
BransonLaw, PLLC.
CONNECTICUT HEALTHCARE: Chapter 15 Case Summary
-----------------------------------------------
Chapter 15 Debtor: Connecticut Healthcare Insurance Company
Marsh Management Services Cayman Ltd.
Governors Square, Building 4, Floor 2
23 Lime Tree Bay Avenue
P.O. Box 1051
Grand Cayman KY1-1102
Cayman Islands
Business Description: Connecticut Healthcare Insurance Company is
a Cayman Islands-based captive insurance company owned by
Prospect ECHN, Inc. The company, licensed as a Class B insurer and
managed through Marsh Management Services Cayman Ltd. in
Grand Cayman, provided insurance coverage for healthcare-related
liabilities, including personal injury, wrongful death, medical
malpractice and similar tort claims associated with
Prospect Medical Holdings-related entities.
Chapter 15 Petition Date: May 5, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-32010
Judge: Hon. Stacey G Jernigan
Foreign Representatives: Michael Pearson and Orla O'Regan
JTC Special Situations Ltd. (JTC)
60 Nexus Way, 6th Floor
Cayman Bay
P.O. Box 769
Grand Cayman KY1-9006
Cayman Islands
Foreign Proceeding: Grand Court of Cayman Islands Financial
Services Division - Cause No. FSD 93
Foreign
Representatives'
Counsel: Vienna F. Anaya, Esq.
JACKSON WALKER LLP
2323 Ross Avenue, Suite 600
Dallas, TX 75201
Tel: (214) 953-6000
Email: vanaya@jw.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
on PacerMonitor at:
https://www.pacermonitor.com/view/JNMHIOQ/Connecticut_Healthcare_Insurance__txnbke-26-32010__0001.0.pdf?mcid=tGE4TAMA
CONTEMPORARY MEDICAL: Gets Extension to Access Cash Collateral
--------------------------------------------------------------
Contemporary Medical Services, PC received another extension from
the U.S. Bankruptcy Court for the Eastern District of New York to
use the cash collateral of secured lenders to fund operations.
The court issued a sixth interim order authorizing the Debtor to
use the cash collateral of TD Bank, N.A. and the U.S. Small
Business Administration through June 16 in accordance with its
budget. The Debtor cannot use cash collateral beyond 110% of any
budget line item without written consent.
A copy of the Debtor's budget is available at
https://shorturl.at/2uznM from PacerMonitor.com.
As adequate protection for any diminution in the value of their
collateral, lenders will be granted replacement liens on all of the
Debtor's assets. These liens are automatically perfected and
maintain the same priority as the lenders' pre-bankruptcy liens.
The interim order established a carveout of up to $10,000 for
professional fees and $5,000 for fees and expenses of a Chapter 7
trustee in case one is appointed. It bars use of surcharges under
Section 506(c) of the Bankruptcy Code without lender consent.
Events of default include failure to comply with the order;
unauthorized expenditures; conversion or dismissal of the Debtor's
bankruptcy case; or granting of post-petition liens. The order
remains effective and enforceable despite any future plan
confirmation or case conversion.
The final hearing is scheduled for June 16, with objections due by
June 5.
The order is available at https://shorturl.at/JN3y5 from
PacerMonitor.com.
TD Bank is represented by:
Clifford A. Katz, Esq.
Teresa Sadutto-Carley, Esq.
Goetz Platzer LLP
1 Penn Plaza, 31st Floor
New York, NY 10119
Telephone: 212-593-3000
Facsimile: 212-593-0353
ckatz@goetzplatzer.com
tsadutto@goetzplatzer.com
About Contemporary Medical Services PC
Contemporary Medical Services, PC filed a petition under Chapter
11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No.
25-73888) on October 8, 2025, listing between $500,001 and $1
million in assets and between $1 million and $10 million in
liabilities.
Judge Sheryl P. Giugliano presides over the case.
Joseph S. Maniscalco, Esq., at Lamonica Herbst Maniscalco
represents the Debtor as legal counsel.
COW CREEK: Seeks to Extend Plan Exclusivity to June 5
-----------------------------------------------------
Cow Creek Towing & Recovery LLC asked the U.S. Bankruptcy Court for
the Northern District of Mississippi to extend its exclusivity
period to file a plan of reorganization and disclosure statement to
June 5, 2026.
The Debtor explains that it has worked diligently to work with
creditors and has negotiated numerous adequate protection
agreements. There are still two pending Motions to Lift Stay.
Debtor is still in the process of figuring out what collateral to
abandon that is no longer necessary.
The Debtor states that it has already assumed certain non
residential real property leases. The Debtor has made numerous
operational changes to increase income and decrease overhead and is
working to put these changes in its projections.
The Debtor asserts that given this extension, the company will be
able to file a Disclosure Statement and Plan that will be confirmed
within a reasonable time. Therefore, the Debtor seeks an extension
up to and including June 5, 2026 of exclusive time in which to file
their proposed Plan and Disclosure Statement and a concomitant
extension of sixty days within which to obtain Plan Confirmation.
The Debtor further asserts that it does not seek this extension for
purposes of delay, but rather, to allow the Debtor an opportunity
to fully formulate and file their proposed Plan. The extension will
not result in any undue prejudice to any creditor or other
party-in-interest.
Cow Creek Towing & Recovery LLC:
J. Walter Newman IV, Esq.
Newman & Newman
601 Renaissance Way, Suite A
Telephone: (601) 948-0586
Email: wnewman95@msn.com
About Cow Creek Towing & Recover LLC
Cow Creek Towing & Recovery LLC provides towing and roadside
assistance services across northeast Mississippi, operating
multiple locations. The Company offers accident recovery,
heavy-duty towing, and flatbed towing, supported by certified tow
truck operators and specialized equipment. It also provides
hazardous spill cleanup services as part of its towing and recovery
operations.
Cow Creek Towing & Recovery LLC in Pontotoc, MS, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Miss. Case No.
25-13765) on Nov. 4, 2025, listing as much as $1 million to $10
million in both assets and liabilities. Casey Smith Finn signed the
petition as member.
Judge Jason D. Woodard oversees the case.
NEWMAN & NEWMAN serves as the Debtor's legal counsel.
CREATIVE PLANNING: S&P Affirms 'BB-' ICR on Stable Revenue Growth
-----------------------------------------------------------------
S&P Global Ratings affirmed the 'BB-' issuer credit rating on
Creative Planning Holdco LLC (CP) and issue-level rating on the
company's term loan.
S&P said, "Separately, we revised our recovery rating on the
company's term loan to '3' (rounded estimate: 50%) from '4'
(rounded estimate: 40%) based on our estimate of higher emergence
EBITDA than we previously assumed.
"Our stable outlook reflects our expectations for CP to maintain
debt to EBITDA of 4.0x-5.0x and EBITDA interest coverage above 3.0x
while growing its assets under management and assets under
administration through organic and inorganic channels."
CP experienced steady revenue and earnings growth in 2025,
primarily owing to stable net organic inflows in the private wealth
segment and favorable market conditions.
S&P said, "We expect CP will continue to focus on organic growth
while pursuing opportunistic acquisitions to expand its planner
network and geographic presence.
"We expect CP to maintain its strong performance in 2026. The
company's financial performance in 2025 benefited from net inflows,
market appreciation, and acquisitions, which increased assets under
management (AUM) by 37% to $222.7 billion in its private wealth
segment. Despite some market volatility, CP's focus on high- and
ultra-high-net-worth clients supported resilient asset growth.
"With a favorable client retention rate of 98%, we anticipate these
positive trends to continue. Additionally, the company's 401(k)
assets under administration (AUA) also grew to $480 billion, driven
by organic gains and the acquisition of SageView Advisory Group,
completed in December 2025.”
CP's revenue increased by 19% to $1.63 billion in 2025, largely
from the growing asset base. While the wealth management industry
is facing some fee pressure in general, CP has continued to benefit
from operational efficiencies and maintain its profitability, due
in large part to its centralized business model.
S&P said, "While the company's recent acquisitions have resulted in
some growth in the 401(k) asset base, we expect the company will
continue to earn most of its revenue and earnings from the
higher-margin wealth management segment. We expect S&P Global
Ratings adjusted EBITDA margin to remain above average relative to
peers, at around 50%, because the company's cost structure remains
relatively unchanged and it continues to acquire businesses with
similar margin profiles.
"We expect CP to periodically supplement organic growth with
acquisitions. Increased demand from individuals, families, and
employers for professional financial guidance presents a
significant opportunity within the wealth management sector,
especially during periods of market volatility. We believe CP is
well positioned to benefit from these favorable industry dynamics,
with organic inflows anticipated in both its private wealth and
retirement asset management segments."
On the other hand, CP has been making efforts to expand
internationally, such as acquiring Switzerland-based Baseline
Wealth Management Ltd. in early 2026. The company also recently
announced its acquisition of a London-based registered investor
firm, MASECO LLP. S&P said, "We expect the acquisition to add $5
billion in AUM and enhance CP's foreign presence. We believe the
company will continue to target domestic and international
acquisitions to supplement its ongoing AUM growth."
S&P said, "We expect leverage to remain 4.0x-5.0x over the next
year. S&P Global Ratings-adjusted debt-to-EBITDA increased to 4.5x
as of Dec. 31, 2025, from 2.0x in 2024, driven by additional debt
taken by the company, including a term loan add-on to fund a
dividend distribution as part of the minority equity investment by
TPG.
"EBITDA interest coverage also reduced somewhat to 4.2x from 5.9x,
and we expect it to remain 4.0x-5.0x in 2026. We anticipate
leverage will gradually improve as CP continues to benefit from
favorable growth trends. While we expect CP to remain acquisitive,
we do not incorporate any sizeable debt-funded mergers or
acquisitions in our forecast. We also expect the company to
maintain a generally prudent financial policy, and view the
sizeable dividend paid in the first quarter of 2025 as a
nonrecurring event, since the payout was to support TPG's
acquisition of its stake. Nevertheless, dividends paid from net
income may increase in future years, as the company's earnings base
continues to grow.
"The stable outlook reflects our expectations of S&P Global
Ratings-adjusted debt to EBITDA of 4.0x-5.0x and EBITDA interest
coverage above 3x over the next 12 months, while the company
continues to grow its AUM and AUA organically and through mergers
and acquisitions.
"We could lower the ratings if CP's leverage stays above
5.0x--because of weakening earnings or rising debt, including from
debt-financed shareholder distributions--or if the company's
business materially weakens, as shown by sustained net outflows or
deteriorating financial markets."
S&P could raise the ratings if
-- Leverage is below 4.0x on a sustained basis, and S&P expects
financial policy to support those levels, and
-- The company continues to expand its earnings and market
position while maintaining a relatively favorable margin profile
compared to its peers.
DEMAR INSTALADORA: Chapter 15 Case Summary
------------------------------------------
Chapter 15 Debtor: DEMAR lnstaladora y Constructora, S.A.
de C.V.
Ejercito Nacional Numero 216, Piso 15
Ciudad de Mexico C.P. 11590
Mexico
Business Description: DEMAR provides engineering, procurement,
construction, and marine operations services for the oil, gas, and
energy sectors. Incorporated in Mexico in 1990, the company is
registered in Ciudad de Mexico, Mexico. DEMAR serves Petroleos
Mexicanos, Mexico's state-owned national oil company, as its
principal client, deriving the majority of its business from
projects and works for PEMEX.
Foreign Proceeding: Case No. 18855/2025 in the First
District Court in Commercial Bankruptcy
Matters in Mexico City, Mexico
Chapter 15 Petition Date: May 6, 2026
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 26-90523
Judge: Hon. Christopher M Lopez
Foreign Representatives: Miguel Hernandez Quezada
Florencia 14, Sol. Juarez
Zona Reforma
C.P. 06600, Ciudad de Mexico
Amada Josefa Ferrera Gunnarsen
Ejercito Nacional numero 216, Piso 15
Col. Anzures, C.P. 11590, Ciudad de
Mexico, Mexico
Foreign
Representatives'
Counsel: Juan J. Mendoza, Esq.
SEQUOR LAW, P.A.
1111 Brickell Avenue, Suite 1250
Miami, FL 33131
Tel: (305) 372-8282
Email: jmendoza@sequorlaw.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Chapter 15 petition is available for free
on PacerMonitor at:
https://www.pacermonitor.com/view/AF3MAPQ/DEMAR_lnstaladora_y_Constructora__txsbke-26-90523__0001.0.pdf?mcid=tGE4TAMA
DIRECTV FINANCING: Fitch Rates $1.4BB Secured Notes Due 2032 'BB+'
------------------------------------------------------------------
Fitch Ratings has assigned DIRECTV Financing, LLC's (DIRECTV)
proposed $1,400 million senior secured notes due 2032 a 'BB+'
rating with a Recovery Rating of 'RR2'. The senior secured notes
are issued by DIRECTV Financing, LLC and co-issued by DIRECTV
Financing Co-Obligor, Inc. The net proceeds will be used to fund a
tender of the 2027 senior secured notes in part.
The ratings reflect the company's scale as one of the largest
multi-channel video programming providers in the U.S., its strong
cash flows and its conservative leverage profile. Concerns include
the continued, industry-wide secular pressure on providers of
traditional linear television as consumers shift a material portion
of their video consumption to a variety of over-the-top (OTT)
streaming services.
Key Rating Drivers
Declining Industry Trends: Shifting consumer preferences and
technology changes have reduced subscribers to traditional linear
television, including satellite pay TV. The video industry has
rapidly evolved over the last few years, with direct to consumer
(DTC) platforms such as Netflix, Amazon and Disney+ amassing
significant subscribers. This has led to large declines in
subscribers among traditional video distributors. In addition, the
growth in broadband accessibility and speeds makes it easier for
OTT platforms to provide streaming services.
Conservative Leverage: Fitch calculates EBITDA leverage of
approximately 2.0x at YE 2025. Leverage increased in 2025, largely
due to the additional debt to fund the dividend payment to AT&T and
TPG and continued decline in EBITDA. DIRECTV's ratings reflect its
commitment to remain conservatively capitalized within its stated
target net leverage of 1.5x in the medium term.
EBITDA Margin Pressure: Declining revenue due to subscriber losses
has placed pressure on margins over the past several years.
Management continues to implement cost cuts to offset these
declines, and newer product offerings have lower expenses, but
Fitch expects EBITDA margins to be pressured through the forecast
period.
Financial Flexibility: Fitch expects free cash flow (FCF) in excess
of $1 billion a year after tax distributions. Fitch assumes
slightly higher capital expenditure (capex) for potential satellite
replacements by the decade's end. FCF is supported by low capex
intensity of 2.5% to 3.5% and a shifting product mix. DIRECTV via
Internet and DIRECTV Stream have lower subscriber acquisition
costs. The equipment cost is lower, and the product generally does
not require a truck roll, as customers can self-install the
equipment. Fitch also expects continued dividends on common equity
to TPG if DIRECTV remains within its stated leverage target range.
Material Scale: DIRECTV's video subscriber base is the
third-largest traditional multi-channel video programming
distributor (MVPD) in the U.S. with about 8.2 million subscribers
at the end of 1Q26. It follows Charter Communications, Inc. with
about 12.5 million and Comcast Corp. with about 10.9 million video
subscribers. All three have materially less scale than five years
ago. DIRECTV remains the largest standalone traditional video
provider but has no broadband or other operations, like its peers.
Scale is crucial for MVPD operators, as it provides greater
negotiating power with content providers and TV broadcasters,
helping to manage costs amid secular pressures.
Peer Analysis
DIRECTV's publicly rated MVPD peers include Comcast Corp.
(A-/Stable) and Charter Communications, Inc. (Charter; BB+/Rating
Watch Positive). Comcast is rated higher than DIRECTV primarily due
to significantly greater revenue and segment diversification. With
roughly 8.2 million subscribers through the DIRECTV satellite TV,
DIRECTV Stream, DIRECTV via Internet and U-verse offerings, DIRECTV
is the third-largest U.S. MVPD behind Comcast and Charter.
However, Fitch believes DIRECTV is more weakly positioned because
of its less competitive product offering. This has disadvantaged it
relative to MVPD peers, which benefit from their ability to use
bundling (mainly broadband services) to retain video subscribers.
Charter's ratings also benefit from segment diversification, scale
and higher FCF, which is balanced against higher-leverage metrics
(low 4.0x) compared to DIRECTV's metrics.
Fitch’s Key Rating-Case Assumptions
- Revenues decline in the mid to high single digits over the
forecast period, primarily due to declines in DIRECTV satellite
subscribers and U-Verse subscribers, partly offset by growth in
DIRECTV Internet and higher average revenue per user (ARPUs);
- EBITDA margins in the low- to mid-20% range;
- Fitch-calculated CFO margin in the high teens over 2026-2028 with
capex intensity of 2.5% to 3.5%;
- Fitch assumes that the company applies discretionary cash flow
beyond the term loan amortization to additional debt repayments to
improve leverage toward its 1.5x net leverage target.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb+,
Lower), Market & Competitive Positioning (b+, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bb,
Higher), Financial Structure (a, Moderate), and Financial
Flexibility (bb+, Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 35% for the forecast year 2025, 35% for the forecast year
2026 and 20% for the forecast year 2027.
- The Governance Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bb'.
Recovery Analysis
The senior secured ratings reflect the application of Fitch's
"Corporate Recovery Ratings and Instrument Ratings Criteria" for
'BB' category issuers and category 2 first lien debt. Therefore,
the secured debt is rated one notch above DIRECTV's 'BB' IDR,
supported by expected recoveries in the 'RR2' range.
The 'RR2' Recovery Rating reflects enterprise value (EV)
uncertainty for DIRECTV in a secularly declining industry. It is
exposed to the traditional linear television market, which is
facing structural headwinds, including cord cutting and evolving
customer preferences.
Given DIRECTV's status as a private company and its most direct
public peer, Dish DBS, operating as part of a larger more diverse
entity, EV is uncertain. This uncertainty limits confidence in an
EV that would support superior recovery expectations. While the
instruments benefit from structural priority, the combination of
valuation uncertainty and industry pressures constrains recovery to
substantial rather than superior levels, consistent with 'RR2'
relative to 'RR1'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Prolonged declines in revenue and EBITDA, not offset by
reductions in debt, leading to EBITDA leverage of 2.5x or greater;
- EBITDA leverage greater than 2.5x due to leveraging transactions,
particularly without a credible deleveraging plan, or a more
aggressive financial policy.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch does not anticipate an upgrade at this time, given the
secular trends in the industry;
- Successful execution on initiatives to return to revenue/EBITDA
growth, along with EBITDA leverage maintained at 1.5x or less.
Liquidity and Debt Structure
DIRECTV's liquidity is supported by cash on hand, strong FCF and
full availability under a $500 million revolving credit facility as
of March 31, 2026.
As of Dec. 31, 2025, DIRECTV's capital structure consisted of
approximately $6.135 billion of senior secured notes, a $1.79
billion first lien term loans, a $500 million undrawn revolving
credit facility and $55 million outstanding of rolled over
unsecured notes at DIRECTV Holdings, LLC. The debt is issued at
DIRECTV Financing, LLC (with DIRECTV Financing Co-Obligor, Inc. as
co-issuer on the notes) and is guaranteed by DIRECTV Financing
HoldCo, LLC, a wholly owned subsidiary of DIRECTV.
The company also has a three-year accounts receivable
securitization facility due in 2028 with up to $500 million of
availability. The facility had $428 million outstanding at Dec. 31,
2025. Fitch expects the company will continue rolling over the
accounts receivable facility.
Issuer Profile
DIRECTV provides video entertainment services consisting of the
DIRECTV direct-to-home satellite business, U-verse video and
DIRECTV Stream.
Date of Relevant Committee
28 January 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 DIRECTV.
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
----------- ------ --------
DIRECTV Financing,
LLC
senior secured LT BB+ New Rating RR2
DIRECTV Financing
Co-Obligor, Inc.
senior secured LT BB+ New Rating RR2
DR. DONNA MICHELLE: Case Summary & 15 Unsecured Creditors
---------------------------------------------------------
Debtor: Dr. Donna Michelle Gentry, D.D.S., P.L.L.C.
1165 Cedar Point Blvd., Ste. P
Cedar Point, NC 28584
Business Description: Dr. Donna Michelle Gentry, D.D.S., P.L.L.C.,
doing business as SeaSide Dentistry, operates a dental practice in
Cedar Point, North Carolina. The practice, led by dentist
Donna Gentry, DDS, provides general, cosmetic, restorative,
endodontic, periodontal, sedation and emergency dental care, with
services including cleanings, crowns, dental implants, Invisalign,
root canal therapy and sleep apnea treatment. SeaSide Dentistry
serves patients in Cedar Point and nearby North Carolina
communities, including Swansboro, Bogue, Emerald Isle, Peletier,
Hubert, Jacksonville, Morehead City, Newport and Stella.
Chapter 11 Petition Date: May 8, 2026
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 26-02111
Judge: Hon. Pamela W Mcafee
Debtor's Counsel: George Mason Oliver, Esq.
THE LAW OFFICES OF GEORGE OLIVER, PLLC
PO Box 1548
New Bern, NC 28563
Tel: 252-633-1930
Fax: 252-633-1950
Total Assets: $703,729
Total Liabilities: $1,685,120
The petition was signed by Donna M. Gentry as manager.
A full-text copy of the petition, which includes a list of the
Debtor's 15 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/BMBKL5A/Dr_Donna_Michelle_Gentry_DDS_PLLC__ncebke-26-02111__0001.0.pdf?mcid=tGE4TAMA
EDMUNDSON INC: Seeks to Extend Plan Exclusivity to July 17
----------------------------------------------------------
Emundson Inc., d/b/a Arbor Valley Nursery and Edmundson Land LLC
asked the U.S. Bankruptcy Court for the District of Colorado to
extend their exclusivity periods to file a plan of reorganization
and obtain acceptance thereof to July 17 and Sept. 16, 2026,
respectively.
The Debtors explain that applying the pertinent factors here
demonstrates that the requested extensions of the exclusive periods
is appropriate:
* the size and complexity of the chapter 11 matters. Debtors
scheduled assets with book and market values of more than $18.6
million in the aggregate, secured and unsecured debts totaling
approximately $28.1 million of approximately 154 creditors. These
bankruptcy cases are further affected and complicated by the events
unfolding as to the affiliated entities and the DCA cases.
* the necessity of sufficient time to allow the debtor to
negotiate a plan of reorganization. Due to recent negotiations with
the Committee's counsel and AAC which resulted in the Amended Final
Order, and the complexity of the plan, Debtors will be unable to
finish crafting a plan prior to May 4, 2026, and will need
additional time to formulate the plan and analyze the claims
filed.
* the existence of good faith progress toward reorganization.
Debtors have been in close touch with both the Committee and AAC
through their respective counsel, and various creditors since the
Petition Date. Among other things, Debtors have provided bi-weekly
reporting to AAC and the Committee. Further, Debtors have resolved
a motion for relief from stay and worked with other creditors,
including equipment vendors, to resolve disputes.
* the fact that the debtor is paying its bills as they become
due. Debtors are current with their postpetition obligations.
* whether the debtor has demonstrated reasonable prospects for
filing a viable plan. Debtors were able to resolve the Committee's
Reconsider Motion and negotiate the Amended Final Cash Collateral
Order with the Committee and AAC. Further, Debtors have provided,
and will continue to provide, bi-weekly reporting to AAC and the
Committee. Debtors are also current with filing their monthly
operating reports and with payments to the U.S, Trustee. All of the
above, demonstrates the Debtors have a reasonable prospect for
filing and confirming a viable plan.
* whether the debtor has made progress in negotiations with
creditors. As demonstrated with regard to the Committee's
Reconsider Motion, Debtors have made progress in negotiations with
creditors.
* the amount of time which has elapsed in the Chapter 11 case.
Debtors' case is only 120 days old.
* whether the debtor is seeking an extension of exclusivity in
order to pressure creditors to submit to the debtor's
reorganization demand. Debtors are not seeking an extension to
pressure creditors. The Debtors are seeking an extension to allow
for sufficient time to complete negotiations with its creditors,
including its secured creditors, and complete the reorganization
plan.
Counsel to the Debtors:
J. Brian Fletcher, Esq.
Alice A. White, Esq.
Onsager Fletcher Johnson Palmer, LLC
600 17th Street, Suite 425N
Denver, CO 80202
Tel: (720) 457-7061
Email: jbfletcher@OFJlaw.com
awhite@OFJlaw.com
About Edmundson, Inc.
Edmundson, Inc. is a Colorado-based corporation engaged in nursery
and garden center retail and wholesale operations, offering plants,
landscaping supplies, and related products. The Company operates
nursery facilities in Brighton, which serves as its headquarters,
as well as Fort Collins and Franktown, serving residential and
commercial customers throughout Colorado.
Edmundson, Inc. and Edmundson Land LLC filed their voluntary
petitions for relief under Chapter 11 of the Bankruptcy Code
(Bankr. D. Colo. Case Nos. 26-10019 & 26-10021, respectively) on
January 2, 2026, listing $10 million to $50 million in both assets
and liabilities. The petitions were signed by Matthew Edmundson as
CEO and member.
J. Brian Fletcher, Esq. at ONSAGER FLETCHER JOHNSON PALMER LLC
serves as the Debtor's counsel.
EEE DEVELOPMENT: Involuntary Chapter 11 Case Summary
----------------------------------------------------
Alleged Debtor: EEE Development, LLC
5907 Wesley Street
Suite 102
Greenville TX 75402
Involuntary Chapter
11 Petition Date: May 8, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-80006
Petitioners' Counsel: Frank J. Wright, Esq.
LAW OFFICES OF FRANK J. WRIGHT, PLLC
1800 Valley View Lane, Suite 250
Farmers Branch, TX 75234
Tel: 214-935-9100
Email: frank@fjwright.law
- and -
Jon Strain, Esq.
SCHEEF & STONE, LLP
2600 Network Boulevard, Suite 400
Frisco, Texas 75024
Tel: 214-472-2100
Email: jon.strain@solidcounsel.com
A full-text copy of the Involuntary Petition is available for free
on PacerMonitor at:
https://www.pacermonitor.com/view/X4U6TNI/EEE_Development_LLC__txnbke-26-80006__0001.0.pdf?mcid=tGE4TAMA
Alleged creditors who signed the petition:
Petitioner Nature of Claim Claim Amount
Avishkar Property Funding Agreements $5,245,317
Management, LLC
6312 Carrington Drive
Dallas TX 75254
Rajiv Roy Funding Agreements $460,860
414 Peavy Road
Dallas Texas 75218
Miil Holding Company Inc. Funding Agreements $306,000
17906 Carluke Ct.
Richmond Texas 77407
EMBECTA CORP:S&P Lowers ICR to 'B' on Lower Demand, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings lowered its ratings on Embecta Corp., including
the issuer credit rating and issue-level ratings on its various
senior secured notes to 'B' from 'B+'.
The stable outlook reflects S&P's expectation that despite pressure
on its earnings Embecta will maintain leverage below 5x in the next
couple years as the company continues to allocate some of its free
cash flow towards debt repayment.
Embecta's revenue declined 14% in the second fiscal quarter of 2026
due to intensifying competitive pressures. The company also
provided revenue and operating margin guidance for 2026 that is
below our previous expectations, which we expect will push S&P
Global Ratings-adjusted leverage above 4x, S&P's threshold for the
rating, this year.
The sharp second-quarter revenue decline reflects lower demand for
pen needles, Embecta's main product, and share loss to a lower-cost
provider at one of the company's larger customers. S&P believes
Embecta's top-line revenue will remain under pressure from lower
demand and price erosion in the next few years.
Weaker market demand and revenue loss will pressure Embecta's core
business. Revenue declined 14% in the second fiscal quarter of 2026
(ended March 31, 2026) due to approximately 20% constant currency
decline in the company's main product category, insulin pen
needles. The decline mostly stemmed from share loss under one of
its contracts as a large retail customer in the U.S. prioritized a
lower-cost alternative to Embecta's pen needles.
The remainder of decrease in pen needle sales was driven by overall
lower demand in the U.S. market. S&P believes this reflects:
-- Lower demand for insulin (following recent regulatory and
reimbursement changes that increase the insured population);
-- A shift in retail purchasing patterns to lower-cost channels;
-- Higher penetration of automated insulin delivery devices that
are becoming a standard of care in the U.S., such as patch pumps;
and
-- Increasing use of GLP-1 drugs that can delay the progression of
diabetes and reduce the need for insulin injections.
S&P said, "While we view the share loss as one-time in nature, we
believe challenges in the U.S. market will continue to pressure
revenue and profitability in the coming years.
"The company also reported approximately 15% constant currency
revenue decline in its smaller syringes and a decline in its
contract manufacturing revenue. Our base case assumes a decline of
17%-20% in the U.S. in 2026, reflecting the headwinds in all
product categories.
"At the same time, we project international sales to remain
relatively flat in the next two years, and we expect the
acquisition of Owen Mumford to partially offset declines in the
core business. We also expect that the company's progress with its
GLP-1 drug delivery partnerships will yield incremental revenue in
the long term, also modestly offsetting declines in its core
business.
"We forecast a total revenue decline of approximately 6% in fiscal
2026, incorporating 8%-10% organic revenue decline, about $30
million in revenue contribution from Owen Mumford (we assume the
acquisition will close by the end of May 2026), and a tailwind from
foreign currency rates. For fiscal 2027, we forecast revenue to
expand 1%-2%, incorporating $90 million-$100 million of
contribution from Owen Mumford, and a modest contribution from
GLP-1 partnerships.
"We estimate Embecta's leverage will increase to 4.5x-5x over
fiscal 2026-2027. We assume S&P Global Ratings-adjusted margin
declines about 800 basis points (bps) to 29% in fiscal 2026 from
37% in fiscal 2025 as the decline in sales volumes results in the
loss of manufacturing operating leverage. We also incorporate lower
margins from the Owen Mumford revenue contribution and expected
business optimization costs as the company looks to mitigate margin
degradation through cost takeout. Our EBITDA measure excludes
stand-up costs associated with the spin-off from Becton Dickinson
and costs related to the discontinuation of the patch pump
development (totaling approximately $12 million in the quarter in
aggregate).
"For fiscal 2027, we estimate that additional declines in core
revenue and the contribution from Owen Mumford will pressure
margins further by around 100 basis points to about 28%, before
improving to 29%-30% in fiscal 2028 on cost optimization.
"Our base case also assumes that the company will fund the Owen
Mumford acquisition with borrowings under its revolving credit
facility. As such, we forecast S&P Global Ratings-adjusted leverage
will increase to 4.5x-5x in fiscal 2026 (from 3.6x at the end of
fiscal 2025) on EBITDA decline and an increase in debt.
"While we believe Embecta will lower its dividend to prioritize
debt reduction after completing the acquisition, we do not expect
the company to reduce its leverage to below 4x in the coming years.
This partly reflects our expectation for lower free operating cash
flow (FOCF) following the drop in EBITDA, decreasing the company's
ability to repay debt. We also believe that Embecta will allocate
some free cash flow toward a new share repurchase program of up to
$100 million.
"Still, we expect the company to use some free cash flow to pay
down debt in fiscal 2027, modestly offsetting the earnings
challenges and sustaining S&P Global Ratings-adjusted leverage
below 5x over the next couple years.
