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260515.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 15, 2026, Vol. 30, No. 135 Headlines 11 WEST: Seeks to Hire Demetrius J. Parrish Jr. as Counsel 1624 U STREET: Seeks to Hire McNamee Hosea P.A. as Counsel 407 SMILEY: Loses Bid to Extend Plan Exclusivity Period 561 CLINTON: Computershare Seeks Auction of Brooklyn Apartment 6201 BLAIR: Seeks Approval to Hire McNamee Hosea as Counsel 777 HOLDINGS: Case Summary & Two Unsecured Creditors A2Z FIELD: Donald Mallory Named Subchapter V Trustee ACCORD LEASE: Amends Unsecured Claims Pay Details ALERA GROUP: S&P Assigns 'B' Long-Term ICR, Outlook Stable ALPHA GROUP: Seeks to Hire Farsad Law Office as General Counsel AMC ENTERTAINMENT: Discovery Capital Management Holds 7.4% Stake AMC ENTERTAINMENT: Q1 2026 Net Loss Cuts to $117M on $1.05B Revenue AMERIGAS PARTNERS: Moody's Upgrades CFR to Ba3, Outlook Positive ANGELA HOLDINGS: Unsecureds Will Get 100% of Claims in Plan ASCEND ELEMENTS: Goodwin & Gray Reed Advise Senior CLN Group ASTICOU HOSPITALITY: Loses Bid to Shorten Proofs of Claim Deadline ATLAS LAND HOLDINGS: Court OKs DIP Loan, Cash Collateral Access AUTOMOTIVE OUTFITTERS: Todd Hennings Named Subchapter V Trustee AYA SERVICE 1: Secured Party Sets May 27, 2026 Auction BAER & ASSOCIATES: Claims to be Paid from Future Income BEELINE HOLDINGS: AWM Investment Exits Full Common Stock Position BELLRING BRANDS: S&P Downgrades ICR to 'B+' on Brand Challenges BELWOOD INVESTMENTS: Seeks to Use Cash Collateral BESTGOFER INC: To Record $78.8K Goodwill Impairment BETHEL UNIVERSITY: S&P Rates 2026 Rev. Bonds 'BB+', Outlook Stable BRANDCASTERS INC: Robert Goe Named Subchapter V Trustee BRAZOS DELAWARE II: Moody's Puts 'B1' CFR on Review for Upgrade BRIGHT MOUNTAIN: Names Olgun CFO With $335,000 Salary BROADBAND INFRASTRUCTURE: Taps Pohl Bankruptcy as Legal Counsel BROADWAY REALTY: Court Sets June 8, 2026 General Claims Bar Date BROOKS CUSTOM: Gets Court OK to Employ Watkins Ward as Accountant BSP NEWCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable CABINETWORKS: Davis Polk Advises Lender on Debt Refinacing Exchange CALITRE LLC: Seeks to Retain DeFreitas & Hilcher as Accountants CARBON HEALTH: Committee to Hire Gunster as Tax Expert CBD LEWIS: Hires Curtis Law Firm P.C. as Bankruptcy Counsel CES MAIL: Seeks Approval to Hire Stevens Martin as Legal Counsel CHAPIN HOLDINGS: Hires Baker Monroe Huston as Special Counsel CHIRON COMMUNICATION: Hires Matthew J. Borror as Special Counsel CHS FL: Voluntary Chapter 11 Case Summary CINEMARK USA: Term Loan Repricing No Impact on Moody's 'B1' CFR CITIUS PHARMACEUTICALS: $3.8 Million Promissory Note Gets New Terms COGENT COMMS: Liabilities Exceed Assets by US$104.2MM at March 31 CORE AI HOLDINGS: Appoints Allianca COO Garg to Advisory Board COREFIT LLC: Gets Interim OK to Use Cash Collateral CRAFT CONSTRUCTION: Voluntary Chapter 11 Case Summary D.K.A. ONE: Case Summary & One Unsecured Creditor DANIEL TRUCKING: Amends Several Secured Claims Pay Details DIGGERS EXCAVATION: Seeks to Hire George Oliver PLLC as Counsel DIGGERS EXCAVATION: Seeks to Hire Mitchell PA as Accountant DIVISION 2 TRUCKING: Unsecureds Will Get 14.5% over 5 Years DRIVESMART SYSTEMS: Gets Interim OK to Use Cash Collateral DSD LS: BRG to Hold Public Auction of Collateral on May 18 ECOM AUTHORITY: Creditors to Get Proceeds From Liquidation EMERALD X: S&P Places 'B+' ICR on Watch Negative on Acquisition EYWA TRADING: Melissa Haselden Named Subchapter V Trustee F O & O INC: Gets Interim OK to Use Cash Collateral FAB TECH: Seeks Approval to Hire Ridings Law Firm as Counsel FALLS OF BRAEBURN: Trustee to Employ Gibbs Firm as Tax Consultants FARMHOUSE INC: Issues $2.22 Million Convertible Note FREEDOM FOREVER: Taps Morris Nichols Arsht & Tunnell as Counsel FREIGHTCAR AMERICA: Debts Exceed Assets by US$65.3MM at March 31 GLACIER CAR: Gets Interim OK to Use Cash Collateral GLACIER CAR: Jonathan Dickey Named Subchapter V Trustee GLOBALTEK VENTURES: Name Change Takes Effect April 17 GOLIATH VENTURES: Committee to Hire Phang & Feldman as Counsel GOOD KARMA: Secured Party Sets May 15, 2026 Public Auction HANSEN-MUELLER CO: Employs WealthPoint as Sales Consultant HOPS & BARLEY: Seeks Approval to Hire Langley & Banack as Counsel HRONIS INC: Sale Hearing Scheduled for June 2, 2026 HUBBARD CONCRETE: Andrew Layden Named Subchapter V Trustee HUBBARD RADIO: Lenders Advised by Davis Polk in Loan Repurchase INNOVATIVE INDUSTRIAL: Q1 Shows $32.8M Income, Notes Maturity Looms INTEGRATED PROTEINS: Seeks to Employ Haupt Law PC as Co-Counsel INTEGRATED PROTEINS: Seeks to Hire Haupt Law PC as Legal Counsel INTEGRATED PROTEINS: Seeks to Tap Marshall & Stevens as CRO INTEGRATED PROTEINS: Taps Prelle Eron & Bailey as Legal Counsel INTELLIGENT LIVING: CFO Resigns, Stays as Adviser INTERAQT CORPORATION: Nicole Nigrelli Named Subchapter V Trustee J KRUSE INVESTMENTS: G. Matt Barberich Named Subchapter V Trustee JAGUAR HEALTH: Gets One-Day Nasdaq Bid-Price Extension JAY'S PRIME: Files Emergency Bid to Use Cash Collateral JEFFREY SIMPSON: Court Stays Case Against 1055 Park Ave PH JJ STUCKEY: Case Summary & Two Unsecured Creditors KBI 2015 TX: Unsecured Creditors to Get Nothing in Plan KINGSTOWN GREEN: Hires Joseph J. D'Agostino Jr. LLC as Counsel KOSMOS ENERGY: Q1 2026 Net Loss Widens to $225.6 Million KURTIS TECHNOLOGIES: Seeks Cash Collateral Access LANE LIVING: Seeks to Hire Dennis J. Spyra Esq. as Counsel LIGHTHOUSE COMMUNITY: Hires Wright Law Alliance as Counsel LIPELLA PHARMACEUTICALS: Hires Raines Feldman as Special Counsel LITTLE CREEK: Seeks to Hire Sims Funk as Special Litigation Counsel M&M APPLIANCE: Seeks Approval to Hire McNamee Hosea as Counsel MALTESE DIPLOMAT: Public Sale of Collateral Scheduled for May 18 MAR ENTERPRISES: Melissa Haselden Named Subchapter V Trustee MARBACH ASSOCIATES: Case Summary & Two Unsecured Creditors MEGA KYON: Stephen Darr Named Subchapter V Trustee MILNER SPORTS: Kevin Neiman Named Subchapter V Trustee MORVATT ENTERPRISES: Trustee Seeks to Hire TPS West as Accountant MULL MOVES: Todd Hennings Named Subchapter V Trustee MURPHY'S CONCRETE: Hires Darby Law Practice Ltd as Counsel MUTINY BBQ: Seeks Court Approval to Hire Vestcorp LLC as Accountant NB ELEMENT: Seeks Court Approval to Hire Robinson & Cole as Counsel NEW BRITTAIN: Tamara Miles Ogier Named Subchapter V Trustee NEW FORTRESS: Gets Nasdaq Notice Over Bid Price Noncompliance NEXT GENERATION: Seeks Approval to Hire Blackwood Law as Counsel NM SOUTH: Seeks to Hire Bielli & Klauder LLC as Counsel ONE OFF ROD: Hires Flaster/Greenberg P.C. as Legal Counsel OROVILLE HOSPITAL: Court Sets June 8, 2026 Claims Bar Date OUT ON A LIMB: Hires Acuity Business & Tax Advisors as Accountant OUT ON A LIMB: Seeks to Hire Property PROS Realty as Estate Agent PAPER TIGER: Seeks Approval to Hire Middlebrooks Shapiro as Counsel PHAIR COMPANY: Hires Mr. Griswold of Griswold Real Estate as CRO PHILLIPS TOTAL: Claims to be Paid from Available Cash & Income PIONEER ACQUISITIONCO:S&P Rates New $500MM Repriced Term Loan 'B-' PRIME LIMITED: John Whaley Named Subchapter V Trustee PRIMROSE CANDY: Hires Prio Advisory Group LLC as Accountant PURDUE PHARMA: Davis Polk Served as Lead Counsel in Chapter 11 R&R TRANSPORT: Seeks to Hire Joseph G. Epstein as Legal Counsel RESIDEO TECHNOLOGIES: S&P Lowers ICR to 'BB', Off Watch Negative RMA CA: Has Deal on Cash Collateral Access RUSSELL SAGE: Moody's Affirms 'B3' Issuer & Revenue Bond Ratings S&P TRUCKING: Seeks Court Approval to Hire Foley Freeman as Counsel SAKS GLOBAL: Recovery for Unsecureds Still to Be Determined SANDY HOOK: Aleida Martinez Molina Named Subchapter V Trustee SEIC HOLDINGS: Unsecured Creditors to Get Nothing in Plan STEPS HOUSE: Case Summary & 20 Largest Unsecured Creditors STEVEN MCCANLESS: Case Summary & Six Unsecured Creditors STONEYBROOK SPIRITS: Hires Mitre Accounting as Accountant SYNERGY MANUAL: Unsecureds Will Get 100% of Claims over 60 Months TAWR PROPERTY: Hires Berkadia Real Estate Advisors LLC as Broker TRANSOCEAN LTD: DOJ Issues Second Request on Valaris Merger Review TRANSOCEAN LTD: Posts $71M Income for First Quarter TRIAD GUARANTY: July 14 Rehabilitation Plan Approval Hearing Set UPSHOT BREWING: Hires Darby Law Practice Ltd as Counsel UPTON ASSETS: Hires William B. Kingman P.C. as Counsel US MAGNESIUM: Retains SB360 Capital as Liquidation Consultant W/L PROPERTIES: Hires Jones Lang LaSalle as Real Estate Advisor WAYFAIR LLC: S&P Rates Proposed Senior Secured Notes 'BB-' WHITE WILSON: Hires Michael Moecker as Plan Administrator WORLD DEBT: Seeks to Hire Robl & Bowen LLC as Counsel WSONE-55 INC: Hires Miller Ward Aziz as Accountant WTA 25: To Employ Sims Funk as Special Litigation Counsel [] Andrea Smith Joins Paul Weiss Rifkind's Litigation Department [] Buffey Klein Joins Blank Rome's Bankruptcy Group as Partner [] Cerberus Appoints Rahul Sangwan as Head of India Operations [] Gerard Martin Joins Greenberg Traurig's Restructuring Practice [] Jordan Elkin Joins Simpson Thacher's Restructuring Practice [] JSJ to Auction Car Dealership & Service Building on May 21 [] Lindsay Barca Joins McDermott's Restructuring Practice Group [] Marc Beilinson, Jessica Carey Lauria Join Ensis Partners' Board [] Oliver Wyman to Acquire Management Consulting Firm CR3 Partners [] Paul Weiss Adds Two New Partners to Houston M&A, Tax Department [] Sullivan & Sullivan to Auction Tewksbury, MA Property on May 19 [] Three New Partners Join Dechert's Restructuring Practice ********* 11 WEST: Seeks to Hire Demetrius J. Parrish Jr. as Counsel ---------------------------------------------------------- 11 West 2nd Street, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Demetrius Parrish, Jr., Esq., an attorney practicing in Philadelphia, Pa., as counsel. The attorney will render these services: (a) provide legal advice with respect to the Debtor's powers and duties in the continued operation of its business; and (b) approve the case solicitation procedures and disclosure statement and pursue confirmation of a plan. Mr. Parrish will be paid at his hourly rate of $425. He also received a retainer fee of $1,000. Mr. Parrish disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Demetrius J. Parrish, Jr., Esq. 7715 Crittenden Street, Suite 360 Philadelphia, PA 19118 Telephone: (215) 735-3377 Facsimile: (215) 827-5420 Email: DJPESO@gmail.com About 11 West 2nd Street LLC 11 West 2nd Street, LLC is a limited liability company typically engaged in real estate ownership or property management, often formed to hold and operate a specific residential or commercial asset. 11 West 2nd Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-14393) on April 21, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Demetrius J. Parrish, Jr., Esq. 1624 U STREET: Seeks to Hire McNamee Hosea P.A. as Counsel ---------------------------------------------------------- 1624 U Street, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ McNamee Hosea, P.A. as counsel. The firm will provide these services: (a) provide the Debtor legal advice with respect to its powers and duties and in the operation of its business and management of its property; (b) prepare any necessary legal papers and appear on the Debtor's behalf in proceedings instituted by or against it; (c) assist the Debtor in the confirmation of a plan; (d) assist the Debtor with other legal matters related to its reorganization; and (e) perform all of the legal services for the Debtor that may be necessary or desirable. The firm will be paid at these rates: Craig M. Palik $500 per hour; Janet M. Nesse $575 per hour; Associates $300 to $400.00 per hour Paralegal $1400 per hour Mr. Palik disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Craig M. Palik, Esq. McNamee Hosea, PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 Email: cpalik@mhlawyers.com About 1624 U Street, Inc. ` 1624 U Street, LLC, doing business as El Secreto De Rosita, operates a Peruvian and Latin American restaurant and bar in Washington, D.C. The company offers dine-in, takeout, delivery, private dining and catering services, with a menu that includes ceviche, lomo saltado, arroz chaufa, seafood dishes, brunch and dinner items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00215) on April 24, 2026, with $3,697,585 in assets and $2,341,034 in liabilities. Alfredo M. Fraga, owner, signed the petition. Judge Elizabeth L. Gunn presides over the case. Craig M. Palik, Esq. at MCNAMEE HOSEA, P.A. represents the Debtor as legal counsel. 407 SMILEY: Loses Bid to Extend Plan Exclusivity Period ------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts denied the expedited motion filed by 407 Smiley Crossing LLC to extend the exclusivity period for filing a Chapter 11 plan and disclosure statement. As shared by the Troubled Company Reporter, the Debtor asked the Bankruptcy Court to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to June 30 and Aug. 31, 2026, respectively. The Debtor explains that there is presently pending before this Court the Motion for Relief from Stay filed by Newburyport Bank filed on Feb. 26, 2026. Obviously, denial of the Bank's Motion for Relief from Stay is an absolute prerequisite to the Debtor having the opportunity to propose a Plan of Reorganization. The Debtor claims that it is providing adequate protection to the Bank in the form of monthly payments of interest as ordered by this Court and will be able to maintain the automatic stay and, accordingly, possession and control of its single real estate asset, if, in the first instance, it can prove to this Court that it has equity in that asset. The determination of whether the Debtor has equity in its single real estate asset will be determined by this Court's valuation of that real estate compared to the amount of Newburyport Bank's allowable secured claim. The Debtor asserts that despite making no objection to supplying the company with the calculation of the amount the Bank believes it is owed and despite assurances since the entry of the Stay Relief Procedural Order that such a calculation would be forthcoming, none has been provided through the filing of this Motion. In addition to requiring access to the Bank's credit/loan file and the calculation of the Bank's claim being necessary to determine whether the Debtor has stay relief-avoiding equity in the Property, that information, together with this Court's valuation of the Debtor's Property, is a necessary prerequisite for proposing an acceptable and confirmable Plan of Reorganization. The Debtor states that with the evidentiary hearing on valuation scheduled for May 7, 2026 and allowing time for this Court's determination of valuation thereafter, the Debtor believes that extending to June 30, 2026 the time in which it has the exclusive right to file a Plan of Reorganization is supported by cause and is in the best interests of the Debtor, its creditors, and its estate. 407 Smiley Crossing LLC is represented by: Stephen F. Gordon, Esq. The Gordon Law Firm LLP 57 River Street, Suite 200 Wellesley MA 02481 Tel: (617) 456-1270 E-mail: sgordon@gordinfirm.com About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on Nov. 17, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. 561 CLINTON: Computershare Seeks Auction of Brooklyn Apartment -------------------------------------------------------------- Magistrate Judge Taryn A. Merkl of the U.S. District Court for the Eastern District of New York previously agreed with Computershare Trust Company, National Association, that appointment of Ian Lagowitz of Trigild LLC as receiver for the property located at 561 Clinton Street, Brooklyn, New York 11231 held by 561 Clinton Street Owner LLC and Abe Cohen, is warranted. Notwithstanding the Court's findings, the Court declined to enter Plaintiff's proposed order. Rather, the parties were directed to meet and confer to determine whether there is a proposed order on which they can agree and to file an agreed-upon proposed order by May 5, 2026. If the parties cannot agree, Defendants were directed to submit any objection to the terms of Plaintiff's proposed order by May 12, 2026; any response by Plaintiff shall be due by May 19, 2026. On May 12, 2026, Computershare filed a Motion for Summary Judgment, asking the Court to enter a Judgment of Foreclosure and Sale against Defendants' improved real property in the amount of $5,449,721.60, with interest thereon from March 26, 2026, until the date of entry of this judgment, as well as additional sums. Computershare proposed that the Property be sold as provided by New York Real Property Actions and Proceedings Law within 90 days of the date of Judgment, by and under the direction of a referee: Scott H. Siller, Esq. Fiduciary ID No. 107953 706 Equestrian Way Westbury, NY 11590-6679 Telephone: 516-644-6769 The referee will sell the Property in one parcel at public auction to be held on the steps of the U.S. Courthouse at 225 Cadman Plaza East, Brooklyn, New York 11201, and that the Referee shall give public notice of the time and place of sale in accordance with RPAPL Sec. 231 in The Bronx Times Reporter. Computershare serves as trustee for the registered holders of BMO 2022-C3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-CR and the uncertificated VRR interest owner, commenced foreclosure on November 22, 2024, of a mortgage upon real property located at 561 Clinton Street, Brooklyn, New York 11231, against defendants 561 Clinton Street Owner LLC, Abe Cohen, Basic Groups Consulting Corp., New York City Department of Finance, New York State Department of Taxation and Finance, and New York City Environmental Control Board. On August 23, 2022, the Borrower took out a $3,500,000.00 loan from LMF Commercial, LLC as the Original Lender. The transaction was memorialized in a consolidated, amended, and restated promissory note, pursuant to which the Borrower agreed, inter alia, to pay the sum of the loan plus interest at the rate outlined in the Note. The Borrower executed a Consolidated, Amended and Restated Mortgage, Assignment of Leases and Rents, Fixture Filing and Security Agreement, granting a security interest in certain personal property of the Borrower to the Original Lender. The loan was evidenced by an agreement entered on August 23, 2022, requiring the Borrower to make a payment towards the debt on the sixth day of each calendar month. The Loan Agreement also requires that the Borrower obtain and maintain specified insurance policies, and that the Borrower make a monthly deposit towards insurance premiums to the Lender, which are to be held in an Insurance Account. Additionally, the Loan Agreement requires that Borrower remit to the Lender an initial tax deposit and then a recurring monthly tax deposit. Several of the provisions of the Note, the Mortgage, the Loan Agreement, and accompanying documents executed by the Defendants in favor of the Original Lender are of relevance to the pending receivership motion. The Loan Agreement provides that if any monthly debt service is not paid when due, any Taxes or other charges are not paid, or the Policies are not kept in full force and effect, it shall constitute an Event of Default. The Mortgage further provides that, upon the occurrence of an Event of Default, the Lender may declare the entire unpaid Debt to be immediately due and payable and institute proceedings, judicial or otherwise, for the complete foreclosure of this Security Instrument under any applicable provision of law. The Mortgage further provides that upon the occurrence of any Event of Default, the Lender may, inter alia, apply for the appointment of a receiver, without notice to the Borrower. Plaintiff alleges that the Borrower was frequently delinquent with the required monthly payments since the origination of the Loan and failed to pay the debt service payment amounts due for September and October 2024. Plaintiff further contends that the Borrower has failed to keep the Policies in full force and effect. Plaintiff claims that the Borrower has failed to make a monthly insurance deposit since September 6, 2024, and that in October 2025, Plaintiff had to advance $129,267.86 to maintain the Policies. Additionally, Plaintiff avers that since September 2024, Borrower has failed to make the monthly tax deposits required by the Loan Documents. Per the complaint, these occurrences constitute Events of Default. On September 16, 2024, Plaintiff provided the Borrower with a notice of default, advising the Borrower it had seven days to pay the delinquent amounts in full and comply with insurance obligations, or risk the Lender accelerating the debt. After the Borrower failed to cure the Events of Default, on October 14, 2024, Plaintiff demanded the immediate and full payment of the debt. Plaintiff alleges that Borrower has failed to pay the debt in full or otherwise cure the ongoing Events of Default. Motion to Appoint Receiver Plaintiff filed its complaint on November 22, 2024. On January 29, 2025, the Court issued an Order sua sponte extending Defendants' time to answer to February 19, 2025. Following further extensions, Defendants filed an answer on April 10, 2025. An initial conference was held, and discovery commenced. On October 13, 2025, Plaintiff filed a letter motion requesting a pre-motion conference for Plaintiff's anticipated motion to appoint a receiver. On October 14, 2025, Judge Block referred the motion to the undersigned Magistrate Judge, who denied the motion for a pre-motion conference as unnecessary and directed the parties to brief the motion for a receiver. On October 27, 2025, Plaintiff filed a letter notice indicating service of Plaintiff's motion to appoint a receiver on Defendants. On December 1, 2025, Defendants filed a memorandum in opposition to Plaintiff's motion, together with a supporting declaration and exhibits. On December 8, 2025, Plaintiff filed its memorandum of law, declaration, and reply in support of the motion. Plaintiff argues that receivership is appropriate for several reasons. According to Plaintiff, the Borrower has been in default for several years. More specifically, Plaintiff alleges that Borrower has breached the Loan Documents by; (1) failing to make any payment to Plaintiff since August 2024, in addition to the frequent delinquencies on its debt service payments beginning in November 2022; (2) failing to pay taxes or maintain insurance coverage for the Property; and (3) failing to lawfully maintain the Property by its ongoing noncompliance with the New York City Plaintiff also contends that the appointment of a receiver is proper because the Borrower expressly consented to the appointment of a receiver upon an Event of Default in the Loan Documents. Defendants contest the appointment of a receiver. Defendants argue that the receivership clause in the Mortgage does not automatically entitle Plaintiff to a receiver; rather, the appointment of a receiver is discretionary. Defendants further contend that Plaintiff fails to show any irreparable harm to the Property or that greater damage would result absent the appointment of a receiver. Defendants state that the Guarantor experienced financial difficulties and, unfortunately, was unable to meet interest payments, but that taxes and insurance were prepaid monthly for the following year. Defendants also claim that they have continued to pay the insurance. In support of this claim, Defendants provide a spreadsheet and an invoice, dated September 17, 2024, for insurance premiums on multiple properties, showing a payment made of $82,029.86 and a balance of $145,217.51. Defendants also argue that the tax payments were current up to January 2026, which is after the alleged default in the New York City Department of Finance Property Tax Quarterly Billing Statement, dated November 15, 2025, with a balance of $21,160.30 due by January 2, 2026. Defendants further contend that they have made significant improvements and repairs to the Property, and the Property has barely any code violations. The Court finds that Plaintiff has provided substantial evidence to show that the loan is in default. First, Defendants have not rebutted Plaintiff's allegation that Defendants failed to pay the monthly debt service amounts due for September and October 2024, which each constitute an Event of Default. Moreover, the Court finds Defendants' arguments and evidence regarding the payment of insurance and taxes to be unavailing. Though Defendants have submitted copies of documents evincing that: (1) as of September 17, 2024, $82,029.86 was paid towards insurance premiums on six properties, leaving a balance of $145,217.51, and (2) as of November 15, 2025, $21,160.30 in taxes were owed through January 2, 2026, these documents do not prove that the stated balances were ultimately paid, much less in such a manner that the insurance coverage was maintained, as required under the Loan Documents. Finally, the Borrower has conceded that the Property has at least 10 open OATH/ECB violations and an open Department of Buildings (DOB) Vacate Order. Accordingly, the burden of persuading the Court that appointment of a receiver is improper rests with Defendants. Although Plaintiff argues that the relevant statutory provisions, New York State Real Property Law (RPL) and New York State Real Property Actions & Procedures Law (RPAPL), allow for the appointment of a receiver without a showing by the plaintiff of impending jeopardy to the Property, Plaintiff asserts that exigent circumstances are warranting the appointment of a receiver due to the Borrower's New York City Code violations. On October 13, 2025, Plaintiff received copies of two summonses from the DOB, reflecting violations for removing or defacing a written posted vacate order and failing to maintain the building in a code-compliant manner by obstructing the fire escape. Plaintiff asserts it cannot directly remediate these violations without assuming potential liability as a mortgagee-in-possession, making a receiver necessary to address them. Further, Plaintiff argues that Borrower's failure to pay the taxes or insurance premiums on the Property and failure to turn over rental income during this period of default warrant the appointment of a receiver. Defendants contend that there is no proof that the property is at risk of disrepair, and that Defendants have made numerous repairs to the Property. Defendants do not, however, submit documentation to show that they have sufficiently insured the Property, paid required taxes, or cured the Property's DOB violations. An April 21, 2026, DOB report shows the Property has thirteen open violations, including two Work Without a Permit violations, and a partial vacate order. Violating the condition poses a threat that severely affects life, health, safety, property, the public interest, or a significant number of persons to warrant immediate corrective action. Aside from the open DOB violations, there is no evidence indicating that the Property is in immediate danger of disrepair. However, other courts have found this factor met in similar cases where plaintiffs had to advance their own funds to avoid tax liens, which would result in a diminution in value of the Property. Although Defendants provide no concrete harms that would befall them if a receiver were appointed, given that the Borrower is a single-asset entity and the significant number of open DOB violations, the balance of harms favors the imposition of a receiver. Based on the present record, Plaintiff has established it is likely to succeed in this foreclosure action. First, the Court finds that Plaintiff is likely to have established its standing to bring a mortgage foreclosure action under New York law. Under New York law, a plaintiff establishes its standing in a mortgage foreclosure action by demonstrating that, when the action was commenced, it was either the holder or assignee of the underlying note. Second, Plaintiff has shown that the Borrower has repeatedly defaulted on the Loan and has proffered sufficient evidence to illustrate its probable success in the action. This factor thus weighs in favor of receivership. In sum, given the explicit receivership provision in the Mortgage and that the balance of equitable factors weighs in favor of receivership, the Court finds that appointment of a receiver is warranted, and Plaintiff's motion to appoint a receiver is granted. Defendants, while objecting to the general appointment of a receiver, have provided no specific objection to Trigild. Trigild is a full-service commercial real estate company that has handled over 2,000 receivership appointments since 1988. Ian Lagowitz is a managing partner of Trigild and an approved fiduciary in New York. Borrower Objects to Summary Judgment 561 Clinton Street Owner LLC and Abe Cohen object to the request for summary judgment, asserting that Plaintiff has failed to meet its prima facie burden on its motion. "In the least, there are material issues of fact such that summary judgment is unwarranted," they argue. They contend that it is very well-settled across in New York that in a foreclosure action, when a servicer acts on behalf of the plaintiff, the plaintiff must provide sufficient evidence to demonstrate the servicer's authority. This can be established through a valid power of attorney or servicing agreement. They note that Plaintiff has failed to establish that K-Star, as the purported Special Servicer, has any relationship to Plaintiff or the authority to foreclose on Plaintiff's behalf. They also insist that Plaintiff has failed to meet its burden to demonstrate that it has standing in this commercial foreclosure action in that Plaintiff does not sufficiently allege that it had possession of the original Note prior to commencing this action and currently still is in possession of that Note. "Plaintiff fails to provide any business record that definitively proves it had possession of the Note prior to filing this action, and that it currently remains in possession of that Note," they assert. About 561 Clinton Street Owner LLC 561 Clinton Street Owner LLC owns the property located at 561 Clinton Street, Brooklyn, New York 11231. 561 Clinton Street Owner LLC is facing a foreclosure case captioned as Computershare Trust Company, National Association, as trustee, on behalf of the Registered Holders of BMO 2022-C3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-CR and the Uncertificated VRR Interest Owner v. 561 Clinton Street Owner LLC, Abe Cohen, Basic Groups Consulting Corp., New York City Department of Finance, New York State Department of Taxation and Finance, and New York City Environmental Control Board, Case No. 1:24-cv-08147 (E.D. N.Y.), before the Hon. Frederic Block. The case was filed on Nov. 22, 2024. 561 Clinton Street Owner LLC and Abe Cohen are represented by: Kenny G. Oh, Esq. Muriel S. Raggi, Esq. KOR LAW LLP One World Trade Center, 85th Fl. New York, NY 10007 Tel: (212) 220-8768 Plaintiff Computershare Trust Company, National Association is represented by: Ana Maria Blanco, Esq. Ballard Spahr LLP Tel: 787-362-2202 E-mail: blancoa@ballardspahr.com - and - Raymond Adam Quaglia, Esq. Ballard Spahr LLP Tel: 215-864-8795 E-mail: quaglia@ballardspahr.com 6201 BLAIR: Seeks Approval to Hire McNamee Hosea as Counsel ----------------------------------------------------------- 6201 Blair Road LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Craig M. Palik, Esq. of McNamee Hosea, P.A. to serve as counsel for the Debtor. Mr. Palik and the firm will provide these services: (a) prepare and file all necessary bankruptcy pleadings on behalf of the Debtor; (b) negotiate with creditors; (c) represent to Adversary and other proceedings in connection with the Bankruptcy; (d) prepare Debtor's disclosure statement and plan of reorganization; and (e) any other matters related to the Bankruptcy and the Debtor's reorganization. Mr. Palik will receive an hourly rate of $500, associates shall receive hourly rates of $350 to $400, and paralegals will receive an hourly rate of $140. McNamee Hosea, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 E-mail: cpalik@mhlawyers.com About 6201 Blair Road LLC 6201 Blair Road, LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. 6201 Blair Road filed Chapter 11 petition (Bankr. D.D.C. Case No. 26-00150) on March 30, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Elizabeth L Gunn presides the case. The Debtor is represented by: Craig M. Palik, Esq. McNamee Hosea, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 E-mail: cpalik@mhlawyers.com 777 HOLDINGS: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: 777 Holdings, LLC 10197 McGehee Rd Marietta, OK 73448 Business Description: 777 Holdings, LLC owns oilfield-related real estate and saltwater disposal infrastructure in Velma, Oklahoma. The company's assets include shop and office buildings and three disposal wells, identified as Velma SWD #1, Velma SWD #2 and Velma SWD #3, used in connection with saltwater disposal operations serving the oil and gas sector. Chapter 11 Petition Date: May 8, 2026 Court: United States Bankruptcy Court Eastern District of Oklahoma Case No.: 26-80435 Debtor's Counsel: Gary M. McDonald, Esq. MCDONALD LAW, PLLC 15 W. 6th Street, Suite 2606 Tulsa, OK 74119 Tel: 918-430-3700 Email: gmcdonald@mcdonaldpllc.com Total Assets: $10,787,106 Total Liabilities: $9,379,303 James Lemons signed the petition in his capacity as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z2KQGQY/777_Holdings_LLC__okebke-26-80435__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Bank of Commerce Note Guaranty $3,200,000 ATTN: Curtis Thornton | President 1601 W. Commerce Duncan, OK 73533 Curtis Thornton Email: cthornton@bocok.com Phone: 580.525.8070 2. CNI Commerical Pledged Unknown ATTN: David L. Nimmo Collateral 2600 John Saxon Blvd by Subsidiary Norman, OK 73071 A2Z FIELD: Donald Mallory Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Donald Mallory as Subchapter V trustee for A2Z Field Services, LLC. Mr. Mallory will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mallory declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Donald W. Mallory 600 Vine St., Ste. 2500 Cincinnati, OH 45202 Telephone: (513) 852-6094 Email: dwmallory@woodlamping.com About A2Z Field Services LLC A2Z Field Services, LLC, is a women-owned nationwide field service company headquartered in Plain City, Ohio. The company provides property inspection, preservation, REO, rehab and repair, rental property servicing, borrower contact, eviction, utility, HOA, VPR management, and registration and administrative services. It serves loan servicers, property owners, asset managers, and government agencies with property servicing needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-52098) on May 1, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Amie Sparks, authorized member, signed the petition. Judge Mina Nami Khorrami presides over the case. Richard K. Stovall, Esq., at Allen Stovall Neuman & Ashton, LLP represents the Debtor as legal counsel. ACCORD LEASE: Amends Unsecured Claims Pay Details ------------------------------------------------- Accord Lease, Inc., submitted a Fourth Amended Disclosure Statement in support of the Amended Plan dated May 1, 2026. The Debtor's Plan is a "10%" Plan, which means that all Unsecured Creditors will be paid 10% of their Allowed Claims within five years of the Effective Date in bi-annual payments and Secured Creditors will be paid the allowed amount of their secured claims over the course of 5 years. Class 16 consists of the Allowed Unsecured Claim of Daimler Truck Financial Services. Daimler filed Amended Poof of Claim 1-2 claiming an unsecured claim of $910,465.99. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. Class 17 consists of the Unsecured Deficiency Claims of Merchants Bank as determined by the Valuation Order. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $98,038.53. Class 18 consists of the Unsecured Deficiency Claims of BMO Bank N.A as determined by the Valuation Order. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $386,260.18. Class 19 consists of the Unsecured Deficiency Claims of De Lage Landen Financial Services, Inc. as determined by the Valuation Order. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $193,527.10. Class 20 consists of the Unsecured Deficiency Claims of Financial Pacific Leasing, Inc. as determined by the Valuation Order. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $33,459.91. Class 21 consists of the Unsecured Deficiency Claims of Flagstar Financial & Leasing. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $34,751.52. Class 22 consists of the Unsecured Deficiency Claims of Wells Fargo. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $50,766.81. Class 23 consists of the Unsecured Deficiency Claims of Sumitomo Mitsui Finance & Leasing as determined by the Valuation Order. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $93,281.77. Class 24 consists of the Unsecured Deficiency Claims of Flagstar Financial & Leasing. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $190,000.00. Class 25 consists of the Unsecured Deficiency Claims of U.S. Bank Equipment Finance Inc. as determined by the Valuation Order. The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. The class is estimated to have claims of $11,722.47. Class 26 Consists of the Allowed Unsecured Claim of Commercial Credit Group Inc. ("CCG"). The Unsecured Claim will be paid 10 percent of the allowed unsecured claim payable in bi-annual payments over 5 years. This Class payments will begin on the later of the Initial Distribution Date or July 31, 2026, and on each subsequent January 31 and July 31 ending on January 31, 2031, a total of ten percent of the allowed amount of their claims, in equal installments of one percent each, for a total of 10 payments. As described, (a) Administrative Claims will be paid from the Debtor's cash on hand and future operations; (b) secured Classes will be paid from the Debtor’s cash on hand and future earnings; (c) priority Classes will be paid from the funds on hand and in some cases from future earnings; and (d) unsecured Classes from the Debtor's future operations. In addition, the New Value Contribution may be used to fund Plan payments. A full-text copy of the Fourth Amended Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=4HXCGn from PacerMonitor.com at no charge. Counsel to the Debtor: O. Allan Fridman, Esq. 555 Skokie Blvd., Suite 500 Northbrook, IL 60062 Tel: (847) 412-0788 Email: allan@fridlg.com About Accord Lease Inc. Accord Lease Inc. operates an automotive leasing and renting business in Elgin, Ill. Accord Lease sought Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 24-16518) on Nov. 1, 2024, listing total assets of $3,773,857 and total liabilities of $5,800,404. Igor Tsapar, president of Accord Lease, signed the petition. Judge David D. Cleary handles the case. The Law Office of O. Allan Fridman, is the Debtor's legal counsel. BMO Bank N.A., as lender, is represented by: James P. Sullivan, Esq. Chapman and Cutler, LLP 320 South Canal Street Chicago, IL 60606 Tel: 312.845.3000 E-mail: jsullivan@chapman.com ALERA GROUP: S&P Assigns 'B' Long-Term ICR, Outlook Stable ---------------------------------------------------------- S&P Global ratings assigned its 'B' long-term issuer credit rating to Alera Group Inc. (Alera) and affirmed our existing 'B' long-term issuer credit rating on Alera Group Intermediate Holdings Inc. (AGIH). S&P said, "At the same time, we affirmed our existing 'B' issue-level rating and '3' recovery rating on the company's $3.06 billion first-lien term loan and our existing 'CCC+' issue-level rating and '6' recovery rating on its $1 billion second-lien term loan. "The stable outlook reflects our forecasts for solid performance and improved credit measures over the next 12 months. "Credit measures are strained for the rating, but we see a clear path for them to improve within rating bounds in the next 12 months. Pro forma the annualized impact of completed mergers and acquisitions (M&A), Alera's S&P Global Ratings-adjusted leverage was 8.9x (or 10.1x including preferred shares that we view as debt) at the end of 2025." Alera is now the issuer of audited financial statements; audits were previously issued by its parent company AGIH at the time of rating assignment in May 2025. S&P said, "While Alera's recent operating results were modestly short of our expectations, we think the company's solid business fundamentals and growth trajectory support our current ratings. "While the company hasn't raised debt since its May 2025 refinancing, leverage slightly ticked up from about 8.5x at close of last year's transaction rather than trending down as we previously expected due to lower-than-anticipated S&P Global Ratings-adjusted EBITDA. "In our view, the elevated leverage reflects modestly slower revenue growth amid softening property insurance rates and elevated add-back exclusions rather than a deterioration in underlying fundamentals. Notwithstanding this delayed pace of deleveraging, we expect Alera to reduce its S&P Global Ratings-adjusted leverage to levels that are consistent with our current ratings in the next year. "We expect relatively stable debt, aside from potential modest revolver draws to help fund earnout payments and internal investment needs. Our base-case scenario assumes Alera's S&P Global Ratings-adjusted leverage will improve to 8x or below in the next 12 months, as healthy earnings growth and meaningfully lower earnout obligations (which we treat as debt) more than offset potential increases in debt. "Furthermore, we believe there's limited likelihood in the next 12 months for significant debt-funded shareholder initiatives and M&A, which has remained toned-down compared with peak activity from more than three years ago. In 2025, Alera completed 19 deals that represented roughly $43 million of acquired revenue, consistent with our prior expectations. Given the company's continued focus on growing through internal investments rather than through M&A, we expect 2026 deal activity to be similar or lighter to last year's level. "We also expect Alera's S&P Global Ratings-adjusted EBITDA interest coverage to improve to 2x (excluding payment-in-kind [PIK] interest related to preferred shares treated as debt) in the next 12 months thanks to declining benchmark rates and more favorable pricing terms that the company obtained for its first-lien term loan in January 2026. "We forecast steady to modestly improved organic growth in 2026. Alera reported total organic growth of 3% for 2025, slightly below our previous expectations and recent historical averages of 5%-6%." The shortfall primarily reflects tougher market conditions and idiosyncratic factors, particularly in the company's property/casualty (P/C) business, offset by strength in its employee benefits (EB) and financial services segments. Alera's P/C segment posted organic growth of 1% in 2025, down from about 6% in 2024 due to softening property insurance rates and one-time events, including producer departures and tariff-related delays in commercial construction projects. EB grew organically by roughly 3% in 2025 on steady trends in retention, rate, and new business, compared with 2% in 2024. Financial services delivered strong organic growth of 11% on healthy activity in life insurance as well as meaningful support from enhanced synergies and cross-selling opportunities resulting from the consolidation of various wealth and retirement plan management businesses under this one group. S&P said, "While the financial services segment is a relatively small part of Alera's portfolio, we think it represents a strategically important part of the business, providing modest diversification, cross-sell opportunities, and an entry point for new relationships that can expand into Alera's core P/C and EB segments. We expect financial services to remain roughly 10% of total revenue, with growth returning to the mid-single digits in the next 12 months. "In our base-case scenario, we don't anticipate a significant reversal in rate trends in 2026. Nevertheless, we forecast total organic growth of 3%-5%, underpinned by our expectations for one-time pressures to subside and broadly favorable momentum in new business and retention. We also expect Alera's solid fundamentals to be reinforced by continued growth-focused investments, including producer hires, AI-enabled productivity enhancements, and continued platform integration and unification. "While elevated spending in internal growth initiatives could weigh on profitability in the near term, we expect improved earnings quality and natural operating leverage to result in margin expansion. Alera's S&P Global Ratings-adjusted EBITDA margin was 31.4% in 2025, a decline from 32.7% in 2024 that primarily reflects higher-than-expected expenses that we don't add back in our calculation of EBITDA, such as costs related to one-time events, producer hires, and other growth-oriented investments. "We expect increased spending on growth initiatives to be more than offset by lower M&A-related expenses and lower non-recurring charges. We also expect earnings to benefit from generally margin-accretive producer hires, the realization of benefits from prior and ongoing internal investments, and natural operating leverage. "The stable outlook reflects our expectation that Alera will achieve mid-single-digit organic growth and maintain healthy margins in the next 12 months. Along with generally supportive capital management, we expect these factors to enable deleveraging to the rating threshold. "We could lower our ratings in the next 12 months if operating performance or credit metrics deteriorate such that we don't believe Alera will be able to reduce leverage within ratings bounds within approximately one year, and if we expect leverage above 8x (excluding preferred shares treated as debt; above 9.5x including preferred shares) and coverage sharply below 2x on a sustained basis." This could occur if: -- Revenue declines because of lost market share, adverse new business and retention trends, or unfavorable market conditions; Margins contract due to operational missteps, elevated add-back noise, or intensified competition; or -- The company adopts a more aggressive financial policy. While unlikely in the next 12 months, S&P may consider an upgrade if Alera materially exceeds our performance expectations, resulting in leverage below 5x and coverage above 3x on a sustained basis. This would have to be accompanied by a financial policy commitment to maintain these credit metrics, as well as continued enhancements to the company's competitive position, scale, and diversification. ALPHA GROUP: Seeks to Hire Farsad Law Office as General Counsel --------------------------------------------------------------- Alpha Group, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to appoint Farsad Law Office, PC as counsel. The firm's services include: (a) advise the Debtor regarding its duties; (b) prepare and file required schedules, statements, operating reports, pleadings, motions, and applications; (c) address cash collateral issues and adequate protection with secured creditors; (d) negotiate with Harvest Small Business Finance, LLC and any other secured or priority creditors; (e) prepare and prosecute a Chapter 11 plan and disclosure statement, if required; (f) evaluate sale, refinance, or plan-based reorganization options; (g) represent the Debtor at hearings and in communications with the U.S. Trustee, creditors, and parties in interested; and (h) perform all other bankruptcy-related legal services necessary to administer this. The firm will be paid at these hourly rates: Arasto Farsad, Attorney $400 Nancy Weng, Attorney $400 Paralegals/Legal Staff $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $14,800, which included the $1,738 filing fee. Mr. Farsad disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Arasto Farsad, Esq. Farsad Law Office, PC 1625 The Alameda, Suite 525 San Jose, CA 95126 Telephone: (408) 641-9966 Facsimile: (408) 866-7334 Email: af@farsadlaw.com About Alpha Group Inc. Alpha Group, Inc. owns and operates income-producing commercial real estate. Alpha Group Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No.26-21163) on March 4, 2026. Ahmed Mohieldien, secretary/chief financial officer, signed the petition. Judge Christopher D. Jaime oversees the case. Arasto Farsad, Esq., at Farsad Law Office, PC serves as the Debtor's counsel. AMC ENTERTAINMENT: Discovery Capital Management Holds 7.4% Stake ---------------------------------------------------------------- Discovery Capital Management, LLC, Robert K. Citrone, and Discovery Global Opportunity Master Fund, Ltd. disclosed in a Schedule 13G (Amendment No. 2) filed with the U.S. Securities and Exchange Commission that as of May 5, 2026, they beneficially own the following shares of AMC Entertainment Holdings, Inc.'s Class A Common Stock: (i) Discovery Capital Management, LLC - 55,511,739 shares, representing 7.4% of the shares outstanding; (ii) Robert K. Citrone - 55,511,739 shares, representing 7.4% of the shares outstanding; and (iii) Discovery Global Opportunity Master Fund, Ltd. - 50,509,905 shares, representing 6.7% of the shares outstanding. All the securities reported are directly owned by advisory clients of Discovery Capital Management, LLC, and none of those advisory clients, other than Discovery Global Opportunity Master Fund, Ltd., may be deemed to beneficially own more than 5% of the Common Stock. Discovery Capital Management, LLC may be reached through: Robert K. Citrone, Principal / Director 20 Marshall Street Suite 310 South Norwalk, CT 06854 Tel: 203-956-7953 A full-text copy of Discovery Capital Management, LLC's SEC report is available at: https://tinyurl.com/yemp29xp About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of March 31, 2026, the Company had $7,684.8 million in total assets, $9,611.3 million in total liabilities, and $1,926.5 million in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMC ENTERTAINMENT: Q1 2026 Net Loss Cuts to $117M on $1.05B Revenue ------------------------------------------------------------------- AMC Entertainment Holdings, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $117.1 million for the three months ended March 31, 2026, compared to a net loss of $202.1 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $1,045.4 million, compared to $862.5 million in the prior-year period. AMC Chairman and CEO Adam Aron commented, "I am so very pleased to report that AMC achieved our best Adjusted EBITDA first quarter result since 2019 pre-pandemic, an Adjusted EBITDA improvement of $96 million year over. It was driven not only by strong domestic performance but also by vastly improved international results across our European footprint. These results are a clear testament to our disciplined operating execution in maximizing AMC's revenue growth while simultaneously containing our costs, combined with an unwavering commitment to elevating the moviegoing experience. Our much-improved results clearly demonstrate the operating leverage inherent in our business, generating markedly improving results at a time when revenues are rising." Aron continued, "Significantly rising revenues is our continued expectation for full year 2026. Finally, after repeated flat years, primarily due to the crippling industry strikes of 2023, the box office is back, and in a big and powerful way. In the first quarter of 2026, the North American box office surged an impressive 22% compared to the prior year. The first quarter box office, the strongest since the pandemic closed theatres back in the first quarter of 2020, ended on a high note in late March, with Amazon Studios' PROJECT HAIL MARY rocketing to become the top grossing movie of the year to that point. But that was just the beginning, the momentum grew even further as the second quarter started off with three more blockbuster hits in a row with Illumination's THE SUPER MARIO GALAXY MOVIE, Lionsgate and Universal's MICHAEL and Disney's THE DEVIL WEARS PRADA 2. There are so many more superb movie titles being released throughout 2026. We are optimistic about the entire 2026 film slate, especially in the second half of 2026, which we believe will see more continued robust growth, adding up to a record post-pandemic box office for full year 2026." Aron added, "Indeed, it seems to us that so much is breaking AMC's way in 2026. The momentum in the industry is palpable with renewed commitments by our studio partners to both increase the number of theatrical movie releases and extend theatrical windows to at least 45 days. Joining Disney which has been constant in respecting an exclusive theatrical window, we are particularly pleased by the recent announcements by Universal and Paramount to do the same, along with public commentary by Sony and Lionsgate that a new industry standard is emerging. Similarly, the significance cannot be lost by anyone of Netflix's announcement that it will be giving Greta Gerwig's NARNIA a global theatrical release with a 49-day window, the biggest opportunity our industry has ever had to embrace Netflix as a theatrical content provider. If that is not enough good news, in the past few weeks also, film producers have reached multi-year labor agreements with both SAG-AFTRA and the Writers Guild assuring us all of labor peace." Aron highlighted, "Ever so importantly, we have been actively working to strengthen our balance sheet by enhancing liquidity and improving financial flexibility. We recently refinanced $400 million of debt due in 2027, extending the maturity by four full years to 2031, while simultaneously reducing our annual cash interest expense. We are also currently converting some $155 million of debt into equity. To bolster cash reserves, we raised approximately $72 million of gross proceeds through our at-the-market equity program. And during the first quarter, we also opportunistically sold a portion of our holdings in Hycroft Mining at an average price of $42.40, realizing approximately $30 million in cash proceeds. When combined with our prior sale of Hycroft shares and warrants in the fourth quarter of 2025, AMC has now generated approximately $54 million of cash from the sale of Hycroft shares and warrants, well north of our initial total of $27.9 million invested in Hycroft. In addition, we continue to retain approximately 129.5 thousand Hycroft shares to participate in potential future upside at Hycroft. Taking all these actions together, AMC obviously has been vigorous in addressing the need to right our balance sheet." Aron praised, "What's more, AMC continues to blaze new trails of innovation. We already have more premium movie screens than anyone in our industry, and we are adding more at a truly brisk and rapid pace. Add to that our announcement today of Arena One at AMC, which opens the doors of our theatres not only to moviegoers but also to fans of live concerts. Arena One at AMC launches in June, at more than 300 of our theatres across the United States. On day one, we will be able to offer a live concert experience almost all across the nation." Aron concluded, "With the reporting of AMC's best first quarter Adjusted EBITDA results in 7 years, combined with industry and company momentum that is unmistakable, we simply could not be more optimistic about the future of our industry and of AMC." Cash, Balance Sheet, and Capital Markets Activity Cash at March 31, 2026 was $339.2 million, excluding restricted cash of $41.7 million. During the first quarter of 2026, AMC entered into a sales and registration agreement to sell up to $150.0 million of its Class A common stock. As of May 5, 2026, AMC raised gross proceeds of approximately $71.7 million, before commissions and fees, from the sale of approximately 62.1 million shares of Class A common stock. AMC also initiated a cashless exercise of its warrants to acquire Hycroft Mining Holding Corporation ("Hycroft") shares at $10.68, resulting in the receipt of 765,440 Hycroft common shares. AMC sold 700,000 Hycroft shares at an average price of $42.40, generating $29.7 million in cash proceeds before brokerage commissions. Including prior sales of Hycroft shares and warrants exercised in the fourth quarter of 2025, AMC has realized total proceeds of $53.8 million to date, compared to its initial investment of $27.9 million in March 2022. As of March 31, 2026, AMC continued to own 129,478 Hycroft common shares. In the second quarter of 2026, AMC subsidiary Odeon Finco PLC refinanced its $400 million 12.75% Senior Secured Notes due 2027 by entering into a credit agreement with Deutsche Bank AG New York Branch, borrowing $425.0 million of new first lien 10.50% term loan due 2031. On May 4, 2026, holders of AMC's 1.5% exchangeable notes due 2030 chose to convert all of their notes, approximately $155.8 million, into AMC common stock. The Company expects to complete most of this exchange on May 5, with the remaining portion to be converted into additional shares shortly thereafter once certain ownership limits are satisfied. Liquidity and Capital Resources The Company's consolidated revenues are primarily collected in cash, principally through admissions and food and beverage sales. The Company had a working capital deficit (excluding restricted cash) of $(1,124.4) million as of March 31, 2026, compared to $(1,090.6) million as of December 31, 2025. As of March 31, 2026, working capital included operating lease liabilities of $560.6 million and deferred revenues of $446.9 million, compared to $560.0 million and $465.5 million, respectively, as of December 31, 2025. On April 17, 2026, Odeon Finco, a wholly-owned direct subsidiary of OCGL and an indirect subsidiary of Holdings, entered into the Odeon Credit Agreement, by and among Odeon Finco, as borrower, OCGL, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425,000,000 of Odeon Term Loans due 2031. The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the Odeon Notes Redemption of Odeon Finco's outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027. In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange. Net cash used in operating activities decreased by $241.5 million primarily due to a decrease in cash used for working capital, increases in attendance, increases in average ticket price, increases in food and beverage per patron, and a decrease in cash paid for interest. Net cash used in investing activities decreased by $31.4 million primarily due to proceeds from the sale of part of the Company's investment in Hycroft and increases in proceeds from sales of long-term assets. The Company estimates that its capital expenditures, net of lease incentives, will be approximately $175.0 million to $225.0 million for the year ending December 31, 2026 to maintain and enhance operations. Net cash provided by financing activities decreased $108.7 million primarily due to decreased proceeds from equity issuances and an increase in cash used to pay deferred financing costs, partially offset by less cash used to repurchase debt. The Company believes its existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund its operations and satisfy its obligations currently and through the next 12 months. As of March 31, 2026, the Company was in full compliance with all agreements, including related covenants, governing its outstanding debt. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3zcjvvns. About AMC Entertainment AMC Entertainment Holdings, Inc., is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors. The Company also offers a range of food and beverage items, which include popcorn; soft drinks; candy; hotdogs; specialty drinks, including beers, wine and mixed drinks, and made to order hot foods, including menu choices, such as curly fries, chicken tenders and mozzarella sticks. As of March 31, 2026, the Company had $7,684.8 million in total assets, $9,611.3 million in total liabilities, and $1,926.5 million in total stockholders' deficit. * * * In October 2025, Moody's Ratings assigned Caa2 ratings to AMC Entertainment Holdings, Inc.'s new Senior Secured First-Lien Notes due 2029 (1.5 Notes). Moody's downgraded Muvico, LLC's (Muvico) Backed Senior Secured Second-lien Notes (Existing Exchangeable Notes) rating to Caa3 from Caa2. Moody's affirmed AMC's Caa2 Corporate Family Rating and Caa2-PD Probability of Default Rating, and all other instrument ratings including the B3 on the Senior Secured First-Lien Term Loan at AMC (AMC TL) which is co-borrower with Muvico, the B3 on the Backed Senior Secured First-Lien Notes rating at Odeon Finco PLC (Odeon) (Odeon Notes), the Caa3 rating on the Senior Secured First-Lien Notes (7.5% Notes) at AMC, and the Ca rating on the Senior Subordinated Notes (Sub Notes) of AMC. AMC's Speculative Grade Liquidity Rating (SGL) remains unchanged at SGL-4. The outlook for all Companys remains stable. In July, the Company announced [1] that it entered into a Transaction Support Agreement with key creditor groups, including certain holders of its 7.5% Notes, certain holders of Muvico Existing Exchangeable Notes, and certain lenders representing AMC's TL outstanding under its existing credit agreement. In connection with the agreement, (1) Muvico issued new $194 million (now with $154 million outstanding) 6.00%/8.00% Senior Secured Second-Lien Exchangeable Notes due 2030 (New Exchangeable Notes, unrated) which have a 1.25 lien claim on Muvico assets, effectively a second lien, and (2) AMC issued the 1.5 Notes comprised of approximately $267.0 million of incremental new money financing and an exchange of $590.0 million of 7.5% Notes for a total of approximately $857 million. These lenders have a 1.5 lien on Muvico assets, effectively third claim priority behind the New Exchangeable Notes at Muvico. As a result of the transaction, the 7.5% Notes (with a pro forma debt principal amount totaling approximately $360 million), which did not participate in the exchange for the 1.5 Notes, retained existing terms and conditions (e.g. notably, no lien on Muvico assets) and therefore have lower recovery prospects relative to the New Exchangeable Notes (which have a 1.25 lien on Muvico). In addition, Moody's rank the Existing Exchangeable Notes (with approximately $108 million outstanding) that did not participate in the exchange behind the New Exchangeable Notes and the 1.5 Notes due to a change in the definition of permitted liens to allow superior liens. Moody's expects the New Exchangeable Notes to be fully extinguished in the near term (in a stock exchange) when certain conditions are met (e.g. company stock price reaches a pre-determined level and noteholders elect to exchange). AMERIGAS PARTNERS: Moody's Upgrades CFR to Ba3, Outlook Positive ---------------------------------------------------------------- Moody's Ratings upgraded AmeriGas Partners, L.P.'s (AmeriGas) Corporate Family Rating to Ba3 from B1, Probability of Default Rating to Ba3-PD from B1-PD, and senior unsecured notes ratings to B1 from B2, while maintaining the positive outlook. AmeriGas' Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-3. Concurrently, Moody's affirmed UGI International, LLC's (UGI International) CFR at Ba2, PDR at Ba2-PD, and senior unsecured notes rating at Ba2, while the outlook remains stable. UGI International will make a $300 million distribution to UGI Corporation, which will be contributed to AmeriGas to support debt repayment, including the $150 million intercompany loan. "The upgrade of AmeriGas' ratings reflects stronger credit metrics from accelerated debt reduction," commented Jonathan Teitel, a Moody's Ratings Vice President and Senior Analyst. "The affirmation of UGI International's ratings reflects Moody's expectations that the company will still maintain relatively low leverage after distributing cash to UGI Corporation to support AmeriGas' debt reduction." RATINGS RATIONALE AmeriGas Partners, L.P. AmeriGas' positive outlook reflects Moody's expectations that the company will continue to apply free cash flow toward debt reduction, which will support further leverage reduction below 4.0x. The business turnaround is still in relatively early stages so its continued successful execution will be important to support continued positive ratings momentum. Also, cushion below the 4.0x leverage level is necessary because of expected volatility in earnings driven by weather. AmeriGas' ability to sustain lower leverage will depend on continued improvement in operating performance, customer retention, cost discipline, as well as effective working capital management. AmeriGas' Ba3 CFR reflects benefits from large scale in a fragmented and highly competitive industry, its nationwide footprint, and broad customer diversification. AmeriGas is advantaged by its leading market share in US propane distribution. Operating performance stabilized in AmeriGas' fiscal year ended September 2025 and remains steady. AmeriGas has taken strategic actions to enhance profitability and focus on core operations, including exiting its wholesale business due to limited profitability and divesting its Hawaii propane operations. Moody's expects continued debt reduction in fiscal year 2026, further strengthening the balance sheet and improving resilience during periods of warmer weather, when propane demand is lessened. Governance considerations were a key driver for AmeriGas' rating action; in particular, improvement in financial strategy and risk management. The reduction in debt strengthens the balance sheet and credit metrics, improving the company's resilience. Further, focus on continued debt reduction during the remainder of fiscal year 2026 better positions the company's financial profile. AmeriGas' SGL-3 rating reflects Moody's expectations for the company to maintain adequate liquidity. AmeriGas' ABL revolving credit facility, which matures in 2029, has $300 million in lender commitments and is governed by a borrowing base. It includes a maintenance covenant requiring liquidity equal to or greater than the outstanding principal amount of any senior notes maturing within the next 91 days, plus 20% of the maximum revolving advance amount. As of December 31, 2025, the facility had a borrowing base of $171 million, with $38 million in borrowings and $2 million in letters of credit outstanding. In addition, AmeriGas held $9 million in cash as of that date. AmeriGas' intercompany loan that matures in January 2027 is expected to be repaid with the capital contribution received from UGI Corporation. AmeriGas' next debt maturity is its senior notes due May 2027. Moody's expects the company to continue to be proactive in addressing its upcoming senior notes maturities. AmeriGas' senior unsecured notes are rated B1, one notch below the CFR. The notes are not guaranteed by AmeriGas Propane, L.P., the company's principal operating subsidiary, and are subordinated to AmeriGas Propane, L.P.'s senior secured ABL revolving credit facility. The unsecured intercompany loan, that is subordinated to the senior notes, is expected to be repaid in this transaction. Neither UGI Corporation nor AmeriGas or UGI International provide guarantees of each other's debt. However, UGI Corporation's debt agreements include cross-default provisions triggered if AmeriGas or UGI International fail to make principal or interest payments on more than $125 million of their own debt, creating an element of linkage between the two capital structures. This linkage and large investment in AmeriGas have resulted in UGI Corporation being supportive of AmeriGas' deleveraging and refinancing efforts. UGI International, LLC UGI International's stable outlook reflects Moody's expectations that the company will maintain leverage below 3.0x and that it will apply free cash flow to debt reduction, building cushion for weather related earnings and cash flow volatility. Maintaining leverage below 3.0x remains a critical support to the rating and is assisted by the expected repayment of the remaining $150 million outstanding on the intercompany loan that it made to AmeriGas. UGI International's Ba2 CFR benefits from relatively low leverage and solid interest coverage which contribute to the company's overall credit strength and provide a degree of resilience in a competitive and evolving energy landscape. However, the credit profile is constrained by its narrow product offering of liquified petroleum gas (LPG), high geographic concentration, and exposure to a mature industry facing long-term decline in demand, driven in part improvements in home insulation, energy efficiency, and conservation. The vast majority of the company's EBITDA is derived in France. While France remains a core market, UGI International serves a broad and diverse customer base across nine countries and three brands (after all pending divestitures have closed), partially mitigating geographic concentration risk. Sustained cost discipline is critical to maintaining profit margins. The use of UGI International's balance sheet to support AmeriGas validates concerns about the standalone financial independence of UGI Corporation's subsidiaries. Prudent management of ongoing cash distributions to UGI Corporation will also be essential to preserving financial flexibility and avoiding increases in debt. UGI International is expected to maintain good liquidity. As of December 31, 2025, the company had Euro 66 million drawn on its Euro500 million revolving credit facility, which matures in 2028. In addition, as of December 31, 2025, UGI International held a cash balance of $195 million. The company carries a sizable cash balance to support its operations across a number of countries. The $300 million distribution to UGI Corporation will reduce liquidity but be partially offset by the expected repayment of the outstanding $150 million intercompany loan. UGI International's senior unsecured notes are rated Ba2, in line with the CFR. The company also maintains a senior unsecured revolving credit facility and senior unsecured term loan. The notes, revolver, and term loan rank pari passu. The debts are guaranteed by certain subsidiaries, including certain subsidiaries in France. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS AmeriGas Partners, L.P. Factors that could lead to an upgrade for AmeriGas include continued successful execution on the operational turnaround of the business along with EBITDA growth; debt/EBITDA sustained below 4.0x; EBITDA/interest sustained above 3.25x; and conservative financial policies and good liquidity. The financial policies and liquidity at UGI Corporation will also be considered. Factors that could lead to a downgrade for AmeriGas include debt/EBITDA above 5.0x; more aggressive financial policies; or weakening liquidity. UGI International, LLC Factors that could lead to an upgrade for UGI International include growth of less weather-dependent volumes; debt/EBITDA sustained below 2.0x; and conservative financial policies. The financial policies and liquidity at UGI Corporation will also be considered. Factors that could lead to a downgrade for UGI International include larger than expected distributions to UGI Corporation; weakening liquidity; or debt/EBITDA above 3.0x. AmeriGas is a marketer and distributor of propane in the US. UGI International is a marketer and distributor of LPG in Europe. Both AmeriGas and UGI International are subsidiaries of UGI Corporation. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. AmeriGas' Ba3 rating is two notches above the scorecard-indicated outcome of B2. The difference primarily reflects the lower debt and improved interest coverage after expected debt reduction. The assigned rating also reflects Moody's assessments of improvement in the company's financial strategy and risk management. UGI International's Ba2 rating is two notches below the scorecard-indicated outcome of Baa3. The difference primarily reflects constraints arising from relatively modest scale, high geographic concentration, and exposure to a mature industry facing long-term decline. ANGELA HOLDINGS: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- Angela Holdings, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Ohio an Amended Plan of Reorganization under Subchapter V dated April 30, 2026. The Company was formed in 2022. The Company was formed by Douglas Kraus, who remains the sole member of the Company. Prior to the formation of the Company, Mr. Kraus previously held a portfolio of residential real estate properties for the purpose of renting the properties to residential tenants. In 2022, Mr. Kraus sought a loan from CoreVest American Finance Lender, LLC for the purpose of consolidating debt and cashing out equity in the real estate portfolio. In 2022, one of the properties suffered major water damage to an 11-unit property. That resulted in tenants leaving the building and substantial reduction in rents. That caused the Company to fall behind on its loan payments. One property suffered a failure to a septic system. There was no ability to immediately repair the septic system. The Company spent funds to engage contractors to inspect the issues. The Company has been required to clean out the septic system very frequently to avoid further issues. There have been several instances where tenants have caused damage to a property resulting in the inability to immediately relet the property to a new tenant. In addition, the Company was forced to expend funds on deposit toward unexpected repairs. Eventually, these issues caused the company to miss payments to Wilmington Trust. Wilmington Trust commenced a foreclosure action in Florida on April 10, 2025 and commenced a foreclosure action in Ohio on April 10, 2025. Ultimately, the Company made the decision to file this Chapter 11 case in order to gain protection of the automatic stay and protect the properties from foreclosure. The Company desires to restructure its debts so that it can continue to operate the properties while making meaningful payments to the Company's creditors with Allowed Claims. The projected financial information contemplates that Mr. Kraus will need to contribute personal funds to the Debtor during the first twelve months. This is because the Debtor's cash reserves are expected to be used on necessary repairs to properties, and to account for the fact that the Debtor's property in Florida will be closed for four months for repairs initiated by the building owner. Mr. Kraus has the financial ability to make these contributions. Class 4 consists of General Unsecured Claims. In full and final satisfaction of such Allowed General Unsecured Claim, each holder of an Allowed General Unsecured Claim shall receive, on or before the Plan Completion Date, Cash in an amount equal to 100% of the amount of such Allowed Secured Claim, plus interest. Notwithstanding the amount of interest alleged in any proof of claim, Class 4 General Unsecured Claims shall accrue interest at the rate of 8.50% per annum until satisfied in full. There shall be no pre-payment penalty in the event the Debtor satisfies an Allowed General Unsecured Claim prior to the Plan Completion Date. Class 4 is Impaired. Class 5 consists of Equity Interests. On the Plan Completion Date, Equity Interests shall be deemed Unimpaired, and the holders of Equity Interests shall retain any such Equity Interests. Equity Interests are not Impaired under the Plan. The Plan will be funded from the ongoing business operations of the Debtor, and contributions from Mr. Kraus as necessary, as set forth in the projections. There is currently no intent to liquidate Assets of the company to fund the Plan. A full-text copy of the Amended Plan dated April 30, 2026 is available at https://urlcurt.com/u?l=z9Pb5h from PacerMonitor.com at no charge. Counsel for the Debtor: Dustin Hurley, Esq. Hurley Law, LLC 301 N. Breiel Blvd. Middletown, OH 45042 Telephone: (513) 705-9000 Facsimile: (513) 705-9001 Email: hurley@hurley.law About Angela Holdings LLC Angela Holdings, LLC was formed in 2022 by Douglas Kraus, who remains the sole member of the Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 3:25-bk-32459) on Dec. 8, 2025. In the petition signed by Douglas Kraus, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tyson A. Crist oversees the case. Dustin R. Hurley, at Hurley Law, LLC, is the Debtor's legal counsel. ASCEND ELEMENTS: Goodwin & Gray Reed Advise Senior CLN Group ------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Ascend Elements, Inc. and its debtor-affiliates, Goodwin Procter LLP and Gray Reed filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that both firms represent a group of holders (or beneficial holders) of, or investment advisors, subadvisors, or managers of funds and discretionary accounts that hold, claims against or equity interests in the Debtors. The Senior CLN Group, comprised of the Holders of: A. senior secured convertible notes issued pursuant to that certain Senior Secured Convertible Note and Warrant Purchase Agreement, dated December 22, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time); B. junior secured convertible notes issued pursuant to that certain Subordinated Secured Convertible Note Purchase Agreement, dated as of June 13, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time); and C. equity interests in Ascend Elements, Inc. Before the formation of the Senior CLN Group, Counsel represented Fifth Wall Early Stage Climate Technology Fund, L.P., Fifth Wall Accelerate (Late Stage), L.P., and Fifth Wall Ventures SPV XXXIX, L.P. in connection with these Chapter 11 cases. Counsel does not represent or purport to represent any other entities in connection with these Chapter 11 cases. Counsel does not represent the Senior CLN Group as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or other entity that has not signed a retention agreement with Counsel. The Senior CLN Group does not represent or purport to represent any other entities in connection with these Chapter 11 cases. No member of the Senior CLN Group represents the interests of, or acts as a fiduciary for, any person or entity other than itself in connection with these Chapter 11 cases. After due inquiry, Counsel does not hold any disclosable economic interest in relation to the Debtors. Nothing contained in this Verified Statement is intended or shall be construed to constitute: A. a waiver or release of the rights of any of the members of the Senior CLN Group to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; B. a waiver or release of the rights of any of the members of the Senior CLN Group to have any final orders in all non-core matters entered only after de novo review by a United States District Judge; C. consent to the jurisdiction of the Court over any matter; D. an election of remedy; E. a waiver or release of any rights of any of the members of the Senior CLN Group may have to a jury trial; F. a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the Senior CLN Group; or G. a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the Senior CLN Group are or may be entitled under applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. The Senior CLN Group reserves the right to amend or supplement this Verified Statement. The information contained herein is intended only to comply with Bankruptcy Rule 2019 and is not intended for any other purpose. The names and addresses of each of the members of the Senior CLN Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. Fifth Wall Early Stage Climate Technology Fund, L.P. 100 Wilshire, Suite 2060 Santa Monica, CA 90401 Senior Secured Convertible Notes $2,155,353.33 Junior Secured Convertible Notes $5,017,210.31 Other Disclosable Economic Interest Common Shares: 4,835,048 2. Fifth Wall Accelerate (Late-Stage), L.P. 100 Wilshire, Suite 2060 Santa Monica, CA 90401 Senior Secured Convertible Notes $718,450.82 Junior Secured Convertible Notes $1,672,402.75 Other Disclosable Economic Interest Common Shares: 1,611,682 3. Fifth Wall Ventures SPV XXXIX, L.P. 100 Wilshire, Suite 2060 Santa Monica, CA 90401 Senior Secured Convertible Notes $2,126,195.85 Junior Secured Convertible Notes $4,949,337.82 Other Disclosable Economic Interest Common Shares: 2,550,709 4. Doral Energy - Tech Ventures, Limited Partnership 6 Ha'hilazon St. Ramat Gan, Israel 5252270 Senior Secured Convertible Notes $5,000,000 Junior Secured Convertible Notes $1,974,105.57 Other Disclosable Economic Interest Common Shares: 3,052,147 5. Doral Tech SI, Limited Partnership 6 Ha'hilazon St. Ramat Gan, Israel 5252270 Senior Secured Convertible Notes - Junior Secured Convertible Notes $71,469.26 Other Disclosable Economic Interest Common Shares: 55,249 Counsel to the Senior CLN Group: Jason S. Brookner, Esq. Lydia R. Webb, Esq. GRAY REED 1300 Post Oak Blvd. Suite 2000 Houston, TX 77056 Tel: (713) 986-7000 Fax: (713) 986-7100 Email: jbrookner@grayreed.com lwebb@grayreed.com - and - Robert J. Lemons, Esq. Debora A. Hoehne, Esq. Artem Skorostensky, Esq. GOODWIN PROCTER LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 Tel: (212) 813-8800 Fax: (212) 355-3333 E-mail: RLemons@goodwinlaw.com DHoehne@goodwinlaw.com ASkorostensky@goodwinlaw.com About Ascend Elements, Inc. Ascend Elements, Inc. is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Ryan E. Manns, Esq. of Norton Rose Fulbright US LLP. The Debtors hired Adam Titus of Alvarez & Marsal North America, LLC as chief restructuring officer; and Jefferies LLC as investment banker. ASTICOU HOSPITALITY: Loses Bid to Shorten Proofs of Claim Deadline ------------------------------------------------------------------ Judge Michael A. Fagone of the U.S. Bankruptcy Court for the District of Maine denied in part Asticou Hospitality, LLC's motion to establish procedures for allowance and payment of general unsecured claims post-closing in the bankruptcy case. In early March 2026, the Court announced deadlines for creditors to file proofs of claim in this case under chapter 11 of the Bankruptcy Code. Through its motion, the debtor has asked the Court to reduce the time allowed for such filings. Even if, under some general authority, the Court can reduce the time, it is not persuaded that good cause exists to do so in this case. Moreover, the Court is not persuaded that interested parties might face more prejudice in waiting for the original deadlines to pass than creditors might face if those deadlines were shortened -- notwithstanding the protective measures for creditors that the debtor has proposed. Accordingly, the request to reduce the time for filing proofs of claim is denied. On August 20, 2026, at 1:00 p.m., the Court will hold a further hearing on the remaining requests for relief in the debtor's motion -- namely, the requests related to paying certain allowed general unsecured claims. A copy of the Court's Order dated May 6, 2026, is available at https://urlcurt.com/u?l=kqScHL About Asticou Hospitality, LLC Asticou Hospitality, LLC is a Maine-registered limited liability company that owns and operates The Asticou Hotel, a historic luxury lodging property in Northeast Harbor, Maine. The company was created by Maine hotelier Tim Harrington to acquire and renovate the Asticou property, a grand coastal inn on Mount Desert Island with dining, accommodations, and hospitality services, and has overseen a multi-million-dollar redevelopment and reopening of the hotel. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Maine Case No. 26-20030) on February 11, 2026. Judge Michael A Fagone oversees the case. Randy J. Creswell, Esq.,at CRESWELL LAW, represents the Debtor as legal counsel. ATLAS LAND HOLDINGS: Court OKs DIP Loan, Cash Collateral Access --------------------------------------------------------------- Atlas Land Holdings, LLC and Goodbear Property, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of New York to use cash collateral. The court on May 13 entered an interim order authorizing the Debtors to use cash collateral through June 18 to pay operating expenses in accordance with their budget. The Debtors are not allowed to use cash collateral in excess of 10% of any authorized line item or 5% of the total budget without prior written consent from First National Bank of Scotia, the Debtors' primary secured lender. The Debtors are borrowers under two separate loans with First National Bank of Scotia. As of the petition date, Atlas and Goodbear owed the lender $4,867,746.38 and $340,038.22, respectively. As protection for the Debtor's use of its cash collateral, First National Bank of Scotia will be granted replacement and rollover security interest in and liens on all of the Debtors' post-petition collateral, subject only to the fee carveout. To the extent the liens and security interests granted are inadequate, the lender will have superpriority claims and will receive monthly payments, subject to cash availability. New DIP Loan The interim order also authorized Goodbear to obtain debtor-in-possession financing from First National Bank of Scotia in the form of a $250,000 senior secured, superpriority revolving line of credit. The loan carries an interest rate of 6.95% (increasing to 10.95% upon default) and matures on Nov. 30 or earlier upon occurrence of triggering events, including a sale of substantially all assets, conversion of the Chapter 11 case, or an uncured default. Goodbear's obligations under the financing will be secured by first priority senior security interest in and lien on cash balances and unencumbered property, along with superpriority administrative expense claims. The interim order is available at https://is.gd/Gwcq26 from PacerMonitor.com. The final hearing is set for June 18. Objections or responses must be filed no later than seven business days before the hearing. The Debtors' financial distress stems from declining revenues and cash flow shortages, which led to defaults under pre-petition loan obligations owed to First National Bank of Scotia. The lender holds a substantial mortgage loan exceeding $4.8 million secured by the Debtors' primary asset, the Friends Lake Inn in New York, along with a revolving line of credit and an overdraft note owed by Goodbear. Despite a prior forbearance agreement, the Debtors were unable to cure their defaults and ultimately sought bankruptcy protection to preserve value and pursue a reorganization or sale. The Debtors said that no alternative financing is available due to their fully encumbered asset base and distressed financial condition, and that First National Bank of Scotia is the only viable lender willing to extend credit under these circumstances. First National Bank of Scotia, as secured lender, is represented by: Paul A. Levine, Esq. Lemery Greisler LLC 677 Broadway, 8th Floor Albany, NY 12207 (518) 433-8800 About Atlas Land Holdings LLC Atlas Land Holdings, LLC owns commercial real estate at 963 Friends Lake Road in Chestertown, New York, which is occupied by Friends Lake Inn, a hotel and restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10493) on May 1, 2026. In the petition signed by Jaclyn M. Iarossi, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Patrick G. Radel oversees the case. Howard P. Magaliff, Esq., at R3M Law, LLP, represents the Debtor as legal counsel. AUTOMOTIVE OUTFITTERS: Todd Hennings Named Subchapter V Trustee --------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Automotive Outfitters, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Automotive Outfitters LLC Automotive Outfitters, LLC, doing business as Trucked Up, provides automotive outfitting and aftermarket vehicle services in Rome, Georgia. Its work includes vehicle customization, off-road upfits, tires and related automotive projects, serving vehicle owners and customers seeking truck, off-road and automotive accessory services. Automotive Outfitters sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40728) on May 4, 2026, with $1 million to $10 million in both assets and liabilities. Judge Barbara Ellis-Monro presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. AYA SERVICE 1: Secured Party Sets May 27, 2026 Auction ------------------------------------------------------ In accordance with applicable provisions of the Uniform Commercial Code by virtue of default under a pledge agreement dated Nov. 27, 2024, executed by AYA Service 1 LLC ("pledgor") and 47 West LLC ("secured party"), the Secured Party will offer for sale at public auction the right, title and interest of AYA Service 1 LLC ("pledgor") in and to 100% of the membership interests and other equity interests, including, but not limited to, all economic rights and governance rights associated therewith, in and to 321-323-325 West 42nd Street LLC ("issuer") which owns the real property known as 321, 323, and 325 West 42nd Street, New York, New York ("property") ("collateral"). The rights secured by the secured party are subject to a senior loan and first priority mortgage on the property and the obligations and liabilities set forth in the senior loan documents. In order to satisfy the amounts due to the secured party in the amount of $3,648,639.28 plus accrued interest and fees, including default interest at the rate of 24% per annum from Sept. 1, 2025, plus costs, legal fees and disbursements and less any credits being held by the lender, if any, and less payments received since Sept. 1, 2025, which will be applied first to reduce legal fees, costs, additional permitted fees, default interest then principal. The public auction will be held on May 27, 2026, at 3:30 p.m. EST, and will be conducted by Matthew D. Mannion of Mannion Auctions LLC, virtually via following Zoom meeting link: https://us06web.zoom.us/j/83931696258?pwd=BgrvalFc2lJoygzuoFUuAHuQFPAl72.1 Meeting ID: 839 3169 6258 Passcode: 582050 or by Phone at +1 (646) 931-3860 The secured party reserves the right to credit bid. Any individual or entity interested in bidding on the collateral must contact Mr. Mannion at mdmannion@jpandr.com or by phone at +1 (212) 267-6698, to obtain a copy of the terms of sale and information regarding bidding instructions. Upon execution of a confidentiality and non-disclosure agreement, additional documentation and information will be made available. The relevant UCC was filed on Nov. 27, 2024, and refiled on Nov. 19, 2025, in the state of Delaware, whereby AYA Service 1 LLC, as pledgor, pledged its 100% interest in 321-323-325 West 42nd Street LLC, as the sole member, to the secured party. Attorney for the Secured Party: Evan M. Newman, Esq. Jacobowitz Newman Tversky LLP 377 Persall Avenue, Suite C Cedarhurst, NY 11516 Tel: (516) 545-0996 Fax: (212) 671-1883 BAER & ASSOCIATES: Claims to be Paid from Future Income ------------------------------------------------------- Baer & Associates, Inc., filed with the U.S. Bankruptcy Court for the District of Kansas a Small Business Plan of Reorganization dated May 1, 2026. The Debtor began operating on January 1, 1985. It initially provided food packaging supplies to movie theaters. Today, the company is a commissioned sales agent to grocery stores, convenience stores, fast food, dairy, and specialty markets. 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. Several of these creditors sent letters to companies which process Debtor's accounts receivables, asking for turnover of any funds received. Debtor was sued pre-petition by creditor G&G Funding. Shortly after bankruptcy case filing, Debtor was sued by creditor Apollo Funding Co. The Debtor's creditors were listed in Schedules D through G. The U.S. Small Business Administration ("SBA") is believed to be the senior UCC-1 lienholder of the assets owned by Debtor. The debt owed to SBA is $139,861.38. This exceeds the combined asset value. SBA is under-secured on its lien. Debtor leases its commercial space from Tower Properties Company and will assume the lease and continue making monthly payments. The Debtor will assume both of its leases with Chrysler Capital and continue making monthly contract payments on two separate 2024 Jeep Grand Cherokees. Kari-Out holds an administrative claim that will be fully paid in the plan. The Internal Revenue Service filed a claim and will be fully paid the priority amount once that amount is established. The remaining creditors are either unsecured or wholly under-secured and are not expected to receive payment in this case. Class 2 consists of the Priority unsecured claim of the Internal Revenue Service. This Class shall be paid monthly at $600 per month. This Class is unimpaired. Class 4 consists of General Unsecured Claims. The Debtor's assets are secured by a UCC-1 lien held by the SBA. The balance owed to SBA exceeds the value of the assets. There is no equity available for general unsecured creditors. This Class is impaired. Patrick M. Loftus shall retain his equity interest. The Chapter 11 plan will be implemented by the Debtor continuing its regular activity. Revenue will be paid by the clients of the Debtor and collection of accounts receivables. 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. A full-text copy of the Plan of Reorganization dated May 1, 2026 is available at https://urlcurt.com/u?l=ZQ57XD from PacerMonitor.com at no charge. Counsel to the Debtor: Gary Mardian, Esq. Wiesner & Frackowiak, LC 6750 West 93rd Street, Ste. 220 Overland Park, KS 66212 Tel: (913) 381-7654 Fax: (913) 383-3948 Email: garym@wflaw.net About Baer & Associates Inc. Baer & Associates, Inc. based in Prairie Village, Kansas, provides custom and innovative packaging solutions for manufacturers and businesses across various industries. The company offers sustainable and specialized packaging products, emphasizing supply chain support, food safety, and client-focused service. Founded in 1981, it serves both stock and custom packaging needs through its U.S. Operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20151) on February 4, 2026. In the petition signed by Patrick M. Loftus, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Dale L. Somers oversees the case. The Debtor tapped Gary Mardian, Esq., at Weisner & Frackowiak, LC as counsel and Scott Martin at Accounting & Advisory Services, PA as accountant. BEELINE HOLDINGS: AWM Investment Exits Full Common Stock Position ----------------------------------------------------------------- AWM Investment Company, Inc. disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, it no longer beneficially owns shares of Beeline Holdings, Inc.'s Common Stock. AWM Investment Company, Inc. is the investment adviser to Special Situations Fund III QP, L.P. (SSFQP) and Special Situations Cayman Fund, L.P. (Cayman), and as investment adviser to the Funds, holds sole voting and investment power over 0 Common Shares held by SSFQP and 0 Common Shares held by Cayman. David M. Greenhouse and Adam C. Stettner are members of SSCayman, L.L.C., the general partner of Cayman, and MGP Advisers Limited Partnership, the general partner of SSFQP, and are also controlling principals of AWM. AWM Investment Company, Inc. may be reached through: Adam Stettner, Executive Vice President 527 Madison Avenue Suite 2600 New York, NY 10022 Tel: 212-319-6670 A full-text copy of AWM Investment Company, Inc.'s SEC report is available at: https://tinyurl.com/3hswrwrb About Beeline Holdings Beeline Financial Holdings, Inc. is a mortgage fintech transforming the way people access property financing. Through its fully digital, Al-powered platform, Beeline delivers a faster, smarter path to home loans-whether for primary residences or investment properties. Headquartered in Providence, Rhode Island, Beeline is reshaping mortgage origination with speed, simplicity, and transparency at its core. The Company is a wholly owned subsidiary of Beeline Holdings and also operates Beeline Labs, its innovation arm focused on next-generation lending solutions. Boca Raton, Florida-based Salberg & Company, P.A., the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations since its inception, has a significant working capital deficit, and is dependent on debt and equity financing. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $70.2 million in total assets, $16.6 million in total liabilities, and $53.6 million in total equity. BELLRING BRANDS: S&P Downgrades ICR to 'B+' on Brand Challenges --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based BellRing Brands Inc. to 'B+' from 'BB-' and its issue-level rating on its $840 million senior unsecured notes to 'B+' from 'BB-'. S&P also revised the recovery rating on the unsecured notes to '4' from '3' to indicate its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. S&P revised the outlook to negative. The negative outlook reflects that it could lower its rating on the company over the next 12 months if its operating performance continues to weaken and its leverage rises above 4x. The downgrade and the negative outlook reflect our expectation for significant profit declines in fiscal 2026, stemming from increasing competitive pressures and extraordinary cost inflation. BellRing faced a challenging operating environment in the second quarter of fiscal 2026 due to increased competitive intensity, a weak consumer backdrop, and cost headwinds. While the company increased its revenue by 2% relative to the same period the prior year, its S&P Global Ratings-adjusted EBITDA declined by more than 58%. BellRing's profitability was significantly pressured by a combination of a negative shift in its sales mix, higher-than-expected freight costs, protein-driven commodity price inflation, and an inventory-related charge due to a third-party supplied ingredient that did not meet the company's quality standards. In the club channel, which accounts for about 40% of its total sales, the company's Premier Protein ready-to-drink (RTD) shake consumption declined by 7.3% after dropping by 14.2% in the first quarter. Moreover, BellRing lost market share in this channel amid increased competitive promotional intensity and consumer trade down activity. S&P said, "For fiscal 2026, we forecast the company will expand its revenue by 0.5% on a high-single-digit percent improvement in its volumes, which will be almost completely offset by negative shift in its sales mix. We also forecast BellRing's S&P Global Ratings-adjusted EBITDA margin will contract to 14% for the year from 21% in fiscal 2025. Specifically, we expect continued promotional intensity--similar to second-quarter levels--during the company's promotion-heavy fourth quarter will weaken its margin. We also expect BellRing will incur higher freight and input costs for milk protein concentrate (the key ingredient in its RTD shakes) and whey protein (the key ingredient in its powders offerings). While we believe the company has some pricing power, aggressive price increases could further reduce its volumes. Moreover, BellRing expects to face an incremental 80-basis point (bps) headwind to its fiscal-year 2026 margins from tariffs, net of its mitigation efforts. We also expect the company's EBITDA will remain pressured due to management's decision to spend more on advertising, including its recent launch of a new creative campaign to solidify Premier Protein's consumer positioning and increase its household penetration. We forecast BellRing will raise its advertising spending to about 4% of its consolidated sales in fiscal 2026 from the low-3% area in fiscal 2025." Mounting competitive pressures may dampen long-term margin prospects as it works to restore its competitive position. BellRing is facing significant competitive pressures as insurgent brands, such as Nurri (owned by Trilliant Food & Solutions) and Oikos (owned by Danone S.A.), invest to establish their presence in the market while retailers continue to expand shelf space for the category. At the same time, other established players, such as Fairlife (owned by Coca-Cola), are investing to defend their market share while benefitting from additional capacity. While S&P acknowledges the company's spending on promotions and advertising for Premier Protein were necessary to maintain the brand's competitive positioning, it negatively affected its operating results. Over the past few years, the category has become heavily dependent on promotions to drive sales in the U.S., leading consumers to grow accustomed to paying less for these products. In the past, BellRing benefited from the constrained level of manufacturing capacity, which discouraged new entrants, and consumer comfort with paying full price for RTD protein shakes. However, now that macroeconomic conditions have weakened and the category has become significantly more competitive, the company's brand challenges have become pronounced. Therefore, in November 2025, the company lowered its long-term revenue growth target to 7%-9%, from 10%-12%, while maintaining its adjusted EBITDA margin target of 18%-20% on the expectation it would offset its higher brand investment with cost savings. S&P said, "We believe BellRing will significantly underperform its long-term targets in fiscal 2026. While we expect some improvement in fiscal 2027, we believe there has been a material shift in the competitive landscape. That said, the longer-term impact of these competitive shifts will not be clear until consumer demand trends stabilize." S&P said, "We believe management's efforts to expand the distribution and household penetration of Premier Protein will help it maintain relatively stable market share. However, we believe the company will need to step up its promotional and marketing investments and increase its advertising spend to maintain shelf space and remain top-of-mind for consumers in the face of increasing competition and significant capacity additions. For instance, we estimate BellRing will raise its total advertising spend to about 5% of its sales over the near term. However, we note these levels are still lower than average for the broader packaged food sector (in the mid- to high-single-digit percent range), which indicates the company could potentially continue to increase its investments. Overall, we do not forecast BellRing's S&P Global Ratings-adjusted EBITDA margin will return close to its long-term target in the near term due to necessity for incremental investments. "Despite its asset-light model, we expect BellRing's credit metrics will be significantly depressed in fiscal 2026 due to its lower profitability, aggressive shareholder returns, and a one-time litigation settlement. The company's expansion of its revenue and solid EBITDA margins of more than 20% over the last three years improved its free operating cash flow (FOCF) generation. Moreover, BellRing's asset-light business model limits its fixed overhead expenses and capital expenditure (capex) while providing it with greater flexibility to react to demand softness. We expect the company's reported FOCF will decline precipitously to about $30 million in fiscal 2026, from $254 million in fiscal 2025, with about a quarter of the contraction stemming from its reduced profitability and another one-third due to higher working capital usage, given the elevated cost of its inventory. We expect a one-time $90 million settlement payment related to the Joint Juice litigation will hurt BellRing's cash flows in fiscal 2026 and account for the remaining third of the decline in its margin. The company made $4 million of payments related to the settlement in the first half of fiscal 2026 and expects to make pay the balance of $86 million in the fourth quarter. In addition, a securities class action lawsuit was filed against BellRing and certain of its executives by some of its equity stockholders in January 2026. However, we do not currently view this as material to our ratings, given the lack of further information and the sufficient time available for the company to undertake necessary actions. We will continue to monitor developments related to this matter, including any potential litigation expense that will decrease its EBITDA but is considered immaterial at this time. "The company completed $124 million of share repurchases in the first half of fiscal 2026 and borrowed $100 million from its revolving credit facility to fund the buybacks, resulting in $350 million of outstanding borrowings on the revolver as of the end of the quarter. For the rest of the fiscal year, we expect BellRing will limit its share buybacks to avoid weakening its credit metrics as it navigates through a difficult operating environment. We believe the company's weak cash flow generation will limit its ability to repay its outstanding revolver borrowings in fiscal 2026. BellRing's higher debt levels, combined with its lower profitability, will cause its leverage to increase to about 3.7x as of the end of fiscal 2026 from 2.4x a year ago. "The negative outlook reflects the company's substantial profit declines and the potential we will lower our rating over the next 12 months if it cannot stabilize its operating performance and its credit metrics deteriorate further." S&P could lower its rating on BellRing if it believes it will sustain leverage of more than 4x. This could occur if: -- The demand for Premier Protein shakes wanes because of continued elevated competition from existing or new entrants or a worsening macroeconomic environment; -- Inflationary pressures continue and further erode its profitability relative to our base case; -- It loses one of its largest customers; or -- It undertakes large shareholder returns. S&P could revise its outlook on BellRing to stable if it improves its cash flow and maintains leverage comfortably below 4x. This could occur if: -- It maintains its market share without experiencing distribution losses; -- It improves its operating performance, including by stabilizing its S&P Global Ratings-adjusted EBITDA margins above 15%; and -- It does not undertake additional sizable share repurchases while its leverage remains elevated. BELWOOD INVESTMENTS: Seeks to Use Cash Collateral ------------------------------------------------- Belwood Investments, LLC asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to use cash collateral and provide adequate protection. The cash collateral is generated from rent collected at its long-term rental properties through the confirmation of its reorganization plan. The Debtor operates 21 real estate assets as rental properties but only eight are currently occupied and producing income as of late March–April 2026. These rental properties include multiple homes across California, North Carolina, Texas, and South Carolina, with an estimated combined fair market value of about $3.45 million and secured debt of roughly $3.33 million, leaving limited equity of approximately $259,000 across the occupied assets. The Debtor argues that it must be allowed to use rental income as cash collateral to cover essential operating expenses, especially mortgage payments, insurance, maintenance, and property-related costs, as outlined in a detailed budget. It requests flexibility to vary expenses by up to 10% while remaining within approved categories. The Debtor has a very large creditor base including about 1,093 secured creditors, with claims totaling around $97 million as well as approximately $13 million in unsecured debt. Belwood proposes to provide adequate protection to secured creditors through continued payments from rental income, replacement liens on the properties, and reliance on existing equity in some properties. A court hearing is set for May 26. A copy of the motion is available at https://urlcurt.com/u?l=2Q4URV from PacerMonitor.com. About Belwood Investments LLC Belwood Investments operates as a real estate investment company focused on luxury residential properties across the U.S. The firm targets high-end homes with redevelopment potential, seeking to generate returns through renovation and resale strategies. Belwood Investments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10849) on March 18, 2026. In its petition, the Debtor reports $100 million to $500 million in assets and $50 million to $100 million in liabilities. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by the Law Offices of Michael Jay Berger. BESTGOFER INC: To Record $78.8K Goodwill Impairment --------------------------------------------------- BestGofer Inc. management concluded May 5 that the company must record a $78,754 noncash goodwill impairment charge, according to a Form 8-K filing with the Securities and Exchange Commission. The charge represents the full carrying amount of goodwill assigned to Liberty Home Inspection Services LLC, BestGofer's wholly owned subsidiary acquired Aug. 31, 2025. BestGofer said the impairment will be recognized in its statements of operations for the three months ended Feb. 28 and will reduce goodwill on its balance sheet to $0 as of that date. The company said management made the determination under ASC 350-20 after evaluating indicators including the reporting unit's operating performance, limited historical and forecasted revenue, sensitivity of the discounted-cash-flow estimate to changes in assumptions and key-person concentration risk. The impairment is not expected to result in future cash expenditures, and BestGofer said previously issued financial statements for the fiscal year ended Nov. 30, 2025, are not affected. About BestGofer BestGofer Inc. is a Nevada company developing a delivery platform intended to let consumers request purchase and delivery of retail items through a smartphone app and local independent-contractor drivers called Gofers. The delivery platform was pre-operational and had not generated revenue as of the latest annual report. The company also owns Liberty Home Inspection Services LLC, a Washington-based provider of home inspection services to residential buyers, sellers and real estate professionals. LHIS recognizes revenue after completion of each inspection and delivery of the inspection report. In an audit report dated March 13, 2026, Barton CPA PLLC included substantial doubt language, stating that BestGofer and its subsidiary had suffered recurring losses from operations and had a net capital deficiency. The auditor said those conditions created substantial doubt about the company's ability to continue as a going concern. As of Feb. 28, 2026, the company reported total assets of $39,166, total liabilities of $149,216 and total stockholders' deficit of $110,050. BETHEL UNIVERSITY: S&P Rates 2026 Rev. Bonds 'BB+', Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB+' long-term rating to Minnesota Health and Education Facilities Authority's $25 million series 2026 revenue bonds, issued for Bethel University, Minnesota. At the same time, S&P affirmed its 'BB+' rating on the authority's series 2017 revenue bonds, issued on behalf of Bethel University. The outlook is stable. S&P said, "We analyzed the university's environmental, social, and governance factors pertaining to its market position, management and governance, and financial performance. We believe Bethel is exposed to elevated social risks related to changing demographic trends in Minnesota, with fewer graduating high school students expected in the next several years. We view the university's environmental and governance factors as neutral in our credit rating analysis. "The one-year outlook reflects our expectation that despite continued operational pressure, the university will sustain cash and investment metrics at levels sufficient for the rating without issuing additional debt. We also expect the university will maintain enrollment and other demand metrics at, or near, current levels. "We could take a negative rating action during the outlook period if enrollment declines materially or if the university returns to full-accrual operating deficits such that financial resources begin to deteriorate. We could also consider a negative rating action if the university issues additional debt without a commensurate increase in financial resources. "We could consider a positive rating action if Bethel continues to stabilize enrollment, reports a trend of balanced operations on a full-accrual basis, and improves financial resources, given most of the endowment is restricted. In addition, we would view the elimination of material findings in the audit positivity." BRANDCASTERS INC: Robert Goe Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee for Brandcasters, Inc. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-943 About Brandcasters Inc. Brandcasters, Inc., doing business as Podetize and Podetize.com, provides podcast production, syndication, hosting, editing, migration, statistics, ad swapping, and related marketing and monetization support. The company also offers website support services, including backups, security, performance support, SEO, and content updates. Based in Irvine, California, Brandcasters serves podcasters ranging from new and hobbyist creators to professional podcasters and existing podcast publishers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11374) on May 3, 2026, with $11,888 in assets and $1,175,226 in liabilities. Thomas B. Hazzard, president/CEO, signed the petition. Judge Mark D. Houle presides over the case. Anerio Ventura Altman, Esq., at the Lake Forest Bankruptcy represents the Debtor as legal counsel. BRAZOS DELAWARE II: Moody's Puts 'B1' CFR on Review for Upgrade --------------------------------------------------------------- Moody's Ratings placed Brazos Delaware II, LLC (Brazos) ratings on review for upgrade, including its B1 corporate family rating, B1-PD probability of default rating and B1 senior secured term loan B due 2030. The outlook was changed to rating under review from stable. These rating actions follow the agreement [1] with Western Midstream Partners, LP (rated subsidiary Western Midstream Operating, LP (Western), Baa3 stable) to acquire Brazos for an equity and cash consideration of around $1.6bn. The transaction is expected to close in the second quarter of 2026, subject to regulatory clearance and other customary closing conditions. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Brazos's ratings were placed on review for upgrade based on their potential ownership by Western Midstream which has a stronger credit profile. The review will conclude once the transaction has closed and there is clarity on the potential implications for Brazos's debt, whether it will be repaid, assumed or guaranteed by Western or remain Brazos's obligation. If the term loan is fully repaid in connection with the closing of the acquisition, Moody's will likely withdraw all of Brazos's ratings. Brazos, headquartered in Fort Worth, Texas, owns a natural gas and crude oil gathering and transportation system in the Delaware Basin in Texas, within the broader Permian Basin. The principal methodology used in these ratings was Midstream Energy published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. BRIGHT MOUNTAIN: Names Olgun CFO With $335,000 Salary ----------------------------------------------------- Bright Mountain Media, Inc. appointed Mr. Olgun chief financial officer under a May 1 employment agreement, according to a Form 8-K filing with the Securities and Exchange Commission. The company said former Chief Financial Officer Ethan Rudin departed April 30 and will receive severance equal to six months of base salary under his employment agreement. Chief Executive Matt Drinkwater will serve as interim principal financial officer and interim principal accounting officer until the company files its next Form 10-Q. Olgun, 43, most recently served as a strategic finance consultant to Eventbrite Inc. and previously was chief financial officer of Loop Media Inc. from March 2022 to October 2025. He also served as director of finance at United Pacific from April 2018 to March 2022. Under the agreement, Olgun will receive a $335,000 annual base salary and will be eligible for an annual bonus of up to 50% of base salary. He also received options to buy 1 million common shares at $0.004 a share, vesting over four years, and would receive six months of base salary if terminated without cause. About Bright Mountain Bright Mountain Media, Inc., is a Boca Raton, Florida-based holding company with operations in digital publishing, advertising technology, consumer insights, creative services and media services. The company derives revenue from digital advertisements on owned, managed and partner websites, fees for facilitating exchanges of advertisements, creative and media marketing campaigns, creative and media services for advertisers, and primary and secondary research, intelligence and insights. Its advertising technology business connects advertisers with digital inventory, while its consumer insights and services businesses support marketing and strategic research projects. In an audit report dated March 24, 2026, WithumSmith+Brown, PC included a going concern qualification, stating that the company had suffered recurring losses from operations and had a net capital deficiency. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $39.69 million, total liabilities of $116.32 million and total stockholders' deficit of $76.64 million. BROADBAND INFRASTRUCTURE: Taps Pohl Bankruptcy as Legal Counsel --------------------------------------------------------------- Broadband Infrastructure, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Robert A. Pohl of Pohl Bankruptcy, LLC to serve as bankruptcy counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings and its continued management of assets and liabilities; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, schedules, Statement of Financial Affairs, Plan of Reorganization, Disclosure Statement, Final Report, Final Accounting, Final Decree, and other legal papers; (c) provide legal advice regarding compliance obligations including monthly operating reports, insurance and banking requirements, trustee fees, incurrence of debt, and sale of assets; and (d) perform all other legal services necessary in connection with the Chapter 11 case. Mr. Pohl will receive an hourly rate of $425, and legal assistants will receive an hourly rate of $75. Pohl Bankruptcy, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has no material conflicts of interest with the Debtor or related parties. The firm can be reached at: Robert A. Pohl, Esq. POHL BANKRUPTCY, LLC P.O. Box 27290 Greenville, SC 29616 Telephone: (864) 233-6294 Facsimile: (864) 558-5291 About Broadband Infrastructure Inc. Broadband Infrastructure, Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. It serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Broadband Infrastructure, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. South Carolina Case No. 26-01828) on April 27, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Helen E. Burris oversees the case. POHL BANKRUPTCY, LLC is Debtor's legal counsel. BROADWAY REALTY: Court Sets June 8, 2026 General Claims Bar Date ---------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") has entered an order (the "Bar Date Order") establishing June 8, 2026 at 4:00 p.m. prevailing Eastern Time (the "General Claims Bar Date"), as the last date for each person or entity (including individuals, partnerships, corporations, joint ventures and trusts) to file a Proof of Claim against Broadway Realty I Co., LLC and its debtor affiliates (collectively, the "Debtors"). A copy of the Bar Date Order, and any exhibits thereto are available (i) at the Debtors' expense upon request to Stretto, Inc. (the noticing and claims agent retained in these chapter 11 cases), by calling 855-423-1530 for callers in the United States or by calling 949-669-5873 for callers outside the United States, (ii) for no charge by visiting the Debtors' restructuring website at http://cases.stretto.com/broadwayrealty, or (iii) for a fee via PACER by visiting http://ecf.nysb.uscourts.gov. The Bar Date Order requires that all entities (collectively, the "Claimants") holding or wishing to assert a claim that arose or is deemed to have arisen prior to May 21, 2025 (the "Petition Date"), against the Debtors ("Claims") file a Proof of Claim so as to be actually received by Stretto, Inc. (the "Notice and Claims Agent") on or before the applicable bar dates (collectively, the "Bar Dates") as set forth below. General Claims Bar Date (Applicable to 503(b)(9) Claims All Claimants holding or wishing to assert a Claim must file a Proof of Claim with respect to such Claim so as to be actually received by the Notice and Claims Agent by June 8, 2026 at 4:00 p.m. prevailing Eastern Time (the "General Claims Bar Date"), including parties asserting Claims pursuant to section 503(b)(9) of the Bankruptcy Code. Governmental Bar Date All governmental units (as defined in section 101(27) of the Bankruptcy Code) holding or wishing to assert a Claim against the Debtors must file a Proof of Claim so as to be actually received by the Notice and Claims Agent by June 8, 2026 at 4:00 p.m. prevailing Eastern Time (the "Governmental Bar Date," and together with the General Claims Bar Date, the "Bar Dates"). For the avoidance of doubt, no governmental unit has been barred from filing a Claim by virtue of the expiration of the 180-day period under section 502(b)(9) of the Bankruptcy Code, as no bar date was established in these Chapter 11 Cases prior to entry of the Bar Date Order. Administrative Expense Bar Date All entities asserting Administrative Expense Claims (as defined in the Plan) must file a Proof of Administrative Expense Claim so as to actually be received by the Notice and Claims Agent by June 8, 2026 at 4:00 p.m. prevailing Eastern Time (the "Administrative Expense Bar Date"). A separate notice regarding the deadline for filing requests for payment of Administrative Expense Claims will be provided to known postpetition creditors. Holders of Administrative Expense Claims should not rely on this Notice for information regarding the Administrative Expense Bar Date. Amended Schedules In the event the Plan Administrator amends or supplements the Schedules subsequent to the date on which the Bar Date Notice is served, the Plan Administrator will give notice of any such filing, amendment, or supplement to the holders of affected claims, whereby such holders will have no less than thirty-five (35) days from the notice date to file Proofs of Claim with respect to their claims. When and Where To File Each Proof of Claim, including supporting documentation, must be filed so that the Notice and Claims Agent actually receives the Proof of Claim on or before the applicable Bar Date by: (i) electronically using the interface available on the Notice and Claims Agent's website at https://cases.stretto.com/broadwayrealty/file-a-claim/, or (ii) first-class U.S. mail, overnight mail, or hand delivery, at the following address: Broadway Realty Claims Processing, c/o Stretto, Inc., 410 Exchange, Suite 100, Irvine, CA 92602. PROOFS OF CLAIM MUST BE FILED BY MAIL, BY HAND, OR THROUGH THE STRETTO WEBSITE. PROOFS OF CLAIM FILED BY FACSIMILE OR ELECTRONIC MAIL WILL NOT BE ACCEPTED AND WILL NOT BE DEEMED TIMELY FILED. Contents of Proofs of Claim. Each Proof of Claim must: (i) be written in English; (ii) include a claim amount denominated in United States dollars; (iii) conform substantially with the Proof of Claim form provided by the Plan Administrator or Official Form 410; (iv) be signed by the claimant or by an authorized agent or legal representative of the claimant under penalty of perjury; and (v) include supporting documentation unless voluminous, in which case a summary must be attached or an explanation provided as to why documentation is not available. Please note that each Proof of Claim must state a Claim against only one Debtor. To the extent the Proof of Claim lists more than one Debtor, the applicable Claim may be treated as if filed only against the first-listed Debtor. If a Proof of Claim does not identify a specific Debtor, the Proof of Claim will be deemed filed only against Broadway Realty I Co., LLC (Case No. 25-11050). Section 503(b)(9) Claims. Vendors and suppliers of goods may be entitled to request an administrative priority Claim under section 503(b)(9) of the Bankruptcy Code to the extent they delivered, and the Debtors received, goods within the twenty-day period prior to the Petition Date. In addition to the other requirements listed above, any Proof of Claim asserting a 503(b)(9) Claim must: (i) include the value of the goods delivered to and received by the Debtors in the 20 days prior to the Petition Date; (ii) attach documentation identifying the particular invoices for which the 503(b)(9) Claim is being asserted; and (iii) attach documentation of any reclamation demand made against the Debtors under section 546(c) of the Bankruptcy Code (if applicable). Consequences of Failing to Timely File Your Proof of Claim. Any Claimant who is required, but fails, to file a Proof of Claim in accordance with the Bar Date Order on or before the applicable Bar Date shall be forever barred, estopped, and enjoined from asserting such Claim against the Debtors (or filing a Proof of Claim with respect thereto). In such event, the Debtors' property shall be forever discharged from any and all indebtedness or liability with respect to such Claim, and such holder shall not be permitted to participate in any distribution on account of such Claim or receive further notices regarding such Claim. Reservation of Rights. Nothing contained in this Notice is intended to or should be construed as a waiver of the Plan Administrator's right to: (a) dispute, or assert offsets or defenses against, any filed Claim or any Claim listed or reflected in the Debtors' Schedules as to the nature, amount, liability, or classification thereof; (b) subsequently designate any scheduled Claim as disputed, contingent, or unliquidated; and (c) otherwise amend the Schedules. Additional Information. If you have any questions regarding the claims process and/or if you wish to obtain a copy of the Bar Date Order, a Proof of Claim form, or related documents, you may do so by visiting the Debtors' case website at https://cases.stretto.com/broadwayrealty or by contacting the Notice and Claims Agent by calling 855-423-1530 for callers in the United States or 949-669-5873 for callers outside the United States and/or writing to the following address: Broadway Realty Claims Processing, c/o Stretto, Inc., 410 Exchange, Suite 100, Irvine, CA 92602. Please note that the Notice and Claims Agent cannot advise you how to file, or whether you should file, a Proof of Claim. Counsel to David Barse, as Plan Administrator: Justin Rawlins, Esq. Brett Lawrence, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP Shlomo Maza 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 Email: justinrawlins@paulhastings.com brettlawrence@paulhastings.com nicholasbassett@paulhastings.com shlomomaza@paulhastings.co About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. FTI Consulting, Inc. serves as its financial advisor. Stretto, Inc. serves as claims and noticing agent, and administrative advisor. Eastdil Secured L.L.C. serves as the Debtors' exclusive real estate advisor. As of the petition date, the Debtors owed Flagstar Bank, N.A., approximately $564 million, excluding accrued interest, which is secured by the properties and rents from those properties. Flagstar is represented in the case by lawyers at Paul Hastings LLP. BROOKS CUSTOM: Gets Court OK to Employ Watkins Ward as Accountant ----------------------------------------------------------------- Brooks Custom Application, LLC received approval from the U.S. Bankruptcy Court for the Northern District of Mississippi to employ Watkins, Ward and Stafford as accountant. The Court held an evidentiary hearing at which John Paul Brooks, the Debtor's owner and managing member, and Jason D. Brooks, a partner of WWS, testified. The issues presented are whether WWS may be employed under 11 U.S.C. Sec. 327(a) where Jason Brooks is the first cousin of the Debtor's principal, WWS held a prepetition claim against the Debtor, and WWS received postpetition payments prior to approval of its employment. The Court concludes that none of these issues, individually or collectively, require disapproval of the Application. WWS's status as a prepetition creditor raises a disinterestedness concern, but one that may be cured under the circumstances presented in this case, consistent with Sec. 1107(b) and applicable case law. Further, the Court concludes that WWS does not hold or represent an interest adverse to the estate. And although the postpetition payments were improper, they do not, standing alone, warrant disapproval. Accordingly, the application will be approved, subject to conditions designed to ensure full compliance with the Bankruptcy Code and Rules. The firm's services include: (a) assume primary responsibility for the filing of necessary tax returns; (b) prepare financial statements in accordance with the tax basis of accounting and apply accounting and financial reporting expertise to assist the Debtor in the presentation of financial statements; and (c) provide other general accountant services as the Debtor may require from time-to-time. The firm will be paid between $100 to $340 per hour. Jason Brooks, CPA, a partner at Watkins, Ward and Stafford, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason D. Brooks, CPA Watkins, Ward and Stafford 109 N. Jackson St. P.O. Box 391 Houston, MS 38851 Telephone: (662) 448-5885 Facsimile: (662) 448-5755 A copy of the Court's Memorandum Opinion and Order dated May 7, 2026, is available at https://urlcurt.com/u?l=F6EfA8 from PacerMonitor.com. About Brooks Custom Application Brooks Custom Application, LLC, provides agricultural application services including liquid fertilizer and chemical treatments, lime spreading, and both fixed-rate and variable-rate applications. The family-owned Company, founded in 1969 and based in Houston, Mississippi, serves growers and ag retailers across Mississippi, Alabama, Tennessee, and Kentucky. Brooks Custom Application filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 25-13062) on September 16, 2025. At the time of filing, the Debtor listed $6,229,773 in total assets against $8,477,809 in total liabilities. The petition was signed by John Paul Brooks as managing member. Judge Selene D. Maddox presides over the case. Craig M. Geno, Esq., at LAW OFFICES OF GENO AND STEISKAL, PLLC, is the Debtor's counsel. Watkins, Ward & Stafford serves as the Debtor's accountant. BSP NEWCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issuer credit rating to BSP Newco Inc. (BSP) and affirmed its existing 'B' long-term issuer credit rating on BroadStreet Partners Group LLC. S&P also affirmed its existing 'B' issue-level rating and '3' recovery rating on the company's revolver and first-lien term loan, and affirmed its existing 'CCC+' issue-level rating and '6' recovery rating on its senior unsecured notes. The stable outlook indicates that BSP will maintain credit metrics that are commensurate with the ratings over the next 12 months, supported by continued revenue growth and stable margins. In July 2025, BSP was created as part of a legal reorganization in which it became the parent company of BroadStreet Partners Group LLC (formerly BroadStreet Partners Inc.), which remains the issuer of rated debt; BSP is now the issuer of audited financial statements. Despite softening market conditions, the company has maintained solid performance momentum. S&P said, "Our ratings on BSP are the same as on BroadStreet Partners Group LLC, which was previously the only rated entity in the group and is now a wholly owned subsidiary of BSP. While certain transactions related to stock options and income tax expenses will reside at the BSP level, it does not have any materially relevant assets, liabilities, or expenses other than those already consolidated at BroadStreet Partners Group LLC. "We consider BroadStreet Partners Group LLC as core to BSP, so our ratings on both entities are the same. Our credit view of the group remains consistent with what we outlined in our prior publication." Last year's legal reorganization was in conjunction with a recapitalization in which an Ethos Capital-led consortium of investors acquired an ownership stake in the company. Ontario Teachers' Pension Plan (OTPP), the company's existing financial-sponsor owner, maintains a significant co-control stake in BSP. No new debt was issued as part of this transaction, and S&P expects the financial policy to remain consistent. S&P said, "We expect BSP to deliver solid operating performance over the next 12 months. Excluding the impact of foreign exchange-related gains and losses, the company generated total revenue of about $2.3 billion in 2025, a roughly 10% increase from last year. This reflects steady organic growth and roughly $90 million of acquired revenue. "Total organic growth was 5.8% (including the impact of ASC 606 and contingent commissions, or 4.1% excluding contingent commissions), which we view as healthy but slightly toned down from more recent historical rates of 6%-8%. BSP's organic growth was nevertheless in line with our expectations and broadly consistent with peers whose results were similarly affected by softening property insurance rates. "Along with reflecting the company's continued operational execution, we think this relatively resilient organic growth highlights BSP's well-diversified revenue base with minimal concentrations across industry verticals, regions, clients, and carriers, which has helped preserve performance momentum amid a less supportive market backdrop. "BSP's S&P Global Ratings-adjusted EBITDA margin remained healthy at about 34% in 2025, broadly unchanged from last year. We think these stable margins show management's ability to effectively balance ongoing internal investments with margin gains from scale efficiencies. Given the company's demonstrated execution capabilities, continued growth-focused investments in technology and talent, and solid business fundamentals, we expect BSP to sustain organic growth of 3%-6% and margins of 33%-35% over the next 12 months. "While we anticipate continued debt-funded mergers and acquisitions (M&A), BSP's credit metrics should remain within rating bounds over the next 12 months. In January 2026, BSP raised a fungible $350 million incremental add-on to its existing $3.9 billion first-lien term loan due 2031 and obtained more favorable pricing terms on its term loan. It primarily used the proceeds as cash on hand to help fund future M&A. "Pro forma this transaction and the annualized EBITDA contribution of acquisitions in 2025, we estimate S&P Global Ratings-adjusted debt to EBITDA of 6.4x and EBITDA interest coverage of 2.4x. Credit measures were in line with our expectations and broadly steady, compared with leverage at 6.2x and coverage of 2.1x in 2024--healthy earnings growth, better pricing terms, and reduced benchmark rates offset the increased total debt. "We expect metrics to improve over the next 12 months, with leverage dipping below 6x by year-end 2026. However, in our view, the company's active M&A strategy and long-term financial policy stemming from its financial sponsor-ownership limit the likelihood of sustained material leverage reduction. "The stable outlook reflects our expectation that BSP will maintain healthy performance momentum and broadly consistent S&P Global Ratings-leverage of 5.5x-6.5x over the next 12 months, as solid earnings growth is balanced by regular debt-funded M&A activity. "We may consider a downgrade over the next 12 months if earnings or credit metrics deteriorate such that we expect leverage above 8x and interest coverage materially below 2x on a sustained basis." This could occur if: -- Revenue declines due to lost market share, poor retention, and declining new business trends; -- Margins contract because of operational missteps and worse-than-expected macroeconomic conditions; or -- The company adopts a more aggressive financial policy. S&P said, "We may consider an upgrade over the next 12 months if BSP materially exceeds performance expectations or adopts more conservative financial policy decisions, such that we expect it to sustain leverage below 5x and coverage well above 3x." This would also have to be accompanied by the company continuing to enhance its overall competitive position, scale, and diversification. CABINETWORKS: Davis Polk Advises Lender on Debt Refinacing Exchange ------------------------------------------------------------------- Davis Polk is advising Lord, Abbett & Co. LLC as an existing term lender and unsecured noteholder to Cabinetworks Group in connection with new money and refinancing exchange transactions involving a new $100 million priority first-lien first-out term loan to Cabinetworks, the exchange of existing first-lien term loans due 2028 into first-lien second-out term loans due 2031 and existing unsecured notes due 2029 into newly issued first-lien third-out secured notes due 2032. As the largest privately held cabinetmaker in the United States, Cabinetworks is home to more than 5,200 team members; 20 locations, including 16 manufacturing facilities; and 13 brands -- among them industry leaders KraftMaid, Medallion, Merillat and Smart Cabinetry. Through an expansive network of major home centers, independent dealers and distributors, Cabinetworks builds life into the kitchen -- meeting any customer's vision with the industry's most comprehensive cabinetry. The Davis Polk restructuring team includes partners Damian S. Schaible and Angela M. Libby, counsel Stephen D. Piraino and associates Andrew Frisoli and Eva (Luying) Wang. The restructuring finance team includes partner Jon Finelli and associate Benjamin J. Carlin. Counsel Brian Hecht and associate Christopher Martin are providing capital markets advice. Partner William A. Curran and counsel Tracy L. Matlock are providing tax advice. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. CALITRE LLC: Seeks to Retain DeFreitas & Hilcher as Accountants --------------------------------------------------------------- Calitre, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to retain DeFreitas & Hilcher LLC to serve as accountants. The firm will provide these services: (a) prepare the 2018 to 2025 Federal, State and City corporate tax returns; and (b) review the transactions for the respective years recorded in the accounting books and make the necessary corrections, when required. Carl DeFreitas will receive an hourly rate of $400, accountants shall receive an hourly rate of $250, and other CPA members shall receive an hourly rate of $350. DeFreitas & Hilcher LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Carl DeFreitas, CPA DEFREITAS & HILCHER LLC 14 Ver Valen St. Closter, NJ 07624 About Calitre LLC Calitre LLC, a company based in New York, New York, provides commercial painting, wallcovering installation, and Kadex coating services for residential and commercial properties. The company's portfolio includes projects across New York City and nearby markets, including office buildings, hotels, multifamily properties, and transit-related facilities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-13857) on April 7, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Eric Stolte, managing member, signed the petition. Judge Vincent F Papalia oversees the case. Brian G Hannon, Esq., at Norgaard, O'Boyle & Hannon represents the Debtor as legal counsel. CARBON HEALTH: Committee to Hire Gunster as Tax Expert ------------------------------------------------------ The Official Committee of Unsecured Creditors of Carbon Health Technologies, Inc. and affiliates seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Gunster, Yoakley & Stewart, P.A. as its tax expert, effective as of March 21, 2026. The firm will provide these services: (a) assisting the Committee in analyzing the Debtors' tax assets; (b) reviewing tax information furnished by the Debtors; (c) preparing an expert opinion on the status of the Debtors' net operating losses after a proposed plan of reorganization, including the impact, on the Debtors' federal net operating loss carryforwards and similar federal tax attributes, of the proposed debt-for-equity reorganization of the Debtors; (d) if necessary, participating as a witness in hearings before the Court with respect to such expert opinion; and (e) rendering other services as are approved by the Committee, agreed to by Gunster, and approved by the Court. Gregg D. Polsky's current hourly rate is $1,025. Current hourly rates for other Gunster professionals are: attorneys, $400 to $1,500; paralegals, law clerks, planners, or information specialists, $42.50 to $705; and in-house investigator, $480. Gunster will also bill for actual, reasonable, and necessary out-of-pocket expenses and disbursements incurred in connection with the engagement. Gunster has received no retainer in these cases. Gunster is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Gregg D. Polsky, Esq. GUNSTER, YOAKLEY & STEWART, P.A. 450 East Las Olas Boulevard, Suite 1400 Fort Lauderdale, FL Telephone: (612) 875-7545 E-mail: gpolsky@gunster.com About Carbon Health Founded in 2015, Carbon Health Technologies Inc. is a modern healthtech company that offers in-person and virtual care for easier everyday health. Before the bankruptcy filing, Carbon Health Technologies operated 93 urgent care or primary care clinics in the states of Texas, Washington, California, Colorado, Kansas, Missouri, New Jersey and Massachusetts. On the Web: http://www.carbonhealth.com/ On Feb. 2, 2026, Carbon Health Technologies and 28 affiliated debtors each filed voluntary Chapter 11 petition (Bankr. S.D. Texas Lead Case No. 26-90306). At the time of the filing, Carbon Health Technologies reported $100 million to $500 million in both assets and liabilities. The cases are pending before the Honorable Christopher M. Lopez. Pachulski Stang Ziehl & Jones, LLP and Alvarez and Marsal serve as bankruptcy counsel and financial advisor, respectively. Kroll is the claims agent. KTBS Law is representing Future Solution Investments LLC, the agent for the pre-petition lenders and the DIP lenders. CBD LEWIS: Hires Curtis Law Firm P.C. as Bankruptcy Counsel ----------------------------------------------------------- CBD Lewis, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ The Curtis Law Firm, P.C. as bankruptcy counsel. The firm will provide these services: a. advise and consult with the Debtor concerning (i) legal questions arising in administering, reorganizing, and/or liquidating the Debtor's estate and (ii) the Debtor's rights and remedies in connections with estate assets, accounts receivable, and creditors' claims; b. assist the Debtor in the investigation of the acts, conduct, assets, and liabilities of the Debtor, and any other matters relevant to the cases; c. investigate and potentially prosecute preference, fraudulent transfer, stay violations, and other causes of action arising under the Debtor's avoidance powers; d. take all necessary legal action to preserve and protect the Debtor's estate; e. prepare on behalf of the Debtor all necessary pleadings, applications, motions, adversary proceedings, answers, notices, reports, orders, responses, and other legal documents that are required for the orderly administration of the Debtor's estate; f. aid the Debtor in the reorganization process; and g. perform all other legal services that the Debtor may determine are necessary and appropriate to faithfully discharge its duties as a Debtor-in-possession. The firm will be paid at these rates: Shareholders $850 per hour Senior Attorneys $650 per hour Associates $300 to $500 per hour Clerk and Paralegal $150 to $300 per hour The firm received from the Debtor a retainer of $10,000. The Curtis Law Firm does not hold an interest adverse to the Debtor's estate and is disinterested pursuant to 11 U.S.C. Secs. 101(14) and 327, according to court filings. The firm can be reached through: Stephanie D. Curtis, Esq. CURTIS | LAW PC 901 Main Street, Suite 6230 Dallas, TX 75202 Telephone: (214) 752-2222 Facsimile: (214) 752-0709 Email: scurtis@curtislaw.net About CBD Lewis, LLC CBD Lewis, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Tex. Case No. 26-31994) on May 4, 2026. The Debtor hires The Curtis Law Firm, P.C. as bankruptcy counsel. CES MAIL: Seeks Approval to Hire Stevens Martin as Legal Counsel ---------------------------------------------------------------- CES Mail Communications, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire William P. Janvier, Esq. of Stevens Martin Vaughn & Tadych, PLLC to serve as legal counsel. The firm will provide these services: (a) prepare on behalf of Debtor necessary applications, complaints, answers, orders, reports, motions, notices, plan of reorganization, disclosure statement, and other papers necessary to Debtor's reorganization case; (b) perform all necessary legal services in connection with the Debtor's reorganization, including Court appearances, research, opinions and consultations on reorganization options, direction, and strategy; and (c) perform all other legal services for Debtor which may be necessary in this Chapter 11 case. The firm will be paid at these hourly rates: William P. Janvier $620 Kathleen O'Malley $425 law clerks and paralegals $185 Prior to filing, Stevens Martin Vaughn & Tadych, PLLC received a retainer of $15,000 from the Debtor. Invoices for services and expenses in the amount of $5,824.50 were paid from the pre-petition retainer, and the firm is holding the remaining $9,175.50 in trust. William P. Janvier and Stevens Martin Vaughn & Tadych, PLLC do not represent any interest adverse to the Debtor or the estate and are considered "disinterested persons" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: William P. Janvier, Esq. STEVENS MARTIN VAUGHN & TADYCH, PLLC 2225 W. Millbrook Rd. Raleigh, NC 27612 Telephone: (919) 582-2300 E-mail: wjanvier@smvt.com About CES Mail Communications, Inc. CES Mail Communications, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 5:26-bk-02033) on May 4, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Pamela W. McAfee oversees the case. Stevens Martin Vaughn & Tadych, PLLC is Debtor's legal counsel. CHAPIN HOLDINGS: Hires Baker Monroe Huston as Special Counsel ------------------------------------------------------------- Chapin Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Baker Monroe Huston, LLC as special counsel. The Debtor needs the firm's legal assistance in connection with a case (Case No. 342-373976-26) filed in the pending in the 342nd Judicial District Court, Tarrant County, Texas, captioned as Pape-Dawson Consulting Engineers LLC v. Motiv Ventures LLC and Chapin Holdings LLC. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Taylor disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Stephen Taylor, Esq. Wieser Taylor, PLLC 111 Boland, Ste. 202 Fort Worth, TX 76107 Tel: (817) 242-8490 About Chapin Holdings, LLC Chapin Holdings, LLC, a single-asset real entity, owns and manages one income-producing property. Chapin Holdings, LLC in Fort Worth, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 26-41580) on April 7, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Corey Waldrop as manager, signed the petition. SUSSMAN & MOORE, LLP serve as the Debtor's legal counsel. CHIRON COMMUNICATION: Hires Matthew J. Borror as Special Counsel ---------------------------------------------------------------- Chiron Communication Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Matthew J. Borror, Esq. as special counsel. The Debtor needs the firm's legal assistance in resolving the unfunded employee contributions as it relates to benefits owing to the employees, resolving any accompanying claims asserted by Guideline RK, LLC ("Guideline"), addressing correspondence from the U.S. Department of Labor in regards to such unfunded benefits, and any other services in connection with resolving and formally winding down the 401(k) Plan (the "Plan"). Matthew J. Borror, Esq. will be paid at the rate of $550 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Borror disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew J. Borror, Esq. 1205 McBain Ave Campbell, CA 95008 Tel: (408) 206-8873 About Chiron Communication Services, LLC Chiron Communication Services, LLC is a telecommunications infrastructure contractor based in Humble, Texas, founded in 2006. The company specializes in fiber optic and copper network installation, structured cabling, and outside plant engineering services for commercial, government, and institutional clients. It provides end-to-end deployment services, including splicing, testing, underground and aerial construction, and maintenance of communications networks, supporting large-scale connectivity projects across the United States. Chiron Communication Services filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32549) on April 13, 2026, listing $1 million to $10 million in both assets and liabilities. Courtney McMaster, president of Chiron Communication Services, signed the petition. Matthew Hoffman, Esq., at Hoffman & Saweris, P.C., represents the Debtor as legal counsel. CHS FL: Voluntary Chapter 11 Case Summary ----------------------------------------- Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- CHS FL, LLC (Lead Case) 26-01087 YesCare 3347 Tamiami Trl E Naples FL 34112 CHS TX, Inc. 26-01090 205 Powell Place Ste 104 Brentwood TN 37027 YesCare Corp. 26-01089 205 Powell Place Ste 104 Brentwood TN 37027 CHS AL, LLC 26-01091 205 Powell Place Ste 104 Brentwood TN 37027 Business Description: YesCare Corp. and its affiliated entities, including CHS FL, LLC, CHS TX, Inc. and CHS AL, LLC, provide correctional healthcare services to jails, prisons and other correctional facilities. The Brentwood, Tennessee-based company, which operates under the YesCare brand, serves state and local government clients through physical healthcare, behavioral health and reentry programs designed to support care from intake through discharge. YesCare's programs incorporate clinical standards, accreditation support and technology-based practices for correctional healthcare settings. Chapter 11 Petition Date: May 8, 2026 Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Luis Ernesto Rivera II Debtors' General Bankruptcy Counsel: Jeremy R. Johnson, Esq. Trinitee G. Green, Esq. POLSINELLI PC 600 3rd Avenue, 42nd Floor New York, New York 10016 Tel: (212) 684-0199 Email: jeremy.johnson@polsinelli.com tggreen@polsinelli.com Debtors' Co-Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 Email: mike@dallagolaw.com Debtors' Notice, Claims, Balloting Agent and Administrative Advisor: OMNI AGENT SOLUTIONS, INC. CHS FL, LLC's Estimated Assets: $50 million to $100 million CHS FL, LLC's Estimated Liabilities: $100 million to $500 million The petitions were signed by David Goldwasser as chief restructuring officer. The Debtors did not submit lists of their 20 largest unsecured creditors along with the petitions. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UZBQ4LY/CHS_FL_LLC__flmbke-26-01087__0001.0.pdf?mcid=tGE4TAMA CINEMARK USA: Term Loan Repricing No Impact on Moody's 'B1' CFR --------------------------------------------------------------- Moody's Ratings said that the Cinemark USA, Inc. (Cinemark or the Company) planned repricing of Cinemark's outstanding $631 million Backed Senior Secured Term Loan rated at Ba1 due 2030 is credit positive, assuming the transaction will result in a lower applicable interest margin. The transaction does not change any of the instruments key terms or conditions including maturity, amortization, collateral, guarantees, or covenant package. All credit ratings including the B1 Corporate Family Rating, B1-PD Probability of Default Rating, Ba1 ratings on the Backed Senior Secured Bank Credit Facilities, and B2 ratings on the Senior Unsecured Notes remain unchanged. The outlook remains unchanged at positive. The Speculative Grade Liquidity (SGL) rating of SGL-1 remains unchanged. RATINGS RATIONALE Cinemark's B1 CFR reflects unfavorable structural shifts (e.g. a shorter theatrical window and a material share of movies streamed directly to consumer either exclusively or on the same day and date as the theatrical release) and a still constrained volume of movies due to the lingering effects of the 2023 strikes. Strained relations between studios and movie creators (actors and writers in particular) remain a risk as unions continue to evaluate the threat of artificial intelligence to its members and the strength of its contract protections. Regardless, Cinemark's credit profile is supported by a conservative financial policy, robust liquidity, very good operating and cost discipline which produces steady profitability in the high 20% range (Moody's adjusted) and strong free cash flow. Leverage was approximately 3.9x (gross debt to EBITDA) and free cash flow to debt near 4% (both Moody's adjusted as of year-end 2025). The company also has a strong and established market position, as the third largest movie exhibitor in the US, with a steady and very meaningful share of the Latin American market. While well below the peak in 2018, the North American box office has staged a resilient recovery. Theatrical distribution remains an important window for movie studios, and demand is durable, evidenced by an estimated 780 million tickets sold in North America alone in 2025 (annualized, according to Deadline). The positive outlook reflects Moody's expectations for revenue to grow by an average of at least low to mid-single digit percent annually, EBITDA margins to remain steady – in the high 20% range, producing $300 to $350 million in average annual free cash flow net of capital expenditures (in the mid to high-single digit percent of revenue) and dividends. Moody's expects the company to use a modest portion of free cash flow for share repurchases, but to otherwise build its cash reserves. Moody's expects leverage to improve, with modest EBITDA growth, approaching as low as 3.0x (Moody's adjusted, gross debt/EBITDA) absent debt-financed transactions. Moody's projections include certain key operating assumptions including flat to modestly rising attendance, steady market share, and a rise in ticket and concessions prices consistent with historical averages. Note: Unless otherwise stated, all figures noted above are Moody's adjusted, over the next 12-18 months. Cinemark's SGL-1 rating reflects very good liquidity over at least the next 12 months supported by solid cash balances (approximately $262 million on March 31, 2026) and an undrawn $225 million backed senior secured revolving credit facility (RCF) maturing May 2028 (springing to April if the 5.25% senior unsecured notes due July 2028 are not fully repaid). Liquidity is further supported by positive FCF which Moody's projects could be $275 - $325 million over the next 12 months (Moody's adjusted). The RCF is subject to a springing first lien leverage test of 3.5x when the RCF is drawn. Moody's believes the company has some ability to generate alternate liquidity given a significantly unsecured capital structure. Based on the priority of claims, Moody's rates Cinemark's Backed Senior Secured Bank Credit Facilities Ba1, three notches above the B1 corporate family rating (CFR), given the lift provided by junior debt. The Senior Unsecured Notes are rated one notch below the CFR at B2, given their subordination to the senior claim priority of Backed Senior Secured Bank Credit Facilities. Instrumental level ratings are based on a B1-PD PDR, in line with the CFR, reflecting the mix of bond and loan obligations, which Moody's expects would result in an average recovery in a distress scenario. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects leverage to be sustained below 3.5x (Moody's adjusted, gross debt to EBITDA) and free cash flow as a percentage of total debt is sustained above high single digit percent (Moody's adjusted). An upgrade would also be conditional on Cinemark at least maintaining its market share, very good liquidity, and profitability, and market demand remains stable or increases evidenced by stable or rising box office attendance. Ratings could be downgraded if Moody's expects leverage to rise above 5.0x (Moody's adjusted, gross debt to EBITDA) or free cash flow as a percentage of total debt falls below mid-single digit percent (Moody's adjusted). Headquartered in Plano, Texas, Cinemark USA, Inc. is a wholly-owned subsidiary of Cinemark Holdings, Inc., a leading movie exhibitor that operates 495 theatres and 5,620 screens worldwide with 301 theatres and 4,219 screens in the US across 42 states and 194 theatres and 1,401 screens across 13 countries in Latin America. Revenue totaled approximately $3.2 billion for the twelve months ended March 31, 2026. CITIUS PHARMACEUTICALS: $3.8 Million Promissory Note Gets New Terms ------------------------------------------------------------------- Citius Pharmaceuticals and Citius Oncology amended a $3.8 million promissory note May 4, according to a Form 8-K filing with the Securities and Exchange Commission. The amendment aligns the note's payment and maturity provisions with a subordination agreement tied to Citius Oncology's debt facility. The unpaid principal balance will be payable 91 days after Citius Oncology's senior debt has been fully paid and the related loan and security agreement has been terminated, according to the filing. The amendment also eliminated prior maturity triggers related to capital raises, debt or equity issuances and royalty-backed monetizations. The amendment prohibits cash prepayment before the new maturity date and adds a voluntary conversion feature allowing Citius Pharmaceuticals, subject to Citius Oncology's approval, to convert some or all outstanding principal into common stock at $0.90 a share. All other terms of the note remain the same. About Citius Pharmaceuticals Citius Pharmaceuticals, Inc. is a Cranford, New Jersey-based biopharmaceutical company developing and commercializing critical care products. The company focuses on oncology, anti-infectives in adjunct cancer care and prescription products. The company operates through subsidiaries including Citius Oncology, which launched LYMPHIR, and NoveCite, a stem cell therapy business. In an audit report dated Dec. 23, 2025, Wolf & Company, P.C. included a going concern emphasis paragraph, stating that Citius Pharmaceuticals had suffered recurring losses and had a working capital deficit as of Sept. 30, 2025, conditions that raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, Citius Pharmaceuticals had $140.39 million in total assets, $46.92 million in total liabilities, and $93.47 million in total equity. COGENT COMMS: Liabilities Exceed Assets by US$104.2MM at March 31 ----------------------------------------------------------------- Cogent Communications Holdings, Inc.'s stockholder's deficit was US$104.2 million at March 31, 2026. The stockholder's deficit was US$63.8 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$3.06 billion and total liabilities of US$3.16 billion. At Dec. 31, 2025, the Company had total assets of US$3.10 billion and total liabilities of US$3.16 billion. Cogent says it is heavily reliant on a one-time financial lifeline tied to its acquisition of the distressed Cogent Fiber Business. The Company stated that "due to the dire financial condition of the Cogent Fiber Business, it was understood that a payment from T-Mobile to any potential buyer would be required to execute a transaction to give a buyer sufficient cash inflow to offset losses." This lifeline takes the form of a $700.0 million IP Transit Services Agreement that management explicitly describes as cash intended "to offset operating losses associated with the Cogent Fiber Business." As of March 31, 2026, Cogent reported total cash, cash equivalents and restricted cash of $179.3 million against total indebtedness at par of $2.4 billion, including $628.9 million of finance lease obligations. The Company acknowledged that its net proceeds from recent note issuances are partly locked up, explaining that $72.6 million of IPv4-related proceeds were restricted, with release contingent on leverage and debt service coverage tests, and that "any amounts remaining on deposit in the prefunding account after October 2026 will be withdrawn and applied to prepay the April 2025 IPv4 Notes." This structure both limits liquidity today and forces early debt repayment if performance targets are not met. The Company faces a near- to medium-term wall of debt service and refinancing risk. Management details that its $450.0 million 2027 Notes and $300.0 million 2027 Mirror Notes mature in June 2027; its $206.0 million Existing IPv4 Notes effectively mature in May 2029 and $174.4 million New IPv4 Notes effectively in April 2030; and its $600.0 million 2032 Notes mature in July 2032, with annual cash interest obligations alone totaling nearly $119.4 million. Cogent warns that "we may need to, or elect to, refinance all or a portion of our indebtedness at or before maturity, and we cannot provide assurances that we will be able to refinance any such indebtedness on commercially reasonable terms or at all." Operating cash generation has weakened since the Sprint/Cogent Fiber transaction and is now supplemented by the T-Mobile cash stream recorded as investing cash flow. The Company notes that "since we closed the Transaction, we have experienced a reduction of cash provided by operating activities from the impact of the Transaction," and that the $700.0 million IP Transit Services Agreement "was designed to offset operating losses associated with the Cogent Fiber Business." Interest payments have increased sharply, from $4.1 million in the prior-year quarter to $28.0 million for the three months ended March 31, 2026, driven by higher-rate refinancings and new IPv4 and 2032 Notes. Recognizing these pressures, Cogent has already cut its equity outflows and signaled willingness to tighten further if needed. The Company discloses that, "based on current circumstances, we decreased our quarterly dividend to $0.02 per share of common stock for the dividend that was paid in the fourth quarter of 2025," and that any future dividends or buybacks "may be reduced, eliminated or increased" depending on liquidity, covenants and other constraints. At the same time, management continues to assert that "we believe that our cash on hand and cash generated from our operating activities and cash from the IP Transit Services Agreement will be adequate to meet our working capital, capital expenditure, debt service, dividend payments and other cash requirements for the next 12 months and beyond the next 12 months if we execute our business plan," a caveat that makes long-term solvency highly dependent on successful cost cuts, revenue growth in wavelength and optical transport, and continued access to capital markets. A full-text copy of the Form 10-Q is available at https://tinyurl.com/5bvjza6v About Cogent Communications Holdings, Inc. Cogent Communications Holdings, Inc. (NASDAQ: CCOI) is a global provider of Internet connectivity and data services. It specializes in offering high-speed, reliable, and scalable Internet solutions primarily to businesses and organizations across various sectors. The Company operates a robust network infrastructure, serving customers in North America and Europe. CORE AI HOLDINGS: Appoints Allianca COO Garg to Advisory Board -------------------------------------------------------------- Core AI Holdings, Inc. has appointed Sonali Garg, Co-Founder and Chief Operating Officer of Allianca Group Inc., to its Advisory Board. The appointment aligns leadership between Core AI and Allianca following their recently announced strategic joint venture to deliver AI-ready data center capacity with speed, efficiency, and scale. Ms. Garg brings deep operational expertise in hyperscale data center development and program execution. As Co-Founder and COO of Allianca, she has overseen the delivery of more than 720 MW of mission-critical data center capacity globally and managed annual project portfolios exceeding $6 billion. Prior to Allianca, Ms. Garg held senior leadership roles at Meta Platforms, Inc., where she led program cost control and operational scaling across a data center portfolio that expanded from $2 billion to $10 billion over five years, supporting approximately 20% year-over-year capacity growth. Earlier in her career, Ms. Garg contributed to large-scale infrastructure and database initiatives at Google, with a focus on systems architecture, analytics, and automation to drive efficiency across complex, multi-stakeholder environments. Her cross-functional experience spans finance, legal, talent, vendor management, and enterprise delivery, positioning her as a key operator in scaling next-generation infrastructure platforms. "In a market defined by speed and execution, strategy must be built through an operator's lens," said Ms. Garg. "Core AI and Allianca are uniquely positioned to deliver AI infrastructure at scale, and I look forward to contributing to the Company's strategic direction and execution discipline." "Core AI continues to deepen its operational bench as we scale," said Aitan Zacharin, Chief Executive Officer of Core AI. "Sonali has operated at the highest levels of data center delivery and brings a proven ability to translate strategy into execution. Her perspective will be instrumental as we advance our AI infrastructure platform alongside Allianca." About Allianca Group Inc. Allianca Group Inc. is an infrastructure advisory and execution firm singularly focused on delivering next-generation data center infrastructure at speed and scale. The firm serves as a fully integrated, turnkey owner's representative across the complete development lifecycle from power-aware site selection and preconstruction planning through program management, construction execution, and commissioning. Allianca's differentiated delivery model is anchored by its Velox platform a modular, industrialized data center delivery system purpose-built to compress construction timelines, standardize deployment, improve cost predictability, and enable rapid, repeatable capacity delivery at scale. Velox represents the operational backbone of Allianca's turnkey approach and is a central component of the joint venture's deployment strategy. The Allianca team brings over 40 years of combined industry experience with a demonstrated track record supporting hyperscaler environments, managing annual project portfolios exceeding $6 billion, and contributing to the delivery of more than 720 MW of mission-critical data center capacity globally. About Core AI Holdings Core AI Holdings, Inc. (f/k/a Siyata Mobile Inc.) -- http://www.coregaming.co/-- is focused on developing a portfolio of AI-focused businesses with next-generation technologies. Through its subsidiary, Core Gaming, it operates a leading global AI driven mobile games development and publishing business. The company creates entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Since its launch Core Gaming has developed and co-developed over 2,200 games, driven over 800 million downloads, and generated a global footprint of over 40 million users from over 140 countries. Core AI's mission is to harness the power of artificial intelligence to build transformative and scalable offerings across multiple verticals. Jerusalem, Israel-based Barzily and Co., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 31, 2025, citing that the Company has suffered recurring losses from operations, has accumulated significant losses, has an outstanding loan to financial institutions, and has an outstanding balance related to the sale of future receipts, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $20.2 million in total assets, $4.8 million in total liabilities, and $15.4 million in total equity. COREFIT LLC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- CoreFit, L.L.C. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its budget until the next hearing. The Debtor's primary secured creditor is the U.S. Small Business Administration, which holds a security interest in substantially all of the Debtor's personal property, including equipment, accounts, and proceeds, arising from an Economic Injury Disaster Loan originally totaling $450,800 plus accrued interest. The Debtor asserts that this collateral includes both tangible assets such as fitness equipment valued at approximately $25,000, and intangible revenue streams, including memberships and service income. As protection, the SBA will be granted replacement liens on its collateral, with the same validity, priority and extent as its pre-petition liens. The replacement liens do not apply to avoidance actions. The order is available at https://is.gd/IQzxK3 from PacerMonitor.com. The next hearing is set for June 30. The deadline for filing objections is on June 23. CoreFit is a fitness and wellness studio offering classes such as strength training, yoga, climbing, HYROX-style training, and related wellness services. It has relocated multiple times due to growth and currently operates in Royersford, Pennsylvania. The business was significantly disrupted by the COVID-19 pandemic shortly after moving into its current facility, forcing a shift to virtual operations and resulting in reduced revenue and increased reliance on credit and government-backed financing, including the SBA EIDL loan. Although revenues eventually improved, profitability remained constrained due to ongoing debt service obligations and expansion-related expenses, ultimately leading to the Chapter 11 filing on May 1, 2026. The Debtor has no traditional accounts receivable; instead, it relies on automatically renewing four-week memberships and supplemental pay-per-use services, which together generate ongoing revenue. Memberships account for approximately 85% of income, with the remaining 15% derived from ancillary services. Post-petition revenues generated from new memberships are not part of the SBA's collateral though renewal-based income may be subject to the lender's security interest. Its overall asset base including equipment, cash on hand, and membership revenue is insufficient to fully secure the SBA's claim, rendering the creditor significantly undersecured. About CoreFit L.L.C. CoreFit, L.L.C. operates a fitness and wellness studio offering classes such as strength training, yoga, climbing, HYROX-style training, and related wellness services. CoreFit filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-11923) on May 1, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker presides over the case. David B. Smith, Esq., at Smith Kane Holman, LLC represents the Debtor as legal counsel. CRAFT CONSTRUCTION: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Craft Construction Company LLC 480 S Andrews Ave # 103 Pompano Beach, FL 33069 Business Description: Craft Construction Company is a privately held construction company headquartered in Pompano Beach, Florida. The company provides construction management, design-build, general contracting, pre-construction consulting, new construction, and renovation services. It serves commercial, industrial, and institutional markets, including commercial office, clubhouse, multifamily, and hospitality projects. Chapter 11 Petition Date: May 7, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-15967 Judge: Hon. Peter D Russin Debtor's Counsel: Zach B. Shelomith, Esq. SHELOMITH LAW 2699 Stirling Rd, Suite C401 Fort Lauderdale, FL 33312-6598 Tel: (954) 920-5355 E-mail: zbs@lss.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Barry Craft as managing member. 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/C3UH45Y/Craft_Construction_Company_LLC__flsbke-26-15967__0001.0.pdf?mcid=tGE4TAMA D.K.A. ONE: Case Summary & One Unsecured Creditor ------------------------------------------------- Lead Debtor: D.K.A. One, L.L.C. 8 Garden Lane New Orleans, LA 70124 Business Description: D.K.A. One, L.L.C. owns and manages a residential condominium property in Metairie, Louisiana, serving homeowners and residents in the New Orleans metropolitan area. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Eastern District of Louisiana Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- D.K.A. One, L.L.C. (Lead Case) 26-11085 D.K.A. Six, L.L.C. 26-11086 Judge: Hon. Meredith S Grabill Debtors' Bankruptcy Counsel: Mark A. Mintz, Esq. JONES WALKER LLP 201 St. Charles Avenue, 51st Floor New Orleans LA 90170 Tel: (504) 582-8260 Fax: (504) 589-8260 Email: mmintz@joneswalker.com D.K.A. One's Estimated Assets: $10 million to $50 million D.K.A. One's Estimated Liabilities: $10 million to $50 million D.K.A. Six's Estimated Assets: $1 million to $10 million D.K.A. Six's Estimated Liabilities: $10 million to $50 million The petitions were signed by Darren Aschaffenburg as owner. D.K.A. One identified Chehardy Sherman Williams, care of George Mueller at 1 Galleria Blvd., Suite 1100, Metairie, Louisiana, as its only unsecured creditor, with a $15,000 professional-services claim. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/7QVI42Q/DKA_SIX_LLC__laebke-26-11086__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/7CRN5JI/DKA_ONE_LLC__laebke-26-11085__0001.0.pdf?mcid=tGE4TAMA DANIEL TRUCKING: Amends Several Secured Claims Pay Details ---------------------------------------------------------- Daniel Trucking International Inc. submitted a Second Amended Disclosure Statement describing Second Amended Plan of Reorganization dated May 1, 2026. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Class 1(c) consists of the Allowed Secured Claim of M&T Bank. The Debtor and M&T have agreed that the M&T collateral has a value of $2,129,961.80 (the "Allowed M&T Secured Claim"). The Allowed M&T Secured Claim will be paid in full over a period of 55 months plus interest at the rate of 8%, with payments equal to the following: Months 1-12: $32,000 per month; Months 13-24: $35,000 per month; Months 25-36: $39,000 per month; Months 37-48: $45,000 per month; and Months 49 55: $50,000 per month. A balloon payment shall be due on the 56th month in the amount of $466,794.17 plus legal fees in the amount of $22,000 (the "Balloon Payment"). The amount of the Balloon Payment due shall be reduced by (i) adequate protection payments paid by the Debtor to M&T Bank prior to confirmation of the Plan; (ii) Sale proceeds related to VIN Nos. 5450, 0946, 0946, 5315 and 7236; and (iii) the insurance proceeds related to VIN No. 7334. Debtor shall make plan payments via ACH transfer to M&T Bank. Class 1(d) consists of the Allowed Secured Claim of PNC Bank. The Debtor maintains the value of Class 1(d)'s collateral is $327,664.54. The Debtor shall pay this amount (the "Allowed PNC Secured Claim "), less adequate protection payments already paid, over a period of 60 months plus interest at Prime + 1%. Estimated monthly payments to Class 1(d) are $6,604.72 per month. Adequate protection payments made to creditor will reduce the total Allowed Secured Claim. The remainder of the amount due to Class 1(d) shall be treated and paid as a Class 2 general unsecured claim. Class 1(i) consists of the Allowed Secured Claim of Small Business Administration. The Debtor maintains the value of Class 1(i)'s collateral is $250,000. The Debtor shall pay this amount (the "Allowed SBA Secured Claim") in full over a period of 10 years in equal monthly payments of principal and interest at rate of 3% (contract rate). Monthly payments to Class 1(i) are $2,414.02 per month. Like in the prior iteration of the Plan, Class 2 General Non-Priority Unsecured Claims including unsecured deficiency claims shall be paid pro rata distributions of deferred cash payments aggregating $110,000 from (i) the General Unsecured Creditor Fund in the amount of $100,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $22,000 with the first installment due 6 months following the Effective Date (or June 30, 2026, whichever sooner) and $22,000 payable annually on June 30, 2027, 2028, 2029 and 2030. The principal of the Debtor, Mr. Pavel Pavlov, is retaining his 100% ownership interest in the Debtor. He is contributing the sum of $10,000 toward payment of general unsecured claims under the Plan over a period of 5 years (at $2,000 per year); and (3) he is maintaining and not increasing his current salary of $1,000 per week for the next year. In light of the new value contribution by the principal, the Debtor maintains that the new value of the shares in the Reorganized Debtor are sufficient and equivalent to the value of those shares. A full-text copy of the Second Amended Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=0tkNPw from PacerMonitor.com at no charge. Counsel to the Debtor: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Rd., Ste. 200 Skokie, IL 60076 Telephone: (847) 745-6592 Email: mgranek@gutnicki.com About Daniel Trucking International Inc. Daniel Trucking International, Inc., is a Wheeling, Illinois-based transportation company. Daniel Trucking International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-10329) on July 7, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq., at Law Offices of David Freydin Ltd. DIGGERS EXCAVATION: Seeks to Hire George Oliver PLLC as Counsel --------------------------------------------------------------- Diggers Excavation and Grading Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ The Law Offices of George Oliver, PLLC to handle the bankruptcy proceedings. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $9,238 inclusive of $1,738 filing fee. Mr. Oliver disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: 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 E-mail: george@georgeoliverlaw.com About Diggers Excavation and Grading Inc. Diggers Excavation and Grading Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01783) on April 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Pamela W. Mcafee presides over the case. George M. Oliver, Esq. The Law Offices Of George Oliver, PLLC represents the Debtor as legal counsel. DIGGERS EXCAVATION: Seeks to Hire Mitchell PA as Accountant ----------------------------------------------------------- Diggers Excavation and Grading Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Mitchell PA as accountant. The firm will prepare the Debtor's weekly payroll, tax returns, and other business tax services. The firm will be paid a flat rate of $400 per month for payroll services, and a flat fee of $1,200 per tax return. Allison J. Mitchell, CPA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Allison J. Mitchell, CPA Mitchell PA 312 S. Front St., Suite 8 New Bern, NC 28560 Tel: (252) 671-3784 About Diggers Excavation and Grading Inc. Diggers Excavation and Grading Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01783) on April 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Pamela W. Mcafee presides over the case. George M. Oliver, Esq. The Law Offices Of George Oliver, PLLC represents the Debtor as legal counsel. DIVISION 2 TRUCKING: Unsecureds Will Get 14.5% over 5 Years ----------------------------------------------------------- Division 2 Trucking Company filed with the U.S. Bankruptcy Court for the District of Minnesota a Disclosure Statement describing Plan of Reorganization dated May 1, 2026. The Debtor owns and operates dump trucks throughout the greater Twin Cities metropolitan area. For most of the year, the Debtor's operations are primarily related to construction projects. In addition, the Debtor has historically also had a substantial amount of snow removal work in the winter months, which has helped it maintain some level of consistency in revenues when construction work slows down due to cold weather. Because of unusually mild winters in the two years prior to the Petition Date, the Debtor experienced a significant loss of revenue. In addition to the problem of lost revenue due to seasonal factors, the Debtor also had issues with collection of multiple large accounts receivable. Due to supply chain disruptions and inflation, the costs to maintain trucks has increased approximately 300% over the past several years. While costs increased dramatically, much of the Debtor's revenue was dependent on bids that were submitted by general contractors years earlier, when operating costs were much lower. To meet immediate cash needs, the Debtor also resorted to "merchant cash advance" financing. Under the agreements that the Debtor entered into, the financers were entitled to rates of return ranging from 50% to well over 100% on an annualized basis, and the Debtor found itself sinking further into debt. In May 2025, the Debtor began working with Patrick Rettig Corp. ("Rettig"), a management consulting firm, to help address its accounting and operational deficiencies. While important steps were immediately taken to put the Debtor on a more sustainable footing, it soon became clear that it would need to reorganize under chapter 11 if it were to remain viable. Shortly after retaining counsel, the Debtor had to file the petition commencing the instant bankruptcy case to avoid repossession of trucks that were deemed necessary to the Debtor's prospects for reorganization. Class 4 consists of General Unsecured Creditors. The allowed unsecured claims total $2,100,000.00. This Class will receive a distribution of $305,000.00 or 14.5%. The estimated total of Class 4 Claims is based on filed proofs of claim and the claims that the Debtor scheduled as undisputed, liquidated, non-contingent, and not subject to offset. Under the Plan, the Debtor will be obligated to make the following total payments to Class 4 creditors, with the amount to be paid being distributed to creditors on a pro rata basis: Payment Date Payment Amount ------------ -------------- Yr. 1, Mo. 12 $15,000.00 Yr. 2, Mo. 6 $25,000.00 Yr. 2, Mo. 12 $25,000.00 Yr. 3, Mo. 6 $30,000.00 Yr. 3, Mo. 12 $30,000.00 Yr. 4, Mo. 6 $45,000.00 Yr. 4, Mo. 12 $45,000.00 Yr. 5, Mo. 6 $45,000.00 Yr. 5, Mo. 12 $45,000.00 Plan payments will be funded primarily by income earned through the Debtor's continued operations. After the Effective Date, the Debtor will continue to exist in accordance with laws applicable to Minnesota corporations. The Debtor's articles, bylaws, and other organizational documents will remain in effect according to their current terms, except that such articles, bylaws, and other organizational documents will be amended to bar the issuance of non-voting stock, and as otherwise necessary to performance of the Plan. A full-text copy of the Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=XELHtl from PacerMonitor.com at no charge. Counsel for the Debtor: COZEN O'CONNOR Joel D. Nesset, Esq. 150 South Fifth Street, Suite 1200 Minneapolis, MN 55402 Telephone: 612-260-9000 Fax: 612-260-9080 About Division 2 Trucking Company Division 2 Trucking Company operates as an intrastate trucking carrier based in Minnesota. It primarily provides hauling services for construction materials and aggregates within the state. Division 2 Trucking Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-32182) on July 16, 2025, listing between $50,001 and $100,000 in assets and between $1 million and $10 million in liabilities. Judge Katherine A. Constantine oversees the case. Joel D. Nesset, Esq., at Cozen O'Connor, represents the Debtor as legal counsel. DRIVESMART SYSTEMS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- DriveSmart Systems, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral and provide adequate protection. The Debtor operates a driving school in Georgia providing state-approved behind-the-wheel and classroom driver education services, which constitutes its primary revenue-generating business. The Debtor identifies the U.S. Small Business Administration as the likely secured creditor asserting an interest in the Debtor's cash collateral, derived primarily from business revenues. The Debtor's available cash position at filing is approximately $156,256, and it projects continued revenue generation from driving instruction services. The Debtor argues that certain revenues may constitute cash collateral under 11 U.S.C. section 363 and acknowledges that SBA may have a lien over those funds. However, it reserves the right to dispute the SBA's secured status, the extent of its lien, and the scope of any adequate protection obligations. The Debtor needs to use cash collateral to fund ordinary and necessary operating expenses consistent with its budget, including payroll, vehicle insurance and maintenance, rent, utilities, marketing, office supplies, merchant fees, and technology services. The proposed monthly budget reflects approximately $175,000 in revenue against $152,000 in expenses, resulting in projected monthly profit of about $23,000. The Debtor asserted that continued use of cash collateral is essential to maintain operations and prevent immediate and irreparable harm, including business shutdown and loss of enterprise value. As adequate protection, the Debtor offers granting the SBA a replacement lien on post-petition assets of the same type, extent, and priority as its alleged pre-petition lien, excluding avoidance action recoveries under Chapter 5 of the Bankruptcy Code. The Debtor argues that this replacement lien, combined with ongoing business operations and stable or improving cash flow, sufficiently protects any secured interest the SBA may hold. It also notes that adequate protection should be assessed case-by-case and includes “indubitable equivalent” relief under section 361. A copy of the order is available at https://is.gd/xTZDgs from PacerMonitor.com. The final hearing is set for June 8. About DriveSmart Systems, Inc. DriveSmart Systems, Inc. operates a driving school in Georgia providing state-approved behind-the-wheel and classroom driver education services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55833-pmb) on May 4, 2026. In the petition signed by Steven Jones, chief executive officer, the Debtor disclosed upto $500,000 in assets and up to $10 million in liabilities. Judge Paul Baisier oversees the case. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. DSD LS: BRG to Hold Public Auction of Collateral on May 18 ---------------------------------------------------------- Berkeley Research Group, LLC ("BRG"), on behalf of HSBC Bank USA, N.A., not individually but solely in its capacity as Administrative Agent for the Lenders (together with its successors and assigns in such capacity, the "Administrative Agent") and as Collateral Agent for Secured Parties (together with its successors in such capacity, the "Collateral Agent") offers for sale by public auction pursuant to the Uniform Commercial Code on May 18, 2026 at 10:00 a.m. EDT, at the offices of Akin Gump Strauss Hauer & Feld LLP, One Bryant Park, 44th Floor, New York, NY 10036, as well as by remote participation via simultaneous Zoom videoconference, 13 late-stage solar development projects and approximately 98,000 solar modules (collectively, the "Collateral") owned directly or indirectly by DSD LS Development, LLC, a Delaware limited liability company (the "Borrower"), DSD LS Equipment, LLC, a Delaware limited liability company "EquipmentCo"), and each of the project company subsidiaries (the "Project Companies") of the Borrower (together with EquipmentCo, the "Guarantors"; and together with the Borrower, the "Grantors"). Pursuant to that certain Amended and Restated Financing Agreement, dated as of April 30, 2025 (as further amended and restated, supplemented or otherwise modified from time to time, the "Financing Agreement"), by and among the Borrower, the lenders party thereto (the "Lenders ), and HSBC Bank USA, N.A., as Administrative Agent and Collateral Agent, the Lenders made certain loans to the Grantors (the "Loan"). In connection with the Loan, the Grantors granted to the Collateral Agent, for the ratable benefit of the Lenders, a first-priority lien on the Collateral, including a pledge of the equity interests in the Project Companies. The Lenders are offering the Collateral for sale in connection with the foreclosure of the liens on and security interests in such Collateral. The Lenders are soliciting bids on the Collateral on a project-by-project basis. The bids may, but are not required to, include some or all of the solar module assets. In addition, the Lenders are soliciting bids for the solar modules. Notwithstanding the foregoing, the Lenders reserve the right to configure the Collateral into lots in their sole discretion, including combining multiple projects into a single lot, offering projects individually, or any other configuration the Lenders deem appropriate. Potential bidders may submit bids an one one more lots of Collateral. The Collateral is offered "as-is, where-is," with no express or implied warranties, representations, or conditions of any kind made by the Lenders, or any person acting on their behalf, and without any recourse whatsoever to the Lenders, or any person acting for or on behalf of the Lenders. Each bidder must conduct and rely on its own investigation and due diligence regarding the Collateral's nature, condition, and value. The winning bidder is responsible for the payment of all transfer taxes, stamp duties, and similar taxes or charges incurred in connection with the purchase of the Collateral. Without limitation of the foregoing, there are specific requirements for any potential bidder to receive information and participate in the bidding for the Collateral, including but not limited to the following: (i) delivery of a non-binding indication of interest by 5:00 p.m. EDT on May 12, 2026, which must identify and describe the acquiring entity, the Collateral proposed to be acquired, the purchase price for such Collateral and any other material terms to be included in the bid; (ii) evidence of financial capacity and corporate, legal or other authorizations to close the proposed transaction; and (iii) any other additional information the bidder deems relevant to its proposal and ability to complete the transaction successfully. Furthermore, each bidder must deliver any documents, certification, deposits, and pay any amounts (such as good-faith deposits or reimbursements) as may be required under the Financing Agreement or other applicable loan or security documents, or as required by the Lenders as conditions for bidding and sale approval, including under the Terms of Sale. The equity interests in the Project Companies included in the Collateral have not been registered under the Securities Act of 1933 or any state securities laws and may not be resold, transferred, pledged, hypothecated, or otherwise assigned in the absence of an effective registration statement pursuant to such act and compliance with applicable state securities laws or unless the successful bidder and the relevant Project Company receive an opinion of counsel, satisfactory to each of the successful bidder and the relevant Project Company that such resale, transfer, pledge, hypothecation or assignment may be effected in reliance upon and exemption from such act and applicable state securities laws. Any successful bid that is accepted by the Lenders in writing (other than a credit bid submitted by the Lenders) must be accompanied by a deposit in an amount not less than ten percent (10%) of the bid amount, payable within twenty-four (24) hours acceptance of the winning bid as a non-refundable deposit on the sale price, with the entire balance payable in immediately available good funds (wire transferred from, or certified check drawn on and certified by, a U.S. commercial bank that is a member of the Federal Reserve System) at the closing of the transaction. Further information concerning the Collateral, the requirements for access to diligence information and for bidding on the Collateral, and the full Terms of Sale can be obtained by contacting BRG at: Mark Renzi (617) 607-6418 mrenzi@thinkbrg.com Brett Witherell (617) 673-2130 bwitherell@thinkbrg.com ECOM AUTHORITY: Creditors to Get Proceeds From Liquidation ---------------------------------------------------------- ECom Authority, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement in support of Plan of Liquidation dated May 1, 2026. The Debtor was a Florida limited liability company that provided e-commerce store management services to third parties. The Debtor entered into store management services agreements (or similar agreements) with persons (the "Store Owners") under which the Debtor managed e-commerce stores on Amazon and Walmart for the Store Owners. The Debtor purchased, received, stored, and shipped consumer goods from a warehouse it leased at 12301 N.W. 112th Avenue, Medley, Florida (the "Medley Warehouse"). As of June 5, 2025, the Medley Warehouse contained approximately 1,325 pallets of inventory. Approximately 1,275 of those pallets consisted of inventory purchased by ECom that had not left the Medley Warehouse, or had been returned to the Medley Warehouse by Amazon, Walmart, or end users and could not be traced to a specific Store Owner (this commingled inventory is referred to in the Plan as the "Debtor Inventory"). The remaining inventory was traced to specific Store Owners and is referred to in the Plan as "Store Owner Inventory". Inventory continued to be returned to the Medley Warehouse from Amazon, Walmart, and end users after June 5, 2025. On October 17, 2025, the Debtor moved for authority to sell the Estate's inventory through auction and bulk sales free and clear of liens, claims, and encumbrances. On October 29, 2025, the Debtor supplemented the motion to disclose the terms of an agreement reached with Settle Funding for a carve-out from Settle Funding's asserted Lien to fund Estate expenses and provide a share of sale proceeds to the Estate (the "Settle Funding Agreement"). On November 12, 2025, the Bankruptcy Court entered the Order Granting Debtor's Expedited Motion to (I) Approve Auction and Bulk Sales Free and Clear of Liens, Claims, and Encumbrances; (II) Approve Procedures for Store Owner Inventory; and (III) Shorten Notice (Dkt. No. 121) (the "Sale Order"). Under the Settle Funding Agreement, the following amounts are paid from the sale proceeds of the Debtor Inventory free and clear of Settle Funding's Lien: (a) $110,000 per month to reimburse the Estate for expenses, including rent, insurance, and staffing at the Medley Warehouse; (b) reimbursement of Moecker Auctions' marketing expenses, not to exceed $20,000; and (c) 10% of the proceeds of all auction and bulk sales, retained by the Estate. The Sale Order also approved procedures for the sale of Store Owner Inventory. Under those procedures, Store Owners who consented in writing (including by email) to the sale of their Store Owner Inventory received 60% of the net sale proceeds (after expenses and buyer's premiums) and the Estate retained 40%. Class 2 consists of Allowed General Unsecured Claims. Unless the holder agrees to lesser treatment, each holder of an Allowed General Unsecured Claim will receive, after the Effective Date, a Pro Rata Share of the Distributions from the Trust Assets. This Class is impaired. Class 4 consists of Equity Interests in the Debtor. Equity Interests will be extinguished and canceled as of the Effective Date. The Plan will be funded from Property of the Estate, including Cash on hand, Cash generated from the sale of the Debtor Inventory, and Cash realized from the Causes of Action. The Plan contemplates that the Debtor will be liquidated and dissolved. A liquidating trust (the "Liquidating Trust") will be formed under a Liquidating Trust Agreement (the "Liquidating Trust Agreement"), and a Liquidating Trustee will be appointed to complete the inventory liquidation, prosecute the Causes of Action, and make distributions to creditors. Philip J. von Kahle, the Debtor's CRO, will serve as the initial Liquidating Trustee. The Debtor believes that the Plan will allow for a prompt resolution of the Case and will achieve the best result for the holders of Allowed General Unsecured Claims classified in Class 2 of the Plan. The Plan is the product of the Debtor's work with Settle Funding, LLC ("Settle Funding"), the Estate's secured lender, and the Official Committee of Unsecured Creditors (the "Committee"). The Debtor urges all creditors entitled to vote on the Plan to vote in favor of the Plan. A full-text copy of the Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=YD7TqG from PacerMonitor.com at no charge. Ecom Authority, LLC is represented by: Michael S. Hoffman, Esq. Lessne Hoffman, PLLC 100 SE 3rd Avenue, 10th Floor Fort Lauderdale, FL 33394 Telephone: (954) 372-5759 Email: mhoffman@lessnehoffman.law Ecom Authority LLC Ecom Authority, LLC, is a wholesaler doing business in Texas. On July 9, 2025, Austin Collins and four other creditors filed an Chapter 7 involuntary petition against Ecom Authority (Bankr. S.D. Fla. Case No. 25-17808). The creditors are represented by Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. The Debtor filed a motion to convert the involuntary case from chapter 7 to chapter 11 pursuant to Local Rule 1013Ã¢Ë†â€™1(B). Judge Laurel M. Isicoff on Oct. 3, 2025, ordered that relief under chapter 11 of the Bankruptcy Code (Title 11 of the United States Code) is granted. The Debtor tapped Michael S. Hoffman, Esq., at Lesse Hoffman, PLLC as bankruptcy counsel; and Bast Amron, LLP and Phang & Feldman, PA as special litigation counsel. Guy Van Baalen, Acting U.S. Trustee for Region 21, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Markowitz, Ringel, Trusty & Hartog, P.A. EMERALD X: S&P Places 'B+' ICR on Watch Negative on Acquisition --------------------------------------------------------------- S&P Global Ratings placed its 'B+' issuer credit rating on trade show operator Emerald X Inc. on CreditWatch with negative implications. The issue-level ratings on the company's existing debt are unchanged because the change of control provision in the debt agreements will be triggered and the debt will be repaid in the event the transactions close. On May 11, 2026, Emerald X Inc. announced a definitive agreement to be acquired by Apollo Global Management Inc. for $5.03 per share (all cash). Apollo also entered into a separate definitive agreement to acquire Questex LLC with the intention of combining the businesses. In connection with the transaction, Apollo has obtained debt and equity financing commitments of $2 billion. S&P said, "The CreditWatch placement reflects our view that the combined entity's credit profile could be weaker compared with Emerald. This is due to the expected leveraging from additional debt incurrence to fund the transactions, which could result in a downgrade if the transaction receives regulatory approval. "We believe the combined entity's leverage will likely exceed 5x due to the incremental debt financing to fund the transaction. On May 11, 2026, Emerald announced that it entered into a definitive agreement to be acquired by Apollo for $5.03 per share. Simultaneously, Apollo will acquire Questex (acquisition price was undisclosed) and merge the business with Emerald. In connection with the transaction, Apollo has obtained committed debt and equity financing commitments of $2 billion. The transaction is expected to close in the second half of this year, subject to regulatory, shareholder, and other approvals. We expect Emerald's existing debt to be repaid as part of the transaction. "Questex is a private company and its financials are not publicly available. However, we believe the combined company's S&P Global Ratings-adjusted leverage will likely exceed 5x because Emerald is significantly larger than Questex. The current downgrade threshold is 5x, and we could modestly increase this if we believe the newly combined entity could support modestly higher leverage than Emerald on a stand-alone basis. However, our assumptions for pro forma leverage when the transaction closes could likely be materially higher than a revised debt leverage range. Furthermore, Apollo's financial policy regarding the combined entity remains unknown. "We expect to resolve the CreditWatch placement when the acquisition closes, likely in the second half of this year. We will assess the combined company's business position, pro forma capital structure, and long-term financial policy as more information becomes available." EYWA TRADING: Melissa Haselden Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Eywa Trading Consultants, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Eywa Trading Consultants LLC Eywa Trading Consultants, LLC owns and leases residential real estate properties in Spring and Tomball, Texas. Its property portfolio includes single-family and townhome assets with a combined appraised value of about $1.31 million. Eywa Trading Consultants sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-33219) on May 4, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Jeffrey P. Norman presides over the case. Jeremy Thomas Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC represents the Debtor as bankruptcy counsel. F O & O INC: Gets Interim OK to Use Cash Collateral --------------------------------------------------- F O & O, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its budget. The Debtor claimed multiple secured creditors may have interests in its cash, accounts receivable, bank accounts, and related assets, with Citizens National Bank of Texas identified as a likely senior secured lender. Other potential secured parties include Forest Capital, Oakwood, Stage/Slate, and Highland Hill Omega Recovery. Lien documentation is still being reviewed and may be challenged later regarding validity, perfection, and amounts owed, according to the Debtor. As adequate protection, all secured creditors will be granted a replacement lien on cash collateral generated after the Debtor's Chapter 11 filing, with the same validity, priority and extent as their pre-petition liens. About F O & O Inc. F O & O, Inc. is a Texas-based utility contractor operating in fiber optics. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31941) on May 3, 2026. In the petition signed by Martin Derrick Norwood Jr, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Scott W. Everett oversees the case. Steven E. Wallace, Esq., at Wallace Law, PLLC, represents the Debtor as legal counsel. FAB TECH: Seeks Approval to Hire Ridings Law Firm as Counsel ------------------------------------------------------------ Fab Tech Wastewater Solutions LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire Ridings Law Firm as its counsel. The firm will provide these services: (a) assist and advise Debtor relative to the administration of this proceeding; (b) advise Debtor with respect to its powers and duties as debtor-in-possession in the continued management and operation of its business and property; (c) represent the Debtor before the Bankruptcy Court and advise the Debtor on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (d) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by third parties in this proceeding; (e) attend meetings conducted pursuant to section 341(a) of the Bankruptcy Code and represent Debtor at all examinations; (f) communicate with creditors and other parties in interest; (g) assist Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (h) confer with other professionals retained by Debtor and other parties in interest; (i) negotiate and prepare Debtor's chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on Debtor's behalf to obtain confirmation of the plan; and (j) perform all other necessary legal services and provide all other necessary legal advice to Debtor in connection with this chapter 11 case. The hourly rates for Ridings Law Firm attorneys and paralegals range between $350 to $425 for attorneys, and $125 to $150 for paralegals. The current hourly rate for William H Ridings Jr is $350. Ridings Law Firm is a "disinterested person," as that term is defined in section 101(14) of the Bankruptcy Code and modified by section 1107(b), according to court filings. The firm can be reached at: William H Ridings Jr RIDINGS LAW FIRM 2510 S Brentwood Blvd Saint Louis, MO 63144 Telephone: (314) 968-1313 E-mail: ridingslaw2010@yahoo.com About Fab Tech Wastewater Solutions LLC Fab Tech Wastewater Solutions LLC provides water and wastewater project services for municipal and industrial customers. The company's services include clarifier repair and rehabilitation, weir and baffle replacement, flocculator installation, aeration basin repair and replacement, chain and scraper work, drive rebuilds, and gate-related upgrades. Fab Tech is headquartered in Weldon Spring, Missouri, with an office in Pewaukee, Wisconsin. Fab Tech Wastewater Solutions sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mo. Case No. 4:26-bk-41832) on April 29, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $500,001 to $1 million. Judge Bonnie L Clair oversees the case. Ridings Law Firm is Debtor's legal counsel. FALLS OF BRAEBURN: Trustee to Employ Gibbs Firm as Tax Consultants ------------------------------------------------------------------ David A. Wallace, the Chapter 11 trustee for Falls of Braeburn, LLC and affiliates, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ The Gibbs Firm, LPA as tax protest consultants. The firm will provide these services: (a) obtain and review Auditor's and Taxpayers' records and all other relevant documents, public or private; (b) discuss and negotiate the assessed value on Taxpayer's property with relevant government officials; (c) prepare and present complaints and petitions to the Appraisal District's Office, Appraisal Review Board, and any Courts; (d) take any lawful action necessary to protect Taxpayers' funds or property, subject to the Taxpayers' approval; and (e) provide such additional services incidental to the purpose of this hiring, as requested by Trustee, to include annual projections of anticipated Property tax liability and information related to payment due dates, refund status, and early payment discount options, if any. The Gibbs Firm will be compensated on a contingency fee basis equal to 25% of any tax savings, refunds or credits obtained for the 2026 tax year and subsequent affected years. The Trustee also seeks approval for payment of fees upon 15 days' notice filed with the Court without separate fee application. The Gibbs Firm, LPA is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ryan J. Gibbs, President THE GIBBS FIRM, LPA Cincinnati, OH About Falls of Braeburn LLC Falls of Braeburn, LLC, Falls of Chelsea Lane, LLC, Northwest Miami Gardens, LP, and Falls of Westpark Apartments, Ltd. are privately held real estate investment companies based in Houston, Texas, specializing in ownership and management of apartment complexes. Falls of Braeburn and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90602) on November 3, 2025. At the time of filing, the Debtor listed $10 million to $50 million in both assets and liabilities. The petitions were signed by Siri Khalsa as authorized representative. Judge Christopher M Lopez presides over the case. Matthew S. Okin, Esq., at Okin Adams Bartlett Curry, LLP represents the Debtor as legal counsel. FARMHOUSE INC: Issues $2.22 Million Convertible Note ---------------------------------------------------- Farmhouse Inc. issued a $2.22 million senior unsecured convertible promissory note to Axiom Holdings Group LLC, according to a Form 8-K filing with the Securities and Exchange Commission. The note represented $2 million in gross proceeds after a 10% original issue discount, including $1 million in cash and $1 million in digital asset consideration. Farmhouse said it previously received a $100,000 advance from the investor in March, which was applied toward the subscription. Net cash proceeds at closing were $884,000 after repayment of the advance and payment of $16,000 of investor legal expenses. The note bears 15% simple annual interest and matures 10 months from issuance unless converted earlier. Accrued interest is payable only upon conversion, and no periodic cash interest payments are required. The note will convert automatically into common shares upon the earliest of several events, including 180 days after issuance, an underwritten public offering or uplisting, a qualified financing with at least $5 million in gross proceeds to the company, or the company's common stock closing at or above $1 for 20 consecutive trading days. The conversion price is 75% of the lowest volume-weighted average price of the company's common stock during the 20 consecutive trading days before the conversion date, subject to a minimum conversion price of 15 cents a share and a maximum conversion price of 50 cents a share. Farmhouse said it must reserve common shares equal to 200% of the maximum number of shares issuable upon conversion at the minimum conversion price. The company also agreed to file a registration statement within 90 days covering resale of the shares issuable upon conversion. About Farmhouse Inc. Farmhouse Inc. is a Nevada corporation that historically engaged in technology development and brand management activities. The company operates as a public company platform focused on evaluating strategic acquisitions and emerging opportunities, including digital asset initiatives. It has limited current revenue, maintains certain licensing activities and continues to evaluate opportunities to develop operating business lines. In an audit report dated April 17, 2026, Mac Accounting Group & CPAs, LLP included a going concern qualification, stating that Farmhouse had suffered recurring losses, used cash in operations and reported a stockholders' deficit. The conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $57,163, total liabilities of $2.73 million and total stockholders' deficit of $2.67 million. FREEDOM FOREVER: Taps Morris Nichols Arsht & Tunnell as Counsel --------------------------------------------------------------- Freedom Forever LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Morris, Nichols, Arsht & Tunnell LLP as counsel. The firm will render these services: (a) perform all necessary services as the Debtor's bankruptcy counsel; (b) take all necessary actions to protect and preserve the Debtor's estate during this Chapter 11 case; (c) prepare or coordinate preparation on behalf of the Debtor necessary legal papers in connection with administering this Chapter 11 case; (d) counsel the Debtor with regard to its rights and obligations; (e) coordinate with the Debtor's other professionals in representing the Debtor in connection with this case; and (f) perform all other necessary legal services. The firm will be paid at these hourly rates: Partners $1,250 - $1,425 Associates and Special Counsel $695 - $1,200 Paraprofessionals $445 - $475 Case Clerks $395 In addition, the firm will seek reimbursement for expenses incurred. In the 90 days before the petition date, Morris Nichols received a total retainer of $400,000 from the Debtor. Curtis Miller, Esq., an attorney at Morris, Nichols, Arsht & Tunnel, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: In connection with the Chapter 11 case, Morris Nichols was retained by the Debtor pursuant to the Engagement Agreement, dated April 12, 2026. As part of its customary practices, Morris Nichols increases the hourly rates of its attorneys beginning January 1 of each year. Otherwise, the material terms of the prepetition engagement are substantially the same as the terms described in the Miller Declaration. For the work performed for the Debtor in 2026, Morris Nichols's hourly rates are as follows: Partners $1,250 - $1,425 Associates and Special Counsel $695 - $1,200 Paraprofessionals $445 - $475 Case Clerks $395 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Morris Nichols and the Debtor have agreed on a budget and staffing plan for this Chapter 11 case. Mr. Miller disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Curtis J. Miller, Esq. Morris, Nichols, Arsht & Tunnell LLP 1201 North Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 About Freedom Forever LLC Freedom Forever LLC is a Temecula, California-based residential solar installation company that serves homeowners in more than 30 states. It operates as an engineering, procurement and construction platform, providing solar panel installation, energy storage and financing services through employees and independent authorized dealers. The company also offers proprietary software that supports project visibility, permitting and customer transparency. Freedom Forever LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 26-10522) on April 15, 2026. At the time of the filing, Debtor had estimated assets of between $100,000,001 to $500 million and liabilities of between $500,000,001 to $1 billion. Judge Brendan Linehan Shannon oversees the case. Morris, Nichols, Arsht & Tunnell LLP is Debtor's legal counsel. FREIGHTCAR AMERICA: Debts Exceed Assets by US$65.3MM at March 31 ---------------------------------------------------------------- FreightCar America, Inc.'s stockholder's deficit was US$65.3 million at March 31, 2026. The stockholder's deficit was US$107.4 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$288.0 million and total liabilities of US$353.3 million. At Dec. 31, 2025, the Company had total assets of US$290.0 million and total liabilities of US$397.5 million. "Based on our current level of operations and known changes in planned volume based on our backlog, we believe that our cash balances will be sufficient to meet our expected liquidity needs for at least the next twelve months," the Company says, adding, "Our long-term liquidity is contingent upon future operating performance and our ability to continue to meet financial covenants under our revolving credit facilities, any other indebtedness and the availability of additional financing if needed. We may also require additional capital in the future to fund working capital for various reasons, such as future railcar demand; payments for contractual obligations; organic growth opportunities, including new plant and equipment and development of railcars; joint ventures; international expansion; and acquisitions, and these capital requirements could be substantial." On Dec. 31, 2024, the Company entered into a term loan agreement with FreightCar North America, LLC, certain of its subsidiaries, the lenders party thereto, and Blue Torch Finance LLC, as administrative and collateral agent, providing for a $115 million term loan maturing Dec. 31, 2028. The Term Loan includes customary affirmative and negative covenants and financial covenants, including minimum liquidity requirements and quarterly leverage ratio testing beginning March 31, 2025. The Company says it was in compliance with these covenants as of March 31, 2026. The Term Loan also includes an annual mandatory prepayment provision based on Excess Cash Flow, as defined in the agreement, requiring the Company to apply a portion of such cash flow to repay outstanding borrowings. Deferred financing costs of $6.511 million are recorded as a reduction of long-term debt and amortized to interest expense over the term of the Term Loan. The Term Loan bears interest at the Term Secured Overnight Refinancing Rate, with a floor of 3.00% per annum, plus an applicable margin of 6.00% per annum or at a base rate, as selected by the Company as the borrower. Base rate loans, with respect to the Term Loan, bear interest at the highest of (a) 4.00% per annum, (b) the federal funds rate plus 0.50%, (c) the prime rate or (d) the Term SOFR rate plus 1.00% per annum plus an applicable margin of 5.00%. The Term Loan bears interest at 9.7% as of March 31, 2026. On Feb. 12, 2025, the Company entered into a $35 million asset-based revolving credit facility with Bank of America, N.A., as administrative agent, maturing Feb 12, 2030, subject to a springing maturity of Oct. 2, 2028 if the Term Loan is not repaid or refinanced by Oct 1, 2028. Availability under the ABL is subject to a borrowing base derived from eligible inventory and accounts receivable, which secure the facility. The ABL contains customary affirmative and negative covenants and financial covenants that are triggered upon reduced availability and remain in effect while such condition exists. The Company was in compliance with these covenants as of March 31, 2026. Revolving loans outstanding bear interest at the Term SOFR rate plus an applicable margin ranging from 1.50% to 2.00% per annum or at a base rate plus an applicable margin ranging from 0.50% to 1.00% per annum, as selected by the Company as the borrower. Base rate loans, with respect to the ABL, bear interest at the highest of (a) the prime rate, (b) the federal funds rate plus 0.50% or (c) Term SOFR rate plus 1.00%, provided that the base rate may not be less than 1.00%. As of March 31, 2026, the ABL bears interest at 5.5%. As of March 31, 2026, the Company had $31.25 million of availability under the ABL, net of $452,000 reserved for foreign currency derivative mark-to-market adjustments and $197,000 reserved for a standby letter of credit. Deferred financing costs of $874,000 are recorded as an asset and amortized to interest expense over the term of the ABL. A full-text copy of the Form 10-Q is available at https://tinyurl.com/yckb8raw About FreightCar America, Inc. FreightCar America, Inc. (NASDAQ: RAIL) operates primarily in North America, specializing in the design and manufacture of a diverse range of railroad freight cars, including boxcars and hopper cars. The Company also offers railcar rebody and repair services, conversion services for idled rail assets, and supplies replacement parts for all railcar types, serving both manufacturing and aftermarket segments. Its operations cater to the needs of the rail transportation industry, focusing on enhancing the efficiency and functionality of rail assets. GLACIER CAR: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Glacier Car and Dog Wash, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in accordance with an approved budget through the date of the final hearing. The budget projects steady monthly revenue growth from approximately $33,000 in May 2026 to nearly $38,000 by early 2027, driven largely by membership renewals and service income. After cost of goods sold and operating expenses, the Debtor projects positive net operating income and overall net income throughout the budget period. Major expenses include interest payments, utilities (water, electricity, gas), repairs and maintenance, insurance, payroll-related costs, taxes, and administrative expenses, all of which are structured to maintain ongoing operations. The Debtor said that its cash position will remain stable or improve over time as revenues replace expenditures in the ordinary course of business. The Debtor reported approximately $3,500 in available cash and asserted that its ongoing revenue streams -- primarily from car wash services, self-serve bays, vacuum services, dog washing, and memberships -- will continue to replenish cash during operations. Its equipment and inventory are not expected to materially depreciate during the case, supporting its position that secured creditors are adequately protected even with continued use of cash collateral. The secured creditors with interests in the Debtor's cash collateral are primarily Arizona Financial Credit Union (though its lien is not clearly confirmed via UCC filings) and the Adams County Treasurer, which may hold a statutory lien. As adequate protection, secured creditors will be granted replacement liens on post-petition accounts receivable to the extent of any decline in collateral value. The Debtor must also maintain insurance coverage, provide periodic bankruptcy reports, preserve collateral in good repair, pay all post-petition taxes, and limit deviations from the approved budget to no more than 15% per expense line item each month, excluding U.S. Trustee fees. The order is available at https://is.gd/o5qSzb from PacerMonitor.com. The court scheduled a final hearing for June 9. The Debtor operates a combined dog wash and car wash facility in Thornton, Colorado, which it developed after purchasing land and financing construction in 2020. The business' financial distress is attributed to multiple compounding factors, including approximately $250,000 in unexpected post-COVID construction cost overruns, a significant increase in loan interest rates from 6% to 11%, reduced accessibility to the facility due to nearby road construction, and lower demand for car washing services during dry weather conditions. Despite these challenges, the Debtor reported improving customer volume and growing membership revenue. About Glacier Car and Dog Wash LLC Glacier Car and Dog Wash, LLC operates a combined dog wash and car wash facility in Thornton, Colorado. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-13121-KHT) on May 4, 2026. In the petition signed by Seana Cabral, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Kimberley H. Tyson oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. GLACIER CAR: Jonathan Dickey Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Jonathan Dickey as Subchapter V trustee for Glacier Car and Dog Wash, LLC. Mr. Dickey will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dickey declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jonathan M. Dickey, Esq. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 303-832-2400 Email: jmd@kutnerlaw.com About Glacier Car and Dog Wash LLC Glacier Car and Dog Wash LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-13121) on May 04, 2026, with $1,000,001 to $10 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. Aaron A. Garber, Esq. represents the Debtor as legal counsel. GLOBALTEK VENTURES: Name Change Takes Effect April 17 ----------------------------------------------------- GlobalTek Ventures, Inc., formerly Ameritek Ventures, Inc., changed its corporate name effective April 17, according to a Form 8-K filing with the Securities and Exchange Commission. The company said it filed a certificate of amendment with Nevada on April 15 under Filing Number 20265675229, and the amendment became effective at 5 p.m. Pacific time on April 17. The certificate of amendment was approved by the company's board and the holder of a majority of its voting power. The company said no stockholder action was required under Nevada law because the amendment was limited to a name change. The name change does not affect stockholder rights, the par value of common or preferred stock, the number of authorized shares or outstanding indebtedness, according to the filing. GlobalTek said its common stock continues to be quoted on the OTC Pink under the symbol ATVK while FINRA processes the corporate action. About GlobalTek Ventures GlobalTek Ventures, Inc., formerly Ameritek Ventures, Inc., is a Nevada-based company that operates through businesses focused on solid-state batteries; adaptive and robotic manufacturing, aerospace services; and luxury corporate housing. The company's businesses include Galaxy Batteries, Inc., AeroPass, Inc. and Chicago Real Estate Partners, LLC. In an audit report dated April 14, 2026, Bansal & Co. LLP included a going concern qualification, stating that the company had cash of $2,543, current liabilities of $2.23 million, current assets of $2,543 and a working capital deficit of $2.23 million as of Dec. 31, 2025. The auditor also cited no operating revenue during 2025 and reliance on related-party financing and other external liquidity sources, which raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $10.97 million, total liabilities of $3.17 million and total stockholders' equity of $7.8 million. GOLIATH VENTURES: Committee to Hire Phang & Feldman as Counsel -------------------------------------------------------------- The Official Committee of Unsecured Creditors of Goliath Ventures Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Phang & Feldman, P.A. to serve as its legal counsel. The firm will provide these services: (a) give the Committee legal advice with respect to its powers and duties as appointed under Bankruptcy Code section 1102; (b) assist in the investigation of the acts, conduct, assets, liabilities, financial condition, and business operations of the Debtor and related matters; (c) prepare on behalf of the Committee necessary motions, applications, answers, orders, reports, and other legal papers; (d) review, analyze, and respond to pleadings filed in the case and appear before the Court to present motions, applications, and pleadings; (e) advise on substantive issues and non-bankruptcy law procedures arising in the case; (f) represent the Committee in hearings and other judicial proceedings; (g) advise the Committee regarding fiduciary duties and responsibilities; (h) advise the Committee and its professionals on Bankruptcy Court practice and procedure; and (i) perform all other legal services reasonably required in connection with the Chapter 11 case. Phang & Feldman, P.A. will receive compensation at hourly rates of $750 for attorneys and $275 for paralegals, plus reimbursement of actual and necessary expenses, subject to Court approval. Phang & Feldman, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Phang & Feldman, P.A. One Biscayne Tower, Suite 1600 2 S. Biscayne Boulevard Miami, FL 33131 Telephone: (305) 614-1223 Facsimile: (305) 614-1187 E-mail: feldman@katiephang.com About Goliath Ventures Inc. Goliath Ventures Inc., formerly known as Gen-Z Venture Firm Inc., incorporated in Florida, was a cryptocurrency investment firm offering high-yield digital asset programs and liquidity pool investments to institutional and retail investors. A Florida court appointed Michael S. Budwick as receiver to secure remaining assets and records. Goliath Ventures and affiliate Goliath Ventures Inc., formerly known as Goliath Ventures Inc., a FL corporation, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-13174) on March 16, 2026. Michael S. Budwick, receiver of Goliath Ventures, signed the petition. At the time of the filing, Goliath Ventures reported $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Robert A Mark presides over the cases. The Debtors are represented by: Solomon B. Genet, Esq. Meland Budwick, P.A. 200 South Biscayne Boulevard, Suite 3200 Miami, FL 33131 Telephone: (305) 358-6363 Email: sgenet@melandbudwick.com GOOD KARMA: Secured Party Sets May 15, 2026 Public Auction ---------------------------------------------------------- Pursuant to Section 9-610 of the Uniform Commercial Code, Matterhorn Capital Partners, LP (the "Secured Party") will offer for sale at public auction all Good Karma Foods, LLC's and D's Naturals, LLC's personal property including without limitation: (i) all of their respective intellectual property, (ii) all of their respective contracts, (iii) all of their respective inventory, (iv) all of their respective accounts receivable; and (v) all of their respective other personal property (all such personal property in which Secured Party has a security interest is referred to herein as the "Collateral"). The Collateral secures the obligations of Debtors under that certain Amended and Loan Agreement in the original principal amount of $11,000,000, dated July 12, 2024, by and between Debtors and the Secured Party (as amended, modified or supplemented from time to time, the "Loan Agreement"), pursuant to which the total outstanding principal amount of May 1, 2026 (after giving effect to capitalized interest and protective advances) is $14,088,754.03, and all agreements and instruments entered into in connection therewith (collectively with the Loan Agreement, referred to herein as the "Loan Documents"). The Secured Party will conduct a public sale of the Collateral at 10:00 a.m. (EST), May 15, 2026 (the "Public Sale") at the offices of Troutman Pepper Locke LLP, 301 S. College St., Suite 3400, Charlotte, NC 28202. The Public Sale may also be attended virtually. If you wish to receive the electronic link to appear by computer video and audio conference or have any other questions regarding appearance at the Public Sale please contact Todd Ransom, Troutman Pepper Locke LLP, 301 S. College St., Suite 3400, Charlotte, NC 28202, Tel: 704-916-2361; Email: todd.ransom@troutman.com. The following will apply with respect to the Public Sale. The Collateral will be sold pursuant to a secured party bill of sale for cash at such price and on such other commercially reasonable terms as the Secured Party may determine. The minimum bidding increments will be $100,000 or such other amount as the Secured Party may announce at the auction. In order for a prospective bidder (other than the Secured Party or its designee) to be "qualified bidder" and eligible to bid at the Public Sale, each such prospective bidder must demonstrate to the Secured Party's satisfaction, in its sole and absolute discretion, prior to bidding at the sale such prospective buyer's financial ability to tender immediate payment in cash for the Collateral. The Secured Party reserves the right to accept or reject any bid and shall not be obligated to make any sale pursuant to this notice. The Secured Party reserves the right to acquire the Collateral at the Public Sale via credit in an amount up to the outstanding amount of the debt that is due and owing by Debtors as of the date of the Public Sale. Debtors are entitled to an accounting of the proceeds of the Public Sale. For the avoidance of doubt, such accounting does not include an accounting of the amounts outstanding under the Loan Documents, which has already been provided to Debtors. Debtors may request an accounting of the proceeds of the Public Sale by contacting Mr. Ransom at the phone number and/or email address set forth herein after the conclusion of the Public Sale. Certain information relating to the Collateral may be obtained by prospective bidders, subject to execution of a nondisclosure agreement, by contacting Mc. Ransom at the phone number, or email address set forth herein. Prospective bidders are invited to submit bids in writing prior to the Public Sale by directing such bids to Mr. Ransom via email at todd.ransom@troutman.com. THE PUBLIC SALE IS MADE ON AN "AS-IS, WHERE IS" BASIS AND IS WITHOUT RECOURSE, REPRESENTATION, OR WARRANTY OF ANY KIND OR NATURE WHATSOEVER, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. SPECIFICALLY, BUT WITHOUT LIMITATION OF THE FOREGOING, THERE WILL BE NO WARRANTY RELATING TO TITLE, POSSESSION, QUIET ENJOYMENT, OR THE LIKE MADE OR GIVEN IN THIS DISPOSITION. THE PRICE IS PAYABLE IN CASH IN IMMEDIATELY AVAILABLE FUNDS UPON COMPLETION OF THE PUBLIC SALE. THE PUBLIC SALE MAY BE CANCELLED OR RESCHEDULED AT THE DISCRETION OF THE SECURED PARTY. HANSEN-MUELLER CO: Employs WealthPoint as Sales Consultant ---------------------------------------------------------- Hansen-Mueller Co. seeks approval from the U.S. Bankruptcy Court for the District of Nebraska to employ WealthPoint, LLC as its life insurance policy sales consultant. WealthPoint's scope of work will include: (a) gathering updated medical records; (b) researching the marketplace with multiple capital sources to understand the market value for each policy; (c) creating a competitive marketplace to obtain the highest possible value for the policies; and (d) assisting with the execution of any sales transaction and completion of all documents. Subject to Court approval, WealthPoint will be compensated as follows: In the event one or more life insurance policies are