"The stable outlook reflects our expectation that despite pressure
on its earnings, Embecta will maintain leverage below 5x in the
next two years as the company continues to allocate some free cash
flow towards debt repayment."
S&P could lower its rating on Embecta if:
-- Revenue declines faster than our base case without growth
prospects offsetting it, such that debt leverage exceeds 5x with
limited prospects for improvement. This could occur if sales and
EBITDA margin in its core product portfolio deteriorate rapidly and
Embecta does not offset the declines with debt paydown; or
-- The company's liquidity position deteriorates. This could occur
if Embecta fails to refinance its revolver due March 2027 and its
cash flow generation decreases below our current forecast.
Although it's unlikely that S&P could consider a positive rating
action in the near term, it could raise the rating over time if:
-- S&P believes the long-term trajectory for its revenue and
EBITDA margin is positive,
-- The company improves its leverage to below 4x; and
-- S&P assesses that its financial policy will support lower
leverage over the longer term.
EMPIRE FACILITY: Gets Final OK to Use Cash Collateral
-----------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of New York
entered a final order authorizing Empire Facility Management, LLC
to use cash collateral to fund operations.
Under the final order, the Debtor is authorized to use cash
collateral in line with an approved budget, subject to a 10%
variance.
The budget is available at https://shorturl.at/HhhT5 from
PacerMonitor.com.
Watertown Savings Bank and several other creditors assert liens on
substantially all of the Debtor's assets totaling approximately
$312,205, which exceeds the Debtor's asset value. The Debtor,
however, disputes certain creditor claims, arguing that some may be
invalid or improperly structured financing arrangements.
As adequate protection, the court granted creditors replacement
liens to cover any decline in collateral value and required monthly
payments totaling $1,059.71 to Watertown Savings Bank.
The order remains effective unless modified or the case is
converted, dismissed, or a reorganization plan is confirmed.
The final order is available at https://is.gd/PlDIzM from
PacerMonitor.com.
Formed in November 2023 and based in Watertown, New York, Empire
operates a full-service commercial cleaning and facility management
business providing janitorial, landscaping, snow removal, handyman,
and related services. It employs nine workers and uses
subcontractors, including Reali Clean, to whom it owes
approximately $29,140 as of the petition date. Payroll and rent
obligations are current, with monthly lease and storage costs
totaling about $2,472.
Creditors including Watertown Savings Bank, Byzfunder NY, LLC,
DMKA, LLC, LifeTime Funding, LLC, Fundamental Capital, LLC and
Genesis Equity Group Funding, LLC claim liens on the Debtor's cash
and assets totaling $312,205, exceeding the estimated value of the
Debtor's assets ($240,842). The Debtor intends to challenge some of
these claims as usurious.
About Empire Facility Management
Empire Facility Management, LLC operates a full-service commercial
cleaning and facility management business providing janitorial,
landscaping, snow removal, handyman, and related services.
Empire sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. N.Y. Case No. 26-30137) on February 27, 2026,
with between $100,001 and $500,000 in both assets and liabilities.
Empire President Noah Hodge signed the petition.
Jeb Singer, Esq., at J. Singer Law Group, PLLC, represents the
Debtor as legal counsel.
ENCORE CAPITAL: Fitch Rates $550MM Sr. Secured Notes 'BB+(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Encore Capital Group, Inc.'s
(BB+/Negative) proposed issue of USD550 million senior secured
fixed-rate notes due 2032 an expected rating of 'BB+(EXP)'.
The assignment of a final rating is contingent on the receipt of
final documents conforming to information already reviewed.
Key Rating Drivers
Equalised with Long-Term IDR: The senior secured notes will be
guaranteed by most Encore group subsidiaries and rank equally with
other senior secured obligations, which comprise the majority of
Encore's debt. Consequently, the senior secured debt rating is
equalised with Encore's Long-Term Issuer Default Rating (IDR), as
Fitch expects average recoveries for the notes after accounting for
the smaller element of higher-ranking super-senior debt.
Limited Leverage Impact: Fitch expects the proceeds of the notes to
be used to refinance the existing 2029 notes in full. Consequently,
the refinancing has no material net impact on consolidated leverage
and extends the average tenor of the group's borrowings.
Strong Franchise; Challenging Environment: Encore's Long-Term IDR
reflects its leading franchise in the US debt purchasing market
balanced against its concentrated business activities, the reliance
on leverage for portfolio purchases and the subsequent need to
manage rising wholesale market funding costs within profitable
underwriting. The rating also accounts for Encore's experienced
management team and sound investment record as well as the inherent
challenges of forecasting cash collections in a more volatile
operating environment.
The Negative Outlook reflects the increased challenges of
projecting future collections and pricing portfolio purchases in an
uncertain macroeconomic climate, which could negatively affect
Encore's financial performance through collections underperformance
or impairments. For further details of the key rating drivers and
sensitivities for Encore's IDR, see Fitch Revises Encore's Outlook
to Negative; Affirms IDR at 'BB+' ', dated 06 June 2025)
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Recognition of impairments resulting in a material negative
impact on net income or underlining risk management weaknesses
- A sustained fall in cash collections, resulting in significantly
reduced earnings generation, material writedowns of the value of
portfolio investments, cash flow leverage consistently at the
higher end of management's target range for net debt/adjusted
EBITDA of 2x-3x or more aggressive capital management resulting in
tangible equity reduction
- A material adverse operational event or regulatory intervention
undermining franchise strength or business-model resilience
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Fitch could revise the Outlook to Stable if strategic execution
is effective, leading to sustained improved financial performance
with leverage maintained below the upper end of management's 2x-3x
net debt to adjusted EBITDA target range, alongside a disciplined
financial policy with share buybacks managed conservatively.
- Fitch could upgrade the rating on a material increase in the
company's tangible equity position, alongside maintenance of cash
flow leverage consistently at the low end of management's guidance
range, provided strategic execution is effective with no material
underperformance of collections.
DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS
Encore's senior secured notes are guaranteed by most group
subsidiaries and rank equally with other senior secured
obligations. The rating is equalised with Encore's Long-Term IDR as
the senior secured debt class represents the majority of Encore's
borrowings, resulting in average rather than above-average expected
recoveries.
DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
The rating on the senior secured notes is primarily sensitive to
changes in Encore's IDR.
Changes to Fitch's assessment of relative recovery prospects for
senior secured debt in a default (e.g. due to a material shift in
the proportion of Encore's debt that is either super-senior or
unsecured) could also result in the senior secured debt rating
being notched up or down from the IDR.
ADJUSTMENTS
Encore's Standalone Credit Profile (SCP) is in line with the
implied SCP.
The business profile score is below the implied score due to the
following adjustment reason: business model (negative).
The funding, liquidity & coverage score of is below the implied
score due to the following adjustment reason: historical and future
metrics (negative).
Date of Relevant Committee
04-Jun-2025
ESG Considerations
Encore has an ESG Relevance Score of '4' for Customer Welfare -
Fair Messaging, Privacy & Data Security due to the importance of
fair collection practices and consumer interactions and the
regulatory focus on them, particularly in the US. Encore has an ESG
Relevance Score of '4' for Financial Transparency due to due to the
significance of internal modelling to portfolio valuations and
associated metrics such as estimated remaining collections. These
factors have negative influences on the rating but they are
features of the debt purchasing sector as a whole, and not specific
to Encore.
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
----------- ------
Encore Capital
Group, Inc.
senior secured LT BB+(EXP) Expected Rating
EPIC LABORATORIES: Case Summary & Nine Unsecured Creditors
----------------------------------------------------------
Debtor: Epic Laboratories, LLC
8625 Florida Mining Blvd.
Tampa, FL 33634
Business Description: Epic Laboratories, LLC is a Tampa,
Florida-based company that provides contract manufacturing and
private-label production for consumer products, including
personal-care and over-the-counter items.
Chapter 11 Petition Date: May 7, 2026
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 26-03912
Debtor's Counsel: James W. Elliott, Esq.
MCINTYRE THANASIDES BRINGGOLD ELLIOTT, ET AL.
1228 E. 7th Ave., Suite 100
Tampa, FL 33605
Tel: 813-223-0000
E-mail: James@mcintyrefirm.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Kimberly Canavan as member.
A full-text copy of the petition, which includes a list of the
Debtor's nine unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/5AQNGLA/Epic_Laboratories_LLC__flmbke-26-03912__0001.0.pdf?mcid=tGE4TAMA
FINANCE OF AMERICA: Unit Buys $5.1B HECM MSR Portfolio from Onity
-----------------------------------------------------------------
Finance of America Companies Inc. disclosed in a regulatory filing
that Finance of America Reverse LLC, an indirect subsidiary of the
Company, and Onity Mortgage Corporation (formerly known as PHH
Mortgage Corporation) entered into an amendment to the parties'
agreements for the sale of OMC's reverse mortgage servicing
portfolio and certain reverse originations assets.
Pursuant to the Amendment, which modifies the terms of the Asset
Purchase Agreement and the Reverse Mortgage Servicing Rights
Purchase and Sale Agreement, each between FAR and OMC and dated as
of November 17, 2025, OMC has agreed to sell and FAR has agreed to
purchase mortgage servicing rights with respect to approximately
20,000 home equity conversion mortgage loans with an unpaid
principal balance of $5.1 billion as of March 31, 2026.
Participation interests in such HECM loans have been pooled into
securities issued pursuant to the Government National Mortgage
Association's HECM-backed securities program. FAR will also acquire
OMC's pipeline of reverse mortgage loans as of the transaction
closing date. In addition, FAR expects to assume certain of OMC's
US-based reverse originations employees in May 2026 and additional
employees in July 2026. In exchange therefor, among other things,
FAR will pay to OMC an amount at the closing equal to the estimated
book value of the purchased assets (including the HECM MSRs) with
certain mutually agreed upon adjustments, subject to certain
customary holdbacks and post-closing price adjustments.
OMC will become the subservicer for the HECM MSRs sold to FAR under
a three-year subservicing agreement subject to automatic one-year
renewal unless FAR provides notice of non-renewal 180 days prior to
the expiration of the original term, and subject thereafter to
renewal upon mutual agreement of the parties. OMC has agreed to
discontinue its reverse originations business upon closing with the
exception of activities relating to the recapture of existing HECM
borrowers for any HECM MSRs not transferred to FAR.
The transaction is subject to customary closing conditions,
including, among others, the consent of the Government National
Mortgage Association to the transfer of the HECM MSRs from OMC to
FAR, without adverse modifications to the rights or obligations of
the servicer with respect thereto. The transaction is subject to
certain termination rights, including the right of either party to
terminate if the transaction is not consummated by August 1, 2026.
About Finance of America
Plano, Texas-based Finance of America Companies Inc. is a financial
services holding company. Through its operating subsidiaries, it
operates as a modern retirement solutions platform, providing
customers with access to an innovative range of retirement
offerings centered on the home. In addition, Finance of America
offers capital markets and portfolio management capabilities to
optimize distribution to investors.
As of December 31, 2025, the Company had $30.7 billion in total
assets, $30.3 billion in total liabilities, and a total
stockholders' equity of $395.6 million.
* * *
In December 2025, Fitch Ratings affirmed the Long-Term Company
Default Ratings (IDRs) of Finance of America Companies Inc. and its
subsidiaries, Finance of America Equity Capital LLC and Finance of
America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating
Outlook has been assigned. Fitch has also affirmed Finance of
America Funding's senior secured rating at 'CCC-' with a Recovery
Rating of 'RR5'. This rating action has been taken as part of a
periodic peer review of non-bank mortgage companies, which is
comprised of seven publicly rated firms.
FIREHOUSE GRILL: Plan Exclusivity Period Extended to June 22
------------------------------------------------------------
Judge Michael B. Slade of the U.S. Bankruptcy Court for the
Northern District of Illinois extended Firehouse Grill, Inc. and
its affiliates' exclusive period to file a plan of reorganization
to June 22, 2026.
As shared by Troubled Company Reporter, the Debtors are six related
entities which have simultaneously filed chapter 11 cases. The
related entities consist of four operating restaurants and two
single asset real estate entities from which two of the restaurant
debtors operate. Each of the entities is owned and/or controlled by
George Patrick Fowler.
The Debtors explain that they are in need of an extension of time
to file their plans while the restaurants assess financial results
from each location. The Debtors continue to work on their cashflow
projections to accompany their plans of reorganization.
The Debtors assert that the requested extension is attributable to
circumstances for which the Debtors should not justly be
accountable.
The Debtors further assert that this Motion is not being brought to
cause delay, no party will be prejudiced by the granting of the
requested extension, and no prior extensions have been requested.
Counsel to the Debtors:
Scott R. Clar, Esq.
CRANE, SIMON, CLAR & GOODMAN
135 South LaSalle Street, Suite 3950
Chicago, IL 60603
Telephone: (312) 641-6777
E-mail: sclar@cranesimon.com
About Firehouse Grill Inc.
Firehouse Grill Inc. is a restaurant operator providing prepared
food and beverage services to customers through its dining
location. The company participates in the food service sector,
focusing on in-person dining and related hospitality operations.
Firehouse Grill Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-00903) on January 20, 2026. In
its petition, the Debtor listed up to $1 million in estimated
assets and up to $10 million in estimated liabilities.
The Debtor tapped Scott R. Clar, Esq., at Crane, Simon, Clar &
Goodman as counsel and Weinberg Barton & Company as accountant.
G2 TECHNOLOGIES: Court Extends Cash Collateral Access to June 8
---------------------------------------------------------------
G2 Technologies, Inc. received seventh interim approval from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral to fund operations.
Under the order, G2 Technologies is permitted to use cash
collateral for necessary operating expenses according to a
court-approved budget covering May 8 through June 8, with a 10%
flexibility per budget line item.
The Debtor projects total operational expenses of $155,722.00.
Bulldog Capital, LLC, CFG Merchant Solutions, LLC, QFS Capital,
LLC, Citibank, N.A., and Jaffe Capital are the secured creditors
with potential interests in the Debtor's cash collateral.
The Debtor acknowledges the validity, priority or enforceability of
the secured creditors' liens, however, it reserves the right to
review, dispute and challenge any such liens.
Creditors may seek administrative expense claims under Section
507(b) if their interests are not adequately protected by the terms
of the interim order.
The interim order authorized customers, including Thomas Built
Buses, Inc., to remit payments directly to the Debtor.
The order remains effective until modified, terminated, or
superseded by a later interim or final order, or upon conversion or
dismissal of the Debtor's Chapter 11 case.
The interim order is available at https://shorturl.at/kKEYo from
PacerMonitor.com.
A final hearing is scheduled for June 9.
G2's only revenue comes from cash on hand and on deposit in its
bank account; proceeds from completed projects and customer
shipments; and collections on outstanding accounts receivable.
Before filing for bankruptcy, the Debtor incurred business-related
debt, with secured creditors taking a security interest in certain
property and collateral, which may constitute cash collateral.
About G2 Technologies Inc.
G2 Technologies, Inc. provides automation for inspection and test
systems serving industrial clients in the aerospace, automotive,
and manufacturing sectors. The Company develops and integrates
customized systems such as aircraft smoke detector testers and
precision defect detection tools for automotive components,
supported by its proprietary dTRAK data analytics platform. Based
in North Carolina's Research Triangle Park, G2 Technologies
delivers scalable and cost-efficient automation solutions for
clients worldwide.
G2 Technologies sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31,
2025, listing between $500,001 and $1 million in assets and between
$1 million and $10 million in liabilities. Craig Borsack, president
of G2 Technologies, signed the petition.
The Debtor is represented by:
Joseph Zachary Frost, Esq.
Buckmiller & Frost, PLLC
4700 Six Forks Road
Suite 150
Raleigh, NC 27609
Tel: 919-296-5040
Fax: 919-977-7101
jfrost@bbflawfirm.com
GATES ENTERPRISES: Case Summary & 14 Unsecured Creditors
--------------------------------------------------------
Debtor: Gates Enterprises LLC
1445 Holland Street
Denver, CO 80215
Business Description: Gates Enterprises LLC is a roofing company
based in Lakewood, Colorado. Founded by Andrew Gates, the company
provides exterior services including roof replacement, roof
repair,
storm and hail damage repair, siding, gutters, windows, paint,
insurance restoration, and drone roof inspections. Gates
Enterprises serves homeowners across Colorado's Front Range and
created HailScore, a hail risk assessment tool.
Chapter 11 Petition Date: May 8, 2026
Court: United States Bankruptcy Court
District of Colorado
Case No.: 26-13280
Judge: Hon. Joseph G Rosania Jr
Debtor's Counsel: Jonathan M. Dickey, Esq.
KUTNER BRINEN DICKEY RILEY, P.C.
1660 Lincoln St.
Denver, CO 80264
Tel: (303) 832-2400
E-mail: jmd@kutnerlaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Andrew Gates as president.
A copy of the Debtor's list of its 14 unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/OA2NHKI/Gates_Enterprises_LLC__cobke-26-13280__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/OHQ2HXY/Gates_Enterprises_LLC__cobke-26-13280__0001.0.pdf?mcid=tGE4TAMA
GENERIC MANUFACTURING: Gets Extension to Access Cash Collateral
---------------------------------------------------------------
Generic Manufacturing Corporation, Inc. received another extension
from the U.S. Bankruptcy Court for the Central District of
California, Riverside Division, to use cash collateral to pay its
operating expenses.
At the recently held hearing, the court extended the Debtor's
authority to use cash collateral from May 7 to July 1.
The Debtor was initially authorized to access cash collateral under
the court's May 4 interim order. The interim order granted secured
creditors -- the U.S. Small Business Administration and Keystone
Industries -- replacement liens on post-petition assets and
required the Debtor to make monthly payments of $731 to the SBA as
additional protection.
Generic Manufacturing has operated since 1995 as a manufacturer of
packaging and bottling machinery serving multiple industries
globally. It reported a decline in business due to the COVID-19
pandemic, reduced customer demand, and challenges related to
evolving online marketing dynamics influenced by artificial
intelligence. Financial distress was exacerbated when approximately
$65,000 was seized from its bank account pursuant to a pre-petition
levy by a judgment creditor, prompting the bankruptcy filing.
Despite these setbacks, the Debtor indicates it has pending orders
expected to generate approximately $200,000 in near-term revenue
and believes it can successfully reorganize through continued
operations.
With respect to its financial condition, the Debtor lists
approximately $274,354 in personal property assets, including cash,
receivables, and inventory, and identifies the SBA as its primary
secured creditor with a claim of about $64,325, secured by a
blanket lien. Other creditors include judgment lienholders, though
the Debtor disputes whether those liens attach to cash collateral
and indicates it may seek to avoid at least one as a preferential
transfer.
About Generic Manufacturing Corporation Inc.
Generic Manufacturing Corporation, Inc. manufactures packaging and
bottling machinery serving multiple industries globally.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12720) on April 8,
2026. In the petition signed by Lonnie Belts, president, the Debtor
disclosed up to $500,000 in assets and up to $1 million in
liabilities.
Judge Scott H. Yun oversees the case.
Michael Jay Berger, Esq., at Law Offices of Michael Jay Berger,
represents the Debtor as bankruptcy counsel.
GIP PILOT: S&P Assigns 'BB' Rating on Senior Secured Term Loan B
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' issuer credit rating (ICR) on
GIP Pilot Acquisition Partners L.P. (GIP Pilot).
The stable outlook reflects S&P's expectation that GIP Pilot will
receive distributions from CPHC consistent with its governance
framework and financial policy.
On May 12, 2026, GIP Pilot announced it would issue a new
seven-year $1.17 billion senior secured term loan B (TLB), upsized
by $150 million, to refinance its existing TLB due 2030. The
incremental proceeds will fund a shareholder dividend. GIP Pilot is
also extending its $200 million revolving credit facility (RCF) to
a five-year maturity.
S&P said, "We believe GIP Pilot's credit metrics will be largely
consistent with our expectation despite the upsizing, primarily
driven by the higher-than-expected distributions received from
Columbia Pipelines Holding Company LLC (CPHC).
S&P said, "We do not believe the TLB upsizing will materially
change GIP Pilot's financial profile. We evaluate GIP Pilot's
financial metrics on a stand-alone basis under our methodology for
companies with noncontrolling equity interests (NCEI), where we
define debt as the TLB and the RCF at the GIP Pilot level and
EBITDA as the net distribution received from CPHC. Despite higher
debt forecast for GIP Pilot due to the TLB upsizing, we expect GIP
Pilot will receive incremental distributions from CPHC because of
consistent rate case settlements at CPHC. In addition to the direct
positive cash flow impact from the rate case settlements, they
create additional debt capacity at the CPHC level according to its
financial policy, allowing CPHC to raise more debt that will be
proportionally distributed to GIP Pilot. This largely offsets the
negative impact from the higher debt forecast. We expect GIP
Pilot's stand-alone debt-to-EBITDA ratio will be generally below 2x
in the long term although there are periods where it will be above
2x. In 2028, CPHC will carry out various growth projects that could
pressure its distribution to GIP Pilot, leading to GIP Pilot's
forecast leverage temporarily being above 5x. Nevertheless, we
expect GIP Pilot's overall trend of deleveraging will not change in
the long term.
"Our rating on GIP Pilot continues to reflect the difference in
credit quality between it and CPHC. GIP Pilot's only asset is its
40% noncontrolling equity interest in CPHC and it relies solely on
distributions from CPHC to service its senior secured TLB due 2030.
Therefore, among other factors, we rate GIP Pilot under our NCEI
criteria. Our view of GIP Pilot's credit profile incorporates the
company's stand-alone financial ratios, CPHC's cash flow stability,
GIP Pilot's ability to influence CPHC's financial policy, and its
ability to liquidate its investment in CPHC.
"Our assessments on other NCEI characteristics are unchanged. We
expect the company will continue to receive stable distributions
from CPHC during the life of the loan. Asset-level cash flows are
supported by the significant scale of the CPHC pipeline system, its
access to the Appalachian basin, and its robust credit profile
underpinned by 95% of its revenue being subject to take-or-pay
contracts with a diverse and creditworthy customer base. The
weighted-average contract life is about six years, with a strong
track record of contract renewals. CPHC's pipeline system stretches
over 15,000 miles and supports 15.6 billion cubic feet per day
(Bcf/d) of throughput capacity. It also has one of the largest
underground natural gas storage systems, with 273 billion cubic
feet (Bcf) of integrated working gas capacity. These
characteristics support our positive cash flow stability
assessment. CPHC is required to distribute all its distributable
cash flow to its owners--TC Energy Corp. (TC Energy) and GIP
Pilot--quarterly. GIP Pilot holds the voting power on key
decisions, including growth projects, capital structure, leverage,
and financial policy. Any key decisions and budget changes need GIP
Pilot's approval, and any adjustments to distributions from CPHC
require a unanimous decision. Dividends received from CPHC have
been consistent since the inception of the joint venture. These
factors support our positive assessment of corporate governance and
financial policy. Lastly, our view of GIP Pilot's ability to
liquidate its investment in CPHC remains negative because CPHC is
not publicly traded.
"The stable outlook reflects our expectation that GIP Pilot will
receive distributions from CPHC consistent with its governance
framework and financial policy. We expect GIP Pilot's stand-alone
leverage will be below 2x in the long term.
"We could take a negative rating action if GIP Pilot's leverage is
sustained above 2x or interest coverage is sustained below 5x.
"We are unlikely to take a positive rating action on GIP Pilot
unless we have a positive internal view of CPHC's stand-alone
credit profile."
GREEN TREE: Court Extends Cash Collateral Access to June 2
----------------------------------------------------------
Green Tree, LLC received another extension from the U.S. Bankruptcy
Court for the Northern District of Illinois, Eastern Division, to
use cash collateral.
The court issued a fifth interim order authorizing the Debtor to
use cash collateral through June 2, subject to its budget and an
aggregate variance of up to 10% per line item, unless otherwise
agreed by the lien claimants.
The secured creditors with liens on the cash collateral include the
U.S. Small Business Administration, The Huntington National Bank,
Square Financial Services, Inc., and any other unknown lien
claimants.
As adequate protection, the court granted these lien claimants
post-petition replacement liens. These replacement liens attach to
the Debtor's post-petition cash collateral and other property of
the same or substantially equivalent type as the lien claimants'
pre-bankruptcy collateral, and they retain the same relative
priority held before bankruptcy.
The order preserves all contractual and legal rights of both the
Debtor and the secured creditors.
A further hearing is scheduled for June 1.
The order is available at https://shorturl.at/1VJzb from
PacerMonitor.com.
About Green Tree LLC
Green Tree, LLC, doing business as X-Golf Glenview and X-Golf South
Loop, operates indoor golf entertainment venues offering
simulator-based golf play, instruction, leagues, and private
events, serving customers in Glenview, Illinois, and Chicago,
Illinois, and operates within the amusement and recreation services
industry.
Green Tree filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19313) on December
17, 2025, with $1 million to $10 million in assets and liabilities.
James Joeng, member, signed the petition.
Judge Michael B. Slade presides over the case.
Gregory K. Stern, Esq., at Gregory K. Stern, P.C. represents the
Debtor as legal counsel.
H5 TRANSPORT: Updates Unsecured Claims Pay Details
--------------------------------------------------
H5 Transport, LLC submitted a Third Amended Subchapter V Plan of
Reorganization dated April 30, 2026.
Since the Petition Date, the Debtor has continued to operate its
business and manage its assets as a debtor-in-possession.
The Debtor's Financial Projections indicate that the Debtor will
generate sufficient cash flow to make all required payments under
the Plan and to satisfy administrative obligations as they come
due. The projections also reflect anticipated proceeds from asset
sales expressly contemplated by the Plan, but do not rely on
speculative growth or extraordinary revenue beyond those identified
transactions.
This Plan, under chapter 11 of Title 11 of the United States Code,
proposes to pay creditors of the Debtor from the general cash flow
of the Debtor.
Class 3 consists of all allowed general unsecured claims not
otherwise classified under this Plan, currently estimated at
approximately $1,588,467.24 in the aggregate. Such claims include,
without limitation: (i) the unsecured portion of Starion's claim in
the amount of $1,223,483.41; (ii) the unsecured claim of the United
States Small Business Administration (the "SBA") in the amount of
$307,800.00; and (iii) other general unsecured claims, including
DeWitt LLP in the amount of $16,274.14; American Express National
Bank in the amount of $15,406.32; Concentric LLC in the amount of
$8,633.63; Penseke Truck Leasing Co. in the amount of $4,739.56;
Oaks Truck Trailer in the amount of $3,426.97; Capital One, N.A. in
the amount of $3,260.18; Valley Tire, LLC in the amount of
$1,387.35; 129 Truck Shop in the amount of $1,225.66; A.W. Diesel
Service in the amount of $1,057.35; Revolutionary in the amount of
$1,015.22; Indeed in the amount of $495.00; and ELM in the amount
of $262.45.
Holders of allowed Class 3 claims shall receive distributions from
the Debtor's available cash flow. Based on the Financial
Projections, the aggregate amount to be distributed to Class 3 over
the sixty-month term of the Plan is $54,280.38, resulting in an
estimated recovery of approximately 3.4% of allowed Class 3
claims.
The Debtor shall make distributions to holders of allowed Class 3
claims in the amounts and timing set forth in the Financial
Projections, as follows: $27,329.17 in Plan Month 1; $9,102.60 in
Plan Month 12; $2,259.69 in each of Plan Months 24, 36, and 48; and
$11,042.22 in Plan Month 60. Each such distribution shall be made
on or before the last day of the applicable Plan Month, unless
otherwise agreed by the affected parties or ordered by the Court.
Each distribution shall be made on a pro rata basis among holders
of allowed Class 3 claims, based on the proportion that each
holder's allowed claim bears to the aggregate amount of all allowed
Class 3 claims as of the applicable distribution date. The
projected allocation of such distribution is reflected on the Class
3 pro rata distribution schedule attached hereto as Exhibit D (the
"Pro Rata Distribution Schedule").
The Debtor shall maintain and operate its commercial freight
transportation business in the ordinary course to generate the
revenue necessary to implement this Plan. Since the Petition Date,
the Debtor has reduced overhead, optimized its fleet, and focused
on routes and customer relationships that generate stable,
predictable income.
The Plan further contemplates that the Debtor will continue to
utilize its existing factoring agreement with Triumph as
contemplated in Article 6.02 and Article 4 – Class 1 of this
plan. While the freight industry remains competitive, the Debtor
believes that its streamlined operations will generate sufficient
cash flow to satisfy all obligations under the Plan and to achieve
the fresh start contemplated by the Bankruptcy Code.
As a supplemental source of funding, the Debtor intends to sell
certain non-essential equipment that is no longer required for its
optimized fleet, including: (i) one 2014 Great Dane trailer with a
vehicle identification number ending in 6345; and (ii) one 2014
Utility trailer with a vehicle identification number ending in 7312
(collectively, the "Trailers"). The Trailers are subject to valid,
perfected prepetition liens held by Starion Bank.
All net proceeds from the sale of the Trailers shall be remitted to
Starion and applied in accordance with Article 4 of this Plan,
including the reduction of Starion's allowed secured claim under
Class 2. The Debtor anticipates completing the sale of the Trailers
within approximately six months following the Effective Date, as
reflected by the "Asset Sale Proceeds" line item in Plan Month 6 of
the Financial Projections.
A full-text copy of the Third Amended Plan dated April 30, 2026 is
available at https://urlcurt.com/u?l=zKqJ7a from PacerMonitor.com
at no charge.
Counsel for the Debtor:
Christianna A. Cathcart, Esq.
THE DAKOTA BANKRUPTCY FIRM
1630 1st Avenue N., Suite B PMB 24
Fargo, North Dakota 58102-4246
E-mail: christianna@dakotabankruptcy.com
About H5 Transport LLC
H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota
with a satellite office in Bradenton, Florida, provides
transportation and logistics services specializing in dry van and
refrigerated freight. The veteran-led Company offers full truckload
and less-than-truckload shipping, regional and long-haul coverage,
and custom logistics support including dispatch, driver management,
and billing solutions. H5 Transport serves shippers, small fleets,
and independent owner-operators across the United States, with core
lanes in the Midwest and expanding routes nationwide.
H5 Transport filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. D.N.D. Case No. 25-30409) on September 15,
2025. In its petition, the Debtor reported total assets of $270,951
and total liabilities of $2,029,269.
Honorable Bankruptcy Judge Shon Hastings handles the case.
The Debtor tapped Christianna A. Cathcart, Esq., at The Dakota
Bankruptcy Firm as counsel and Ptacek Financial Services, PC as
accountant.
HARRISON BY RENZZI: Unsecureds to Get Share of Income for 3 Years
-----------------------------------------------------------------
Harrison by Renzzi on the Beach Inc. filed with the U.S. Bankruptcy
Court for the Southern District of Florida a Plan of Reorganization
under Subchapter V dated April 30, 2026.
The Debtor operates Harrison on the Beach, a hotel in Miami Beach
Florida located at 411 Washington Ave, Miami Beach, FL 33139. The
Debtor operates the hotel and earns funds through a variety of
short term rentals through among other providers, AirBnB and
Cloudbeds.
The Debtor's financial issues varied but they include cash flow
shortages due to its landlord's existing code violations and
maintenance of the property. Among other things, these pre-existing
violations have resulted in the Debtor not being able to use all of
the hotel rooms. As of the Petition Date only 16 of 55 rooms.
The Debtor has considered the difficulties with its business
operation and has determined that filing a chapter 11 petition will
allow it to reorganize, to continue to maintain employees and pay
its debts.
The Plan, and the Debtor's financial projections, provides that
unsecured creditors will receive an amount greater than all of the
projected disposable income of the Debtor to be received in the
3-year period. The length of the Plan will be three years from the
Effective Date.
This Plan provides for: 0 class of secured claims 1 class of
priority claims 1 class of non-priority unsecured claims, and 1
class of equity security holders.
Class 1 consists of General Non-Priority Unsecured Creditors. The
Plan provides for payment of non-priority unsecured Claims as
reflected in the Projections. Unsecured creditors with allowed
claims shall receive a pro rata share of the Debtor's projected
disposable income. This Class is impaired.
Karim Kammoun, Mohammed Chabchoub Amine, and Yousseff Msakni shall
retain their equity interest in the Debtor.
A full-text copy of the Plan of Reorganization dated April 30, 2026
is available at https://urlcurt.com/u?l=vHlblc from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Thomas G. Zeichman, Esq.
ZEICHMAN LAW
2385 Executive Center Drive, Suite 300
Boca Raton, FL 33431
Telephone: (561) 467-6291
E-mail: Tom@ZeichmanLaw.com
About Harrison by Renzzi on the Beach Inc.
Harrison by Renzzi on the Beach Inc. provides real estate and
hospitality services for South Florida beachfront properties. The
company specializes in property rentals, development, and
maintenance, catering to both residential and commercial clients.
Harrison by Renzzi on the Beach Inc. filed for relief under Chapter
11 of the U.S. Bankruptcy Code (Case No. 26-11205) on January 30,
2026. The bankruptcy petition reflects estimated assets of $100,001
to $1 million, with estimated liabilities in the range of $100,001
to $1 million.
Honorable Bankruptcy Judge Robert A. Mark presides over the case.
The Debtor is represented by Thomas G. Zeichman, Esq.
HCH PROPERTY: Gets Final Court Nod to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Louisiana
granted HCH Property Investments, LLC final approval to use cash
collateral.
Under the final order, the Debtor is authorized to use cash
collateral to maintain its real estate properties, pay operating
expenses, and provide adequate protection to secured creditor, A&D
Mortgage, LLC.
Additionally, the Debtor is required to operate within the revised
budget, subject to reasonable variances. Any projected shortfall
may be funded from the Debtor's existing cash reserves.
The Debtor owns residential rental properties in Orleans Parish,
Louisiana, and continues to operate its rental business while
managing its bankruptcy estate. Two of its properties in New
Orleans are subject to mortgages held by A&D Mortgage, which
include assignments of rents and profits, making rental income from
these properties cash collateral.
As protection, A&D Mortgage will receive a monthly payment of
$3,000 per property for each loan secured by the Debtor's real
property. In addition, the Debtor is required to maintain property
and liability insurance and pay all property taxes on time.
The final order does not determine the validity or priority of any
liens or claims and preserves all parties' rights.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/3shuw from PacerMonitor.com.
About HCH Property Investments LLC
HCH Property Investments LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10433) on
February 27, 2026. In the petition signed by Harry Handy, director,
the Debtor disclosed up to $1 million in both assets and
liabilities.
Judge Meredith S. Grabill oversees the case.
Derek Russ, Esq., at Bankruptcy Center of Louisiana, represents the
Debtor as legal counsel.
INOTIV INC: Lenders Grant Liquidity Covenant Waiver for May 1 and 8
-------------------------------------------------------------------
Inotiv, Inc. disclosed in a regulatory filing that the lenders
under the Credit Agreement, dated as of November 5, 2021, among the
Company, certain of its subsidiaries and the lenders party thereto
granted a waiver of the minimum liquidity covenant under the Credit
Agreement for the May 1 and May 8, 2026 liquidity test dates.
The waiver was limited to such liquidity covenant for the indicated
test dates, and none of the provisions of the Credit Agreement were
amended thereby.
About Inotiv
Inotiv, Inc. is a contract research organization dedicated to
providing nonclinical and analytical drug discovery and development
services primarily to the pharmaceutical and medical device
industries and selling a range of research-quality animals and
diets to the same industries as well as academia and government
clients. The Company's products and services focus on bringing new
drugs and medical devices through the discovery and preclinical
phases of development and, in certain cases, the clinical phases of
development, all while focusing on increasing efficiency, improving
data, and reducing the cost of discovering and taking new drugs and
medical devices to market.
Indianapolis, Indiana-based Ernst & Young LLP, the Company's
auditor since 2021, expressed substantial doubt regarding the
Company's ability to continue as a going concern. In its "going
concern" qualification dated December 5, 2025, included in the
Company's Annual Report on Form 10-K for the year ended September
30, 2025, Ernst & Young reported that the Company has negative
operating cash flows, operating losses and net losses, is
forecasting non-compliance with certain covenants under its loan
agreements, and has significant debt obligations due within the
next 12 months.
As of December 31, 2025, the Company had $734.3 million in total
assets, $625.3 million in total liabilities, and $109 in total
equity.
ISLAND GASTROENTEROLOGY: Plan Exclusivity Period Extended to May 20
-------------------------------------------------------------------
Judge Sheryl P. Giugliano of the U.S. Bankruptcy Court for the
Eastern District of New York extended Island Gastroenterology
Consultants, P.C.'s exclusive periods to file a plan of
reorganization and obtain acceptance thereof to May 20 and July 19,
2026, respectively.
As shared by Troubled Company Reporter, the Debtor submits that
"cause" exists for the Court to extend the Exclusive Periods
requested in this Motion. Specifically, the following factors all
weigh in favor of granting the requested extensions:
* The Debtor is less than four months into the Chapter 11
Case;
* The first few months involved stabilization of the
operations and marketing and sale efforts which were recently
formalized with a bid procedure process;
* The Bar Date Order was recently set and the deadlines for
filing claims has not yet passed and will not pass before the
Initial Deadlines expire. Until the general bar date and
governmental bar date pass, the Debtor will not know what claims
have been filed. Extension of the Exclusive Periods will enable the
Debtor to analyze the full universe of claims against the estates
prior to proposing a chapter 11 plan.
* This request for an extension of the Debtor's Exclusive
Periods is the first such request. The Debtor expects to file a
chapter 11 plan within the time provided by this first requested
extension of the Exclusive Periods.
* The Debtor is not seeking an extension of the Exclusive
Periods to exert pressure on any party.
* The Debtor is proceeding diligently toward completion of the
Chapter 11 Case, including a sale of substantially all assets, and
will propose a plan as soon as practicable.
About Island Gastroenterology Consultants
Island Gastroenterology Consultants, P.C. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.
26-70198) on Jan. 14, 2026, listing between $1 million and $10
million in both assets and liabilities. The petition was signed by
Raj Mariwalla, M.D. as director.
Judge Sheryl P. Giugliano oversees the case.
The Debtor is represented by:
Sean C. Southard, Esq.
Klestadt Winters Jureller Southard & Stevens, LLP
Tel: 212-972-3000
Email: ssouthard@klestadt.com
Andrew Charles Brown
Klestadt Winters Jureller Southard & Stevens, LLP
Tel: 212-972-3000
Email: abrown@klestadt.com
KENNEDY-WILSON INC: S&P Rates New $1.8BB Sr. Unsecured Notes 'B'
----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue-level rating and '5'
recovery rating to Kennedy-Wilson Inc.'s proposed $1.8 billion
senior unsecured notes. The company plans to issue the proposed
notes across two tranches maturing in 2031 and 2033, respectively.
S&P expects Kennedy-Wilson will use the proceeds from these notes
to repay its outstanding senior unsecured notes due 2029, 2030, and
2031 ($600 million in each tranche, totaling $1.8 billion).
The completion of this transaction is contingent on the company's
proposed acquisition by a consortium led by William McMorrow
(chairman and CEO of Kennedy-Wilson) and Fairfax Financial Holdings
Ltd. The new notes will be issued by Kennedy-Wilson Inc. and be
fully and unconditionally guaranteed on an unsecured basis by
Kennedy-Wilson Holdings Inc. and certain other subsidiaries. The
transaction is subject to shareholder approval. If the proposed
issuance closes prior to the close of the merger, the newly issued
notes will be held in escrow until the approval of the transaction.
S&P expects the refinancing to be relatively leverage neutral.
KOMAX LLC: Gets Interim OK to Use Cash Collateral
-------------------------------------------------
Komax, LLC received interim approval from the U.S. Bankruptcy Court
for the Southern District of West Virginia, Charleston, to use cash
collateral.
Under the interim order, the Debtor is authorized to use cash
collateral from May 4 to July 31 to pay expenses in accordance with
its budget.
The Debtor generates roughly $500,000 in monthly gross receipts
from its core operations involving copiers, printers, scanners, and
related business solutions.
The Debtor identifies numerous creditors asserting interests in the
cash collateral through UCC filings, including senior secured
lender Laurel Hills Holding Company LLC, which holds a
first-priority blanket lien securing approximately $1.95 million in
debt, as well as multiple equipment financiers, banks, and
alternative lending entities such as CIT Bank, De Lage Landen
Financial Services, Konica Minolta, Colony Bank, Trust Capital
Funding, Denali (Eliot Ventures), and others.
Many of these creditors assert liens on accounts, receivables,
inventory proceeds, and general business assets, though the Debtor
contends that most are undersecured given the value of the
collateral. Laurel Hills is identified as the only fully secured
creditor with respect to the cash collateral base while other
creditors are alleged to be partially or wholly undersecured.
As protection, Laurel Hills will be granted replacement liens on
post-petition assets similar to its pre-bankruptcy collateral, with
the same validity and priority as its pre-bankruptcy liens. The
replacement liens do not apply to causes of action.
Laurel Hills is also entitled to allowed administrative expense
claim.
The order is available at https://is.gd/IqL5t3 from
PacerMonitor.com.
About Komax LLC
Komax, LLC is an office equipment sales, leasing, and servicing
business.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Va. Case No. 2:26-bk-20106) on May 4,
2026. In the petition signed by Robert B. Maxwell, Jr., sole member
and manager, the Debtor disclosed up to $10 million in both assets
and liabilities.
Brandy M. Rapp, Esq., at Whiteford, Taylor & Preston LLP,
represents the Debtor as legal counsel.
LAFAYETTE PHYSICAL: Seeks Cash Collateral Access
------------------------------------------------
Lafayette Physical Therapy, Inc. asks the U.S. Bankruptcy Court for
the Northern District of California, Oakland Division, for
authority to use cash collateral and provide adequate protection.
The Debtor's financial distress was largely caused by prolonged
delays in receiving payments from third-party payors and insurance
companies, which disrupted cash flow and led to defaults on
financing obligations. Although those delays have recently
improved, the Debtor filed for bankruptcy following a collection
action by a lender and now requires access to its cash collateral
to cover essential operating expenses such as payroll, rent,
insurance, utilities, and vendor payments. Without such
authorization, the Debtor asserts it would suffer immediate and
irreparable harm, likely forcing a shutdown and eliminating any
chance of successful reorganization.
The Debtor proposes to use cash collateral in accordance with a
detailed multi-year budget covering 2026 and 2027, with monthly
expenditures totaling approximately $2.4 million for the remainder
of 2026 and $3.7 million for 2027, subject to a 10% variance. The
budget includes ordinary operating expenses as well as specified
insider compensation for two executives. The requested authority
would remain in effect until the earliest of several events,
including plan confirmation, case conversion, trustee appointment,
or dismissal.
As adequate protection for secured creditors—including BMO Bank,
Bankers Healthcare Group, and National Funding—the Debtor offers
replacement liens on post-petition assets (excluding certain
avoidance actions), maintaining the same priority as prepetition
liens and automatically perfected upon court approval. These
protections are designed to safeguard creditors against any decline
in the value of their collateral during the Debtor's use of funds.
Financial disclosures indicate that the Debtor has approximately
$276,614 in assets and $1.18 million in total liabilities,
including about $760,872 in secured debt and nearly $394,171 in
unsecured claims. As of the petition date, the Debtor held about
$57,685 in cash, which increased to over $166,000 shortly
thereafter. The Debtor emphasizes that continued operations will
generate revenue necessary to fund a reorganization plan, which
contemplates restructuring secured debt to the value of collateral
and repaying creditors over time from future earnings.
A copy of the motion is available at https://urlcurt.com/u?l=ZP9lJV
from PacerMonitor.com.
About Lafayette Physical Therapy
Inc.
Lafayette Physical Therapy, Inc., which operates Lafayette Physical
Therapy & Diagnostics in Lafayette, Calif., and Bay Area Physical
Therapy & Diagnostics in Pleasant Hill, Calif., provides physical
therapy, therapeutic massage, wellness services, and diagnostic
testing, including musculoskeletal ultrasound, nerve conduction
studies, and electromyography. The company has operated in the
Lamorinda area for more than 50 years. Bay Area Physical Therapy
joined Lafayette Physical Therapy in January 2016.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-40819) on April 20,
2026, with $100,000 to $500,000 in assets and $1 million to $10
million in liabilities. Lauren Danielle Masi, chief executive
officer, signed the petition.
Judge Hannah L. Blumenstiel presides over the case.
Matthew D. Metzger, Esq., at Belvedere Legal, P.C. represents the
Debtor as legal counsel.
LAND GO: Gets Final OK to Use Cash Collateral
---------------------------------------------
Land Go Properties, L.L.C. received final approval from the U.S.
Bankruptcy Court for the Western District of Missouri to use the
cash collateral of Security Bank and Trust.
Under the final order, the Debtor is authorized to use cash
collateral to pay its expenses in line with a 30-day budget.
The Debtor generates most of its cash from radio operations and
approximately $550 per
month in rental income. This cash, as well as any accounts
receivable, constitutes cash collateral of Security Bank and Trust,
which holds a first-priority lien on the Debtor's personal and real
property.
The Debtor estimated the total value of its real estate at
approximately $1.4 million and equipment at $200,000, while owing
about $653,000 to the bank.
Land Go Properties asserts that there is equity of approximately
$952,000 in the bank's collateral. As further protection, however,
the bank will be granted replacement liens on post-petition cash
collateral.
The final order is binding on all parties, does not resolve
disputes over lien validity or priority, and remains effective
unless modified by a future court order.
The order is available at https://is.gd/fVwkXq from
PacerMonitor.com.
Security Bank and Trust is represented by:
Brian K. Asberry, Esq.
Neale & Newman, L.L.P.
Farmers Park
2144 E. Republic Road, Suite F-402
Springfield, MO 65804
Phone: 417-882-9090
Fax: 417-882-2529
bAsberry@nnlaw.com
About Land Go Properties L.L.C.
Land Go Properties, L.L.C. is a Missouri limited liability company
operating as a real property holding and management business in the
Joplin, Missouri area.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-30117-btf11) on April
10, 2026. In the petition signed by Bobby Landis, president and
chief executive officer, the Debtor disclosed up to $10 million in
assets and up to $1 million in liabilities.
Judge Brian T. Fenimore oversees the case.
Robert Baran, Esq., at Conroy Baran, represents the Debtor as legal
counsel.
MANDS ELECTRIC: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
Mands Electric NC 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 expenses in accordance with its budget, provided
use of any weekly budget line item does not exceed 110% of the
budgeted amount.
The Debtor's authority to use cash collateral terminates on June 2,
upon entry of an order modifying or terminating such authority, or
upon entry of a final order authorizing continued use of cash
collateral during the reorganization process.
Several creditors, including merchant cash advance lenders, claim
security interests in these assets through multiple UCC-1 filings.
As protection, creditors will be granted a valid and continuing
security interest in and lien on all post-petition assets of the
Debtor similar to their pre-bankruptcy collateral.
The next hearing is set for June 2.
The order is available at https://is.gd/ImvxpX from
PacerMonitor.com.
About MANDS Electric NC LLC
MANDS Electric NC LLC is a North Carolina-based electrical
contracting company specializing in wiring new residential
construction.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01997) on May 1,
2026. In the petition signed by Mark Anthony McGarity, manager, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.
Judge David M. Warren oversees the case.
Ciara L. Rogers, Esq., at Waldrep Wall Babcock & Bailey PLLC,
represents the Debtor as legal counsel.
MARQUIS STAR: Seeks to Extend Plan Exclusivity to July 20
---------------------------------------------------------
Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc.
asked the U.S. Bankruptcy Court for the Southern District of
Florida to extend their exclusivity periods to file a plan of
reorganization and obtain acceptance thereof to July 20 and Sept.
18, 2026, respectively.
The Debtors explain that in determining whether cause exists to
extend the exclusive periods, courts generally consider a variety
of factors to assess the facts and circumstances of each case.
Under all of these factors, the Debtor has demonstrated cause to
extend the Exclusivity Period to July 20 and the Acceptance Period
to September 18.
The Debtors claim that they are actively engaged in negotiations
with key constituents to maintain critical business relationships,
preserve ongoing operations, and ensure sufficient cash flow to
support and confirm a feasible plan of reorganization. These
ongoing negotiations are essential to the Debtors' restructuring
efforts and warrant an extension of the exclusivity periods to
allow the Debtors a meaningful opportunity to finalize such
negotiations and propose a confirmable plan.
Second, cause may be shown to extend the exclusivity periods where
the debtor is paying its debts as they become due. The Debtors
submit that they are paying their postpetition obligations in a
timely fashion consistent with the Bankruptcy Code and all
applicable court orders. The Debtors have been managing their
businesses effectively and preserving the value of their assets for
the benefit of all creditors. Accordingly, the Debtors submit that
cause exists to extend the Exclusivity Period until July 20, and
the Acceptance Period to September 18.
Third, the Debtors have made good faith progress toward the
resolution of this proceeding, including by securing entry of the
Omnibus Order on Discovery Motions that will produce the Insider
Transfer Report, which is a necessary predicate to the formulation
of a confirmable plan.
Fourth, significant unresolved contingencies remain outstanding
that directly affect the Debtors' ability to formulate and file an
informed plan within the current Exclusivity Period. First, the
Debtors are awaiting final valuation reports concerning their
machinery and equipment, inventory, and owned commercial real
estate, which are expected to be delivered on or about May 29,
2026. Second, the Debtors are awaiting completion of the Insider
Transfer Report, which, pursuant to the Court's order, is due on
May 28, 2026 and may have an impact on the Debtors' formulation of
a plan.
Moreover, a court may grant an extension of exclusivity where the
case has been pending for a relatively brief period of time. Here,
the Debtor's bankruptcy case is only a little more than three
months old. In addition, it is worth noting, in other cases of
equal or lesser size and complexity in this District, courts have
routinely granted similar extensions on the debtor's initial
request for an extension of the exclusive periods.
In addition, no party in interest will be prejudiced by the relief
requested herein. This is the Debtors' first request for an
extension of the exclusive periods. The requested extension is
reasonable given the Debtors' progress to date and the current
posture of this chapter 11 case. The Debtors are not seeking this
extension to delay this proceeding. Rather, the proposed extensions
of the Exclusivity Period and Acceptance Period will advance the
Debtors' efforts to confirm a plan as expeditiously as possible and
bring this case to a resolution.
Counsel for the Debtors:
Linda Leali, Esq.
LINDA LEALI, P.A.
2525 Ponce De Leon Blvd., Suite 300
Coral Gables, FL 33134
Telephone: (305) 341-0671
Email: lleali@lealilaw.com
- and -
Jason R. Alderman, Esq.
THE ALDERMAN LAW FIRM
9999 NE 2nd Ave – Suite 211
Miami Shores, FL 33138
Telephone: (305) 200-5473
Email: jalderman@thealdermanlawfirm.com
About Marquis Star Holding
Marquis Star Holding, Inc. is a Florida corporation that operates
as a real estate holding company, owning multiple properties
including a condominium in Florida and manufacturing facilities in
Wisconsin, while Marquis Solar Frame Works, Inc. is a Wisconsin
corporation engaged in the fabrication and supply of aluminum solar
panel frames, operating manufacturing facilities in Wisconsin and
Canada, including facilities owned by Marquis Star Holding, Inc.
Marquis Star Holding, Inc. and Marquis Solar Frame Works, Inc.
filed their petitions for relief under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. Fla. Case No. 26-10660 and 26-10661,
respectively) on January 20, 2026. Marquis Star listed $10 million
to $50 million in assets and $1 million to $10 million in
liabilities, while Marquis Solar listed $10 million to $50 million
in assets and $1 million to $50 million in liabilities
Marquis Star Holding's petition was signed by its president,
Michelle Chiever, while the petition for Marquis Solar Frame was
signed by Jun Niu, the Company's chief operating officer.
Linda Leali, Esq. at LINDA LEALI, P.A. represents the Debtors as
counsel.
MARRS CONSTRUCTION: Gets Extension to Access Cash Collateral
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Arizona issued a
fifth interim order allowing Marrs Construction, Inc. and Down N
Dirty Equipment, LLC to continue using cash collateral, subject to
the terms of prior cash collateral orders.
KS StateBank consented to the extension, with all other rights
reserved.
The fifth interim order limits the use of cash collateral to
ordinary and necessary post-petition expenses specified in the
approved budgets, with a 15% line-item variance allowed. No
pre-bankruptcy debts may be paid, and KS StateBank's liens,
security interests, and priorities are fully protected.
The Debtor's authority to use cash collateral automatically
terminates on July 31 or upon occurrence of so-called termination
events, including noncompliance of the order, loss of
debtor-in-possession status, or unauthorized liens or transfers.
KS StateBank may issue a notice of termination if conditions are
violated, after which use of cash collateral ceases immediately.
The fifth interim order incorporates all terms of prior cash
collateral orders, including reporting, liens, super-priority
claims, and insurance requirements. Extensions, modifications, or
waivers require KS StateBank's consent.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/RiyF6 from PacerMonitor.com.
About Marrs Construction Inc.
Marrs Construction, Inc. is a Phoenix-based contractor that
provides demolition, excavation, earthwork, site preparation, civil
utility, and paving services. The Company serves both residential
and commercial projects across the greater Phoenix area.
Marrs Construction sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30,
2025. In its petition, the Debtor reported total assets of
$10,177,042 and total liabilities of $12,177,492.
The Debtor is represented by Christopher C. Simpson, Esq., at
Osborn Maledon, P.A.
MCGEACHY HOLDINGS: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
McGeachy Holdings, LLC received interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Fayetteville Division, to use cash collateral.
Under the interim order, the Debtor is authorized to use cash
collateral to pay operating expenses in accordance with its budget.
The Debtor may exceed an
individual line item by up to 10% without prior approval.
The Debtor's primary source of income is rental proceeds, which may
constitute cash collateral because United Bank holds secured
interests in the properties and associated rents through multiple
loan agreements and deeds of trust. These loans, totaling over $1
million in original principal, are secured by various residential
properties in Fayetteville.
In addition to United Bank's secured claims, certain homeowners
associations have recorded liens against specific properties for
unpaid dues, and First Citizens Bank has obtained a judgment
against the Debtor. As a result, multiple parties may have
competing interests in the rental income generated by the
properties.
As protection, United Bank will be granted post-petition
replacement liens on the same assets to which its liens attached
pre-petition, with the same validity, priority and extent as
existed on the petition date.
The interim order remains in full force and effect until
modification or termination of the order; entry of a subsequent
interim or final cash collateral order; or the filing of a notice
of default, whichever occurs first.
The order is available at https://is.gd/TNVbWR from
PacerMonitor.com.
The next hearing is set for May 27.
United Bank, as secured creditor, is represented by:
James S. Livermon, III, Esq.
Womble Bond Dickinson (US), LLP
555 Fayetteville Street, Suite 1100
Raleigh, NC 27601
Phone: (919) 755-2148
charlie.livermon@wbd-us.com
About McGeachy Holdings LLC
McGeachy Holdings, LLC is a North Carolina-based real estate
company.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. N.C. Case No. 26-01995) on May 1,
2026. In the petition signed by Donovan McGeachy, president and
chief operating officer, the Debtor disclosed up to $1 million in
assets and up to $500,000 in liabilities.
Judge Joseph N. Callaway oversees the case.
Laurie B. Biggs, Esq., at Biggs Law Firm PLLC, represents the
Debtor as legal counsel.
MERRICK WOODWORKING: Case Summary & 13 Unsecured Creditors
----------------------------------------------------------
Debtor: Merrick Woodworking Inc
11799 E 30th Ave
Aurora, CO 80010
Business Description: Merrick Woodworking Corp. provides
woodworking services, including custom cabinetry, carpentry,
millwork, trim, interior and exterior doors, and furniture.
Chapter 11 Petition Date: May 8, 2026
Court: United States Bankruptcy Court
District of Colorado
Case No.: 26-13255
Debtor's Counsel: Aaron A. Garber, Esq.
WADSWORTH GARBER WARNER CONRARDY, P.C.
2580 West Main Street, Suite 200
Littleton, CO 80120
Tel: 303-296-1999
Fax: 303-296-7600
E-mail: agarber@wgwc-law.com
Total Assets: $264,683
Total Liabilities: $1,985,499
The petition was signed by Kevin Merrick as president.
A copy of the Debtor's list of its 13 unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/TJJOI6I/Merrick_Woodworking_Inc__cobke-26-13255__0003.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/TB7MDFI/Merrick_Woodworking_Inc__cobke-26-13255__0001.0.pdf?mcid=tGE4TAMA
MK RE HOLDINGS: Unsecured Creditors to Split $85K over 3 Years
--------------------------------------------------------------
MK RE Holdings, LLC filed with the U.S. Bankruptcy Court for the
Eastern District of Wisconsin a Plan of Reorganization dated April
30, 2026.
MK RE Holdings fka MK 448, LLC, is single member entity. Its sole
member is Natalie Karpan. The Debtor is the surviving entity of a
merger with two other entities: MK 455, LLC and MK 454, LLC.
The Debtor owns three apartment buildings located in the City of
Milwaukee. The rental income from the properties is one source of
the Debtor's revenue. In addition, the Debtor generates revenue
from the laundry machines located at the buildings.
In 2024, the Debtor observed unusual activities in its operating
accounts, transfers of funds that were not initiated by the Debtor.
The Debtor raised concerns with its lender, Landmark Credit Union
("LCU"); however, the concerns were not addressed. The Debtor
elected to miss a payment on its loans in hopes of getting
attention to the mistreatment. LCU enforced its assignment of rents
redirecting all rental income from the Debtor, took over management
of the apartment buildings, and filed a lawsuit seeking to
foreclose on the apartment buildings.
The Debtor was forced to file a voluntary petition to reorganize
and preserve the value of its estate. Upon filing, the Debtor was
able to regain control of the real properties following turnover
from LCU. The Debtor discovered that multiple units had been
vacated. Moreover, the condition of the rental properties had
significantly deteriorated under the control of the management
group put in place by LCU.
The financial projections show the Debtor will have projected
disposable income of approximately $300,000. For all projections,
the Debtor assumes that increases in revenue due to inflation will
also result in expenses increasing at the same rate with a net
effect over three years of the projected disposable incomes
remaining constant.
The final Plan payment is expected to be paid three years after the
Effective Date. Secured creditors will be paid over a longer period
of time.
This Plan is being proposed under subchapter V of chapter 11 of the
Code. It proposes to pay creditors of the Debtor from future income
from operations.
Non-priority unsecured creditors holding allowed claims will
receive distributions from the Debtor's projected disposable
income. The Debtor has valued the total distributions to
non-priority claims at approximately 100 cents on the dollar.
Annual distributions will be made on or before the last day of the
month after the 12th, 24th and 36th month of the Plan. This will
permit the Debtor to have the benefit of a full year of net income
to fund the annual distributions.
Class 3 consists of Non-priority Unsecured Claims. All non-priority
unsecured claims allowed under Section 502 of the Code against the
Debtor will share on a pro rata basis from approximately $85,000
paid over three years in annual distributions of $15,000 after year
one, $32,500 after year two, and $32,500 after year three of the
Plan. The distributions will be paid on or before the last day of
the month after the 12th, 24th and 36th month of the Plan. The
intent is to permit the Debtor to have the benefit of a full year
of net income to fund the annual distributions. Creditors with
allowed Class 3 claims are impaired by the Plan.
The interests of the equity security holders in the Debtor shall
retain their interests and are not impaired by the Plan.
The Debtor shall implement the Plan through future income from
operations and contributions from its members, as necessary.
A full-text copy of the Plan of Reorganization dated April 30, 2026
is available at https://urlcurt.com/u?l=ovIcB1 from
PacerMonitor.com at no charge.
MK RE Holdings, LLC is represented by:
Evan P. Schmit, Esq.
Nicholas W. Kerkman, Esq.
KERKMAN & DUNN
839 N. Jefferson St., Ste. 400
Milwaukee, WI 53202-3744
Tel: 414-277-8200
Email: eschmit@kerkmandunn.com
About MK RE Holdings LLC
MK RE Holdings, LLC, is a single member entity that owns three
apartment buildings located in the City of Milwaukee.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25541) on Sept. 30,
2025, listing between $1 million and $10 million in assets and
between $500,001 and $1 million in liabilities.
Judge G. Michael Halfenger presides over the case.
Evan Schmit, Esq., at Kerkman & Dunn, represents the Debtor as
legal counsel.
MONETTE FARMS: Chapter 15 Case Summary
--------------------------------------
Lead Debtor: Monette Farms Ltd.
717 South Railway Street West
Swift Current, Saskatchewan S9H 2Y9
Canada
Business Description: The Debtors operate farming and ranching
businesses with a chief place of business in Alberta and origins
as a family farm founded in 1912 in Swift Current, Saskatchewan.
The Debtors' operations include grain production, produce farming,
cattle ranching, seed processing, and feeder and breeding cattle
management. The Debtors own and lease farmland and ranchland
across Western Canada and the United States, with major grain
operations in Saskatchewan and cattle operations in British
Columbia. Their grain and produce are sold to customers including
Cargill, Parrish & Heimbecker, Bunger, Loblaws, and the Little
Potato Company.
Foreign Proceeding: CCAA Proceeding - Court of King's Bench
of Alberta (Calgary)
Chapter 15 Petition Date: April 21, 2026
Court: United States Bankruptcy Court
District of Delaware
Eighteen affiliates that concurrently filed voluntary petitions for
relief under Chapter 15 of the Bankruptcy Code:
Debtor Case No.
------ --------
Monette Farms Ltd. (Lead Case) 26-10547
Monette Land Corp. 26-10551
DMO Holdings Ltd. 26-10561
Goat's Peak Winery Ltd. 26-10552
Monette Farms BC Ltd 26-10553
Monette Farms Ontario Corp. 26-10554
NexGen Seeds Ltd. 26-10555
Monette Produce Ltd. 26-10556
Monette Seeds Ltd. 26-10557
Monette Farms Land GP Ltd. 26-10558
Monette Farms Land II GP Ltd. 26-10559
DMO Holdings USA, Inc. 26-10563
Monette Seeds USA LLC 26-10564
Monette Farms Arizona, LLC 26-10566
Monette Farms USA, Inc. 26-10567
1012595 DE Inc. 26-10562
Monette Produce, LLC 26-10565
Monette Farms BC GP Ltd. 26-10560
Judge: Hon. Laurie Selber Silverstein
Foreign Representative: FTI Consulting Canada Inc.