sold through the life settlement process, WealthPoint will receive a Life Settlement Broker Fee equal to the greater of $30,000 or one-sixth of the value created (Gross Sale Offer less the Cash Surrender Value) for each policy sold, but never will receive more than the total net cash received by the Debtor through the life settlement process after payment of any claims of lenders with an assignment in such policy. In addition, WealthPoint will be reimbursed for reasonable out-of-pocket expenses incurred in connection with the assignment, including travel, document production, postage and shipping, telecommunications, and other miscellaneous expenses. WealthPoint, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ryan Barradas WEALTHPOINT, LLC 2398 E Camelback Road, Suite 320 Phoenix, AZ 85016 Telephone: (602) 773-5533 E-mail: ryan@wealthpointllc.net About Hansen-Mueller Co. Hansen-Mueller Co. is a nationwide agribusiness company headquartered in Omaha, Nebraska, engaged in grain merchandising and processing with a diversified platform spanning the central United States, including nine grain elevators, four port terminals, and an oats processing facility producing pet food and animal feeds in Toledo, Ohio. The Company operates four complementary business units -- Oat Trading, Wheat Merchandising, Cross-Country Trading, and a Houston Joint Venture -- and maintains grain trading offices in multiple states, supported by a private railcar fleet and multi-modal transportation network for domestic and international flows. Founded in 1979, Hansen-Mueller employs approximately 120 people across its operations in the U.S. and conducts business in 44 states and 24 countries, focusing on niche crops, international trade, and vertically integrated processing. Hansen-Mueller Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 25-81226) on November 17, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Thomas L. Saladino handles the case. The Debtor tapped Brian J. Koenig, Esq., Donald L. Swanson, Esq., and Trevor J. Lee, Esq., at Koley Jessen PC, LLO as bankruptcy counsel; Silverman Consulting as restructuring advisor; Michael G. Compton as chief restructuring officer and financial advisor; and Ascendant Consulting Partners, LLC as investment banker. The Debtor's notice, claims and solicitation agent is Epiq Bankruptcy Solutions, LLC. HOPS & BARLEY: Seeks Approval to Hire Langley & Banack as Counsel ----------------------------------------------------------------- Hops & Barley, Inc. seeks approval from the United States Bankruptcy Court for the Western District of Texas, San Antonio Division to employ Langley & Banack, Inc. as its legal counsel. Langley & Banack, Inc. will provide these services: (a) give the Debtor legal advice with respect to its duties and powers in this case; (b) handle all matters which come before the Court in this case; (c) analyze the Debtor's financial situation and provide advice regarding the bankruptcy filing; (d) prepare and file necessary petitions, schedules, statements of affairs, and plans; and (e) represent the Debtor at the meeting of creditors, confirmation hearing, and any adjourned hearings thereof. The firm will be compensated at an hourly rate of $425 for William R. Davis, Jr. A retainer of $17,000 has been agreed upon, of which $10,000 was received pre-petition, leaving a $7,000 balance. Langley & Banack, Inc. is a "disinterested person" within the meaning of 11 U.S.C. Section 327(a) and has disclosed that it has no adverse interest to the estate, although it previously represented the Debtor pre-petition. The firm may be contacted at: William R. Davis, Jr., Esq. LANGLEY & BANACK, INC. 745 E. Mulberry Ave., Suite 700 San Antonio, TX 78212 Telephone: (210) 736-6600 E-mail: wrdavis@langleybanack.com About Hops & Barley, Inc. Hops & Barley, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Texas, San Antonio Division Case No. 26-51252) on May 7, 2026. At the time of filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. Judge Aubrey L. Thomas oversees the case. Langley & Banack, Inc. is the Debtor's legal counsel. HRONIS INC: Sale Hearing Scheduled for June 2, 2026 --------------------------------------------------- On March 6, 2026, Hronis, Inc., and its affiliated Debtors and Debtors in Possession (the "Debtors"), filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Eastern District of California (the "Bankruptcy Court"). On April 24 2026, the Bankruptcy Court entered an order Order Granting Debtors' Motion for Entry of an Order (I) Approving Bidding Procedures; (II) Approving Form of Asset Purchase Agreement; (III) Approving Bid Protections; (IV) Approving Form of Notice of Auction and Sale of Substantially All of the Debtors' Assets; (V) Establishing Certain Assumption and Assignment Procedures; (VI) and Granting Related Relief (the "Bidding Procedures Order"), which, among other things, (a) approved bidding procedures (the "Bidding Procedures")1 with respect to the sale or sales (collectively, the "Sale") of all or substantially all of the Debtors' assets or any portion thereof (collectively, the "Business") and approved the form and manner of notice thereof; (b) authorized, but not directed, the Debtors to designate Conterra Agricultural Capital, LLC, or an entity to be formed by Conterra Agricultural Capital, LLC (collectively, "Conterra") as the Stalking Horse Bidder in accordance with the Bidding Procedures; (c) subject to the Bankruptcy Court's entry of a further order authorizing the Debtors to consummate the sale, authorized and approved the Debtors' entry into and performance under an asset purchase agreement (the "APA") consistent with the Bidding Procedures; (d) scheduled an auction (the "Auction"), if necessary, and a sale hearing (the "Sale Hearing") in connection with the Sale; (e) established procedures for the assumption and assignment of executory contracts and unexpired leases and approved the form and manner of notice thereof; and (f) granted related relief. Pursuant to the Bidding Procedures Order, the Debtors will conduct the Auction with respect to the Sale of the Business. The Auction shall be held on May 27, 2026, at 10:00 a.m. (PT) (i) at the offices of Saul Ewing LLP, 1888 Century Park East, Suite 1500, Los Angeles, California 90067 or (ii) on such other date and/or at such other location or by virtual means as determined by the Debtors in consultation with the Consultation Parties, each Qualified Bidder(s), if any, the U.S. Trustee, and any other parties the Debtors deem appropriate, together with professional advisors to each of the foregoing parties, shall be permitted to attend and observe the Auction. Only parties that have submitted a Qualified Bid, as set forth in the Bidding Procedures, by no later than the Bid Deadline of May 22, 2026, at 5:00 p.m. (PT) are eligible to participate in the Auction. The Sale Hearing to consider approval of the Sale of the Business to the Successful Bidder, free and clear of all liens, claims and, encumbrances (other than certain permitted encumbrances and assumed liabilities, if any), will be held before the Honorable Rene Lastreto II, United States Bankruptcy Judge, 2500 Tulare Street Suite 2501 Fresno, CA 93721 on or before on or before June 2, 2026, at 9:30 a.m. (PT), or at such other time thereafter as counsel may be heard. The Sale Hearing may be adjourned by the Debtors from time to time without further notice to creditors or other parties in interest other than by announcement of said adjournment at the Sale Hearing or in a notice or agenda filed with the Bankruptcy Court. Objections to approval of the Sale of the Business to the Successful Bidder including with respect to any provisions of the Sale contained in the APA must be in writing, state the basis of such objection with specificity, and be filed with this Court and served on or before 4:00 p.m. (PT) 21 days following mailing of this notice on the following parties (collectively, the "Notice Parties"): (a) proposed counsel to the Debtors, Jeffrey C. Hampton (jeffrey.hampton@saul.com), Zev Shechtman (zev.shechtman@saul.com), and Turner N. Falk (turner.falk@saul.com). (b) the Office of the United States Trustee for the Eastern District of California; (c) counsel to any statutory committee that has been appointed in the Chapter 11 Cases, including proposed counsel to the Official Committee of Unsecured Creditors, Robert Marticello (rmarticello@raineslaw.com); and (d) counsel to the Lender, (i) Paul Erickson (paul.erickson@conterraag.com), Michael Henriques (michael.henriques@magnetar.com), Mike Butler (mike.butler@magnetar.com), Marc Hirschfield (MHirschfield@rccblaw.com), Marc Skapof (MSkapof@rccblaw.com), Bernie Kornberg (bernie.kornberg@millernash.com). Objections related solely to conduct at the Auction, the identity of Conterra as the Successful Bidder, and adequate assurance of future performance by any Successful Bidder other than the Stalking Horse Bidder must be in writing, state the basis of such objection with specificity, and be filed with this Court and served so as to be received by the Notice Parties on or before June 1, 2026, at noon (PT). UNLESS AN OBJECTION IS TIMELY SERVED AND FILED IN ACCORDANCE WITH THE BIDDING PROCEDURES ORDER, THE BANKRUPTCY COURT MAY GRANT THE RELIEF REQUESTED WITHOUT FURTHER HEARING AND NOTICE. This Sale Notice is subject in all respects to the terms and conditions set forth in the Bidding Procedures and the Bidding Procedures Order, with such Bidding Procedures Order controlling in the event of any conflict. The Debtors encourage all parties in interest to review such documents in their entirety. Copies of the Bidding Procedures Order, and this Sale Notice are on file with the Clerk of the Bankruptcy Court, 2500 Tulare Street Suite 2501, Fresno, CA 93721 and are available on the website maintained by the Debtors free of charge at https://bankruptcy.angeiongroup.com/Clients/hro/Index. Attorneys for Hronis, Inc. and affiliated Debtors and Debtors in Possession: Zev Shechtman SAUL EWING LLP Dated: April 28, 2026 About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HUBBARD CONCRETE: Andrew Layden Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Hubbard Concrete PT, LLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Hubbard Concrete PT LLC Hubbard Concrete PT, LLC is a New Smyrna Beach, Florida-based concrete contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03216) on May 1, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Sean Hubbard, president and manager, signed the petition. Judge Tiffany P. Geyer presides over the case. Kathleen Disanto, Esq. at BUSH ROSS, P.A. represents the Debtor as legal counsel. HUBBARD RADIO: Lenders Advised by Davis Polk in Loan Repurchase --------------------------------------------------------------- Davis Polk advised an ad hoc group of term loan lenders in connection with a negotiated repurchase of approximately $207 million aggregate principal amount of Hubbard Radio, LLC's outstanding term loans due in 2027. 100% of Hubbard Radio's outstanding term loans were repurchased in the transaction. Hubbard Broadcasting is a television and radio broadcasting corporation based in St. Paul, Minnesota. The company operates over 50 radio stations nationwide and has broadcast outlets scattered across Minnesota, Wisconsin, Missouri, Illinois, Ohio, New York, Texas, New Mexico, Arizona, Washington, Florida and Washington DC. The Davis Polk restructuring team included partners Damian S. Schaible and Christian Fischer, counsel Michael Pera and associates Linyang Wu, Trevor D. Jones and Katharine O'Neill. All members of the Davis Polk team are based in the New York office. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. Formed in 2011, Hubbard Radio, LLC is a family controlled and privately held media company that owns and operates radio stations in seven of top 30 markets, including Chicago, Washington, D.C., Minneapolis/St. Paul, St. Louis, Cincinnati, Seattle, and Phoenix. Hubbard also operates 2060 Digital, LLC, a national digital marketing agency based in Cincinnati, OH. Headquartered in St. Paul, MN, the company is affiliated with Hubbard Broadcasting Inc., a television and radio broadcasting company that was started in 1923. INNOVATIVE INDUSTRIAL: Q1 Shows $32.8M Income, Notes Maturity Looms ------------------------------------------------------------------- Innovative Industrial Properties, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting net income of $32.8 million for the three months ended March 31, 2026, compared to net income of $31.1 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $69.0 million, compared to $71.7 million in the prior-year period. Liquidity and Capital Resources As of March 31, 2026, the Company had cash and cash equivalents of $89.1 million. The Company derives substantially all of its income from leasing its properties and life science investments, collecting rental, interest and dividend income. Because substantially all of the Company's leases are triple net, its tenants are generally responsible for the maintenance, insurance and property taxes associated with the properties they lease. The Company expects to meet its liquidity needs through a combination of rental income from its properties, cash and investments on hand, borrowings under its Credit Facilities, mortgage financing on certain of its properties, and access to capital markets, including potential note issuances, equity offerings of both common stock and preferred stock, including under its ATM Program, or other financing arrangements. Going Concern At March 31, 2026, the outstanding principal balance on the Notes due 2026 was $291.2 million, which matures in May 2026. The maturity of the Notes due 2026 within one year from the date of issuance of the Company's financial statements, together with the Company's current liquidity position, raises substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. Management is actively evaluating alternatives to address the maturity of the Notes due 2026, which may include refinancing the existing indebtedness or raising additional capital combined with existing cash resources to retire the obligation. Although management believes that it is more likely than not that the Company will be able to address the maturity of the Notes due 2026, guidance issued under Accounting Standard Codification ("ASC") 205-40, Presentation of Financial Statements - Going Concern, requires that management not conclude that such an outcome is "probable" if, among other factors, the outcome is not within control of the Company. Because there has not been a sufficient amount of capital raised to pay off the bonds as of the date of this filing, such outcomes are not solely within the control of the Company and therefore, management is unable to conclude that such an outcome is probable. Accordingly, management has concluded that there is substantial doubt about the Company's ability to continue as a going concern within one year following the date of issuance of these consolidated financial statements. The failure to retire or refinance the Notes due 2026 could lead to an event of default, which would have a material adverse effect on the Company's financial condition. The Company expects to address the repayment or refinancing of the Notes due 2026 by their maturity in May 2026 and may do so through one or a combination of sources, which may include new or replacement financing arrangements, including mortgage financing secured by certain of its properties, cash on hand, and proceeds from issuances of common stock and preferred stock under its ATM Program. However, there can be no assurance as to the availability or terms of any such financing or capital raising transactions. IQHQ Investments The Company has made a long-term capital commitment to fund investments in IQHQ REIT through both purchases of preferred equity and secured credit instruments. In September 2025, IIP Life Science completed the initial closing of the Company's investment in preferred equity of IQHQ REIT pursuant to the Securities Purchase Agreement, acquiring 5,000 shares of IQHQ Preferred Stock for an aggregate purchase price of $5.0 million. On October 31, 2025, the Company purchased an additional 45,000 shares of IQHQ Preferred Stock for $45.0 million, resulting in a total investment of 50,000 shares with an aggregate purchase price of $50.0 million. Under the terms of the Securities Purchase Agreement, IIP Life Science holds the right and obligation to purchase up to an aggregate of $170.0 million of IQHQ Preferred Stock, subject to the exercise of preemptive rights by existing IQHQ investors and certain other conditions. The Company's remaining investment in IQHQ Preferred Stock pursuant to the Securities Purchase Agreement is expected to be funded in multiple tranches commencing the second quarter of 2026 and continuing through the second quarter of 2027. The Company expects to fund the additional investments in IQHQ Preferred Stock with cash on hand, draws on its IIP Life Science Credit Facility, and potential proceeds from future financing activities. In connection with the initial closing of its investment in IQHQ Preferred Stock, the Company also became a lender under the IQHQ Revolving Credit Facility and funded its $100.0 million loan commitment using available cash on hand and borrowings under its Revolving Credit Facility. ATM Program The Company has an ATM Program, pursuant to which it may offer and sell from time to time, including on a forward basis, shares of its common stock and 9.00% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share (the "Series A Preferred Stock"), up to an aggregate offering price of $500.0 million. During the three months ended March 31, 2026, the Company sold 2,698,523 shares of its Series A Preferred Stock for net proceeds of $60.3 million. As of March 31, 2026, shares of the Company's common stock and Series A Preferred Stock having an aggregate offering price of up to $393.8 million remain available for offer and sale pursuant to the ATM Program. Credit Facilities The Company's Revolving Credit Facility matures on October 23, 2026, with aggregate commitments for secured revolving loans of $87.5 million. Borrowings under the Revolving Credit Facility bear interest at a variable rate based on the greater of (i) the prime rate plus an applicable margin ranging from 0.5% to 2.05% and (ii) 9.0%. At March 31, 2026, the interest rate was 9.0%. As of March 31, 2026, there were no amounts outstanding under the Revolving Credit Facility. Management believes it was in compliance with all Revolving Credit Facility covenants as of March 31, 2026. The IIP Life Science Credit Facility provides a revolving line of credit available up to $100.0 million until the maturity date of October 3, 2028, with an accordion feature under which the revolving line of credit may be increased up to an aggregate of $135.0 million under certain conditions. Borrowings under the IIP Life Science Credit Facility bear interest at a rate equal to the greater of (i) the one-month Secured Overnight Financing Rate ("SOFR"), as administered by CME Group Benchmark Administration, plus 2.0% and (ii) 6.10%. At March 31, 2026, the interest rate was 6.1% and outstanding borrowings under the IIP Life Science Credit Facility were $75.0 million. Management believes it was in compliance with all IIP Life Science Credit Facility covenants as of March 31, 2026. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4pwht7j7. About Innovative Industrial Properties Inc. Innovative Industrial Properties, Inc. is an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Its properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. The Company have acquired and intend to continue to acquire its properties through sale-leaseback transactions and third-party purchases. The Company have leased and expects to continue to primarily lease its properties on a triple-net lease basis, where the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term, including structural repairs, maintenance, real estate taxes and insurance. The Company's independent auditor, Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 24, 2026, citing the Company's significant outstanding debt obligation that matures within the next 12 months raises substantial doubt about the Company's going concern. As of March 31, 2026, the Company had $2.4 billion in total assets, $499.4 million in total liabilities, and $1.9 billion in total stockholders' equity. INTEGRATED PROTEINS: Seeks to Employ Haupt Law PC as Co-Counsel --------------------------------------------------------------- Integrated Proteins LLC, NutriHub LLC, and HFO Logistics LLC seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Haupt Law PC, through Robert J. Haupt, Esq., to serve as Co-counsel in their Chapter 11 cases, alongside Prelle Eron & Bailey, P.A. Mr. Haupt will provide these services: (a) advising Debtors of their rights, powers and duties as Debtors and Debtors-in-Possession; (b) advising, negotiating, and assisting in financing agreements, cash collateral orders, and related transactions; (c) investigating the nature, validity, and enforceability of liens asserted against the Debtors; (d) investigating and assisting in the recovery of income, assets, and property for the benefit of the estates; (e) preparing applications, motions, pleadings, notices, schedules, orders, and other required documents and reviewing financial reports; (f) advising and preparing responses to pleadings, motions, applications, notices, and other filings; (g) counseling the Debtors in the formulation, negotiation, and implementation of a Chapter 11 plan and related documents; and (h) performing all other necessary or appropriate legal services in connection with the administration of the cases. Mr. Haupt's hourly rate is $600, and paralegal services are billed at $250 per hour. The firm received a $150,000 retainer and had earned $88,020 in fees as of the petition date. Haupt Law PC is disclosed as a "disinterested person" under Section 101(14) of the Bankruptcy Code, with no connections to the Debtors, creditors, or parties in interest, and no conflicts identified following a conflicts check. The firm may be reached at: Robert J. Haupt, Esq. HAUPT LAW PC 9393 W 110th Street, Suite 500 Overland Park, KS 66210 Telephone: (913) 498-9390 (405) 706-9292 E-mail: rhaupt@hauptlaw.com About NutriHub LLC NutriHub LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 26-20714) on May 6, 2026. At the time of filing, Debtors' estimated assets and liabilities were not disclosed in the provided record. Judge Dale L Somers oversees the case. Prelle Eron & Bailey, P.A. and Haupt Law PC serve as the Debtors' legal counsel. INTEGRATED PROTEINS: Seeks to Hire Haupt Law PC as Legal Counsel ---------------------------------------------------------------- Integrated Proteins LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Robert J. Haupt, Esq. of Haupt Law PC to serve as co-counsel in their Chapter 11 bankruptcy cases. Mr. Haupt will provide these services: (a) advising the Debtors of their rights, powers and duties as Debtors and Debtors-in-Possession; (b) advising the Debtors concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders, and related transactions; (c) investigating the nature and validity of liens asserted against the Debtors and advising concerning enforceability of such liens; (d) investigating and advising the Debtors and taking such action as may be necessary to collect income and assets and recover property for the benefit of the estates; (e) preparing on behalf of the Debtors applications, motions, pleadings, orders, notices, schedules and other documents, and reviewing financial and other reports; (f) advising and preparing responses to applications, motions, pleadings, notices and other documents filed in the cases; (g) counseling the Debtors in connection with the formulation, negotiation and promulgation of a Chapter 11 plan or plans and related documents; and (h) performing all other legal services necessary or appropriate in the administration of the cases. Mr. Haupt's hourly rate is $600, and paralegal services are billed at $250. Rates may increase annually consistent with firm-wide adjustments. The firm maintains detailed billing records and expenses and holds a $150,000 retainer, with $88,020 earned as of the Petition Date. Haupt Law PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, and no conflicts of interest were identified based on a pre-filing conflicts check. The firm can be reached at: Robert J. Haupt, Esq. HAUPT LAW PC 9393 W 110th Street, Suite 500 Overland Park, KS 66210 Telephone: (913) 498-9390 (405) 706-9292 E-mail: rhaupt@hauptlaw.com About Integrated Proteins, LLC Integrated Proteins, LLC and affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 26-20713) on May 6, 2026. At the time of filing, Debtors had estimated assets of between $50,000,001-$100 million and liabilities of between $100,000,001-$500 million. Judge Dale L Somers oversees the case. Prelle Eron & Bailey, P.A. and Haupt Law PC serve as the Debtors' legal counsel. INTEGRATED PROTEINS: Seeks to Tap Marshall & Stevens as CRO ----------------------------------------------------------- Integrated Proteins LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Marshall & Stevens and its executive managing director, David R. Payne, to serve as chief restructuring officer. Mr. Payne and Marshall & Stevens will provide these services: (a) review, analyze, and develop a 4-month cash receipts and disbursements lookback and 13-week cash forecast budget; (b) prepare and maintain a rolling 13-week cash forecast beginning April 20, 2026 through July 19, 2026; (c) implement cash management oversight systems and budget-to-actual reporting; (d) extend cash forecasting into long-term refinancing and restructuring planning; (e) develop repayment plans for secured and unsecured debt obligations; (f) report material non-budgeted or non-recurring financial transactions; (g) develop global refinancing and restructuring strategies including financial modeling and inventory analysis; (h) evaluate intercompany and affiliate service transactions for reasonableness; (i) assess asset valuations and recovery alternatives to maximize stakeholder returns; (j) provide capital sourcing services for new, replacement, bridge, or junior funding; (k) oversee personnel and financial reporting workflows; (l) conduct lender communications and performance reporting; (m) review financial controls, processes, and operational improvements; (n) evaluate overhead costs and recommend cost reductions; (o) prepare stakeholder reports and restructuring documentation; and (p) perform additional restructuring services as directed by the Debtors. Marshall & Stevens will receive compensation of $15,000 per bi-weekly or semi-monthly period plus standard staff rates for hours exceeding 30 hours per period. The Debtors will fund a $100,000 deposit. The CRO will also receive a success fee equal to 3.5% of new capital introduced by the CRO or 1.5% for funding sourced by the Debtors or their personnel, plus reimbursement of reasonable expenses. Marshall & Stevens is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as disclosed in court filings, and has no adverse interests or connections with the Debtors, creditors, or the U.S. Trustee. The firm can be reached at: David R. Payne MARSHALL & STEVENS 119 N. Robinson Ave., Suite 1250 Oklahoma City, OK 73102 About Integrated Proteins LLC Integrated Proteins LLC, NutriHub LLC, and HFO Logistics LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case Nos. 26-20713-11, 26-20714-11, and 26-20715-11) on May 6, 2026. At the time of filing, no specific total asset or liability ranges were provided in the application text. Judge Dale L Somers oversees the case. Prelle Eron & Bailey, P.A. and Haupt Law PC serve as Debtors' counsel. INTEGRATED PROTEINS: Taps Prelle Eron & Bailey as Legal Counsel --------------------------------------------------------------- Integrated Proteins LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to hire David Prelle Eron, Esq. and January M. Bailey, Esq. of Prelle Eron & Bailey, P.A. to serve as Chapter 11 counsel. The firm will provide these services: (a) advising Debtors of their rights, powers and duties as Debtors and Debtors-in-Possession; (b) advising Debtors concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders, and related transactions; (c) investigating into the nature and validity of liens asserted against the Debtors, and advising Debtors concerning the enforceability of said liens; (d) investigating and advising Debtors concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and recover property for the benefit of their estates; (e) preparing on behalf of Debtors such applications, motions, pleadings, orders, notices, schedules and other documents as may be necessary and appropriate, and reviewing the financial and other reports to be filed herein; (f) advising Debtors concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed and served herein; (g) counseling Debtors in connection with the formulation, negotiation and promulgation of a Chapter 11 plan or plans and related documents; and (h) performing such other legal services for and on behalf of Debtors as may be necessary or appropriate in the administration of their cases. The firm will be paid at these hourly rates: Prelle Eron $600 January M. Bailey $450 Michael Fowler $350 Laura Prelle $180 paralegals and legal assistant rates $160 Prelle Eron & Bailey, P.A. received a fee and cost retainer in the amount of $350,000. Prelle Eron & Bailey, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: David Prelle Eron, Esq. January M. Bailey, Esq. PRELLE ERON & BAILEY, P.A. 301 N. Main St., Suite 2000 Wichita, KS 67202 Telephone: (316) 262-5500 Facsimile: (316) 262-5559 E-mail: david@eronlaw.net january@eronlaw.net About Integrated Proteins, LLC Integrated Proteins, LLC and affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Kan. Lead Case No. 26-20713) on May 6, 2026. At the time of filing, Debtors had estimated assets of between $50,000,001-$100 million and liabilities of between $100,000,001-$500 million. Judge Dale L. Somers oversees the case. Prelle Eron & Bailey, P.A. and Haupt Law PC serve as the Debtors' legal counsel. INTELLIGENT LIVING: CFO Resigns, Stays as Adviser ------------------------------------------------- Intelligent Living Application Group Inc. said Chief Financial Officer Ching Wan (Frederick) Wong resigned effective April 30, according to a Form 6-K filing with the Securities and Exchange Commission. The company said Wong will provide services as a financial reporting adviser beginning May 1. The filing did not name a successor or disclose a reason for the resignation. About Intelligent Living Intelligent Living Application Group Inc. manufactures and sells mechanical locksets through subsidiaries in Hong Kong and China. The company sells products mainly in the U.S. and Canada through Kambo Locksets and markets locksets and related hardware outside North America through Kambo Hardware. Its products include ODM door locksets ranging from premium to economy-oriented series, and its Bamberg subsidiary markets self-branded products through internet sales channels such as Amazon.com. The company's Dongguan Xingfa Hardware Products subsidiary operates a manufacturing facility in Dongguan City, Guangdong Province, China. In an audit report dated April 24, 2026, Wei, Wei & Co., LLP included a going concern emphasis, stating that the company had suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $8.48 million, total liabilities of $3.63 million and total shareholders' equity of $4.86 million. INTERAQT CORPORATION: Nicole Nigrelli Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for Interaqt Corporation. Ms. Nigrelli will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About Interaqt Corporation Interaqt Corporation, doing business as COLOTRAQ, provides data center infrastructure sourcing services from Randolph, New Jersey. Founded in 1999, the company supports procurement of colocation, managed hosting, cloud, connectivity, cybersecurity, AI readiness, data center migration, and blockchain-related services. COLOTRAQ's sourcing process includes strategy and planning, benchmarking, RFP management, negotiation strategy, and contract due diligence. The company serves clients including small businesses, Fortune 500 companies, and government agencies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-14973) on May 1, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Anthony J. Davis, Esq., at OGC Solutions, LLP represents the Debtor as legal counsel. J KRUSE INVESTMENTS: G. Matt Barberich Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 13 reappointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for J Kruse Investments, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About J Kruse Investments LLC J Kruse Investments, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60861) on December 17, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Brian T. Fenimore presides over the case. James B. James, Esq., at JB James Law Firm, P.C. represents the Debtor as bankruptcy counsel. JAGUAR HEALTH: Gets One-Day Nasdaq Bid-Price Extension ------------------------------------------------------ Jaguar Health Inc. received a one-day extension from a Nasdaq hearings panel to show compliance with the exchange's bid-price rule, according to a filing with the Securities and Exchange Commission. The San Francisco company said the panel moved its deadline to May 18 from May 15 after Jaguar regained compliance with Nasdaq's minimum 500,000 publicly held shares requirement. Jaguar said certain third-party investors exercised existing pre-funded warrants to purchase common stock on May 4, allowing the company to regain compliance with the publicly held shares rule. The company said it must still evidence a closing bid price of at least $1 a share for at least 10 consecutive business days. Jaguar said it is working to satisfy the panel's decision but could be subject to delisting from Nasdaq if it cannot meet the terms. About Jaguar Health Jaguar Health Inc. develops novel proprietary prescription drugs sustainably derived from plants for people with complicated gastrointestinal disease states. Its family companies include Napo Pharmaceuticals Inc., which is developing a highly concentrated lyophilized crofelemer powder for oral solution for intestinal failure, including microvillus inclusion disease and short bowel syndrome with intestinal failure, while Napo Therapeutics S.p.A. is focused on expanding global access to crofelemer and developing therapies for orphan and rare gastrointestinal conditions. In an audit report dated April 7, 2026, RBSM LLP issued a "going concern" qualification, stating that the company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern As of Dec. 31, 2025, the company reported total assets of $38.32 million, total liabilities of $57.01 million, and a total stockholders' deficit of $18.69 million. JAY'S PRIME: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------- Jay's Prime Rentals, LLC asks the U.S. Bankruptcy Court for the District of Maryland, Northern Division, for authorization to use cash collateral and provide adequate protection. The cash collateral is derived primarily from rental income generated by its residential real estate portfolio in Baltimore City. The Debtor owns and operates six rental properties, several of which are encumbered by deeds of trust held by secured lenders such as BSI Financial Services, Shellpoint Mortgage Servicing, Kiavi, and Fay Servicing. These lenders also hold assignments of rents, making the rental income cash collateral under 11 U.S.C. section 363(a). The properties include six residential units with varying financial performance. The Debtor's primary income stream is approximately $19,275 per month in aggregate rent, collected from four leased properties while one property is vacant and slated for possible sale or surrender. The Debtor argues that immediate access to rental income is essential to fund ongoing operating expenses necessary to preserve the value of the estate. These expenses include mortgage payments, taxes, insurance, property maintenance, utilities, property management fees, and trustee or professional fees. Without access to cash collateral, the Debtor contends it would be unable to maintain the properties, comply with housing obligations, or prevent deterioration, tenant loss, and rapid value decline, all of which would harm both the estate and secured creditors. As adequate protection, the Debtor proposes several safeguards: continued monthly mortgage payments to secured lenders, replacement liens on post-petition rents and proceeds, maintenance of insurance and property conditions, monthly financial reporting, use of a segregated debtor-in-possession account, and strict budget controls with limited variance allowances. The Debtor also argues that existing equity in certain properties provides an additional cushion protecting lenders from loss. A copy of the motion is available at https://urlcurt.com/u?l=AeNwZc from PacerMonitor.com. About Jay's Prime Rentals LLC Jay's Prime Rentals, LLC, based in Clinton, Maryland, is a real estate holding company that owns and manages a portfolio of residential properties in Baltimore, Maryland, including assets on South Augusta Avenue, Ashburton Street, Claymont Avenue, and North Calhoun Street. The company leases these properties under master lease arrangements to a single counterparty, Premier Acquisition Services, LLC, which operates the units as multi-tenant housing and is responsible for subleasing and tenant management. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-13186) on March 25, 2026. In the petition signed byÂ James J. Watkins, owner, the Debtor disclosed $848,036 in total assets and $1,114,554 in total liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. Marc A. Ominsky, Esq., at the Law Offices of Marc A. Ominsky, LLC, represents the Debtor as bankruptcy counsel. JEFFREY SIMPSON: Court Stays Case Against 1055 Park Ave PH ---------------------------------------------------------- Magistrate Judge Katharine H. Parker of the U.S. District Court for the Southern District of New York stayed the case captioned as NEW YORK 555 LLC, Plaintiff, -against- 1055 PARK AVE PH LLC et al., Defendants, Case No. 25-cv-01823-DEH-KHP (S.D.N.Y.) as to 1055 Park Ave PH LLC. Plaintiff New York 555 LLC brings this action against Defendants 1055 Park Ave PH LLC (the "LLC"), Jeffrey Simpson ("Mr. Simpson"), and City of New York Department of Finance ("NY DFS") pursuant to New York Real Property Actions and Proceedings Law ("RPAPL"), Section 1301 et seq., to foreclose on a mortgage encumbering the property commonly known as 1055 Park Avenue, Unit PH, New York, NY 10028. Pursuant to 11 U.S.C. Sec. 362(a) this action was automatically stayed as to Mr. Simpson on February 26, 2026. After careful review of the parties' position statements, the Court will, in its discretion, stay the proceedings against the LLC for 60 days, without prejudice to Plaintiff's ability request that the stay be lifted earlier upon a showing of good cause. Such a stay will allow Mr. Simpson to cause YJ Simco LLC to provide any consents as may be appropriate to the consolidation motion by Mr. Simpson and permit the Bankruptcy Court to determine whether the LLC's asset will become estate property, while avoiding potentially duplicative proceedings in this Court. A copy of the Court's Order dated May 5, 2026, is available at https://urlcurt.com/u?l=HKfS04 from PacerMonitor.com. Jeffrey Solomon Simpson filed for Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 26-10359) on February 19, 2026, listing under $1 million in both assets and liabilities. The Debtor is represented by Alec P. Ostrow, Esq. JJ STUCKEY: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: JJ Stuckey & Partners, LLC d/b/a Jimmy John's 723 Aria Lane Hubert, NC 28539 Business Description: JJ Stuckey & Partners, LLC, doing business as Jimmy John's, operates a limited-service sandwich restaurant in North Carolina, serving made-to-order subs, sandwiches and related quick-service menu items. Chapter 11 Petition Date: May 8, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-02110 Judge: Hon. Joseph N Callaway 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 Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Stuckey as member and manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AJT6TQQ/JJ_Stuckey__Partners_LLC__ncebke-26-02110__0001.0.pdf?mcid=tGE4TAMA KBI 2015 TX: Unsecured Creditors to Get Nothing in Plan ------------------------------------------------------- KBI 2015 TX LP filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement in connection with First Amended Plan of Reorganization dated May 1, 2026. The Debtor operates the Rayleigh Underground, a showroom & event center with an 18' x 50' stage, 36' x 18' video wall, and multiple interactive LED screens. The space has six bars, two VIP bars, and luxurious amenities like hand-carved stone walls and a private green room, private dining room, private balconies and private bathrooms. In addition, the Debtor operates an adjoining fast-casual restaurant, Kitchin 101. Both operate within the confines of The Toyota Music Factory, in Las Colinas (Irving), Texas. The Debtor's assets are comprised exclusively of collateral subject to the Liens of holders of Allowed Secured Claims, which the Debtor believes is valued at an amount not to exceed the Pooled Collateral Amount. The Debtor's unsecured liabilities were scheduled at approximately $29 million of which approximately $27 million constituted intercompany payables to affiliates. The Debtor has remained current on post-petition operating expenses. The Debtor's primary post-petition obligations are the claims of its bankruptcy attorney, Spector & Cox, PLLC. The Debtor anticipates that administrative claims [including Fee Claims] will amount to not more than $100,000.00. Debtor's counsel has a retainer for approximately $50,000.00. Class 3 is comprised of Allowed General Unsecured Claims and Class 4 is comprised of Interests in the Debtor. Holders of Claims in Class 3 and holders of Interest in Class 4 shall receive no distribution under the Plan. Interest holders shall not retain their Interests in the Debtor; instead such Interests shall be extinguished upon the issuance of new Interests in the Reorganized Debtor. As a condition of the Plan being confirmed, the Debtor shall have secured a financial commitment from an investor that is unaffiliated with, and not an Insider of, the Debtor, to contribute not less than $250,000.00 in exchange for the issuance of 100% of the Interests (i.e. both the limited partner and general partner interests) of the Debtor as of the Effective Date. The owner of the general partnership interest in the Debtor after the Effective Date may employ new management or retain existing management, in its discretion. On the Effective Date, all real and personal property of the estate of the Debtor, including but not limited to all causes of action of the Debtor, and any avoidance actions of the Debtor, under applicable non bankruptcy law or the Bankruptcy Code, shall vest in the Debtor as Reorganized Debtor and shall not be assertable by any party other than the Reorganized Debtor on behalf of its creditors subject to those Claims, Liens, and encumbrances as Allowed and restructured in this Plan and as specified herein. A full-text copy of the Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=KKrjxt from PacerMonitor.com at no charge. KBI 2015 TX LP is represented by: Howard Marc Spector, Esq. Spector & Cox, PLLC Banner Place 12770 Coit Road, Suite 850 Dallas, TX 75251 Tel: (214) 365-5377 Fax: (214) 237-3380 E-mail: hspector@spectorcox.com About KBI 2015 TX LP KBI 2015 TX LP operates the Rayleigh Underground, a showroom & event center. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-42973) on Oct. 3, 2025, listing up to $50,000 in assets and $1,000,001 to $10 million in liabilities. Howard Marc Spector, at Spector & Cox, PLLC, is the Debtor's counsel. KINGSTOWN GREEN: Hires Joseph J. D'Agostino Jr. LLC as Counsel -------------------------------------------------------------- Kingstown Green Inc. Eco Friendly Caskets Cooperative seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Joseph J. D'Agostino, Jr. LLC as counsel. The firm will render these services: (a) advise the Debtor regarding its rights, duties and powers in the operation and management of its affairs; (b) advise and assist the Debtor with respect to financial agreements, debt restructuring, cash collateral orders, and other financial transactions; (c) review and advise the Debtor regarding the validity of liens asserted against its property; (d) advise the Debtor as to actions to collect and recover property for the benefit of its estate; (e) prepare on behalf of the Debtor the necessary legal documents, as well as review all financial reports and other reports filed in its Chapter 11 case; (f) counsel the Debtor in connection with all aspects of a plan of reorganization and related documents; and (g) perform all other legal services for the Debtor which may be necessary in its Chapter 11 case. The firm will be paid at the hourly rate of $350. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $5,000 from the Debtor. Mr. D'Agostino disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph J. D'Agostino, Jr. Joseph J. D'Agostino, Jr., LLC 1062 Barnes Rd. 108 Wallingford, CT 06492 Telephone: (203) 265-5222 About Kingstown Green Inc. Eco Friendly Caskets Cooperative Kingstown Green Inc. Eco Friendly Caskets Cooperative filed a Chapter 11 bankruptcy petition (Bankr. D. Conn. Case No. 26-20448) on May 4, 2026. The Debtor hires Joseph J. D'Agostino, Jr. LLC as counsel. KOSMOS ENERGY: Q1 2026 Net Loss Widens to $225.6 Million -------------------------------------------------------- Kosmos Energy Ltd. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting net loss of $225.6 million for the three months ended March 31, 2026, compared to net loss of $110.6 million for the same period in the prior year. Total revenues and other income for the three months ended March 31, 2026 were $370 million, compared to $290.4 million in the prior-year period. Financial Update In January 2026, Kosmos successfully completed a $350 million senior secured bond offering in the Nordic market, with proceeds used to repurchase approximately $250 million of the Company's 2027 senior unsecured notes and to repay $100 million of borrowings under the reserve-based lending facility (RBL). In March 2026, Kosmos raised approximately $200 million of equity, with the proceeds used to accelerate debt repayment. In April 2026, Kosmos completed its spring RBL re-determination with the borrowing base reduced to approximately $1.25 billion. Following the expected sale of the Company's production assets in Equatorial Guinea around midyear 2026, the borrowing base will reduce to approximately $1.2 billion. The Company generated net cash provided by operating activities of approximately $107 million and free cash flow of approximately $14 million for the first quarter of 2026. Kosmos exited the first quarter of 2026 with approximately $2.8 billion of net debt and liquidity of approximately $488 million. Net capital expenditure for the first quarter of 2026 was $91 million, in line with guidance. Full year 2026 capital expenditure guidance of $350 million is unchanged. Kosmos has growing exposure to higher near-term oil prices, with realizations and free cash flow expected to rise in the second quarter, taking account of the lag effect between sales and benchmark prices. In the second quarter, the Company has seen record pricing and record differentials for production priced off premium international benchmarks such as Dated Brent in Ghana. Kosmos has taken advantage of a higher forward price curve to add further hedges for 2027, with 5.7 million barrels of oil hedged for the remainder of 2026 at an average floor of approximately $66 per barrel and a further 4.0 million barrels hedged in 2027 with a floor of approximately $65 per barrel. Liquidity and Capital Resources The Company is actively engaged in an ongoing process of anticipating and meeting its funding requirements related to its strategy as a deepwater exploration and production company, historically meeting those requirements through cash flows generated from operating activities and additional funding from issuances of equity and debt, as well as partner carries. To partially mitigate oil price volatility, the Company maintains an active hedging program and reviews its capital spending program on a regular basis. Current commodity prices, combined with the Company's hedging program and current liquidity position, are expected to support its remaining capital program for 2026. The Company's 2026 capital budget is based on its exploitation plans for its producing assets in Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America, and its development activities in the Gulf of America and in Mauritania and Senegal. Management Comments: Chairman and Chief Executive Officer Andrew G. Inglis commented: "Earlier this year, we set four goals for 2026: increase production from our core assets; lower costs; reduce debt; and advance our high‑quality growth portfolio with minimal capital. We are delivering strongly on all four of these goals. "In the first quarter, Kosmos achieved record daily and quarterly production, driven by GTA fully ramped up and new wells at Jubilee. Operating costs were ~22% lower year-on-year and we reduced net debt(1) by ~7% versus year‑end 2025. With this ongoing momentum, we have raised our full‑year debt reduction target from 10% to approx. 