520 5th Ave SW, Suite 1610
Calgary, Alberta T2P 3R7
Canada
Foreign
Representative's
Counsel: Jacob R. Kirkham, Esq.
Stephen J. Astringer, Esq.
KOBRE & KIM LLP
600 North King Street, Suite 501
Wilmington, Delaware 19801
Tel: (302) 518-6456
Fax: (302) 518-6461
Email: jacob.kirkham@kobrekim.com
stephen.astringer@kobrekim.com
AND
Daniel J. Saval, Esq.
John G. Conte, Esq.
Vincent Yiu, Esq.
Alaina Heine, Esq.
800 Third Avenue
New York, New York 10022
Tel: (212) 488-1259
Fax: (212) 488-1220
Email: daniel.saval@kobrekim.com
john.conte@kobrekim.com
vincent.yiu@kobrekim.com
alaina.heine@kobrekim.com
Estimated Assets: Unknown
Estimated Debt: Unknown
A full-text copy of the Lead Debtor's Chapter 15 petition is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/ESEEX7Y/FTI_Consulting_Canada_Inc_and__debke-26-10547__0001.0.pdf?mcid=tGE4TAMA
MORRISON HOSPITAL: Gets Final OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the District of New Hampshire granted
Morrison Hospital Association final approval to use cash
collateral.
Under the order, the Debtor is authorized to use cash collateral
through July 24 in accordance with an approved budget, with total
expenditures capped at 125% of the projected budget unless
otherwise agreed.
To ensure transparency, the Debtor is required to provide periodic
financial reporting comparing actual performance against the budget
to lienholders and the U.S. Trustee.
The Debtor's cash collateral is subject to liens held by Service
Credit Union and the Rural Housing Service, United States
Department of Agriculture, which financed the development or
renovation of its real properties in Whitefield, New Hampshire. The
lenders also assert security interests in or liens on real
properties, general intangibles and contract rights.
The Debtor owed $847,000 and $22.994 million to Service Credit
Union and the USDA, respectively. as of the petition date.
As protection, secured creditors will be granted replacement liens
on post-petition assets (excluding avoidance actions) to protect
against any decline in the value of their collateral, with such
liens automatically perfected without further action.
Additionally, secured creditors will receive monthly payments
including $2,900 to Service
Credit Union and $5,100 to the USDA.
The order preserves the rights of all parties to later challenge
the validity, priority, or value of liens. It also sets conditions
under which lenders can seek further relief or terminate the
Debtor's use of cash collateral such as noncompliance with the
budget or missed payments.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/wMH70 from PacerMonitor.com.
About Morrison Hospital Association
Morrison Hospital Association sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 26-10308) on
April 10, 2026, with $1 million to $10 million in assets and $10
million to $50 million in liabilities. The petition was signed by
Shannon Lynch as chief executive officer.
Judge Kimberly Bacher oversees the case.
The Debtor is represented by:
Christopher M. Candon
Sheehan, Phinney, Bass + Green, PA
Tel: 603-668-0300
Email: ccandon@sheehan.com
MORRISVILLE BOROUGH SCHOOL: S&P Affirms 'BB' Rating on GO Bonds
---------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' underlying rating on
Morrisville Borough School District, Pennsylvania's general
obligation debt and removed the rating from CreditWatch, where it
was placed with negative implications on March 6, 2026, for lack of
timely financial information. S&P has since received a copy of the
2024 annual financial report.
The outlook is negative. The negative outlook reflects the
district's ongoing imbalanced operations, despite expenditure
reductions, exacerbating its negative reserve position coupled with
reliance on one-time revenues to manage operations.
S&P said, "Our rating action incorporates transparency and
reporting and governance structure risks that we view as a weakness
in the district's credit profile, reflecting the district's history
of distress and inability to correct its structural imbalance
coupled with a history of delayed audit filing. If the district
fails to report timely audits it could negatively affect the
rating. In addition, our assessment reflects the district's
operating pressures from special education and charter tuition
costs that are not offset by the commonwealth's funding formula."
Environmental and social factors are neutral in S&P's analysis.
S&P said, "The negative outlook reflects a one-in-three chance that
we could lower the rating should the district not implement a
comprehensive and sustainable plan to bridge its budget gap or if
the district's ongoing structural imbalance causes its deficit
reserve position to grow.
"We could lower the rating if the district continues to leverage
one-time revenues to aid its liquidity and manage its operations
and if fund balance declines further into negative territory.
"We could take a positive rating action if the district implements
a sustainable plan to bridge its budget gap, net one-time revenues,
resulting in a track record of at least balanced operations."
MURPHY OIL: S&P Rates Proposed Senior Unsecured Notes 'BB+'
-----------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue-level rating and '4'
recovery rating to the proposed senior unsecured notes issued by
fuel retailer Murphy USA Inc.'s wholly owned subsidiary Murphy Oil
USA Inc. The '4' recovery rating indicates its expectation for
average (30%-50%; rounded estimate: 35%) recovery for the senior
unsecured lenders in the event of a payment default. S&P has also
modestly increased its estimated gross emergence valuation for the
company under our simulated default scenario, because of higher
EBITDA generation stemming from an increase in its number of stores
post default, which led S&P to revise its rounded recovery estimate
for the existing senior unsecured debt to 35% from 30%. The 'BB+'
issue-level and '4' recovery ratings are unchanged.
Murphy will use the net proceeds from this issuance to refinance
its $300 million unsecured notes maturing 2027, repay borrowings
under its $750 million revolving credit facility ($160 million
outstanding as of Mar. 31, 2026), and for general corporate
purposes. Therefore, S&P expects the issuance will be largely
leverage neutral and enhance the company's liquidity. S&P's 'BB+'
issuer credit rating and stable outlook on Murphy USA are
unchanged.
S&P said, "Our ratings and outlook on Murphy reflect its good
market share as one of the largest fuel retailers and convenience
store operators in the U.S., which provides it with consistent cash
flow generation. The outlook also reflects our expectation that the
company will maintain a disciplined financial policy. We project
Murphy's S&P Global Ratings-adjusted leverage will be in the low-2x
range in 2026, providing a cushion relative to our 3x downside
leverage trigger and anticipate it will maintain leverage
consistent with its company-defined leverage target of 2.5x or
below.
"We believe the company's low-cost fuel strategy and improved
in-store merchandising will continue to increase its sales and
profitability, despite the uncertain economy, which is a key factor
supporting our ratings. For 2026, we project the company will
expand its sales by 10.5% on higher fuel prices that offset
slightly lower same-store fuel volumes and its new store openings
while modestly improving its S&P Global Ratings-adjusted EBITDA
margin to about 5.8% from 5.7% in fiscal 2025."
ISSUE RATINGS--RECOVERY ANALYSIS
Key analytical factors
-- S&P said, "Our simulated default scenario contemplates a
default in 2031. We believe that for Murphy to default its EBITDA
would need to decline significantly from its recent results due to
a material deterioration in its fuel margins and volumes and a
sustained loss of market share because of increased competition,
along with greater adoption of alternative energy sources for
vehicles, including electric vehicles and hybrids."
-- S&P's recovery analysis assumes that in a hypothetical
bankruptcy scenario, the company would maximize the value to its
debtholders by emerging from bankruptcy rather than liquidating.
Therefore, it believes Murphy would reorganize because of its
strategic locations and operating scale.
-- S&P values the company on a going-concern basis by applying a
6x multiple to its projected emergence-level EBITDA. This multiple
is in line with those it uses for Murphy's convenience store peers
that have significant asset ownership.
-- S&P has also modestly increased our gross emergence valuation
to reflect the expansion in the company's store footprint and
greater post-default EBITDA generation in our simulation.
Simulated default assumptions
-- Simulated year of emergence: 2031
-- EBITDA at emergence: About $315 million
-- EBITDA multiple: 6x
-- Estimated gross enterprise value (EV) at emergence: $1.89
billion
About 85% utilization of the cash flow revolver at the time of
default
Simplified waterfall
-- Net EV (after 5% administrative costs): $1.8 billion
-- Valuation split (obligors/nonobligors/unpledged): 100%/0%/0%
-- Senior secured claims: $1.24 billion
--Recovery expectations: 90%-100% (rounded estimate: 95%)
-- Total unsecured claims: $1.59 billion
--Recovery expectations: 30%-50% (rounded estimate: 35%)
Note: All debt amounts include six months of prepetition interest.
NEW PROVIDENCE: Claims to be Paid from Financing Proceeds
---------------------------------------------------------
New Providence Development Corporation filed with the U.S.
Bankruptcy Court for the Southern District of Florida a Subchapter
V Plan dated April 30, 2026.
The Debtor is a real estate development company that owns 4 parcels
of real estate located in Miami, FL. Desiree Faulkner is the
principal of the Debtor. A few years ago, the Debtor acquired debt
in connection with the real properties.
The Debtor was not able to service its debts timely. The Debtor has
been actively searching for new investors for real estate
development, but may also sell one or more of the parcels to pay a
secured lender and for real estate property taxes. The Debtor had
accumulated a significant amount of debt, which necessitated a
financial restructuring.
Pursuant to Section 1190(1)(C) of the Bankruptcy Code, the Debtor
shall implement this Plan through the retention, use, and
application of proceeds from a post-petition financing transaction
with a third-party investor and/or lender.
On or before the Effective Date, the Debtor shall obtain financing
from a post-petition investor in an amount sufficient to: (a)
satisfy in full the allowed secured claim of EZLU Development, LLC;
and (b) pay all outstanding ad valorem real estate taxes, tax
certificates, assessments, and related statutory interest,
penalties, and charges encumbering the Debtor's real property.
The post-petition investor/lender shall provide the financing to
the Debtor on terms acceptable to the Debtor and approved by the
Bankruptcy Court, to the extent such approval is required. The
financing may be secured by replacement liens on the Debtor's real
property, subject to entry of a final order approving such
financing, or as otherwise authorized by the Confirmation Order.
Upon receipt of the financing proceeds, the Debtor shall apply such
proceeds first to satisfy all outstanding real estate taxes and
tax-related charges affecting the Debtor's real property, and then
to satisfy in full the allowed secured claim of EZLU Development,
LLC.
Payment in full of the allowed secured claim shall be made in full
satisfaction, release, and discharge of such secured claim,
including all principal, accrued interest, default interest to the
extent allowed, fees, costs, expenses, and other charges allowed
under the Bankruptcy Code, applicable non-bankruptcy law, and any
order of the Bankruptcy Court.
If the Debtor fails to obtain the refinance within 90 days from the
Effective Date of the plan, the Debtor shall immediately retain a
third party non-insider to market and sell all parcels via auction
via a court approved sale process.
Class 3 consists of non-priority unsecured claims. In full and
final satisfaction of each Allowed Claim in Class 3, holders of
Allowed Class 3 Claims shall be paid in full on the first
distribution date after the Effective Date.
A full-text copy of the Subchapter V Plan dated April 30, 2026 is
available at https://urlcurt.com/u?l=66tgsP from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Joe M. Grant, Esq.
LORIUM LAW
197 South Federal Highway, Suite 200
Boca Raton, FL 33432
Telephone: (561) 361-1000
E-mail: jgrant@loriumlaw.com
About New Providence Development Corporation
New Providence Development Corporation is a real estate development
company that owns 4 parcels of real estate located in Miami, FL.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11252) on January 30,
2026, with $1 million to $10 million in assets and $500,000 to $1
million in liabilities. Desiree Faulkner, president, signed the
petition.
Joe M. Grant, Esq., at Lorium Law represents the Debtor as
bankruptcy counsel.
P HEALTH INC: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: P Health Inc.
7877 Willow Chase Blvd.
Houston, TX 77070
Business Description: P Health Inc, operating as PsychPlus,
provides mental health services through in-person and virtual
care. The company treats conditions including depression, anxiety,
ADHD, bipolar disorder, PTSD, dementia, borderline personality
disorder, and schizophrenia. PsychPlus operates an integrated care
ecosystem supported by a proprietary EHR system and provides
services across multiple U.S. states.
Chapter 11 Petition Date: May 8, 2026
Court: United States Bankruptcy Court
Southern District of Texas
Case No.: 26-33334
Judge: Hon. Eduardo V Rodriguez
Debtor's Counsel: Jared M. Slade, Esq.
ALSTON & BIRD LLP
2200 Ross Avenue
Dallas Texas 75201
Tel: (214) 922-3424
E-mail: jared.slade@alston.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Faisal Tai as president and chief
executive officer.
The petition was filed without the Debtor's list of its 20 largest
unsecured creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/G4S5WEY/P_Health_Inc__txsbke-26-33334__0001.0.pdf?mcid=tGE4TAMA
PAR PETROLEUM: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating of
'RR4' to Par Petroleum, LLC 's proposed offering of senior
unsecured notes. Fitch also affirmed the Long-Term Issuer Default
Ratings (IDRs) of Par Petroleum and its parent, Par Pacific
Holdings, Inc. (Par), at 'B+', Par Petroleum's asset-based lending
facility (ABL) at 'BB+'/'RR1' and its term loan at 'B+'/'RR4'.
Fitch expects to withdraw the term loan rating after refinancing.
The Rating Outlook is Stable.
Par's rating reflects exposure to niche markets, moderate midcycle
leverage, sufficient liquidity and integration into retail and
logistics segments, which are less cyclical than its refining
business. Three refineries owned by Par benefit from small refinery
exemptions (SRE) from renewable fuel standard obligations.
Offsetting factors include limited size and geographic
diversification and uncertainty of cash flows inherent to
refiners.
Key Rating Drivers
Inaugural Bond Issuance: Par plans to issue its first senior
unsecured notes and use the proceeds towards repayment of its $632
million senior secured term loan. This transaction is largely
neutral for the company's leverage. Par will extend its average
debt tenor through this refinancing. Par also plans to increase its
ABL commitments to $1.8 billion from $1.4 billion and extend its
maturity to 2031. Par has a significant positive working capital
balance and may need additional revolver capacity as the size of
its inventory grows in monetary terms. The ABL revolver creditors
have a first-lien claim on certain current assets. ABL borrowing
base changes depending on the collateral value.
Favorable Sector Dynamics: Fitch estimates that North American oil
refining profitability improved materially in April-May 2026,
driven by oil and oil products supply disruptions in the Persian
Gulf. Fuel shortage has pushed crack spreads for gasoline, diesel
and jet fuel to high levels across many regions around the globe,
including the U.S. Fitch assumes that crack spreads will eventually
normalize and focuses on midcycle profitability of U.S. refiners.
Strong 2Q26 Expected: Par's refining segment should generate
exceptionally strong EBITDA in 2Q26, considerably above the 1Q26
figure. Par-calculated refining EBITDA was $69 million in 1Q26,
including relatively modest crack spreads in January and February,
as well as a large negative effect from oil products price lag in
March. Fitch expects substantially stronger profitability in 2Q26
and solid 2026 results, even if gasoline and diesel refining
margins start gradually decreasing in the near term. Par's Hawaii
refinery is mainly exposed to Singapore crack spreads, which have
significantly increased after February 2026 due to fuel shortages,
exceeding the growth in the U.S. mainland margins.
Moderate Midcycle Leverage: Par's EBITDA gross leverage declined to
1.5x at YE 2025 from 6.5x at YE 2024. This was a result of both
substantially higher EBITDA and debt repayment. Fitch projects
Par's leverage will remain below 3.0x at midcycle crack spreads.
The company's debt will fluctuate as the balance under its
inventory intermediation facility and the ABL changes. Fitch treats
Par's intermediation facility as debt.
SRE Refunds: Par recognized a $203 million benefit from the full or
partial SRE relief to its refineries in Washington, Wyoming and
Montana, related to the 2019-2024 compliance years in 2025. Par has
monetized or used a portion of the renewable credit received. Fitch
believes future SRE exemptions are possible but does not view them
as a certainty.
Limited Scale; Niche Market Exposure: Niche markets in the Western
U.S. with unique market drivers and favorable supply and demand
dynamics counterbalance Par's relative lack of geographic
diversification, limited size and below-average system-wide
refinery complexity. Par's refineries are in PADDs IV and V. Fitch
views Par's 219,000 barrels per day (kb/d) of throughput capacity
as a small- to medium-sized refiner relative to U.S. peers.
Although size materially constrains the credit profile, niche
market access allows Par to differentiate itself from peers while
supporting underlying cash flows.
Non-Refining Diversification: Par operates material Logistics and
Retail segments, both of which support Par's cashflow during
periods of weak refining profitability. As seen in 2024, the
segments' performance is key to cash-flow generation during
refining downturns. Par achieved strong growth in EBITDA generation
from the Logistics segment. Fitch expects Logistics and Refining to
generate a considerable share of Par's midcycle EBITDA and FCF.
Hawaii Renewables Onstream: Hawaii Renewables started commercial
operations in April 2026. Par will be able to produce sustainable
aviation fuel or renewable diesel at the facility with a 61 million
gallons per year capacity. Par has a 63.5% equity stake and
operates the facility. The company received a $100 million cash
consideration following the closure of a JV with Mitsubishi Corp
and ENEOS Corp in 2025. Fitch estimates that renewable diesel
profitability has considerably improved for many U.S. companies in
March-April 2026.
Peer Analysis
Par's refining footprint (219 kb/d) is on the lower end of its peer
group, including Delek US Holdings (B+/Stable; 302 kb/d), CVR
Energy, Inc. (B+/Stable; 206 kb/d), PBF Holding Company, LLC
(BB/Stable; 1,023 kb/d) and HF Sinclair Corporation (BBB-/Stable;
678 kb/d). Par's refineries are unique in the niche markets they
serve, which typically take advantage of local market conditions
and unique supply-demand dynamics.
Par is diversified through its logistics and retail assets, which
differentiates the company from less diversified refiners such as
PBF. Delek also has logistics assets, while HF Sinclair and CVR are
diversified into other non-refining segments. While Par is notably
smaller than Delek in terms of refining throughput capacity, Fitch
expects Par to operate with higher refining margins through the
cycle. Fitch also projects Par's profitability to exceed PBF's.
Fitch’s Key Rating-Case Assumptions
- Brent price assumptions of $70/b in 2026, $63/b in 2027, $60/b in
thereafter;
- WTI price assumptions of $65/b in 2026, $58/b in 2027, $58/b in
2028, and $57/b thereafter;
- Gradual normalization of crack spreads to midcycle levels after
2026;
- Annual capex averaging around $200 million;
- No dividends;
- Excess FCF distributed through share buybacks.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb-, Lower), Sector Characteristics (bb,
Moderate), Market and Competitive Positioning (b+, Higher),
Diversification and Asset Quality (bb+, Lower), Company Operational
Characteristics (b, Higher), Profitability (bb-, Moderate),
Financial Structure (bbb+, Lower), and Financial Flexibility (bb+,
Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 10% for the forecast year
2027, 10% for the forecast year 2028 and 60% for the forecast year
2029.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b+'.
Recovery Analysis
Fitch examined Par on both a going concern (GC) and liquidation
value (LV) basis and expects it would be reorganized as a GC in the
event of bankruptcy. Fitch has assumed a 10% administrative claim.
Going-Concern Approach
Fitch's GC EBITDA reflects Par's recovery from a scenario in which
near-term liquidity constraints result in default and bankruptcy.
Fitch uses a 5.5x EBITDA multiple to arrive at its GC EV,
reflecting diversification through retail and logistics segments.
Other contributing factors include Par's niche market position and
favorable supply-demand dynamics in Hawaii. It is above the 4.5x
multiple used for Par's HY refining peer Delek U.S. Holding, Inc.,
which excludes Delek's logistical assets. Par has the same 5.5x
multiple as another peer, CVR Energy, Inc.
Fitch has slightly increased Par's GC EBITDA to $300 million to
reflect the start of the renewable fuel production project. GC
EBITDA is based on normalization of refining margins to a lower
level.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized in sale or liquidation
processes conducted during a bankruptcy or insolvency proceeding
and distributed to creditors. For liquidation value, Fitch used 75%
advance rate for the company's receivables. Fitch applied an 80%
advance rate to Par's inventories as crude and refined products are
standardized and easily re-sellable. Fitch deducts inventory held
by third parties under Par's inventory intermediation agreement in
equivalent amounts from both the inventory figure in the LV and the
corresponding balance sheet liability, as Par does not hold title
to this inventory and it is not considered collateral for the
benefit of general creditors.
Fitch assumed that approximately two thirds (67%) of Par's $1.8
billion ABL facility committed amount is drawn at bankruptcy. This
assumption is based on oil and oil product prices reducing closer
to midcycle levels. Fitch assumes that Par's borrowing base will
shrink as the value of Par's inventory and other working capital
declines with lower oil prices. The company will need to repay the
ABL due to a lower borrowing base. Par hedges the value of
inventory to protect itself against abrupt price falls.
Par's distribution of value results in the ABL facility recovering
at 'RR1'. Fitch assumed that Par repays its $632 million secured
term loan. The proposed notes recover at 'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Erosion of liquidity buffers resulting from prolonged negative
cash flow and/or material downward borrowing base redetermination;
- Midcycle EBITDA leverage maintained above 4.0x;
- Regulatory changes that increase costs, including RINs and other
federal and state regulations;
- Financial policy that prioritizes shareholder returns over
sustaining adequate liquidity profile.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Significant increase in size, scale and diversification,
particularly in less volatile non-refining segments;
- Midcycle EBITDA leverage maintained below 3.0x.
Liquidity and Debt Structure
Par had $172 million of cash and $766 million of availability on
the ABL of as of March 31, 2026. Par expects to extend and upsize
the ABL facility to $1.8 billion from $1.4 billion. The ABL
borrowing base was $1.2 billion at end-1Q26 but it may increase in
2Q26 depending on the prices for oil and oil products. After the
bond issuance, Par will not have any material scheduled debt
maturities until 2031. Fitch projects strong positive FCF
generation for Par in 2026 and views its liquidity as sufficient.
Par had $226 million outstanding under its conventional fuel
inventory intermediation facility and $62 million under its
renewable fuel inventory intermediation facility. These facilities
can be terminated by either Par or the bank upon request and will
need to be replaced by ABL or other facilities.
Issuer Profile
Par operates four refineries in Hawaii, Washington, Montana and
Wyoming with a combined 219 kb/d refining capacity. It also owns
retail fuel locations in Hawaii and the Pacific Northwest and
related logistics assets.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The Climate.VS for Par Pacific Holdings Inc. is 50 at 2035. It
reflects limited exposure to events associated with climate risk
and elevated exposure to transition risks due to oil refining,
transportation and retail operations by the company. The signal
reflects the potential risks related to policies that require lower
carbon emissions over time and encourage reduced usage of fossil
fuels in favor of renewable fuels. This poses near-term risks in
the context of higher costs driven by the need for greater focus on
reducing emissions and longer-term risks in the context of
reductions in demand for fossil fuels as the world transitions
toward renewable fuels. Fitch believes meaningful energy transition
will play out over several decades.
Key transition risks arise from potential reductions in demand for
refined products driven by policies designed to reduce the use of
oil and gas in the global economy, and in the shorter term from
policies designed to limit greenhouse gas emissions from the
consumption of hydrocarbons. These risks do not have a material
influence on the rating currently, given the very long-term
timeframe over which the transition may take place, uncertainty
regarding the extent and nature of changes and positive offsets at
Par Pacific Holdings Inc., including the Hawaii Sustainable
Aviation Fuel project.
Par Pacific Holdings Inc. has a broadly stated goal of reducing
Scope 1 and 2 emissions. However, the company does not publicly
disclose specific goals relative to their current benchmarks.
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
----------- ------ -------- -----
Par Pacific
Holdings Inc. LT IDR B+ Affirmed B+
Par Petroleum, LLC LT IDR B+ Affirmed B+
senior secured LT BB+ Affirmed RR1 BB+
senior secured LT B+ Affirmed RR4 B+
senior unsecured LT B+ New Rating RR4
PARADOX ENTERPRISES: Gets Final OK to Use Cash Collateral
---------------------------------------------------------
Paradox Enterprises, LLC received final approval from the U.S.
Bankruptcy Court for the Eastern District of Tennessee, Winchester
Division, to use cash collateral.
The final order authorized the Debtor to use cash collateral to pay
the expenses set forth in its budget and fund payments to Legalist
DIP Fund I, LP and Legalist DIP SPV II, LP.
Legalist DIP Fund I and Legalist DIP SPV will be granted a
replacement lien to the extent that the use of cash collateral
results in a decrease in the value of their collateral.
The secured creditors will continue to receive a monthly payment of
$1,750 as additional protection.
The final order is available at https://is.gd/FNwOcd from
PacerMonitor.com.
About Paradox Enterprises
Paradox Enterprises, LLC owns various properties valued at $6.1
million.
Paradox Enterprises sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 24-10826) on April 5,
2024, with $6,174,373 in assets and $13,012,125 in liabilities.
Eric Shelley, managing member, signed the petition.
Judge Nicholas W. Whittenburg oversees the case.
Denis Graham Waldron, Esq., at Dunham Hildebrand, PLLC is the
Debtor's legal counsel.
Secured creditors Legalist DIP Fund and Legalist DIP SPV are
represented by:
Gregory C. Logue, Esq.
Woolf, McClane, Bright, Allen & Carpenter, PLLC
P.O. Box 900
Knoxville, TN 37901
Phone: (865)215-1000
Fax: (865)215-1001
logueg@wmbac.com
PCR AGAWAM: Amends Terms of Agawam Property Sale
------------------------------------------------
PCR Agawam LLC seeks approval from the U.S. Bankruptcy Court for
the District of Massachusetts, Western Division, to amend the sale
of 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.
Any objections to the sale and/or higher offers shall be filed in
writing with the Clerk, United States Bankruptcy Court at 300 State
Main Street, Springfield, MA 01103 before June 18, 2026 by 4:00
p.m.. A copy of any objection or higher offer also shall be served
upon the undersigned. Any objection to the sale must state
with particularity the grounds for the objection and why the sale
should not be authorized. Any objection to the sale shall be
governed by Fed. R. Bankr. P. 9014.
Higher offers for 21 Dwight Street are solicited. Any higher offer
must be at least $25,000.00 more than the pending offer described
in this notice and must be willing to pay a cash deposit bank check
of $25,000.00 prior to the hearing scheduled herein. Higher offers
must be on the same terms and conditions provided in the Motion
to Sell, other than the purchase price, and must close within 30
days of Court approval of the sale (although the Court may consider
extending the closing date upon appropriate terms).
Sale Motion is scheduled for June 25, 2026 at 11:00 a.m., before
the Honorable Elizabeth D. Katz, United States Bankruptcy Judge,
300 State Street, Springfield, Massachusetts.
If the offer of any party other than the Buyer is approved by the
Court, such party will execute promptly a purchase and sales
agreement that substantially conforms to the Purchase and Sale
Agreement previously executed.
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.
PLATINUM EXPRESS: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Platinum Express, Inc.
2549 Stanley Avenue
Dayton, OH 45404
Business Description: Platinum Express, Inc. is a Dayton, Ohio-
based truckload carrier founded in 1999. The company provides
freight transportation services, including reefer freight delivery
and transportation of groceries, plumbing supplies, and home
construction and improvement materials. Platinum Express, Inc. is
family owned and operated and operates a fleet of more than 80
trucks with owner/operator and company-employed drivers.
Chapter 11 Petition Date: May 7, 2026
Court: United States Bankruptcy Court
Southern District of Ohio
Case No.: 26-31005
Judge: Hon. Tyson A Crist
Debtor's Counsel: Darlene E. Fierle, Esq.
THOMSEN LAW GROUP, LLC
140 North Main Street, Suite A
Springboro, OH 45066
Tel: 937-748-5001
Fax: 937-404-6630
Email: dfierle@ihtlaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Myna Burba as president.
A full-text copy of the petition, which includes a list of the
Debtor's 20 largest unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/P5TLAGQ/Platinum_Express_Inc__ohsbke-26-31005__0001.0.pdf?mcid=tGE4TAMA
PRET 2026-RPL2: Fitch Assigns 'Bsf' Final Rating on Class B2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned final ratings to PRET 2026-RPL2 Trust.
Entity/Debt Rating Prior
----------- ------ -----
PRET 2026-RPL2
A1 LT AAAsf New Rating AAA(EXP)sf
A2 LT AAsf New Rating AA(EXP)sf
A3 LT AAsf New Rating AA(EXP)sf
A4 LT Asf New Rating A(EXP)sf
A5 LT BBBsf New Rating BBB(EXP)sf
M1 LT Asf New Rating A(EXP)sf
M2 LT BBBsf New Rating BBB(EXP)sf
B1 LT BBsf New Rating BB(EXP)sf
B2 LT Bsf New Rating B(EXP)sf
B3 LT NRsf New Rating NR(EXP)sf
B4 LT NRsf New Rating NR(EXP)sf
B5 LT NRsf New Rating NR(EXP)sf
PT LT NRsf New Rating NR(EXP)sf
R LT NRsf New Rating NR(EXP)sf
B LT NRsf New Rating NR(EXP)sf
SA LT NRsf New Rating NR(EXP)sf
X LT NRsf New Rating NR(EXP)sf
Transaction Summary
Fitch rates the residential mortgage-backed notes issued by PRET
2026-RPL2 Trust (PRET 2026-RPL2) as indicated above. The notes are
supported by 2, 417 seasoned performing loans (SPLs) and
reperforming loans (RPLs) with a balance of $390.36 million,
including deferred balances, as of the cutoff date. The transaction
closed on May 8, 2026.
The notes are secured by a pool of fixed-rate, step-rate and
adjustable-rate mortgage (ARM) loans. Some of these loans have an
initial interest-only (IO) period that are primarily fully
amortizing with original terms to maturity of 30 years. The loans
are secured by first or second liens primarily on single-family
residential properties, planned unit developments (PUDs),
townhouses, condominiums, co-ops, manufactured housing, land and
multifamily homes/commercial properties. All of the loans are SPLs
or RPLs.
Selene Finance LP and Newrez LLC d/b/a Shellpoint Mortgage
Servicing will service 100.0% of the loans in the pool. Fitch rates
Selene 'RSS2-' and Shellpoint (RSS2+).
A majority of the loans in the collateral pool comprise fixed-rate
mortgages, although 4.8% are step-rate loans or loans with an
adjustable rate.
KEY RATING DRIVERS
Credit Risk of Seasoned and Reperforming Mortgage Assets (Mixed):
RMBS transactions are directly affected by the performance of the
underlying residential mortgages or mortgage-related assets. Fitch
analyzes loan-level attributes and macroeconomic factors to assess
the credit risk and expected losses.
The borrowers in this pool have relatively strong credit profiles,
with a Fitch-determined weighted average (WA) FICO score of 688,
and a 40.8% Fitch-determined debt-to-income ratio (DTI). The
borrowers also have relatively low leverage, consistent with
seasoned transactions. This includes an original Fitch-determined
combined loan-to-value ratio (CLTV) of 76.7% and a current mark to
market LTV of 47.4%, resulting in a Fitch-calculated sustainable
loan-to-value ratio (sLTV) of 53.0%.
Modified loans account for 70% of the loans. Most loans are
performing, with 85.1% current and 14.9% 30 days delinquent as of
the cutoff date. Overall, 63.0% of the loans have not been 30 days
or more delinquent in the past 12 months, and 37.0% have not
experienced a delinquency in 12 months or more. Based on the
transaction documents, 61.8% of the loans have not been 60+ days
delinquent in the past 12 months.
PRET 2026-RPL2 has a final PD of 64.2% in the 'AAA' rating stress.
Fitch's final loss severity in the 'AAAsf' rating stress is 24.3%.
The expected loss in the 'AAAsf' rating stress is 15.6%.
Structural Analysis (Mixed): The transaction utilizes a sequential
payment structure with no advancing of delinquent P&I payments. The
transaction is structured with subordination to protect more senior
classes from losses and has a minimal amount of excess interest.
This can be used to repay current or previously allocated realized
losses and cap carryover shortfall amounts.
The interest and principal waterfalls prioritize interest payments
to the A-1 class. This supports timely interest on the A-1 class.
Fitch considers timely interest for classes 'AAAsf' and ultimate
interest for classes rated 'AAsf' to 'Bsf'.
For any payment date up to, but excluding, the May 2030 payment
date and the related accrual period, the note rate for the class
A-1, A-2, M-1 and M-2 notes will be a per annum rate equal to the
lower of: (i) the fixed rate for that class; (ii) the net WA coupon
(WAC) rate for that payment date; and (iii) the applicable note
available funds cap for that interest accrual period and payment
date.
Beginning with the May 2030 payment date and related accrual
period, and on each subsequent payment date and related accrual
period, the note rate for the class A-1, A-2, M-1 and M-2 notes
will be a per annum rate equal to the lower of: (a) the net WAC
rate for that payment date; and (b) the sum of (i) the fixed rate
set forth in the transaction documents for that class of note; (ii)
1.000% and (iii) the applicable note available funds cap for that
interest accrual period and payment date. This increased note rate
is referred to as the "step-up note rate."
The unpaid interest shortfall amount payments on the class A and M
notes are prioritized over the payment of the B-3, B-4 and B-5
interest in both the interest and principal waterfall. Once
interest is paid to all classes, principal is paid sequentially to
the classes starting with A-1.
The note rates for the B classes are based on the least of the (i)
the net WAC rate and (ii) the applicable note available funds cap
for such interest accrual period and payment date.
Losses are allocated to classes in reverse-sequential order,
starting with class B-5. Classes will be written down if the
transaction is undercollateralized.
Excess spread is available to absorb losses in addition to
subordination.
The servicers will not be advancing delinquent monthly payments of
P&I. Because P&I advances made on behalf of loans that become
delinquent and eventually liquidate reduce liquidation proceeds to
the trust, the loan-level loss severities (LS) are less for this
transaction than for those where the servicer is obligated to
advance P&I.
To provide liquidity and ensure timely interest paid on the 'AAAsf'
rated classes and ultimate interest on the remaining rated classes,
principal will need to be used to pay for interest accrued on
delinquent loans. This will create structural stress and increases
the need for additional credit enhancement (CE), compared with a
pool with limited advancing. These structural provisions and cash
flow priorities, together with increased subordination, provide for
timely interest payments to the 'AAAsf' rated classes.
Operational Risk Analysis (Negative): Fitch considers originator
and servicer capability, third-party due diligence results and the
transaction-specific representation, warranty and enforcement
(RW&E) framework to derive a potential operational risk adjustment.
The only consideration with a direct impact on Fitch's loss
expectations is due diligence. Third-party due diligence was
performed on 100% of the loans in the transaction by loan count.
For RPL transactions, credit is not given to loans with a due
diligence grade of A or B. The loans are penalized for having C and
D grades.
Counterparty and Legal Analysis (Neutral): Fitch expects all
relevant transaction parties to conform with the requirements
described in its "Global Structured Finance Rating Criteria."
Relevant parties are those whose failure to perform could have a
material outcome on the performance of the transaction.
Additionally, all legal requirements should be satisfied to fully
de-link the transaction from any other entities. Fitch expects PRET
2026-RPL2 to be a fully de-linked and bankruptcy remote SPV. All
transaction parties and triggers align with Fitch expectations.
Rating Cap Analysis (Positive): Common rating caps in U.S. RMBS may
include, but are not limited to, new product types with limited or
volatile historical data and transactions with weak operational or
structural/counterparty features. These considerations do not apply
to PRET 2026-RPL2 and therefore Fitch is comfortable rating to the
highest possible rating at 'AAAsf' without any rating caps.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper market value declines (MVDs) than
assumed at the MSA level. Sensitivity analysis was conducted at the
state and national levels to assess the effect of higher MVDs for
the subject pool as well as lower MVDs, illustrated by a gain in
home prices.
This defined negative rating sensitivity analysis demonstrates how
ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0%, in addition to the
model-projected 37.93%, at 'AAA'. The analysis indicates there is
some potential rating migration, with higher MVDs for all rated
classes compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper MVDs than assumed at the MSA level.
Sensitivity analysis was conducted at the state and national levels
to assess the effect of higher MVDs for the subject pool as well as
lower MVDs, illustrated by a gain in home prices.
This defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all rated classes. Specifically, a
10% gain in home prices would result in a full category upgrade for
the rated class excluding those being assigned ratings of 'AAAsf'.
This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.
USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10
Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by ProTitle, Consolidated Analytics, Opus, Selene, and
AMC. The third-party due diligence described in Form 15E focused on
the following areas: compliance review, data integrity, servicing
review and title review. The scope of the review was consistent
with Fitch's criteria. Fitch considered this information in its
analysis. Based on the results of the 100% due diligence performed
on the pool, Fitch adjusted the expected losses.
A portion of the loans received 'C' or 'D' grades, mainly due to
missing documentation that resulted in the ability to test for
certain compliance issues, potential high-cost issues, or ATR
Risk/Fail issues. As a result, Fitch applied negative loan level
adjustments, which increased the 'AAAsf' losses.
A ProTitle search found outstanding liens that predate the
mortgage. It was confirmed that a majority of these liens are
retired and nothing is owed. There were 59 loans with a clean title
search, for which potentially superior post-origination
liens/judgments were found, totaling $281,548.45. In addition, 105
mortgage loans indicated potentially superior post-origination
liens/judgments totaling $2,336,751.58.
Based on the transaction documents, the trust will be responsible
for $840,000 in these liens. As a result, Fitch increased the LS by
this amount since the trust would be responsible for reimbursing
the servicers for this amount. The amount of the adjustment was not
material and had no impact on the expected losses.
The ProTitle search noted less than 10 loans not in a first lien
position. Fitch received confirmation from the servicers that these
loans are in a first lien position. The servicers are monitoring
for liens that could take priority over the first lien status of
the mortgages in the pool and will advance, per standard servicing
practices, to maintain the first lien position of the mortgages in
the pool. As a result, Fitch considered 100% of the loans in the
pool to be in the first lien position.
Fitch received confirmation from the servicers on the current lien
status of the loans in the pool. The servicers regularly orders
these searches as part of its normal business practice and resolves
issues as they arise. No additional adjustment was made as a
result. As a result of the valid title policy and the servicers
monitoring the lien status, Fitch treated 100% of the pool as first
liens or second liens as stated in the tape.
The custodian is actively tracking down missing documents. In the
event a missing document materially delays or prevents a
foreclosure, the sponsor will have 90 days to find the document or
cure the issue. If the loan seller cannot cure the issue or find
the missing documents, they will repurchase the loan at the
repurchase price. As a result, Fitch only extended timelines for
missing documents.
A pay history review was conducted on a sample set of loans by AMC.
The review confirmed the pay strings are accurate, and the
servicers confirmed the payment history was accurate for all the
loans. As a result, 100% of the pool's payment history was
confirmed.
DATA ADEQUACY
Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged ProTitle and AMC and Selene to perform the reviews. Loans
reviewed under this engagement were given initial and final
compliance grades. A small portion of the loans in the pool
received a credit or valuation review.
An exception and waiver report was provided to Fitch, indicating
that the pool of reviewed loans has a number of exceptions and
waivers. Fitch determined that the exceptions and waivers
materially affect the overall credit risk of the loans. Please
refer to the Third-Party Due Diligence section of the presale
report for more details.
Fitch also received confirmation from the servicer that the lien
status and payment history provided in the tape is accurate per its
records. Fitch took this information into consideration in its
analysis.
Fitch utilized data files that were made available by the issuer on
its SEC Rule 17g-5 designated website. The loan-level information
Fitch received was provided in the American Securitization Forum's
(ASF) data layout format. The ASF data tape layout was established
with input from various industry participants, including rating
agencies, issuers, originators, investors and others, to produce an
industry standard for the pool-level data in support of the U.S.
RMBS securitization market.
The data contained in the data tape layout was populated by the due
diligence company, and no material discrepancies were noted.
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.
QUEENS THEATER: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Queens Theater Owner LLC
150 East 52nd Street
6th Floor
New York NY 10022
Business Description: Queens Theater Owner LLC is a real estate
company that owns undeveloped property at 135-35 Northern
Boulevard in Flushing, New York. The property was appraised at
$90.6 million.
Chapter 11 Petition Date: May 7, 2026
Court: United States Bankruptcy Court
Eastern District of New York
Case No.: 26-42258
Judge: Hon. Elizabeth S. Stong
Debtor's Counsel: Eric Snyder, Esq.
WILK AUSLANDER LLP
825 Eighth Avenue 2900
New York, NY 10019
Tel: 212-981-2328
Email: esnyder@wilkauslander.com
Total Assets: $92,600,000
Total Liabilities: $42,604,340
The petition was signed by Yong Zhang as authorized signatory.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/KW6HXMY/Queens_Theater_Owner_LLC__nyebke-26-42258__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. Alba Services Inc. $160,000
240 West 52nd Street
New York, NY, 10019
Tel: 212-643-6936
2. Brownstein Hyatt $64,794
Farber Schreck LLP
410 17th Street
22nd Floor
Denver, CO, 80202
Tel: 303-223-1100
3. Mark Edward Partners LLC $60,000
505 Park Avenue
Fifth Floor
New York, NY, 10022
Tel: 212-355-5005
4. 19-20 Bush Terminal Owner, LP $48,934
220 36th Street
Suite 2-A
Brooklyn, NY, 11232
Tel: 347-417-8487
5. GAM Inventory Management Services $34,180
215 Coles Street
Jersey City, NJ, 07310
Tel: 201-420-1042
6. Vibranalysis $30,350
79 Alexander Avenue
6th Floor
Bronx, NY, 10454
Tel: 718-601-7343
7. Mueser Rutledge Consulting Engineers $27,588
225 West 34th Street
14 Penn Plaza
New York, NY, 10122
Tel: 917-339-9300
8. Socotec (aka Vidaris) $24,150
151 W. 42nd Street
24th Floor
New York, NY, 10036
Tel: 212-689-5389
9. GernerKronick + Valcarcel, $21,037
Architects, DPC
675 Third Avenue
16th Floor
New York, NY, 10017
Tel: 212-679-6362
10. Brookspan LLC $20,000
1250 Broadway
Suite 3645
New York, NY, 10001
Tel: 201-600-8126
11. Windels Marx Lane & $14,959
Mittendorf, LLP
156 West 56th Street
New York, NY, 10019
Tel: 212-237-1000
12. Houghton Associates LLC $10,400
11 Hanover Square
Suite 500
New York, NY, 10005
Tel: 212-219-1250
13. LQ Consulting LLC $10,000
400 Tenafly Road
Tenafly, NJ, 07670
Tel: 646-629-9887
14. Federal Airways & Airspace Inc. $9,300
1423 South Patrick Drive
Satellite Beach, FL, 32937
Tel: 321-777-1266
15. Fried, Frank, Harris, Shriver & Jacobson $9,036
One New York Plaza
New York, NJ, 10004
Tel: 212-859-8000
16. James F Capalino Associates, Inc. $8,100
1255 5th Avenue 7C
New York, NY, 10029
Tel: 212-915-9184
17. Acrisure Insurance $8,033
1200 MacArthur Blvd.
Suite 105
Mahwah, NJ, 07430
Tel: 212-242-9434
18. Ross Associates LLC $7,500
50 Hamilton Street
4th Floor, Suite 1
Dobbs Ferry, NY, 10522
Tel: 212-302-4900
19. MC Superstructure $6,152
192-18 Northern Blvd.
Flushing, NY, 11358
Tel: 718-886-1300
20. Dracaena Management LLC $6,000
235 Nassau Avenue
Brooklyn, NY, 11222
Tel: 347-821-2480
RACE RANCH: Case Summary & Three Unsecured Creditors
----------------------------------------------------
Debtor: Race Ranch Wear LLC
21321 State Hwy 177
Jackson, MO 63755
Business Description: Race Ranch Clothing Co. operates an online
apparel and merchandise store based in Jackson, Missouri. The
company sells racing- and ranch-themed products, including hats,
T-shirts, hoodies, crewnecks, decals, diecast cars, gift cards and
merchandise for drivers, teams and manufacturers in late model and
modified racing.
Chapter 11 Petition Date: May 8, 2026
Court: United States Bankruptcy Court
Eastern District of Missouri
Case No.: 26-10320
Debtor's Counsel: Andrew R. Magdy, Esq.
SUMMERS COMPTON WELLS LLC
903 S Lindbergh Blvd Suite 200
Saint Louis, MO 63131
Tel: 314-991-4999
Fax: 314-872-0331
E-mail: amagdy@summerscomptonwells.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Matthew E James as member.
A full-text copy of the petition, which includes a list of the
Debtor's three unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/OHW2EKQ/Race_Ranch_Wear_LLC__moebke-26-10320__0001.0.pdf?mcid=tGE4TAMA
RBT LOGISTICS: Unsecureds to Get $300 per Month over 5 Years
------------------------------------------------------------
RBT Logistics Corporation filed with the U.S. Bankruptcy Court for
the Northern District of Texas a Plan of Reorganization dated April
30, 2026.
The Debtor operates a trucking business in North Texas. The primary
cause for the filing of this bankruptcy case was a lack of cash
flow attributable to industry wide challenges within the trucking
and transportation sector.
The Plan provides for a reorganization and restructuring of the
Debtor's financial obligations.
The Plan provides for a distribution to Creditors in accordance
with the terms of the Plan from the Debtor over the course of five
years from the Debtor's continued business operations.
Class 3 consists of non-priority unsecure claims. Each holder of an
Allowed Unsecured Claim in Class 3 shall be paid by the Reorganized
Debtor from an unsecured creditor pool, which pool shall be funded
at the rate of $300.00 per month commencing the first full month
after the effective date. Payments from the unsecured creditor pool
shall be paid quarterly, for a period not to exceed 5 years (20
quarterly payments) and the first quarterly payment will be due on
the twentieth day of each complete post-petition quarter.
The Debtor estimates the aggregate of all Allowed Class 3 Claims is
less than $1,282,000 based upon the Debtor's review of the Court's
claim register, the Debtor's bankruptcy schedules, and anticipated
deficiency claims and Claim objections.
Class 4 consists of the holders of Allowed Interests in the Debtor.
The holder of an Allowed Class 4 Interest shall retain their
interests in the Reorganized Debtor.
The Debtor proposes to implement and consummate this Plan through
the means contemplated by Sections 1123 and 1145(a) of the
Bankruptcy Code.
From and after the Effective Date, in accordance with the terms of
this Plan and the Confirmation Order, the Reorganized Debtor shall
perform all obligations under all executory contracts and unexpired
leases assumed in accordance with Article 6 of this Plan.
A full-text copy of the Plan of Reorganization dated April 30, 2026
is available at https://urlcurt.com/u?l=pOM1Jb from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Robert T. DeMarco, Esq.
Michael S. Mitchell, Esq.
DeMarco·Mitchell, PLLC
12770 Coit Road, Suite 850
Dallas, TX 75251
Telephone: (972) 991-5591
Facsimile: (972) 346-6791
E-mail: robert@demarcomitchell.com
mike@demarcomitchell.com
About RBT Logistics Corporation
RBT Logistics Corporation, based in Plano, Texas, operates as a
general freight trucking company providing transportation
services.
RBT Logistics filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Texas Case No. 26-40406) on
January 30, 2026, with $1 million to $10 million in both assets and
liabilities. Robert B. Tapley, president of RBT Logistics, signed
the petition.
Judge Edward L. Morris presides over the case.
Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the
Debtor as legal counsel.
REBORN COFFEE: Signs $21M Securities Purchase Deal With Investors
-----------------------------------------------------------------
Reborn Coffee, Inc. disclosed in a regulatory filing that it
entered into a Securities Purchase Agreement with certain
purchasers, pursuant to which the Company agreed to issue and sell,
in a private placement, shares of its common stock in two closings
for aggregate gross proceeds of $21 million, subject to the terms
and conditions set forth in the Securities Purchase Agreement.
Pursuant to the Agreement, the Company has agreed to issue and sell
to the Investors at a first closing of the Private Placement to be
held immediately following the receipt of no objections from Nasdaq
on the Company's Listing of Additional Securities Notification
filed on April 29, 2026, 1,400,000 Shares at a price per Share
equal to $2.00, for aggregate gross proceeds of $2.8 million and
satisfaction of the other customary closing conditions.
Pursuant to the Agreement, the Company has also agreed to issue and
sell to the Investors at a second closing of the Private Placement,
up to 9,100,000 Shares at the Share Purchase Price for gross
aggregate proceeds of $18,200,000. The Second Closing is expected
to take place promptly following receipt of the approval by the
Company's stockholders at a meeting of stockholders or acting
through written consent of all such matters as may be required by
the applicable rules and regulations of the Nasdaq Capital Market
(or any successor entity) or under applicable law from the
stockholders of the Company with respect to the Private Placement
and the satisfaction of other customary closing conditions.
The Company has agreed to use commercially reasonable efforts to
either:
(i) hold a Stockholder Meeting or
(ii) facilitate a written consent of stockholders representing
a majority of the voting power of the Company's voting stock, in
lieu of a Stockholder Meeting, the purposes of which will include,
among other things, to obtain the Stockholder Approvals.
The net proceeds from the Private Placement will be used to support
the Company's principal business initiatives, including flagship
store expansion in key metropolitan markets, brand development,
working capital, and the continued growth of its multi-channel
distribution strategy. The proceeds are also expected to support
operational and supply chain capabilities designed to enhance
efficiency, execution, and scalability across the Company's
expanding platform.
The Agreement contains customary representations, warranties and
agreements by the Company and customary closing conditions. The
representations, warranties and covenants contained in the
Agreement were made solely for the benefit of the parties thereto
and as of specific dates and may be subject to limitations agreed
upon by the contracting parties.
A full text copy of the Agreement is available at
https://tinyurl.com/3edfw5h2
About Reborn Coffee
Brea, Calif.-based Reborn Coffee, Inc. (NASDAQ: REBN) --
https://www.reborncoffee.com/ -- is focused on serving high
quality, specialty-roasted coffee at retail locations, kiosks, and
cafes. Reborn is an innovative company that strives for constant
improvement in the coffee experience through exploration of new
technology and premier service, guided by traditional brewing
techniques. Reborn differentiates themselves from other coffee
roasters through innovative techniques, including sourcing,
washing, roasting, and brewing their coffee beans with a balance of
precision and craft.
Irvine, Calif.-based BCRG Group, the Company's auditor since 2024,
issued a "going concern" qualification in its report dated April
22, 2026, attached to the Company's Annual Report on Form 10-K for
the year ended Dec. 31, 2025, citing that the Company's significant
operating losses raise substantial doubt about its ability to
continue as a going concern.
As of December 31, 2025, the Company had $13.2 million in total
assets, $8.5 million in total liabilities, and $4.6 million in
total stockholders' equity.
RITHM CAPITAL: Fitch Assigns B+(EXP) Rating on Sr. Unsecured Notes
------------------------------------------------------------------
Fitch Ratings has assigned Rithm Capital Corp.'s (Rithm) proposed
issuance of senior unsecured notes an expected rating of 'B+(EXP)'
with an expected Recovery Rating of 'RR5'. The final amount, coupon
and maturity will be determined at the time of issuance.
The transaction is expected to be leverage neutral as proceeds from
the issuance will be used for general corporate purposes, including
the repayment of existing borrowings under secured facilities. Pro
forma for the expected $500 million issuance, Rithm's unsecured
debt would improve to approximately 7% of total debt, compared to
6% at YE 2025.
Rithm has a Long-Term Issuer Default Rating (IDR) of 'BB-'. The
Rating Outlook is Stable.
Key Rating Drivers
Diversified Business Profile: Rithm's rating reflects the solid
franchise and market position of mortgage company Newrez, its
largest operating subsidiary. Fitch believes Rithm's credit profile
benefits from the diversification provided by owned businesses
focused on asset management, residential transition loans, single
family rentals and commercial real estate. The ratings also reflect
Rithm's stable profitability, good asset quality within its credit
and servicing portfolios, appropriate leverage, and experienced
management team.
Highly Cyclical Real Estate Industry: The ratings are constrained
by the highly cyclical nature of the real estate industry, a
largely secured funding profile including uncommitted mortgage
warehouse facilities, execution risk associated with its
acquisitive strategy, reputation risk which can affect the firm's
ability to raise funds, and REIT distribution requirements that
limit capital retention.
Stable Outlook: The Stable Outlook reflects Fitch's expectation
that Rithm will maintain stable profitability, good asset quality
within its credit and servicing portfolios, as well as appropriate
leverage and liquidity levels.
Rating Sensitivities
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Deterioration of the franchise, market position or financial
profile of Newrez;
- The sale of a key operating subsidiary that results in a weaker
consolidated business profile, higher leverage or more volatile
earnings;
- A weakened liquidity profile such as an inability to extend
financing facilities as they mature and/or maintain adequate
funding diversity;
- A sustained increase in Fitch-calculated leverage, including all
non-recourse debt, above 7x or corporate leverage above 2x;
- Deterioration in asset quality or material net outflows from the
asset management segment;
- Sustained profitability challenges that erode tangible equity and
the company's market position;
- Substantial regulatory fines or litigation expense that
negatively impact the company's franchise or operating
performance.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- An improvement in funding flexibility, as demonstrated by further
extension of the maturity profile and an increase in the unsecured
funding component, above 10%;
- Enhanced consistency of core earnings performance;
- Maintenance of a strong liquidity profile relative to near-term
debt maturities;
- Maintenance of gross leverage below 4x or corporate leverage
approaching 1x;
- Growth of the business that enhances the franchise and platform
scale.
OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
The expected unsecured debt rating is sensitive to changes to
Rithm's Long-Term IDR, unsecured funding mix and the level of
unencumbered assets relative to outstanding unsecured debt. A
material increase in the proportion of unsecured funding and an
increase in the size of the unencumbered asset pool which alters
Fitch's view of the recovery prospects could result in the senior
unsecured debt rating being equalized with the Long-Term IDR.
OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
The expected unsecured debt rating is sensitive to changes to
Rithm's Long-Term IDR, unsecured funding mix and the level of
unencumbered assets relative to outstanding unsecured debt. A
material increase in the proportion of unsecured funding and an
increase in the size of the unencumbered asset pool which alters
Fitch's view of the recovery prospects could result in the senior
unsecured debt rating being equalized with the Long-Term IDR.
Date of Relevant Committee
15-Jan-2026
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Rithm Capital Corp.
senior unsecured LT B+(EXP) Expected Rating RR5
SANDISK CORP: S&P Upgrades ICR to 'BB+', Outlook Positive
---------------------------------------------------------
S&P Global Ratings raised its rating on Sandisk Corp. to 'BB+'. S&P
also raised the rating on the revolving credit facility to 'BBB-',
the recovery rating is '1'.
S&P has withdrawn the issue-level ratings on the company's term
loan.
The positive outlook reflects the potential for an upgrade if the
company's business outlook remains favorable and it maintains a
strong net cash position while executing its share repurchase
strategy.
The upgrade reflects improved credit metrics and a strong balance
sheet. The company has repaid all of its debt. It has a cash
balance of $3.7 billion and now is in a net cash position per our
adjusted credit metrics, which adds the company's guarantees on its
manufacturing joint ventures' (Flash Ventures) equipment leases to
debt.
S&P said, "We expect Sandisk will continue benefiting from
favorable market conditions through fiscal 2027, with a significant
rise in cash flow. The market for NAND remains supply constrained,
driving growth in prices, revenue, and margins. Strong data center
demand is driving pricing higher--revenue from its data center
business grew 191% year to date and year over year. In the April
quarter, all of Sandisk's segments reported over 100%
year-over-year increases in ASP per gigabyte. We anticipate that
the market will remain supply constrained through fiscal 2027. In
our base case, we expect revenue will grow to $19 billion in 2026
and to more than $30 billion in fiscal 2027.
"We believe EBITDA margins will expand because of price increases
and the ramp-up of lower cost-per-bit technology such as BiCS8 and
forecast EBITDA margins of 62% in 2026 and above 70% in 2027. We
expect capital expenditures (capex), including net issuance of
parent loans to Flash Ventures, to be between $600 million and $650
million, to support its back-end facilities and for equipment
purchases at Flash Ventures. We also expect free cash flow
generation of about $6 billion in fiscal year ending June 2026 and
over $15 billion in 2027."
Sandisk's conservative balance sheet will limit the impact of
volatile earnings on leverage. The industry has historically been
very volatile—when supply exceeds demand, prices fall, sometimes
dramatically. The company's business is concentrated in flash
memory, and it competes with much larger companies such as Samsung
Electronics, SK Hynix, and Micron Technology. Customer
concentration is still meaningful, with the top 10 customers
representing 40% of revenue for fiscal 2025. These conditions have
not fundamentally changed. The company is currently benefiting from
a demand and supply imbalance, which could eventually reverse and
result in a downturn.
S&P said, "We do not expect a downturn in the next year because
currently, Sandisk's largest competitors are focused on the HBM
business and are not significantly ramping up NAND capacity. Strong
demand from data centers coupled with limited supply has caused
some customers to sign long-term agreements with Sandisk. These
long-term agreements come with volume commitments and have a
combination of fixed and variable pricing. This is a positive
development for the company and may limit the decline of down
cycles.
“Sandisk authorized a $6 billion share repurchase program, which
we believe it can execute while maintaining a net cash position.
Given our expectation of strong cash flow generation, we believe
the company can maintain or further improve its net cash position
while returning cash to shareholders.
"The positive outlook reflects the potential for an upgrade if the
company's business outlook remains favorable and it maintains a
strong net cash position while executing on its share repurchase
strategy.
"We could revise the outlook back to stable if industry conditions
weaken or we anticipate the company will not maintain a strong S&P
Global Ratings-adjusted net cash position.
"We could raise the rating if cash flow generation grows and we
anticipate the company will sustain a significant S&P Global
Ratings-adjusted net cash position."
SCILEX HOLDING: ACEA Enters $1B Stock Acquisition with Phoenix Asia
-------------------------------------------------------------------
Scilex Holding Company disclosed in a regulatory filing that ACEA
Therapeutics, Inc., an indirect minority owned subsidiary of the
Company, entered into a Stock Acquisition Agreement with Phoenix
Asia Holdings Limited, a company organized under the laws of the
Cayman Islands, and ACEA Pharma, Inc., a wholly owned subsidiary of
ACEA Thera and an exempted company incorporated with limited
liability in the Cayman Islands, pursuant to which ACEA Thera
agreed to transfer and sell, and Phoenix Asia agreed to purchase,
100% of the issued and outstanding shares of common stock of ACEA
Pharma in exchange for the delivery to ACEA Thera of 100,000,000
newly-issued ordinary shares at $10.00 per share, par value
$0.00001 per share, of Phoenix Asia, the value of which was as
agreed by the parties to be $1,000,000,000.00. Upon the closing of
the Stock Acquisition, the Company anticipates that ACEA Thera will
own approximately 82% of Phoenix Asia.
The ACEA-PHOE SAA contains customary representations, warranties,
covenants and agreements by ACEA Pharma, ACEA Thera and Phoenix
Asia. The closing of the Stock Acquisition is subject to certain
customary conditions, including:
(i) the expiration of all applicable waiting periods under the
Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended,
(ii) subject to certain materiality qualifiers, the accuracy of
the representations and warranties made by each of ACEA Thera and
Phoenix Asia and the compliance by each of ACEA Thera and Phoenix
Asia with their respective obligations under the ACEA-PHOE SAA,
(iii) the absence of any material adverse effect with respect to
ACEA Pharma, and
(iv) the receipt of any approval, clearance, confirmation, or
other determination from Nasdaq to the extent required in
connection with the transactions contemplated by the ACEA-PHOE SAA
(including with respect to any reverse merger, reverse takeover,
change of control or similar review).
Upon the closing of the Acquisition, Phoenix will be renamed ACEA
Pharma, Inc., and its common stock is expected to be listed on The
Nasdaq Stock Market LLC. The boards of directors of ACEA Thera,
ACEA Pharma and Phoenix have unanimously approved the proposed
transaction.
The closing of the Acquisition, which is expected to occur by the
end of the second quarter of 2026, is subject to certain customary
closing conditions, including applicable regulatory and stock
exchange approval. Upon closing of the Acquisition, ACEA Thera
anticipates that it will own approximately 82% of the Go-Forward
Company.
About Scilex Holding Company
Palo Alto, Calif.-based Scilex Holding Company --
www.scilexholding.com -- is an innovative revenue-generating
company focused on acquiring, developing and commercializing
non-opioid pain management products for the treatment of acute and
chronic pain and, following the formation of its proposed joint
venture with IPMC Company, neurodegenerative and cardiometabolic
disease. Scilex targets indications with high unmet needs and large
market opportunities with non-opioid therapies for the treatment of
patients with acute and chronic pain, and is dedicated to advancing
and improving patient outcomes. Scilex's commercial products
include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription
lidocaine topical product approved by the U.S. Food and Drug
Administration for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) Gloperba, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults.
Walnut Creek, California-based BPM LLP, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
April 10, 2026, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2025, citing that the Company
has suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.
As of December 31, 2025, the Company had $364.98 million in total
assets, $567.73 million in total liabilities, and $211.75 million
in total stockholders' deficit.
SEASHORE PROPERTIES: Gets Extension to Access Cash Collateral
-------------------------------------------------------------
Wayne K.T. Mau, the Chapter 11 trustee for Seashore Properties, LLC
and affiliated debtors, received another extension from the U.S.
Bankruptcy Court for the District of Hawaii to use cash
collateral.
Under the order, the trustee is authorized to use pre-petition cash
collateral in line with an approved budget pending a further
hearing. The Debtor may exceed budgeted amounts by up to 20%.
As adequate protection for Hawaii State Federal Credit Union, the
trustee is required to make monthly payments of $15,000 and grant
the secured creditor replacement liens on post-petition collateral
with the same priority as its pre-petition liens. These measures
are intended to safeguard the creditor's interests while the
Debtors continue to use the collateral.
The order is available at https://is.gd/QVJqKx from
PacerMonitor.com.
The court set deadlines for additional filings, requiring
supplemental pleadings by May 26 and responses by May 29.
A further interim hearing is scheduled for June 1.
HSFCU is represented by:
Jonathan W.Y. Lai, Esq.
Thomas H. Yee, Esq.