20%. "We continue to maintain our capital discipline while we progress our quality growth options. We took final investment decision on the Tiberius development, entered into a strategic exploration alliance with Shell in the Gulf of America, and are moving forward on GTA Phase 1+ expansion. "With oil prices higher, our goals are unchanged. We will direct excess free cash flow toward accelerated debt reduction and further strengthening the balance sheet. Our exposure to premium international oil markets positions Kosmos to capture value from current market dislocations and reinforces our confidence in the path ahead." A full text copy of the Form 10-Q is available at https://tinyurl.com/3ten57hc About Kosmos Energy Ltd. Kosmos Energy Ltd. is a Dallas, Texas based publicly traded exploration and production company with the main producing assets offshore West Africa, as well as assets in the US Gulf of America. As of March 31, 2026, the Company had $4.78 billion in total assets, $4.27 billion in total liabilities, and $515.11 million in total stockholders' equity. * * * In December 2025, Fitch Ratings has downgraded Kosmos Energy Ltd.'s Long-Term Company Default Rating (IDR) and senior unsecured ratings to 'CCC+' from 'B-' and removed them from Rating Watch Negative (RWN). The Recovery Rating is 'RR4'. The downgrade reflects increasing risk that Kosmos is unlikely to meet its financial covenants under the reserve-based lending (RBL) facility in its March 2026 test. Failure to meet financial covenants under the RBL facility constitutes an event of default. Fitch said, "We cannot fully rule out lender acceleration even though we consider it to be unlikely. We also believe refinancing risk is still significant for Kosmos despite its recently signed secured debt funding." KURTIS TECHNOLOGIES: Seeks Cash Collateral Access ------------------------------------------------- Kurtis Technologies Co., LLC asks the U.S. Bankruptcy Court for the Northern District of California for authority to use cash collateral belonging to its secured creditors, primarily Celtic Bank and Wellen Capital, LLC and provide adequate protection. The request concerns $3,647 in funds derived from a pre-petition accounts receivable that was collected after the bankruptcy filing and mistakenly used by the Debtor to pay ordinary operating expenses, including office rent. The Debtor has since replenished the full amount into a segregated debtor-in-possession cash collateral account at Premier Bank and now seeks either retroactive approval of the prior use or authorization to use the restored funds for ongoing expenses. Celtic Bank (On Deck) and Wellen Capital, LLC hold perfected security interest in the Debtor's accounts receivable. On April 20, the court entered an order valuing the secured creditors' claims, with Celtic Bank (OnDeck) holding the only secured claim in the amount of $3,000. To justify continued use of cash collateral, the Debtor proposes adequate protection in the form of replacement liens on post-petition assets, maintaining the same priority and value as the secured creditors' existing interests. A court hearing is scheduled for June 4. A copy of the motion is available at https://urlcurt.com/u?l=xb8W1Z from PacerMonitor.com. About Kurtis Technologies Co LLC Kurtis Technologies Co, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-30131) on February 12, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hannah L. Blumenstiel presides over the case. Chris D. Kuhner, Esq., at Kornfield Nyberg Bendes Kuhner & Little represents the Debtor as legal counsel. LANE LIVING: Seeks to Hire Dennis J. Spyra Esq. as Counsel ---------------------------------------------------------- Lane Living Management LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Dennis J. Spyra, Esq. as counsel. The counsel will render these services: a. give the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of the business; b. represent the Debtor in any actions filed pursuant to the estate's avoidance powers under the Bankruptcy Code, responses to motions for relief from the automatic stay, any objections to claims, or any other proceedings which arise in, or are related to, this case; c. prepare on behalf of the Debtor necessary applications, answers, orders, reports, plan and disclosure statement, or other legal papers; d. advise and represent the Debtor in matters of litigation and law and procedure which arise during the course of the bankruptcy case; and e. perform all other legal services which may be necessary in the administration of this bankruptcy case. The Debtor has agreed to pay Dennis J. Spyra a retainer of $10,000. Mr. Spyra assured the court that he has no connection with the Debtor, creditors, or any other party in interest, or its attorneys, and represents no interest adverse to the Debtor or the Debtor's estate. The counsel can be reached through: Dennis J. Spyra, Esq. 1711 Lincoln Way White Oak, PA 15131 Tel: (412) 673-5228 E-mail: attorneyspyra@dennisspyra.com About Lane Living Management LLC Lane Living Management LLC in Pittsburgh, PA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Pa. Case No. 26-20954) on April 3, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Devon Lane as president and owner, signed the petition. DENNIS J. SPYRA, ESQ. serve as the Debtor's legal counsel. LIGHTHOUSE COMMUNITY: Hires Wright Law Alliance as Counsel ---------------------------------------------------------- The Lighthouse Community Hospice, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ The Wright Law Alliance, P.C. as bankruptcy counsel. The firm will provide these services: (a) advise, assist and represent Debtor with respect to its rights, powers, duties and obligations in the administration of this case, the operation of its business and, as appropriate, the disposition of assets, the management of property, and the collection, preservation and administration of assets; (b) advise, assist and represent Debtor in connection with analysis of the assets, liabilities and financial condition of Debtor and other matters relating to Debtor's business and the development of a strategy in connection with the preparation and filing of a plan of reorganization; (c) in connection with the development of a plan of reorganization and in consideration of sale of assets under 11 U.S.C. Section 363, to advise, assist and represent Debtor with regard to (i) negotiations with parties in interest; (ii) the formulation, preparation and presentation of associated documents; (iii) drafting, filing and presenting motions, pleadings and applications; (iv) compliance with statutory requirements and recognition of practical considerations so as to maximize value for claimants, including, without limitation, the mandatory and optional provisions of a plan, classification and impairment of creditors, the rights of equity security holders and other parties in interest, taxation issues and similar matters; and (v) assistance, advice and representation with regard to compliance with applicable reporting and other requirements; (d) advise, assist, and represent Debtor (i) with regard to objections to, or subordination of, claims for and against the estate; (ii) with regard to any claims and causes of action which the estate may have against various parties, including without limitation, claims for preferences, fraudulent conveyance and equitable subordination; (iii) to institute appropriate adversary proceedings or other litigation and to represent Debtor therewith with regard to such claims and causes of action; and (iv) to advise and represent Debtor with regard to the review and analysis of any legal issues incident to any of the foregoing; (e) advise, assist and represent Debtor with regard to the investigation of the desirability and feasibility of the rejection or assumption and potential assignment of any executory contracts or unexpired leases and to provide a review and analysis with regard to the requirements of the Bankruptcy Code and Bankruptcy Rules and the estate's rights and powers with regard to such requirements, and the initiation and prosecution of appropriate proceedings in connection therewith; (f) advise, assist and represent the Debtor in connection with all applications, motions and complaints concerning reclamation, adequate protection, sequestration, relief from the automatic stay, use of cash collateral, disposition or other use of assets of the estate and all other similar matters; (g) advise, assist and represent the Debtor in connection with the sale or other disposition of any assets of the estate, including without limitation: (i) the investigation and analysis of the alternative methods of effecting same; (ii) employment of auctioneers, appraisers, or other person(s) to assist with regard thereto; (iii) negotiations with prospective purchasers and evaluation of any offers received; (iv) drafting of appropriate contracts, instruments of conveyance and other documents with regard thereto; (v) preparation, filing and service as required of appropriate motions, notices and other pleadings as may be necessary to comply with the Bankruptcy Code or the Bankruptcy Rules with regard to all of the foregoing; and (vi) representation of Debtor in connection with the consummation and closing of any such transaction; (h) prepare pleadings, applications, motions, reports and other papers incidental to administration, and to conduct examinations as may be necessary pursuant to Bankruptcy Rule 2004 or as otherwise permitted under applicable law; (i) provide support and assistance to Debtor with regard to the proper receipt, disbursement and accounting for funds and property of the estate; and (j) perform any other legal services incident or necessary to the proper administration of the case and the representation of the Debtor in the performance of its duties and exercise of its rights and powers under the Bankruptcy Code. Angelyn M. Wright, Esq., of the firm will be paid at the rate of $400 per hour. As of the petition date, the firm holds a $15,280 retainer. Angelyn M. Wright, Esq., a partner at The Wright Law Alliance, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Angelyn M. Wright, Esq. The Wright Law Alliance, P.C. 1244 Clairmont Road, Suite 222 Decatur, GA 30031-2890 Tel: (404) 373-9933 Fax: (888) 900-0610 Email: twlope@earthlink.net About The Lighthouse Community Hospice, Inc. The Lighthouse Community Hospice, Inc., filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 26-56086) on May 5, 2026. The Debtor hires The Wright Law Alliance, P.C. as bankruptcy counsel. LIPELLA PHARMACEUTICALS: Hires Raines Feldman as Special Counsel ---------------------------------------------------------------- Lipella Pharmaceuticals Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Raines Feldman Littrell LLP to serve as special counsel. The firm will provide these services: (a) investigate potential claims, defenses, counterclaims, offsets, and causes of action; (b) evaluate liability, damages, collectability, insurance coverage, and litigation risk; (c) prosecute affirmative claims and causes of action on behalf of the estate; (d) defend the Debtor and/or estate against pending or threatened litigation, arbitrations, mediations, or administrative proceedings; (e) prepare pleadings, motions, discovery requests, subpoenas, responses, briefs, and other litigation papers; (f) conduct discovery, document review, depositions, witness preparation, expert coordination, and fact development; (g) appear in state and federal courts, arbitration forums, mediation proceedings, and administrative tribunals; (h) negotiate settlements, stipulations, tolling agreements, and consensual resolutions; (i) enforce judgments, pursue recoveries, and implement settlement agreements; (j) coordinate with bankruptcy counsel on stay issues, claim treatment, settlements requiring approval, and related matters; (k) advise on litigation strategy, case valuation, reserves, and risk management; and (l) perform other litigation-related services as necessary in the best interests of the estate. Raines Feldman Littrell LLP will be compensated on a contingency fee basis: – 25% of recoveries obtained prior to the filing of a lawsuit, arbitration, or other formal proceeding; and – 40% of recoveries obtained after the filing of a lawsuit, arbitration, or other formal proceeding. Raines Feldman Littrell LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael J. Roeschenthaler, Esq. Jordan N. Kelly, Esq. RAINES FELDMAN LITTRELL LLP 11 Stanwix Street, Suite 1500 Pittsburgh, PA 15222 E-mail: mroeshenthaler@raineslaw.com jkelly@raineslaw.com - and - Seth E. Darmstadter, Esq. RAINES FELDMAN LITTRELL LLP 30 North LaSalle Street, Suite 3100 Chicago, IL 60602 About Lipella Pharmaceuticals Lipella Pharmaceuticals was a biotechnology firm committed to advancing first-in-class therapies for inflammatory oral conditions. Located in Pittsburgh, the company's flagship program, LP-10, targeted symptomatic oral lichen planus using a liposomal tacrolimus oral rinse. Lipella aimed to translate early clinical successes into FDA-approved treatments for patients with limited therapeutic options. Lipella Pharmaceuticals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20879) on March 30, 2026. Honorable Bankruptcy Judge Carlota M. Bohm handles the case. The Debtor tapped Michael A. Shiner, Esq., at Tucker Arensberg, PC as counsel and BDO Consulting, LLC as financial advisor. LITTLE CREEK: Seeks to Hire Sims Funk as Special Litigation Counsel ------------------------------------------------------------------- Little Creek CRE, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Sims Funk, PLC as its special litigation counsel. The firm will provide these services: (a) represent the Debtor in The Ward Organization, et al. v. Stonebriar Commercial Financial, LLC, et al., Case No. 3:26-cv-00202; (b) assist with removing the Current District Court Litigation to the Bankruptcy Court to proceed as an adversary proceeding; (c) provide bankruptcy and litigation counsel related to claims involving the alleged unlawful seizure of Debtor's physical facilities; (d) continue representation in the removed adversary proceeding; and (e) perform legal services in connection with the litigation and related proceedings. The firm will charge hourly rates ranging from $350 to $850. Paralegal time is billed at $275. R. Mark Donnell, Jr., the partner expected to perform the majority of the legal services, bills at $625 per hour. The firm also disclosed that it received a $50,000 retainer in furtherance of its engagement by Debtor, Mr. Ward and Ms. Williams. No Debtor funds were used to pay the retainer. Any approved fees and expenses will be paid from non-Debtor funds. Sims Funk stated that it has no pre-petition claims against the Debtor and, subject to disclosed matters, represents no interests adverse to the Debtor or the estate in matters upon which it would be engaged. According to court filings, the firm has no disqualifying connection with the Debtor, creditors, parties in interest, or the United States Trustee. The firm can be reached at: R. Mark Donnell, Jr. SIMS FUNK, PLC 3102 West End Avenue, Suite 1100 Nashville, TN 37203 About Little Creek CRE, LLC Little Creek CRE, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Tenn. Case No. 3:26-bk-02072) on April 30, 2026. At the time of the filing, Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $0 and $50,000. Judge Randal S. Mashburn oversees the case. Sherrard Roe Voigt & Harbison, PLC is Debtor's legal counsel. M&M APPLIANCE: Seeks Approval to Hire McNamee Hosea as Counsel -------------------------------------------------------------- M&M Appliance Sales & Service, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Craig M. Palik of McNamee Hosea, P.A. to serve as counsel for the Debtor. Mr. Palik and the Law Firm will provide these services: (a) prepare and file all necessary bankruptcy pleadings on behalf of the Debtor; (b) negotiate with creditors; (c) represent to Adversary and other proceedings in connection with the Bankruptcy; (d) prepare Debtor's disclosure statement and plan of reorganization; and (e) any other matters related to the Bankruptcy and the Debtor's reorganization. Mr. Palik will receive an hourly rate of $500, associates shall receive hourly rates ranging from $350 to $400, and paralegals will receive an hourly rate of $140. McNamee Hosea, P.A. is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Facsimile: (301) 982-9450 E-mail: cpalik@mhlawyers.com About M&M Appliance Sales & Service, Inc. M&M Appliance Sales & Service, Inc., based in Washington, D.C., sells, delivers, installs, and services major household appliances, including refrigerators, washers, dryers, dishwashers, and microwaves, for residential and small-business clients across the DC-Maryland-Virginia area, with a showroom and service center at 6201 Blair Road, NW, offering support for leading brands such as Electrolux, Bosch, Thermador, Liebherr, GE, Whirlpool, and KitchenAid since its founding in the late 1990s. M&M Appliance Sales & Service sought protection under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.D.C. Case No. 26-00149-ELG) on March 30, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Elizabeth L Gunn presides the case. McNamee Hosea, P.A. is Debtor's legal counsel. MALTESE DIPLOMAT: Public Sale of Collateral Scheduled for May 18 ---------------------------------------------------------------- In accordance with applicable provisions of the the Uniform Commercial Code as enacted in New York, the agent under certain loan agreement(s) "Secured Party") will offer at public auction all member and other equity interests and in and 100% of the limited liability company interests in Maltese Diplomat 100 SM LLC, a Delaware limited liability company (the "Pledged Securities"), which entity indirectly owns 100% of the real property, air rights, and existing improvements located at 101 Diplomat Parkway, Hallandale Beach, Florida 33009. The public auction will be held on May 18, 2026 at 1:30 p.m. (EST), by remote auction via Zoom Remoting Meeting. Secured Party reserves the right to cancel the sale in its entirety, or to adjourn the sale to a future date. The Pledged Securities have not been and will not be registered under the Securities Act of 1933 (the "Act") and are being offered for sale in a transaction exempt from the requirements of the Act. All potential bidders will be required to comply with all federal and state securities laws in effect and in respect of the submission of bids and actual purchases of the Pledged Securities. The Secured Party reserves the right to require bidders to represent the Pledged Securities are being purchased with investment intent for the bidder' own account and not with a view toward resale or distribution and will not be resold except pursuant to a valid registration statement under the Act or pursuant to an applicable exemption. Additional representations may be required to comply with transfer requirements and state securities laws that may apply. The Pledged Securities will be sold "as-is, where-is", with no express or implied warranties or representations of any kind made by Secured Party and without any recourse whatsoever to Secured Party. Interested parties must execute a standard confidentiality and non-disclosure agreement (the "Confidentiality Agreement"). To review and execute the Confidentiality Agreement, please visit our website at http://bit.ly/3QB0gZl.For questions and inquiries, please contact Emily Mejia of Cushman & Wakefield at emily.mejia1@cushwake.com or Daniel Acosta of Milbank LLP at dacosta@milbank.com. Interested parties who do not comply with the foregoing and any other requirements of the applicable terms of sale prior to the deadlines set forth therein will not be permitted to enter a bid. MAR ENTERPRISES: Melissa Haselden Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for MAR Enterprises, LLC. Ms. Haselden will be paid an hourly fee of $625 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The compensation for the support staff working under her direct supervision is $195 per hour. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About MAR Enterprises LLC MAR Enterprises, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-70123) on May 04, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Eduardo V. Rodriguez presides over the case. Marcos Demetrio Oliva, Esq. at Marcos D. Oliva PC represents the Debtor as legal counsel. MARBACH ASSOCIATES: Case Summary & Two Unsecured Creditors ---------------------------------------------------------- Debtor: Marbach Associates LLC Polo Club Apartments 8 Harris Court Monterey, CA 93940 Chapter 11 Petition Date: May 7, 2026 Court: United States Bankruptcy Court Western District of Texas Case No.: 26-51254 Judge: Hon. Michael M Parker Debtor's Counsel: Morris E. "Trey" White, III, Esq. VILLA & WHITE LLP 100 NE Loop 410 Suite 615 San Antonio TX 78216 Tel: (210) 225-4500 E-mail: treywhite@villawhite.com Total Assets: $0 Total Debts: $28,470,819 The petition was signed by Leland Evans as manager. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZUDJQQI/Marbach_Associates_LLC__txwbke-26-51254__0001.0.pdf?mcid=tGE4TAMA MEGA KYON: Stephen Darr Named Subchapter V Trustee -------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for Mega Kyon, Inc. Mr. Darr will be paid an hourly fee of $875 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About Mega Kyon Inc. Mega Kyon, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40523) on May 4, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Elizabeth D. Katz presides over the case. Marques C. Lipton, Esq. at Lipton Law Group represents the Debtor as bankruptcy counsel. MILNER SPORTS: Kevin Neiman Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for Milner Sports, LLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About Milner Sports LLC Milner Sports, LLC, doing business as Epoch Eyewear, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 26-13150) on May 5, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Kimberley H. Tyson presides over the case. Aaron A. Garber, Esq. represents the Debtor as legal counsel. MORVATT ENTERPRISES: Trustee Seeks to Hire TPS West as Accountant ----------------------------------------------------------------- Matthew Golden, the trustee appointed in the Chapter 11 case of Morvatt Enterprises, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky to employ TPS West, LLC as accountant. The firm will assist with the preparation, processing, and filing of the Debtor's 2023, 2024, and 2025 tax returns for the S-Corporation business estate. Richard Anderson, CPA at TPS West, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard Anderson, CPA TPS West, LLC 10260 Westheimer Rd., Suite 210 Houston, TX 77042 Telephone: (281) 807-7811 Facsimile: (281) 807-7822 About Morvatt Enterprises Morvatt Enterprises, LLC, a company in Henderson, Ky., filed a Chapter 11 petition (Bankr. W.D. Ky. Case No. 23-40488) on Aug. 22, 2023, with up to $50,000 in assets and $1 million to $10 million in liabilities. Charles H. Morris, Jr., owner and sole member, signed the petition. Judge Charles R. Merrill oversees the case. The Debtor tapped Sandra D. Freeburger, Esq., at Deitz Shields & Freeburger, LLP as counsel and Richard Anderson, CPA at TPS West, LLC as accountant. MULL MOVES: Todd Hennings Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Mull Moves, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Mull Moves LLC Mull Moves, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55885) on May 4, 2026. At the time of the filing, the Debtor reported assets of between $500,001 and $1 million and liabilities of between $100,001 and $500,000. MURPHY'S CONCRETE: Hires Darby Law Practice Ltd as Counsel ---------------------------------------------------------- Murphy's Concrete L.L.C. seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd as counsel. The firm will provide these services: a. advise the Debtor of its rights, powers and duties as a debtor and debtor in possession in the continued operation of business and management of their properties; b. take all necessary action to protect and preserve Debtor's estate; c. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the Debtor's estate; d. attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; e. appear before the Court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; f. pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and g. perform all other necessary legal services in connection with the Chapter 11 Subchapter 5 case. The firm will be paid at the rate of $550 per hour. The Debtor paid the firm a retainer fee in the amount of $15,062, including the Chapter 11 filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Darby disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin A. Darby, Esq. Tricia M. Darby, Esq. Darby Law Practice, LTD. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 E-mail: kevin@darbylawpractice.com tricia@darbylawpractice.com About Murphy's Concrete L.L.C. Murphy's Concrete L.L.C., filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 26-50446) on May 4, 2026. The Debtor hires Darby Law Practice, Ltd as counsel. MUTINY BBQ: Seeks Court Approval to Hire Vestcorp LLC as Accountant ------------------------------------------------------------------- Mutiny BBQ Company LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Vestcorp LLC to serve as accountant for the Chapter 11 Debtor. Vestcorp LLC will provide these services: (a) accounting services as required; (b) preparation of the final tax returns; and (c) analysis of debtor's finances. The firm will be paid at these rates: - Managing Director: $400/hr. - Principal: $350/hr - Accountant: $250/hr - Associate: $195/hr - $2,500 retainer to be paid at time of employment. Vestcorp LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Shari Hartstein VESTCORP LLC 623 Eagle Rock Ave., Ste. 364 West Orange, NJ 07052 About Mutiny BBQ Company LLC Mutiny BBQ Company LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-14759) on aPRIL 29, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $100,001 and $500,000. I. Mark Cohen Law Group is Debtor's legal counsel. NB ELEMENT: Seeks Court Approval to Hire Robinson & Cole as Counsel ------------------------------------------------------------------- NB Element, DST seeks approval from the United States Bankruptcy Court for the District of Delaware to hire Robinson & Cole LLP to serve as counsel. R&C will provide these services: (a) advise the Debtor and Debtor-in-Possession of its rights, powers, and duties under chapter 11 of the Bankruptcy Code; (b) prepare on behalf of the Debtor motions, applications, answers, orders, reports, and other legal papers in connection with the administration of the estate; (c) take action to protect and preserve the Debtor's estate, including prosecuting and defending litigation, negotiating disputes, and preparing objections to claims; (d) assist with any sale transactions and related motions and filings; (e) assist in preparing the disclosure statement and related documents for solicitation of votes on a chapter 11 plan; (f) assist in preparing a chapter 11 plan; (g) prosecute the proposed plan and seek approval of transactions contemplated therein; and (h) perform all other necessary and desirable legal services in connection with the case. R&C will be compensated at these hourly rates: - Partners/Counsel: $1075 to $2200 per hour - Associates: $450 to $760 per hour - Paralegals: $425 to $540 per hour Robinson & Cole LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor or its estate, according to court filings. The firm can be reached at: Jamie L. Edmonson, Esq. ROBINSON & COLE LLP 1201 North Market Street, Suite 1406 Wilmington, DE 19801 Telephone: (302) 516-1700 Facsimile: (302) 516-1699 E-mail: jedmonson@rc.com About NB Element, DTS NB Element, DTS is a business entity that may operate in the industrial, materials, or specialty manufacturing sector, potentially focusing on advanced components or engineered products. NB Element sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Case No. 26-10502) on April 7, 2026. In its petition, the Debtor reported estimated assets of $50 million to $100 million and estimated liabilities of $50 million to $$100 million. Judge Craig T Goldblatt oversees the case. The Debtor is represented by Jamie Lynne Edmonson, Esq. of Robinson & Cole LLP. NEW BRITTAIN: Tamara Miles Ogier Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for New Brittain, LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About New Brittain LLC New Brittain, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55936) on May 4, 2026, with $100,001 to $500,000 in both assets and liabilities. NEW FORTRESS: Gets Nasdaq Notice Over Bid Price Noncompliance ------------------------------------------------------------- New Fortress Energy Inc. received a Nasdaq notice on May 1 saying its Class A common stock failed to meet the exchange's $1 minimum bid price requirement, according to a Form 8-K filing with the SEC. The company said Nasdaq based the notice on the closing bid price of its Class A common stock for the previous 30 consecutive trading days. Nasdaq Listing Rule 5450(a)(1) requires listed securities to maintain a minimum bid price of $1 a share. The notice has no immediate effect on the stock's Nasdaq listing. New Fortress said it has an initial 180-calendar-day period to regain compliance, requiring its closing bid price to be at least $1 a share for a minimum of 10 consecutive trading days before Oct. 28, 2026. The company said it intends to monitor the closing bid price and evaluate available options to regain compliance. It also said it plans to seek stockholder approval to implement a reverse split of its outstanding common stock. About New Fortress New Fortress Energy Inc. is a New York-based energy infrastructure company focused on natural gas and liquefied natural gas infrastructure and related energy logistics. The company develops, finances, constructs and operates energy infrastructure, including facilities and assets used to deliver natural gas and LNG to customers. Its operations include projects and assets in the U.S. and international markets. Ernst & Young LLP's April 13, 2026, audit report included a going concern explanatory paragraph, citing losses from operations and events of default under the company's debt agreements that raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, the company had $10.56 billion in total assets, $10.25 billion in total liabilities, and $309.63 million in total stockholders' equity. NEXT GENERATION: Seeks Approval to Hire Blackwood Law as Counsel ---------------------------------------------------------------- Next Generation Roofing, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Blackwood Law Firm, PLLC to serve as counsel for the Debtor. The firm will provide these services: (a) assist the Debtor in all matters relating to the above-captioned bankruptcy estate; (b) provide bankruptcy and related legal services necessary for the administration of the case; and (c) seek compensation and reimbursement of out-of-pocket expenses subject to Court approval. Blackwood Law Firm, PLLC will receive regular hourly rates for professional services of the firm including services for attorneys up to $450 per hour, and legal assistants and law clerks at $100 per hour. Blackwood Law Firm, PLLC is a "disinterested person" within the meaning of Section 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Amanda R. Blackwood, Esq. BLACKWOOD LAW FIRM, PLLC 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 309-3600 Facsimile: (405) 378-4466 E-mail: amanda@blackwoodlawfirm.com About Next Generation Roofing, LLC ext Generation Roofing, LLC provides roofing installation and inspection services in Oklahoma City, Oklahoma, serving property owners with roof assessments and related exterior-damage evaluations. The company, led by Robert E. Baker, offers roofing contractor services that include support for property inspections and insurance-claim-related assessments. Next Generation Roofing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Oklahoma Case No. 26-11534) on May 6, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Janice D Loyd oversees the case. Hammond Law Firm is the Debtor's proposed legal counsel. NM SOUTH: Seeks to Hire Bielli & Klauder LLC as Counsel ------------------------------------------------------- NM South, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Bielli & Klauder, LLC as counsel. The firm's services include: a. providing the Debtor legal advice with respect to its powers and duties as debtor in possession in the continued operation of its business and management of its properties; b. assisting in taking all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on the behalf of Debtor, the defense of any actions commenced against the Debtor, the negotiation of disputes in which the Debtor is involved, and the preparation of objections to claims filed against the Debtor's estate; c. preparing or assisting in preparing of the Debtor all necessary schedules, statements, applications, answers, orders, reports, motions and notices in connection with the administration of the estate of the Debtor; d. preparing responses to applications, motions, other pleadings, notices, and other papers that may be filed and served in this case; e. appearing before this Court and such other courts as may be appropriate to represent the interests of the Debtor in matters that require representation and to represent and assist Debtor in negotiations with other parties in interests in this case; f. advising the Debtor concerning actions it might take to collect and recovery property for the benefit of its estate; g. advising the Debtor concerning executory contracts and unexpired lease assumptions, assignments, and rejections; h. advising the Debtor in connection with the Debtor's contemplated sale of all or substantially all of its assets under section 363 of the Bankruptcy Code; i. advising the Debtor in formulating and preparing a chapter 11 plan on behalf of the Debtor, the related disclosure statement, and any revisions, amendments relating to such documents, and all related materials, and advising and assisting the Debtor in connection with the solicitation and confirmation processes; and j. performing all other necessary legal services for the Debtor which may be necessary in this case. The firm will be paid at these rates: David M. Klauder (Member) $500 per hour Thomas Bielli (Member) $500 per hour Angela M. Mastrangelo (Of-Counsel) $395 per hour Associates $225 to $300 per hour Paraprofessionals and Law Clerks $115 to $195 per hour The firm received from the Debtor a retainer of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Klauder disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David Klauder, Esq. Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Tel:(302) 803-4600 E-mail: dklauder@bk-legal.com About NM South, LLC NM South, LLC, a real estate-related company listed in Bluffton, South Carolina, is associated with a single-family residential estate at 28 Seven Oaks Drive. NM South, LLC in Bluffton, SC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Case No. 26-10653) on May 3, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Ryan Lynch as sole member, signed the petition. Judge Mary F. Walrath oversees the case. BIELLI & KLAUDER, LLC serve as the Debtor's legal counsel. ONE OFF ROD: Hires Flaster/Greenberg P.C. as Legal Counsel ---------------------------------------------------------- One Off Rod & Custom, LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Flaster/Greenberg P.C. as legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in the continued operation of its business; (b) take necessary action to protect and preserve the Debtor's estate, including the prosecution and defense of actions on behalf of the Debtor; (c) assist the Debtor in pursuing insurance claims related to losses incurred in its business; (d) prepare, present, and respond to applications, motions, orders, reports, and other legal papers in connection with the administration of the estate; (e) negotiate and prepare plan(s) of reorganization, disclosure statements, and related documents, and assist in plan confirmation; (f) attend meetings and negotiations with creditors and other parties in interest and advise on case strategy and conduct; (g) advise regarding bankruptcy aspects of asset sales, dispositions, and financing efforts; (h) advise and represent the Debtor regarding potential insurance-related claims; and (i) perform all other necessary legal services in connection with the Chapter 11 case, excluding matters requiring specialized counsel. Flaster/Greenberg P.C. will be compensated on an hourly basis. Professional rates include partners and counsel ranging from $395 to $1,275, associates from $245 to $495, and paralegals from $210 to $400. Damien Nicholas Tancredi's rate is $570. Jennifer Vagnozzi (paralegal) is billed at $270. The firm also seeks reimbursement of actual and necessary expenses including travel, copying, research, filing fees, and related costs. A $15,000 retainer has been paid and is held in the firm's client trust account, subject to Court approval. Flaster/Greenberg P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents that it does not hold or represent any interest adverse to the Debtor's estate. The firm can be reached at: Damien Nicholas Tancredi, Esq. FLASTER/GREENBERG P.C. 221 W. 10th Street, 4th Floor Wilmington, DE 19801 About One Off Rod & Custom, LLC One Off Rod & Custom, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Delaware Case No. 26-10690 (LSS)) on May 7, 2026 (application filing date referenced in the record). At the time of filing, the Debtor had estimated assets of between $0 to $50,000 and liabilities of between $0 to $50,000. Flaster/Greenberg P.C. is the Debtor's legal counsel. OROVILLE HOSPITAL: Court Sets June 8, 2026 Claims Bar Date ---------------------------------------------------------- On December 8, 2025 (the "Petition Date") Oroville Hospital (the "Hospital"), and OroHealth Corporation: A Nonprofit Healthcare System ("OroHealth"), the debtors and debtors-in-possession (collectively, the "Debtors") filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of California. On April 22, 2026, the Court entered an order (the "Bar Date Order") establishing certain dates by which parties holding prepetition claims against the Debtors must file proofs of claim, including requests for payment pursuant to section 503(b)(9) of the Bankruptcy Code (the "Proofs of Claim"). The Bar Date Order establishes the following bar dates for filing Proofs of Claim in these Chapter 11 Cases (collectively, the "Bar Dates"): a. Claims Bar Date. Except as expressly set forth in this Notice, all entities holding claims against the Debtors that arose or are deemed to have arisen prior to the Petition Date, including requests for payment pursuant to section 503(b)(9) of the Bankruptcy Code, are required to file Proofs of Claim by 5:00 p.m., prevailing Pacific Time on June 8, 2026. Except as expressly set forth in this Notice, the Claims Bar Date applies to all types of claims against the Debtors that arose prior to the Petition Date, including secured claims, unsecured priority claims, and unsecured non-priority claims. For the avoidance of doubt, the Claims Bar Date applies to all entities holding claims against the Debtors that arose or are deemed to have arisen prior to the Petition Date, including all claims held by governmental units (as such term is defined in section 101(27) of the Bankruptcy Code) and requests for payment pursuant to section 503(b)(9) of the Bankruptcy Code. b. Rejection Damages Bar Date. Unless otherwise ordered by the Court, all entities holding claims against the Debtors arising from the rejection of executory contracts and unexpired leases of the Debtors are required to file Proofs of Claim by the later of (a) the Claims Bar Date and (b) 5:00 p.m., prevailing Pacific Time, on the date that is thirty (30) days following entry of an order approving the rejection of any executory contract or unexpired lease of the Debtors. c. Amended Schedules Bar Date. If, subsequent to the date of this Notice, the Debtors amend or supplement their Schedules to reduce the undisputed, noncontingent, and liquidated amount of a claim listed in the Schedules, to change the nature or classification of a claim against the Debtors reflected in the Schedules, or to add a new claim to the Schedules, the affected creditor is required to file a Proof of Claim or amend any previously filed Proof of Claim in respect of the amended scheduled claim by the later of (a) the Claims Bar Date and (b) 5:00 p.m., prevailing Pacific Time, on the date that is twenty-one (21) days from the date on which the Debtors mail notice of the amendment to the Schedules (or another time period as may be fixed by the Court). All Claimants must submit (by overnight mail, courier service, hand delivery, regular mail, or in person) an original, written Proof of Claim that substantially conforms to the Proof of Claim Form so as to be actually received by Epiq, the Debtors' claims and notice agent, by no later than 5:00 p.m. (prevailing Pacific Time) on or before the applicable Bar Date either by: (a) mailing the original Proof of Claim by first class mail to Oroville Hospital Claims Processing Center, c/o EPIQ Corporate Restructuring, LLC, P.O. Box 4420, Beaverton, OR 97076-4420; (b) delivering such original Proof of Claim by hand or overnight courier to Oroville Hospital Claims Processing Center, c/o EPIQ Corporate Restructuring, LLC, 10300 SW Allen Blvd, Beaverton, OR 97005; or (c) completing the electronic Proof of Claim Form (an "Electronic Proof of Claim") available online at https://dm.epiq11.com/OrovilleHospital. Proofs of Claim will be deemed timely filed only if actually received by Epiq on or before the applicable Bar Date. Proofs of Claim may not be delivered by facsimile, telecopy, or electronic mail transmission. Any facsimile, telecopy, or electronic mail submissions will not be accepted and will not be deemed filed until a Proof of Claim is submitted to Epiq by overnight mail, courier service, hand delivery, regular mail, in person, or through Epiq's website. The Schedules, the Proof of Claim Form, and Bar Date Order are available free of charge on Epiq's website at https://dm.epiq11.com/OrovilleHospital. If you have questions concerning the filing or processing of Claims, you may contact the Debtors' claims agent, Epiq, by telephone at (888) 857-5141 (toll-free), (971) 397-7974 (international), or by email at OrovilleHospital@epiqglobal.com. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on Dec. 8, 2025. In its petition, the Debtor estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. OUT ON A LIMB: Hires Acuity Business & Tax Advisors as Accountant ----------------------------------------------------------------- Out On A Limb, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Acuity Business & Tax Advisors as accountant. The firm will provide these services: a. give the Debtor legal advice with respect to its powers and duties under Chapter 11, Subchapter V; b. assist in preparing Monthly Operating Reports and 2015.3 reports; and c. manage accounts payable, receipts, financial statements, payroll tax filings, 1099 filings, W-9 collection, audits, and business tax return preparation and filing; d. perform all other necessary accounting services on behalf of Debtor. The firm will be paid at these rates: Quarterly Accounting Services $500 per hour Quarterly Payroll Tax Filings $160 per hour Workers' Compensation Audit Assistance $120 per hour 1099 Preparation $380 per hour State Annual Entity Renewal $50 per hour Business Tax Return $835 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Troy Carlin, a partner at Acuity Business & Tax Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Troy Carlin Acuity Business & Tax Advisors 2655 Kiesel Ave Ogden, UT 84401 Tel: (385) 333-4050 About Out on a Limb, LLC Out on a Limb, LLC, doing business as Carlin Construction, operates as a construction and excavation contractor based in Bloomington, Idaho, providing site preparation, grading, land clearing, home building, renovations, and related services for residential and commercial clients. Out on a Limb, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 26-40051-BRW) on January 28, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Brent R. Wilson oversees the case. Olsen Taggart PLLC is Debtor's legal counsel. OUT ON A LIMB: Seeks to Hire Property PROS Realty as Estate Agent ----------------------------------------------------------------- Out on a Limb, LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Property PROS Realty as real estate agent. The firm's services include: (a) market the Debtor's real estate; (b) receive offers and deposits from prospective purchasers; and (c) perfrom all other necessary real estate services on behalf of the Debtor. The firm will receive a total brokerage fee of 4 percent of the contract or purchase price of the property's sale. Devin Skinner, a real estate agent at Property PROS Realty, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Devin Skinner Property PROS Realty 196 S. 4th St. Montpelier, ID 83254 Telephone: (208) 847-2300 About Out on a Limb LLC Out on a Limb, LLC, doing business as Carlin Construction, operates as a construction and excavation contractor based in Bloomington, Idaho, providing site preparation, grading, land clearing, home building, renovations, and related services for residential and commercial clients. Out on a Limb, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Idaho Case No. 26-40051) on January 28, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Brent R. Wilson oversees the case. Olsen Taggart PLLC is Debtor's legal counsel. PAPER TIGER: Seeks Approval to Hire Middlebrooks Shapiro as Counsel ------------------------------------------------------------------- Paper Tiger Marketing, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. to serve as counsel. The firm will provide these services: (a) prepare and file motions, pleadings, and applications on behalf of the Debtor; (b) represent the Debtor in hearings; (c) negotiate with creditors; and (d) formulate and pursue a plan of reorganization under Chapter 11. The Firm agreed to a $7,500 retainer plus $1,738 for court costs and filing fees. Hourly billing rates are $500 for Melinda D. Middlebrooks, Esq.; $450 for Joseph M. Shapiro, Esq.; $400 for Jessica M. Minneci, Esq.; and $100 for law clerks and paralegals. Middlebrooks Shapiro, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jessica M. Minneci, Esq. MIDDLEBROOKS SHAPIRO, P.C. P.O. Box 1630 Belmar, NJ 07719-1630 Telephone: (973) 218-6877 E-mail: jminneci@middlebrooksshapiro.com - and - Melinda D. Middlebrooks, Esq. Joseph M. Shapiro, Esq. Jessica M. Minneci, Esq. MIDDLEBROOKS SHAPIRO, P.C. 841 Mountain Avenue, First Floor Springfield, NJ 07081 Telephone: (973) 218-6877 Facsimile: (973) 218-6878 E-mail: jshapiro@middlebrooksshapiro.com About Paper Tiger Marketing, LLC Paper Tiger Marketing LLC provides brand, web design, development, and digital marketing services. The company offers services including design systems, art direction, Webflow development, WordPress-to-Webflow migrations, website development, SEO, conversion optimization planning, content creation, paid advertising, analytics, and brand identity work. It also provides related design, hosting, content management, e-commerce, email marketing, and maintenance services. Paper Tiger Marketing LLC is based in Ridgewood, New Jersey. Paper Tiger Marketing sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-15182) on May 7, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Middlebrooks Shapiro, P.C. is Debtor's legal counsel. PHAIR COMPANY: Hires Mr. Griswold of Griswold Real Estate as CRO ---------------------------------------------------------------- The Phair Company LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of California to employ Griswold Real Estate Management, Inc. and Robert S. Griswold as chief restructuring officer. The firm's services include: a. managing and overseeing the affairs of the Debtors, including but not limited to, supervising and evaluating the continued development of the Debtors' land entitlement projects, including the Bella Mar Project, the Scripps Ranch Project, and the PREAF III Property, with a focus on preserving and maximizing the substantial value created through years of the Debtors' entitlement efforts. However, the CRO shall not manage the personal financial and household affairs of Mr. Phair, in his individual capacity; b. supervising the Debtors' coordination with consultants and regulatory bodies involved in the entitlement process (including environmental, engineering, and municipal agencies), with the goal of minimizing delays and ensuring timely completion of approvals; c. ensuring that all restructuring decisions reflect the unique value inflection point of the Debtors' assets (i.e., the transition from raw agricultural land to fully entitled developmental property) and avoiding premature dispositions that would materially impair recoveries; d. evaluating and developing restructuring plans or strategic alternatives for maximizing the value of the Debtors' assets. The Debtors' counsel, in consultation with the CRO, and the Debtors' other professionals, shall determine which plan(s) or alternative(s) are appropriate under the circumstances, and the CRO shall use commercial reasonable efforts to attempt to implement such plan(s) or alternative(s); e. providing the Debtors and the Debtors' legal counsel with any assistance requested by either in connection with any reports, accountings, motions, responses, or other documents relating to the Debtors' Chapter 11 cases; f. assisting in the evaluation and implementation and strategies to advance confirmation of the Plan, including addressing issues raised by creditors or other parties in interest, as appropriate; and g. preparing and filing reports as to the progress and status of the Debtors' land entitlement projects, including the Bella Mar Project, the Scripps Ranch Project, and the PREAF III Property. The firm will be paid at $795 per hour. The firm will also be paid a flat fee of $2,750 per month. The firm will be reimbursed for reasonable out-of-pocket expenses incurred. Robert S. Griswold, a partner at Griswold Real Estate Management, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Griswold Griswold Real Estate Management, Inc. 5703 Oberlin Drive, Suite 300 San Diego, CA 92121-1743 Tel: (775) 450-0736 About The Phair Company LLC The Phair Company LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00667) on Feb. 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Vincent Renda, at PINNACLE LEGAL P.C., is the Debtor's counsel. PHILLIPS TOTAL: Claims to be Paid from Available Cash & Income -------------------------------------------------------------- Phillips Total Care Pharmacy, Inc., filed with the U.S. Bankruptcy Court for the Western District of Wisconsin a Disclosure Statement for Plan of Reorganization dated May 1, 2026. Phillips is a pharmacy provider servicing long-term facilities, assisted living/group home facilities, specializing in short-cycle pharmaceutical distribution and packaging, technology, intravenous and enteral therapy, durable medical equipment and supplies, pharmacist consulting, and delivery services. Phillips originated in 1947 as a retail pharmacy, opened by John Phillips in Mauston, Wisconsin. In the early 1980's, Wayne MacArdy was brought in as a pharmacist and helped Phillips modernize and add several new locations during the 1990s and 2000s. MacArdy is currently the sole shareholder and remains as the face of the business. Phillips' business over the years is largely from word of mouth from its customers, but with renewed efforts on the part of MacArdy and employees to obtain customers providing net income to operations. Prior customers were not profitable given the services requested and location. MacArdy's continued involvement with Phillips as its sole shareholder is instrumental to the continued success of Phillips' operations. Phillips sought relief under the United States Bankruptcy Code in order to efficiently and economically address its substantial debt to BWD, the IRS, the WI DOR, and Dakota Drug, along with other unsecured creditors, including those which are the result of guaranteeing debt of other organizations. To these ends, since the filing of this Chapter 11 Case, Phillips, through its sole-shareholder, Wayne MacArdy, have been devoting substantial time addressing operational challenges, working to increase cash flow, resolving disputed claims, and developing a plan of reorganization. Class 9 consists of the General Unsecured Claims of creditors and Rejection Claims, which will be paid $0.00 as the liquidation analysis provides that no funds are available, and the proposed cash flow projections do not provide sufficient income for payment. The General Unsecured Claims are approximately $9,700,000.00. This Class 9 is deemed to have rejected the Plan, and no ballot is necessary. To effectuate the proposed Plan, Phillips shall continue its operations and utilize other income from its operations, and cash on hand on the Effective Date to make all Effective Date payments, and will continue thereafter to utilize profits, revenues, and income from its operations to fund the post-Effective Date obligations of its proposed Plan. Phillips is also expending great efforts to create income from new customers. A full-text copy of the Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=6PuoGV from PacerMonitor.com at no charge. Phillips Total Care Pharmacy Inc. is represented by: Claire Ann Richman, Esq. Michael P. Richman, Esq. Richman & Richman LLC 122 W. Washington Ave., Ste. 850 Madison, WI 53703 Telephone: (608) 889-2322 About Phillips Total Care Pharmacy Phillips Total Care Pharmacy Inc. is a retail pharmacy based in Mauston, Wisconsin. Phillips Total Care Pharmacy Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10699) on March 28, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Claire Ann Richman, Esq. and Michael P. Richman, Esq. at Richman & Richman LLC. PIONEER ACQUISITIONCO:S&P Rates New $500MM Repriced Term Loan 'B-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to electrical maintenance, testing, engineering, and repair services company Pioneer AcquisitionCo LLC's (dba Shermco Industries) proposed new $550 million repriced term loan. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P said, "The company will use the proceeds from this new issuance to repay its existing $550 million term loan, therefore we view the transaction as leverage neutral. We estimate the repriced term loan will save Shermco approximately $4 million in annual interest expense." The company reported S&P Global Ratings-adjusted debt to EBITDA of 14.3x as of year-end 2025, which included approximately $33 million of transaction fees related to the sponsor sale transaction completed in late 2025. Excluding the impact of these costs, Shermco's debt to EBITDA was approximately 7.6x, which is in line with our previous expectations. S&P expects the company's operating performance will support organic deleveraging, enabling it to reduce its S&P Global Ratings-adjusted debt to EBITDA to the high-6x to low-7x range as of the end of 2026. ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario assumes a payment default in 2028 stemming from one or a combination of the following factors: a sustained economic downturn that leads to a slowdown in new project activity and the deferral of some maintenance services or the loss of a major customer. -- S&P said, "We expect these conditions would reduce Shermco's revenue, profitability, and cash flows and ultimately burden its liquidity. -- Based on the company's capital structure and our assumption of higher borrowing costs at default, S&P estimates its EBITDA would need to decline to $71 million to trigger a default. Simulated default assumptions -- Year of default: 2028 -- Jurisdiction: U.S. -- SOFR: 250 basis points -- Cash flow revolver: 85% drawn at default All debt includes six months of accrued interest. Administrative claims represent 5% of gross enterprise value. Simplified waterfall -- Gross enterprise value: $389 million -- Administrative expenses: $19 million -- EBITDA at emergence: $71 million -- Enterprise value multiple: 5.5x -- Net enterprise value: $369 million -- Obligor/nonobligor valuation split: 100%/0% -- Priority claims: None -- Total collateral value for secured debt: $369 million -- Total first-lien debt: $643 million --Recovery expectations: 50%-70% (rounded estimate: 55%) PRIME LIMITED: John Whaley Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley of John T. Whaley, CPA, LLC as Subchapter V trustee for Prime Limited Holdings, LLC. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA JOHN T. WHALEY, CPA, LLC P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Prime Limited Holdings LLC Prime Limited Holdings, LLC, doing business as Addison Dental Associates, P.C., operates a dental practice in Smyrna, Georgia. It provides general dentistry services, including cosmetic and family dental care, to patients in the Smyrna and greater Atlanta area. Prime Limited Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-56003) on May 4, 2026, with $1 million to $10 million in assets and liabilities. Sims W. Gordon, Jr., Esq., at The Gordon Law Firm, PC represents the Debtor as bankruptcy counsel. PRIMROSE CANDY: Hires Prio Advisory Group LLC as Accountant ----------------------------------------------------------- Primrose Candy Co., seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Prio Advisory Group, LLC as accountant. The firm will provide these services: a. analysis of the financial statements as prepared by management; b. prepare the federal and state income tax returns of the Debtor and prepare any bookkeeping entries that Aprio deems necessary in connection with the preparation of such income tax returns; c. prepare and assist with the preparation of forms and schedules for tax reporting requirements, including, without limitation, W-2s, 941s, 940s, 1099s, registration, vouchers and pass-through schedules; and d. provide consulting services including assisting the Debtor with matters related to its Plan of Reorganization; The firm will be paid at these rates: Partner $535 to $715 per hour Director $455 to 680 per hour Senior Manager $400 to $570 per hour Manager $315 to $445 per hour Senior Associate $215 to $325 per hour Associate $185 to $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark Mirsky, a partner at Prio Advisory Group, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark Mirsky Aprio Advisory Group, LLC 35 East Wacker Place, Suite 690, Chicago, IL 60601 Tel: (312) 201-6450 About Primrose Candy Co. Primrose Candy Co. manufactures confectionery products, including hard and chewy candies, caramel, taffy, and popcorn-based sweets, and provides contract manufacturing, private-label, and packaging services for branded and specialty food products. Founded in 1928, it is a family-owned business operating a large production facility in Chicago, Illinois, serving customers across the United States. Primrose Candy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01430) on January 27, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The Debtor tapped David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, PC as counsel and Development Specialists, Inc. as financial advisor. PURDUE PHARMA: Davis Polk Served as Lead Counsel in Chapter 11 -------------------------------------------------------------- Davis Polk served as lead counsel to Purdue Pharma L.P. and certain of its subsidiaries (collectively, "Purdue" or "the company") in connection with the company's comprehensive restructuring under chapter 11 of the Bankruptcy Code. On November 18, 2025, at the conclusion of a multi-day trial with testimony from 19 witnesses, Judge Sean H. Lane, United States Bankruptcy Judge for the Southern District of New York entered an order confirming the company's plan of reorganization, which was supported by more than 99% of voting creditors and every major organized creditor constituency. On May 1, 2026, Purdue's plan became effective. The approved plan fulfills the promise that the company made on the first day of its chapter 11 cases: to dedicate the entirety of the company's value to opioid crisis abatement and victim compensation. The plan delivers approximately $7.4 billion in cash to creditors, with up to an additional $500 million contingent on proceeds from the sale of the Sacklers' international pharmaceutical businesses, as well as potential additional recoveries from insurance and other estate litigation. Of the total cash recovery, the company's former owners, the Sackler family, are contributing up to $6.5 to $7 billion, including a $1.5 billion payment made on the plan's effective date. The overwhelming majority of this value is being distributed through nine creditor trusts established for the benefit of the company's public and private creditors. Individual victims will receive up to $865 million, of which approximately $815 million was funded to the personal injury trust on the effective date. As of the effective date, substantially all of the company's operating assets were transferred to Knoa Pharma LLC, a newly formed purpose-driven company wholly owned by Knoa Foundation, an independent 501(c)(4). Knoa Pharma continues the company's public health initiatives, including the development and distribution of opioid overdose reversal and addiction treatment medications, and is not required to maximize profits. The transferred opioid business remains subject to a strict operating injunction, with compliance overseen by an independent monitor. Importantly, the Sackler family have no involvement of any kind in the management of Knoa Pharma and no financial interest in Knoa Pharma whatsoever, just as they have had no involvement in Purdue since the end of 2018. The plan of reorganization represents the culmination of nearly seven years in chapter 11, which the company commenced in 2019 in response to extensive opioid-related litigation brought by governmental entities, private plaintiffs, and other stakeholders across the country. To avoid the destruction of value from the veritable tsunami of litigation, Davis Polk obtained a preliminary injunction that temporarily barred certain claims against the debtors that may have been excepted from the automatic stay, as well as certain civil opioid-related claims against third-parties that were intertwined with claims against the debtors. An initial plan was confirmed in 2021 after a two-week trial with over 40 witnesses. On appeal, the United States District Court for the Southern District of New York vacated the confirmation order. The Second Circuit Court of Appeals reversed the district court, finding that the releases under the plan were lawful under nearly four decades of Second Circuit precedent. After the United States Trustee further appealed to the United States Supreme Court, the Supreme Court reversed the Second Circuit in a 5-4 decision, finding that the Bankruptcy Code does not authorize non-consensual third-party releases. Following that decision, the company and its creditors engaged in a year-long, court-supervised mediation led by Judge Shelley C. Chapman (ret.). To protect the mediation in the aftermath of the Supreme Court decision, and hold the deal together, Davis Polk obtained numerous contested extensions of a preliminary injunction and successfully defended the injunction on appeal. Ultimately, the mediation succeeded, resulting in a revised settlement framework that increased the Sacklers' contribution and restructured the release mechanics on a consensual basis, laying the groundwork for the plan confirmed in 2025. The Davis Polk restructuring team included partners Marshall S. Huebner, Eli J. Vonnegut, Darren S. Klein and Angela M. Libby, counsel Christopher Robertson and Joseph W. Brown and associates Abraham Bane and Kevin L. Winiarski. The litigation team included partners Ben Kaminetzky, Charles S. Duggan and James I. McClammy, counsel Marc J. Tobak and associates Kathryn S. Benedict, Joshua N. Shinbrot, Esther C. Townes, Kevin E. Sette and Elaina Marx. The corporate team included counsel Ajay B. Lele and associate Itay Kazaz. The tax team included partner William A. Curran and counsel Leslie J. Altus and Tracy L. Matlock. Partner David R. Bauer and associate Brette L. Trost provided intellectual property advice. Partner Jennifer S. Conway and counsel Justin Alexander Kasprisin provided executive compensation and benefits advice. Counsel Brian G. Sieben provided trusts and estates and private wealth advice. Members of the Davis Polk team are based in the New York and Washington, DC. Davis Polk refers to Davis Polk & Wardwell LLP, a New York limited liability partnership, and its associated entities. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. R&R TRANSPORT: Seeks to Hire Joseph G. Epstein as Legal Counsel --------------------------------------------------------------- R&R Transport and Logistics, LLP and R&R Transport, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Joseph G. Epstein PLLC as counsel. The firm's services include: (a) provide legal advice with respect to the Debtors' powers and duties as Subchapter V debtors in the continued operation of their businesses and management of their properties; (b) assist the Debtors to maximize the value of their assets for the benefit of all creditors and other parties-in-interest; (c) pursue confirmation of a joint Subchapter V plan of reorganization; (d) commence and prosecute any and all necessary and appropriate actions and/or proceedings on behalf of the Debtors in this Court; (e) prepare on behalf of the Debtors all necessary legal papers; (f) appear in Court to protect the interests of the Debtors and their estates; and (g) perform all other legal services for the Debtors that may be necessary and proper in these Subchapter V cases, in their general business operations and general financial affairs. The firm will be paid at these hourly rates: Joseph Epstein, Attorney $700 Paraprofessionals $100 In addition, the firm will seek reimbursement for expenses incurred. The Debtors will pay the firm a retainer of $25,000. Mr. Epstein disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph G. Epstein, Esq. Joseph G. Epstein PLLC 24 Greenway Plaza, Suite 970 Houston, TX 77046 Telephone: (713) 222-8400 Email: joe@epsteintexaslaw.com About R&R Transport & Logistics LLP R&R Transport & Logistics, LLP provides courier, delivery, and logistics services specializing in the transportation of parcels and freight. It operates from Houston, Texas, serving clients across regional and interstate routes through its fleet of trucks and delivery vehicles. R&R Transport & Logistics sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36034) on October 9, 2025. In its petition, the Debtor reported total assets of $1,124,622 and total debts of $1,489,420. Judge Jeffrey P. Norman oversees the case. The Debtor is represented by Richard L. Fuqua, II, Esq., at Fuqua & Associates, PC. RESIDEO TECHNOLOGIES: S&P Lowers ICR to 'BB', Off Watch Negative ---------------------------------------------------------------- S&P Global Ratings downgraded Resideo Technologies Inc. to 'BB' from 'BB+' and removed the rating from CreditWatch, where S&P placed it with negative implications on July 30, 2025. The outlook is stable. S&P's 'BBB-' issue-level rating on the company's secured debt and 'BB' rating on its unsecured debt remain on CreditWatch negative. S&P plans to resolve the CreditWatch after the debt repayment and final term loan balances are known. Resideo announced plans to spin off its ADI Global Distribution business into an independent, publicly traded company. ADI expects to incur about $1 billion in new debt, with $900 million for a one-time distribution to Resideo. S&P expects Resideo to use the proceeds and cash on hand to repay portions of its term loans. S&P views Resideo's business post-spin as moderately weaker given its reduced scale and increased concentration of sales into the residential end market, which could translate to increased volatility in EBITDA and cash flow over time. S&P Global Ratings-adjusted leverage will be elevated through 2026 at about 4x before improving toward the mid-3x area in 2027. S&P said, "We downgraded Resideo to 'BB' from 'BB+' on a moderately weaker post-spinoff business. In our view, its scale and scope will be narrower than before the spinoff and relative to higher-rated peers. We also consider Resideo's exposure to the residential construction investment cycle and operations in competitive markets in which it has varied positions. We forecast Resideo's revenue to drop to about $2.9 billion in 2026 from $7.4 billion in 2025 (prior to the ADI spinoff) and that S&P Global Ratings-adjusted EBITDA will be $600 million, down from $942 million. The scale of Resideo's post-spinoff revenue and EBITDA is in line with peers with similar business risk assessments. Sales will be almost entirely in the residential end market compared to about 60% previously. "Concentration in residential end markets can increase volatility of EBITDA, in our view, because demand can be cyclical and influenced by interest rates, consumer health, and state of the housing market." That said, many of Resideo's products are somewhat nondiscretionary given their mission-critical nature to home systems and safety. Resideo competes in several competitive product categories with varying market positions. This limits its ability to push price for certain products, particularly for those that are more standardized. S&P said, "Nevertheless, the company has a leading market position in thermostats (30% of revenue) and energy products (20% of revenue), which we believe reflects good recognition of Resideo's brands and technology that facilitates installation. We believe this also supports long-running and established relationships with a large base of professional installers and manufacturing and distribution channel partners." S&P said, "Somewhat offset the reduced scale and increased concentration post-spinoff is our assumption that Resideo will maintain S&P Global Ratings-adjusted EBITDA margin of around 20%, above average relative to peers in the building materials industry, from 12.6% in 2025, as it sheds its lower-margin distribution business. We believe the company's above-average margin is supported by its ability to push price in certain categories as well as cost-out and efficiency efforts (such as manufacturing footprint and headcount reduction) the company has implemented over the past few years. We assume EBITDA margin will remain in the low-20% area through 2027 as pricing offsets higher costs and muted volumes, and as restructuring and other one-time expenses roll off. "Adjusted leverage will remain high at about 4x or modestly above through 2026. We expect fees and expenses related to the spinoff and as Resideo establishes stand-alone corporate functions for the remaining business segment. We expect it will use the proceeds of the $900 million dividend from ADI to pay down debt. S&P Global Ratings-adjusted leverage includes as debt the company's series A cumulative convertible preferred equity, a portion of which we assume will be allocated to ADI. We assume 2026 revenue, pro forma to exclude ADI operations, will increase 2%-3% this year and 1%-2% through 2027 largely on price increases to offset inflation and from the introduction of higher-priced products. "Good free operating cash flow (FOCF) will reduce debt in the next year. We forecast Resideo post-spinoff will generate $230 million-$300 million in unadjusted FOCF, incorporating reduced interest expense as term loan balances drop, working capital as a modest use of cash to support revenue growth, and capital expenditure (capex) of 2%-2.5% of revenue. This is in line with prior year's levels for the remaining manufacturing business. We assume Resideo will use remaining cash, after funding dividends on the preferred equity, for debt reduction over the next year given management's 2x target net leverage. (Our adjustments add about 1x to that measure.) "The stable outlook reflects Resideo's elevated S&P Global Ratings-adjusted leverage in 2026, which we assume improves toward the mid-3x area in 2027 on EBITDA and cash flow improvement. We also believe Resideo will prioritize debt reduction through 2027." S&P could lower ratings if it expects it will maintain S&P Global Ratings-adjusted leverage above 4x. This would likely occur if: -- Operating performance modestly weakens because the environment is weaker than anticipated; -- The company loses market share; or -- Restructuring expenses or costs associated with establishing stand-alone systems are moderately higher than S&P assumes. S&P could consider higher ratings if it expects Resideo to maintain S&P Global Ratings-adjusted leverage toward 2x, including through a business cycle and inclusive of shareholder returns, and potential acquisitions. RMA CA: Has Deal on Cash Collateral Access ------------------------------------------ RMA CA, Inc. and the U.S. Small Business Administration advice the U.S. Bankruptcy Court for the Central District of California that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The parties explain that the SBA became a secured creditor through a COVID-era Economic Injury Disaster Loan. Initially, on May 19, 2020, the Debtor borrowed $91,000 from the SBA under a disaster loan program designed to provide working capital relief during the COVID-19 pandemic. Later, on January 13, 2022, the Debtor modified the loan and obtained additional funds, increasing the total principal amount to $178,800. Under the modified loan terms, the Debtor is required to make monthly payments of $906 beginning after the deferment period, over a thirty-year repayment term, at a fixed interest rate of 3.75%. As of the bankruptcy petition date, approximately $193,853 remained outstanding on the SBA loan, including accrued obligations. The loan documents specify that the proceeds were to be used strictly as working capital to alleviate economic injury caused by the pandemic and to pay certain UCC filing fees. According to the security agreement and related Uniform Commercial Code filings, the SBA holds a perfected security interest in substantially all of the Debtor's tangible and intangible personal property. This collateral includes inventory, equipment, instruments, chattel paper, documents, accounts receivable, deposit accounts, general intangibles, software, commercial tort claims, proceeds, collections, and related records and data. The SBA also filed UCC financing statements and continuation filings to maintain perfection of its liens. Based on those liens, the parties acknowledge that at least portions of the Debtor's post-petition cash and revenues constitute cash collateral under the Bankruptcy Code. Under the terms of the stipulation, the SBA consents to the Debtor's use of cash collateral retroactively beginning on the bankruptcy petition date of April 22, 2026 and continuing through July 26, 2026. During this period, the Debtor may use cash collateral solely to pay ordinary and necessary post-petition business expenses so that operations can continue. In exchange, the Debtor provides the SBA with several forms of adequate protection, which are intended to safeguard the SBA from any decline in the value of its collateral during the bankruptcy process. The principal form of protection is a replacement lien granted to the SBA on all post-petition revenues and collateral of the Debtor, to the same extent, validity, and priority as the SBA's pre-petition liens. However, the replacement lien is limited only to the amount by which the SBA's collateral position is diminished due to the Debtor's use of cash collateral. In addition to the replacement lien, the Debtor agrees to make ongoing adequate protection payments directly to the SBA in the amount of $906 per month, beginning on or before May 15, 2026. These payments mirror the contractual monthly loan payments under the SBA loan documents. Payments are to be made electronically through the SBA's online loan portal. The agreement clarifies that any monthly billing statements sent by the SBA during the bankruptcy case are informational only and do not violate the automatic stay imposed by bankruptcy law. The stipulation also grants the SBA a potential super-priority administrative claim under 11 U.S.C. sections 503(b) and 507(b) for any post-petition diminution in the value of its collateral resulting from the Debtor's use of cash collateral. The Debtor agrees not to use cash collateral to pay insiders unless it first complies with applicable Bankruptcy Code provisions and local bankruptcy rules governing insider compensation. The Debtor must maintain insurance on all collateral and designate the SBA as a loss payee or additional insured where required under the loan documents. Upon request, the Debtor must provide proof of insurance within seven days. The Debtor is also required to timely file and provide all financial reporting, including monthly operating reports submitted to the United States Trustee. Additionally, the Debtor commits to using its best efforts to pursue confirmation of a Chapter 11 plan of reorganization, though the SBA expressly reserves all rights to object to any proposed plan. A copy of the stipulation is available at https://urlcurt.com/u?l=cjjk3M from PacerMonitor.com. About RMA CA, Inc. RMA CA, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-13916-VZ) on April 22, 2026. In the petition signed by Rayan Aydinian, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Vincent P. Zurzolo oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as legal counsel. RUSSELL SAGE: Moody's Affirms 'B3' Issuer & Revenue Bond Ratings ---------------------------------------------------------------- Moody's Ratings has affirmed Russell Sage College's (NY) ("Sage") B3 issuer and revenue bond ratings. The college had approximately $13 million total adjusted debt outstanding as of June 30, 2025. The outlook is stable. RATINGS RATIONALE Affirmation of Sage's B3 issuer rating is supported by the college's modest total wealth, increased though still small operating scale and low leverage. Fiscal 2025 cash and investments of $68 million, up over 20% from the prior year, covered similarly increased expenses by a good 1.1x and total adjusted debt by an excellent 5.1x. Recent enrollment gains through partnership with a graduate program and a teach-out agreement for former College of St. Rose students continue to bolster operating revenue, also up over 20% in fiscal 2025. However, weak regional demographics and elevated competition will depress pricing flexibility and challenge improved scale. Despite revenue growth, operating deficits and single digit to negative EBIDA margins will persist in the near term, impacted by both expanded operations to support enrollment increases and expenses associated with a proposed merger with neighboring Albany College of Pharmacy and Health Sciences (ACPHS). After merger completion, expected by fall 2027, operating performance of the combined enterprise will remain thin. Over time, the merger could partially offset Sage's narrow market reach and successful brand integration could offer some operational and financial benefits, such as through efficiencies. Fundraising success and good financial reserve levels provide some financial flexibility through the merger period. However, monthly liquidity will remain thin near 60 monthly days cash on hand in fiscal 2026. In addition to bank debt, variable rate debt, and covenants, draws on a line of credit and a recent construction loan add to credit constraints. Favorably, Sage's debt burden remains manageable with most of its debt maturing within the next five years. After the merger, the combined entities' debt profile should sustain strong coverage from total cash and investments. However, debt relative to EBIDA will remain weak near 10x, challenging debt service coverage. Rising capital spending and recent property sales should improve Sage's age of plant of 18 years, though this remains a longer-term competitive and financial challenge. On June 01, 2026, Sage is expected to complete a Department of Education-defined change in ownership under which it will obtain operational control of ACPHS, while ACPHS remains a legally separate entity. As structured, Sage will not assume responsibility for ACPHS' debt service through fiscal 2027, with financial consolidation into a single entity anticipated beginning in fiscal 2028. The affirmation of the B3 revenue bond ratings incorporates the issuer rating and general obligation characteristics of the bonds. RATING OUTLOOK The stable outlook incorporates expectations of stable student demand and monthly days cash on hand of at least 50 days and compliance with debt covenants through fiscal 2027. While the merger is intended to lead to certain positive financial outcomes, risks will remain elevated through the merger and implementation period. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained EBIDA margins near 10% -- Sustained increase in liquidity and reduction of reliance on external lines of credit -- Successful execution of merger with Albany College of Pharmacy and Health Sciences resulting in meaningful operational and financial strengthening -- Diversification of revenue sources, particularly through increased gift revenue FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to improve operations and achieve above 1x debt service coverage -- Acceleration of bank debt or lack of access to external liquidity; reduction of liquid cash and investments -- Weakening student market position reflected in enrollment losses and net tuition revenue decline PROFILE Russell Sage College is a private college founded in 1916 offering undergraduate and graduate degrees with two campuses located in Albany and Troy, New York. The college enrolled 2,563 full-time equivalent (FTE) students as of fall 2025 and generated operating revenue of $57 million as of fiscal 2025. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. S&P TRUCKING: Seeks Court Approval to Hire Foley Freeman as Counsel ------------------------------------------------------------------- S&P Trucking LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to hire Foley Freeman, PLLC to serve as counsel in its Chapter 11 Subchapter V proceedings. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in the affairs of the business and management; (b) file a plan and other documents or assist in the preparation of the same and negotiate and secure approval of a Chapter 11 plan; and (c) file such other motions and attend hearings relating to the Chapter 11 proceedings. Foley Freeman, PLLC will receive hourly rates of $100 for legal assistants, $300 for associates, and $440 for partners. The Debtor previously paid a $25,000 retainer, with $16,292 remaining in trust after services rendered. Foley Freeman, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Patrick J. Geile, Esq. FOLEY FREEMAN, PLLC 953 S. Industry Way Meridian, ID 83642 Telephone: (208) 888-9111 Facsimile: (208) 888-5130 E-mail: pgeile@foleyfreeman.com About S&P Trucking LLC S&P Trucking LLC is a Mountain Home, Idaho-based interstate freight carrier that provides truckload transportation services, including hauling grain, feed, hay and dry bulk commodities. The company, incorporated in 2011, operates as an authorized property carrier serving shippers requiring regional and interstate freight transportation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Idaho Case No. 26-00359) on April 27, 2026, with $1,482,225 in assets and $2,009,996 in liabilities. Samuel Lewis Adams, owner, signed the petition. Judge Noah G. Hillen presides over the case. Patrick J. Geile, Esq. at FOLEY FREEMAN, PLLC represents the Debtor as legal counsel. SAKS GLOBAL: Recovery for Unsecureds Still to Be Determined ----------------------------------------------------------- Saks Global Enterprises LLC and Its Global Debtor Affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Amended Joint Chapter 11 Plan dated May 1, 2026. The Global Debtors comprise three iconic American luxury retail brands, including Saks Fifth Avenue, which traces its founding back to 1867 and has operated its world-famous Manhattan flagship store for over 100 years. On January 29, 2026, the Global Debtors filed the Global Debtors' Emergency Motion For Entry of Interim and Final Orders (I) Approving and Authorizing the Global Debtors to Enter Into and Perform Under the Consulting Agreement, (II) Approving Procedures for Store Closing Sales, (III) Authorizing Bonuses for Non-Insider Employees of Closing Stores, (IV) Approving Modifications to Certain Customer Programs, and (V) Granting Related Relief (the "SO5 Store Closing Motion"). On February 10, 2026, the Global Debtors filed the Global Debtors' Emergency Motion for Entry of Interim and Final Orders (I) Approving and Authorizing Global Debtors to Enter Into and Perform Under Consulting Agreement; (II) Approving Procedures for Store Closing Sales; (III) Authorizing Severance for Non-Insider Employees; (IV) Approving Modifications to Certain Customer Programs; and (V) Granting Related Relief (together with the SO5 Store Closing Motion, the "Store Closing Motions"). The Global Debtors filed the Store Closing Motions in connecti n with their decision to close the majority of their Saks OFF 5TH and Last Call retail locations, as well as their efforts to optimize their full-priced luxury store profile. As described in the Preliminary Statement, in connection with their restructuring efforts, the Global Debtors appointed independent managers Paul Aronzon, William Tracy, and Scott Vogel to serve as independent managers of HBC GP LLC, each subsidiary Global Debtor that is not member-managed, and to the Special Restructuring Committee. In addition to serving in their roles as independent managers, the members of the Special Restructuring Committee, with the support of Milbank and A&M acting at their exclusive direction, are conducting an independent investigation into certain matters (the "Special Restructuring Committee Independent Investigation"). In connection with the Restructuring Support Agreement, on April 1, 2026, the Global Debtors entered into the New Capital Commitment Letter with certain Consenting DIP Term Loan Lenders. Pursuant to the New Capital Commitment Letter, the New Capital Commitment Parties have severally (and not jointly) committed to provide $500,000,000 in the aggregate in new financing in the form of either (a) a first lien senior secured term loan facility or an issuance of first lien senior secured notes and/or (b) senior preferred equity issued by Saks Global Holdings LLC (collectively, the "Incremental New Money Facilities"), in each case subject to any in-kind increases and/or dollar-for-dollar reductions as more fully set forth in the New Capital Commitment Letter. Class 4-E consists of all OpCo General Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of each Allowed OpCo General Unsecured Claim, except to the extent that a Holder of an Allowed OpCo General Unsecured Claim agrees to less favorable treatment with respect to such Holder's Claim, on the Effective Date, each Holder of an Allowed OpCo General Unsecured Claim shall receive, subject to the terms of the Plan, its pro rata share of the Litigation Trust Class B Interests, as set forth in Section 6.8 of the Plan and the Litigation Trust Documents. The OpCo General Unsecured Claims are Impaired Claims. Class 5-D consists of all HoldCo II General Unsecured Claims. In full and final satisfaction, compromise, settlement, release, and discharge of each HoldCo II General Unsecured Claim, except to the extent that a Holder of an Allowed HoldCo II General Unsecured Claim agrees to less favorable treatment with respect to such Holder's Claim, on the Effective Date, each Holder of an Allowed HoldCo II General Unsecured Claim shall receive, subject to the terms of the Plan, its pro rata share of the Litigation Trust Class B Interests, as set forth in Section 6.8 of the Plan and the Litigation Trust Documents. The HoldCo II General Unsecured Claims are Impaired Claims. Class 6-B consists of all TopCo General Unsecured Claims. On the Effective Date, the TopCo General Unsecured Claims will be cancelled, released, and extinguished without any distribution on account of such Claims. The TopCo General Unsecured Claims are Impaired Claims. The projected recovery for general unsecured claims are still "to be determined", according to the Disclosure Statement. As of the Effective Date, the Litigation Trustee shall be appointed as trustee of the Litigation Trust in accordance with the Plan, Confirmation Order, and the Litigation Trust Documents. The Litigation Trustee shall have all of the rights and responsibilities set forth in the Plan, the Committee Settlement, and the Litigation Trust Documents. Without limiting the generality of the foregoing, the Litigation Trustee shall administer distributions to Litigation Trust Beneficiaries to the extent provided under the Plan, the Committee Settlement, and the Litigation Trust Documents, and shall serve as the representative of the Estates under section 1123(b) of the Bankruptcy Code for the purpose of pursuing Litigation Trust Retained Causes of Action. The Litigation Trustee shall be authorized to make distributions of Litigation Trust Proceeds solely in the following waterfall, in all cases, net of the Litigation Trust Fees and Expenses and the Litigation Trust Reserve (the "Litigation Trust Allocation"): * First, the Reorganized Global Debtors shall receive 100% of any Litigation Trust Proceeds until an amount equal to the Litigation Trust MOIC (inclusive, for the avoidance of doubt, of the Litigation Trust Initial Funding Amount) has been paid in Cash to the Reorganized Global Debtors (the "Litigation Trust Repayment Distribution"); * Second, after the Litigation Trust Repayment Distribution occurs, the Litigation Trust will distribute 50% of all Litigation Trust Proceeds to holders of Litigation Trust Class A Interests and 50% of all Litigation Trust Proceeds to holders of Litigation Trust Class B Interests on a dollar-for-dollar basis until an aggregate amount of $80 million has been distributed to Litigation Trust Beneficiaries (the "Litigation Trust Initial Distribution"); and * Third, after the Litigation Trust Initial Distribution occurs, the Litigation Trust will distribute 80% of all Litigation Trust Proceeds to holders of Litigation Trust Class A Interests and 20% of all Litigation Trust Proceeds to holders of Litigation Trust Class B Interests. * With respect to any distribution of Litigation Trust Proceeds to Litigation Trust Class A Interests, such distributions shall be made: (A) first, to holders of Litigation Trust Class A-1 Interests, until the Second Out DIP Term Loan Claims and Third Out DIP Term Loan Claims have been paid in full; (B) second, to holders of Litigation Trust Class A-2 Interests, until the Prepetition OpCo Second Out Notes Claims have been paid in full; (C) third, to holders of Litigation Trust Class A-3 Interests, until the Prepetition OpCo Third Out Notes Claims have been paid in full; and (D) fourth, to holders of Litigation Trust Class A-4 Interests, until the Prepetition Initial Notes Claims have been paid in full. For purposes of calculating the outstanding amount of Second Out DIP Term Loan Claims, On the Effective Date, the Litigation Trust shall receive the Litigation Trust Initial Funding Amount, which shall automatically and irrevocably vest in the Litigation Trust free and clear of all Claims, Liens, encumbrances, or interests. The Litigation Trust Initial Funding Amount shall be used for the administration of the Litigation Trust, to pay the Litigation Trust Fees and Expenses, and to pursue the Litigation Trust Retained Causes of Action, with any excess amount being used to distribute to Litigation Trust Beneficiaries, as set forth in the Litigation Trust Documents. This Liquidation Analysis is presented on a consolidated basis with respect to the Global Debtors. This Liquidation Analysis assumes that the Global Debtors would be liquidated in their jointly administered cases and that each Global Debtor would undertake a parallel liquidation. The Plan does not provide for the substantive consolidation of any of the Global Debtors. The Liquidation Proceeds reflected in this Liquidation Analysis are derived from estimates regarding the liquidation value of the Global Debtors’ assets as of the Conversion Date (or as realized during the Liquidation Period), including, as applicable, cash and cash equivalents, accounts receivable, inventory, furniture, fixtures, and equipment, lease-related deposits, prepaid amounts, intellectual property, permit and license interests (including liquor licenses, to the extent transferable and saleable), and any other assets identified in this Liquidation Analysis. For purposes of this Liquidation Analysis, no value has been assigned to the Global Debtors' goodwill. A full-text copy of the Disclosure Statement dated May 1, 2026 is available at https://urlcurt.com/u?l=gfCGlT from Stretto Inc., claims agent. Co-Counsel to the Global Debtors: Kelli Stephenson Norfleet, Esq. Kenric D. Kattner, Esq. Arsalan Muhammad, Esq. Kourtney P. Lyda, Esq. David Trausch, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston, TX 77010 Tel: (713) 547 2000 Fax: (713) 547 2600 Email: kelli.norfleet@haynesboone.com kenric.kattner@haynesboone.com arsalan.muhammad@haynesboone.com kourtney.lyda@haynesboone.com david.trausch@haynesboone.com Co-Counsel to the Global Debtors: Debra M. Sinclair, Esq. Robin Spigel, Esq. Allyson B. Smith, Esq. Betsy L. Feldman, Esq. Jessica D. Graber, Esq. WILLKIE FARR & GALLAGHER LLP 787 Seventh Avenue New York, NY 10019 Tel: (212) 728-8000 Fax: (212) 728-8111 Email: dsinclair@willkie.com rspigel@willkie.com absmith@willkie.com bfeldman@willkie.com jgraber@willkie.com AND Jennifer J. Hardy, Esq. 600 Travis Street Houston, TX 77002 Tel: (713) 510-1766 Fax: (713) 510-1799 Email: jhardy2@willkie.com AND Ryan Blaine Bennett, Esq. 300 North LaSalle Drive Chicago, IL 60654 Tel: (312) 728-9123 Fax: (312) 728-9199 Email: rbennett@willkie.com About Saks Global Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor to an ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On Jan. 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee retained Morrison & Foerster LLP as counsel; Cole Schotz, PC as local counsel; Houlihan Lokey Capital, Inc. as investment banker; and AlixPartners, LLP as financial advisor. SANDY HOOK: Aleida Martinez Molina Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Sandy Hook Investments, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Sandy Hook Investments LLC Sandy Hook Investments, LLC operates as a real estate investment and property holding company in Florida. Sandy Hook Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15777) on May 4, 2026. In its petition, the Debtor reported assets of between $1 million and $10 million and liabilities of between $500,001 and $1 million. Judge Scott M. Grossman presides over the case. Adam I. Skolnik, Esq., represents the Debtor as legal counsel. SEIC HOLDINGS: Unsecured Creditors to Get Nothing in Plan --------------------------------------------------------- SEIC Holdings, LLC filed with the U.S. Bankruptcy Court for the Middle District of Alabama a Plan of Reorganization for Small Business under Subchapter V dated April 30, 2026. The Debtor is an entity that was organized on or around March 15, 2022, in Lee County, Alabama. The Debtor qualified as a Domestic Limited Liability Company engaging in business in the State of Alabama on March 15, 2022. The Debtor's corporate address is in Auburn, Lee County, Alabama. The membership interests of the Debtor are owned as follows: Derek Harvel owns 52%; and Chad Guy owns 48%. Mr. Harvel provides daily management and oversight for the Debtor. Mr. Harvel and Mr. Guy are considered "Insiders." The Debtor owns and/or leases certain real property to derive profit therefrom. The Debtor owns a condominium in Orange Beach, Alabama with the address of 4610 White Avenue 408 and a commercial property in Millry, Alabama with an address of 4692 Buckatunna Road. The Debtor proposed to liquidate the condominium and apply any excess proceeds derived therefrom to other obligations. The Debtor experienced financial hardship related, at least in part, to litigation and/or the costs thereof that involved Mr. Harvel, Mr. Guy and another entity in which said individuals hold an equity interest. These events precipitated and/or contributed to, at least in significant part, the filing of this bankruptcy case. This Plan, under Chapter 11, Subchapter V, of the Bankruptcy Code, proposes paying certain creditors of the Debtor, as provided for herein, from the sales proceeds related to the condominium and cash flow from future earnings derived from the rental income received on the commercial property. The Debtor intends to keep the assets disclosed within its bankruptcy schedules, excepting only the assets surrendered herein the Plan, namely, the condominium. As set forth in this Plan and unless stated otherwise, a secured creditor's claim, if applicable, will be treated as secured to the extent of the value of the creditor's interest in the estate's interest in the subject property and as unsecured to the extent that the value of the creditor's interest is less than the amount of the allowed claim. A secured creditor, as applicable, will retain its lien on the collateral under this Plan, to the extent of the secured value of the claim, unless there is an express provision herein that states otherwise. A secured creditor, as applicable, will receive payment on its secured claim, as set forth in this Plan, out of the Debtor's future earnings on the terms set forth herein this Plan. This Plan provides for payment to creditors holding administrative and priority unsecured claims. This Plan does not provide for a distribution to creditors holding allowed non-priority unsecured claims. Class 3 consists of Unsecured Claims. The Claims within Class 3 shall not receive a distribution. The claims within Class 3 are impaired and the holder(s) of the claim(s) thereof shall be entitled to vote to accept or reject the Plan. In the event the Debtor or Reorganized Debtor recovers on a prepetition Cause of Action, the Debtor or Reorganized Debtor will distribute any net proceeds to the Holders of Allowed Unsecured Claims in Class 3 on a pro rata basis within thirty days of receipt of said proceeds or approval of the settlement by the Court, if required, or the latter thereof said two dates. The phrase "net proceeds" means any monetary recovery after payment of attorney's fees, costs and expenses related to the prosecution of said Cause of Action. Class 3 consists of Equity Interests of the Debtor. The equity interests in this Class are the membership interests held by Mr. Harvel and Mr. Guy who retain said interest within this Plan. Mr. Harvel will remain in the position of management of the Reorganized Debtor. The Reorganized Debtor will retain its Property (subject to the conditions of sale with respect to the condominium in Orange Beach,), subject to the encumbrances and Liens thereon as provided herein, which will allow the Reorganized Debtor to operate its business, earn revenue from the rents derived as to the commercial property, and pay its Creditors holding Allowed Priority and Secured Claims from future earnings from such operations. As applicable and necessary, the Reorganized Debtor submits all or such required amount of its future earnings or other future income as is necessary to effectuate the execution of this Plan. A full-text copy of the Plan of Reorganization dated April 30, 2026 is available at https://urlcurt.com/u?l=qPyDK9 from PacerMonitor.com at no charge. Counsel to the Debtor: Anthony C. Bush, Esq. The Bush Law Firm, LLC 3198 Parliament Circle 302 Montgomery, AL 36116 Telephone: (334) 263-7733 Facsimile: (334) 832-4390 Email: abush@bushlegalfirm.com About SEIC Holdings LLC SEIC Holdings, LLC, is an entity that was organized on or around March 15, 2022, in Lee County, Alabama. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-81609) on Dec. 17, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Bess M Parrish Creswell presides over the case. Anthony B. Bush, Esq. at The Bush Law Firm, LLC, is the Debtor's counsel. STEPS HOUSE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: The Steps House, Inc. 712 Boggs Ave. Knoxville, TN 37920 Business Description: The Steps House is a Knoxville, Tennessee- based nonprofit organization that provides residential recovery housing and addiction rehabilitation services for individuals with substance-use disorders. The organization operates transitional and rehabilitative programs, including services for homeless veterans, through facilities in the Knoxville area. Chapter 11 Petition Date: May 7, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-30917 Judge: Hon. Suzanne H Bauknight Debtor's Counsel: Lynn Tarpy, Esq. TARPY, COX, FLEISHMAN & LEVEILLE, PLLC 1111 N Northshore Drive, Suite N-290 Knoxville, TN 37919 Tel: (865) 588-1096 Fax: (865) 588-1171 Email: ltarpy@tcflattorneys.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Julie Sutter as CEO. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AM52ONQ/The_Steps_House_Inc__tnebke-26-30917__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AFKFZJA/The_Steps_House_Inc__tnebke-26-30917__0001.0.pdf?mcid=tGE4TAMA STEVEN MCCANLESS: Case Summary & Six Unsecured Creditors -------------------------------------------------------- Debtor: Steven McCanless Trucking, Inc. 540 E. James Campbell Blvd Columbia, TN 38401 Business Description: Steven McCanless Trucking is a Tennessee- based freight carrier that provides trucking and property transportation services. Chapter 11 Petition Date: May 8, 2026 Court: United States Bankruptcy Court Eastern District of Tennessee Case No.: 26-11242 Judge: Hon. Nicholas W Whittenburg Debtor's Counsel: Roy Michael Roman, Esq. RMR LEGAL PLLC 70 N. Ocoee Street Cleveland, TN 37311 Tel: (423) 528-8484 E-mail: Roymichael@rmrlegal.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Steven Mccanless as CEO. A full-text copy of the petition, which includes a list of the Debtor's six unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5A5ZUOY/Steven_Mccanless_Trucking_Inc__tnebke-26-11242__0001.0.pdf?mcid=tGE4TAMA STONEYBROOK SPIRITS: Hires Mitre Accounting as Accountant --------------------------------------------------------- Stoneybrook Spirits, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Mitre Accounting and Tax Service, LLC as accountant. The firm's services includes: a. preparing monthly operating reports; b. processing payroll for all employees; c. filing quarterly Federal and State tax returns, annual corporate tax returns. The firm will be paid at these rates: # OF JOURNAL ENTRIES FEE # OF JOURNAL ENTRIES FEE 1 to 10 $65.36 501 to 600 $706.02 11 to 25 $130.68 601 to 700 $756.53 26 to 50 210.56 701 to 800 $766.70 51 to 100 283.16 801 to 900 $816.04 101 to 150 355.76 901 to 1000 $866.38 151 to 200 428.36 1001 to 1150 $916.50 201 to 250 450.96 1151 to 1300 $965.62 251 to 300 500.56 1301 to 1450 $1016.74 301 to 350 556.60 1451 to 1600 $1056.86 351 to 400 606.60 1601 to 1750 $1106.98 401 to 500 656.36 1751 to 1900 $1,507.00 Journal Entries exceeding 1,900 per month will be quoted separately. The firm will be paid a retainer in the amount of $600. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Aundre Scott, an accountant at Mitre Accounting and Tax Service, LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Aundre Scott Mitre Accounting and Tax Service, LLC 17301 Pagonia Road Suite 230C Clermont, FL 34711 Tel: (352) 242-9905 Fax: (800) 597-9962 About Stoneybrook Spirits LLC Stoneybrook Spirits, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01060) on February 17, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. Andrew Layden is the Subchapter V trustee. Judge Grace E. Robson oversees the case. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC represents the Debtor as legal counsel. SYNERGY MANUAL: Unsecureds Will Get 100% of Claims over 60 Months ----------------------------------------------------------------- Synergy Manual Physical Therapy, P.C. filed with the U.S. Bankruptcy Court for the District of Colorado a Plan of Reorganization dated April 30, 2026. The Debtor is a Colorado corporation formed in 2009, and was founded by specialized physical therapists who utilize the most advanced and efficient therapeutic techniques in the evaluation and treatment of musculoskeletal disorders. The Debtor is owned by Kevin Haddock, with a 56.25% membership interest, and Taresa Kenens, with a 43.75% membership interest. Mr. Haddock is the President of the Debtor, and Ms. Kenens is the Vice President. The filing of the Debtor's bankruptcy case was caused primarily by cash flow issues related to a number of factors. First, the Debtor was paying rent on a third location in which it no longer operated. Second, Debtor was required to pay former partners (Kelly Slone) monthly payments for the repurchase of her stock. Third, the Debtor contemplated selling its operations which required it to keep its business going without significant changes so that the potential buyer could conduct its due diligence. Fourth, Debtor experience a decrease in reimbursements, including Medicare and insurance followed, which significantly reduced cash flow. At the Petition Date, Debtor had fourteen employees including its two owners. The Debtor's diminishing cash flow caused the Debtor to seek protection under Chapter 11, Subchapter V, of the Bankruptcy Code on January 30, 2026 ("Petition Date"). Class 3 is comprised of the Allowed General Unsecured Claims holding unsecured claims against the Debtor. Class 3 is impaired and shall be treated and paid as follows: * Class 3 shall receive a pro-rata distribution equal to an escalating percentage of the Debtor's Gross Revenue calculated on annual basis for a sixty-month period ("Class 3 Plan Term") starting on the first full month following the Effective Date of the Plan; * Commencing on the 15th day of the thirteenth month following the commencement of the Class 3 Plan Term and continuing each twelve months thereafter, the Debtor shall distribute an amount equal to the respective percentage of the prior 12 month's Gross Revenue. By way of example, if the Plan is confirmed in June 2026, the first distribution shall be made annually based on the Gross Revenue generated from July 2026 through June 2027; * Class 3 shall accrue interest at the rate of 4% per annum; * Class 3 shall not receive more than 100% of their Allowed Claims plus interest; * If Class 3 is paid in full, with interest, prior to the end of the 60-month period, no further payments shall be made to Class 3. * Based on the Debtor's projections, the Debtor estimates that Class 3 Claims will receive a total of approximately $391,352 over a 41-month period, or 100% of their claims totaling approximately $365,552 plus interest at 4% per annum. Upon request by any party in interest, the Debtor shall provide an annual financial statement, including amounts disbursed to creditors in accordance with the Plan. * If Class 3 is not paid in full by month 41, Debtor shall continue to make payments to Class 3 as provided above through the sixty-month period if necessary. Class 4 consists of holders of Interests in Synergy Manual Physical Therapy, P.C. Class 4 is comprised of Kevin Haddock and Taresa Kenens. Class 4 is unimpaired by the Plan. On the Effective Date of the Plan, Class 4 interest holders shall retain all interests held on the Petition Date. The Debtor's Plan is feasible based upon the Debtor's current cash position, modifications to its operations, and resulting anticipated revenue. The Debtor's ability to fund the Plan is primarily through ongoing operations, the provision of physical therapy services, and collection from patients and/or their insurance providers. The Debtor believes that it will have sufficient cash flow to fund the Plan over the life of the Plan. Debtor intends to adjust its personnel as financially feasible to increase revenue and further modify future lease obligations. A full-text copy of the Plan of Reorganization dated April 30, 2026 is available at https://urlcurt.com/u?l=UAuq39 from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Brinen, Esq. Jenny M.F. Fujii, Esq. KUTNER BRINEN DICKEY RILEY, P.C. 1660 Lincoln Street, Suite 1720 Denver, CO 80264 Telephone: (303) 832-2400 E-mail: jsb@kutnerlaw.com About Synergy Manual Physical Therapy Synergy Manual Physical Therapy, P.C., is a Colorado corporation formed in 2009, and was founded by specialized physical therapists who utilize the most advanced and efficient therapeutic techniques in the evaluation and treatment of musculoskeletal disorders. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10569) on Jan. 30, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Joseph G. Rosania Jr. presides over the case. Jeffrey S. Brinen, at Kutner Brinen Dickey Riley, P.C., is the Debtor's legal counsel. TAWR PROPERTY: Hires Berkadia Real Estate Advisors LLC as Broker ---------------------------------------------------------------- TAWR Property Owner, Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Berkadia Real Estate Advisors LLC as Broker. The firm's services include: a. soliciting interested parties for the sale of the Debtor's real property located at 4401 E. Pflugerville Parkway, Pflugerville, Texas 78660. The Broker will have a duty to actively market the Property for sale during the term of the Listing Agreement. b. conducting scheduled tours of the Property. c. at the Debtor's direction and on its behalf, negotiating the terms of the sale of the Property. The firm will be paid a commission equal to .55 percent of the purchase price. Kelly Witherspoon, a partner at Berkadia Real Estate Advisors LLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kelly Witherspoon Berkadia Real Estate Advisors LLC 2500 Bee Cave Rd., Suite 550 Austin, TX 78746 Tel: (512) 226-8706 Email: kelly.witherspoon@berkadia.com About TAWR Property Owner Ltd. TAWR Property Owner, Ltd and affiliates are real estate entities involved in the ownership, investment, and management of multifamily residential developments in Texas, including Tacara-branded apartment projects in the San Antonio and Pflugerville areas. The entities operate as property owners, general partners, holding companies, and investment partnerships structured to develop, own, and manage residential real estate assets. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90162) on February 3, 2026. In the petition signed by Darren B. Casey, as authorized representative, TAWR Property Owner reported assets of between $50 million and $100 million and liabilities of between $10 million and $50 million. Judge Edward L. Morris oversees the cases. The Debtors tapped Davor Rukavina, Esq., at Munsch Hardt Kopf & Harr, P.C. as general bankruptcy counsel. TRANSOCEAN LTD: DOJ Issues Second Request on Valaris Merger Review ------------------------------------------------------------------ Transocean Ltd., announced in a regulatory filing that the Company and Valaris Limited, an exempted company limited by shares incorporated under the laws of Bermuda, each received a Request for Additional Information and Documentary Materials from the Antitrust Division of the United States Department of Justice in connection with the DOJ's review of the transactions contemplated by the Business Combination Agreement. The Second Request extends the HSR Act waiting period until 30 days after Valaris and Transocean have each substantially complied with the Second Request, unless the waiting period is extended voluntarily by the parties or terminated earlier by the DOJ. The parties continue working cooperatively with the DOJ as it reviews the proposed transaction. Background On February 9, 2026, Transocean and Valaris entered into the Agreement, pursuant to which, among other things and upon the terms and subject to the conditions thereof, Transocean will acquire all of the issued and outstanding common shares of Valaris in exchange for 15.235 shares of Transocean per Valaris Share. The closing of the Business Combination is subject to, among other things, the satisfaction or waiver of certain conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Transocean and Valaris each filed an HSR Act notification with the Federal Trade Commission and the DOJ on March 2, 2026. Transocean withdrew its filing under the HSR Act on April 1, 2026, and subsequently refiled on April 3, 2026. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of March 31, 2026, the Company had $15.2 billion in total assets, $1.1 billion in total current liabilities, $5.8 billion in total long-term liabilities, and $8.2 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. TRANSOCEAN LTD: Posts $71M Income for First Quarter --------------------------------------------------- Transocean Ltd. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting net income of $71 million for the three months ended March 31, 2026, compared to a net loss of $79 million for the same period in the prior year. Total contract drilling revenues for the three months ended March 31, 2026 were $906 million. Liquidity and Capital Resources At March 31, 2026, the Company had $330 million in unrestricted cash and cash equivalents and $285 million in restricted cash and cash equivalents. The Company expects to use existing unrestricted cash balances, cash flows from operating activities, borrowings under its Secured Credit Facility, proceeds from the disposal of assets, or proceeds from the issuance of debt or shares to fulfill anticipated near-term obligations, which may include capital expenditures, working capital and other operational requirements, scheduled debt installments and maturities, or other debt-related deposits or reservations of unrestricted cash. The Company has generated positive cash flows from operating activities over recent years and, although no assurances can be provided, expects that such cash flows will continue to be positive over the next year. The Company's Secured Credit Facility provides a borrowing capacity of $510 million through its maturity on June 22, 2028. The Secured Credit Facility is secured by, among other things, a lien on eight of the Company's ultra-deepwater drillships and two of its harsh environment semisubmersibles, and contains certain restrictive covenants, including a minimum guarantee coverage ratio of 3.0 to 1.0, a minimum collateral coverage ratio of 2.1 to 1.0, and a minimum liquidity requirement of $200 million, among others. The Secured Credit Facility also restricts the ability of Transocean Ltd. and certain of its subsidiaries to, among other things, merge, consolidate or otherwise make changes to the corporate structure, incur liens, incur additional indebtedness, and enter into transactions with affiliates, and permits, subject to certain conditions, the payment of dividends and repurchase of shares. From time to time, the Company seeks to access the capital markets in connection with its ongoing efforts to prudently manage its capital structure and improve its liquidity position, including through tender offers, redemptions, exchanges and retirement of existing debt. Subject to then-existing market conditions and expected liquidity needs, among other factors, the Company may also use existing unrestricted cash balances, cash flows from operating activities, or proceeds from asset sales to manage its capital structure, including by purchasing or exchanging any of its debt or equity securities in the open market, in privately negotiated transactions, or through tender or exchange offers, or by redeeming any of its outstanding debt securities pursuant to the terms of the applicable governing document. The Company can provide no assurance as to which, if any, of these alternatives, or combinations thereof, it may choose to pursue in the future, if at all, or as to the timing with respect to any future transactions. The rating of the Company's long-term debt is below investment grade, which has resulted in increased fees and interest rates under the Secured Credit Facility and indentures governing certain of its senior notes. Future downgrades may further restrict the Company's ability to access the debt market for sources of capital and may negatively impact the cost of such capital, which could have an impact on the Company's flexibility to react to changing economic and business conditions. A full text copy of the Form 10-Q is available at https://tinyurl.com/2myu557v About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business, with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. As of March 31, 2026, the Company had $15.2 billion in total assets, $1.1 billion in total current liabilities, $5.8 billion in total long-term liabilities, and $8.2 billion in total equity. * * * In Feb. 2026, S&P Global Ratings placed all ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' Company credit rating, on CreditWatch with positive implications. Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8 billion of stock and the assumption of Valaris' $1.1 billion of debt. The acquisition would improve leverage and cash flow metrics while also enhancing scale and diversification. The CreditWatch placement reflects the likelihood that S&P will raise its ratings by one notch on Transocean after the deal closes, assuming the transaction is completed as proposed and there are no substantial changes to its operating assumptions. TRIAD GUARANTY: July 14 Rehabilitation Plan Approval Hearing Set ---------------------------------------------------------------- Triad Guaranty Insurance Corporation ("Triad") was placed in rehabilitation on December 11, 2012, by order of the Circuit Court of Cook County, Illinois (the "Supervising Court"), in Case No. 12 CH 43895. Triad was found to be insolvent and following a court approved procedure for notice, comment, and hearing, on October 29, 2013, the Supervising Court entered an order approving the Plan of Rehabilitation for Triad Guaranty Insurance Corporation. The Rehabilitator is now requesting the Supervising Court's approval of the proposed First Amended Plan of Rehabilitation for Triad Guaranty Insurance Corporation (the "First Amended Plan") and a Memorandum in Support thereof. If approved by the Supervising Court, the First Amended Plan may affect your interests and rights. A hearing on the Rehabilitator's Petition for Approval of First Amended Plan of Rehabilitation for Triad Guaranty Insurance Corporation will be held on July 14, 2026, at 9:15 a.m., at 50 West Washington Street, Richard J. Daley Center, Chicago, Illinois 60602 in Courtroom 2601. If you intend to object or otherwise respond to the Petition for Approval of First Amended Plan of Rehabilitation for Triad Guaranty Insurance Corporation (the "Petition"), you must file your written objection or response with the Clerk of the Circuit Court of Cook County, Illinois, Chancery Division, Room 802, 50 West Washington Street, Richard J. Daley Center, Chicago, Illinois 60602 and serve a copy thereof to the Rehabilitator's counsel: J. Kevin Baldwin/Daniel A. Guberman/ Todd Gers, 222 Merchandise Mart Plaza, Suite 400, Chicago, Illinois 60654 (or by email at kbaldwin@osdchi.com) on or before June 17, 2026. Failure to file and serve an objection or response on or before June 17, 2026, shall constitute a waiver of your right to appear and object in the proceedings with respect to the Petition. You may view and download for printing a copy of the Petition (including a copy of the First Amended Plan) on the Rehabilitator's website, www.osdchi.com/open/triad.htm. If you do not have internet access, you may write to the Rehabilitator at Triad Guaranty Insurance Corporation, In Rehabilitation, c/o Office of the Special Deputy Receiver, 222 Merchandise Mart Plaza, Suite 400, Chicago, Illinois 60654. Jacob Stuckey is the Special Deputy Receiver. UPSHOT BREWING: Hires Darby Law Practice Ltd as Counsel ------------------------------------------------------- Upshot Brewing Company LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Darby Law Practice, Ltd as counsel. The firm will provide these services: a. advise the Debtor of its rights, powers and duties as a debtor and debtor in possession in the continued operation of business and management of their properties; b. take all necessary action to protect and preserve Debtor's estate; c. prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports and papers in connection with the administration of the Debtor's estate; d. attend meetings and negotiations with the Subchapter 5 trustee, representatives of creditors, equity holders or prospective investors or acquirers and other parties in interest; e. appear before the Court, any appellate courts and the Office of the United States Trustee to protect the interests of the Debtor; f. pursue approval of confirmation of a plan of reorganization and approval of the corresponding solicitation procedures and disclosure statement; and g. perform all other necessary legal services in connection with the Chapter 11 Subchapter 5 case. The firm will be paid at the rate of $550 per hour. The Debtor paid the firm a retainer fee in the amount of $15,000, including the Chapter 11 filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Darby disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kevin A. Darby, Esq. Tricia M. Darby, Esq. Darby Law Practice, LTD. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 E-mail: kevin@darbylawpractice.com tricia@darbylawpractice.com About Upshot Brewing Company LLC Upshot Brewing Company LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 26-50457) on May 6, 2026. The Debtor hires Darby Law Practice, Ltd as counsel. UPTON ASSETS: Hires William B. Kingman P.C. as Counsel ------------------------------------------------------ Upton Assets, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ The Law Offices of William B. Kingman, P.C. as counsel. The firm's services include: a. counseling the Debtor in matters relating to the administration of this Bankruptcy Estate; b. representing the Debtor in negotiations with various creditors; c. making court appearances and appearances before the U.S. Trustee on behalf of the Debtor; d. assisting in the preparation of the Debtor's plan of reorganization and disclosure statement; and e. preparing schedules and pleadings, analyzing, negotiating and litigating claims which may be brought in the forms of objections or as matters relating to the administration of this case. The firm will be paid at these rates: William B. Kingman $495 per hour Paralegal/Assistants $120 per hour The firm will received from the Debtor a retainer of $28,861.50. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. William B. Kingman, Esq., a partner at William B. Kingman, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William B. Kingman, Esq. William B. Kingman, P.C. 3511 Broadway San Antonio, TX 78209 Telephone: (210) 829-1199 Email: bkingma@kingmanlaw.com About Upton Assets, LLC Upton Assets, LLC, filed a Chapter 11 bankruptcy petition (Bankr. W.D. Tex. Case No. 26-50916) on April 6, 2026. The Debtor hires The Law Offices of William B. Kingman, P.C. as counsel. US MAGNESIUM: Retains SB360 Capital as Liquidation Consultant ------------------------------------------------------------- US Magnesium LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain SB360 Capital Partners, LLC as liquidation consultant in connection with the sale of its remaining M&E and Scrap assets free and clear of all liens, claims, and encumbrances. The firm will provide these services: (a) develop an advertising and marketing plan for the sale or auction of, or other disposition strategy for the Assets; (b) implement the advertising and marketing plan as deemed necessary by Consultant to maximize the net recovery on the Assets; (c) prepare for the sale of the Assets, including gathering specifications and photographs for marketing materials; (d) sell or auction the Assets for cash to the highest bidder "as is," "where is," and in accordance with the terms of this Agreement; (e) charge and collect on behalf of Company from all purchasers the purchase price together with all applicable taxes payable by a purchaser in connection therewith; (f) provide a statement acceptable to Liquidation Project Manager, the Company and Wells Fargo Bank, National Association for each sale transaction to a purchaser of any Assets; (g) provide for the remittance by the Consultant of the Gross Proceeds of the sale of all Assets (minus the Consultant Expenses and Compensation) to a deposit account of the Company; (h) collect and consolidate the Scrap, apply expert sorting and grading to maximize realized value, coordinate efficient loading across truck and rail modalities, and directly source, negotiate, and manage mill-level sales and shipments; (i) provide on-site supervision personnel and source additional labor personnel to assist with the sale and shipment of the Assets; and (j) submit reports to Company and the Liquidation Project Manager on a mutually agreed upon schedule as to the status of each of the foregoing. SB360 will receive compensation equal to: - fifteen percent of the Gross Proceeds generated from the private sale of the M&E; - eighteen percent of the Gross Proceeds generated from a public auction sale of the M&E, for Gross Proceeds not exceeding $2,900,000; - ten percent on the portion of Gross Proceeds exceeding $2,900,000; and - six and one-half percent of the Gross Proceeds of the Scrap sold. SB360 Capital Partners, LLC does not have an adverse interest to the Debtor in connection with the services being provided under the Agreement, according to court filings. The firm can be reached at: Robert Gould SB360 CAPITAL PARTNERS, LLC 75 Second Avenue, Suite 570 Needham, MA 02494 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, 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. W/L PROPERTIES: Hires Jones Lang LaSalle as Real Estate Advisor --------------------------------------------------------------- W/L Properties L.L.C. seeks approval from the U.S. Bankruptcy Court for the District of Connecticut to employ Jones Lang LaSalle Americas, Inc. d/b/a JLL Capital Markets as commercial real estate advisor. The firm will assist the Debtor in marketing and selling the Debtor's commercial real estate located at 1379 Farmington Avenue, Bristol, Connecticut. The firm will be paid a commission or "success fee" equal to 3.5 percent of the gross purchase price of the aforesaid commercial real estate, which commission would be due on the date of the closing of the sale of the property. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris Angelone Jones Lang LaSalle Americas, Inc. d/b/a JLL Capital Markets One Post Office Square Boston, MA 02109 Tel: (617) 316-6466 Email: chris.angelone@jll.com About W/L Properties L.L.C. W/L Properties L.L.C. is a single-asset real estate company that owns The Shoppes at Larson Farm, a 59,201-square-foot retail plaza at 1379 Farmington Avenue in Bristol, Connecticut. The property has an estimated value of $13.49 million. W/L Properties L.L.C. in Bristol, CT, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Conn. Case No. 26-20444) on May 1, 2026, listing $13,582,367 in assets and $10,413,156 in liabilities. Stephen C. Larson signed the petition as managing member, signed the petition. LAWRENCE & JURKIEWICZ, LLC serve as the Debtor's legal counsel. WAYFAIR LLC: S&P Rates Proposed Senior Secured Notes 'BB-' ---------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '2' recovery rating to Wayfair LLC's proposed senior secured notes due 2034. The company will use the net proceeds to repurchase a portion of its convertible unsecured notes due November 2028. As of March 31, 2026, total debt outstanding was $3 billion, including around $800 million of unsecured convertible notes. S&P said, "The '2' recovery rating on the senior secured notes indicates our expectation for substantial recovery (70%-90%; rounded estimate: 75%) in a default scenario. The proposed notes will rank pari passu with the company's existing secured notes and revolving credit facility. The incremental secured debt modestly pressures our recovery estimate for Wayfair's existing first-lien debt, and therefore, we revised our rounded recovery estimate to 75% from 80%. The 'BB-' issue-level and '2' recovery ratings on its existing debt are unchanged. "Our 'B+' issuer credit rating and positive outlook on Wayfair reflect expanding profitability and improving credit metrics, which if sustained could result in a higher rating. The company continues to navigate a challenging sales environment for the home furnishings category, which is down 25%-30% from its pandemic peak in 2021 and remains pressured due to tepid consumer demand. Industry conditions weakened further in April, and we expect the cumulative impact of tariffs, inflationary cost increases, higher energy prices, and weak consumer sentiment will weigh on demand throughout the year. "Nevertheless, we believe Wayfair's leading e-commerce platform and growth initiatives will support relative market share growth and lead to mid-single-digit percent revenue growth in 2026. Revenue increased 7.4% year over year during the first quarter of 2026 as the company's initiatives, including investments in loyalty, customer experience, and international expansion, contributed to increasing its active customer base. "We forecast S&P Global Ratings-adjusted EBITDA margin expansion, which grew more than 200 basis points in 2025 due in part to cost efficiencies, will moderate this year due to investments in its loyalty program, Wayfair Rewards, and promotional intensity. Higher EBITDA and debt reduction of approximately $300 million during the first quarter resulted in S&P Global Ratings-adjusted leverage improving to 2.9x as of March 31, 2026, from 3.1x as of fiscal year end. That said, Wayfair's track record of generating positive operating income and free cash flow is limited." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario contemplates a payment default occurring in 2030 due to a protracted economic contraction that results in a sustained period of depressed demand for home furnishing goods. In addition, intensifying competition leads to pricing pressure and margin compression. These factors cause the company's EBITDA and cash flow to deteriorate significantly, straining its liquidity and triggering a payment default. -- S&P Global Ratings believes Wayfair's creditors would receive the maximum recovery in a payment default scenario if the company reorganized instead of liquidated. S&P said, "This is supported by our view that there would continue to be a viable business model due to the strength of the company's brand, its proprietary technologies, and its established customer and supplier base. Therefore, in evaluating the recovery prospects for Wayfair's debtholders, we assume it continues as a going concern." -- S&P said, "Our recovery analysis assumes an enterprise value of approximately $2.4 billion based on a 5.5x multiple of our assumed emergence EBITDA. The multiple is higher than the 5.0x multiple that we use for most specialty retailers, which reflects our view of Wayfair's better relative growth prospects than its peers, given the secular growth of e-commerce, as well as its brand recognition and capital-light business model." Wayfair Inc. is the ultimate parent company and the issuer of the convertible notes. Wayfair LLC, a wholly owned subsidiary, is the borrower under the revolver and the issuer of the senior secured notes. Wayfair Inc. is a guarantor of the senior secured debt facilities. Other guarantors include substantially all existing and future wholly owned domestic subsidiaries, with a 65% stock pledge from nondomestic entities. The revolver and senior notes rank pari passu and are secured on a first-lien basis with a security interest on substantially all the primary collateral pledged by the guarantors. The convertible notes ($802 million outstanding as of March 31, 2026) are senior unsecured obligations of Wayfair Inc. Simulated default assumptions -- Simulated year of default: 2030 -- Revolving credit facility 85% drawn at default -- EBITDA at emergence: $437 million -- EBITDA multiple: 5.5x -- Gross enterprise value: $2.4 billion Simplified waterfall -- Net recovery value (after 5% administrative costs): $2.3 billion -- Valuation split (obligors/nonobligors): 100%/0% -- Secured first-lien debt claims: $3 billion --Recovery expectations: 70%-90% (rounded estimate: 75%) Note: All debt amounts include six months of prepetition interest. WHITE WILSON: Hires Michael Moecker as Plan Administrator --------------------------------------------------------- White Wilson Medical Center, PA seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Michael Moecker & Associates, Inc. as plan administrator. The firm will provide management of assignments for the benefit of creditors, bankruptcy and receivership cases, expert witness engagements, and chief restructuring officer assignments. The firm will be paid at these rates: Mark C. Healy $450 per hour Administrative staff $150 to $300 per hour The firm will be paid a retainer in the amount of $25,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mark C. Healy, an Executive Vice President at Michael Moecker & Associates, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Mark C. Healy Michael Moecker & Associates, Inc. 1885 Marina Mile Boulevard, Suite 103 Fort, Lauderdale, FL Tel: (954) 252-2887 About White Wilson Medical Center PA White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Michael C. Markham, Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP, is the Debtor's legal counsel. WORLD DEBT: Seeks to Hire Robl & Bowen LLC as Counsel ----------------------------------------------------- World Debt Acquisitions, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Robl & Bowen LLC as counsel. The firm's services include: (a) advise the Debtor regarding potential benefits and potential disadvantages of the Chapter 11 process, as applicable to its circumstances; (b) prepare the Bankruptcy Petition, Schedules of Assets and Liabilities, Statement of Financial Affair, and similar documents; (c) review the Debtor's governing corporate agreements and prepare a resolution authorizing a bankruptcy filing consistent with the requirements of those agreements; (d) assist the Debtor with the preparation of such "first day motions" as may be necessary; (e) assist the Debtor in providing documents to the United States Trustee's office for review in advance of the Initial Debtor Interview ("IDI"); (f) assist the Debtor in preparing for the IDI and participate in the IDI with its representative; (g) assist the Debtor in preparing for the examination provided for by Bankruptcy Code Section 341 (the "341 Meeting") and participating in the 341 Meeting with its representative; (h) prepare the status report required in a Subchapter V case; (i) participate in the status conference required in a Subchapter V case; (j) advise the Debtor and its rights, duties and obligations; (k) review claims filed in the case and assist the Debtor in evaluating such claims for potential objections; (l) conduct or defend examinations pursuant to Rule 2004 of the Federal Rules of Bankruptcy Procedure as may be deemed desirable or necessary; (m) consult with the Debtor and represent it with respect to formulating a Chapter 11 plan of reorganization, drafting that plan; and in the Chapter 11 plan confirmation process; (n) assist the Debtor with the preparation of monthly operating reports; (o) perform such legal services as are incidental and necessary to carrying out the day-to-day operations of the Debtor's business activities; (p) institute and prosecute necessary adversary proceedings and contested matters; and (q) take any and all other actions incident to the proper preservation and administration of the Debtor's estate and business activities. The firm will be paid at these rates: Michael Robl, Attorney $475 per hour Max Bowen, Attorney $425 per hour Dejanae Bridges, Paralegal $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $20,000 from the Debtor. Mr. Robl disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael D. Robl, Esq. Robl & Bowen LLC 3754 Lavista Road, Suite 250 Tucker, GA 30084 Telephone: (404) 373-5153 Facsimile: (404) 537-1761 Email: michael@roblgroup.com About World Debt Acquisitions, LLC World Debt Acquisitions LLC is a financial services company that focuses on acquiring and managing debt portfolios, including distressed or non-performing assets. World Debt Acquisitions LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-54646) on April 7, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Paul Baisier handles the case. The Debtor is represented by Michael D. Robl, Esq. of Robl & Bowen LLC. WSONE-55 INC: Hires Miller Ward Aziz as Accountant -------------------------------------------------- Wsone-55, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ M. Zahid Aziz, of Miller, Ward, Aziz, as accountant. The firm will prepare and provide financial reporting to be made in connection with this case, including but not limited to income and expense reports, financial statements, tax returns, monthly operating reports and providing data necessary for interim statements and operating reports. The firm will be paid at these rates: Zahid Aziz, C.P.A. $410 per hour Celine Babakhaniance C.P.A. $325 per hour Kushal Bodahennadi C.P.A. $180 per hour Anabele Babakhaniance $150 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Aziz disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: M. Zahid Aziz Miller, Ward, Aziz 16030 Ventura Blvd Encino, CA 91436 Tel: (818) 385-4999 About Wsone-55, Inc. Wsone-55, Inc. operates as a franchisee of Wingstop, a quick-service restaurant chain specializing in chicken wings and related menu items, managing and operating its location in Van Nuys, California, and offering dine-in, takeout, and delivery services to customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10404) on Feb. 27, 2026, with $603,619 in assets and $1,942,717 in liabilities. Mia Boykin Ulutika, vice president, signed the petition. Judge Martin R. Barash presides over the case. Stella A. Havkin, Esq. at Havkin & Shrago represents the Debtor as legal counsel. WTA 25: To Employ Sims Funk as Special Litigation Counsel --------------------------------------------------------- WTA 25, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Sims Funk, PLC as its special litigation counsel. The firm will provide these services: (a) represent the Debtor in Adv. Proc. No. 3:26-ap-90042, styled WTA 25, LLC v. Encore Conversion Group, LLC, et al.; (b) provide litigation and bankruptcy-related legal services in connection with the adversary proceeding; (c) perform related legal services as special litigation counsel pursuant to 11 U.S.C. Sec. 327(e); and (d) file fee applications after approval of its employment and in the standard course thereafter, if such approval is received. The firm's hourly rates range from $350 to $850, while paralegals' time is billed at $275. Mark Donnell, the partner who will perform the majority of the legal services related to this request, has a rate of $625. The firm received a $50,000 retainer in furtherance of its engagement for Debtor, Little Creek, Mr. Ward and Ms. Williams. Sims Funk is a "disinterested person" within the meaning of the Bankruptcy Code, according to court filings. The firm can be reached at: R. Mark Donnell, Jr. SIMS FUNK, PLC 3102 West End Avenue, Suite 1100 Nashville, TN 37203 About WTA 25 LLC WTA 25, LLC, based in Whites Creek, Tennessee, manufactures and sells high-end luxury entertainer coaches and maintains a fleet under a lease agreement with Encore Luxury Coach Leasing TN, Inc. WTA 25, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-01198) on March 16, 2026. In the petition signed by Justin Ward, member, the Debtor disclosed $3,876,349 in total assets and $3,993,427 in total liabilities. Judge Randal S. Mashburn oversees the case. Michael G. Abelow, Esq., at Sherrard Roe Voight & Harbison, PLC represents the Debtor as counsel. [] Andrea Smith Joins Paul Weiss Rifkind's Litigation Department ---------------------------------------------------------------- Paul, Weiss, Rifkind, Wharton & Garrison LLP announced that Andrea E. Smith, a nationally recognized trial lawyer, has joined the firm in Houston as a partner in the Litigation Department. "Andrea Smith is an exceptional trial lawyer with experience handling and winning the toughest cases," said Jay Cohen, co-head of the Litigation Department at Paul, Weiss. "Andrea's arrival in Houston, home to a vast number of important companies, significantly expands our ability to serve existing and new clients across the region." "Houston is one of the most dynamic business centers in the country, and its economy is growing at a pace that few cities can match," said Sean T. Wheeler, co-chair of Global M&A and head of the Houston office. "Our clients here are at the center of that activity, and having Andrea on the ground with us means we can serve them across the full range of their legal needs, including in their highest-stakes litigation." Ms. Smith has tried some of the most complex, high-value disputes, from billion-dollar RICO and fraud cases to sprawling environmental and mass tort litigation spanning international and domestic forums. Her representations include some of the most consequential commercial disputes of the past two decades, and have touched on many industries, such as oil and gas, food and agriculture, aerospace, technology, accounting, real estate and financial services, among others. "This is a firm that is called in when the stakes are highest, and that is exactly where I want to be," Ms. Smith said. "I am looking forward to being part of what the firm is building in Houston and to bringing the full strength of the Paul, Weiss litigation platform to our clients in this market." Throughout her career, Ms. Smith has received numerous accolades for her accomplishments. She was named by Benchmark Litigation as the 2023 and 2024 "U.S. Environmental Litigator of the Year," a "Litigation Star" in New York, and as one of the nation's "Top 100 Trial Lawyers." She has been recognized as one of Latin America's "Top 100 Lawyers" and "Top 50 Female Lawyers" by Latinvex, and has been named an "Energy & Environmental Trailblazer" by The National Law Journal. Ms. Smith earned a J.D. from the University of Virginia and dual degrees, with high distinction, from the University's McIntire School of Commerce. She is admitted to practice in California, New York and Texas. The Paul, Weiss Litigation Department regularly handles significant, high-stakes and complex litigations and enforcement actions for clients that include Fortune 50 corporations and other prominent companies in the financial services, investment, medical device, pharmaceutical, sports, technology, energy, media and insurance industries. The firm's litigators have a long history of strength and success as trial lawyers, credibility with government officials and regulators, and a track record of courtroom wins and creative out-of-court resolutions. About Paul, Weiss Paul, Weiss, Rifkind, Wharton & Garrison LLP is a global law firm of more than 1,500 lawyers focused on helping clients navigate their most complex legal and business challenges. Known for the depth and excellence of its corporate, litigation and restructuring practices, Paul, Weiss works collaboratively to deliver commercial and innovative solutions, supported by a firmwide commitment to developing and empowering exceptional legal talent and an unwavering dedication to client service. The world's largest and most important public and private corporations, asset managers and financial institutions look to the firm for advice. [] Buffey Klein Joins Blank Rome's Bankruptcy Group as Partner -------------------------------------------------------------- Blank Rome LLP announced that Buffey E. Klein has joined the firm as a partner in the Finance, Restructuring, and Bankruptcy group and the Financial Services industry team in the Dallas office. A Chambers-ranked bankruptcy and restructuring practitioner with more than 25 years of experience, Ms. Klein represents national and regional financial institutions, creditors, lenders, and landlords in complex commercial bankruptcy, insolvency, and commercial litigation matters. She joins Blank Rome from Husch Blackwell LLP, where she most recently served as Dallas Office Managing Partner. "We are thrilled to welcome Buffey to our growing Dallas office and our national Finance, Restructuring, and Bankruptcy group," said Lawrence F. Flick II, Blank Rome's Vice Chair and Chair of the Financial Services industry team. "Buffey's arrival reflects our continued strategic investment in North Texas at a time when the Dallas market is seeing significant growth in financial services, lending, and restructuring activity. She brings an impressive combination of restructuring and commercial litigation experience that will benefit our clients navigating distressed situations. Buffey's strong relationships with national lenders and her proven ability to guide creditors through complex workouts and contested matters make her an outstanding addition to the team." Ms. Klein brings to Blank Rome a broad and highly regarded national restructuring and bankruptcy practice, representing creditors, lenders, debtors, trustees, and other stakeholders in complex Chapter 11 cases, contested matters, and distressed-asset situations across multiple jurisdictions. Her practice encompasses commercial loan workouts, out-of-court restructurings, creditors' rights, receiverships, asset sales, and related commercial litigation with a strong finance-driven component. She regularly appears in courts in the Northern and Southern Districts of Texas and maintains a vibrant bankruptcy practice in Florida, while also managing large, multi-jurisdictional matters and coordinating strategy across state and federal courts on a national and international scale. Ms. Klein has particular depth in several highly regulated sectors. She regularly represents clients in the healthcare industry, including senior housing operators, skilled nursing facilities, and assisted living communities, in bankruptcy proceedings, distressed situations, and the structuring of acquisitions and sales of distressed assets. She also brings meaningful experience in the aviation and transportation sectors, having served as part of the team representing a major commercial airline in connection with aircraft and engine transactions and comprehensive long-term engine maintenance agreements, as well as advising clients on fixed-base operator facilities and related aviation transactions. In addition, Ms. Klein has a strong international focus, assisting companies confronting international trade disruptions, including tariff and anti-dumping liabilities, and developing out-of-court strategies to help clients navigate evolving cross-border exposure in the current trade environment. "Buffey is one of the most accomplished creditor-side practitioners in the country, and her arrival is a significant addition to our team," said Heather Sonnenberg, partner and co-chair of the Finance, Restructuring, and Bankruptcy group. "As Dallas continues to serve as a key center for financial decision-making and distressed-asset activity, Buffey's ability to lead complex, nationwide restructuring and workout matters from this market is a significant advantage for our clients. Her experience representing major lenders makes her an invaluable resource not only for clients based in or doing business in North Texas, but also for those operating across the country." Ms. Klein has also represented major commercial lenders in connection with complex financial institution litigation, including multimillion-dollar arbitration proceedings, contested receiverships, and emergency injunctive relief. Complementing her restructuring and litigation work, Ms. Klein brings experience in traditional bank financing and corporate transactions, enabling her to deliver pragmatic, business-oriented counsel on matters that intersect restructuring, finance, and operational strategy. "What drew me to Blank Rome is the depth and breadth of the platform and the collaborative culture, and I look forward to leveraging these resources to deliver even greater value to my clients," said Ms. Klein. "The Dallas market is undergoing a significant transformation whereby financial institutions are establishing and expanding their presence here at a remarkable pace and I believe Blank Rome's practice mix will allow me to grow my representation of financial institutions and other creditors in exactly the ways that market demands. I look forward to working alongside my new partners to deliver the highest level of service to our clients." Ms. Klein is recognized in Chambers USA for Bankruptcy/Restructuring and is listed in BL Rankings' The Best Lawyers in America(R) for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law (2024–2026). She is a Fellow of the Dallas Bar Foundation and serves on the board of IWIRC (International Women's Insolvency & Restructuring Confederation). She is actively involved in the Northwest Texas Legal Aid effort and is a patron of the Aging Mind Foundation. She supports numerous Dallas-area organizations, including Dallas CASA, Christ's Haven for Children, and the Humane Society of Dallas County. Her family has been rooted in the Dallas-Fort Worth manufacturing community for more than 50 years. She earned her J.D. from South Texas College of Law and her M.S. and B.A. in Journalism from Texas A&M University. Ms. Klein is admitted to practice in Texas and Florida. About Blank Rome Blank Rome -- http://www.blankrome.com/-- is an Am Law 100 firm with 16 offices and 800 attorneys and principals who provide comprehensive legal and advocacy services to clients operating in the United States and around the world. [] Cerberus Appoints Rahul Sangwan as Head of India Operations -------------------------------------------------------------- Cerberus Capital Management, L.P. ("Cerberus"), a global alternative investment firm with $70 billion in assets, announced that firm veteran Rahul Sangwan has been appointed Head of India. A core member of Cerberus' International Credit business for 15 years, Mr. Sangwan has led transactions across multiple geographies, most recently with a focus on India. He has played a key role in building and overseeing Cerberus' India platform since the establishment of its Mumbai office in 2019. Working alongside the local leadership team, Mr. Sangwan has helped expand the firm's presence and establish Cerberus as a leading credit investor in the region. In his new role, Mr. Sangwan will be based in Mumbai and will lead the continued growth of the firm's Indian franchise, partnering with Cerberus' Head of International Credit and Distressed Debt, Allen Ukritnukun. With the firm's strong track record in the region, he will focus on pursuing compelling opportunities and expanding Cerberus' credit and broader multi-strategy capabilities. "India is an increasingly important market for us, where we have built a strong local team and platform," said Mr. Ukritnukun. "We continue to see robust demand in the region as companies look to alternative capital solutions to support their growth needs. Rahul will focus on further strengthening our platform, leveraging our local presence and broader global capabilities, to capitalize on this long-term opportunity set." Mr. Sangwan added, "We have an excellent team in Mumbai and have deployed significant capital over the past several years in a structurally growing credit market. I look forward to working even more closely with my colleagues to build on that momentum and continue expanding our presence across our credit and broader multi-strategy platforms." Mr. Sangwan will also assume executive responsibilities for Cerberus' operations in India. Alongside its investment platform, Cerberus maintains a large and growing operational footprint in Mumbai, with over 65 professionals supporting its global infrastructure and investment programs. About Cerberus Founded in 1992, Cerberus -- http://www.cerberus.com-- is a global alternative investment firm with approximately $70 billion in assets across complementary credit, real estate, and private equity strategies. The firm invests across the capital structure where it believes its integrated investment platforms and proprietary operating capabilities can help improve performance and drive long-term value. Cerberus' tenured teams have experience working collaboratively across asset classes, sectors, and geographies as they seek to achieve strong risk-adjusted returns for investors. [] Gerard Martin Joins Greenberg Traurig's Restructuring Practice ----------------------------------------------------------------- Global law firm Greenberg Traurig, LLP has added secured finance attorney Gerard C. Martin to its Chicago office as a shareholder in the firm's Restructuring & Special Situations Practice. He joins the firm from Reed Smith LLP. Mr. Martin brings deep experience across the full spectrum of financing transactions and debt restructurings. He represents lenders, borrowers, sponsors, and investors in a broad range of U.S. and international financing transactions, including cash flow and asset-based loans, leveraged loans, acquisition financings, bridge facilities, recapitalizations, and complex intercreditor arrangements, including unitranche and multitranche structures. He regularly advises on large, syndicated credit facilities and cross-border and multicurrency financings. Mr. Martin also maintains an active equipment and aviation finance practice, representing parties in aircraft and engine financings, leveraged leases, rolling stock transactions, and project finance matters. He works with clients across a wide range of industries, including manufacturing, energy, aviation, technology, health care, and financial services, among others. A significant portion of Mr. Martin's practice involves financial restructurings and workouts. He advises secured creditors and debtors in both in-court and out-of-court restructuring transactions and has extensive experience with debtor-in-possession financings, exit financings, and distressed investing and special situations. "Greenberg Traurig is an ideal fit for my practice," said Mr. Martin. "My work spans a broad range of financing transactions -- from front-end secured lending and equipment finance to restructurings and workouts -- and cuts across multiple structures, industries, and credit situations. The firm's platform is well suited to that breadth of work, and the depth of the Finance and Restructuring & Special Situations teams means clients can be served seamlessly at every stage of the credit cycle. I look forward to contributing to an already-exceptional team." "Gerard is exactly the kind of practitioner who amplifies what we already do exceptionally well," said Shari L. Heyen and Oscar N. Pinkas, co-chairs of Greenberg Traurig's Restructuring & Special Situations Practice. "We already have a formidable team, and Gerard makes it stronger. He brings deep, sophisticated financing capability across the full deal spectrum -- from large, syndicated credit facilities to complex workouts and distressed situations and equipment and aviation finance -- and that directly strengthens an already-high-performing platform. Our clients benefit from a team that can advise seamlessly from initial financing through the most challenging restructuring scenarios, and Gerard's arrival makes us even better at doing that." About Greenberg Traurig's Chicago Office Greenberg Traurig's Chicago office strives to be as dynamic and diverse as the city it calls home. Since its inception more than 25 years ago, it has grown to more than 200 attorneys. The Chicago team represents a wide range of clients, from Fortune 500 companies to innovative startups, across nearly every major practice area and industry. With deep roots in the local business community and access to the firm's global platform, Chicago attorneys seamlessly combine regional insight with international reach, helping clients advance their objectives on local, national, and global scales. About Greenberg Traurig Greenberg Traurig, LLP -- http://www.gtlaw.com-- is a law firm with approximately 3,100 lawyers across 51 locations in the United States, Europe, the Middle East, Latin America, and Asia. The firm's broad geographic and practice range enables the delivery of innovative and strategic legal services across borders and industries. Recognized as a 2025 BTI "Best of the Best Recommended Law Firm" by general counsel for trust and relationship management, Greenberg Traurig is consistently ranked among the top firms on the Am Law Global 100, NLJ 500, and Law360 400. Greenberg Traurig is also known for its philanthropic giving, culture, innovation, and pro bono work. [] Jordan Elkin Joins Simpson Thacher's Restructuring Practice -------------------------------------------------------------- Simpson Thacher & Bartlett LLP announced that Jordan E. Elkin has joined the Firm as a Partner in New York, where he will focus on complex restructuring and liability management matters. Mr. Elkin's arrival strengthens the Firm's preeminent Restructuring Practice and further expands its fully integrated Capital Structure Solutions platform. "Restructuring is an integral component of clients' capital structure solutions toolbox, together with liability management transactions and financing strategies," said Elisha Graff, Restructuring and Capital Structure Solutions Partner and Co-Head of the Liability Management and Special Situations group. "Jordan's experience with advising companies on in-court and out-of-court restructurings will be a significant addition to our team and we're excited to welcome him to Simpson Thacher." Mr. Elkin has extensive experience advising public and private companies, sponsors and their portfolio companies, and lenders in connection with in-court and out-of-court restructurings, including sophisticated chapter 11 proceedings. He counsels clients across various industry sectors, including technology, energy, transportation, healthcare, consumer and retail, and provides strategic guidance on liability management transactions and distressed acquisitions and divestitures. "We have built a comprehensive, one-stop solution for clients' capital structure needs and Jordan is a prime example of how we are continuing to invest in this space," said David Nemecek, Head of the Capital Structure Solutions Practice. "Following the additions of Katie Taylor, Brian Schartz, Jack Luze, Christine Bae and Jacob Ruby, Jordan's arrival further strengthens our premier Capital Structure Solutions Practice." "I have worked across the table from Simpson Thacher attorneys and seen firsthand the Firm's commercial approach, creative problem solving and deep technical expertise. The Firm has a long track record of advising on many of the market's most sophisticated restructuring mandates across both debtor and creditor-side engagements," said Mr. Elkin. "I look forward to working with my colleagues to help clients navigate their most pressing capital structure challenges and deliver value-maximizing outcomes." Simpson Thacher's Capital Structure Solutions Practice provides a cohesive global offering and serves as a single, integrated destination for clients' capital structure needs. The Practice integrates the Firm's market-leading Restructuring and Liability Management and Special Situations teams with financing-focused lawyers across Banking and Credit, Capital Markets and related practices, providing strategic judgment on our clients' most complex capital structure challenges. The Firm's Restructuring Practice provides clients with constructive, sustainable solutions and opportunities in connection with high-profile, complex domestic and cross-border restructuring and insolvency situations, implemented out-of-court or through judicial proceedings. Simpson Thacher & Bartlett LLP -- http://www.simpsonthacher.com/-- is one of the world's leading international law firms. The Firm was established in 1884 and has approximately 2,000 lawyers. Headquartered in New York with offices in Beijing, Boston, Brussels, Hong Kong, Houston, London, Los Angeles, Luxembourg, Palo Alto, San Francisco, Sao Paulo, Tokyo and Washington, D.C., the Firm provides coordinated legal advice and transactional capability to clients around the globe. [] JSJ to Auction Car Dealership & Service Building on May 21 ------------------------------------------------------------- JSJ Auctions will hold a public auction on May 21, 2026, at 11:00 a.m. for the sale of a car dealership and service building located at 137 Lafayette Road, North Hampton, New Hampshire. Features: * 15,273+/- SFauto dealership located on a 2.94+/- acre parcel on the the southeast side of busy Route 1 just minutes from Portsmouth & I-95. * The building was constructed in 1984 and extensive renovations were made to the showroom/office portion of the building in 2019. * 1-story steel and masonry building on a concrete slab includes a 6,579+/- SF office/showroom area in the front of the building and a 8,694+/- SF service/parts area to the rear. * Forced air/oil heat, roof mounted A/C for office area, overhead doors, and 150 surface parking spaces * Industrial Business zoning * Public water & septic Mortgage Ref: Rockingham County, Registry of Deeds Book 6086, Page 2687, Tax Map 17, Lot 41-1 Assessed Value: $3,029,500 2025 Taxes: $40,747 Terms: $20,000 deposit by cash, certified check, or other funds satisfactory to Mortgagee, balance due within 45 days. For complete terms and additional info, please visit JSJ Auctions' website at www.jsjauctions.com or call 1-800-639-1810. [] Lindsay Barca Joins McDermott's Restructuring Practice Group --------------------------------------------------------------- Restructuring partner Lindsay Barca is joining McDermott Will & Schulte, strengthening the firm's distressed practice as private equity sponsors face mounting portfolio company refinancings. Her arrival follows partner Gregg Galardi‘s recent hire and signals the firm's positioning for complex, billion-dollar reorganizations. Ms. Barca brings dual-sided experience that is particularly valuable in today's market: she has represented creditor groups in billion-dollar restructurings while also guiding debtors through contested Chapter 11 cases involving mass tort liabilities and operational turnarounds. This perspective allows her to anticipate moves from all stakeholders -- a critical advantage when sponsors need to protect equity value or creditor groups are negotiating recovery strategies. "Private equity sponsors increasingly need restructuring counsel who can see around corners -- who understand both how to position a portfolio company for the best outcome and how creditor groups will likely respond," said Gregg Galardi, global co-head of McDermott's Business Restructuring Group. "Lindsay has successfully managed billion-dollar capital structure challenges across healthcare, consumer, manufacturing, and technology sectors. Having worked with her previously, I know she brings the exceptional commercial judgment and execution capabilities that sponsors demand when valuations are under pressure and time is short." Ms. Barca's track record includes some of the market's most sophisticated and high-stakes restructurings. She represented a major orthopedic device manufacturer through a sale process while managing over $350 million in debt and billions of dollars in alleged tort liabilities. In another matter involving a cosmetics company, she helped resolve $870 million in funded debt while untangling complex licensing arrangements. "The complexity of restructurings has intensified -- we're seeing more special situations involving mass torts, regulatory overlays, and competing stakeholder groups," said Ms. Barca. "McDermott gives me the ability to work seamlessly with deeply experienced finance, M&A, and private equity teams -- which is exactly what these mandates require. Sponsors don't want siloed advice; they need integrated counsel that understands both the deal dynamics and the restructuring outcomes." Ms. Barca strengthens McDermott's ability to serve sponsors through different entry points in the distressed cycle -- whether providing early-stage liability management advice, representing debtors in Chapter 11, advising DIP lenders and plan sponsors, or working with creditor groups seeking optimal recoveries. Her experience spans Chapter 11 reorganizations, out-of-court workouts, distressed M&A, and cross-border insolvencies. Lindsay joins the New York office. The Restructuring Practice Group includes more than 50 lawyers across New York, Dallas, Chicago, Miami, Wilmington, Atlanta, London, Paris, and Düsseldorf, working closely with the firm's broader transactions, finance, and private equity teams to guide clients through distressed situations globally. About McDermott Will & Schulte McDermott Will & Schulte is a law firm with more than 20 offices globally and 1,700+ lawyers. [] Marc Beilinson, Jessica Carey Lauria Join Ensis Partners' Board ------------------------------------------------------------------ Ensis Partners, a boutique investment banking and restructuring advisory firm, announced that Marc Beilinson and Jessica Carey Lauria have joined as the firm's Board of Directors and Senior Advisors. Mr. Beilinson and Ms. Lauria bring decades of experience advising companies, boards, investors and stakeholders across complex restructurings, liability management matters, corporate governance issues, transformative transactions and other high-stakes situations. "We are thrilled to welcome Marc and Jessica to Ensis Partners as members of our Board of Directors," said Mark Buschmann, Managing Partner and Co-Chief Executive Officer of Ensis Partners. "They possess extensive leadership and board experience that will contribute valuable insight to both Ensis and our clients, and both have led teams and stakeholders through notable complex financial and strategic situations. We look forward to working with Jessica and Marc as we continue to grow Ensis and expand our capabilities." "Jessica and Marc are highly respected leaders with exceptional judgment, sophisticated execution experience and reputations for helping companies navigate complex, high-pressure situations," said Richard Shinder, Managing Partner and Co-Chief Executive Officer of Ensis Partners. "As companies face increasingly complex capital structures that require creative, bespoke solutions, their insight will work to reinforce the Ensis platform as a leader in expert-level advice and best-in-class execution." Ms. Lauria is a senior board advisor and former global law firm partner, as well as the founder of JL Special Situations LLC, a strategic advisory firm focused on supporting boards and stakeholders facing high-impact, multi-dimensional challenges. She previously served as Global Co-Chair of the Restructuring Practice at Sidley Austin LLP and later as a Senior Partner at White & Case LLP. She has advised boards of directors on fiduciary duties, stakeholder engagement and strategic decision-making, and has led complex engagements involving liability management, mass tort exposures, restructurings and corporate resolutions. Her representative experience includes advising the Boy Scouts of America in its Chapter 11 restructuring, Honda Motor Company in the cross-border restructuring of Takata Corporation and Tribune Company in proceedings involving approximately $13 billion in funded debt. Ms. Lauria received a B.A. in political science from the University of Minnesota and a J.D., magna cum laude, from the University of Minnesota Law School, where she was Order of the Coif and Managing Editor of the Minnesota Law Review. "I am excited to serve on the Board of Ensis Partners at an important inflection point in the firm's evolution," said Ms. Lauria. "Ensis has built a differentiated platform with a unique value proposition for middle-market companies facing complex financial situations, and I look forward to supporting its continued growth and success." Mr. Beilinson possesses more than 30 years of board experience and has served as an independent director of Apollo Global Management, Inc. since 2022, where he chairs the compensation committee and serves on the audit committee. He also has served as an independent director of Athene Holding Ltd. since 2013, where he is also lead independent director and a member of the conflicts committee and legal and regulatory committee. He also currently serves on the board of directors of Playtika and several privately held companies, and previously served on the boards of Exela Technologies, Westinghouse Electric, Caesars Acquisition Company, Wyndham International, Apollo Commercial Real Estate Finance, Innkeepers USA Trust and Gastar Inc. Since 2011, Mr. Beilinson has served as Managing Director of Beilinson Advisory Group, a financial restructuring and hospitality advisory group that specializes in assisting distressed companies. He has held senior interim management roles in several complex restructurings, including as Chief Restructuring Officer of Newbury Common Associates LLC, Fisker Automotive and Innkeepers USA Trust, and as Chief Restructuring Officer and Chief Executive Officer of Eagle Hospitality Properties Trust, Inc. Mr. Beilinson received a B.A. in political science from the University of California, Los Angeles and a J.D. from the University of California, Davis School of Law. "Ensis Partners offers a unique blend of senior leadership and forward-thinking restructuring expertise, and the firm has a compelling opportunity to continue scaling its business while maintaining a strong focus on governance, discipline and long-term value creation," said Mr. Beilinson. "I am pleased to join the Board and support the firm and its leadership team as we embark on this next phase of growth." About Ensis Partners Ensis -- http://www.ensispartners.com-- is a boutique, New York City-based investment banking and restructuring advisory firm founded by Richard Shinder and Mark Buschmann, providing comprehensive restructuring and liability management advice relevant to complex capital structures and financial situations. With a focus on the upper-middle market, Ensis offers senior-level expertise across a range of transaction formats, including LMEs, special situations financings, Chapter 11 proceedings and cross-border engagements. [] Oliver Wyman to Acquire Management Consulting Firm CR3 Partners ------------------------------------------------------------------ Oliver Wyman, a global leader in management consulting and a business of Marsh (NYSE:MRSH), announced an agreement to acquire CR3 Partners, a consulting firm specializing in transition, turnaround, and distress. The terms of the transaction, expected to close later this quarter, were not disclosed. The acquisition will deepen Oliver Wyman's capabilities in restructuring, liquidity management, operational improvement, and crisis response. CR3 Partners has established itself as a trusted partner advising companies, boards, lenders, and other stakeholders in the turnaround and restructuring process. Their deep bench of senior practitioners has led transformations across industrials, retail, healthcare, energy and financial services. Oliver Wyman and CR3 Partners will deliver integrated solutions for financial lenders, private equity sponsors, and corporate clients across industries. "This acquisition underscores our focus on supporting clients during pivotal moments of transformation," said Tim Hoyland, Partner and Head of Americas Restructuring at Oliver Wyman. "CR3 Partners' hands-on turnaround expertise complements our strategic capabilities and expands our ability to help organizations stabilize performance and build long-term resilience. I'm delighted to welcome our new colleagues to the firm." William Snyder, Senior Managing Director and Partner, CR3 Partners, added, "We look forward to bringing our combined capabilities to a broader set of clients, at greater scale, and backed by Oliver Wyman's geographic footprint, deep industry expertise, and strong performance transformation capabilities." "I am excited to welcome CR3 Partners to our firm. Their expertise in turnaround and restructuring builds naturally on Oliver Wyman's strong performance transformation capabilities and expands what we can deliver for clients around the world," said Michael Zeltkevic, Managing Partner and Global Head of Capabilities. As part of the transaction, 62 professionals from CR3 Partners will join Oliver Wyman in multiple cities. About Oliver Wyman Oliver Wyman is a business of Marsh (NYSE: MRSH), a global leader in risk, reinsurance and capital, people and investments, and management consulting, advising clients in 130 countries. With annual revenue of $27 billion and more than 95,000 colleagues, Marsh helps build the confidence to thrive through the power of perspective. For more information, visit oliverwyman.com, or follow us on LinkedIn and X. About CR3 Partners CR3 Partners is a leading turnaround and performance transformation advisory firm dedicated to helping companies navigate distress, restore operational performance and maximize enterprise value. The firm's professionals combine decades of operational, financial and restructuring experience with results-driven approach that has earned the trust of clients across a wide range of industries and transaction types. [] Paul Weiss Adds Two New Partners to Houston M&A, Tax Department ------------------------------------------------------------------ Paul, Weiss, Rifkind, Wharton & Garrison LLP announced that Aisha P. Lavinier has joined the firm as a partner in the M&A Group within the Corporate Department and Jim Cole has joined the firm as a partner in the Tax Department, both resident in Houston. Ms. Lavinier advises private equity sponsors, financial investors, and public and private companies on complex, high-stakes transactions, including mergers and acquisitions, joint ventures, carve-outs and significant capital financing transactions. Mr. Cole advises corporate and private equity clients on the tax elements related to major energy, infrastructure and project finance transactions. "Aisha and Jim are excellent lawyers with great experience working on major transactions," said Paul, Weiss Chairman Scott A. Barshay. "We are thrilled to welcome them both to our firm." "Aisha's versatility in advising clients from a broad range of industries on transformative deals, and Jim's breadth of experience advising energy clients through all the tax implications of their most important transactions, including on energy tax incentives, each strengthen our full-service transactional offering in Houston," said Sean T. Wheeler, global co-chair of M&A and head of the firm's Houston office. "Their arrivals mark an exciting step in the continued growth of our Houston team." Ms. Lavinier has represented major private equity firms and corporates on numerous multibillion-dollar transactions. Her clients have spanned a broad range of industries, including software and technology, digital infrastructure, energy, utilities and infrastructure, chemicals and industrials, transportation and logistics, healthcare and life sciences and consumer and retail. Ms. Lavinier's past representations include, among many others, Thoma Bravo and its portfolio company HCSS in a business combination with a business division of Nemetschek; Clearlake Capital on the sale of its portfolio company TEAM Technologies to Arlington Capital Partners, and its acquisitions of BBB Industries and Intertape Polymer Group; Silver Oak Services Partners on the sale of Integrated Oncology Network to Cardinal Health; and Thoma Bravo and its portfolio companies on their acquisitions of Vitech and Magnet Forensics. She has also advised on transactions for Bain Capital, Madison Dearborn Partners and technology and pharmaceutical companies, among other clients. Ms. Lavinier was named to Savoy's "Most Influential Black Lawyers" list in 2022 and 2024 and recognized by Super Lawyers as an M&A "Rising Star" in 2023. She earned a B.A. from Rice University and a J.D., cum laude, from the Northwestern Pritzker School of Law. Mr. Cole advises on the tax aspects of M&A, financings, capital markets and restructuring transactions, with particular experience in the energy space, including the upstream, midstream, downstream, oil field services and alternative energy sectors. His practice includes a focus on the section 45Q federal income tax credit for carbon capture projects and energy tax incentives for wind and solar projects. Mr. Cole's clients have included public and private companies, private equity firms, lenders, investment banks, developers, publicly traded partnerships and master limited partnerships. Mr. Cole's recent representations, among myriad others, include advising CPP Investments and Encino Energy in the sale of Encino Acquisition Partners to EOG Resources; Altus Power in its take-private by TPG; Targa Resources Corp. in its acquisition of Stakeholder Midstream; and Torch Clean Energy in its strategic partnership with Morgan Stanley Infrastructure Partners. He earned a B.B.A. and M.S. from Texas A&M University and a J.D., cum laude, from the University of Houston Law Center. The Paul, Weiss Mergers & Acquisitions Practice works with leading private equity firms and many of the world's largest, most prominent publicly traded and privately held companies, as well as financial advisors and other financial institutions and investors, on the full range of business-critical transactions. The firm's Private Equity Group represents private equity firms across a wide spectrum of investment strategies. Paul Weiss's Tax Department advises clients on a broad range of complex transactions across industries and geographies. Working closely with the firm's Corporate and Restructuring & Debt Capital Solutions departments, our tax lawyers help clients identify opportunities, mitigate risk and maximize value throughout the transaction lifecycle. About Paul, Weiss Paul, Weiss, Rifkind, Wharton & Garrison LLP is a global law firm of more than 1,500 lawyers focused on helping clients navigate their most complex legal and business challenges. Known for the depth and excellence of its corporate, litigation and restructuring practices, Paul, Weiss works collaboratively to deliver commercial and innovative solutions, supported by a firmwide commitment to developing and empowering exceptional legal talent and an unwavering dedication to client service. The world's largest and most important public and private corporations, asset managers and financial institutions look to the firm for advice. [] Sullivan & Sullivan to Auction Tewksbury, MA Property on May 19 ------------------------------------------------------------------ Sullivan & Sullivan Auctioneers, LLC will hold a real estate foreclosure auction on May 19, 2026, at 11:00 a.m., for the sale of an 8,800± SF retail/commercial building located at 2087 Main Street, Tewksbury, Massachusetts. Features: -- many possibilities -- great location on Route 38 -- currently indoor/outdoor family entertainment complex, including mini golf, game rooms, restrooms and full kitchen. Mortgage Ref.: Middlesex (North) Reg. of Deeds in Bk 37646, Pg 218 For terms and more information visit https://sullivan-auctioneers.com or call 617-350-7700. [] Three New Partners Join Dechert's Restructuring Practice ----------------------------------------------------------- Dechert LLP announced 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. Its lawyers are known for ground-breaking matters, innovative deal structuring, creative solutions, seamless cross-border advice and court victories. Its 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 a global law ﬁrm. Its industry focus areas range from ﬁnancial services to private capital, real estate, life sciences and technology. For more than 150 years, it has advised clients on critical issues -- from high-stakes litigation to ﬁrst-in-market transaction structures and complex regulatory matters. ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. 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