Watanabe Ing, LLP
A Limited Liability Law Partnership
First Hawaiian Center
999 Bishop Street, Suite 1250
Honolulu, HI 96813
Telephone: (808) 544-8300
Facsimile: (808) 544-8399
jlai@wik.com; tyee@wik.com
About Seashore Properties
Seashore Properties, LLC, doing business as Paia Inn, operates a
boutique hotel located at 93 Hana Highway in Paia on the island of
Maui, Hawaii. The inn provides upscale lodging accommodations that
blend contemporary amenities with local design elements, offering
rooms and suites equipped with modern conveniences such as private
baths, Wi-Fi, and air conditioning. Situated in Maui's North Shore
beach town, the property serves both leisure and business travelers
seeking personalized hospitality and proximity to local dining,
shopping, and coastal attractions.
Seashore Properties filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-00952) on
October 24, 2025, with between $10 million and $50 million in both
assets and liabilities.
Judge Robert J. Faris presides over the case.
Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal
counsel.
SPIRIT AIRLINES: Collapse Signals Broader Airline Industry Stress
-----------------------------------------------------------------
Spirit Airlines' financial collapse is bringing to light a broader
concern for travelers this year: ongoing stress across the airline
industry. While Spirit's financial distress had been ongoing since
2024, travel insurance experts at Squaremouth say the implications
are bigger than one single airline.
Spirit Airlines Case Study
Spirit's financial strain had been well-documented. Many travel
insurance providers had already considered their circumstances to
be "foreseeable" upon the company's first bankruptcy filing in
November of 2024.
Ultimately, travelers who bought policies after the risk became
known, or tried to, were left with very limited options. Financial
Default coverage, for example, was no longer available. While
Spirit's situation developed over time, Squaremouth notes the
broader takeaway is a lesson on the state of the industry and how
timing is critical for protection against future risks.
Industry Pressures in 2026
This year, airlines continue to face financial and operational
strains caused by higher fuel costs. In response, they are making
adjustments that are ultimately impacting travelers:
* Jet fuel costs are raising ticket prices and checked baggage
fees across major carriers
* Route reductions are causing disruptions for travelers with
existing bookings
* Cost-cutting measures across carriers, from Delta eliminating
in-flight snacks for shorter flights to airlines reducing baggage
allowances, are changing the travel experience
Despite these challenges, no other major U.S. airline has been
broadly classified as a foreseeable exclusion by travel insurance
providers, but that doesn't mean it couldn't happen.
What Travelers Can Do Now
Travel insurance experts at Squaremouth emphasize that protection
remains available for travelers, but timing is critical in
determining the level of coverage. Travelers should:
* Purchase travel insurance shortly after booking
* Confirm whether financial default coverage is included in the
policies they're comparing
* Avoid waiting until disruptions become public news
"Spirit's shutdown highlights how rapidly travel insurance
protections become limited once a situation becomes known, from
operator financial instability to weather-related events like
hurricanes," shares Chrissy Valdez, Senior Director of Operations.
"Travel insurance works best when purchased early."
While protection against Spirit's decline had been narrowed for
over 1.5 years, travelers planning future trips have time to lock
in protection now, before future risks become known.
To compare travel insurance policies for 2026 travel, visit
squaremouth.com.
About Squaremouth
For over 20 years, Squaremouth has helped more than 4.4 million
travelers quote, compare, and purchase travel insurance online.
Renowned for its award-winning customer service, commitment to
transparency, and unbiased approach, Squaremouth has been a leader
in travel insurance comparison since 2003. As America's largest
travel insurance marketplace, Squaremouth.com features more
providers and plans than any other platform.
About Spirit Aviation Holdings Inc.
Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit
Airlines, a U.S.-based low-cost carrier providing air
transportation services across the United States, Latin America,
and the Caribbean. They employ approximately 25,000 direct
employees and independent contractors.
Spirit Aviation Holdings and its subsidiaries sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead
Case No. 25-11897) on August 29, 2025. In the petition signed by
Frederick Cromer, authorized signatory, Spirit Aviation Holdings
disclosed $8,576,287,000 in assets and $8,096,842,000 in
liabilities as of June 30, 2025.
Judge Sean H. Lane oversees the cases.
The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy
counsel; PJT Partners LP as investment banker; FTI Consulting, Inc.
as restructuring, fleet and communications advisor; Debevoise &
Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell,
LLP as conflicts counsel, and Ernst & Young, LLP as its audit and
tax services provider. Epiq Corporate Restructuring, LLC is the
claims, noticing, solicitation and administrative agent.
The U.S. Trustee for Region 2 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 cases. The
committee tapped Willkie Farr & Gallagher, LLP as legal counsel;
Alton Aviation Consultancy, LLC as specialized aviation advisor;
Jefferies. LLC as investment banker; and AlixPartners, LLP as
financial advisor.
STOLI GROUP: Seeks Cash Collateral Access
-----------------------------------------
William Patterson, the Chapter 11 trustee for Stoli Group (USA),
LLC, asks the U.S. Bankruptcy Court for the Northern District of
Texas, Dallas Division, for authority to use cash collateral and
provide adequate protection.
Since his appointment in February, the trustee has assumed control
of the Debtor's operations and requires formal authorization to use
cash collateral -- primarily funds subject to the lender's security
interest -- to continue business operations efficiently and avoid
the burdensome need for repeated lender consent.
The bankruptcy case began in November 2024 when Stoli USA and its
affiliate Kentucky Owl, LLC filed for Chapter 11 protection. Both
entities had substantial prepetition debt under revolving credit
agreements with Fifth Third Bank, totaling over $78 million and
secured by first-priority liens on nearly all assets, including
cash collateral.
Since the bankruptcy filing, the court has issued numerous interim
and final cash collateral orders, along with a long series of
stipulations between the Debtor, lender, and creditors' committee
to extend and modify the terms governing the use of cash
collateral. These repeated agreements were largely intended to
avoid costly litigation while maintaining business continuity, but
they also reflect ongoing disputes and financial instability,
including motions to convert the case to Chapter 7 and the eventual
appointment of a trustee.
The trustee now seeks a comprehensive final order that would
establish clear, ongoing authority to use cash collateral in
accordance with a defined budget, while granting the lender
protections such as replacement liens, super-priority claims, and
the ability to enforce remedies upon default.
The "events of default" that could terminate the Debtor's access to
cash collateral, include failure to comply with the order,
unauthorized use of funds, or actions adverse to the lender's
interests. It also proposes a structured trustee carveout to ensure
payment of administrative expenses, including court fees and
professional compensation, funded through a designated escrow
account.
The trustee asserts that the proposed adequate protection
sufficiently safeguards the lender against any decline in
collateral value and that the terms of the order, including limited
modification of the automatic stay, are reasonable and consistent
with bankruptcy law.
Finally, the trustee requests expedited approval and waiver of
certain notice requirements due to the urgent need for liquidity,
concluding that the relief sought is essential for the effective
administration and potential restructuring of the Debtor's
business.
A hearing on the matter is set for May 27, at 9:30 a.m.
A copy of the motion is available at https://urlcurt.com/u?l=4nI4w7
from PacerMonitor.com.
About Stoli Group (USA) LLC
Stoli Group (USA), LLC is a producer, manager, and distributor of a
global portfolio of spirits and wines.
Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions
(Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At
the time of the filing, Stoli Group (USA) reported $100 million to
$500 million in assets and $10 million to $50 million in
liabilities while Kentucky Owl reported $50 million to $100 million
in assets and $50,000,001 to $100 million in liabilities.
Judge Scott W. Everett handles the cases.
Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's
legal counsel.
SUN COLOR: Unsecureds Will Get 100% of Claims over 60 Months
------------------------------------------------------------
Sun Color Corporation filed with the U.S. Bankruptcy Court for the
Northern District of Ohio a Plan of Reorganization dated April 30,
2026.
The Debtor is a small, for-profit, Ohio business located in North
Canton, Ohio. Debtor is a shareholder-owned company with 19 members
of varying interest.
The Debtor is managed by its majority shareholder, Karon Smetana
and its director, David Smetana. Debtor has been in operation since
2000. The Company is engaged in developing, manufacturing,
marketing and selling specialty additives to the industrial
coatings industry. These products, markets and applications are
presented in the Suncolor website www.suncolorcorp.com.
The Debtor's financial challenges began during the COVID-19
pandemic, beginning in late 2018 and early 2019 as patent offices
and laboratory closures were occurring across the country and
worldwide. These closures halted necessary components of Debtor's
development process and without access to these vital services,
Debtor could not advance patents and technology to meet industry
demands.
In 2022, Debtor's challenges escalated when it was sued in state
court by corporate, individual, and trust investors. The action
resulted in a $200,000.00 judgment against Debtor. The essential
halt on business operations and immediate pressure put on Debtor by
the state court litigation just as business was rebounding
ultimately led to Debtor filing the present Chapter 11 case.
This Plan of Reorganization proposes to pay creditors of the Debtor
from Debtor's projected disposable income.
Class 3 consists of General Unsecured Claims. Class 3 is Impaired
by the Plan. Beginning November 1, 2026, the Debtor shall pay Class
3 claimants 100% of their allowed claim, without interest, in equal
monthly installments of $4,378.49 prorata, for a period of sixty
consecutive months. On the date the final payment is due, Debtor
shall pay, in additional to the final payment, any remaining
balance due to Class 3 claimants on their claim. The allowed
unsecured claims total $262,709.43.
Class 5 consists of Equity interest holders. Class 5 is unimpaired
by this Plan. The holder of an equity interest in the Debtor shall
retain their interest in the Reorganized Debtor upon confirmation
of the Plan.
Upon the Effective Date of the Plan, or upon court approval, Debtor
shall make payment in full of approved administrative expense
claims, or pursuant to terms otherwise agreed to by professionals,
the cure amount due to U.S. Small Business Administration.
Karon Smetana shall shall cause all patents previously assigned to
her as security for her shareholder loans to the Debtor to be
reassigned to Debtor.
The Debtor shall make plan payments from ordinary income of the
business.
A full-text copy of the Plan of Reorganization dated April 30, 2026
is available at https://urlcurt.com/u?l=Rg7XeV from
PacerMonitor.com at no charge.
The Debtor's Counsel:
Steven J. Heimberger, Esq.
David A. Randolph, Esq.
RODERICK LINTON BELFANCE LLP
50 South Main Street, 10th Floor
Akron, OH 44308
Tel: 330-434-3000
Email: sheimberger@rlbllp.com
About Sun Color Corporation
Sun Color Corporation, founded in 1999, develops and produces
high-temperature transparent additives and thermoplastics for the
paints, coatings, inks, adhesives, electronics, photonics,
automotive, aerospace, defense, and medical industries. The
Company's patented technologies, including HTLT Transparent
Composite Thermoplastic Additives, enhance the performance of base
thermoplastic resins such as polycarbonate, polyimide,
polyetherimide, polysulfone, and polyphenylsulfone. Headquartered
in North Canton, Ohio, Suncolor focuses on creating eco-efficient,
solution-oriented materials for high-performance and specialty
applications across multiple industrial sectors.
Sun Color sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. N.D. Ohio Case No. 26-60112) on January 30, 2026,
listing assets of up to $50,000 and liabilities of between $1
million and $10 million. David Smetana, president of Sun Color,
signed the petition.
Judge Tiiara NA Patton presides over the case.
Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP
represents the Debtor as legal counsel.
SYRACUSE INDUSTRIAL: Fitch Affirms CC on 2016A/B Revenue Bonds
--------------------------------------------------------------
Fitch Ratings has affirmed the following Syracuse Industrial
Development Agency, New York (SIDA) bonds at 'CC':
- $209.3 million payments in lieu of taxes (PILOT) revenue
refunding bonds, series 2016A and 2016B (Carousel Center Project);
- $25.5 million PILOT revenue bonds, taxable series 2007B (Carousel
Center Project).
Entity/Debt Rating Prior
----------- ------ -----
Syracuse Industrial
Development Agency
(NY) [Carousel
Center PILOT]
Syracuse Industrial
Development Agency
(NY) /Property
Assessment - PILOT/1 LT LT CC Affirmed CC
The 'CC' rating reflects Fitch's assessment that an eventual
default is probable, although not imminent. While PILOT payments
have been timely so far, the payor of the PILOTs, Carousel Center
Company L.P., the Carousel Center mall owner, has subordinate
mortgage loan obligations that are not being fully met. This
situation could potentially interrupt future PILOT payments if
Carousel faces receivership or bankruptcy.
Fitch believes the special servicer for the subordinate commercial
mortgage pass-through certificates (CMBS) associated with the mall
will continue to pay the PILOT bond debt service from Carousel
Center mall property taxes in the near term, even if a forbearance
period is not reinstated, to preserve its property rights.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- A decline in the mall operator's NOI and inability to cover debt
service on the PILOT revenue bonds;
- Loss of the loan servicer impacting the advancement of PILOT
payments in the event of a NOI deficiency;
- Receivership of the property or bankruptcy filing by the mall
operator.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- The ongoing recovery of the mall, which may be reflected in
improving NOI and increased MADS coverage on the bonds.
Dedicated Tax And Revenue Bond Security
The bonds are secured by PILOTs on the original or 'legacy'
Carousel Center mall payable to SIDA by the Carousel Center Company
LP (the Carousel Owner) pursuant to a PILOT agreement as well as by
interest earnings on debt service reserves. The debt service
reserve funds total 125% of average annual debt service.
The obligation of the Carousel Owner to pay the PILOTs is on par
only with governmental charges and fees including property taxes,
all of which are senior to any other payment obligations. The
requirement of the Carousel Owner to make PILOTs is evidenced by a
PILOT note, payable to SIDA. A non-impairment covenant by the city
of Syracuse and New York State prohibits the city and state from
altering the rights of the issuer to collect PILOTs.
The bonds are further secured by PILOT mortgages granted by SIDA
and the Carousel Owner, encumbering their interests in the Carousel
Center to the PILOT trustee. The PILOT mortgages do not extend to
the Destiny expansion property. They impose a lien analogous to
liens imposed by taxing authorities and provide for similar
remedies including foreclosure of property. The senior obligation
of the PILOTs ensures that any proceeds from foreclosure will be
allocated first to the PILOTs before the excess is utilized for
underlying mortgage claims.
Dedicated Tax And Revenue Bond Key Rating Drivers
Revenue Risk (
TEDDER INDUSTRIES: Plan Exclusivity Period Extended to July 6
-------------------------------------------------------------
Judge Christopher Lopez of the U.S. Bankruptcy Court for the
Southern District of Texas extended Tedder Industries, LLC's
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to July 6 and Sept. 4, 2026, respectively.
As shared by Troubled Company Reporter, the Debtor cites that it
requires additional time to try to negotiate a plan that will
provide a recovery to its creditor constituencies and, if
successful, to solicit its acceptance, and its progress in working
with key stakeholders in this Chapter 11 Case supports the
requested extension of the Exclusive Periods.
The Debtor asserts that it has continued to pay its postpetition
obligations in the ordinary course of business and continues to
monitor liquidity closely. Additionally, the Debtor's secured
lender has agreed to extend the Debtor's access to its cash
collateral as needed to allow the Debtor to fully close this
Chapter 11 Case. Accordingly, the Debtor is confident that
sufficient funding will be available during the requested extension
of the Exclusive Periods.
The Debtor further asserts that extending the Exclusive Periods is
beneficial to all parties in interest because such requested
extensions prevent the unnecessary draining of time and resources
typically associated with consideration of competing plans. The
Debtor seeks to maintain exclusivity so that parties with competing
interests do not impede the Debtor's efforts to obtain stakeholder
support for a value-maximizing chapter 11 plan. All parties in
interest in this Chapter 11 Case will benefit from the continued
stability and predictability that a centralized plan process
provides, which can only occur while the Debtor retains the
exclusive rights to propose and solicit a plan.
Additionally, the Debtor continues to pay its postpetition debts as
they become due, and this Motion is not filed for purposes of
delay. Rather, the Motion is filed to allow the Debtor an
opportunity to further develop a chapter 11 plan that is favorable
with major stakeholders. The requested extensions are reasonable
and realistic in light of the circumstances of this Chapter 11
Case.
Tedder Industries, LLC is represented by:
Jeff P. Prostok, Esq.
Mary Taylor Stanberry, Esq.
Vartabedian Hester & Haynes LLP
301 Commerce Street, Suite 2200
Fort Worth, TX 76102
Tel: (817) 214-4990
Emails: jeff.prostok@vhh.law
mary.stanberry@vhh.law
Candice M. Carson, Esq.
J. Blake Glatstein, Esq.
VARTABEDIAN KATZ HESTER & HAYNES LLP
2200 Ross Avenue, Suite 4200W
Dallas, Texas 75201
Telephone: (469) 654-1340
Email: candice.carson@vkhh.com
blake.glatstein@vkhh.com
About Tedder Industries
Tedder Industries, LLC, is a Texas limited liability company with a
principal place of business in Idaho that operates a consumer brand
manufacturing business in the firearms and accessories market,
producing American-made injection-molded gun holsters for
institutional purchasers, B2B partners, and direct-to-consumer
channels. The company conducts business in the marketplace under
the name Alien Gear Holsters and manufactures various holster
types, including hybrid and modular designs, for concealed-carr
users and other end markets. Tedder supplies its products to U.S.
military branches, international militaries, defense organizations,
and law-enforcement agencies.
Tedder Industries sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90805) on December
8, 2025, listing between $10 million and $50 million in both assets
and liabilities. Thomas Magrath, president of Tedder Industries,
signed the petition.
Judge Alfredo R. Perez oversees the case.
Jeff Protok, at Vartabedian Hester & Haynes, LLP, is the Debtor's
legal counsel.
Main Street Capital Corporation, as lender, is represented by
Joshua W. Wolfshohl, Esq., and Joanna D. Caytas, Esq., at Porter
Hedges, LLP, in Houston, Texas.
TEXAS INTERNATIONAL: Lender Seeks to Prohibit Cash Access
---------------------------------------------------------
Commercial Credit Group Inc. asks the U.S. Bankruptcy Court for the
Southern District of Texas, Laredo Division, to prohibit Texas
International Enterprises, Inc. from using cash collateral.
The lender argues that the Debtor has failed to comply with
court-ordered obligations and has not provided adequate protection
or transparency regarding its operations. TIE, a Texas-based
freight hauling company operating over 1,100 trucks and
trailers—most of which serve as collateral for CCG's
loans—filed for Chapter 11 bankruptcy on December 6, 2025. CCG's
lending relationship with the Debtor dates back to 2015 and is
secured by first-priority liens on the Debtor's equipment and a
broad range of personal property, with total indebtedness exceeding
$27.8 million as of the petition date. Although the Court
previously entered multiple interim and final orders allowing the
Debtor to use cash collateral in exchange for adequate
protection—primarily through payments and financial
disclosures—CCG contends that the Debtor has defaulted on these
obligations, including falling at least $250,000 behind on required
payments by February 2026.
A central issue raised in the objection concerns the Debtor's
post-petition effort to generate revenue by subleasing portions of
CCG's collateral (its trucks and trailers), which was approved by
the Court in February 2026. This subleasing program was used as a
key mechanism to generate income and fund adequate protection
payments to CCG. However, despite earlier assurances that over 150
subleases were imminent or underway, the Debtor has failed to
provide executed agreements, financial accounting, or any proceeds
from such arrangements. In fact, the Debtor later reversed its
position, claiming that no subleases had actually been implemented
and that no revenue had been generated, directly contradicting
prior representations. CCG argues that this inconsistency, combined
with the absence of documentation, raises serious concerns about
the Debtor’s credibility and financial management.
Further compounding these concerns, CCG asserts that the Debtor has
failed to provide required financial disclosures, including updated
budgets, variance reports, and accurate monthly operating reports.
The most recent report indicates that not all receipts are being
deposited into debtor-in-possession accounts, and it reveals
unexplained transfers to multiple undisclosed bank accounts,
including accounts potentially linked to the Debtor's affiliates.
CCG emphasizes that such conduct violates the Debtor's fiduciary
duties as a debtor-in-possession, which include maintaining
transparency, safeguarding estate assets, and complying with court
orders and bankruptcy rules. The lack of clarity regarding revenue
sources—especially in light of the claimed absence of sublease
income—leaves creditors unable to assess whether the business is
operating profitably or eroding estate value.
Additionally, CCG raises concerns that the Debtor's failure to
provide access to GPS tracking data for its fleet, which is
required under both federal regulations and the loan documents.
This information is essential for monitoring the location and use
of the collateral, particularly given its mobile nature and the
purported subleasing activity. Despite repeated requests, the
Debtor has refused to provide access, citing the need for a
protective order, which CCG argues is unjustified and further
evidence noncompliance. As a result of these cumulative
failures—nonpayment, lack of disclosure, inconsistent
representations, and denial of access to collateral
monitoring—CCG contends that it is not adequately protected as
required under the Bankruptcy Code.
CCG seeks an order requiring the Debtor to segregate and account
for all cash collateral and sublease proceeds, provide complete
financial disclosures, grant immediate access to GPS tracking
systems, and produce all sublease agreements or confirm their
nonexistence. CCG also signals that it will not support the Debtor'
proposed reorganization plan or extend further financing unless
these issues are promptly resolved.
A copy of the motion is available at https://urlcurt.com/u?l=kSI114
from PacerMonitor.com.
Commercial Credit Group is represented by:
Patrick L. Hughes, Esq.
Adam J. Schmit, Esq.
Haynes and Boone, LLP
1221 McKinney Street, Suite 4000
Houston, TX 77010
Telephone: (713) 547-2000
Facsimile: (713) 547-2600
patrick.hughes@haynesboone.com
adam.schmit@haynesboone.com
About Texas International
Enterprises
Texas International Enterprises Inc. operates as a multifaceted
company with interests in various commercial and service-based
industries. The organization is built on principles of reliability,
operational efficiency, and market adaptability. By focusing on
sustainable growth and client satisfaction, Texas International
Enterprises Inc. continues to strengthen its presence in its
respective markets.
Texas International Enterprises commenced its Chapter 11 case
(Bankr. S.D. Texas Case No. 25-50133) on December 6, 2025. In its
petition, the Debtor listed estimated assets of $10 million to $50
million and estimated liabilities within the same range.
Honorable Bankruptcy Judge Jeffrey P. Norman presides over the
matter.
The Debtor is represented by Carl M. Barto, Esq. of the Law Office
of Carl M. Barto.
TIMBER PROS: Seeks 75-Day Extension of Plan Filing Deadline
-----------------------------------------------------------
Timber Pros Logging, LLC, asked the U.S. Bankruptcy Court for the
Northern District of Mississippi to extend its exclusivity periods
to file a plan of reorganization and disclosure statement for
additional seventy-five days.
The Debtor explains that the company and its counsel have
diligently attempted to gather the information necessary to
complete this document and file it in a timely manner. The Debtor's
counsel has formulated drafts of the disclosure statement and plan,
but because of the extent of the information involved, drafts have
not yet been finalized.
In addition, the Debtor has worked hard to enter into negotiations
and voluntary restructurings with different creditors, and it has
achieved some success in that regard. Also, the Debtor has "cleaned
up" its insurance issues and requirements that were uncertain on
the petition date.
Timber Pros Logging, LLC is represented by:
Craig M. Geno, Esq.
Law Offices of Craig M. Geno, PLLC
601 Renaissance Way, Suite A
Ridgeland, MS 39157
Telephone: (601) 427-0048
Facsimile: (601) 427-0050
Email: cmgeno@cmgenolaw.com
About Timber Pros Logging
Timber Pros Logging, LLC, also known as TPL Trucking, is based in
Iuka, Mississippi, and transports logs, lumber, and related forest
products, managing their delivery within the forest products supply
chain.
Timber Pros Logging, LLC filed its voluntary petition for relief
under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No.
26-10008) on Jan. 2, 2026, listing $1,000,001 to $10 million in
both assets and liabilities.
Craig M. Geno, at the Law Offices Of Craig M. Geno, PLLC, is
serving as the Debtor's counsel.
TOMATLAN INC: Court Extends Cash Collateral Access to June 9
------------------------------------------------------------
Tomatlan, Inc. received another extension from the U.S. Bankruptcy
Court for the Western District of New York to use cash collateral
to fund operations.
The court authorized the Debtor to use cash collateral through June
9 in accordance with its budget under the same terms and conditions
set forth in its cash collateral motion.
The court determined that the secured creditors' interests are
adequately protected, and their rights remain unaffected by this
interim use.
A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/PHf7O from PacerMonitor.com.
The next hearing is scheduled for June 8.
Based on its bankruptcy schedules, the Debtor holds approximately
$55,000 in assets, which are encumbered by various secured claims.
KeyBank, N.A. holds a first priority blanket lien based on a line
of credit initiated in 2018, with approximately $75,000 currently
outstanding. A second lien is held by the U.S. Small Business
Administration for around $470,000, related to a COVID-19 disaster
recovery loan.
In addition to these, the Debtor has financing arrangements with
several merchant cash advance lenders including Ready Capital, Can
Capital, Rapid Finance, Network Rewards, LG Funding LLC, Highland
Hill Capital LLC, and MNY Capital LLC whose collective claims total
over $350,000. These lenders have perfected Uniform Commercial Code
security interests on various dates between 2018 and 2024, with
lien expirations ranging into 2029.
About Tomatlan Inc.
Tomatlan, Inc. operates Rio Tomatlan, a Mexican restaurant in
Canandaigua, New York. The Company specializes in Pacific Coast
Mexican cuisine made from scratch using locally sourced, seasonal
ingredients. It also offers catering services and private event
hosting.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20547) on July 22,
2025. In the petition signed by Juan R. Guevara, as president and
sole shareholder, the Debtor disclosed $54,732 in total assets and
$1,101,411 in total liabilities.
Robert B. Gleichenhaus, Esq., at Gleichenhaus, Marchese & Weishaar,
P.C., represents the Debtor as legal counsel.
TRAVEL + LEISURE: Fitch Rates At Least $750MM Secured Notes 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned Travel + Leisure Co.'s (TNL) anticipated
senior secured notes issuance of at least $750 million due 2031 a
'BB+' rating with a Recovery Rating of 'RR2'. Fitch currently rates
TNL's Long-Term Issuer Default Rating (IDR) at 'BB-' with a Stable
Rating Outlook. Proceeds will be used for repayment of the $650
million senior secured notes due July 2026, for repayment of
outstanding borrowings under the revolving credit facility, to pay
fees and expenses incurred in connection with the offering of the
notes, and for general corporate purposes.
The rating reflects TNL's top-three position in the timeshare
industry and strong FCF and leverage profile. The recurring nature
of the timeshare operating model consistently generates positive
FCF with flexible inventory investment. This is offset by a recent
increase in exchange business declines, and general exposure to the
discretionary travel industry.
Key Rating Drivers
Stable Leverage Profile: TNL ended 2025 with Fitch-defined EBITDA
leverage of 3.6x, down from 3.8x the prior year. Fitch's leverage
calculation includes the company's net interest margin from
timeshare financing, marking a variation from its criteria. Fitch
excludes related nonrecourse debt and applies an adjustment to
ensure proper capitalization of the company's captive finance
operations. TNL targets a net debt/adjusted EBITDA ratio of
2.25x-3.00x, which includes financing income, nets gross recourse
debt with cash, and excludes nonrecourse debt.
Solid Operating Model: TNL generates a substantial portion of
revenue from predictable and/or recurring sources, at roughly 75%
of 2025 revenue. These mainly consist of vacation ownership
interests (VOI) upgrade sales, property management fees, consumer
financing, exchange transactions and subscription revenue. The
operating model is also prepaid by nature, as roughly 80% of the
797,000 owners as of Dec. 31, 2025, have no loans outstanding.
Fitch views these factors as a credit positive because they provide
greater visibility into future revenue and offer a buffer against
inflationary pressures or economic downturns, given the lock-in
rate component.
Mixed Performance: Recent performance demonstrates TNL's ability to
attract new owners and improve margins to counter declines in
exchange members. The company expects loan loss provision to fall
modestly below 2025 levels of 20.8%. The resort optimization
initiative, which involves closing lower-demand properties, is
expected to support margins through reduced inventory carry costs
despite some revenue headwinds. Exchange members and transactions
in the travel and membership segment continue to decline amid
industry consolidation, as a single dominant timeshare company can
fulfill an array of existing options.
Well-Positioned in a Competitive Industry: With 280+ resorts in
destination cities, TNL is the largest timeshare operator based on
owner families which provides economies of scale and facilitates
third-party marketing relationships. TNL is well positioned within
the timeshare industry and has a diversified portfolio of vacation
ownership brands operating under the vacation ownership business
line, including Club Wyndham, WorldMark, Margaritaville Vacation
Club, Sports Illustrated Resorts, Accor Vacations Club, and Eddie
Bauer Adventure Club.
Industry Cyclicality: The domestic timeshare market is mature, with
above-average economic cyclical sensitivity due to the consumer
discretionary nature of the product. The industry has a variety of
competitive alternatives, including hotels and alternative
accommodation businesses such as Airbnb, Inc., Vrbo, and FlipKey.
The consolidation of the industry into fewer, well-capitalized
companies has allowed the industry to sustain and recover more
quickly from economic downturns.
Variation from Published Criteria: Fitch's "Corporate Rating
Criteria" calls for deconsolidation of the company's financial
services operations and assumes a hypothetical capital injection to
achieve the target standalone capital structure. A variation from
Fitch's "Corporate Rating Criteria" was made, as Fitch-adjusted
EBITDA incorporates income earned from the company's financial
services operations, which considers the cash generated by Travel +
Leisure Consumer Finance, Inc., the wholly owned consumer financing
subsidiary that flows up directly to TNL, to be stable and
sustainable.
Peer Analysis
TNL is the largest timeshare operator with approximately 797,000
owner families in its system. Comparable peers by size include
Marriott Vacations with approximately 700,000 owner families,
followed by HGV (BB-/Stable) with more than 720,000 members.
TNL's and Marriott Vacations' revenues are diversified relative to
HGV due to the inclusion of their respective timeshare exchange
networks, RCI and Interval International. In addition, Marriott
Vacations has greater brand diversification relative to HGV and TNL
through its relationship with Marriott International, Inc. and ILG,
Inc.'s exclusive licenses to use the Starwood and Hyatt timeshare
brands.
Fitch’s Key Rating-Case Assumptions
- Total revenues grow by low single digits in 2026 through 2028;
- EBITDA margins at approximately 24% through 2028;
- Financing income and expense included within EBITDA;
- Base interest rates applicable to the company's outstanding
variable rate debt obligations reflect the current SOFR forward
curve;
- Capital return through share repurchases and dividends totaling
roughly $430 million in 2026 through 2028;
- All debt maturities through 2029 addressed by refinancing.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb-,
Higher), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bb-, Higher), Company
Operational Characteristics (bb, Moderate), Profitability (bbb+,
Lower), Financial Structure (bb, Moderate), 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 Impact assessment of 'Good' results in no
adjustment.
- The Operating Environment Impact assessment of 'aa-' results in
no adjustment.
- The SCP is 'bb-'.
To derive the IDR:
- No adjustments were made to the SCP, resulting in an IDR of
'BB-'.
Recovery Analysis
Fitch assigns an 'RR2' Recovery Rating on the secured debt given
the existence of securitized loans in a captive finance
subsidiary.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Severe disruption in the asset-backed securities (ABS) markets
such that TNL needs to provide material support to its captive
finance subsidiary;
- Consistently negative FCF and a material decline in liquidity;
- EBITDA leverage sustained above 4.5x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- EBITDA leverage sustained below 3.5x;
- Greater cash flow diversification by brand or business line;
- Evidence of through-the-cycle sustainability in the company's
capital light inventory sources such that it does not materially
affect TNL's financial flexibility and operational strategy.
Liquidity and Debt Structure
At 1Q26, TNL had $254 million in cash and cash equivalents and $759
million of available capacity under its $1.0 billion RCF. Because
TNL is reliant on the ABS market to help fund its timeshare
customer lending activities, a significant economic downturn
resulting in tightened credit markets could pressure TNL's
securitization market access and potentially require the company to
provide support to its finance subsidiary. This risk is mitigated
by the company's regular and consistent extensions of its two-year
$600 million receivable securitization warehouse facility.
As of 1Q26, the combined availability of TNL's U.S. dollar and
Australian dollar/New Zealand dollar conduit facilities totaled
$382 million, with capacity of $752 million.
Issuer Profile
TNL operates in two segments. Vacation Ownership develops, markets,
sells and manages VOIs, and provides consumer financing for VOI
sales. Travel and Membership runs Resorts Condominium
International, the world's largest vacation exchange network,
expanding member travel options and partnerships.
Criteria Variation
Fitch incorporated income from consumer financing operations to
EBITDA.
Date of Relevant Committee
27 February 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 Travel + Leisure Co.
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
----------- ------ --------
Travel + Leisure Co.
senior secured LT BB+ New Rating RR2
TREEO'S TREE: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Debtor: Treeo's Tree Service, Inc.
936 Appleton Road
Menasha, WI 54952
Business Description: Treeo's Tree Service, Inc. provides outdoor
property services including tree trimming, tree removal, stump
grinding, lawn care, landscaping, and commercial snow removal. The
company has operated since 2007 and is based in Menasha,
Wisconsin. It serves Northeast Wisconsin, including commercial
properties and municipalities, and provides 24/7 emergency
services for storm and hazardous tree removal.
Chapter 11 Petition Date: May 5, 2026
Court: United States Bankruptcy Court
Eastern District of Wisconsin
Case No.: 26-22563
Judge: Hon. Rachel M Blise
Debtor's Counsel: John W. Menn, Esq.
SWANSON SWEET LLP
107 Church Avenue
Oshkosh, WI 54901
Tel: (920) 235-6690
Fax: (920) 426-5530
E-mail: jmenn@swansonsweet.com
Total Assets as of May 4, 2026: $1,750,589
Total Liabilities as of May 4, 2026: $1,213,608
The petition was signed by Mark Caswell as president.
The Debtor has confirmed in the petition that there are no
unsecured creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/RBKHKWI/Treeos_Tree_Service_Inc__wiebke-26-22563__0001.0.pdf?mcid=tGE4TAMA
TTM TECHNOLOGIES: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed TTM Technologies, Inc. and its
subsidiary TTM Technologies China Limited's (collectively, TTM)
Long-Term Issuer Default Ratings (IDRs) at 'BB+' with a Stable
Outlook. Fitch has also assigned TTM's proposed term loan a 'BBB-'
rating with an 'RR1' Recovery Rating. It will replace the existing
term loan as part of a broader financing that replaces existing
ABLs with a multicurrency RCF. Fitch expects to withdraw the
ratings on the existing term loan and ABLs when the transaction
closes.
The Stable Outlook reflects TTM's leading position in printed
circuit boards (PCBs), radio-frequency (RF) components and
microelectronic assemblies. Fitch expects durable AI data center
and defense demand to keep EBITDA leverage well below TTM's 3.0x
negative sensitivity.
Key Rating Drivers
Comprehensive Financing Package: TTM plans to replace its existing
ABLs with a new multicurrency revolving credit facility of up to
$1.0 billion, more than tripling its previous $300 million revolver
availability. The company also plans to refinance its existing term
loan, which will be pari passu with the new facility rather than
junior to the ABLs. The increased borrowing capacity strengthens
TTM's liquidity and provides flexibility to fund capacity
expansions and potential acquisitions, while remaining within
Fitch's leverage expectations for the rating.
Solid Financial Position: TTM benefits from strong demand in data
center and defense markets. Broad-based strength, including
healthcare and networking, has driven solid recent results, with
EBITDA leverage improving to 1.9x at March 30, 2026 from 2.8x at
year-end 2024. Management targets 15%-20% organic revenue growth
annually over the next three years and aims to double earnings from
2025 to 2027. The Fitch-adjusted EBITDA margin expanded to 15.4% in
2025 from 13.8% in 2024, driven primarily by a shift toward
higher-margin products. Continued favorable mix and reduced drag
from the Penang facility ramp-up should support further margin
improvement.
Moderate Financial Policy: TTM generally adheres to its long-term
net leverage target of 1.5x-2.0x (1.0x at March 30, 2026). Fitch
assumes acquisition activity will keep gross leverage in the 2x-3x
range from 2026-2028. The company is also expanding organically
through capacity additions, with elevated capex at 7%-8% of revenue
(versus 4%-5% maintenance) constraining FCF growth. Fitch expects
balance sheet cash and cash generation to largely fund these
investments, with potential for moderate incremental debt. Key
capacity projects include Penang, Malaysia (ramping up now),
Syracuse, NY (ramping up 2H 2026), China (under construction), and
a future site in Eau Claire, WI.
Secular Demand Growth: TTM has shifted toward end markets with
strong growth, long product lifecycles, and differentiation beyond
commodity PCBs. Aerospace and defense accounts for 44% of 2025
revenue, supported by global defense spending, inventory
replenishment, and the shift to digitized military systems. Data
center demand is also surging to support AI infrastructure
buildout. TTM is moving up the value chain, supplying more complex
printed circuit boards, substrates, and advanced packaging. Many of
these products require stringent customer qualifications. TTM's
defense facilities also require security clearances, which limit
competition.
Customer Concentration: TTM's original equipment manufacturer
customers operate in concentrated markets, including A&D, data
center hyperscalers, wireless infrastructure, and autos. Its two
largest customers represented 23% of 2025 sales, and the five
largest customers made up 44%. Customer concentration has increased
in recent years. However, TTM has a relatively broad program
portfolio within its A&D business, including more than 200 distinct
programs, with no single program contributing more than 6% of total
revenue.
Geopolitical and Tariff Risk: TTM's significant manufacturing
presence in China creates exposure to U.S.-China geopolitical
tensions. Escalating conflict could disrupt supply chains or result
in regulatory restrictions that complicate operations at Chinese
facilities. The company has partially mitigated this risk by
expanding capacity in Malaysia and the U.S. TTM faces limited
direct tariff exposure, but a meaningful portion of revenue comes
from Chinese manufactured finished products that are exported
globally. Higher tariffs on finished products could reduce demand
for TTM's components, indirectly pressuring the company's sales,
though the near-term risk seems modest.
Parent-Subsidiary Relationship: TTM is the stronger parent of its
subsidiary, TTM Technologies China Limited (the weaker subsidiary).
Fitch views the strategic and operational incentives for TTM to
support the subsidiary as high and the legal incentive as medium.
As a result, Fitch equalizes the notching between the two entities.
TTM Technologies China Limited and co-borrower TTM Technologies
Trading (Asia) Company Limited are the borrowers under the Asia
ABL.
Peer Analysis
Among similarly rated peers, Qnity Electronics, Inc. (BB+/Stable)
and Amkor Technology, Inc. (BB+/Positive) share TTM's rating level
but differ in profile. Qnity maintains comparable leverage with
significantly stronger profitability, while Amkor operates with
lower leverage and similar margins but faces higher customer
concentration.
Lower-rated peers Coherent Corp. (BB/Positive) and MKS Inc.
(BB/Stable) show varied credit characteristics. Coherent has
stronger profitability with improving leverage, while MKS carries
higher leverage despite robust margins. TTM's cash flow generation
relative to debt currently lags these peers due to substantial
facility buildouts, though Fitch expects meaningful improvement as
earnings grow over the next few years.
Flex Ltd. (BBB-/Stable) and Jabil Inc. (BBB-/Stable/F3) operate at
significantly greater scale. Both exceed $25 billion in revenue and
have comparable leverage but thinner EBITDA margins of 7%-8%. Their
investment-grade ratings reflect broader diversification across
customers and end markets, supporting more stable cash flows and
stronger financial flexibility that offset lower profitability.
Fitch’s Key Rating-Case Assumptions
- Revenue growth of 25% in 2026, 23% in 2027 and 5% in 2028, mainly
driven by significant expansion in data center computing, strength
in A&D and inclusion of revenues from a Fitch-assumed acquisition
in mid-2026;
- Fitch-adjusted EBITDA margin improves to 16.2% in 2026, from
15.4% in 2025, due to a mix shift toward higher margin products and
reduced drag from the ramp-up of the Penang, Malaysia, facility.
Fitch expects further EBITDA margin improvement to approximately
17.5% in 2027 and 2028, driven by a continued favorable mix shift,
improved efficiencies at Penang and modestly higher margin
associated with the assumed acquisition;
- Floating SOFR rates of 3.75% in 2026, 3.50% in 2027 and 3.75% in
2028;
- Cash tax rate of 22% as a percentage of pre-tax income;
- Capex assumed to be 7% of revenue in 2026-2028, reflecting
ongoing facility buildouts;
- M&A of $1 billion in the middle of 2026, with acquisitions 65%
debt funded.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb-,
Moderate), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (bb+,
Moderate), Financial Structure (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 'a' results in no
adjustment.
- The SCP is 'bb+'.
To derive the IDR:
- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in an equalized approach.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Expectation for EBITDA leverage to be sustained above 3.0x;
- A structural deterioration in the company's market position,
potentially highlighted by the loss of major customers or pricing
power;
- Expectation for (CFO-capex)/debt to be sustained below 10% on a
normalized capital spending basis (i.e., capex approximately
4.5%-5.0% of revenue).
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Sustained scale expansion with improved business diversification,
including material growth in long-duration defense programs that
reduces cyclicality and enhances revenue visibility;
- Expectation for EBITDA leverage to be sustained below 2.5x;
- Expectation for (CFO-capex)/debt to be sustained above 20%.
Liquidity and Debt Structure
TTM maintains a solid liquidity position, supported by $410 million
in cash and cash equivalents and $190 million in aggregate ABL
availability as of March 30, 2026. Following the close of the
financing transaction, Fitch expects availability under the new RCF
to meaningfully exceed prior ABL capacity. Term loan amortization
is minimal at 1% per annum and there are no debt maturities until
the senior unsecured notes come due in 2029. Combined with Fitch's
expectation of sustained positive FCF throughout the forecast
period, TTM is well-positioned with ample financial flexibility.
Issuer Profile
TTM Technologies, Inc. is a global manufacturer of PCBs, engineered
technology systems, RF components and RF microwave and
microelectronic assemblies.
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 TTM Technologies, Inc.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery Prior
----------- ------ -------- -----
TTM Technologies, Inc.
LT IDR BB+ Affirmed BB+
senior secured LT BBB- New Rating RR1
TTM Technologies
China Limited
LT IDR BB+ Affirmed BB+
UNITED FP: S&P Downgrades ICR to 'D' on Missed Interest Payments
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on United FP
Holdings LLC to 'D' from 'CCC-', its issue-level rating on the
company's first-lien credit facilities to 'D' from 'CCC-', and its
issue-level rating on the second-lien term loan to 'D' from 'C'.
On May 6, 2026, United FP Holdings LLC entered into a forbearance
agreement with its lenders related to the interest payments due
April 30, 2026, on its revolving credit facility and term loans.
S&P views the forbearance agreement and missed interest payments as
tantamount to a default.
The downgrade reflects United FP's announcement that it executed a
forbearance agreement on its debt service payments due April 30,
2026, with respect to its term loans and revolving credit facility.
Under the forbearance agreement, the term loan lenders agreed to
not exercise certain remedies relating to the nonpayment until June
30, 2026. S&P said, "We view the transaction as distressed and
believe the company's lenders did not receive adequate compensation
for the deferral. In our view, this represents a default on the
revolving credit facility and term loans because United FP did not
meet its contractual obligation to make the interest payments in a
timely manner."
UNITY FABRICATION: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Texas
entered an interim order authorizing Unity Fabrication, LLC to use
cash collateral.
Under the order, the Debtor is authorized to use cash collateral to
pay its expenses in accordance with an approved interim budget. The
Debtor may exceed individual budget line items by up to 10% on a
cumulative basis so long as overall expenditures do not exceed the
total budget by more than 10%.
The 30-day budget projects total operational expenses of
$135,512.16.
The Debtor's primary source of operating cash -- accounts
receivable and their proceeds -- is subject to pre-petition liens
held by multiple secured creditors.
As protection, the court granted secured creditors replacement
liens on the Debtor's post-petition accounts receivable, contract
rights, and deposit accounts to the same extent, validity, and
priority as any pre-petition perfected liens.
The Debtor is required to deposit all post-petition revenues into
segregated debtor-in-possession accounts, and banks including Wells
Fargo Bank are required to release and unfreeze accounts so the
Debtor can continue operations. The banks may honor certain
pre-petition checks and continue ordinary cash management services
without further court approval.
The interim order provides for the establishment of a carveout
protecting payment of certain administrative expenses, including
court fees, U.S. trustee fees, limited trustee expenses, and
approved fees of the Subchapter V trustee.
The interim authority granted under the order automatically
terminates upon dismissal or conversion of the Debtor's Chapter 11
case, appointment of a Chapter 11 trustee, plan confirmation, or
material default under the order.
A final hearing is scheduled for June 2.
The order is available at https://is.gd/e0MDwH from
PacerMonitor.com.
About Unity Fabrication LLC
Unity Fabrication, LLC a Texas-based CNC machine shop.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-33074) on April 30,
2026. In the petition signed by Thach Nguyen, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Jeffrey P. Norman oversees the case.
Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as
legal counsel.
US MAGNESIUM: Seeks to Extend Plan Exclusivity to July 7
--------------------------------------------------------
US Magnesium LLC asked the U.S. Bankruptcy Court for the District
of Delaware to extend its exclusivity periods to file a plan of
reorganization and obtain acceptance thereof to July 7 and Sept. 7,
2026, respectively.
The Debtor explains that this Chapter 11 Case is approximately six
months old. Since filing this Chapter 11 Case, the Debtor, working
closely with the Creditors' Committee, has made tremendous progress
on a relatively tight timeline. The Debtor has worked diligently
and in good faith towards a sale of substantially all of its
assets.
The Debtor claims that it has paid undisputed administrative
expenses as they come due and will work to continue to do so. The
Debtor continues to monitor its liquidity position closely and is
confident that sufficient cash will be available to satisfy their
post-petition payment obligations during the requested extension of
the Exclusive Periods.
The Debtor asserts that the Chapter 11 Case is moving towards a
successful conclusion as the Debtor, working closely with the
Creditors' Committee, diligently works towards consummation of a
sale of substantially all of its assets and confirmation of the
Combined Disclosure Statement and Plan.
The Debtor further asserts that the requested extension of the
Exclusive Periods will allow this process to continue in an
efficient manner, preserve enterprise value, and provide the Debtor
with a fair and reasonable opportunity to liquidate its business
for the benefit of all stakeholders. Under these circumstances, the
Debtor respectfully submits that ample cause exists to grant the
reasonable extension of the Exclusive Periods requested herein.
US Magnesium LLC is represented by:
Michael Busenkell, Esq.
Margaret M. Manning, Esq.
Michael Van Gorder, Esq.
Gellert Seitz Busenkell & Brown, LLC
1201 North Orange Street, Suite 300
Wilmington, Delaware 19801
Telephone: (302) 425-5800
Facsimile: (302) 425-5814
Email: mbusenkell@gsbblaw.com
About US Magnesium LLC
US Magnesium LLC is a magnesium producer based in Salt Lake City,
Utah.
US Magnesium LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on Sept. 10,
2025. In its petition, the Debtor estimated assets and liabilities
between $100 million and $500 million each.
Judge Brendan Linehan Shannon oversees the case.
The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz
Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as
restructuring advisor; and SSG Advisors, LLC as investment banker.
Stretto, Inc., is the Debtor's claims and noticing agent.
VIVAKOR INC: Resets Special Dividend Payment Date to June 30
------------------------------------------------------------
Vivakor, Inc. has reset the payment date of its previously
announced special dividend to June 30, 2026.
The payment date adjustment is intended to allow the Company
additional time to complete required filings with the U.S.
Securities and Exchange Commission in connection with the
consummation of the special dividend. The Company notes that the
payment date may be subject to further adjustment if the required
filings are not completed in a timely manner.
The special dividend will be paid to holders of record of Vivakor
common shares as of September 5, 2025, the previously announced
ex-dividend date.
Vivakor currently holds 206,595 shares of Adapti, Inc., a company
that owns a multi-platform sports agency representing amateur and
professional athletes at all levels. According to Adapti's public
filings, Adapti intends to integrate this agency with its AdaptAI
software platform, which matches products with influencers to
market athletic careers and associated branding opportunities. The
acquired sports agency was previously owned by an entity controlled
by James Ballengee, the Company's Chairman, President and CEO.
About Vivakor Inc.
Vivakor, Inc. provides transportation, storage, reuse, and
remediation services for crude oil and petroleum byproducts. The
Company operates facilities under long-term contracts to support
these services and manages energy-related assets, properties, and
technologies.
Pittsburgh, PA-based Urish Popeck & Co., LLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated April 15, 2026, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2025, citing that the
Company has a significant working capital deficiency, suffered
significant recurring losses from operations, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of December 31, 2025, the Company had $113.5 million in total
assets, $76.3 million in total liabilities, and $37.2 million in
total stockholders' equity.
VIVAKOR INC: Secures $72M Recurring Crude Oil Deal Through May 2027
-------------------------------------------------------------------
Vivakor, Inc. announced that its commodities trading platform,
Vivakor Supply & Trading has executed a recurring crude oil
transaction, extending through May 2027.
The transaction represents approximately $6 million in crude oil
volume per month, or approximately $72 million over 12-month term,
and includes associated transportation services. The arrangement
reflects continued execution of Vivakor's integrated platform
strategy, facilitating the movement of volumes across its network
while supporting commercial activity across its logistics and
infrastructure operations. Through its supply and trading platform,
the Company is able to source, market, and coordinate volumes in a
manner that enhances overall system connectivity and value.
Vivakor Chairman, President and CEO James Ballengee commented:
"This transaction reflects continued execution of our strategy to
integrate logistics, infrastructure, and marketing activities. We
are seeing ongoing activity across key U.S. oil markets,
particularly in core producing basins, which continues to support
demand for efficient crude oil movement and marketing solutions. By
facilitating volumes across our system, we can support customer
needs while enhancing connectivity across our broader platform. Our
supply and trading activities are designed to complement our
operations and support the efficient movement of crude oil and
related products."
The Company's supply and trading activities are designed to
facilitate volumes across its platform and support broader
commercial operations. On standard crude trades, the Company
anticipates recognizing approximately 1% of the contract value.
About Vivakor Inc.
Vivakor, Inc. provides transportation, storage, reuse, and
remediation services for crude oil and petroleum byproducts. The
Company operates facilities under long-term contracts to support
these services and manages energy-related assets, properties, and
technologies.
Pittsburgh, PA-based Urish Popeck & Co., LLC, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated April 15, 2026, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2025, citing that the
Company has a significant working capital deficiency, suffered
significant recurring losses from operations, and needs to raise
additional funds to meet its obligations and sustain its
operations. These conditions raise substantial doubt about the
Company's ability to continue as a going concern.
As of December 31, 2025, the Company had $113.5 million in total
assets, $76.3 million in total liabilities, and $37.2 million in
total stockholders' equity.
W. GATES REAL: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
W. Gates Real Estate Holdings, LLC got the green light from the
U.S. Bankruptcy Court for the Northern District of California,
Oakland Division, to use cash collateral.
At the recently held hearing, the court authorized the Debtor's
interim use of cash collateral and set a final hearing for June 1.
The Debtor requires immediate access to cash is essential to
continue ordinary business operations, such as paying insurance,
maintenance, taxes, and other overhead expenses, and to preserve
the value of its real estate portfolio while it works toward a
reorganization or potential sale.
The Debtor outlines its financial position and secured debt
structure, identifying numerous creditors holding liens on various
Tennessee properties through deeds of trust, tax liens, and
judgments. These include obligations to institutions such as Wilson
Bank & Trust and First National Bank, along with other lenders and
judgment creditors. The Debtor estimates total secured debt at
approximately $2.55 million, while valuing the encumbered real
estate at roughly $3.56 million, asserting a substantial equity
cushion. This equity, combined with maintained insurance coverage,
is presented as sufficient adequate protection for creditors'
interests under the Bankruptcy Code.
Additionally, the Debtor offers specific monthly adequate
protection payments of $8,250 to Wilson Bank & Trust, while
reserving the right to challenge the validity or extent of any
liens at a later stage.
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. In the petition signed by William Coffee, as managing member,
the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Nicholas W. Whittenburg oversees the case.
W. Thomas Bible, Jr., Esq., at TOM BIBLE LAW, represents the Debtor
as legal counsel.
WAREHOUSE ONE: Commences CCAA Proceedings for Orderly Wind Down
---------------------------------------------------------------
Warehouse One Clothing Ltd. announced on May 6, 2026, that it has
commenced proceedings under the Companies' Creditors Arrangement
Act pursuant to an initial order from the Court of King's Bench of
Manitoba. The Company is a specialty fashion retailer serving
customers through its Warehouse One and Bootlegger banners.
After careful consideration of all reasonably available options,
the Company has made the difficult decision to commence the CCAA
proceedings to allow for an orderly wind down of its operations,
including all Warehouse One and Bootlegger retail locations.
The Company intends to return to Court in the coming days to seek a
further order approving the liquidation of its 128 retail stores
across Alberta, British Columbia, Saskatchewan, Manitoba, Ontario,
Newfoundland, Nova Scotia, New Brunswick and the Yukon.
Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was
appointed as the CCAA Monitor. Court filings and other information
related to the CCAA proceedings will be available on the Monitor's
website at https://www.alvarezandmarsal.com/WarehouseOne.
About the Company
Warehouse One is one of Canada's largest specialty apparel
retailers. Established in 1976, the Company operates 128 stores
across Canada under the Warehouse One and Bootlegger banners.
WHERE FAMILIES: Case Summary & 13 Unsecured Creditors
-----------------------------------------------------
Debtor: Where Families Thrive
223 Gibbsboro Road
Clementon, NJ 08021
Business Description: Where Families Thrive provides mental health
and wellness services as part of The Thrive Network, a New Jersey-
based organization offering counseling for children, teens, adults
and families. The Clementon-based practice provides services
including child and adolescent therapy, family therapy, adult
therapy, couples counseling, trauma counseling, play therapy and
telehealth therapy, supported by licensed therapists and mental
health professionals.
Chapter 11 Petition Date: May 7, 2026
Court: United States Bankruptcy Court
District of New Jersey
Case No.: 26-15195
Debtor's Counsel: E. Richard Dressel, Esq.
LEX NOVA LAW, LLC
20000 Horizon Way, Suite 750
Mount Laurel, NJ 08054
Tel: 856-382-8211
Fax: 856-406-7398
E-mail: rdressel@lexnovalaw.com
Estimated Assets: $0 to $50,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Michelle Codington as president.
A full-text copy of the petition, which includes a list of the
Debtor's 13 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2OAJSRY/Where_Families_Thrive__njbke-26-15195__0001.0.pdf?mcid=tGE4TAMA
WILLIAM D. LEDFORD: Claims to be Paid from Future Income
--------------------------------------------------------
William D. Ledford, DDS, LLC filed with the U.S. Bankruptcy Court
for the Western District of Missouri a Plan of Reorganization for
Small Business dated April 30, 2026.
The Debtor operates a dentistry practice with one office location
in Kansas City, MO. The Debtor's owner, William D. Ledford, owned a
dentistry practice for over 20 years before incorporating his
practice into an LLC in 2018.
During the COVID pandemic, Debtor was closed for approximately
three months and not generating revenue. Debtor received loans from
PPP loans and SBA during that time. Debtor borrowed substantial
debts over the years which led to the filing of this bankruptcy.
There were aggressive collection attempts made by a merchant cash
advance creditor.
The Debtor was repaying its debts prior to case filing but had a
decrease in cash flow and was unable to keep up with payments. Many
of Debtor's creditors are from merchant cash advances. One such
creditor, Idea 247, Inc., sent letters to Debtor's commercial
landlord requesting an inventory list of Debtor's equipment.
This same creditor sent letters to payors of Debtor's accounts
receivable, claiming an interest in the funds that were owed to
Debtor and requesting turnover of said funds. The creditor also
called Debtor's place of business numerous times daily requesting
payment and threatening repossession of Debtor's equipment.
The plan will be funded by Debtor continuing its dentistry practice
and generating revenue from its patients.
The Debtor's creditors were listed in Schedules D through G.
OneView Finance (EverBank) holds a purchase-money lien on
equipment, specifically a Dentsply SIR Cavitron System, Coltene
Statim G4 5000, Airstar 30 Compressor, Medit I700 Scanner System.
That equipment is estimated to be valued at $6,006 with a balance
of $10,296.64 owed to the lienholder. BMO Bank, NA is believed to
be the senior UCC-1 lienholder of the remaining assets owned by
Debtor valued at $148,105.60.
The debt owed to BMO Bank, NA is $590,718.37. BMO Bank, NA is
under-secured on its lien. Debtor leases its commercial space from
BRE Retail Residual MO Owner LLC, and will assume the lease and
continue making monthly payments. The lease runs through January
2031. The remaining creditors are either unsecured or wholly
under-secured and are not expected to receive payment in this
case.
Class 4 consists of General Unsecured Claims. The Debtor's total
assets are less than the amount owed to BMO Bank, NA on its lien.
Also, Debtor does not have disposable monthly income remaining to
pay general unsecured creditors. This Class will receive a
distribution of $0. This Class is impaired.
William D. Ledford shall retain his equity interest.
The Chapter 11 plan will be implemented by the Debtor continuing
its regular activity as a dental practice. Revenue will be paid by
the clients of the Debtor, either through credit cards, debit
cards, checks, cash, or third-party insurers.
Subject to the Plan or the order confirming the Plan, on
Confirmation of the Plan all property of the Debtor, tangible and
intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.
The Debtor must submit all or such portion of the future earnings
or other future income of the Debtor to the supervision and control
of the Trustee as is necessary for the execution of the Plan.
The Debtor's financial projections show that the Debtor will have
an aggregate annual average cash flow, after paying operating
expenses and post-confirmation taxes, of $39,446. The final Plan
payment is expected to be paid in June 2031.
A full-text copy of the Plan of Reorganization dated April 30, 2026
is available at https://urlcurt.com/u?l=pI2dNS from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Gary Mardian, Esq.
Wiesner & Frackowiak, LC
6750 West 93rd Ste 220
Overland Park, KS 66212-1465
TEL: (913) 381-7654
FAX: (913) 383-3948
Email: garym@wflaw.net
About William D. Ledford DDS
William D. Ledford, DDS, LLC is a Missouri-based dental practice
providing general and specialty dental care services.
The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 26-40187) on February 2, 2026. In its
petition, the Debtor reported assets of between $100,001 and
$500,000 and liabilities of between $1 million and $10 million.
Judge Cynthia A. Norton handles the case.
The Debtor is represented by Gary Mardian, Esq., at Wiesner &
Frackowiak, L.C.
WRIGHT SCAPES: Unsecured Creditors Will Get 7% of Claims in Plan
----------------------------------------------------------------
Wright Scapes, Inc. filed with the U.S. Bankruptcy Court for the
Southern District of Florida a Plan of Reorganization for Small
Business dated April 30, 2026.
The Debtor has been operating as a landscaping company in Broward
County Florida since 2003 with its principal place of business at
2350 SW 12th Ave, Davie, Florida 33324.
The Debtor is owned and operated by Erik Wright and he has been the
owner/operator since 2003. The Debtor encountered significant
problems as a result of a slowdown in business which created a cash
crunch, together with several legal actions, including one by its
secured creditor in first position, JP Morgan Chase N.A.
("Chase").
This Plan will pay the first lender, Chase $120,000 over 5 years at
7.44% interest in the amount of $2,401.13 per month. The Small
Business Administration("SBA") ( POC #1) has, a secured claim of
28,084.15 at 3.75 % interest (note rate) and will be paid over 5
years in the amount of 514.05 per month. The remainder of the SBA
loan is treated as unsecured under the Plan and will receive pro
rata distribution with allowed unsecured creditors under the Plan.
All other creditors claiming a security interest in the Debtor's
assets are wholly under-secured and will be treated as unsecured
creditors under the Plan.
The Debtor has an indebtedness to the Internal Revenue Service in
the approximate amount of $80,000, which will be definitively
determined upon the Debtor's filing of its tax returns and
discussions with the IRS. For Plan purposes, the IRS will be paid
$80,0000 over 55 months at 5% interest in the amount of $1,630.59
per month.
The Debtor owes the Miami -Dade Tax Collector $581.25 (POC #4),
Broward County Tax Collector 885.24 (POC #6) and the State of
Florida Department of Revenue $338.82) (POC#) and will pay such
amount owed to such priority creditors on the Effective Date. The
Debtor has a commercial lease with its Landlord at 2350 SW 12th
Ave, Davie, Florida 33324.43. The Lease will be assumed as part of
confirmation.
General Unsecured creditors with allowed claims will be paid pro
rata of $59,000 over the life of the Plan, approximately 7% which
will be disbursed pro rata commencing in month 20. Because of the
substantial amount of Secured, Priority and Administrative claim
indebtedness, the payments to unsecured creditors cannot be made
until year month 20.
The final Plan payment is expected to be paid in July 2032 The
value of the Debtor's assets at the time of the bankruptcy petition
was approximately $130,000.
This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.
Class 4 consists of General Unsecured Creditors. Payments to
allowed unsecured creditors will commence month 20 with a pro rata
payment of $6,000, Payments to allowed unsecured creditors will
commence month 20 with a pro rata payment of $6,000, and $6,000
payments in months 28,32,36, month 40 of $5,000, month 44 of
$4,000, month 48 $5,000, month 524,000 ,month 56 5,000 and month 60
of $6,000. This Class is impaired.
Class 5 Equity Interest Holders as scheduled shall maintain their
equity ownership of the Debtor which they held pre-petition and
shall receive no distribution under the Plan. Mr. Erik Wright is
the 100% shareholder of the Debtor.
The Debtor shall fund the plan from its revenues received from the
revenues derived from its operations which pursuant to its
projections is sufficient to pay the plan payments on a timely
basis.
A full-text copy of the Plan of Reorganization dated April 30, 2026
is available at https://urlcurt.com/u?l=bVkeu6 from
PacerMonitor.com at no charge.
Counsel to the Debtor:
Thomas L. Abrams, Esq.
Law Firm of Gamberg & Abrams
1213 S.E. Third Avenue, Second Floor
Fort Lauderdale, FL 33316
Telephone: (954) 523-0900
Facsimile: (954) 915-9016
Email: tabrams@tabramslaw.com
About Wright Scapes, Inc.
Wright Scapes, Inc. operates in the landscaping and grounds
services sector, offering exterior property enhancement and
maintenance services. The company serves customers in Florida and
surrounding areas, based on publicly available business filings.
Wright Scapes, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11393) on February 3,
2026. In its petition, the Debtor estimated assets ranging from
$100,001 to $1 million and estimated liabilities of $1 million to
$10 million.
Judge Peter D. Russin handles the case.
The Debtor is represented by Thomas L. Abrams, Esq.
ZHU ELITE: Unsecured Creditors Will Get 100% of Claims in Plan
--------------------------------------------------------------
Zhu Elite Enterprises, Inc. filed with the U.S. Bankruptcy Court
for the Northern District of Texas a Subchapter V Plan of
Reorganization dated April 30, 2026.
The Debtor was formed as a for-profit corporation under the laws of
the State of Texas on May 24, 2010. David Zhu serves as the
President and Managing Owner. Catherine Zhu serves as a director
and officer and holds an ownership interest in the Debtor.
The Debtor operates a commercial kitchen exhaust hood cleaning
business under the HOODZ franchise system, providing exhaust hood
system cleaning, oven cleaning, and related maintenance services to
restaurants, hotels, and institutional food service facilities in
the Dallas-Fort Worth metropolitan area. The Debtor currently
operates pursuant to two franchise agreements (Franchise Agreement
#1.2 and Franchise Agreement #2.2) covering two defined territories
in the Dallas-Fort Worth area, consisting of approximately 4,102
Restaurant and Food Service Centers in the aggregate.
Since the Petition Date, the Debtor has continued to operate its
business as a debtor in possession. The Debtor has maintained its
customer relationships, continued to perform services under the
HOODZ franchise system, and remained current on all post-petition
obligations. The Debtor has undertaken substantial efforts to
formulate a plan of reorganization, including engaging in
settlement discussions and court-ordered mediation with HOODZ and
the other defendants in the adversary proceeding.
Class 4 consists of all General Unsecured Claims against the Debtor
that are not otherwise classified under this Plan. The Debtor
estimates that total Allowed General Unsecured Claims (excluding
the disputed HOODZ Fee Claims) do not exceed approximately $25,000.
If the Bankruptcy Court determines under Section IV.4 that all or
any portion of the Fee Claims constitute General Unsecured Claims,
such Allowed amounts shall be included in Class 4 and treated in
accordance with Section III.4(b).
Each holder of an Allowed General Unsecured Claim in Class 4 (other
than the Fee Claims, if applicable) shall be paid 100% of the
Allowed amount of such Claim in Cash, in full, on the later of (i)
the Effective Date or (ii) the date such Claim becomes an Allowed
Claim.
Alternate Payment. This treatment reflects the Debtor's ability to
pay unsecured creditors in full immediately given the Debtor's cash
flow positive operations and projected disposable income. To the
extent the Bankruptcy Court determines under Section IV.4 that all
or any portion of the Fee Claims constitute Allowed General
Unsecured Claims in Class 4, such Allowed amounts shall be paid as
follows: (i) if the Allowed amount of the Fee Claims does not
exceed $50,000, such amount shall be paid in full on the Effective
Date; or (ii) if the Allowed amount of the Fee Claims exceeds
$50,000, such amount shall be paid in equal monthly installments
over a period of thirty-six months commencing on the Effective
Date, without interest, unless otherwise agreed by the Debtor and
HOODZ or ordered by the Bankruptcy Court.
Class 5 consists of all Interests in the Debtor, including the
equity interests held by David Zhu and Catherine Zhu). All
Interests shall be retained by the existing equity holder(s), who
shall retain their equity interest in the Reorganized Debtor.
The Debtor's Financial Projections demonstrate that the Debtor's
ongoing business operations will generate sufficient revenue to
fund all payments required under this Plan, including payment of
the Cure Amount, Administrative Expense Claims, Secured Claims,
Priority Claims, and General Unsecured Claims.
The Debtor shall continue to exist after the Effective Date as a
reorganized entity in accordance with applicable law and pursuant
to its articles of incorporation and bylaws, as the same may be
amended.
The Debtor shall fund all payments required under this Plan from:
* Cash on Hand. Cash on hand as of the Effective Date,
including any funds held in the Debtor's bank accounts.
* Operating Revenues. Revenues generated from the Debtor's
ongoing business operations as a franchisee of HOODZ, providing
commercial exhaust hood system cleaning, oven cleaning, and related
maintenance services to restaurant and food service customers in
the Dallas-Fort Worth metropolitan area.
A full-text copy of the Subchapter V Plan dated April 30, 2026 is
available at https://urlcurt.com/u?l=heKEAa from PacerMonitor.com
at no charge.
Counsel to the Debtor:
Richard G. Grant, Esq.
CM Law LLP
National Litigation Support Center
13101 Preston Road, Suite 110-1510
Dallas, TX 75240
Telephone: (214) 210-2929
Email: rgrant@cm.law
About Zhu Elite Enterprises Inc.
Zhu Elite Enterprises, Inc. operates a commercial kitchen exhaust
hood cleaning business under the HOODZ franchise system.
The Debtor filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-40427) on January 30,
2026, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
Richard G. Grant, Esq., at CM Law, LLP serves as the Debtor's
counsel.
[] Three Restructuring Partners Join Dechert LLP's Dallas Office
----------------------------------------------------------------
Dechert LLP announced on May 6, 2026 that Marcus Helt, Debbie Green
and Jack Haake have joined the firm as partners in its
restructuring practice, based in Dallas. The three partners bring
complementary strengths across debtor-side representations,
commercial litigation and transactional restructuring, and bolster
both the firm's presence in Dallas and its restructuring
capabilities nationally.
"Dallas has quickly become one of the most dynamic legal markets in
the country, and the addition of this team is a perfect reflection
of the momentum we are building here," said Mark Thierfelder,
co-chair of Dechert. "Marcus, Debbie, and Jack are deeply rooted in
Dallas and bring the kind of experience and relationships that make
an immediate difference for clients. Their arrival is a significant
step in the continued growth of our Dallas office and firm as a
whole."
"Marcus is one of the premier restructuring lawyers in Texas and
brings a compelling debtor-side practice that meaningfully bolsters
our capabilities," said Mike Poulos, vice chair and global head of
strategy. "His experience representing distressed companies across
a broad range of industries, alongside Debbie's and Jack's
litigation and restructuring capabilities, positions us to serve
clients at the highest level on the most complex matters in the
market."
Mr. Helt represents large distressed private and public companies
in and out of court, buyers of distressed companies and significant
creditor constituencies, including official committees of unsecured
creditors. He focuses on company and buy-side representations
across various industries, including healthcare, energy, food and
beverage, distribution and franchise, and financial services. He is
often appointed as a state court and U.S. Securities and Exchange
Commission receiver, with an emphasis on business-divorce and fraud
cases. Mr. Helt has been recognized by Chambers USA in
Bankruptcy/Restructuring from 2022 through 2025, by Texas Super
Lawyers in Bankruptcy and Creditor/Debtor Rights from 2015 through
2025 and by Legal 500 US as a Recommended Lawyer. He is also a
two-time recipient of the M&A Advisor Turnaround Award for Chapter
11 Reorganization of the Year in the $25MM to $500MM category.
"Dechert has built an exceptional restructuring practice with a
global reach," said Mr. Helt. "The opportunity to build out the
debtor-side practice in Dallas alongside a team of this caliber is
a compelling one, and I look forward to contributing to the firm's
continued momentum alongside Debbie and Jack."
Ms. Green focuses her practice on commercial litigation,
representing clients in bankruptcy contested matters, appeals,
insurance coverage and bad faith, TCPA class actions, antitrust and
general commercial litigation, with extensive experience
representing debtors in complex reorganizations and secured and
unsecured creditors in collection disputes, including commercial
foreclosure and fraudulent transfer litigation.
Mr. Haake focuses his practice on restructuring and insolvency,
including bankruptcy, corporate restructuring, workouts, creditors'
rights and commercial litigation, and advises corporate,
partnership and LLC debtors, trustees and creditor committees in
workouts, change-of-control transactions and complex Chapter 11
reorganizations. Mr. Haake clerked for the Honorable Thomas J.
Catliota in the bankruptcy court for the District of Maryland.
The three partners mark a total of 40 lateral partners that Dechert
has welcomed this year, reflecting the firm's strategic goal of
strengthening capabilities across its steeples of excellence in
litigation, investment management, finance and restructuring,
capital markets and securitization and mergers and acquisitions.
Dechert has recently expanded its Texas presence beyond Austin with
new offices in Dallas and Houston.
Dechert has a market-leading financial restructuring team with
experience representing clients around the globe. Our lawyers are
known for ground-breaking matters, innovative deal structuring,
creative solutions, seamless cross-border advice and court
victories. We represent a wide range of creditor and debtor clients
on the full spectrum of complex cross-border restructuring,
bankruptcy and insolvency matters.
About Dechert
Dechert is the law firm that helps business leaders lead.
For more than 150 years, we have advised clients on critical issues
– from high-stakes litigation to first-in-market transaction
structures and complex regulatory matters. Our lawyers in
commercial centers worldwide are immersed in the key sectors we
serve – financial services, private capital, real estate, life
sciences and technology.
Dechert delivers unwavering partnership so our clients can achieve
unprecedented results.
[^] Recent Small-Dollar & Individual Chapter 11 Filings
-------------------------------------------------------
In re 18 Charming Way LLC
Bankr. E.D.N.Y. Case No. 26-42209
Involuntary Chapter 11 Petition filed April 29, 2026
See
https://www.pacermonitor.com/view/D3IAZOA/18_Charming_Way_LLC__nyebke-26-42209__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Walter Gavin Boost and Cynthia Jean Boost
Bankr. N.D. Ala. Case No. 26-81029
Chapter 11 Petition filed May 5, 2026
represented by: Kevin Heard, Esq.
In re Julian Carash and Kristine Carash
Bankr. N.D. Cal. Case No. 26-50750
Chapter 11 Petition filed May 5, 2026
represented by: Darya Druch, Esq.
In re Mark Roth and Denise Roth
Bankr. M.D. Fla. Case No. 26-02032
Chapter 11 Petition filed May 5, 2026
represented by: Thomas Adam, Esq.
In re Jodeco Industries, LLC
Bankr. N.D. Ga. Case No. 26-56027
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/5J6OA5A/JODECO_Industries_LLC__ganbke-26-56027__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Chrystalyn Suzanne Rivera
Bankr. N.D. Ga. Case No. 26-56030
Chapter 11 Petition filed May 5, 2026
Filed Pro Se
In re Modern Muse Development Inc.
Bankr. N.D. Ga. Case No. 26-10733
Chapter 11 Petition filed May 5, 2026
Filed Pro Se
In re Taylor Built Homes, LLC
Bankr. N.D. Ga. Case No. 26-56034
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/KKEZ6YA/Taylor_Built_Homes_LLC__ganbke-26-56034__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re The Lighthouse Community Hospice, Inc.
Bankr. N.D. Ga. Case No. 26-56086
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/7NBCH3Q/The_Lighthouse_Community_Hospice__ganbke-26-56086__0001.0.pdf?mcid=tGE4TAMA
represented by: Angelyn M. Wright, Esq.
THE WRIGHT LAW ALLIANCE, P.C.
E-mail: twlopc@earthlink.net
In re Shondrell La'Shon Perrilloux
Bankr. E.D. La. Case No. 26-11076
Chapter 11 Petition filed May 5, 2026
represented by: L. Villneurve, Esq.
In re Wild Child Lonn, LLC
Bankr. E.D.N.Y. Case No. 26-42203
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/QQBF3HQ/Wild_Child_Lonn_LLC__nyebke-26-42203__0001.0.pdf?mcid=tGE4TAMA
represented by: Jay Meyers, Esq.
LAW OFFICE OF JAY MEYERS/J.MEYERS, PLLC
E-mail: jm@561legalstrategy.com
In re Mary Janes Secret Garden, LLC
Bankr. W.D. Okla. Case No. 26-11510
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/52ULXEA/Mary_Janes_Secret_Garden_LLC__okwbke-26-11510__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Miller's Contracting and Property Manage
Bankr. E.D. Pa. Case No. 26-11972
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/6KHUJCA/Millers_Contracting_and_Property__paebke-26-11972__0001.0.pdf?mcid=tGE4TAMA
represented by: Demetrius Parrish, Esq.
LAW OFFICES OF DEMETRIUS J. PARRISH
E-mail: djpbkpa@gmail.com
In re AVT Investments, LLC
Bankr. N.D. Tex. Case No. 26-32003
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/5BZG4NY/AVT_Investments_LLC__txnbke-26-32003__0001.0.pdf?mcid=tGE4TAMA
represented by: Angella Johnson, Esq.
LAW OFFICE OF AURA & ASSOCIATES
Email: auraesq@gmail.com
In re Tava Holdings Group, LLC
Bankr. N.D. Tex. Case No. 26-32004
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/BSGGORY/Tava_Holdings_Group_LLC__txnbke-26-32004__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Bellatx2023 LLC
Bankr. S.D. Tex. Case No. 26-80329
Chapter 11 Petition filed May 5, 2026
See
https://www.pacermonitor.com/view/2JRPYMY/BELLATX2023_LLC__txsbke-26-80329__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re One Off Rod & Custom, LLC
Bankr. D. Del. Case No. 26-10690
Chapter 11 Petition filed May 6, 2026
See
https://www.pacermonitor.com/view/HPLS7HQ/One_Off_Rod__Custom_LLC__debke-26-10690__0001.0.pdf?mcid=tGE4TAMA
represented by: Damien Nicholas Tancredi, Esq.
FLASTER/GREENBERG, P.C.
E-mail:
damien.tancredi@flastergreenberg.com
In re Vincent Fortunato and Maria D. Fortunato
Bankr. M.D. Fla. Case No. 26-03869
Chapter 11 Petition filed May 6, 2026
represented by: Buddy Ford, Esq.
FORD & SEMACH, P.A.
In re Nidal Khoury
Bankr. M.D. Fla. Case No. 26-03865
Chapter 11 Petition filed May 6, 2026
represented by: Buddy Ford, Esq.
FORD & SEMACH, P.A.
In re William Russell Wilson and Katherine Renee Wilson
Bankr. D. Kan. Case No. 26-40328
Chapter 11 Petition filed May 6, 2026
represented by: Martin Peck, Esq.
In re Collectiv, LLC
Bankr. S.D. Miss. Case No. 26-01262
Chapter 11 Petition filed May 6, 2026
See
https://www.pacermonitor.com/view/PYFHXTA/Collectiv_LLC__mssbke-26-01262__0001.0.pdf?mcid=tGE4TAMA
represented by: R. Michael Bolen, Esq.
HOOD & BOLEN, PLLC
E-mail: rmb@hoodbolen.com
In re Upshot Brewing Company LLC
Bankr. D. Nev. Case No. 26-50457
Chapter 11 Petition filed May 6, 2026
See
https://www.pacermonitor.com/view/HVCVDEQ/UPSHOT_BREWING_COMPANY_LLC__nvbke-26-50457__0001.0.pdf?mcid=tGE4TAMA
represented by: Kevin A. Darby, Esq.
DARBY LAW PRACTICE, LTD.
E-mail: kevin@darbylawpractice.com
In re 769 East 19th Corporation
Bankr. E.D.N.Y. Case No. 26-42221
Chapter 11 Petition filed May 6, 2026
See
https://www.pacermonitor.com/view/HKB3XSI/769_East_19th_Corporation__nyebke-26-42221__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Accupro Group LLC
Bankr. E.D.N.Y. Case No. 26-71812
Chapter 11 Petition filed May 6, 2026
See
https://www.pacermonitor.com/view/63PBQHY/Accupro_Group_LLC__nyebke-26-71812__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Hupeto P. Woods
Bankr. E.D.N.Y. Case No. 26-42222
Chapter 11 Petition filed May 6, 2026
In re Ricardo Juan Grey
Bankr. S.D.N.Y. Case No. 26-35495
Chapter 11 Petition filed May 6, 2026
represented by: Trier, Michelle Trier, Esq.
GENOVA, MALIN & TRIER, LLP
In re Panaderia Rica Dona Inc.
Bankr. D.P.R. Case No. 26-02074
Chapter 11 Petition filed May 6, 2026
See
https://www.pacermonitor.com/view/7NCX42I/PANADERIA_RICA_DONA_INC__prbke-26-02074__0001.0.pdf?mcid=tGE4TAMA
represented by: Homel Mercado Justiniano, Esq.
E-mail: hmjlaw2@gmail.com
In re The Plates Restaurant, LLC dba Asher & Rose Grocers
Bankr. N.D. Ga. Case No. 26-56170
Chapter 11 Petition filed May 7, 2026
See
https://www.pacermonitor.com/view/OAS4IHA/The_Plates_Restaurant_LLC_dba__ganbke-26-56170__0001.0.pdf?mcid=tGE4TAMA
represented by: William Rountree, Esq.
ROUNTREE, LEITMAN, KLEIN & GEER, LLC
E-mail: wrountree@rlkglaw.com
In re Tactical Gear Heads, LLC
Bankr. S.D. Ind. Case No. 26-02955
Chapter 11 Petition filed May 7, 2026
See
https://www.pacermonitor.com/view/QU7EUEI/Tactical_Gear_Heads_LLC__insbke-26-02955__0001.0.pdf?mcid=tGE4TAMA
represented by: KC Cohen, Esq.
KC COHEN, LAWYER, PC
E-mail: kc@esoft-legal.com
In re Real Value Solutions, LLC
Bankr. S.D. Miss. Case No. 26-01273
Chapter 11 Petition filed May 7, 2026
See
https://www.pacermonitor.com/view/GRGUPCQ/Real_Value_Solutions_LLC__mssbke-26-01273__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re Polly Brown
Bankr. E.D.N.Y. Case No. 26-42243
Chapter 11 Petition filed May 7, 2026
In re Kocak LLC
Bankr. E.D.N.Y. Case No. 26-42234
Chapter 11 Petition filed May 7, 2026
See
https://www.pacermonitor.com/view/53AQHOA/Kocak_LLC__nyebke-26-42234__0001.0.pdf?mcid=tGE4TAMA
represented by: Heath S. Berger, Esq.
BFSNG LAW GROUP, LLP
E-mail: hberger@bfslawfirm.com
In re Michelobos Restaurant & Sports Bar Inc.
Bankr. W.D. Tex. Case No. 26-10847
Chapter 11 Petition filed May 7, 2026
See
https://www.pacermonitor.com/view/QS2GSGY/Michelobos_Restaurant__Sports__txwbke-26-10847__0001.0.pdf?mcid=tGE4TAMA
represented by: Frances A. Smith, Esq.
OFFIT KURMAN, PC
E-mail: frances.smith@offitkurman.com
In re Hops & Barley, Inc.
Bankr. W.D. Tex. Case No. 26-51252
Chapter 11 Petition filed May 7, 2026
See
https://www.pacermonitor.com/view/7NYXBVI/Hops__Barley_Inc__txwbke-26-51252__0001.0.pdf?mcid=tGE4TAMA
represented by: William R. Davis, Jr., Esq.
LANGLEY & BANACK, INC.
E-mail: wrdavis@langleybanack.com
In re M&A International Market, LLC
Bankr. N.D. Ala. Case No. 26-01629
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/CL4RXGI/MA_International_Market_LLC__alnbke-26-01629__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C. Keller, Esq.
RUSSO, WHITE & KELLER, P.C.
E-mail: rkeller@rwkattorneys.com
In re Eagles Investments Group, Inc.
Bankr. N.D. Ala. Case No. 26-01630
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/CX3VMKY/Eagles_Investments_Group_Inc__alnbke-26-01630__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C. Keller, Esq.
RUSSO, WHITE & KELLER, P.C.
E-mail: rkeller@rwkattorneys.com
In re LRG Builder Services, Inc.
Bankr. E.D. Cal. Case No. 26-12118
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/RDS43FI/LRG_Builder_Services_Inc__caebke-26-12118__0001.0.pdf?mcid=tGE4TAMA
represented by: David C. Johnston, Esq.
DAVID C. JOHNSTON
E-mail: david@johnstonbusinesslaw.com
In re Philip Stephen Ban
Bankr. M.D. Fla. Case No. 26-03942
Chapter 11 Petition filed May 8, 2026
represented by: Buddy Ford, Esq.
FORD & SEMACH, P.A.
In re I&I Diamonds LLC
Bankr. S.D. Fla. Case No. 26-16032
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/TNTVUTQ/II_DIAMONDS_LLC__flsbke-26-16032__0001.0.pdf?mcid=tGE4TAMA
represented by: Joe M. Grant, Esq.
LORIUM LAW
E-mail: jgrant@loriumlaw.com
In re Stuckey Premier Enterprises, LLC
Bankr. E.D.N.C. Case No. 26-02108
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/DX2QCNY/Stuckey_Premier_Enterprises_LLC__ncebke-26-02108__0001.0.pdf?mcid=tGE4TAMA
represented by: George Mason Oliver, Esq.
THE LAW OFFICES OF GEORGE OLIVER, PLLC
In re Tamburo Ltd.
Bankr. W.D. Pa. Case No. 26-21317
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/YVTIBOI/Tamburo_Ltd__pawbke-26-21317__0001.0.pdf?mcid=tGE4TAMA
represented by: Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
E-mail: chris.frye@steidl-steinberg.com
In re Bright Beginnings Day Care Center And Learning Academy Corp
Bankr. D.P.R. Case No. 26-02112
Chapter 11 Petition filed May 8, 2026
See
https://www.pacermonitor.com/view/I5RH2SI/BRIGHT_BEGINNINGS_DAY_CARE_CENTER__prbke-26-02112__0001.0.pdf?mcid=tGE4TAMA
represented by: Carmen D. Conde Torres, Esq.
C. CONDE & ASSOC.
E-mail: condecarmen@condelaw.com
In re Jorge Efrain Rodriguez Wilson
Bankr. D.P.R. Case No. 26-02127
Chapter 11 Petition filed May 9, 2026
represented by: Homel A Mercado Justiniano, Esq.
In re City Hills Inc.
Bankr. C.D. Cal. Case No. 26-14619
Chapter 11 Petition filed May 10, 2026
See
https://www.pacermonitor.com/view/QRH3T4Q/City_Hills_Inc__cacbke-26-14619__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Kwasigroch, Esq.
LAW OFFICES OF MICHAEL D. KWASIGROCH
E-mail: attorneyforlife@aol.com
In re Enrique Fernandez
Bankr. S.D. Fla. Case No. 26-16050
Chapter 11 Petition filed May 10, 2026
represented by: Zach Shelomith, Esq.
In re Malaga 2329, LLC
Bankr. S.D. Fla. Case No. 26-16049
Chapter 11 Petition filed May 10, 2026
See
https://www.pacermonitor.com/view/2VH55AA/Malaga_2329_LLCMalaga_2329_LLC__flsbke-26-16049__0001.0.pdf?mcid=tGE4TAMA
represented by: Zach B. Shelomith, Esq.
SHELOMITH LAW
E-mail: zbs@lss.law
In re D1 Ready Mix, LLC
Bankr. D. Ariz. Case No. 26-04675
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/FQMSVZY/D1_READY_MIX_LLC__azbke-26-04675__0001.0.pdf?mcid=tGE4TAMA
represented by: Patrick F Keery, Esq.
KEERY MCCUE, PLLC
E-mail: pfk@keerymccue.com
In re Greek Freek Properties, LLC
Bankr. D. Ariz. Case No. 26-04666
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/ZWYX6XI/GREEK_FREEK_PROPERTIES_LLC__azbke-26-04666__0001.0.pdf?mcid=tGE4TAMA
represented by: Mark J. Giunta, Esq.
LAW OFFICE OF MARK J. GIUNTA
E-mail: markgiunta@giuntalaw.com
In re Rey David Leon Ponce and Chezelle Leon
Bankr. D. Ariz. Case No. 26-04676
Chapter 11 Petition filed May 11, 2026
represented by: Patrick F Keery, Esq.
KEERY MCCUE, PLLC
In re Nelly Rickert
Bankr. N.D. Cal. Case No. 26-40997
Chapter 11 Petition filed May 11, 2026
In re Quick Prints, LLC
Bankr. S.D. Fla. Case No. 26-16091
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/CV4DW5Y/Quick_Prints_LLC__flsbke-26-16091__0001.0.pdf?mcid=tGE4TAMA
represented by: Andrew Kamensky, Esq.
TAX WORKOURT GROUP, P.A.
E-mail: AKamensky@TWG.Law
In re Daniel Paul Barrett
Bankr. N.D. Ga. Case No. 26-20739
Chapter 11 Petition filed May 11, 2026
represented by: William A. Rountree, Esq.
ROUNTREE LEITMAN KLEIN & GEER, LLC
In re Andrew R. Warde
Bankr. D. Maine Case No. 26-20124
Chapter 11 Petition filed May 11, 2026
represented by: Tanya Sambatakos, Esq.
In re Batch, Inc.
Bankr. D. Mass. Case No. 26-30294
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/LZXXE7Y/Batch_Inc__mabke-26-30294__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert E. Girvan III, Esq.
WEINER LAW FIRM, P.C.
E-mail: RGirvan@Weinerlegal.com
In re Lion Holdings LLC
Bankr. D. Mass. Case No. 26-40552
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/LMSQ5TA/Lion_Holdings_LLC__mabke-26-40552__0001.0.pdf?mcid=tGE4TAMA
Filed Pro Se
In re D&Z Media, LLC
Bankr. D. Minn. Case No. 26-31551
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/MU5SRNA/DZ_Media_LLC__mnbke-26-31551__0001.0.pdf?mcid=tGE4TAMA
represented by: Mary Sieling, Esq.
SEILING LAW, PLLC
E-mail: mary@sielinglaw.com
In re PPS Realty 449 Rushmore Avenue, LLC
Bankr. D.N.J. Case No. 26-15300
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/4VONQRY/PPS_Realty_449_Rushmore_Avenue__njbke-26-15300__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert Nisenson, Esq.
LAW OFFICE OF ROBERT C. NISENSON, LLC
E-mail: r.nisenson@rcn-law.com
In re Robert Anthony Sierra
Bankr. D.N.M. Case No. 26-10641
Chapter 11 Petition filed May 11, 2026
In re Carolina Services LLC
Bankr. W.D.N.C. Case No. 26-40139
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/V33VSXA/Carolina_Services_LLC__ncwbke-26-40139__0001.0.pdf?mcid=tGE4TAMA
represented by: Cole Hayes, Esq.
COLE HAYES
E-mail: cole@colehayeslaw.com
In re Neotek Inc.
Bankr. N.D. Tex. Case No. 26-42078
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/IKJZNGA/Neotek_Inc__txnbke-26-42078__0001.0.pdf?mcid=tGE4TAMA
represented by: Joyce Lindauer, Esq.
LINDAUER & VAUGHN
E-mail: joyce@joycelindauer.com
In re FRB, LLC
Bankr. E.D. Va. Case No. 26-71230
Chapter 11 Petition filed May 11, 2026
See
https://www.pacermonitor.com/view/MVBX5SQ/FRB_LLC__vaebke-26-71230__0001.0.pdf?mcid=tGE4TAMA
represented by: Sherman C. Smith, Esq.
SHERMAN C. SMITH, ATTORNEY AT LAW
E-mail: scsmith18@gmail.com
In re Basecoat on Fifth, LLC
Bankr. N.D. Ala. Case No. 26-01671
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/MUAMLPQ/Basecoat_on_Fifth_LLC__alnbke-26-01671__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C. Keller, Esq.
RUSSO, WHITE & KELLER, P.C.
E-mail: rkeller@rwkattorneys.com
In re MREM Ventures, LLC
Bankr. D. Ariz. Case 26-04709
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/RCMIFKI/MREM_VENTURES_LLC__azbke-26-04709__0001.0.pdf?mcid=tGE4TAMA
represented by: Allan D. NewDelman, Esq.
ALLAN D. NEWDELMAN, P.C.
Email: anewdelman@adnlaw.net
In re RogueFox Entertainment, LLC
Bankr. S.D. Cal. Case No. 26-02058
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/R6DH57Q/RogueFox_Entertainment_LLC__casbke-26-02058__0001.0.pdf?mcid=tGE4TAMA
represented by: Kit James Gardner, Esq.
LAW OFFICES OF KIT J. GARDNER
E-mail: kgardner@gardnerlegal.com
In re Esther Jungreis
Bankr. S.D. Fla. Case No. 26-15976
Chapter 11 Petition filed May 8, 2026
represented by: Rachamin Cohen, Esq.
In re Sonshine Real Estate Investments LLC
Bankr. E.D. Mo. Case No. 26-42065
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/XAABQ3Y/Sonshine_Real_Estate_Investments__moebke-26-42065__0001.0.pdf?mcid=tGE4TAMA
represented by: Joe C. Pioletti, Esq.
PIOLETTI PIOLETTI & NICHOLS
E-mail: info@piolettilaw.com
In re Glen Arbor, LLC
Bankr. W.D. Mo. Case No. 26-40837
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/LYFFE2Y/Glen_Arbor_LLC__mowbke-26-40837__0001.0.pdf?mcid=tGE4TAMA
represented by: Colin N. Gotham, Esq.
EVANS & MULLINIX, P.A.
E-mail: cgotham@emlawkc.com
In re Donna L. Hagaman
Bankr. D.N.J. Case No. 26-15355
Chapter 11 Petition filed May 12, 2026
represented by: Roth, Eugene Roth, Esq.
In re Wag & Bone LLC
Bankr. E.D.N.Y. Case No. 26-42300
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/MLHR7TA/Wag__Bone_LLC__nyebke-26-42300__0001.0.pdf?mcid=tGE4TAMA
represented by: Kamini Fox, Esq.
KAMINI FOX PLLC
E-mail: kamini@kfoxlaw.com
In re Bryan Bowers
Bankr. N.D.N.Y. Case No. 26-30419
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/2XHCECI/Bryan_Bowers__nynbke-26-30419__0001.0.pdf?mcid=tGE4TAMA
represented by: Michael Boyle, Esq.
BOYLE LEGAL LLC
Email: mike@boylebankruptcy.com
In re April Schneider
Bankr. M.D. Tenn. Case No. 26-02250
Chapter 11 Petition filed May 12, 2026
represented by: Henry Hildebrand, Esq.
DUNHAM HILDEBRAND PAYNE WALDRON, PLLC
In re Blake Emergency Medicine PLLC
Bankr. E.D. Tex. Case No. 26-41654
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/6PSRKRI/Blake_Emergency_Medicine_PLLC__txebke-26-41654__0001.0.pdf?mcid=tGE4TAMA
represented by: Robert C Lane, Esq.
THE LANE LAW FIRM
E-mail: notifications@lanelaw.com
In re CYMI Industrial, Inc.
Bankr. S.D. Tex. Case No. 26-33373
Chapter 11 Petition filed May 12, 2026
See
https://www.pacermonitor.com/view/46YDMEI/CYMI_Industrial_Inc__txsbke-26-33373__0001.0.pdf?mcid=tGE4TAMA
represented by: James M. Sullivan, Esq.
SEYFARTH SHAW LLP
E-mail: jmsullivan@seyfarth.com
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