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260518.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, May 18, 2026, Vol. 30, No. 138 Headlines 1224 3RD AVENUE: Case Summary & Two Unsecured Creditors 176 W. 86: Withdraws Motion to Sell New York Properties 3432 LANTANA: Seeks Chapter 11 Bankruptcy in Florida 4912 WISCONSIN: Unsecured Creditors "Unimpaired" in Joint Plan 506 FRANKLIN: Section 341(a) Meeting of Creditors on June 4 74 OXFORD: Condo Unit 72 Sale to W. Mesard & A. Borgmann OK'd 74 OXFORD: Condominium Units Sale to Collin & Christine Rhea OK'd A'LEURER LLC: Unsecureds to Get $5K per Year for 5 Years A2Z FIELD: Gets Interim OK to Use Cash Collateral AB AND J JEWELRY: Court OKs Deal to Use GM Gold's Cash Collateral ABODE S&T: Starts Chapter 7 Bankruptcy in New Jersey ADC THERAPEUTICS: Liabilities Exceed Assets by $216MM at March 31 ALACHUA GOVERNMENT: To Sell Alachua Parcel to Strive Specialties ALETHA INC: Gets Interim OK to Use Cash Collateral Until June 11 ALEXANDER PHILLIP: Seeks Chapter 7 Bankruptcy in New York ALEXANDER ZHELEZNYAK: Court Denies Chapter 15 Recognition ALL WEB: Oaktree Specialty Lending Marks $4M 1L Loan at 57% Off AMERICAN LANGUAGE: Gets Final OK to Use Cash Collateral AMERIESTATE LEGAL: Gets Final OK to Use Cash Collateral AMERIGAS PARTNERS: Moody's Rates New Senior Unsecured Notes 'B1' ANCARLO BROTHERS: Claims to be Paid from Income & Sale Proceeds AQUABOUNTY TECHNOLOGIES: Q1 Net Loss Totals $1.2 Million ASPLUNDH TREE: Moody's Affirms Ba1 CFR on Credit Facility Extension B&BC ESTATES: To Sell Northvale Property to 182nd Street Realty BAART PROGRAMS: Oaktree Specialty Virtually Writes Off $6.4M Loan BAART PROGRAMS: Oaktree Specialty Virtually Writes Off $8.9M Loan BARRACUDA PARENT: Oaktree Specialty Marks $15.4M 1L Loan at 18% Off BARRETT HOMES: Case Summary & Four Unsecured Creditors BATCH INC: Seeks Chapter 11 Bankruptcy in Massachusetts BELLATX2023 LLC: Starts Chapter 11 Bankruptcy in Texas BESTWALL LLC: Weiss' Bid for Certification of Direct Appeal Denied BKM HOLDINGS: Claims to be Paid from Business Operations BKR LLC: Commences Chapter 11 Bankruptcy in California BLACKBERRY LIMITED: Fairfax Financial Reports 4.5% Equity Stake BOBBY DEE: Court OKs Deal to Use FFB Bank's Cash Collateral BOKQUA LLC: To Sell Colorado Properties to Multiple Buyers BOTTOMLINE INK: To Sell Handling Equipment to American Surplus BRANDCASTERS INC: Gets Interim OK to Use Cash Collateral BREAKTHROUGH VENTURES: Wins Interim Cash Collateral Access BRIGHT MOUNTAIN: Mehmet Olgun Named CFO BROADBAND TELECOM: Plan Exclusivity Period Extended to Oct. 5 BULMAKS INC: Unsecured Creditors to Split $130K over 5 Years CANNABIST CO: Receives Chapter 15 Recognition from US Court CARBON HEALTH: Quality of Care Maintained, 1st PCO Report Says CARBON HEALTH: Secures Court OK for $11MM DIP Increase CARIOLA GROUP: Gets Final OK to Use Cash Collateral CENTRAL FLORIDA: Gets Extension to Access Cash Collateral CHOICE ELECTRIC: Plan Exclusivity Period Extended to May 30 CHS/COMMUNITY HEALTH: 94% of 2031 Notes Tendered in $600MM Offer CIBUS INC: FMR LLC, Abigail Johnson Hold 15% of Class A Shares CIVILGEO INC: Copyright Infringement Claims Covered by Insurance CLEAR CHANNEL: Q1 Loss Swings to $48.6MM; Merger Set for Q3 Close CLEVELAND INSTITUTE: S&P Lowers 2022 Revenue Bond Rating to 'BB+ CNEX LABS: Google Loses Bid to Enforce Injunction Against PFI COACHELLA MANAGEMENT: Case Summary & 12 Unsecured Creditors COLD SPRING: Gets Temporary Halt of Chapter 11 Conversion Effort CUTERA INC: Executives Win Final Dismissal of Investor Lawsuit D.K.A. ONE: Commences Chapter 11 Bankruptcy in Louisiana D.K.A. SIX: Seeks Chapter 11 Bankruptcy in Louisiana DCA OUTDOOR: Seeks to Extend Plan Exclusivity to Aug. 20 DEL MONTE: Defends Chapter 11 Plan Amid Lender Opposition DENALI CONSTRUCTION: Unsecureds Will Get 100% over 60 Months DETROIT DUMPSTER: Gets Interim OK to Use Cash Collateral DIOCESE OF BUFFALO: Seeks Court Approval for $6.4MM HQ Sale DIOCESE OF OAKLAND: Gets Preliminary OK for Chapter 11 Plan Voting DIRECTV FINANCING: Moody's Rates New $1.4BB Sr. Secured Notes 'B1' DOMINION DIAGNOSTICS: Oaktree Marks $12.7M 1L Loan at 90% Off E.W. SCRIPPS: Extends $200MM Revolving Credit Facility to July 2029 ECHOSTAR CORP: FMR, Abigail Johnson Hold 10.1% of Class A Shares ECOVYST CATALYST: $100MM Loan Add-on No Impact on Moody's 'B1' CFR EMBECTA CORP: Moody's Cuts CFR to B3, Outlook Stable EMPIRE BIDCO: Oaktree Specialty Marks $81.9M 1L Loan at 90% Off ENCOMPASS HEALTH: S&P Assigns 'BB-' Rating on New Unsecured Notes ENCORE CAPITAL: Fitch Rates EUR300MM Sec. Notes Due 2033 'BB+(EXP)' ENI DIST: Unsecured Creditors Will Get 1% to 2% of Claims in Plan ENTEGRIS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ESSEX REAL ESTATE: Court Dismisses Remaining Pioneer Funding Case EVANERIC HOLDINGS: Commences Chapter 11 Bankruptcy in Texas EVOLUS INC: Liabilities Exceed Assets by US$28.8MM at March 31 EWC BIG APPLE: Case Summary & Eight Unsecured Creditors FAT BRANDS: Sues Gold Cap, Insight Capital Over Refinancing Deal FIRST BRANDS: Court OKs $80 Million Sale of Molding Firm FORT DEFIANCE: Gets Final OK to Use Cash Collateral FORTUNA STONEWORKS: Gets Interim OK to Use Cash Collateral FOUR DIRT: Claims to be Paid from Ongoing Operations FTX TRADING: Fenwick & West Faces Suit Tied to Crypto Collapse FTX TRADING: Trust Claims Crypto Hedge Fund Owes $84MM to Estate GEORGES REALTY: Court OKs Bedford Property to Shane Holman GL3 LLC: Commences Chapter 11 Bankruptcy in Florida GLG INVESTMENTS: Commences Chapter 11 Bankruptcy in Florida GMR SOLUTIONS: S&P Assigns 'B+' ICR Following IPO, Outlook Stable GOLF CARTS: Liability Judgment in Trojan Trademark Suit Affirmed GOOD WOOD: Claims to be Paid from Rental Income GREAT HEARTS: Moody's Rates New 2026A/B Education Bonds 'Ba1' GREEK FREEK: Commences Chapter 11 Bankruptcy in Arizona GREYSTAR REAL: S&P Affirms 'BB' ICR, Outlook Stable GUNNISON VALLEY: Seeks to Sell Gunnison Property to Highest Bidder HAYATS KITCHEN: Gets Final OK to Use Cash Collateral HEAVENLY PET: Unsecured Creditors to Split $174K over 60 Months HIGH RIDGE: Arawak IX, et al. Win Bid to Seal Certain Documents IMAGE TECHNOLOGY: Gets Interim OK to Use Cash Collateral IMPACT PUBLIC: S&P Assigns 'BB' ICR, Outlook Stable INDEPENDENT MEDEQUIP: Seeks to Extend Plan Exclusivity to July 15 INNOVATIVE INDUSTRIAL: Closes $56.5 Million Secured Term Loan INSPIREMD INC: 1Q Net Loss Widens to $13.69 Million INTEGRATED PROTEINS: Section 341(a) Meeting of Creditors on June 3 INTERTRADE HOLDINGS: Lender Seeks to Prohibit Cash Collateral Use IRONNET INC: Avoids Dismissal After Securing Chapter 11 Funds IVANHOE MINES: S&P Downgrades ICR to 'B-' on Delayed Recovery J.F.M. 6090: Gets Interim OK to Use Cash Collateral JIMMY SHEPHERD: Wins Summary Judgment Bid in JP Morgan Case JOHN RODERICK MCKOWEN: Court Dismisses Chapter 11 Bankruptcy Case JUS BROADCASTING: Court Extends Cash Collateral Access to June 30 JVL 1998 APARTMENTS: Case Summary & Four Unsecured Creditors KIPP INDIANAPOLIS: Moody's Affirms Ba1 on 2020A Educational Bonds LEFKO LLC: Gets Interim OK to Use Cash Collateral LIGHTHOUSE RESOURCES: Wins Summary Judgment in Adversary Case LION HOLDINGS: Seeks Subchapter V Bankruptcy in Massachusetts LIVEONE INC: FMR LLC, Abigail Johnson Cuts Equity Stake to 3.3% MANATEE ENTERPRISE: Seeks Chapter 7 Bankruptcy in Florida MARAGAL MEDICAL: No Patient Complaints, 1st PCO Report Says MARE ISLAND: Seeks to Extend Plan Exclusivity to Sept. 14 MARINER'S GATE: New York Property Sale to JPMorgan Chase OK'd MARRS CONSTRUCTION: Amends Several Secured Claims Pay MAYFLOWER CHOICE: Gets Interim OK to Use Cash Collateral MAYNARD STEEL: Seeks Receivership in Milwaukee County Circ. Court MIZELL MEMORIAL: Commences Chapter 11 Bankruptcy in Alabama MODIVCARE INC: White & Case Pursues Contempt Over Ch. 11 Fee Fight MOUNTAIN POWER: Case Summary & 20 Largest Unsecured Creditors MULTI-COLOR CORP: Emerges from Ch.11 with Stronger Balance Sheet MULTI-COLOR CORP: Emerges from Chapter 11 Bankruptcy Successfully MZS PROPERTIES: Court Extends Cash Collateral Access to June 2 NCL CORP: Moody's Alters Outlook on 'B1' CFR to Stable NEW CITY AUTO: Court Narrows Claims in O'Rourke, et al. Case NEW FORTRESS: NFE Brazil Secures $885M Senior Secured Note Deal NORTH COUNTY PIZZA: Seeks Interim Cash Collateral Access NOT AN LLC: Seeks Chapter 7 Bankruptcy After Multiple Lawsuits OCSI GLICK: Oaktree Specialty Lending Marks $58.3M Loan at 29% Off OMNICARE LLC: Bankruptcy Court OKs Sale to GenieRx Holdings OMNICARE LLC: Court OKs Pharmacy Biz Sale to Genierx Holdings OMNICARE LLC: Gets Green Light for $250MM Chapter 11 Asset Sale ORACLES CAPITAL: Seeks to Sell Wine Distribution Biz at Auction OROVILLE HOSPITAL: Plan Exclusivity Period Extended to Aug. 5 P HEALTH: Commences Chapter 11 Bankruptcy in Texas PACIFIC RIM: To Sell Wine Equipment to Multiple Buyers PALMDALE HEALTH: Seeks Chapter 11 Bankruptcy in California PAP-R PRODUCTS: Unsecured Creditors Will Get 25% of Claims in Plan PAR PETROLEUM: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable PARKER GROUP: Seeks Chapter 7 Bankruptcy with Over $50MM Debt PEREZ MENENDEZ: Court Directs U.S. Trustee to Appoint PCO PEREZ MENENDEZ: Jose Diaz Crespo Named Subchapter V Trustee PETER F. DIPAOLO: Deadline for Panel Questionnaires Set for May 20 PICO-UNION HOUSING: Court OKs Deal to Use MVB's Cash Collateral PPF GIN: Seeks to Extend Plan Exclusivity to Aug. 3 PR RNO 1: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable PRECIPIO INC: To Host Q1 2026 Investor Call Today PRIMROSE CANDY: Seeks to Extend Plan Exclusivity to Oct. 5 PROJECT LEOPARD: S&P Downgrades ICR to 'CCC', Outlook Negative PSP TS: Case Summary & Three Unsecured Creditors PSP TS: Seeks Chapter 11 Bankruptcy in Florida QUICK PRINTS: Seeks Subchapter V Bankruptcy in Florida QVC GROUP: Shareholders Seek to Terminate Exclusivity Period RAMH ENTERTAINMENT: Wins Interim Cash Collateral Access REALTRUCK INC: S&P Ups ICR to 'CCC+' on Extended Debt Maturities RED VENTURES: S&P Alters Outlook to Positive, Affirms 'B+' ICR REDCOLE PARTNERS: Commences Chapter 11 Bankruptcy in Florida RELIZ TECHNOLOGY: Artha Investment Seeks Appointment of Examiner RENAISSANCE HOLDING: Oaktree Marks $15.1M 1L Loan at 93% Off ROOTED ENTERPRISE: Case Summary & Two Unsecured Creditors RYE MARBLE: Case Summary & 17 Unsecured Creditors SABLE OFFSHORE: Q1 2026 Loss Widens to $197M, Term Loan Due June 26 SAKS GLOBAL: Settles Major Lease Dispute with Simon Property SAKS GLOBAL: Wins Interim Transfer Approval for 8 Leases SHELTERING ARMS: Seeks to Sell NY Property to Highest Bid SHRI RADHA: Seeks to Extend Plan Exclusivity to Sept. 8 SHRI RAM PROPERTY: Seeks Chapter 7 Bankruptcy in Oklahoma SIO2 MEDICAL: Oaktree Specialty Marks $1.808M 1L Loan at 83% Off SIO2 MEDICAL: Oaktree Specialty Marks $1.859M 1L Loan at 83% Off SIO2 MEDICAL: Oaktree Specialty Marks $21.4M 1L Loan at 83% Off SIO2 MEDICAL: Oaktree Specialty Marks $3.9M 1L Loan at 82% Off SIO2 MEDICAL: Oaktree Specialty Marks $4.2M 1L Loan at 83% Off SMOKY MOUNTAIN: Court Reverses Summary Judgment in Myers Case SOCIETY PASS: Case Summary & 20 Largest Unsecured Creditors SOCIETY PASS: Initiates Chapter 11 Bankruptcy Process in Texas SPANISH BROADCASTING: Case Summary & 30 Top Unsecured Creditors SPANISH BROADCASTING: May 20 Deadline for Panel Questionnaires SPANISH BROADCASTING: Seeks Ch. 11 Bankruptcy with Debt-Swap Plan SPANX LLC: Oaktree Specialty Marks $17.7M 1L Loan at 30% Off SPIRIT AIRLINES: Employees File WARN Act Lawsuit During Ch. 11 Case SPIRIT AVIATION: Court OKs Amendment to DIP Credit Agreement ST. MARK'S: First Commerce Wins Bid for Chapter 7 Conversion STEVEN GERALD PAPERMASTER: Race and Leap Claims Nondischargeable SWEAT THERAPY: Seeks Chapter 7 Bankruptcy in Louisiana T-4 FARM: Court OKs T4 Property Sale to Multiple Buyers TAWR PROPERTY: Seeks to Extend Plan Exclusivity to Nov. 2 THE AVERY: Oaktree Specialty Lending Marks $4.8M 1L Loan at 35% Off THE AVERY: Oaktree Specialty Marks $10.8M 1L Loan at 63% Off THOMAS SWAREK: Loses Bid to Stay Sale of World AG Farmland, Assets THRASIO LLC: Oaktree Specialty Marks $23.2MM 1L Loan at 20% Off TIFARET DISCOUNT: Updates SBA Claims Pay Details; Amends Plan TIMBER PROS: 75-Day Extension for Plan Filing Granted TPI COMPOSITES: Says Ch. 11 Plan Offers Best Recovery for Creditors TRAVEL + LEISURE: Moody's Rates New Sec. Notes Due 2031 'Ba3' TREEO'S TREE: Gets Interim OK to Use Cash Collateral TREESAP FARMS: Court OKs Plant Supply Business Sale to YFCO LLC TRIAD AERO: Gets Final OK to Use Cash Collateral TRINSEO PLC: Plans to File for Chapter 11 Bankruptcy TRINSEO PLC: Signs RSA to Cut $2B Debt, Eyes Chapter 11 Filing TRUE BELIEVERS: Court OKs Deal to Use WWBIC's Cash Collateral TTM TECHNOLOGIES: Moody's Rates New $1BB 2031 Revolver Loans 'Ba1' VANGUARD SURGICAL: U.S. Trustee Appoints William Harbison as PCO VICTORIA'S KITCHEN: Claims to be Paid from Future Income VIOLET'S PUPPIES: Case Summary & Seven Unsecured Creditors VITASPRING BIOMEDICAL: Q3 2024 Net Loss Narrows to $196K W/L PROPERTIES: Seeks Chapter 11 Bankruptcy in Connecticut WAYFAIR INC: Fitch Hikes LongTerm IDR to 'BB-', Outlook Stable WFM 3801: FM Real Estate Drops Receivership Bid WHIRLPOOL CORP: Moody's Cuts CFR to Ba3, Outlook Negative WHIRLPOOL CORP: S&P Lowers ICR to 'BB-' on Steep Profit Declines WHITEEAGLE PROPERTIES: Lindsborg Property Sale Curtis Graumann OK'd WHITTIER SEAFOOD: Counsel Can't Surcharge Cathay Bank’s Collateral WISER SOLUTIONS: Seeks Chapter 11 Bankruptcy in Texas WOODBRIDGE GROUP: Court Narrows Claims in Campbell, et al., Case YESCARE CORP: Can’t Transfer Ch. 11 Case to Florida, Creditors Say YESCARE CORP: Seeks Chapter 11 Bankruptcy Due to Lawsuits ZION OIL & GAS: Robert Dunn Named Board Chairman, Retains CEO Role ZION OIL: 1Q Net Loss Widens to $2.08 Million [] US Large Corporate Bankruptcy Filings Decreased in April 2026 [] Van Horn Surpasses 11K Bankruptcy Filings, Donates $12K to ALA ********* 1224 3RD AVENUE: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: 1224 3rd Avenue LLC 6820 La Tijera Blvd Suite 116 Los Angeles CA 90045 Business Description: 1224 3rd Avenue 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. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14676 Judge: Hon. Julia W Brand Debtor's Counsel: Amira Heath, Esq. AMIRA MANAGEMENT & INVESTMENTS, INC. 6820 La Tijera Blvd Los Angeles, CA 90045 Tel: 310-642-1011 Email: amiramgt@att.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Archie Heath as managing partner. 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/7PNFOBA/1224_3rd_Avenue_LLC__cacbke-26-14676__0001.0.pdf?mcid=tGE4TAMA 176 W. 86: Withdraws Motion to Sell New York Properties ------------------------------------------------------- 176 W. 86 St. Corp. seeks approval from the U.S. Bankruptcy Court of Southern District of New York, to withdraw motion to sell Property, free and clear of liens, claims, interests, ad encumbrances. The Debtor, 176 W. 86 St. Corp., is the titled owner of the residential real property located at 176 W. 86th Street, New York, New York. The Property consists of two condo retail stores located at 176 W. 86th Street / 529 535 Amsterdam Avenue, New York, New York. Both stores are rented. The Debtor was formed solely to hold title to the Property, and it has no business operations apart from ownership and maintenance of the Property. The Debtor and the Buyer, 535 Amsterdam LLC, have entered into a Contract of Sale, in which the Buyer has agreed to acquire the Debtor's real property for $1,800,000.00. The Debtor, by and through its counsel, the Law Offices of Charles Wertman P.C., withdraws, without prejudice the motion. The Debtor is withdrawing the Sale Motion in connection in connection with the filing of its Second Amended Chapter 11 Plan of Reorganization and Second Amended Disclosure Statement, in which the sale of the Property is being incorporated and will be authorized solely under sections 1123(a)(5)(D) and 1141 of the Bankruptcy Code, not section 363. About 176 W. 86 St. Corp. 176 W. 86 St. Corp. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10691) on April 9, 2025. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $1,000,001 and $10 million. Judge Philip Bentley oversees the case. The Law Offices of Charles Wertman P.C. is the Debtor's legal counsel. 3432 LANTANA: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On May 13, 2026, 3432 Lantana St LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About 3432 Lantana St LLC 3432 Lantana St LLC is a limited liability company engaged in property ownership and real estate-related activities in Florida. 3432 Lantana St LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01138) on May 13, 2026. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. 4912 WISCONSIN: Unsecured Creditors "Unimpaired" in Joint Plan -------------------------------------------------------------- 4912 Wisconsin, LLC and 1544 Multifamily, LLC filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement with respect to Joint Plan of Reorganization dated May 4, 2026. Each of the Debtors is a single asset real estate entity organized as a limited liability company in the District of Columbia. The Debtors are related entities that are under common ownership of Mr. Dereje ("Reggie") Seifu. 4912 Wisconsin owns the real property located at 4912 Wisconsin Avenue, N.W., Washington, D.C. 20016 (the "4912 Property"). 1544 Multifamily owns the real property located at 1544 Rhode Island Avenue, N.E., Washington, D.C. 20018 (the "1544 Property"). Each Debtor is engaged in the business of multifamily residential real estate. The Debtors believe that the Plan will allow them to efficiently reorganize and make prompt distributions to creditors. The Plan proposes to reorganize the Debtors through a tiered progressive milestone structure, with the objective of obtaining permanent Exit Financing to pay all Allowed Claims in full. The Plan provides for all Classes of Claims to be paid in full with a projected recovery of 100%, and for all Interests to be retained by the existing equity holders. All Classes under the Plan are Unimpaired. Class A.4 consists of all Allowed General Unsecured Claims with respect to 4912 Wisconsin and 4912 Property. Except to the extent that the Holder of the Allowed Class A.4 Claim agrees to a different and lesser treatment, the Holder of the Class A.4 Claim shall be paid in full in Cash from the proceeds of the Exit Facility on the Effective Date. Class A.4 is unimpaired under this Plan and is conclusively presumed to have accepted this Plan and, therefore, Holders of Class A.4 Claims are not entitled to vote to accept or reject this Plan. Class A.5 consists of Holders of Interests in 4912 Wisconsin. All Holders of Class A.5 Interests shall retain their Interests in Reorganized 4912 Wisconsin. The current managing member, Dereje Seifu, shall continue to serve as the managing member of Reorganized 4912 Wisconsin. To the extent any estate funds may remain after the payment (or appropriate reservation of payment) of all other Allowed Class A Claims, such funding shall first be reserved for the benefit of the Class B claims of 1544 Multifamily. Upon the satisfaction of all Allowed Claims in full, any remaining estate funds shall be disbursed to the holders of Class A.5 Interests. Class B.4 consists of all Allowed General Unsecured Claims with respect to 1544 Multifamily and 1544 Property. Except to the extent that the Holder of the Allowed Class B.4 Claim agrees to a different and lesser treatment, the Holder of the Class B.4 Claim shall be paid in full in Cash from the proceeds of the Exit Facility on the Effective Date. Class B.4 is unimpaired under this Plan and is conclusively presumed to have accepted this Plan and, therefore, Holders of Class B.4 Claims are not entitled to vote to accept or reject this Plan. Class B.5 consists of Holders of Interests in 1544 Multifamily. All Holders of Class B.5 Interests shall retain their Interests in Reorganized 1544 Multifamily. The current managing member, Dereje Seifu, shall continue to serve as the managing member of Reorganized 1544 Multifamily. To the extent any estate funds may remain after the payment (or appropriate reservation of payment) of all other Allowed Class B Claims, such funding shall first be reserved for the benefit of the Class A claims of 4912 Wisconsin. Upon the satisfaction of all Allowed Claims in full, any remaining estate funds shall be disbursed to the holders of Class B.5 Interests. Distributions under the Plan will be funded from the following sources: (i) Cash on hand; (ii) any rent proceeds or receipts that may be received by the Debtors; (iii) proceeds from the Exit Facility on the Effective Date; and (iv) Sale Proceeds, if the Debtors proceed with the Sale of one or both Properties pursuant to the Plan. The primary source of Plan Funding is anticipated to be the proceeds of the Exit Facility — permanent financing to be obtained by the Reorganized Debtors on or before the Effective Date. The proceeds of the Exit Facility will be used to satisfy Administrative Expense Claims, the MainStreet Bank Secured Claims, and all other obligations under the Plan. The Exit Facility may provide financing for one or both of the Properties. Leslie Lickstein and Brighton Consulting, LLC have been retained as commercial loan and private lending consultants for 4912 Wisconsin to assist in obtaining the Exit Financing. In the event that a Debtor is unable to obtain Exit Financing within the timeframes provided for in the Plan, the Plan provides for an alternative funding mechanism through a marketed sale of the corresponding Property, with Sale Proceeds to be used to satisfy that Debtor's obligations under the Plan. If a Debtor is further unable to obtain and close on an acceptable sale of the Property, MainStreet Bank is then to be afforded relief from the automatic stay to proceed with a foreclosure sale of the Property for the benefit of the Bankruptcy Estate. A full-text copy of the Disclosure Statement dated May 4, 2026 is available at https://urlcurt.com/u?l=GuuQkl from PacerMonitor.com at no charge. Counsel for 4912 Wisconsin LLC: Bradley D. Jones, Esq. Joshua W. Cox, Esq. Ruiqiao Wen, Esq. Shelby E. Kostolni, Esq. STINSON LLP 1775 Pennsylvania Ave., N.W., Suite 800 Washington, DC 20006 Tel. (202) 785-9100 Fax (202) 572-9943 Email: brad.jones@stinson.com joshua.cox@stinson.com ruiqiao.wen@stinson.com shelby.kostolni@stinson.com Counsel for 1544 Multifamily, LLC: Richard G. Hall, Esq. 601 King Street, Suite 301 Alexandria, Virginia 22314 Tel. (703) 256-7159 Email: richard.hall33@verizon.net About 4912 Wisconsin LLC 4912 Wisconsin LLC is a single asset real estate entity organized as a limited liability company in the District of Columbia. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-00587) on December 16, 2025. In its petition, the Debtor reports unknown estimated assets and estimated liabilities in the range of $1 million to $10 million. The case is handled by Honorable Bankruptcy Judge Elizabeth L. Gunn. The Debtor is represented by William Payne, Esq., of Payne & Assoc. 506 FRANKLIN: Section 341(a) Meeting of Creditors on June 4 ----------------------------------------------------------- On May 4, 2026, 506 Franklin Road LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Tennessee. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 4, 2026 at 01:30 PM via Meeting held telephonically. Please call 888-330-1716 and enter code 3884044# to attend. About 506 Franklin Road LLC 506 Franklin Road LLC is a limited liability company engaged in property ownership and real estate-related operations. 506 Franklin Road LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-02120) on May 4, 2026. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Charles M. Walker handles the case. The Debtor is represented by Henry E. Hildebrand, Esq. of Dunham Hildebrand Payne Waldron, PLLC. 74 OXFORD: Condo Unit 72 Sale to W. Mesard & A. Borgmann OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, has permitted 72 Oxford Street LLC to sell 72 Oxford Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited liability company formed on April 10, 2018. The Debtor conducts business in Cambridge, Massachusetts where it owns real property. The Debtor seeks authority to sell its right, title, and interest in and to unit 72 in the Oxford & Wendell Condominium located at 72-74 Oxford Street, Cambridge, Massachusetts 02138. The Court has authorized the Debtor to sell the Property to Wayne Mesard and Andrea Borgmann for the purchase price of $2,875,000. The Purchaser is a good faith purchaser. The Debtor is authorized to execute and deliver all documents and instruments and take all actions necessary to consummate the sale contemplated by the Purchase Agreement. The Debtor has represented that secured creditor 76-80 Middlesex Realty Trust f/k/a CCG Fund has agreed to waive any payment from this sale and will be paid instead from the sale of 43 Wendell Ave. in the fixed compromised amount of $600,000 with interest accruing at ten percent per annum after August 1, 2026 and that the Wendell Ave property will go on the market in 3 weeks. The Debtor is authorized to pay from the proceeds of the sale a commission of 2.5% of the Purchase Price to each of the Buyer Broker Leading Edge Real Estate and the Seller Broker Senne Commercial LLC in accordance with the terms of this Court’s order dated April 24, 2026 approving the Debtor’s retention of the Seller Broker. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. 74 OXFORD: Condominium Units Sale to Collin & Christine Rhea OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, has permitted 72 Oxford Street LLC to sell 74 Oxford Street, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited liability company formed on April 10, 2018. The Debtor conducts business in Cambridge, Massachusetts where it owns real property. The Debtor's Property is comprised of certain parcel of land with any and all buildings and improvements, located in Cambridge, Massachusetts, commonly known as unit 74 in the Oxford & Wendell Condominium located at 72-74 Oxford Street, Cambridge, Massachusetts 02138, together with all privileges, rights, covenants, easements and other appurtenances belonging to the Land, and all right, title and interest (if any) of Seller in and to any streets, curbing, sidewalks, walkways, alleys, passages, parking, and other rights-of-way or appurtenances included in, adjacent to or used in connection with the Land. The Court has authorized the Debtor to sell the Property to Collin Rhea and Christine Rhea for the purchase price of $2,575,000. The Purchaser is a good faith purchaser. The Debtor is authorized to execute and deliver all documents and instruments and take all actions necessary to consummate the sale contemplated by the Purchase Agreement. The Debtor has represented that secured creditor 76-80 Middlesex Realty Trust f/k/a CCG Fund has agreed to waive any payment from this sale and will be paid instead from the sale of 43 Wendell Ave. in the fixed compromised amount of $600,000 with interest accruing at ten percent per annum after August 1, 2026, and that the Wendell Ave. property will go on the market in 3 weeks. The Debtor is authorized to pay from the proceeds of the sale a commission of 2.5% of the Purchase Price to each of the Buyer Broker ReMax Real Estate Center and the Seller Broker Senne Commercial LLC in accordance with the terms of this Court’s order dated April 24, 2026 approving the Debtor’s retention of the Seller Broker. About 74 Oxford Street LLC 74 Oxford Street LLC owns a multi-family residential building at 72-74 Oxford Street, Cambridge, MA, valued at $7.75 million. 74 Oxford Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12442) on November 12, 2025. In its petition, the Debtor reports total assets of $7,750,000 and total liabilities of $6,464,475. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Peter N. Tamposi, Esq. of THE TAMPOSI LAW GROUP, P.A. A'LEURER LLC: Unsecureds to Get $5K per Year for 5 Years -------------------------------------------------------- A'leurer LLC filed with the U.S. Bankruptcy Court for the Middle District of North Carolina a First Disclosure Statement describing First Plan of Reorganization dated May 5, 2026. The Debtor is a limited liability company organized under the State of North Carolina. The primary business of A'leurer is the operation of a restaurant in Greensboro, NC. The company is managed by Donnell Charlton, Natasha Charlton and a family member, Thalia Austin. The Charltons are officers and interest holders and Ms. Austin holds no interest in the company but has historically provided financial support for the Debtor. The business was established in October of 2024. The sole purpose of the formation was to establish and operate the restaurant located at 1500 Mill Street in the Westover Gallery of Shops shopping center. However, opening costs and delays in opening eroded the Debtor's capital reserves. The principal issue that drove the company to file for bankruptcy protection was collection activities by creditors. When the weather turned cold, sales slowed down and the Debtor could not meet its operating costs. Based on these events, the company filed for protection under Chapter 11 of the United States Bankruptcy Code. The Debtor holds no capital reserves. Instead, the Debtor will be reliant on ongoing operational income to fund its distribution to its creditors in the order of priority. Class 6 is impaired. This class consists of the equity interests and claims of shareholders in whatever form. The only known claimants are the current interest holders, Donnell Charlton and Natasha Charlton. While there is no forecast of equity in excess of the senior liens that would require a repayment to equity, the Plan will require the continued service of these members, including possible capital contributions in support of the Plan and the organization. As such, the Debtor will leave these shares and interests unaffected by the Plan of Reorganization. Furthermore, the interest holders will retain their claims for interest holder loans but these claims will be subordinated to other creditors holding allowed claims and no payment will be made to these claims during the term of the plan. Class 7 is impaired. This class consists of general unsecured claims, including any deficiency claims arising from other classes. Based on the value of equity and the secured claims in this matter, there is projected no equity to support repayment of these claims. Regardless, the Debtor will make a distribution to unsecured creditors of $5,000 annually for five years, distributed pro rata to these claimants on the anniversary of the Effective Date. However, the Debtor's efforts in recovery and claims objection litigation may result in an increase in the funds available for these creditors. To the extent additional equity is created by litigation, the total payment to this class will be increased by the net gain to the company from recovery. In that event, these claims will continue to receive annual distributions each year in $5,000 amounts. If this provision is triggered by recovery, the new equity payments will cease upon the lesser of the new equity distributed in full or the claims are paid in full. The Debtor will fund the Plan through monthly income from its operations and capital contributions. A full-text copy of the First Disclosure Statement dated May 5, 2026 is available at https://urlcurt.com/u?l=wJ7b3m from PacerMonitor.com at no charge. Counsel to the Debtor: J.M. Cook J.M. Cook, P.A. 5886 Faringdon Place, Suite 100 Raleigh, NC 27609 Telephone: (919) 675-2411 Facsimile: (919) 882-1719 E-mail: J.M.Cook@jmcookesq.com About A'Leurer LLC A'Leurer LLC is a privately held limited liability company engaged in business operations. A'Leurer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 26-00498) on Feb. 2, 2026. In its petition, the Debtor listed less than $100,000 in assets and $100,001 to $1,000,000 in liabilities. Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by J.M. Cook, Esq. of J.M. Cook, P.A. A2Z FIELD: Gets Interim OK to Use Cash Collateral ------------------------------------------------- A2Z Field Services, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral for operating expenses through the continued hearing on May 27. The Debtor must comply with the approved 13-week operating budget, subject to a 10% variance for individual line items. The Debtor's cash collateral includes accounts receivable and rights to payment, subject to lien held by its primary secured lender, OnDeck Capital. OnDeck holds a lien on substantially all of the Debtor's personal property, including accounts receivable and payment rights, securing a $200,000 loan, of which approximately $141,000 remains outstanding. In addition to OnDeck, the Debtor identified several other lien claimants -- QFS Capital, Bellwether Capital, Fintech Capital Group, AKF, Highland Hill Capital, and Daytona Funding Solutions -- that provided financing through purported merchant cash advance agreements involving future receivables. The Debtor disputes whether these arrangements created enforceable security interests in its accounts or cash collateral and contends that any such interests are likely subordinate to OnDeck's liens. As protection, OnDeck and other lien claimants will be granted continued and replacement liens on the Debtor's cash collateral, inventory, general intangibles, revenues, and related proceeds, with the same validity and priority as existed on the petition date. These liens do not apply to avoidance actions. The Debtor reserves all rights to challenge the validity, extent, and priority of these claims and liens during the bankruptcy case. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/5RBI2 from PacerMonitor.com. A2Z uses a combination of approximately 19 internal employees and a nationwide network of roughly 600 independent contractors to carry out field services. Maintaining this operational structure is essential to preserving enterprise value and successfully reorganizing. According to the filing, the Debtor's financial distress arose largely from more than $1.1 million in debt incurred by prior management through merchant cash advance lenders. These burdensome financing arrangements contributed substantially to the Debtor's financial collapse and necessitated the Chapter 11 filing. 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. A2Z filed a petition under Chapter 11, Subchapter V of the 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, managing member, signed the petition. Judge Mina Nami Khorrami presides over the case. Eric R. Neuman, Esq., at Diller and Rice, LLC represents the Debtor as legal counsel. AB AND J JEWELRY: Court OKs Deal to Use GM Gold's Cash Collateral ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division, approved a second stipulation allowing AB and J Jewelry Inc. to continue using cash collateral to fund operations. The agreement was entered into between the Debtor and its secured creditor, GM Gold and Diamonds, LP. Under the agreement, the Debtor is authorized to use cash collateral through September 30 in accordance with the terms described in the court's final order. The continued use of funds must comply fully with those earlier approved conditions governing operations and creditor protections. The authorization allows the Debtor to maintain ongoing business operations while restructuring under Chapter 11. Cash collateral usage remains subject to the Bankruptcy Code provisions governing adequate protection and secured creditor rights, ensuring that the secured creditor's interests remain protected during the reorganization process. The Debtor is required to make adequate protection payments to GM in the amount of $4,000 per month commencing May 1, 2026. The second stipulation is available at https://shorturl.at/Mu9iG The court initially approved interim use of cash collateral through an order entered on August 28, 2025. Subsequently, the court entered a final order on October 15, 2025, authorizing the Debtor's use of cash collateral through January 30. Later, on February 12, the court approved a first stipulation extending the Debtor's authority to use cash collateral through April 30. GM holds a senior secured lien on the Debtor's cash collateral and substantially all personal property assets of the business, as evidenced by UCC-1 financing statements and related filings recorded with the California Secretary of State. As a secured creditor with a lien on the Debtor's cash collateral, GM's consent is required for the Debtor's continued use of those funds absent additional court authorization. The parties therefore negotiated an agreement allowing the Debtor to continue operating under substantially the same terms previously approved by the court in the final cash collateral order. The Debtor said that its Chapter 11 case has now progressed into the critical phase of preparing a Chapter 11 plan and disclosure statement and pursuing confirmation of a reorganization plan. During this stage, continued access to cash collateral is essential for maintaining liquidity, preserving going-concern value, stabilizing relationships with employees, vendors, and customers, and funding ordinary-course operating expenses. About AB and J Jewelry Inc. AB and J Jewelry, Inc. sold plated and fine jewelry products through a retail store in Ontario, California and via online platforms, offering items such as gold-plated stainless steel chains, silver jewelry, and moissanite pieces. AB and J Jewelry sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15659) on August 12, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Leonard Pena, Esq., at Pena & Soma, APC. ABODE S&T: Starts Chapter 7 Bankruptcy in New Jersey ---------------------------------------------------- On May 8, 2026, Abode S&T LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Abode S&T LLC Abode S&T LLC is a limited liability company engaged in commercial and business operations in New Jersey. Abode S&T LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15232) on May 8, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Jared A. Geist, Esq. of Geist Law LLC. ADC THERAPEUTICS: Liabilities Exceed Assets by $216MM at March 31 ----------------------------------------------------------------- ADC Therapeutics SA's stockholder's deficit was $216.4 million at March 31, 2026. The stockholder's deficit was $185.8 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of $291.5 million and total liabilities of $507.9 million. At Dec. 31, 2025, the Company had total assets of $323.2 million and total liabilities of $509.0 million. ADC Therapeutics reported cash and cash equivalents of $231.0 million as of March 31, 2026 and stated that it "believe[s] that our current cash position and capital resources are sufficient to fund our operation and meet capital requirements for at least the next twelve months from the date of this report." Operating cash burn for the quarter was $29.7 million, implying an annualized cash use rate of roughly $120 million before any change in trajectory from restructuring. The Company emphasized that net cash used in operating activities declined significantly from the prior year, driven by one-off payments in the prior period, stronger collections, and cost reductions under its 2025 Restructuring Plan. Despite its cash cushion, the business model remains structurally cash-consumptive and leveraged. The Company disclosed that interest expense of $12.3 million for the quarter is "primarily related to the accretion of our deferred royalty obligation with HCR and the senior secured term loan facility," underscoring a meaningful fixed financing burden. It also highlighted that a recent amendment to the HCR royalty financing increased the effective interest rate, and that the HCR warrant obligation was valued at $18.5 million as of March 31, 2026, signaling added dilution and complexity in its capital structure. Management was explicit that continued funding of operations will depend on multiple external capital sources beyond current cash and organic cash flows. ADC Therapeutics said it plans to fund operating needs through "existing cash and cash equivalents, revenues from sales of ZYNLONTA, potential milestone and royalty payments under our licensing agreements and additional equity financings, debt financings and/or other forms of financing." It further stated that it is "continuously exploring strategic collaborations, business combinations, licensing opportunities or similar strategies," but cautioned that it "may be unable to obtain such future financing, licensing and collaboration arrangements on favorable terms, if at all." Future cash uses are expected to remain substantial, particularly for development and commercialization of ZYNLONTA and servicing of debt-like obligations. The Company noted that primary uses of capital include "research and development expenses, selling and marketing expenses, compensation and related expenses, interest and principal payments on debt obligations and other operating expenses," and that it expects to "incur substantial expenses" as it continues to invest in R&D and commercial activities. While R&D expense decreased 31.3% year over year due to restructuring and program discontinuations, selling and marketing expenses increased 20.4%, reflecting an ongoing commitment to commercial growth that will continue to consume cash. A full-text copy of the Form 10-Q is available at https://tinyurl.com/33e4fsac About ADC Therapeutics ADC Therapeutics is a commercial-stage global pioneer in the field of antibody drug conjugates, transforming treatment for patients through its focused portfolio with ZYNLONTA, a CD19-directed ADC. The Company generates sales from its flagship product, ZYNLONTA which received accelerated approval from the U.S. Food and Drug Administration, conditional approval from the European Commission, the China National Medical Products Administration (NMPA) and Health Canada, as well as approvals in other key global markets for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) after two or more lines of systemic therapy. Additionally, the Company is pursuing expansion into earlier lines of therapies and indolent lymphomas through Company-sponsored trials and investigator initiated studies. ALACHUA GOVERNMENT: To Sell Alachua Parcel to Strive Specialties ---------------------------------------------------------------- Alachua Government Services Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a former biologics contract development and manufacturing company that specialized in the manufacturing of vaccines, monoclonal antibodies, recombinant proteins, and nucleic acids, which operated primarily out of a 183,000-square foot Advanced Development Manufacturing Facility and "Building G", a 92,000-square foot facility designed to expand the manufacturing capabilities of the ADM Facility, in Alachua, Florida (Alachua Site). The Debtor engaged Jefferies LLC and Jefferies International Limited and began a marketing process for its assets, including the Alachua Site. With the assistance of Jefferies, the Debtor continued its marketing process following the Petition Date and on September 12, 2025, the Debtor filed a motion seeking, among other things, approval of bidding procedures and the sale of the Alachua Site. After multiple rounds of bidding, Strive Specialties, Inc.'s bid of $11,500,000.00 was declared the successful bid for the Alachua Site. On October 17, 2025, the Court entered an order approving the sale of the Alachua Site to Strive. The sale of the Alachua Site to Strive closed on October 31, 2025. The Debtor’s review of Florida real estate property records in connection with the closing of the Alachua Site Sale identified a vacant parcel of undeveloped land (Parcel) that is adjacent to and part of the Alachua Site but was not included as an asset in the Alachua Site Sale. After arm's-length negotiations between the Debtor and Strive, Strive has agreed to purchase the Parcel for a cash purchase price of $550,000.00 Given the proposed Purchase Price, the Debtor has determined to proceed by private sale rather than via a formal auction process. The Debtor seeks approval of the Parcel Sale and authority to sell and convey the Parcel to Strive free and clear of all liens, claims, encumbrances and interests. The Debtor believes that the private sale of the Parcel should be consummated as soon as practicable to preserve and maximize value. About Alachua Government Services Inc. Alachua Government Services, Inc. is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALETHA INC: Gets Interim OK to Use Cash Collateral Until June 11 ---------------------------------------------------------------- Aletha Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of California, Oakland Division, to use the cash collateral of Settle Funding, LLC. Under the interim order, the Debtor is authorized to use cash collateral from the petition date through June 11 in accordance with a court-approved operating budget, subject to a 10% variance cap on expenditures. The Debtor owes Settle Funding approximately $100,840 under two business loans bearing interest rates of 17% to 24%. In exchange for the Debtor's use of its cash collateral, Settle Funding will be granted protection through a superpriority administrative expense claim and a replacement lien on post-petition assets (excluding avoidance actions and related proceeds), with the same validity and priority as its pre-petition lien. As additional protection, the Debtor must timely file monthly operating reports, maintain insurance on collateral, and preserve a professional fee reserve, although payments to retained professionals require additional court approval. The interim order directed primary payment processors, Amazon and Stripe, to immediately release and remit all funds held on behalf of the Debtor. The Debtor's operations are currently paralyzed because the payment processors are withholding all customer sale proceeds. This freeze was triggered by a pre-petition "UCC Lien Notice" from Parkside Funding Group LLC, which attempted to redirect the Debtor's funds to itself. These frozen funds constitute the cash collateral of Settle Funding. A final hearing is scheduled for June 11, with objections due by June 4. The Debtor must also file an updated budget and supplemental declaration by May 29, if further amendments to the budget become necessary. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/aWLNS from PacerMonitor.com. About Aletha Inc. Aletha Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40950) on May 4, 2026. In the petition signed by Christine Anie, founder and sole director, the Debtor disclosed up to $1 million in assets and up to $10 million in both assets and liabilities. Jeannie Kim, Esq., at Golden Goodrich LLP, represents the Debtor as legal counsel. ALEXANDER PHILLIP: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- On May 11, 2026, Alexander Phillip LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. Deadline to file the Summary of Assets and Liabilities is May 26, 2026. About Alexander Phillip LLC Alexander Phillip LLC is a single asset real estate company. Alexander Phillip LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22481) on May 11, 2026. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Sean H. Lane handles the case. ALEXANDER ZHELEZNYAK: Court Denies Chapter 15 Recognition --------------------------------------------------------- Judge Elizabeth D. Katz of the U.S. Bankruptcy Court for the District of Massachusetts will deny the petition filed by Oleg Ogarkov, the bankruptcy trustee in Alexander Zheleznyak's pending bankruptcy proceedings in Russia, to recognize the Russian Proceeding under Chapter 15 of the United States Bankruptcy Code. The Petitioner asks this Court to recognize the Russian Proceeding under Chapter 15 of the United States Bankruptcy Code, either as a "foreign main proceeding" or a "foreign nonmain proceeding," and requests additional relief upon recognition of the Russian Proceeding. Zheleznyak is a Russian and Israeli citizen and was a co-founder of Probusinessbank, a large Russian bank. In 2014, Probusinessbank's banking license was revoked after investigation by the Russian Central Bank. Shortly after, Probusinessbank was declared bankrupt, and the Deposit Insurance Agency (the "DIA") was appointed as the trustee for Probusinessbank's bankruptcy. Zheleznyak and other directors of the bank, including the bank's other co-founder, Sergei Leontiev ("Leontiev"), were declared responsible for the bank's collapse due to mismanagement and embezzlement. Zheleznyak and Leontiev were accused of embezzling substantial amounts of money and transferring the money to various countries. Criminal cases were initiated in connection with the embezzlement allegations, but no judgment has entered against Zheleznyak because he is not present in Russia. Zheleznyak ceased maintaining a registered residence in Russia in January 2016 (when he moved to Israel) and now resides in the United States. The Russian Proceeding commenced on August 15, 2019, when Probusinessbank's application to declare Zheleznyak bankrupt was granted. Zheleznyak has two creditors in the Russian Proceeding: Probusinessbank and Boris Zuev. Liquidation of Zheleznyak's assets was initially set for a period of six months but remains incomplete after numerous extensions. Zheleznyak is a registered attorney in Russia and a member of the Moscow City Bar Association. Information from Russian tax authorities indicates that, between 2016 and 2019, Zheleznyak received income of at least 1,500,000 Russian rubles for work as an attorney. Zheleznyak is affiliated with a law firm founded by his brother and may be affiliated with a fintech company based in Cyprus. Additionally, Zheleznyak owns property in Moscow. According to Koneva's declaration, and exhibits attached thereto, although Zheleznyak transferred the property in 2005, he currently owns the property as the result of a 2023 court order issued in a Russian legal proceeding (similar to an avoidance action under the Bankruptcy Code) initiated by Ogarkov to unwind multiple subsequent real estate transfers. The Petitioner contends that the Russian Proceeding should be recognized under Chapter 15 of the Bankruptcy Code. As a threshold matter, the Petitioner says that the Russian Proceeding is a "foreign proceeding" under Sec. 101(23), that Ogarkov is an appropriate "foreign representative" under Sec. 101(24), that Zheleznyak is qualified to be a debtor under Sec. 109(a), and that the petition meets the requirements of Sec. 1515. The Petitioner argues that the Russian Proceeding is a foreign main proceeding under Secs. 1517(b)(1)* and 1502(4) because Zheleznyak's center of main interest ("COMI") is in Russia. To support this argument, the Petitioner relies on the following facts: Zheleznyak (1) is a Russian citizen; (2) owns property in Russia; and (3) is a registered attorney in Russia, a member of the bar in Moscow, and may have an interest in a Russian law firm. The Petitioner additionally says that both of Zheleznyak's creditors are located in Russia, that their claims are connected with Zheleznyak's prior business activity in Russia, and that Zheleznyak's only known source of income is from the practice of law in Russia between 2016 and 2019. In the alternative, the Petitioner argues that the Russian Proceeding is a foreign nonmain proceeding under Secs. 1517(b)(2) and 1502(2) because, "at all relevant times," Zheleznyak carried out nontransitory economic activity in Russia and therefore has an "establishment" in Russia within the meaning of Sec. 1502(2). To support this argument, the Petitioner again relies on Zheleznyak's status as an attorney in Russia, Zheleznyak's income earned in Russia from legal work through 2019, and Zheleznyak's ownership of property in Russia. Finally, the Petitioner argues that, upon recognition, under Sec. 1520, the Petitioner is entitled to the application of certain Bankruptcy Code provisions, including the automatic stay, and asks the Court to grant additional relief under Sec. 1521, including allowing the Petitioner to obtain discovery regarding Zheleznyak's assets, affairs, rights, obligations, or liabilities. Zheleznyak largely objects to and disputes the factual allegations contained in the Petition, particularly those related to the underlying reasons for Zheleznyak's departure from Russia, the propriety of the Russian criminal proceedings, and the independence of the Russian Proceeding from the Russian criminal proceedings. As to the merits, Zheleznyak contends that, even assuming the facts alleged in the Petition to be true, the Petitioner has not set forth sufficient facts to warrant recognition of the Russian Proceeding under Sec. 1517, either as a foreign main proceeding or a foreign nonmain proceeding. Zheleznyak argues that the Russian Proceeding is not a foreign main proceeding because his COMI is in the United States (and not Russia) and his alleged ties to Russia are manufactured, trivial, and not sufficient to establish a COMI in Russia under existing case law. Zheleznyak argues that the Russian Proceeding is also not a foreign nonmain proceeding because he lacks an "establishment" in Russia. Further, Zheleznyak argues that recognition of the Russian Proceeding would be manifestly contrary to United States public policy under § 1506 because the Russian Proceeding is corrupt, lacks procedural fairness that cannot be cured, and deprives Zheleznyak of due process rights. Finally, Zheleznyak argues that the additional relief sought pursuant to Sec. 1521 is inappropriate in this proceeding. According to the Court, without evidence -- or even an allegation -- indicating that Zheleznyak engaged in the practice of law in Russia and received income as a result between the commencement of the Russian Proceeding and filing of the Petition, Zheleznyak's status as a registered attorney in Russia cannot establish that his COMI is in Russia. The Court finds the Petitioner has failed to rebut the presumption that Zheleznyak's habitual residence, and therefore Zheleznyak's COMI, is in the United States. Accordingly, the Russian Proceeding will not be recognized as a foreign main proceeding under Sec. 1517(b)(1). The Court notes there is no allegation (or evidence) that the property owned by Zheleznyak in Russia served as a secondary residence or place of employment at the time of the Petition. At most, Zheleznyak's ownership of property in a country to which he has not returned since 2016 represents simply the maintenance of property, which does not demonstrate that Zheleznyak conducted sufficient economic activity to support an establishment in Russia. Nor does the Petitioner allege that Zheleznyak conducted any business in Russia at the time the Petition was filed, instead conceding that Zheleznyak has not earned income in Russia since 2019. The Court concludes the Petitioner has failed to demonstrate that Zheleznyak had a "place of operations" or carried out "nontransitory economic activity" in Russia as of the filing of the Petition. 11 U.S.C. Sec. 1502(2). Therefore, Zheleznyak does not have an "establishment" in Russia. Accordingly, the Russian Proceeding will not be recognized as a foreign nonmain proceeding under Sec. 1517(b)(2). For all these reasons, the Court will deny the Petition and will not recognize the Russian Proceeding as a foreign main proceeding or as a foreign nonmain proceeding under Sec. 1517. Because the Court will not recognize the Russian Proceeding, the additional requests for relief under Secs. 1520 and 1521 will also be denied. A copy of the Court's Memorandum of Decision dated May 8, 2026, is available at https://urlcurt.com/u?l=g5drnY from PacerMonitor.com. ALL WEB: Oaktree Specialty Lending Marks $4M 1L Loan at 57% Off --------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $4,014,000 loan extended to All Web Leads, Inc. to market at $1,706,000 or 43% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to All Web Leads, Inc.. The 1L Loan accrues interest at a rate of 10.00% per annum. The 1L Loan matures on March 29, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About All Web Leads, Inc. All Web Leads, Inc. operates in the advertising sector, providing lead generation and marketing services, primarily for insurance and related industries. AMERICAN LANGUAGE: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, entered a final order authorizing The American Language Kollege, Inc. to continue to use the cash collateral of the U.S. Small Business Administration. Under the order, the Debtor is authorized to use cash collateral in accordance with the approved budget. The funds may be used only for ordinary and necessary business and case administration expenses, including payroll, rent, utilities, insurance, taxes, professional fees, and other operational costs necessary to preserve the business. The approved budget period runs through June 28, unless extended by agreement or further court order. The court allowed the Debtor flexibility to vary from the approved budget in the ordinary course of business, provided total disbursements do not exceed the budget by more than 10% without further approval. As adequate protection for the SBA's interest in the cash collateral, the court authorized monthly payments of $731 to the SBA during the budget period. These payments must be made on or before the 17th day of each month. The order also granted the SBA replacement liens on the Debtor's post-petition assets to the same extent and priority as its alleged pre-petition collateral, excluding Chapter 5 avoidance actions and their proceeds. The order does not determine the validity, priority, or enforceability of the SBA's claims or liens, nor does it waive any rights or defenses of the Debtor or other parties. The order is available at http://bankrupt.com/misc/AmericanLanguage_FCCOrder.pdf About The American Language Kollege, Inc. The American Language Kollege, Inc. runs an education business providing English language and professional development programs to international students. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13936) on March 30, 2026. In the petition signed by Desmond Levin, president, the Debtor disclosed up to $10 million in both assets and liabilities. Morgan B. Edelboim, Esq., at Edelboim Lieberman PLLC, represents the Debtor as legal counsel. AMERIESTATE LEGAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, entered a final order authorizing Ameriestate Legal Plan, Inc. to use cash collateral Under the order, the Debtor is authorized to use up to $39,000 held in its cash collateral debtor-in-possession account at First Citizens Bank. The funds may be used solely for non-insider payroll expenses and non-insider payroll taxes. The order limits the Debtor's use of cash collateral strictly to these operational purposes during the bankruptcy proceedings. As adequate protection, Sandra Rincon received a replacement lien on the Debtor's post-petition cash, accounts, and proceeds to the extent the Debtor uses her cash collateral. The replacement lien expressly excludes avoidance actions. The order also confirms that Rincon retains her prepetition liens, while preserving the Debtor's and estate's rights to challenge the validity, extent, or enforceability of those liens under bankruptcy law and other applicable law. The court further specified that no disfavored financing provisions under Local Bankruptcy Rule 4001-2(b) were approved. This includes prohibitions on cross-collateralization, roll-ups, waivers under Section 506(c), or liens on avoidance actions. The order preserves all rights and remedies of the Debtor, the bankruptcy estate, and creditors going forward in the Chapter 11 case. A copy of the court's order is available at https://shorturl.at/XnhLH from PacerMonitor.com. About Ameriestate Legal Plan Inc. Ameriestate Legal Plan, Inc., based in Costa Mesa, California, provides estate planning services including living trusts, wills, powers of attorney, and related asset-protection planning solutions. The company works with attorneys to prepare legal documents and assist individuals and families with estate transfer planning and probate avoidance strategies. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10748) on March 11 , 2023. In the petition signed by Gregory Reese, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Scott C. Clarkson oversees the case. Michael G. Spector, Esq., at the Law Offices of Michael G. Spector, represents the Debtor as bankruptcy counsel. AMERIGAS PARTNERS: Moody's Rates New Senior Unsecured Notes 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 rating to AmeriGas Partners, L.P.'s (AmeriGas) proposed senior unsecured notes. AmeriGas' other ratings, including its Ba3 Corporate Family Rating and existing B1 senior unsecured notes ratings, and positive outlook remain unchanged. AmeriGas will use net proceeds from its proposed senior notes, along with cash on its balance sheet and $300 million equity contribution from UGI Corporation, to fully refinance its $512 million senior notes due 2027, tender for up to $175 million of its senior notes due 2028, and repay its $150 million intercompany loan to UGI International, LLC (Ba2 stable). AmeriGas' refinancing transaction benefits the company's credit profile by reducing debt and extending its debt maturity profile. RATINGS RATIONALE 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 (unrated). 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. 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 March 31, 2026, the facility had a borrowing base of $269 million, no borrowings and $1 million in letters of credit outstanding. In addition, AmeriGas held $99 million in cash as of that date. Following this refinancing transaction, AmeriGas' next senior notes maturity is June 2028. Neither UGI Corporation nor AmeriGas provide guarantees of each other's debt. However, UGI Corporation's debt agreements include cross-default provisions triggered if AmeriGas fails to make principal or interest payments on more than $125 million of its 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. 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. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Factors that could lead to an upgrade 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 include debt/EBITDA above 5.0x; more aggressive financial policies; or weakening liquidity. AmeriGas is a marketer and distributor of propane in the US, and a subsidiary of UGI Corporation. The principal methodology used in this rating was Business and Consumer Services published in February 2026. ANCARLO BROTHERS: Claims to be Paid from Income & Sale Proceeds --------------------------------------------------------------- Ancarlo Brothers, Inc. filed with the U.S. Bankruptcy Court for the District of Puerto Rico a Small Business Plan of Reorganization under Subchapter V dated May 5, 2026. The Debtor is a closed corporation organized and existing pursuant to the laws of the Commonwealth of Puerto Rico since October 19, 2006. Debtor's main asset is a parcel of land located at Road 866 Km. 3.4, Sabana Seca Ward, Toa Baja, Puerto Rico 00950. The Debtor works as a contractor for telecommunications and plumbing projects for private and public entities. The corporation is also the owner of real property located at Sabana Seca, Toa Baja, Puerto Rico. The Debtor's operation is managed by its President, Javier E. López Quinones, who, is the sole stockholder of Debtor. Currently Debtor does not have employees and due to the nature of its business operates with contractors who render services to the corporation depending on the project to be performed and the services to required. Prior to the filing for relief, Landa Umpierre P.S.C., had obtained a prepetition judgment in state court case no. DCD 2009 2859, for the foreclosure of real property of the Debtor which serves as a guarantee of a promissory note in the amount of $600,000.00. The filing of the petition for relief stayed the public auction of the real property in the state court case, to allow the Debtor to present a Plan of Reorganization. After the filing for relief, Debtor continued to operate its business and is currently marketing the real property which will allow for the payment of the lien. Real property was appraised in the amount of $1,210,000.00 on August 18, 2021. Thus, real property has sufficient equity cushion to provide adequate protection to lienholder of promissory note encumbering Debtor's real property. In compliance with the provisions of Section 1190(1)(C) of the Bankruptcy Code, the Debtor hereby submits appraisal of real property in the amount of $1,210,000.00 which shows that the real property has sufficient equity to pay in full all claims against the Debtor, including administrative, secured and general unsecured claims. In addition, the Debtor will receive a capital investment from its stockholder which will allow the corporation to comply with secured payment to CRIM and administrative claims. This Plan of Reorganization proposes full payment of claims: a) lienholder of promissory note in the amount of $600,000, and b) CRIM's claim #2. The Plan further provides for all administrative claims upon the effective date of the Plan from capital contributions to be made by stockholder. This Plan of Reorganization under Chapter 11, SubChapter V, of the Bankruptcy Code proposes to pay creditors of the Debtor from its future income. This Plan provides for: * No classes of administrative and priority claims, which will be paid in full. * Two classes of claims which will be paid in full and are unimpaired: -- Class 1 claim CRIM: Property taxes owed to governmental entity CRIM to be paid in full. -- Class 2 claim by senior lienholder of promissory note in the amount of $600,000.00: To be paid in full within 12 months from the effective date of the Plan. -- No class of equity security holders. All of Debtor's projected disposable income will be devoted to payment of claims which shall be paid in full within twelve months from the date of the effective date of the Plan as listed in summary of distribution included with this plan. Nonpriority unsecured creditors holding allowed claims will receive full distribution from the proceeds of the sale of the real property as set forth in the Summary of Payment Plan included herein as Exhibit C. This Plan also provides for the payment of administrative within the first year of the confirmation of the plan. Debtor has no priority claims. Principal and President of Debtor, Javier E. López Quinones, has continued to direct the operations of the Debtor. Under his direction, efforts to sell the real property have continued and sale is expected to be completed within twelve months from the effective date of the Plan. The President of Debtor is currently considering three offers for sale which are currently under negotiations. A full-text copy of the Plan of Reorganization dated May 5, 2026 is available at https://urlcurt.com/u?l=JejXOV from PacerMonitor.com at no charge. Counsel to the Debtor: Noemi Landrau Rivera, Esq. Landrau Rivera & Assoc. P.O. Box 270219 San Juan, PR 00928 Telephone: (787) 774-0224 Facsimile: (787) 919-7713 Email: nlandrau@landraulaw.com About Ancarlo Brothers Ancarlo Brothers owns a 20,791.76-square-meter parcel of land located at Road 866, Km 3.4, Sabana Seca Ward, Toa Baja, PR, with a comparable sales value estimated at $1.43 million. Ancarlo Brothers Inc. in Toa Baja, PR, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D.P.R. Case No. 26-00423) on Feb. 4, 2026, listing $1,433,490 in assets and $1,303,440 in liabilities. Javier Eladio Lopez Quinones, signed the petition. LANDRAU RIVERA & ASSOC. serve as the Debtor's legal counsel. AQUABOUNTY TECHNOLOGIES: Q1 Net Loss Totals $1.2 Million -------------------------------------------------------- AquaBounty Technologies, Inc. reported a first-quarter net loss after posting income a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. The company reported a net loss of $1.2 million for the three months ended March 31, 2026, compared with net income of $401,135 a year earlier. AquaBounty reported a loss from continuing operations of $924,801 and a loss from discontinued operations of $275,269 for the quarter. The filing said the company sold its Indiana Farm in July 2024 and its Canadian Farms in March 2025. As of March 31, 2026, the company reported cash of $440,678, total assets of $10.25 million, total liabilities of $12.38 million and a total stockholders' deficit of $2.13 million. The filing showed an accumulated deficit of $389.46 million as of March 31, 2026. The company said limited operating assets, dependence on capital raising activities and cumulative net losses raised substantial doubt about its ability to continue as a going concern within one year after the condensed consolidated financial statements were issued. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1603978/000160397826000066/aqb-20260331x10q.htm About AquaBounty Technologies AquaBounty Technologies Inc. is a Harvard, Massachusetts-based company that historically pursued large-scale recirculating aquaculture system farms for producing genetically engineered Atlantic salmon. The company sold its Indiana farm, Canadian farms and intellectual property for genetically engineered Atlantic salmon, and its primary remaining asset is the Ohio Farm Project, consisting of remaining equipment assets, land and construction in process. In an audit report dated March 31, 2026, Deloitte & Touche LLP included a going concern qualification, stating that the company had limited operating assets and had incurred cumulative net losses that raised substantial doubt about its ability to continue as a going concern. ASPLUNDH TREE: Moody's Affirms Ba1 CFR on Credit Facility Extension ------------------------------------------------------------------- Moody's Ratings affirmed Asplundh Tree Expert, LLC's (Asplundh) Ba1 corporate family rating, Ba1-PD probability of default rating, and Ba1 senior secured first lien bank credit facilities ratings. At the same time, Moody's assigned a Ba1 rating to the company's proposed senior secured first lien bank credit facility, including the $1.8 billion senior secured first lien term loan B due May 2033, and the $850 million revolving credit facility due May 2031. The outlook remains stable. Proceeds from the new first lien term loan will be used to repay the outstanding balance on the existing term loan maturing September 2027. Furthermore, the company's existing revolving credit facility expiring October 2028 has been extended to May 2031 and upsized by $100 million to $850 million as a result of the transaction. Moody's expects to withdraw the ratings on the existing $1.995 billion senior secured first lien term loan B (due 2027) and existing $750 million revolving credit facility (due 2028) upon close of the transaction. The affirmation of Asplundh's CFR at Ba1 with a stable outlook reflects Moody's expectations that the company will maintain key credit metric ratios at levels consistent with its rating over the next 12-18 months, absent any transformative debt-financed acquisitions. The proposed refinancing eliminates near-term refinancing risk and is a leverage neutral transaction, with pro-forma debt/EBITDA (including Moody's standard adjustments) at roughly 3.5x. Over the next 12-18 months, Moody's expects debt/EBITDA to remain below 3.5x, EBITA/interest expense to improve above 4.5x, and for the company's margin and cash flow to continue showing modest improvement. However, Moody's expects free cash flow will continue to be used for sizeable dividend payments, limiting potential for meaningful debt reduction. RATINGS RATIONALE Asplundh's Ba1 CFR reflects the company's position as the leading provider of vegetation management and utility infrastructure services across North America. Asplundh is one of few companies in the industry with the scale, expertise, and value-added capabilities to service corporate clients. The business is supported by long-term contracts with tenured customers in defensive end markets such as electric utilities, other power providers, and local governments. The nondiscretionary nature of vegetation management leads to strong recurring revenue and high customer retention rates. At the same time, the rating reflects the company's modest organic growth in its vegetation business, revenue exposure to the utility sector, and modest margins that continue to be pressured by elevated labor costs and competitive pricing in certain regions. Asplundh's capital spending (about 6% of revenue) and high dividend payout ratio limit financial flexibility and meaningful debt reduction. Moody's projects Asplundh will maintain good liquidity over the next 12-15 months with the company generating more than $100 million in free cash flow in 2026 after funding tax and cash dividends. Going forward, the company's liquidity is supported by a $850 million revolving credit facility due May 2031; the extended revolver has a springing maturity to 91-days inside the existing $1 billion term loan (due May 2031), which was not part of the current refinancing transaction, to the extent more than $200 million of the term loan remains outstanding. As of the twelve month period ended December 2025, the company reported $87 million in cash on balance sheet, generated roughly $200 million in free cash flow, and had about $586 million available under its revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains strong liquidity, including generation of strong free cash flow on a sustained basis, and demonstrates a more conservative financial policy. Specifically, Moody's could upgrade the ratings if debt/EBITDA improves towards 2.5x and if EBITA/interest is sustained above 6.0x. The ratings could be downgraded if the company's margins deteriorate and if debt/EBITDA increases above 3.5x or EBITA/interest declines below 4.5x. Weaker liquidity or a large debt-funded acquisition or dividend could also result in a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Horsham, PA, Asplundh is North America's largest provider of vegetation management, infrastructure and other service that support the operations of utilities, rail roads and other industries. Asplundh is owned and majority controlled by the Asplundh family, while private equity firms CVC Capital Partners and the Carlyle Group own a minority stake. As of the twelve month period ended December 31, 2025, the company reported $6.7 billion in revenue. B&BC ESTATES: To Sell Northvale Property to 182nd Street Realty --------------------------------------------------------------- B&BC Estates LLC seeks permission from the U.S. Bankruptcy Court for the District of New Jersey, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns the Property, identified as Lots 3 and 5 in Block 301 on the Borough of Northvale tax map. The Debtor's Property is located at 246-248 Pegasus Avenue, Northvale, New Jersey 07647. The Property is the Debtor's principal asset and is necessary to the Debtor’s ability to reorganize through a value-maximizing sale. The Property has been actively marketed since February 2025. Beginning in or about June 2025, broker Jason Gerbsman of Hudson Realtor actively marketed the Property to prospective purchasers. The marketing process produced a prior bona fide contract at $8,100,000.00. That transaction did not close after the prospective buyer demanded a $600,000.00 reduction shortly before its deposit was to go hard. The Debtor did not accept that retrade and continued marketing the Property. The Debtor entered into a contract with 182nd Street Realty LLC to purchase the Property. The current Buyer completed due diligence, paid a hard deposit, obtained SBA financing approval at a $7,800,000.00 deal value, and is ready, willing, and able to close upon entry of the requested sale order and customary closing approvals. The original contract purchase price is $8,000,000.00. The parties later executed a First Amendment reflecting a $200,000.00 seller concession, resulting in an effective net economic sale price of $7,800,000.00. Provident Bank has refused to compromise its asserted claim and has threatened stay relief. The Debtor disputes Provident's claim components, including default interest, prepayment penalty, late charges, escrow charges, forced-place insurance, legal fees, receiver fees, and other costs. The Debtor believes a foreclosure sale would likely yield only approximately $5,000,000.00 to $5,500,000.00 because of forced-sale conditions, litigation risk, title complications, and the loss of ordinary marketing protections. About B&BC Estates LLC B&BC Estates LLC is a real estate holding company engaged in property ownership and management activities. B&BC Estates LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11838) on February 19, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Leonard S. Singer, Esq., of Zazella & Singer, Esqs. BAART PROGRAMS: Oaktree Specialty Virtually Writes Off $6.4M Loan ----------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $6,452,000 loan extended to Baart Programs, Inc. to market at $194,000 or 3% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a second lien term loan extended to Baart Programs, Inc. The 2L Loan accrues interest at a rate of SOFR+ 8.50 % per annum. The 2L Loan matures on June 11, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Baart Programs, Inc. Baart Programs, Inc. is a health care services provider specializing in clinical and treatment services. BAART PROGRAMS: Oaktree Specialty Virtually Writes Off $8.9M Loan ----------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $8,920,000 loan extended to Baart Programs, Inc. to market at $268,000 or 3% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a second lien term loan extended to Baart Programs, Inc. The 2L Loan accrues interest at a rate of SOFR+ 8.50 % per annum. The 2L Loan matures on June 11, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Baart Programs, Inc. Baart Programs, Inc. is a health care services provider specializing in clinical and treatment services. BARRACUDA PARENT: Oaktree Specialty Marks $15.4M 1L Loan at 18% Off ------------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $15,448,000 loan extended to Barracuda Parent, LLC to market at $12,667,000 or 82% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to Barracuda Parent, LLC. The 1L Loan accrues interest at a rate of SOFR+ 6.50 % 10.17 % per annum. The 1L Loan matures on Aug. 15, 2029. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Barracuda Parent, LLC Barracuda Parent, LLC operates in the systems software industry, providing software solutions and related technology services. BARRETT HOMES: Case Summary & Four Unsecured Creditors ------------------------------------------------------ Debtor: Barrett Homes, LLC 311 Jonah Ln, Suite B Jasper GA 30143 Business Description: Barrett Homes, LLC, based in Jasper, Georgia, builds and develops residential communities in North Georgia, including single-family homes and attached townhomes for sale or rent. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-20738 Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel Barrett as managing member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GVC3JWI/Barrett_Homes_LLC__ganbke-26-20738__0001.0.pdf?mcid=tGE4TAMA BATCH INC: Seeks Chapter 11 Bankruptcy in Massachusetts ------------------------------------------------------- Kirk O'Neil of The Street reports that Batch Inc. has filed for Chapter 11 bankruptcy protection in Massachusetts, according to court records reviewed by Bankruptcy Observer. The company, which operates the Batch Ice Cream chain, reported assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. The filing lists several major unsecured creditors, including Headway Capital LLC, OnDeck Capital Inc., and iBusiness Funding LLC. Additional obligations are tied to merchant cash advances and business credit card balances owed to Bank of America and American Express. Batch Ice Cream said its stores in Longmeadow and South Hadley, Massachusetts, along with its two mobile ice cream trucks, continue operating during the restructuring process. The company was founded in 2009 by Susie Parish and Veronica Janssens and was later acquired by David and Deborah LeRiche in 2018. The company developed a loyal following through its premium ice cream flavors and retail distribution partnerships with chains including Whole Foods Market. Batch products also earned several awards and recognition from food publications and regional media outlets for flavor quality and innovation, the report states. About Batch Inc. Batch Inc. is a premium all-natural ice cream company headquartered in Longmeadow, Massachusetts. The company operates retail ice cream shops and mobile ice cream trucks while offering handcrafted flavors made with high-quality ingredients. Batch Ice Cream became known for specialty flavors such as Salted Caramel, Dark Chocolate, Vanilla Bean, and Mexican Chili. Batch Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-30294) on May 11, 2026. In its petition, the Debtor reports assets between $100,000 and $500,000 and liabilities between $500,000 and $1 million. The Debtor is represented by Robert Girvan, Esq. of Weiner Law Firm, P.C. BELLATX2023 LLC: Starts Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On May 5, 2026, Bellatx2023 LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. About Bellatx2023 LLC Bellatx2023 LLC is believed to operate as a privately held company involved in investment, commercial holdings, or real estate-related business activities. Bellatx2023 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-80329) on May 5, 2026. In its petition, the debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. BESTWALL LLC: Weiss' Bid for Certification of Direct Appeal Denied ------------------------------------------------------------------ In the appeal styled WILSON BUCKINGHAM and ANGELIKA WEISS, Appellants, v. BESTWALL, LLC, Appellee, Case No. 3:24-cv-00284 (W.D.N.C.), Chief Judge Frank W. Volk of the U.S. District Court for the Western District of North Carolina denied Wilson Buckingham and Agelika Weiss' renewed request for certification of direct appeal to the Court of Appeals of the Bankruptcy Court's Order denying their motion to dismiss. Appellants contend the Bankruptcy Court's denial of its motion to dismiss on bad faith grounds involves a question of law as to which there is no controlling decision and a matter of public importance, the resolution of which would materially advance this bankruptcy case. The District Court disagrees. According to the District Court, there is no basis to depart from the Bankruptcy Court's well-reasoned conclusion. The Court concludes no (1) question of law lacking a controlling decision or requiring resolution of conflicting decisions, (2) matter of public importance, or (3) possibility of material advancement of this matter are implicated by Appellants' request, rendering certification of a direct appeal under 28 U.S.C. Sec. 158(d)(2)(B) inappropriate. A copy of the Court's Memorandum Opinion and Order dated May 11, 2026, is available at https://urlcurt.com/u?l=hMfTBw from PacerMonitor.com. About Bestwall LLC Bestwall LLC -- http://www.Bestwall.com/-- was created in an internal corporate restructuring and holds asbestos liabilities. Bestwall's asbestos liabilities relate primarily to joint systems products manufactured by Bestwall Gypsum Company, a company acquired by Georgia-Pacific in 1965. The former Bestwall Gypsum entity manufactured joint compounds containing small amounts of chrysotile asbestos; the manufacture of these asbestos-containing products ceased in 1977. Bestwall's non-debtor subsidiary, GP Industrial Plasters LLC ("PlasterCo"), develops, manufactures, sells and distributes gypsum plaster products, including gypsum floor underlayment, industrial plaster, metal casting plaster, industrial tooling plaster, dental plaster, medical plaster, arts and crafts plaster, pottery plaster and general purpose plaster. On Nov. 2, 2017, Bestwall sought Chapter 11 protection (Bankr. W.D.N.C. Case No. 17-31795) in an effort to equitably and permanently resolve all its current and future asbestos claims. The Debtor estimated assets and debt of $500 million to $1 billion. It has no funded indebtedness. The Hon. Laura T. Beyer is the case judge. The Debtor tapped Jones Day as bankruptcy counsel; Robinson, Bradshaw & Hinson, P.A., as local counsel; Schachter Harris, LLP as special litigation counsel for medicine science issues; King & Spalding as special counsel for asbestos matters; and Bates White, LLC, as asbestos consultants. Donlin Recano LLC is the claims and noticing agent. On Nov. 8, 2017, the U.S. bankruptcy administrator appointed an official committee of asbestos claimants in the Debtor's case. The committee retained Montgomery McCracken Walker & Rhoads, LLP as legal counsel; and Hamilton Stephens Steele + Martin, PLLC and JD Thompson Law as local counsel. On Feb. 22, 2018, the court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP, as legal counsel; Hull & Chandler, P.A., as local counsel; Ankura Consulting Group, LLC, as claims evaluation consultant; and FTI Consulting, Inc., as financial advisor. BKM HOLDINGS: Claims to be Paid from Business Operations -------------------------------------------------------- BKM Holdings, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Combined Disclosure Statement and Plan of Reorganization dated May 5, 2026. The Debtor is a limited liability company, organized under the laws of the State of Michigan. Robert Martin and Kimberly Martin are the only members of BKM Holdings, LLC. Robert Martin is the sole member of Fettes. Fettes is a debtor in its own chapter 11 bankruptcy case currently pending before the Bankruptcy Court entitled In re Fettes Manufacturing Company, Case No. 26-41404. Robert Martin has 48 years of experience in the manufacturing industry. Prior to the Petition Date, the Debtor incurred significant liabilities including secured obligations to Small Business Administration and Huntington Bank. Prior to filing, the Debtor had not been making payments to Huntington Bank on account of its mortgage for many months. As a result of the cross-collateralization of the liabilities owed to Huntington Bank by the Debtor, Fettes, Robert Martin and Kimberly Martin, the Debtor was forced to ultimately seek relief from the Bankruptcy Court. The Debtor, Robert Martin, Kimberly Martin, and Fettes are jointly liable on the Claims asserted by Huntington Bank. Also, the Debtor and the Martins, and Fettes are jointly liable on the Claims asserted by the SBA. The foregoing is a list of co-debtors/guarantors with respect to indebtedness owed by the Debtor should not be construed as admissions as to liability on the part of any party. The Debtor owns Real Property. The Real Property is commercial real estate that the Debtor leases to Fettes. Pursuant to the Plan, the Debtor will be reorganizing and will be continuing in business. Class V consists of Unsecured Creditors. This Class consists of the Holders of Allowed Unsecured Claims against the Debtor. Neither pre confirmation interest nor post-confirmation interest on Allowed Class III Claims will be paid. There are no Allowed Unsecured Claims against the Debtor. No payments will be made. Class VI consists of Equity Interest Holders. This Class shall consist of the Interests of the Debtor. Holders of the Interests shall retain their interests in the Debtor and Reorganized Debtor in the same manner as percentage upon confirmation of the Plan. On the Effective Date, all of the Debtor's rights, titles, and interests in and to all of its property shall revest in the Reorganized Debtor free and clear of any claims or interests, including liens, except as expressly provided in this Plan. The Debtor shall be discharged from its status as "debtor" and its affairs and business shall be thereafter conducted by the Reorganized Debtor without Court supervision, except as may be governed by this Plan. The Claims of Group II shall consist of all Allowed Claims, if any, that are entitled to Priority under Section 507(a)(8) of the Code. Any payments made to Allowed Claims of Group II shall first be applied to the trust fund portion of taxes, including any trust fund recovery penalties. Creditors with claims that are entitled to Priority under Section 507(a)(8) of the Bankruptcy Code shall be paid in full within 60 days of the effective date with an accrued interest rate of 4.00% per annum until paid in full. A full-text copy of the Combined Disclosure Statement and Plan dated May 5, 2026 is available at https://urlcurt.com/u?l=xNoidv from PacerMonitor.com at no charge. Counsel to the Debtor: Elliot G. Crowder, Esq. Ernest M. Hassan, III, Esq. Tayler J. Leamon, Esq. Stevenson & Bullock, P.L.C. 26100 American Drive, Suite 500 Southfield, MI 48034 Telephone: (248) 354-7906 Facsimile: (248) 354-7907 Email: ecrowder@sbplclaw.com Email: ehassan@sbplclaw.com Email: tleamon@sbplclaw.com About BKM Holdings, LLC BKM Holdings, LLC is a real estate entity that owns a commercial property situated at 35855 Stanley in Sterling Heights, Michigan 48312. BKM Holdings, LLC in Royal Oak, MI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Mich. Case No. 26-41407) on Feb. 11, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Robert Martin as member, signed the petition. Judge Paul R. Hage oversees the case. STEVENSON & BULLOCK, PLC serve as the Debtor's legal counsel. BKR LLC: Commences Chapter 11 Bankruptcy in California ------------------------------------------------------ On May 5, 2026, BKR LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 50 and 99 creditors. About BKR LLC BKR LLC is a limited liability company based in California. BKR LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10969) on May 5, 2026. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Martin R. Barash is handling the case. The Debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. BLACKBERRY LIMITED: Fairfax Financial Reports 4.5% Equity Stake --------------------------------------------------------------- Fairfax Financial Holdings Limited, V. Prem Watsa, The Second 810 Holdco Ltd., The Second 1109 Holdco Ltd., The Sixty Two Investment Company Limited, FFHL Group Ltd., Fairfax (US) Inc., Odyssey Group Holdings, Inc., Odyssey Reinsurance Company, Crum & Forster Holdings Corp., United States Fire Insurance Company, TIG Insurance Company, Northbridge Financial Corporation, Federated Insurance Company of Canada, Northbridge General Insurance Corporation, Verassure Insurance Company, Zenith Insurance Company (Canadian Entity), 1102952 B.C. Unlimited Liability Company, Allied World Assurance Company Holdings, Ltd, Allied World Assurance Company Holdings I, Ltd, Allied World Assurance Company, Ltd, Allied World Assurance Holdings (Ireland) Ltd, Allied World Assurance Holdings (U.S.) Inc., Allied World Insurance Company, AW Underwriters Inc., Allied World Specialty Insurance Company, Newline Holdings UK Limited, Newline Corporate Name Limited, Newline Insurance Company Limited, Fairfax UK Holdings Limited, Brit Group Holdings Limited, Brit Insurance Holdings Limited, Brit UW Limited, and Brit Reinsurance (Bermuda) Limited, disclosed in a Schedule 13D (Amendment No. 15) filed with the U.S. Securities and Exchange Commission that as of May 4, 2026, the Reporting Persons collectively beneficially own shares of BlackBerry Ltd.'s Common Stock -- with V. Prem Watsa being the largest individual reporting person, beneficially owning 26,264,199 shares (comprising 296,571 shares with sole voting and dispositive power, and 25,967,628 shares with shared voting and dispositive power), representing 4.5% -- and noting that as of May 4, 2026, each of the Reporting Persons ceased to be the beneficial owner of more than five percent of shares, based on 587,882,400 shares of Common Stock issued and outstanding as of April 6, 2026. Fairfax Financial Holdings Limited, and their affiliates may be reached through: Peter Clarke, President and Chief Operating Officer 95 Wellington Street West, Suite 800 Toronto, Ontario, Canada, M5J 2N7 Tel: 416-367-4941 A full-text copy of Fairfax Financial Holdings Limited and its affiliates' SEC report is available at: https://tinyurl.com/ynjbeb2d About BlackBerry Headquartered in Waterloo, Canada, BlackBerry Limited provides intelligent security software solutions. As of February 28, 2026, the Company had $1,245.2 million in total assets, $499.2 million in total liabilities, and $746.0 million in total stockholders' equity. * * * Egan-Jones Ratings Company on May 30, 2025, maintained its 'CCC' foreign currency and local currency senior unsecured ratings on debt issued by BlackBerry Limited. BOBBY DEE: Court OKs Deal to Use FFB Bank's Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, entered an interim order approving a stipulation between Bobby Dee Presents, Inc. and FFB Bank for the limited use of cash collateral. Under the stipulation, the Debtor is authorized to use cash collateral until 5:00 p.m. (Pacific Time) on the 60th day following the interim order. The Debtor is required to comply strictly with the agreed budget, reporting obligations, milestones, and all other terms of the stipulation. FFB Bank asserts that the Debtor owes at least $4.72 million, plus accrued interest, fees, costs, and expenses under various loan documents. The lender claims perfected, first-priority liens on substantially all of the Debtor's assets, including cash, accounts, inventory, equipment, deposit accounts, proceeds, and general intangibles, and the Debtor acknowledges that these assets constitute cash collateral under section 363(a) of the Bankruptcy Code. As protection, FFB Bank will receive replacement liens and a monthly payment of $35,000 beginning on June 30. If the Debtor defaults and fails to cure within the required notice period, its authority to use cash collateral automatically terminates and FFB Bank may exercise its remedies. The court scheduled a final hearing for June 2. Objections are due by May 19 and replies to objections by May 26. The court order is available at https://shorturl.at/bWSHu from PacerMonitor.com. The stipulation is available at https://urlcurt.com/u?l=1aNOAs from PacerMonitor.com. About Bobby Dee Presents Inc. Bobby Dee Presents, Inc. is a California-based company engaged in artist management, concerts, festivals, and restaurant operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Cal. Case No. 2:26-bk-13477-NB) on April 10, 2026. In the petition signed by Robert Drieslein, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Marc Aaron Goldbach, Esq., at Goldbach Law Group, represents the Debtor as legal counsel. FFB Bank, as lender is represented by: Don J. Pool, Esq. Fennemore, LLP 8080 N Palm Avenue, Third Floor Fresno, CA 93711 Tel: (559) 432-4500 Fax: (559) 432-4590 dpool@fennemorelaw.com BOKQUA LLC: To Sell Colorado Properties to Multiple Buyers ---------------------------------------------------------- Bokqua LLC seeks permission from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Colorado limited liability company that owns and leases real property comprised of single family homes and condominium properties in Colorado. r2 advisors llc is the Chief Restructuring Officer (CRO) and Atlas Real Estate is the property manager of the Debtor. The CRO has been working with Atlas to organize and restructure the Debtor's financial and operational affairs including: a. Identify the Debtor's property portfolio, including the 164 residences collateralizing Genesis' loans and 2 residences collateralizing the loans of a second lender, GLS Solutions LLC; b. Visually inspecting each residence in the portfolio. For vacant properties, the inspection was thorough, inside and outside. For the lease properties, the inspection was drive-by exterior inspection. The Debtor enters two contracts for the sale of the real property: - 5151 S. Laredo Ct. to Brandyn Russel and Lesie Catinado - 5661 E. Amherst Avenue to Nathan Gelbach The Debtor has determined that the sales proposed are in the best interests of the Debtor, its estate, and its creditors. The sole party with an interest in the Sale Properties is Genesis Capital LLC, who has consented to the sale of the Properties. The Debtor is marketing and selling the Sale Properties through a licensed Colorado broker employed with Atlas. The buyers are proceeding in good faith in a series of arms-length transactions. The buyers is purchasing the Sale Properties for at least fair market value and the sale prices have been determined as a result of arm's length negotiations between the parties. The buyers intend to close the sales on either May 29, 2026 or upon Bankruptcy Court approval. About Bokqua LLC Bokqua LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BOTTOMLINE INK: To Sell Handling Equipment to American Surplus -------------------------------------------------------------- Bottomline Ink Corporation seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio, to sell Property in a private sale, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of surplus material handling equipment including Teardrop Frames, Teardrop Beams, and Wire Decks. The Debtor receives the highest and best bid in the amount of $5,000.00 from American Surplus, Inc. from 1 Noyes Avenue. Rumford, RI 02916. The Personal property which is to be sold by private sale was and is subject to a perfected lien in favor of Waterford Bank, N.A. The Debtor proposes that the Sale of the property be free and clear of liens, claims, and encumbrances. The Debtor and its representative and American Surplus Inc. be authorized to execute any documentation necessary to effectuate the sale of the Personal Property by Private Sale. About Bottomline Ink, Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on Dec. 31, 2025. In its petition, the Debtor listed assets and debt of $1 million to $10 million. Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BRANDCASTERS INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Brandcasters, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its budget for the period from May 3 to June 9. Creditors with potential interests in the cash collateral include the U.S. Small Business Administration, which holds a COVID Economic Injury Disaster Loan of approximately $750,000 secured by the Debtor's assets and cash collateral; EBF Holdings, LLC, which holds a judgment lien of approximately $52,563; and an unidentified creditor with a lien recorded in July 2024. As protection, any creditor that holds a valid pre-petition security interest in the cash collateral will be protected through replacement liens and the preservation of the Debtor's going concern value. In addition, the SBA is entitled to payments as set forth in the budget. The order is available at http://bankrupt.com/misc/BrandcastersInc_CCOrder.pdf Brandcasters' business relies heavily on ongoing services performed by the founders, staff, and contractors. According to court filings, the Debtor experienced severe financial pressure over recent years due to reliance on receivables financing and secured borrowing arrangements that eventually encumbered substantially all assets and revenue streams. The Debtor filed Chapter 11 on May 3 in order to preserve operations, restructure liabilities, and maximize value through reorganization rather than liquidation. Brandcasters generates approximately $80,000 in gross monthly revenue and roughly $15,000 in monthly disposable income based on historical operations and recent projections. Although its scheduled tangible assets total only approximately $12,000, the Debtor's primary value derives from goodwill, customer relationships, recurring revenue, staff, and ongoing operations. The Debtor estimates its going-concern value at approximately $150,000 in annual profit potential. About Brandcasters Inc. Brandcasters, Inc. operates as a podcast production and marketing company through its platform Podetize.com. Brandcasters sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11374) on May 3, 2026, with assets of up to $50,000 and liabilities of up to $10 million. Thomas B. Hazzard, president and chief executive officer of Brandcasters, signed the petition. Judge Mark D. Houle oversees the case. Anerio Ventura Altman, Esq., at Lake Forest Bankruptcy, represents the Debtor as legal counsel. BREAKTHROUGH VENTURES: Wins Interim Cash Collateral Access ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division entered an second interim order authorizing Breakthrough Ventures, LLC to use cash collateral to continue operations. Under the second interim order, the Debtor is permitted to use cash collateral from the petition date forward for working capital, general business needs, and administrative expenses, subject to an approved budget and spending limits. As adequate protection for the U.S. Small Business Administration (SBA), the court granted the agency a replacement lien on the Debtor's cash collateral and a superpriority administrative expense claim under section 507(b), but only to the extent the SBA suffers any decline in the value of its collateral. The Debtor's authority to use cash collateral is conditioned on compliance with the approved budget, including a 15% permitted variance for operating expenses unless the SBA consents otherwise. Termination events include dismissal or conversion of the Debtor's Chapter 11 case, appointment of a Chapter 11 trustee, unauthorized spending, violation of the order, or any material adverse change affecting the estate. If such an event occurs and is not cured within five business days after notice, the Debtor's right to use cash collateral ends automatically, and the SBA may pursue its remedies, including stay relief. The court also modified the automatic stay as needed to allow the Debtor to grant liens and carry out the order. The protections granted to the SBA remain effective even if the case is later dismissed. A second interim hearing was scheduled for June 18, with objections due by June 11. About Breakthrough Ventures, LLC Breakthrough Ventures, LLC operates a home health care business in Prince George's County, Maryland. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-10684) on January 21, 2026. In the petition signed by Melvin Sillah, manager, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Lori S. Simpson oversees the case. Augustus T. Curtis, Esq., at Offit Kurman, P.A., represents the Debtor as legal counsel. BRIGHT MOUNTAIN: Mehmet Olgun Named CFO --------------------------------------- Bright Mountain Media, Inc. announced in a regulatory filing that Ethan Rudin, the Chief Financial Officer, departed from the Company and his role as Chief Financial Officer. In connection with such departure, Mr. Rudin will receive severance pay equal to six months' of his base salary pursuant to the terms of his employment agreement. Following Mr. Rudin's departure, Matt Drinkwater, the Company's Chief Executive Officer, will act as the Company's interim principal financial officer and interim principal accounting officer until the Company's filing of its next Form 10-Q. Appointment of Chief Financial Officer Effective May 1, 2026, the company appointed 43-year-old finance executive Mehmet Olgun as its new Chief Financial Officer, bringing prior CFO experience at publicly traded digital ad-tech firm Loop Media, Inc. and strategic finance work at Eventbrite, Inc. From October 2025 until his appointment as Chief Financial Officer of the Company, Mr. Olgun, age 43, served as a strategic finance consultant to Eventbrite, Inc., a publicly-traded live events' commerce company. Prior to working with Eventbrite, Inc., Mr. Olgun served as the Chief Financial Officer of Loop Media, Inc., a publicly-traded digital ad-tech company, from March 2022 until October 2025. Prior to joining Loop Media, Inc., Mr. Olgun served as the Director of Finance of United Pacific, a fuel and retail company, from April 2018 until March 2022. Mr. Olgun started his professional career at Ernst & Young LLP in May 2004, earned his CPA license from the California Board of Accountancy in 2008, a Bachelor of Arts in Business Management and Economics from the University of California, Santa Cruz in 2004, and a Master of Science in Accountancy from the University of Notre Dame in 2005. Pursuant to an employment agreement with the Company dated May 1, 2026, Mr. Olgun will receive an annual base salary of $335,000 and will be eligible for an annual bonus of up to 50% of his base salary based on his performance. In addition to his base salary and bonus, Mr. Olgun will be eligible to participate in all of the Company's benefit plans offered to employees of the Company from time to time, subject to satisfying eligibility requirements. Further, Mr. Olgun has been granted options to purchase 1,000,000 shares of the Company's common stock, at an exercise price of $0.004 per share, which was the fair market value of the Company's common stock on the date of grant. The options will vest over four years, with the first tranche vesting on May 6, 2027, and otherwise be subject to the terms of the Bright Mountain Media, Inc. Stock Option Plan. In addition, if Mr. Olgun is terminated without cause, he will be entitled to severance pay equal to six months' of his base salary at the time of termination. Pursuant to the terms of the employment agreement, Mr. Olgun is bound by customary non-competition and non-solicitation covenants during his period of employment and for a period of one year after the date his employment with the Company terminates. Additionally, pursuant to the terms of the employment agreement, Mr. Olgun is bound by certain customary non-disclosure covenants during the period of his employment and after the date his employment with the Company terminates. About Bright Mountain Bright Mountain Media, Inc. (together with its wholly-owned subsidiaries) is an end-to-end marketing services company that helps brands with the right audiences, at the right time, with the right message, both effectively and efficiently by removing the middlemen in the marketing workflow. The Company's end-to-end offerings combine consumer insights with creative services, media services, and advertising technology to deliver solutions to improve audience fidelity for brands. The Company focuses on digital publishing, advertising technology, consumer insights, creative services, and media services. New York, New York-based WithumSmith+Brown, PC, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 24, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025. The report cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $39.7 million in total assets, $116.3 million in total liabilities, and $76.6 million in total stockholders' deficit. BROADBAND TELECOM: Plan Exclusivity Period Extended to Oct. 5 ------------------------------------------------------------- Judge Louis A. Scarcella of the U.S. Bankruptcy Court for the Eastern District of New York extended Broadband Telecom, Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to Oct. 5 and Dec. 4, 2026, respectively. As shared by Troubled Company Reporter, the Debtors submit that ample "cause" exists for the Court to extend the Current Exclusive Periods requested in this Motion. Specifically, the following factors all weigh in favor of granting the requested extensions: * The Court entered that certain Order Establishing Amended Deadline for Filing Proofs of Claim and Directing the Form and Manner of Notice on November 14, 2025 (the "Bar Date Order"). Further, the Debtors and their professionals will need an opportunity to fully review and analyze the claims filed by both the non-governmental parties and any governmental units. Extension of the applicable Exclusive Periods will enable the Debtors to analyze the full universe of claims against their estates prior to proposing their respective Chapter 11 plans. * This request for an extension of the Debtors' Current Exclusive Periods is the Debtors' second such request. The Debtors expect to file proposed Chapter 11 plans within the time provided by this second requested extension of their applicable Current Exclusive Periods. * The Debtors are not seeking an extension of their applicable Current Exclusive Periods to exert pressure on any party. * The Debtors are proceeding diligently toward completion of these Bankruptcy Cases and will propose their respective plans as soon as practicable. Counsel to the Debtors: KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP Tracy L. Klestadt, Esq. John E. Jureller, Jr., Esq. Brendan M. Scott, Esq. Andrew C. Brown, Esq. Kevin Collins, Esq. 200 West 41st Street, 17th Floor New York, New York 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: tklestadt@klestadt.com jjureller@klestadt.com bscott@klestadt.com abrown@klestadt.com kcollins@klestadt.com About Broadband Telecom Inc. Broadband Telecom Inc., part of the Bankai Group, provides international wholesale telecommunications services including voice over internet protocol and messaging solutions to telecom operators, carriers, communication service providers, enterprises, and retailers. The Company operates from its headquarters in Garden City, New York, and serves clients globally with scalable communications infrastructure. Broadband Telecom Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73095) on August 12, 2025. The case is jointly administered in Case No. 25-73095. In its petition, Broadband Telecom disclosed estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alan S. Trust handles the case. The Debtors are represented by Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP. BULMAKS INC: Unsecured Creditors to Split $130K over 5 Years ------------------------------------------------------------ Bulmaks, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated May 5, 2026. Bulmaks was founded in September 2012 by Yosif Lukov. Mr. Lukov started as a single owner-operator driving for another carrier. Over the following years, Mr. Lukov expanded the business by purchasing additional trucks and hiring additional drivers. Following the COVID-19 pandemic, the trucking industry experienced a prolonged downturn, with more than three years of depressed freight rates and rising operational costs. In an effort to sustain the business and retain operations, Mr. Lukov invested all available company and personal savings. Bulmaks also relied on credit lines and merchant cash advances to cover ongoing expenses, anticipating a market recovery that ultimately did not materialize in time. As financial pressures increased, the Debtor was forced to downsize significantly, returning the majority of the fleet to lenders. Today, Bulmaks Inc. operates with approximately 28 trucks, focusing on efficiency and working with a core group of experienced and reliable drivers. This restructuring has allowed the company to stabilize and operate more sustainably in the current market conditions. 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 2 consists of General NonPriority Unsecured Claims. Class 2 Claims including unsecured deficiency claims shall be paid pro rata distributions of deferred cash payments aggregating $130,000 from (i) the General Unsecured Creditor Fund in the amount of $120,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $26,000 with the first installment due 6 months following the Effective Date (or June 30, 2027, whichever later) and $26,000 payable annually June 30th for 4 more payments. Class 2 Claims are impaired under the Plan. Class 3 consists of Equity Interests. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Equity interests in the Reorganized Debtor shall be issued 100% to Yosif Lukov, as 100% owner and President of the Reorganized Debtor as of the Effective Date. Mr. Lukov shall contribute new value to the Reorganized Debtor in the amount of $10,000, payable over 5 years at $2,000 per year, which shall be added to the General Unsecured Creditor Fund to be distributed to Class 2 general unsecured claims. The principal of the Debtor, Mr. Yosif Lukov, 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 $85,000 per year 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. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non- Priority Claims will be from the continued operations of the Debtor in addition to the new equity contribution by the Debtor's principals. A full-text copy of the Disclosure Statement dated May 5, 2026 is available at https://urlcurt.com/u?l=CwUtA2 from PacerMonitor.com at no charge. Counsel to the Debtor: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Tel: (847 933-9280 Fax: (847) 933-9285 David Freydin, Esq. Law Offices of David Freydin, 8707 Skokie Blvd, Suite 312 Skokie, IL 60077 Telephone: (847) 972-6157 Facsimile: (866) 897-7577 Email: david.freydin@freydinlaw.com About Bulmaks, Inc. Bulmaks, Inc., established in 2012, is an independent, family owned logistics and freight trucking company based in Huntley, Illinois, providing truckload and less-than-truckload general freight transportation services across the contiguous United States. The Company operates a fleet of dry van trailers and works with both company drivers and owner-operators, offering long-haul and short-haul routes using solo and team drivers, with a strong presence in the eastern United States. Bulmaks also employs technology-enabled logistics systems to support nationwide freight movements and around-the-clock operations. Bulmaks Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. Case No. 26-00067) on Jan. 5, 2026. In its petition, the Debtor reports total assets of $2,012,747 and total liabilities of $6,706,091. Bankruptcy Judge Deborah L. Thorne handles the case. The Debtor is represented by David Freydin, Esq. of LLAW OFFICES OF DAVID FREYDIN. CANNABIST CO: Receives Chapter 15 Recognition from US Court ----------------------------------------------------------- Ben Zigterman of Law360 reports that the Cannabist Co. Holdings Inc. secured Chapter 15 recognition from a Delaware bankruptcy judge for its Canadian insolvency proceedings, despite objections from a secured lender that argued the case conflicted with U.S. public policy because of the company's cannabis business. The creditor contended that extending bankruptcy protections to a marijuana-related enterprise could create issues under federal law. The court approved recognition of the foreign proceeding but specifically reserved the secured creditor's rights, ensuring the lender could continue challenging certain aspects of the restructuring later in the case. By recognizing the Canadian process, the judge enabled coordination between the Canadian insolvency proceeding and the U.S. bankruptcy system without fully resolving the creditor's policy concerns, the report relays. The Cannabist is a multistate cannabis company with operations involving cultivation, production and dispensaries throughout the United States and Canada. The company has been pursuing restructuring efforts amid industrywide financial pressure, declining cannabis prices and tighter capital markets affecting operators across the sector, according to Law360. About Cannabist Company Holdings Inc. Cannabist Company Holdings Inc. is a cannabis operator engaged in the cultivation, manufacturing, and retail distribution of cannabis products across North America. Cannabist Company Holdings Inc. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10426) on March 25, 2026. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. CARBON HEALTH: Quality of Care Maintained, 1st PCO Report Says -------------------------------------------------------------- Suzanne Richards, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Southern District of Texas her first report regarding the quality of patient care provided by Carbon Health Technologies, Inc. and its affiliates. The PCO conducted interviews with Carbon Health employees on topics of quality, staffing, training, and data collection. All leaders and staff are knowledgeable and passionate about patient care. Many of the leadership have been in their roles for many years and are positive about the organization. The PCO observed no issues about lack of supplies or medications. Each supply rooms surveyed while onsite appear to be appropriately stocked. During virtual interviews, all employees stated supplies are available. Some clinics voiced some concern about turnaround time for supply deliveries, but no clinics voiced that supply turn around caused patient care issues. The PCO did not note any issues that have resulted in a change in the quality of the care as a result of their pending bankruptcy. The Debtors continue to provider care in the manner consistent with that prior to the current proceeding. Staffing levels and competency have remained consistent. The Debtors appear to strive to meet the needs of their clients. The PCO encourages the Debtors to remain vigilant with regards to patient care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=QsiqGD from Kroll, claims agent. The ombudsman may be reached at: Suzanne Richards 4525 Dean Martin Drive, Unit 2308 Las Vegas, Nevada 89103 Phone: 714-290-6226 Email: suzanne@smrhealth.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. CARBON HEALTH: Secures Court OK for $11MM DIP Increase ------------------------------------------------------ Ben Zigterman of Law360 Bankruptcy Authority reports that Carbon Health Technologies Inc. received court approval Friday, May 8, 2026, for $11 million in additional bankruptcy financing as the company works through ongoing Chapter 11 negotiations with creditors and lenders. The ruling was issued by a Texas bankruptcy judge overseeing the case. According to court proceedings, the financing will help Carbon Health continue operating its urgent care and primary care facilities while restructuring efforts move forward. The request had faced resistance from unsecured creditors concerned about how the financing could affect recoveries and future ownership of company assets. The healthcare operator entered Chapter 11 after experiencing financial strain tied to operational costs and restructuring obligations. Discussions among stakeholders remain active as the company seeks a path toward stabilization or a possible sale process, according to Law360. About Carbon Health Technologies 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. CARIOLA GROUP: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Miami Division granted Cariola Group, LLC and affiliated debtors final approval to use cash collateral through August 31. The final order authorized the Debtors to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditors. As adequate protection, secured creditors will receive replacement liens on all property acquired or generated by the debtors after the petition date, with the same extent, priority, and nature as their pre-petition liens in the cash collateral. The replacement liens are subordinate to fees and costs awarded to estate professionals. The order further requires the debtors to escrow $1,500 per month for fees incurred by the Subchapter V trustee. The order is available at https://shorturl.at/28eaP from PacerMonitor.com. About Cariola Group LLC Cariola Group, LLC operates an advertising business based in Miami, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14418) on April 9, 2026. In the petition signed by Mariano J. Cariola-Sanz, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Jacqueline Calderin, Esq., at Agentis PLLC, represents the Debtor's legal counsel. CENTRAL FLORIDA: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, issued a fifth preliminary order granting Central Florida Firearms, LLC authorization to use cash collateral through July 2. The Debtor's cash collateral consists of funds subject to liens by Cadence Bank (successor to First Chatham Bank and guaranteed by the U.S. Small Business Administration) and other secured creditors with subordinate interests. The fifth preliminary order authorized the Debtor to use funds for ordinary business expenses listed in its budget, with a 10% variance per line item, as well as U.S. Trustee fees. Expenditures outside the approved budget may be reviewed upon request, and payments to professionals still require separate court approval. To protect secured creditors, the court granted them a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to maintain proper insurance coverage in accordance with its loan and security agreements with secured creditors. A continued preliminary hearing on cash collateral use is scheduled for July 2. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/A97Ta from PacerMonitor.com. About Central Florida Firearms LLC Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September 26, 2025. In its petition, the Debtor reported estimated assets of $5.2 million and estimated liabilities of $12.7 million. The Debtor is represented by Jeffrey S. Ainsworth, Esq. of BransonLaw, PLLC. CHOICE ELECTRIC: Plan Exclusivity Period Extended to May 30 ----------------------------------------------------------- Thomas B. McNamara of the U.S. Bankruptcy Court for the District of Colorado extended Choice Electric, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 30 and July 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that it is currently finalizing financial information to provide to Byline Bank as part of the process. In the interim, the parties must discuss mutually agreeable terms under which they would seek to extend the Court's cash collateral order which expires at the end of April. The Debtor claims that the negotiations are ongoing, material to the structure of the Debtor's plan, and important for securing an agreement concerning the use of cash collateral in the interim. The Debtor believes that additional time will facilitate continued good faith negotiations and increase the likelihood of proposing a consensual confirmable plan. Additionally, the recent departure of Attorney Bailey Pompea, who was previously the Debtor's lead counsel in this case, has required undersigned counsel to assume responsibility for the matter (among others). This has necessitated additional time and effort to become fully familiar with the case to draft a Chapter 11 plan meeting the requirements of the Bankruptcy Code and warranting votes in favor of the plan. Choice Electric, LLC, is represented by: Jeffrey A. Weinman, Esq. Brenton Gragg, Esq. Jeremy T. Jonsen, Esq. Michael Best & Friedrich LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com About Choice Electric Choice Electric, LLC, established in 1985, is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The Company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on Dec. 1, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Eric Berger as general manager. Judge Thomas B. McNamara presides over the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP as counsel. CHS/COMMUNITY HEALTH: 94% of 2031 Notes Tendered in $600MM Offer ---------------------------------------------------------------- Community Health Systems, Inc. announced certain matters with respect to its cash tender offer previously announced on April 22, 2026 by its wholly owned subsidiary, CHS/Community Health Systems, Inc., to purchase for cash up to $600,000,000 aggregate purchase price (exclusive of accrued and unpaid interest) of: (i) its outstanding 4.750% Senior Secured Notes due 2031 and (ii) its outstanding 10.875% Senior Secured Notes due 2032, subject to possible proration and other terms and conditions set forth in the Offer to Purchase. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Offer to Purchase dated April 22, 2026 with respect to the Tender Offer. As of the Early Tender Date for the Tender Offer, $994,822,000 aggregate principal amount of the 2031 Notes (94.05%) were validly tendered and not validly withdrawn, and $822,029,000 aggregate principal amount of the 2032 Notes (46.18%) were validly tendered and not validly withdrawn. Based upon the aggregate principal amount of 2031 Notes that were validly tendered and not validly withdrawn as of the Early Tender Date, the proration factor with respect to the 2031 Notes is approximately 37.07%. Based upon the aggregate principal amount of 2032 Notes that were validly tendered and not validly withdrawn as of the Early Tender Date, the proration factor with respect to the 2032 Notes is approximately 28.14%. As a result: (i) $368,421,000 aggregate principal amount of the 2031 Notes that were validly tendered and not validly withdrawn at or before the Early Tender Date will be accepted for purchase by the Issuer on the Early Settlement Date, and (ii) $230,946,000 aggregate principal amount of the 2032 Notes that were validly tendered and not validly withdrawn at or before the Early Tender Date will be accepted for purchase by the Issuer on the Early Settlement Date. All such Notes that have been accepted will be settled on the Early Settlement Date in accordance with the terms of the Tender Offer as set forth in the Offer to Purchase, including proration with respect to both the 2031 Notes and 2032 Notes. Any Notes tendered but not accepted for purchase in the Tender Offer will be promptly credited to the account of the registered holder of such Notes with The Depository Trust Company and otherwise returned in accordance with the Offer to Purchase. On the Early Settlement Date, the aggregate total purchase price payable under the Offer to Purchase for Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase will have reached the Aggregate Maximum Purchase Amount, the 2031 Tender Cap with respect to the 2031 Notes and the 2032 Tender Cap with respect to the 2032 Notes. As a result of the amount of 2031 Notes and 2032 Notes accepted for purchase on the Early Settlement Date, no Notes tendered after the Early Tender Date will, under the terms of the Offer to Purchase, be accepted for payment unless, in the Issuer's sole and absolute discretion, the terms of the Tender Offer are amended or waived by the Issuer to permit further purchases of the 2031 Notes or 2032 Notes. There can be no assurance that the Issuer will amend or waive any terms of the Tender Offer to accept any Notes tendered after the Early Tender Date or amend the Tender Offer in any other respect. Except as expressly set forth herein, the terms and conditions with respect to the Tender Offer are as set forth in the Offer to Purchase, subject to the Issuer's right to waive, amend or terminate any provisions of the Tender Offer, in the Issuer's sole and absolute discretion. The obligation of the Issuer to accept for purchase, and to pay for, Notes validly tendered pursuant to the Tender Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions as set forth in the Offer to Purchase, in the sole and absolute discretion of the Issuer. The Issuer has retained UBS Investment Bank to act as the dealer manager in connection with the Tender Offer. Questions about the Tender Offer may be directed to UBS Investment Bank at (212) 882-5723 (Collect), (833) 690-0971 (Toll-Free) or by email at americas-lm@ubs.com. Copies of the Offer to Purchase may be obtained by contacting Global Bondholder Services Corporation at (855) 654 2014 or by email at contact@gbsc-usa.com. About Community Health Systems Inc. Community Health Systems, Inc. -- http://www.chs.net/-- is a publicly traded hospital company and an operator of general acute care hospitals in communities across the country. Its affiliates provide healthcare services, developing and operating healthcare delivery systems in 40 distinct markets across 15 states. As of March 31, 2026, the Company had $13.2 billion in total assets, $14.1 billion in total liabilities, $260 million in redeemable noncontrolling interests in equity of consolidated subsidiaries, and $1.2 billion in total stockholders' deficit. * * * In April 2026, S&P Global Ratings affirmed its 'CCC+' rating on Community Health Systems Inc. and revised its outlook to positive from negative. At the same time, S&P Global affirmed its issue-level ratings on Community Health's 'B-'- rated senior secured as well as its 'CCC-' rated junior secured and senior unsecured debt. In May 2026, Fitch Ratings has affirmed CHS/Community Health Systems, Inc.'s (CHS) and its parent, Community Health Systems, Inc's. (CYH) Long-term Issuer Default Ratings (IDRs) at 'CCC+'. Fitch has also affirmed the asset-based revolver at 'B+' with a Recovery Rating of 'RR1', first lien secured notes at 'B'/'RR2', second lien secured notes at 'CCC-'/'RR6' and senior unsecured notes at 'CC'/'RR6'. CIBUS INC: FMR LLC, Abigail Johnson Hold 15% of Class A Shares -------------------------------------------------------------- FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, they each beneficially own 11,425,929 shares of Cibus Inc.'s Class A Common Stock, representing 15% of the shares outstanding. FMR LLC may be reached through: Stephanie J. Brown 245 Summer Street Boston, MA 02210 Tel: 617-570-6339 A full-text copy of FMR LLC's SEC report is available at: https://tinyurl.com/jed3xtvm About Cibus Cibus Inc. is an agricultural biotechnology company based in San Diego, California. It develops genetic traits for major food crops using its proprietary gene-editing platform, the Rapid Trait Development System. The Company's technology aims to improve crop productivity and resilience by addressing challenges such as pests, diseases, and environmental stressors. San Diego, Calif.-based BDO USA, P.C., the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 17, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The report highlights that the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $305 million in total assets and $283.2 million in total liabilities, and total stockholders' equity of $21.8 million. CIVILGEO INC: Copyright Infringement Claims Covered by Insurance ---------------------------------------------------------------- The Hon. Catherine J. Furay of the U.S. Bankruptcy Court for the Western District of Wisconsin granted CivilGEO, Inc.'s motion for partial summary judgment in the adversary proceeding captioned as CIVILGEO, INC., Plaintiff, v. HISCOX INSURANCE COMPANY, INC., and ETERNIX, LTD., Defendants, Adv. Proc. No. 25-00019 (Bankr. W.D. Wis.). Hiscox Insurance Company, Inc.'s motion for summary judgment is denied. CivilGEO, Inc., is a software company specializing in the development and sale of civil engineering software. The company has three products: GeoHECRAS, GeoHECHMS, and GeoSTORM. Christopher Maeder is CivilGEO's sole owner. Eternix, Ltd., another software company, developed and launched software known as Blaze Terra. In 2011, Maeder contacted Eternix. Eternix alleges that Maeder asked to evaluate its Blaze Terra software. Eternix agreed. A trial version of the software was sent to Maeder. Eternix claims it sent Maeder an updated version of the software in 2013 at Maeder's request. CivilGEO began selling its first software product, GeoHECRAS, in 2014. In March 2022, Eternix says it received reports that CivilGEO and Maeder misappropriated its Blaze Terra software. Eternix concluded that CivilGEO incorporated code from the Blaze Terra software into its products, GeoHECRAS and GeoHECHMS. Hiscox Insurance Company, Inc., issued policy number P100.515.631.6 to CivilGEO. The Policy was effective from September 8, 2022, to September 8, 2023. The retroactive date for the Policy is April 1, 2011. The Policy lists CivilGEO as the named insured. Among other provisions, the Policy includes a Professional Liability Coverage Form and a Technology Services/IT Consulting Services Endorsement. There is no dispute that Eternix first made allegations against CivilGEO during the Policy's period. On September 7, 2023, Hiscox sent an email to Maeder that included an initial coverage analysis of Eternix's anticipated litigation. Based on the information at the time, Hiscox advised Maeder that the Policy might cover an expected copyright infringement claim. On September 14, 2023, Eternix sued CivilGEO and Maeder in District Court (the "Litigation"). Eternix's Complaint asserts seven claims against CivilGEO: 1. Copyright infringement 2. Misappropriation of trade secrets under Wisconsin Uniform Trade Secret Act (Wis. Stat. Section 134.90) 3. Misappropriation of trade secrets under Federal Defend Trade Secrets Act 4. Breach of contract 5. Breach of the covenant of good faith and fair dealing 6. Conversion 7. Unjust enrichment The claims can be combined into three groups: copyright infringement, misappropriation of trade secrets, and state common-law claims. Eternix seeks damages, pre- and post-judgment interest, permanent injunctive relief, and costs, expenses, and disbursements, including attorneys' and experts' fees. On October 2, Hiscox reversed course. In a letter to Maeder, Hiscox concluded the Litigation did not trigger the insuring agreement. Coverage was denied altogether. On April 1, 2025, CivilGEO filed a Chapter 11 petition in this Court. CivilGEO alleges its bankruptcy filing, at least in part, resulted from Hiscox's denial of coverage. As of the petition date, CivilGEO says it has incurred $1,108,279.50 in legal fees and $241,611.12 in expert witness fees and expenses related to the Litigation. Hiscox refuses to cover any amount of the expenses related to Eternix's claims or CivilGEO's defense costs. CivilGEO commenced this adversary proceeding on June 18. CivilGEO maintains that Eternix's claims are covered under the Policy. It contends that Hiscox is contractually obligated to defend the claims raised by Eternix or indemnify CivilGEO for any resulting loss. CivilGEO asks the Court to grant partial summary judgment against Hiscox. CivilGEO requests that Hiscox be found liable for three types of damages: * the amount of $200,000, the Policy's sublimit of liability; * prejudgment interest on the sublimit of liability in the Policy; and * CivilGEO's costs and attorneys' fees incurred in connection with the Litigation in excess of the sublimit in the Policy. These amounts total more than the Policy's sublimit of liability. In addition, it requests the costs and attorneys' fees incurred in this adversary proceeding. Hiscox disagrees, arguing it has no duty to defend or indemnify CivilGEO based on the plain language of the Policy and the Litigation allegations. Hiscox requests that summary judgment be granted dismissing this adversary proceeding. The Court concludes that the Complaint's allegation of copyright infringement is within the Policy's coverage. Further, the allegation of conversion could arguably be within coverage. One Claim within policy coverage is sufficient to trigger the duty to defend the entire suit. Therefore, Hiscox's duty to defend was triggered. Accordingly, CivilGEO's motion for partial summary judgment is granted. Summary judgment for Hiscox is denied. The Court says coverage of the copyright infringement claim is subject to the $200,000 sublimit as stated in the Policy. Provided, however, that does not exclude interest from the date of the triggering of the duty to defend. Neither does it exclude a claim for the costs and fees incurred in connection with pursuit of the duty to defend. Determination of the amount of costs and fees incurred in this adversary proceeding is subject to further evidence and proceedings. CivilGEO's damages from Hiscox's breach of its duty will be determined in further proceedings. A copy of the Court's decision dated May 8, 2026, is available at http://urlcurt.com/u?l=AlpzwSfrom PacerMonitor.com. About Civilgeo, Inc. CivilGEO Inc. specializes in creating intuitive CAD and GIS-based hydrologic engineering software for a global market. The Company's product lineup includes three key offerings: GeoHECRAS, GeoHECHMS, and GeoSTORM, with no other software available for purchase. CivilGEO's solutions are widely used by consulting engineers, public utilities, government agencies, and educational institutions across the U.S. for effective water resource management. CivilGEO's software is particularly focused on hydrologic simulation modeling, which involves designing and running computational models to simulate both surface and groundwater flow. CivilGEO Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10731) on April 1, 2025. In its petition, the Debtor reports total assets as of February 28, 2025 amounting to $653,051 and total liabilities as of February 28, 2025 of $1,283,472. Honorable Judge Catherine J. Furay oversees the case. The Debtor is represented by Justin M. Mertz, Esq. at MICHAEL BEST & FRIEDRICH LLP. CLEAR CHANNEL: Q1 Loss Swings to $48.6MM; Merger Set for Q3 Close ----------------------------------------------------------------- Clear Channel Outdoor Holdings, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $48.6 million for the three months ended March 31, 2026, compared to net income of $62.5 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $373.9 million, compared to $334.2 million in the prior-year period. As of March 31, 2026, the Company had $3.7 billion in total assets, $7.2 billion in total liabilities, and $3.4 billion in total stockholders' deficit. Pending Take-Private Merger On February 9, 2026, the Company entered into an Agreement and Plan of Merger with Madison Parent Inc., a Delaware corporation, and Madison Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of Parent. Pursuant to the Merger Agreement, the Company is to be acquired by an investor consortium comprised of affiliates and/or certain investment funds advised by Mubadala Capital, in partnership with TWG Global. Under the terms of the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger, each share of the Company's common stock that is issued and outstanding as of immediately prior to the Effective Time (other than shares held by the Company as treasury stock, owned by Parent or any wholly owned subsidiary of the Company or Parent, including Merger Sub, or as to which appraisal rights have been properly exercised in accordance with Delaware law) will be automatically canceled, extinguished and converted into the right to receive cash in an amount equal to $2.43, without interest. Upon consummation of the Merger, the Company will become a privately held company, and its common stock will no longer be listed for trading on any public market. The Merger is expected to close by the end of the third quarter of 2026, subject to the satisfaction of customary closing conditions, including receipt of required stockholder and regulatory approvals, such as review by the Committee on Foreign Investment in the United States. The applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on April 9, 2026. On April 13, 2026, the Company filed a definitive proxy statement with the SEC in connection with the Merger, and a special meeting of stockholders is scheduled to be held on May 12, 2026 (subject to adjournment or postponement) to consider and vote on the adoption of the Merger Agreement. Under the terms of the Merger Agreement, if the agreement is terminated under certain specified circumstances, including in connection with the Company entering into a definitive agreement relating to an alternative business combination transaction that constitutes a superior proposal (as defined in the Merger Agreement), the Company may be required to pay Parent a termination fee of $39.8 million. In addition, Parent may be required to pay the Company a termination fee of $92.9 million if the Merger Agreement is terminated under certain other circumstances. In connection with the Merger, in April 2026, the Company completed consent solicitations with respect to its outstanding senior secured notes, Term Loan Facility and Revolving Credit Facility, and entered into amendments to the related debt documents. These amendments are effective but will become operative only upon consummation of the Merger. Liquidity and Capital Resources Short-Term Liquidity The Company's primary cash requirements include working capital to support business operations, capital expenditures and debt service obligations. The Company typically funds these needs through cash on hand, cash generated from operations and, when necessary, borrowings under its credit facilities. In addition, the Company has benefited from cash proceeds from prior-year international business sales, a portion of which was used to reduce outstanding debt. The Company believes its sources of liquidity will be sufficient to meet its cash requirements for at least the next 12 months. Long-Term Liquidity The Company's long-term cash requirements depend on a variety of factors, including business growth, investments in digital conversions and new technologies, the timing and completion of the Merger, costs related to the Merger, and the completion of the sale of its business in Spain. The Company also has long-term cash requirements related to the repayment of outstanding debt, which matures between 2028 and 2033. Generally, the Company may repay indebtedness as it matures, through refinancing transactions or, from time to time, opportunistic repurchases of outstanding debt securities through open market purchases, privately negotiated transactions or other means. The Company conducted such repurchases in 2025. Any future repurchase activity will depend on prevailing market conditions, its liquidity needs, contractual restrictions and the outcome of the Merger. Such repurchases could materially impact the Company's liquidity, results of operations or leverage ratios and, as a result, its ability to comply with the covenants in its debt agreements. The amounts involved in any such transactions may be material. The Company believes that its sources of liquidity will be adequate to meet its long-term cash requirements. However, its ability to meet these requirements through cash from operations will depend on its future operating results and financial performance, which are subject to uncertainty and may be affected by factors beyond its control, including macroeconomic conditions, interest rates, inflation, global trade policies, geopolitical developments, and the timing and completion of the Merger. In addition, its significant interest payment obligations reduce its financial flexibility, increase its sensitivity to changes in operating performance and economic conditions, and reduce its liquidity over time. In prior periods, the Company has explored financing alternatives and undertaken transactions to improve its liquidity, including additional financing from banks or other lenders, public or private debt or equity offerings, and strategic partnerships, as well as refinancing its indebtedness. Under the terms of the Merger Agreement, the Company's ability to pursue such actions is currently limited. If the Merger is not consummated, the Company may seek to pursue similar transactions in the future. There can be no assurance that such financing or liquidity-generating transactions, including refinancing, will be available in sufficient amounts, at reasonable interest rates, on acceptable terms, or at all, due to market conditions, the Company's financial condition or other factors beyond its control. In addition, the terms of its debt agreements may limit its ability to incur additional indebtedness. If the Company is unable to generate sufficient cash from operations or secure supplemental liquidity as needed, its financial condition and ability to meet its obligations could be adversely affected. Cash Requirements Working Capital Needs Site lease payments represent the Company's most significant recurring operating cash requirement and consist of payments for land or space used by its advertising displays. These arrangements include both fixed minimum payments and revenue-sharing components under lease and non-lease contracts. For the three months ended March 31, 2026 and 2025, site lease expense for continuing operations was $149.2 million and $139.6 million, respectively, and is included in direct operating expenses in the Company's Consolidated Statements of Income (Loss). Site lease expense includes the effects of straight-line rent and other non-cash adjustments and, as a result, may differ from cash payments made during the period. The Company expects to fund its site lease and other working capital obligations primarily through cash generated from operations. Capital Expenditures The Company's capital expenditures primarily relate to the construction, enhancement and maintenance of its out-of-home advertising displays, including continued investment in digital displays as part of its long-term strategy to digitize its network. The Company expects to fund its capital expenditures primarily through cash generated from operations. The following table summarizes capital expenditures for the three months ended March 31, 2026 and 2025: (In thousands) -- Three Months Ended March 31, 2026 / 2025 * America: $7,916 / $9,819 * Airports: $3,734 / $2,234 * Other: $31 / $12 * Corporate: $877 / $1,166 * Capital expenditures for continuing operations(1): $12,558 / $13,231 * Capital expenditures for discontinued operations(2): $3,443 / $12,295 * Total capital expenditures: $16,001 / $25,526 (1) As of March 31, 2026 and 2025, the Company had accrued but unpaid capital expenditures for continuing operations of $6.2 million and $3.4 million, respectively. (2) Capital expenditures for discontinued operations decreased following the sales of the Company's former Europe-North segment and Latin American businesses in 2025. Debt Service Obligations A significant portion of the Company's cash requirements relates to debt service obligations. During the three months ended March 31, 2026 and 2025, the Company paid cash interest of $93.9 million and $89.0 million, respectively. The increase in 2026 primarily reflects the impact of the August 2025 senior secured notes refinancing, including the timing of interest payments, as the first semi-annual interest payments on the 7.125% and 7.500% Senior Secured Notes were made during the current-year period, and higher interest expense associated with the new debt. This was partially offset by lower interest payments resulting from the repayment of the $375.0 million CCIBV Term Loan Facility on March 31, 2025. Based on the Company's outstanding indebtedness as of March 31, 2026, and assuming no debt prepayments, repurchases, refinancings or issuances, the Company expects to pay approximately $308 million of cash interest for the remainder of 2026 and approximately $391 million in 2027. These estimates reflect the Company's capital structure as of March 31, 2026 and do not give effect to any potential financing transactions that may occur in connection with or following the consummation of the Merger. The Company's next significant debt maturities occur in 2028, when $899.3 million aggregate principal amount of 7.750% Senior Notes and $425.0 million under its Term Loan Facility become due. For additional details on the Company's outstanding long-term debt, refer to Note 5 to the Condensed Consolidated Financial Statements in Item 1 of Part I of this Quarterly Report on Form 10-Q. Sources of Capital and Liquidity Cash On Hand As of March 31, 2026, the Company had $195.5 million of cash and cash equivalents, including $13.0 million held by discontinued operations in Spain. Of the remaining balance, $6.2 million was held by the Company's continuing operations subsidiaries outside the U.S. At present, excess cash held by the Company's foreign subsidiaries could be repatriated with minimal U.S. tax consequences, and dividend distributions from international subsidiaries are not expected to result in a U.S. federal income tax liability. Cash Flow from Operations During the three months ended March 31, 2026, net cash provided by operating activities was $3.2 million, compared to $14.9 million during the same period in 2025. The decrease was primarily driven by $10.6 million of transaction costs paid in the current-year period related to the Merger, the non-recurrence of $9.9 million in insurance proceeds received in the prior-year period related to the ongoing process to recover certain amounts previously incurred in connection with a resolved legal matter, and higher cash interest payments of $4.9 million, as discussed above. These drivers were partially offset by stronger operating performance across both the America and Airports segments, as well as lower cash payments for income taxes of $4.3 million following the disposition of most of the Company's international businesses. Dispositions During the three months ended March 31, 2026, the Company paid $3.9 million for transaction-related costs and final post-closing adjustments primarily associated with its Latin American business dispositions, partially offset by $2.7 million of cash proceeds from asset dispositions. During the three months ended March 31, 2025, the Company received net cash proceeds of $609.3 million from the sale of its former Europe-North segment and certain Latin American businesses. A portion of these proceeds was used to fully prepay the $375.0 million CCIBV Term Loan Facility, with the remainder used to improve liquidity and financial flexibility, as permitted under its debt agreements. The Company also received $8.0 million of cash proceeds from asset dispositions. In 2025, the Company entered into a definitive agreement to sell its business in Spain for an aggregate purchase price of €115 million, subject to certain customary adjustments. The transaction is expected to close in the second quarter of 2026, upon satisfaction of regulatory approvals. The Company expects to use the anticipated net proceeds, after payment of transaction-related fees and expenses, to further reduce its outstanding debt, subject to the outcome of the Merger. Credit Facilities The Company has access to a Revolving Credit Facility and a Receivables-Based Credit Facility, each of which includes sub-facilities for letters of credit and short-term borrowings and matures on June 12, 2030. As of March 31, 2026, the Company had no borrowings outstanding and significant available capacity under its credit facilities. The following table presents borrowing limits, letters of credit outstanding and excess availability under these credit facilities as of March 31, 2026: (in millions) -- Revolving Credit Facility / Receivables-Based Credit Facility / Total Credit Facilities * Borrowing limit(1): $100.0 / $200.0 / $300.0 * Borrowings outstanding: -- / -- / -- * Letters of credit outstanding(2): $7.0 / $88.5 / $95.5 * Excess availability: $93.0 / $111.5 / $204.5 (1) The Revolving Credit Facility commitment is $100.0 million, and the maximum commitment under the Receivables-Based Credit Facility is $200.0 million (capped by a borrowing base that fluctuates based on the Company's accounts receivable balance, as calculated under the Receivables-Based Credit Agreement). (2) As of March 31, 2026, the letter of credit outstanding under the Revolving Credit Facility relates to the Company's business in Spain. Debt Covenants and Other Debt Provisions The Company's debt agreements contain covenants as described in the 2025 Form 10-K. As of March 31, 2026, the Company was in compliance with all applicable covenants. The Senior Secured Credit Agreement includes a springing financial covenant that applies only if the Revolving Credit Facility has an outstanding balance or if undrawn letters of credit under that facility exceed $10 million. If triggered, the covenant requires that the Company maintain a first lien net leverage ratio of less than 7.10 to 1.00. As of March 31, 2026, these conditions were not met and the covenant was not in effect. Refer to the "Credit Facilities" section above for additional information on borrowings and excess availability as of March 31, 2026. In connection with the Merger, in April 2026, the Company amended the indentures governing its Senior Secured Notes and the Senior Secured Credit Agreement to provide that the Merger will not constitute a change of control under such documents and to add or amend certain related defined terms. These amendments are effective but will become operative only upon consummation of the Merger and will cease to be effective if the Merger is not completed. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/4kx75z34 About Clear Channel Outdoor Holdings, Inc. Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) is at the forefront of driving innovation in the out-of-home advertising industry. Clear Channel's dynamic advertising platform is broadening the pool of advertisers using its medium through the expansion of digital billboards and displays and the integration of data analytics and programmatic capabilities that deliver measurable campaigns that are simpler to buy. By leveraging the scale, reach and flexibility of Clear Channel's diverse portfolio of assets, it connects advertisers with millions of consumers every month. As of March 31, 2026, the Company had $3.7 billion in total assets, $7.2 billion in total liabilities, and $3.4 billion in total stockholders' deficit. * * * In Feb. 2026, S&P Global Ratings placed all its ratings on Clear Channel Outdoor Holdings Inc. (CCOH), including the 'CCC+' Company credit rating, on CreditWatch with positive implications. S&P expects to resolve the CreditWatch at the close of the transaction. At that time, it will likely raise its rating by at least one notch based on its expectation of positive free operating cash flow (FOCF) going forward. CCOH's announced that it will be acquired by a group of investors through a take-private transaction. Moreover, Moody's Ratings has placed all of Clear Channel Outdoor Holdings, Inc.'s credit ratings on review for upgrade including the Caa1 corporate family rating, Caa1-PD probability of default rating, the B2 senior secured notes and senior secured bank credit facilities ratings (including the revolving credit facility (RCF) and Term Loan B (TLB)), and the Caa3 senior unsecured notes ratings. Previously, the outlook was stable. The company's SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. CLEVELAND INSTITUTE: S&P Lowers 2022 Revenue Bond Rating to 'BB+ ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on the Ohio Higher Educational Facility Commission's series 2022 educational facilities revenue bonds, issued for the Cleveland Institute of Music (CIM). The downgrade reflects the material decline in enrollment for the small institution in fall 2024, resulting in deficit operations in fiscal 2025, as well as the school's expectation that deficits will persist in the near term on a full-accrual basis. The outlook is stable. S&P said, "We analyzed CIM's environmental, social, and governance credit factors pertaining to its market position, management and governance, and financial performance, and found them to be neutral in our credit rating analysis. "The stable outlook reflects our view that enrollment will be at least stable or see a modest increase in fall 2026 while deficit operations persist on a full-accrual basis as management works to moderate operating deficits through expense efficiencies and by growing revenues. The stable outlook also reflects our view that balance sheet metrics will continue to be solid for the rating, as well as the school's absence of any additional debt plans. "We could consider a negative rating action if enrollment declines materially or operating deficits accelerate such that there is significant weakening in financial resources or liquidity. Additional material debt without commensurate growth in resources would also be a credit weakness, in our view. "We could consider a positive rating action if enrollment improves, operations are consistently break-even or better on a full-accrual basis, and balance sheet resources grow, particularly relative to debt." CNEX LABS: Google Loses Bid to Enforce Injunction Against PFI ------------------------------------------------------------- Judge Beth Labson Freeman of the U.S. District Court for the Northern District of California denied in its entirety Google LLC's emergency motion seeking to enforce the preliminary injunction and impose contempt sanctions against Point Financial, Inc. in the case captioned as GOOGLE LLC, Plaintiff, v. POINT FINANCIAL, INC., Defendant, Case No. 25-cv-04033-BLF (N.D. Cal.). Google contracted with third party CNEX Labs, Inc. ("CNEX") for the development of hardware and software ("the CNEX technology") for use in the manufacture of certain computer chips compatible with Google's infrastructure ("the Chips"). Google also contracted with third party vendors for the manufacture, testing, and assembly of the Chips using the CNEX technology. Several years into the project, CNEX ceased operations and filed for bankruptcy. In the wake of CNEX's bankruptcy, Google continued working with its vendors to produce the Chips, taking the position that it has all necessary license and access rights to the CNEX technology under the Master Purchase Agreement ("MPA") between Google and CNEX. PFI, a creditor of CNEX, asserted superior rights in the CNEX technology based on its security interest in CNEX's assets resulting from CNEX's default on a loan. PFI warned Google's vendors that they should stop using the CNEX technology to manufacture the Chips for Google. PFI also indicated that it might sell the CNEX technology to recoup its investment. Google asserted that PFI could not sell the CNEX technology because it contains Google's trade secrets. Google filed this suit against PFI in May 2025, asserting claims for: (1) tortious interference with contractual relationships; (2) violations of the federal Defend Trade Secrets Act ("DTSA"), 18 U.S.C. Sec. 1831 et seq.; and (3) violations of the California Uniform Trade Secrets Act ("CUTSA"), Cal. Civ. Code Sec. 3426 et seq. The Court granted Google's motion for a preliminary injunction based on its tortious interference claim and enjoined PFI "from taking any action intended to or having the effect of interfering with Google's license and access rights" to the CNEX technology, including contacting any of Google's vendors "for the purpose of taking any action intended to or having the effect of interfering with that relationship." The Court denied Google's motion for a preliminary injunction based on its trade secret claims, finding that Google had not identified trade secrets that would be disclosed through PFI's potential sale of CNEX's assets. PFI began exploring ways to commercialize the CNEX technology in order to offset its loss on CNEX's defaulted loan. PFI filed a motion in the Bankruptcy Court seeking to convert CNEX's Chapter 7 case to a Chapter 11 case, and proposing a reorganization in which PFI would acquire a majority stake in CNEX and resume CNEX's operations. Google opposed PFI's motion to convert and, the day before the Bankruptcy Court's hearing on that motion, filed the present "emergency" motion in this Court to bar PFI from going forward with its reorganization plan. Google asks the Court to find PFI in contempt of the preliminary injunction order and to impose monetary contempt sanctions against PFI that would be payable to Google. PFI argues that it has not violated the preliminary injunction and has no intention of doing so. The Court finds that Google has not established a basis for issuance of an order enjoining PFI from violating the existing preliminary injunction. The Court concludes that issuance of an order directing PFI to comply with a previous order is unnecessary and unwarranted. Google's motion to enjoin PFI from proceeding with its Chapter 11 reorganization plan is denied as moot. That request is moot in light of the Bankruptcy Court's denial of PFI's motion to convert. Google seeks an award of contempt sanctions to reimburse it for attorneys' fees and costs it incurred in opposing PFI's motion to convert in the Bankruptcy Court and briefing issues before this Court. PFI contends that it has not violated the preliminary injunction. Google has not come close to meeting its burden of showing by clear and convincing evidence that PFI violated a specific and definite order of this Court. Google argues that PFI's motion to convert in the Bankruptcy Court was a bad faith attempt to interfere with Google's license and access rights and/or Google's relationships with its vendors. Google makes a similar argument with respect to PFI's acquisition of CNEX's assets. According to the Court, the filing of a motion to gain a litigation or settlement advantage does not equate to interference with Google's rights in violation of the preliminary injunction. Google's request for contempt sanctions appears to be grounded in the assumption that PFI's acquisition and commercialization of CNEX's assets necessarily would violate the preliminary injunction. That assumption is not supported by the current record. The Court says the preliminary injunction does not bar PFI from attempting to recoup its investment by commercializing the CNEX technology. A copy of the Court's Order dated May 6, 2026, is available at https://urlcurt.com/u?l=yvgUMz CNEX Labs, Inc. -- https://www.cnexlabs.com/ -- is a company that specializes in semiconductor devices. It offers solid-state storage controllers and software for cloud, hyperscale, and enterprise data centers. The company also features FTL control, network scalability, and hardware acceleration. COACHELLA MANAGEMENT: Case Summary & 12 Unsecured Creditors ----------------------------------------------------------- Debtor: Coachella Management Partners, LLC 16501 Ventura Blvd., Suite 400 Encino, CA 91436 Business Description: Coachella Management Partners, LLC owns parcels of land in Kern County and Kings County, California, with a total current value of $1.3 million. The properties are identified by APNs 343-361-08-00-6 and 038-260-060-000. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11012 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd. Ste 314 Encino, CA 91316 Tel: (818) 285-0100 Fax: (818) 855-7013 Email: matt@rhmfirm.com Total Assets: $1,300,000 Total Liabilities: $4,549,196 The petition was signed by Alexis Gevorgian as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P3JGQNI/Coachella_Management_Partners__cacbke-26-11012__0001.0.pdf?mcid=tGE4TAMA COLD SPRING: Gets Temporary Halt of Chapter 11 Conversion Effort ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Cold Spring Acquisition LLC received a temporary reprieve Tuesday, May 12, 2026, after a New York bankruptcy judge imposed a two-week standstill on litigation in the company's Chapter 11 proceedings. The order was intended to provide the debtor and unsecured creditors with time to continue negotiations over unresolved restructuring disputes. The court paused ongoing litigation efforts to create space for settlement discussions and potential compromise among stakeholders. Parties in the case suggested that continued negotiations may help avoid a more contentious bankruptcy battle and preserve value for creditors and the estate, the report states. Cold Spring Acquisition LLC manages nursing home and senior care operations focused on long-term residential healthcare services. Like many operators in the sector, the company has faced mounting financial strain tied to operational costs, staffing pressures and broader industry headwinds, Law360 reports. About Cold Spring Acquisition Cold Spring Acquisition LLC operates a 588-bed skilled nursing and rehabilitation facility in Woodbury, N.Y. In particular, the senior care facility provides hospice, dementia care, medical needs, as well as short-term and long-term rehabilitation care. The senior care facility also runs a senior day program. Cold Spring Acquisition sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22002) on January 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $50 million and $100 million in liabilities. Judge Sean H. Lane handles the case. Russell E. Potter, Esq., and Schuyler Carroll, Esq., at Manatt, Phelps & Phillips represent the Debtor as legal counsels. CUTERA INC: Executives Win Final Dismissal of Investor Lawsuit -------------------------------------------------------------- Emily Lever of Law360 reports that Cutera Inc. and its executives defeated a proposed investor class action after a California federal judge ruled Monday, May 11, 2026, that the claims were extinguished under the company's confirmed Chapter 11 restructuring plan. Shareholders had alleged the company made misleading statements concerning the launch of an acne treatment product and the strength of its financial results. According to the ruling, the claims were considered abandoned during the bankruptcy process and subsequently discharged upon confirmation of the Chapter 11 plan. The court determined that the plaintiffs were barred from reviving the securities claims following the company’s emergence from bankruptcy protection. Cutera manufactures laser and energy-based aesthetic treatment systems used by dermatologists, cosmetic surgeons and medical spas. The company entered Chapter 11 to restructure its balance sheet and address liquidity concerns after facing operational headwinds and declining financial performance, the report states. About Cutera Inc. Cutera, Inc., offers aesthetic and dermatological solutions to medical professionals worldwide. The Company designs, manufactures, and sells energy-based product platforms for medical use, as well as distributes third-party skincare products. Its portfolio includes various system platforms such as AviClear, enlighten, excel HR, excel V/V+, truSculpt, Secret PRO, Secret DUO, Secret RF, xeo, and xeo+, which allow practitioners to perform a wide range of procedures. These procedures include treatments for acne, body contouring, skin resurfacing and rejuvenation, hair and tattoo removal, the elimination of benign pigmented lesions, and vascular conditions. Many of Cutera's systems feature multiple handpieces and applications, offering customers the flexibility to upgrade their equipment. Cutera Inc. and Crystal Sub, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90088) on March 5, 2025, with $200,881,854 in total assets and $480,459,932 in total liabilities. Taylor Harris, chief executive officer, signed the petition. Judge Alfredo R. Perez presides over the case. The Debtors tapped Hunton Andrews Kurth LLP as local bankruptcy counsel; Ropes & Gray LLP as general bankruptcy counsel; Houlihan Lokey Capital, Inc., as investment banker; FTI Consulting, Inc. as financial advisor and Kurtzman Carson Consultants, LLC d/b/a Verital Global as notice, claims, solicitation & balloting agent. D.K.A. ONE: Commences Chapter 11 Bankruptcy in Louisiana -------------------------------------------------------- On May 5, 2026, D.K.A. One L.L.C. and its debtor affiliate filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors. A meeting of creditors filed by the Office of the U.S. Trustee under Section 341(a) to be held on June 9, 2026 at 01:00 PM by Telephone Conference Line: 888-330-1716. Participant Passcode: 8461305. About D.K.A. One L.L.C. D.K.A. One L.L.C. is a New Orleans-based real estate owner and developer associated with the former Metairie Towers condominium complex. The company is involved in property ownership, redevelopment and related real estate activities. D.K.A. One L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11085) on May 5, 2026. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. The filing indicates funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Mark Mintz, Esq. of Jones Walker LLP and affiliated counsel. D.K.A. SIX: Seeks Chapter 11 Bankruptcy in Louisiana ---------------------------------------------------- On May 5, 2026, D.K.A. Six, L.L.C. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. About D.K.A. Six, L.L.C. D.K.A. Six, L.L.C. is a privately held company believed to be involved in investment management, commercial asset ownership, and related business operations. D.K.A. Six, L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11086) on May 5, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. DCA OUTDOOR: Seeks to Extend Plan Exclusivity to Aug. 20 -------------------------------------------------------- DCA Outdoor, Inc., and its affiliates asked the U.S. Bankruptcy Court for the Western District of Missouri to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 20 and Oct. 19, 2026, respectively. The Debtor filed a Motion to Sell Substantially All Assets Free and Clear of Lien(s) interest under Section 363(f) of the Bankruptcy Code on December 1, 2025. The motion to sell was approved by Order of this Court on December 11, 2025. The Debtor filed its Notice of Intent to Auction pursuant to the Order granting the Motion for Order Authorizing Sale of Personal Property by Auction Free and Clear of Encumbrances filed by DCA Outdoor, Inc. on May 5, 2026. Response to the Notice are due on or about May 19, 2026. The Debtors claim that they are diligently working with the various professionals to sell assets and formulate a confirmable Chapter 11 Plan, but need additional time to do so. The Debtors believe that they may file a Chapter 11 Plan of Liquidation, but need to be further along in the sale process to make their final determination. The Debtors explain that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and is in the best interest of all parties to allow Debtors time to work through the sale process and work with its financial advisor so that they can work to formulate the Debtor's Chapter 11 Plan. Counsel to the Debtors: Colin N. Gotham, Esq. EVANS & MULLINIX, P.A. 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 E-mail: cgotham@emlawkc.com About DCA Outdoor, Inc. DCA Outdoor Inc. established in 2016, is a vertically integrated green industry organization headquartered in Kansas City, Missouri. The Company connects various sectors -- including agricultural production, landscape distribution, retail, agritourism, and transportation -- through its family of brands. The DCA Outdoor family comprises several brands including Schwope Brothers Tree Farms, Utopian Plants, RIO, Anna Evergreen, Brehob Nurseries, KAT Landscape, Colonial Gardens, PlantRight, PlantRight Supply, and Utopian Transport. DCA Outdoor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Miss. Case No. 25-50053) on Feb. 20, 2025. In its petition, the Debtor estimated assets up to $50,000 and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Cynthia A. Norton handles the case. The Debtor tapped Larry E. Parres, at Lewis Rice LLC as counsel, and Creative Planning, LLC and its affiliate BerganKDV as audit and tax professionals. DEL MONTE: Defends Chapter 11 Plan Amid Lender Opposition --------------------------------------------------------- Ben Zigterman of Law360 reports that Del Monte Foods Inc. defended its Chapter 11 liquidation plan at a New Jersey confirmation hearing Tuesday, May 12, 2026, telling the court that its bankruptcy process was fair, transparent and resulted in three successful asset sales. The company pushed back against lender objections that questioned the integrity and outcomes of the sales process. According to the debtor, the Chapter 11 case included multiple competitive bidding processes that culminated in three separate transactions, all designed to maximize value for creditors. Del Monte argued that the process was properly managed and produced reasonable recoveries consistent with market conditions. The company urged the court to confirm its liquidation plan despite creditor opposition, emphasizing that the bankruptcy proceedings achieved an efficient wind-down of the business. Del Monte Foods is a well-known producer of canned fruits, vegetables and other packaged food products distributed across domestic and international markets, the report cites. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DENALI CONSTRUCTION: Unsecureds Will Get 100% over 60 Months ------------------------------------------------------------ Denali Construction Services, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Texas a Combined Disclosure Statement and Chapter 11 Plan dated May 5, 2026. The Debtor is a Texas limited liability company, formed originally on December 12, 2012 as a Texas limited partnership and converted on January 17, 2023, to a Texas limited liability company when articles of conversion and formation were filed with the Texas Secretary of State. Michelle L. Thrailkill was formally appointed as Denali's President in 2014 and has managed Denali since that time. The Debtor is the leading woman-owned mechanical, electrical, and plumbing ("MEP") construction and service company in North Texas. The Debtor is certified with the Southwest Women's Council as a Women's Business Enterprise and as a Woman Owned Small Business. The Debtor filed its voluntary chapter 11 petition on October 4, 2024, thereby initiating the Bankruptcy Case and creating the estate. From the outset, this Bankruptcy Case required immediate action by the Debtor and its counsel to obtain emergency relief from the MCA chokehold on the Debtor's operating accounts (intercepting payments from the Debtor's account obligors, charging effective interest of up to 1,214%, and electronically debiting the operating account weekly or daily basis). Throughout the MCA Adversary, the Debtor engaged in arms'-length, good faith negotiations through counsel with the MCA Defendants and reached settlements with the vast majority of the MCA Defendants, resulting in the Balboa Settlement, Cloudfund Settlement, Global MC Settlement, Parkside Settlement, Top Tier Settlement, True Business Settlement, TVT Business Settlement, and TVT Capital Settlement. On April 8, 2026, the Court entered its Final Judgment [Adv. Proc. ECF 214]. As a result of the MCA Final Judgment, the MCA Default Judgment, and the MCA settlements, the MCA Adversary has been fully resolved and all claims between the Debtor and the MCA Lenders have been adjudicated, settled, or dismissed. Class 8 consists of General Unsecured Claims against the Debtor, including, without limitation, any unsecured deficiency Claims of the holders of Secured Claim in Classes 2 to 7. Beginning on the first Business Day of the first month after the occurrence of the Effective Date, the Reorganized Debtor will pay all Allowed General Unsecured Claims in full, with simple interest then accruing at five percent per annum, in 60 equal monthly installments. The Reorganized Debtor may prepay Allowed General Unsecured Claims at any time in full or in part without penalty. This Class will receive a distribution of 100% of their allowed claims. Class 8 is Impaired. Class 9 consists of Interests in the Debtor. All Interests in the Debtor shall remain in full force and effect and shall be retained by the holder(s) thereof. Class 9 is Unimpaired, deemed to accept, and therefore not entitled to vote. Unless otherwise set forth in the Plan, pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the classification, distributions, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good-faith compromise and settlement of all Claims, Interests, Causes of Action, and controversies released, settled, compromised, discharged, or otherwise resolved pursuant to the Plan. Payments to creditors contemplated under this Plan shall be made from revenue generated from the Reorganized Debtor's continued business operations. The Debtor anticipates pursuing claims objections that will reduce the Allowed General Unsecured Claim pool. Following the Effective Date, Michelle Thrailkill will continue to serve as the Reorganized Debtor's president and managing member, and she will receive compensation of $265,000.00. A full-text copy of the Combined Disclosure Statement and Plan dated May 5, 2026 is available at https://urlcurt.com/u?l=0kt6tm from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Berghman, Esq. Jonathan S. Petree, Esq. Munsch Hardt Kopf & Harr P.C. 1717 West 6th Street, Suite 250 Austin, TX 78703 Telephone: (512) 391-6100 Facsimile: (512) 391-6149 Email: tberghman@munsch.com About Denali Construction Services Denali Construction Services, LLC provides mechanical solutions for commercial, government, and industrial projects ranging from preventive maintenance, renovation, remodel, and retrofit to new construction ventures. Its specialty areas are municipalities, airports, schools, colleges, hospitals, secured-government facilities, correctional facilities, and manufacturers. Denali sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 24-33155) with $1 million to $10 million in both assets and liabilities. Michelle L. Thrailkill, president and managing member, signed the petition. The Debtor is represented by Thomas Daniel Berghman, Esq., at Munsch Hardt Kopf & Harr, PC. DETROIT DUMPSTER: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Detroit Dumpster Depot, LCC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. Under the interim order, the Debtor is authorized to use $103,367 in cash collateral from April 21 through June 3 to fund operations in line with its budget, subject to a 10% variance. The Debtor's post-petition operations are expected to remain profitable and that the budget demonstrates its ability to generate sufficient revenue to continue operating while restructuring its debts. Simply Funding, LLC and the U.S. Small Business Administration claim an interest in the Debtor's cash collateral. As protection for the Debtor's use of their cash collateral, both creditors will be granted security interests in and replacement liens on their pre-bankruptcy collateral and all assets acquired by the Debtor after the bankruptcy filing except Chapter 5 causes of action. In addition, Simply Funding and the SBA will receive monthly payments of $2,500 and $591, respectively. The order is available at https://is.gd/21kNQc from PacerMonitor.com. The court will hold a final hearing on June 3. Detroit Dumpster Depot is owned entirely by Raymond Canty who also manages the business. The Debtor is not publicly traded and no outstanding obligations exist between it and Mr. Canty personally. The business operates a dumpster rental and debris-removal service in Detroit and also owns real property located at 7120 Intervale in Detroit, which serves as a storage yard for dumpsters and excavation equipment. Mr. Canty expanded the business through a series of loans from Premium Home Realty, LLC, which financed business operations and rehabilitation of property located at 10300 Dexter Avenue in Detroit. As security for those loans, the Debtor pledged mortgages on both the Intervale property and the Dexter property. The debt owed to Premium Home Realty is estimated at $628,687.23. In addition to those obligations, the Debtor also borrowed funds through a high-interest merchant cash advance from Simply Funding totaling approximately $105,506, carrying a stated interest rate of 14.27%. The Debtor claimed that these financing arrangements severely strained cash flow, making it impossible to pay the balloon obligations owed to Premium Home Realty or the weekly repayment obligations owed to Simply Funding. The financial distress ultimately led Premium Home Realty to initiate foreclosure proceedings against the Debtor's properties. Facing the imminent loss of key business assets, the Debtor filed for emergency bankruptcy protection to halt the foreclosure process and preserve its operations. Despite its financial difficulties, the Debtor expressed confidence that it can successfully reorganize through a Chapter 11 plan over a 60-month repayment period. About Detroit Dumpster Depot LLC Detroit Dumpster Depot, LLC is a Detroit, Michigan-based company founded in 2018 that provides dumpster rental and non-hazardous waste transportation and disposal services across Michigan. It serves residential, commercial, industrial and construction-related customers, and also offers dumpster delivery, pickup and debris removal for clean-outs, board-ups and site cleanup. The company owns and operates rubber wheel dumpster trailers and leases and rents equipment to other contractors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44476) on April 21, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Raymond Canty, managing member, signed the petition. Judge Thomas J. Tucker presides over the case. C. Jason Cardasis, Esq., at the B.O.C. Law Group, P.C. represents the Debtor as legal counsel. DIOCESE OF BUFFALO: Seeks Court Approval for $6.4MM HQ Sale ----------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that bankrupt Roman Catholic Diocese of Buffalo is seeking court approval to move ahead with a $4.6 million headquarters sale after another buyer outbid the stalking horse bidder selected earlier in the process. The request was filed in bankruptcy court as part of the diocese's asset monetization efforts. The diocese told the court that the competitive bidding process generated a superior offer for the property, increasing potential proceeds available to the estate. Church officials argued that approving the higher bid would serve the best interests of creditors involved in the Chapter 11 proceedings. The Buffalo diocese entered bankruptcy to address liabilities stemming from hundreds of sexual abuse claims. The case has involved efforts to restructure finances, liquidate certain assets, and negotiate compensation arrangements for survivors and other creditors, the report states. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DIOCESE OF OAKLAND: Gets Preliminary OK for Chapter 11 Plan Voting ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that the Roman Catholic Diocese of Oakland received court approval Friday, May 8, 2026, to solicit votes on its Chapter 11 reorganization plan, which proposes the creation of a $180 million trust fund to address clergy sexual abuse claims. The decision came from a California bankruptcy judge overseeing the case. According to court filings, the trust would be financed through diocesan resources, insurance recoveries, and related contributions aimed at compensating survivors. The plan is intended to resolve a large number of abuse claims through a centralized settlement structure. The Oakland diocese sought bankruptcy protection as it faced extensive litigation tied to historical abuse allegations. Officials have argued that the Chapter 11 process provides the most effective mechanism for compensating claimants while preserving church ministries and charitable programs, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DIRECTV FINANCING: Moody's Rates New $1.4BB Sr. Secured Notes 'B1' ------------------------------------------------------------------ Moody's Ratings has assigned B1 rating to DIRECTV Financing, LLC's (DIRECTV) proposed $1.4 billion senior secured notes due 2032. The net proceeds will be used to repurchase a portion of the company's 5.875% senior secured notes due 2027. All other ratings, including the company's B1 corporate family rating, remain unchanged. A senior secured receivables credit facility due June 2028 at DIRECTV Receivables, LLC, an indirect subsidiary of DIRECTV, is unrated. Various senior unsecured notes maturing over the period through 2042 held at DIRECTV's subsidiary, DIRECTV Holdings LLC, are also unrated. The outlook remains unchanged at negative. RATINGS RATIONALE DIRECTV's B1 CFR reflects elevated debt leverage following a shift in the company's financial policy to acquire the 70% equity stake of its prior joint venture partner, AT&T Inc. (AT&T, Baa2 stable) in July 2025. DIRECTV previously targeted modest debt leverage (Moody's adjusted) of around 1.25x, but now targets 1.5x on a company-defined net debt leverage over the next 12-18 months. DIRECTV's debt leverage (Moody's adjusted) stood at 2.0x at year-end 2025, and is expected to remain near 2.0x at year-end 2026 before potential improvement in 2027. Continued efforts to achieve greater cost efficiencies and more favorable operating results under evolving business strategy changes and enhancements could quicken this deleveraging pace. Maintenance of steady EBITDA margins in the mid-20% area and the potential for consistent debt pay downs with all available discretionary free cash flow are key considerations in support of DIRECTV's credit profile. On an operational level, subscriber losses make continued cost cutting a critical part of ensuring that DIRECTV is able to maintain and optimize cash flow generation at levels sufficient to fund steady tax-based cash distributions to TPG given the company's legal structure as a limited liability company. Operating cost efficiency efforts have targeted G&A reductions, including customer service operations and the streamlining of customer acquisition costs. Disciplined maintenance capital investing and targeted growth capital investments are also a part of this focus on optimizing cash flow generation. DIRECTV's total subscriber base remains in steady decline at all segments except at the company's DIRECTV via Internet and DIRECTV STREAM segments currently. The company's newly disclosed DIRECTV for Business segment with 300,000 subscribers at year-end 2025 is only experiencing low single-digit subscriber declines. DIRECTV via Satellite subscribers contracted at a 17.5% rate in 2025 to 5.0 million subscribers (vs 6.1 million DIRECTV via Satellite subscribers at year-end 2024). These negative fundamental subscriber trends have resulted in DIRECTV via Satellite subscribers declining by over 68% since a year-end 2019 total of 16.0 million subscribers. The company still has a currently sizable overall scale of 8.4 million total subscribers as of 12/31/25 (vs 9.3 million total subscribers at year-end 2024) after adding in 3.4 million subscribers from other segments. DIRECTV's substantial programming content distribution and spending enables some negotiating advantages in content provider contract discussions versus smaller video distribution peers. DIRECTV faces growth pressures as revenue and profits are generated from its US linear pay television distribution business, which is facing negative, secularly driven trends. These negative trends include consumers moving to direct-to-consumer video-on-demand services and terminating traditional linear bundled pay TV services such as those provided by DIRECTV. The company operates under limited visibility and is potentially vulnerable to unexpected and sizable falloffs of subscribers. Such limited visibility negatively impacts financial flexibility, especially if the current contraction pace of industry subscriber trends and churn were to materially worsen. The company is focused on strengthening operating performance by acquiring and retaining profitable customers, supporting current margins through cost containment and evolving and transitioning its current linear bundled television distribution exposure to strengthen its competitive positioning and help slow the pace of revenue and subscriber contraction through innovative offerings. Moody's expects DIRECTV to have a good liquidity profile supported by solid free cash flow generation potential (especially now after the full pay-off of common catch-up units due AT&T) and $300 million of availability under its revolving credit facility as of April 09, 2026. In September 2025, DIRECTV extended the maturity of its $500 million senior secured first lien revolving credit facility due August 2028 to September 2030 provided that the company reduces the aggregate outstanding amount of its 2027 senior secured first lien term loan and 2027 senior secured notes to no more than $500 million by May 03, 2027, in addition to reducing the outstanding amount of the 2030 senior secured notes to no more than $500 million by November 02, 2029. At December 31, 2025, the full amount of the revolver was available except for $33 million in letters of credit outstanding. Moody's would expect DIRECTV to have full availability under its revolving credit facility excluding any outstanding letters of credit on a going forward basis. The company also had cash on the balance sheet of $195 million as of December 31, 2025. Moody's expects that the company will maintain cash balances at sufficient levels to operate its business. The company's senior secured first lien term loans include a 50% excess cash flow sweep with first lien net leverage-based step-downs to 25% and 0%. The excess of the company's free cash flow after tax-based cash distributions to equity holders and after any required debt repayments will likely be applied in a prudent way under a new financial policy which includes aggregate debt reduction achieved through a combination of free cash flow generation and opportunistic repurchases of outstanding debt. The revolving credit facility due 2028 (and provisionally after meeting certain terms described above, 2030) includes a springing first lien net leverage ratio covenant of 2.25x which is tested when more than 35% of the revolver is drawn. Moody's expects the company to maintain sufficient cushion under this covenant over Moody's forward outlook period. DIRECTV's ESG Credit Impact Score of CIS-4 reflects governance risks associated with the potential for an aggressive financial policy under full private equity ownership, as best evidenced by the early 2025 decision to make a sizable, debt-funded $1.625 billion dividend to equity stakeholders. The potential for a successful and sustainable evolution of the company's go-forward business strategy remains unclear given secular decline pressures in the linear bundled television distribution industry. DIRECTV's board of directors lacks independence because its two independent directors (out of five in total) are non-voting members only; the three voting members include the CEO and two appointed by TPG. The negative outlook reflects the potential for continuing elevated levels of subscriber declines due to significant secular pressures on linear bundled television distribution in the US. Execution risks remain high as the company seeks to innovate and adjust its legacy operating model to mitigate subscriber churn and lower the pace of subscriber declines while also generating solid free cash flow sufficient to steadily reduce outstanding debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Given the secular pressures causing substantial subscriber declines within three of the company's five businesses (DIRECTV via Satellite, DIRECTV for Business and U-Verse), an upgrade is unlikely over the medium term. However, over time an upgrade could occur if the company invests in new sustainable businesses such that it generates steady and material revenue growth and continues to maintain low debt leverage (Moody's adjusted). Given industry secular pressures, ratings could be downgraded if the pace of subscriber declines at DIRECTV via Satellite does not slow to a lower double-digit contraction pace to better facilitate absolute debt reduction and steadily drive debt leverage (Moody's adjusted) lower and below 1.75x on a sustained basis. Additional ratings pressure could result if financial policy shifts again to a more aggressive posture or if liquidity proves insufficient to address near term debt maturities and the cash needed to fund its business on an 18 months forward basis. Headquartered in El Segundo, CA, DIRECTV Financing, LLC is a US pay-TV distributor using satellite, streaming options and IP-based technologies, with the bulk of its subscribers accessing the company's product via direct broadcast satellite. DIRECTV had approximately 8.4 million total subscribers – 5.0 million of which subscribed to its Direct via Satellite pay-TV service – and $17.6 billion in revenue for the last 12 months period ended December 31, 2025. The principal methodology used in this rating was Telecommunications Service Providers published in December 2025. DOMINION DIAGNOSTICS: Oaktree Marks $12.7M 1L Loan at 90% Off ------------------------------------------------------------- Oaktree Specialty Lending Corp. has marked its $12,779,000 loan extended to Dominion Diagnostics, LLC to market at $1,278,000 or 10% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp. is a participant in a first lien term loan extended to Dominion Diagnostics, LLC. The 1L Loan accrues interest at a rate of SOFR+ 6.50% per annum. The 1L Loan matures on Aug. 28, 2025. Oaktree Specialty Lending Corp. is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Dominion Diagnostics, LLC Dominion Diagnostics, LLC is a health care services provider specializing in diagnostic and laboratory testing solutions. E.W. SCRIPPS: Extends $200MM Revolving Credit Facility to July 2029 ------------------------------------------------------------------- The E.W. Scripps Company announced in a regulatory filing that it entered into Amendment No. 1 to its Credit Agreement that extends the July 7, 2027 maturity date of its Revolving Credit Facility. Under the terms of this amendment, the Company now has a revolving credit facility with aggregate commitments of up to $200 million, maturing on July 7, 2029, and a non-extended revolving credit facility with aggregate commitments of up to $8.0 million, maturing on July 7, 2027. A complete text copy of the Amendment No. 1 to the Credit Agreement is available at https://tinyurl.com/5ahd2x26 About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of March 31, 2026, the Company had $4.9 billion in total assets, $422.3 million in total current liabilities, $365 million in other liabilities (noncurrent), and $1.2 billion in total equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. ECHOSTAR CORP: FMR, Abigail Johnson Hold 10.1% of Class A Shares ---------------------------------------------------------------- FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, they each beneficially own 16,374,140.11 shares of Echostar Corp's Class A Common Stock, representing 10.1% of the shares outstanding. FMR LLC may be reached through: Stephanie J. Brown 245 Summer Street Boston, MA 02210 Tel: 617-570-6339 A full-text copy of FMR LLC's SEC report is available at: https://tinyurl.com/muahevh2 About EchoStar Corporation EchoStar Corporation (Nasdaq: SATS) -- www.echostar.com -- is a provider of technology, networking services, television entertainment, and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar, Boost Mobile, Boost Infinite, Sling TV, DISH TV, Hughes, HughesNet, HughesON, and JUPITER brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary, and in Australia, the Company operates as EchoStar Global Australia. As of December 31, 2025, the Company had $43 billion in total assets and $37.2 billion in total liabilities, and total stockholders' equity of $5.8 billion. * * * In Sept. 2025, S&P Global Ratings placed its 'CCC+' Company credit rating on Echostar Corp. and all subsidiaries on CreditWatch with positive implications. S&P also placed the issue-level ratings on Echostar and all its subsidiaries' secured and unsecured debt on CreditWatch with positive implications. S&P plans to resolve the CreditWatch following close of the transaction, expected in mid-2026. ECOVYST CATALYST: $100MM Loan Add-on No Impact on Moody's 'B1' CFR ------------------------------------------------------------------ Moody's Ratings stated that Ecovyst Catalyst Technologies LLC's ("Ecovyst") B1 Corporate Family Rating, B1-PD Probability of Default Rating, the B1 rating on its senior secured first lien term loan, and the Speculative Grade Liquidity Rating (SGL-2) remain unchanged. Ecovyst is in the process of issuing a $100 million fungible add on to its senior secured first lien Term Loan B due 2031. The proceeds, together with cash on hand, will be used to finance the acquisition of the Calabrian sulfur dioxide and related sulfur derivatives business from INEOS Enterprises. The acquisition is expected to close by the end of the second quarter of 2026, subject to customary closing conditions. The outlook remains stable. On May 01, 2026, Ecovyst announced that it had entered into a definitive agreement to acquire Calabrian, a leading North American provider of on purpose sulfur dioxide (SO2) and related sulfur derivatives, for a purchase price of $190 million. The transaction will be financed primarily with debt, including the proposed $100 million Term Loan B add on, with the remainder funded from balance sheet cash. The acquisition expands Ecovyst's sulfur platform into mining, water treatment, specialty chemicals and food preservative end markets, increasing business and end market diversification. Pro forma for the transaction, Ecovyst's leverage, as measured by Moody's-adjusted Debt/EBITDA, is expected to remain strong at about 3.0x, compared with 2.8x at end 2025. Separately Ecovyst reported strong first quarter 2026 results on May 5th 2026, driven by higher volumes in both regeneration services and virgin sulfuric acid as well as favorable pricing, despite higher sulfur pass through and inflationary pressures. Ecovyst's solid Q1 2026 performance is consistent with Moody's expectations and continues to support the credit profile. Ecovyst's B1 CFR reflects its leading market positions in sulfuric acid regeneration services and virgin sulfuric acid production in North America, which enjoys good revenue and earnings visibility because of the long-term customers commitment and cost pass-through mechanisms in the majority of its contracts. The relatively stable performance, high EBITDA margins and good free cash flows support the credit profile. Moody's expects Ecovyst's long-term leverage target of net debt/adjusted EBITDA of between 2.0-2.5x based on its own calculation will help the company to maintain a capital structure supportive of the ratings. Ecovyst's credit profile is constrained by its small scale, limited business and geographic diversity, and the exposure to some economically sensitive end markets, both directly and indirectly through its customers, including refining, mining, industrials, autos and construction. Headquartered in Wayne, Pennsylvania, Ecovyst is a leading North American provider of sulfuric acid regeneration services for petroleum refineries, supporting alkylation units critical to gasoline production, and a leading producer of virgin sulfuric acid used in mining, water treatment, and a range of industrial applications. For fiscal year 2025, Ecovyst generated approximately $724 million in revenue. EMBECTA CORP: Moody's Cuts CFR to B3, Outlook Stable ---------------------------------------------------- Moody's Ratings downgraded Embecta Corp.'s ("Embecta") corporate family rating to B3 from B1 and Probability of Default Rating to B3-PD from B1-PD. Moody's also downgraded the ratings on the senior secured first lien revolving credit facility, senior secured first lien term loan and senior secured global notes to B3 from B1. The Speculative Grade Liquidity (SGL) rating was also changed to SGL-2 from SGL-1. The outlook remains stable. The ratings downgrade reflects Embecta's weaker operating performance, reduced earnings visibility, and increased uncertainty around the company's operating trajectory following the fiscal 2Q26 revenue and EBITDA miss and the subsequent reduction to full-year guidance. Moody's now expects Moody's-adjusted debt/EBITDA to increase into the low-5.0x range from the previously assumed mid-3.0x range, reflecting a combination of Moody's lower EBITDA forecast and higher debt associated with the planned debt-funded acquisition of Owen Mumford. In addition, the company's May 05 update introduced incremental uncertainty around competitive dynamics and overall demand for Embecta's products, particularly in the US, reducing Moody's confidence in the company's earnings trajectory relative to the more gradual and manageable structural pressures Moody's previously assumed. While Moody's base-case assumptions incorporate the Owen Mumford acquisition and assume only modest underlying deterioration after fiscal 2026, with leverage declining over time through discretionary debt reduction, recent underperformance and heightened execution risk have reduced Moody's confidence in the company's earnings and leverage trajectory. RATINGS RATIONALE Embecta's B3 rating is constrained by its modest growth prospects and reduced earnings visibility as newer technologies and heightened competitive intensity continue to erode market share in the company's insulin injection products. The rating is also constrained by Embecta's limited diversification outside of diabetes injection offerings, which heightens business risk and exposure to manufacturing and product quality issues. In addition, leverage is moderately high, and Moody's expects Moody's-adjusted debt/EBITDA to increase into the low-5.0x range in the near term, reflecting lower earnings and higher debt associated with the expected debt-funded acquisition of Owen Mumford. While Moody's base-case assumptions incorporate discretionary debt reduction and a decline in leverage over time, reduced earnings visibility and heightened execution risk have reduced Moody's confidence in the company's deleveraging trajectory. Embecta's rating is supported by its top global market positions in diabetes insulin injection devices, strong brand recognition, and a large installed base that drives recurring demand. The rating also benefits from the company's scale and global manufacturing and distribution network, which support solid profitability and free cash flow generation. Moody's views the planned acquisition of Owen Mumford as supportive of Embecta's longer-term strategy to broaden its product portfolio beyond diabetes injection offerings; however, Moody's expects the transaction will add to leverage with limited near-term earnings contribution, and execution risk remains. Moody's expects the company will continue to generate positive free cash flow and will continue to use a portion of that cash for discretionary debt reduction. Moody's expects Embecta will maintain good liquidity (SGL-2) over the next 12 to 18 months. Liquidity is supported by $239 million of cash as of March 31, 2026 and Moody's expectations for more than $90 million of annual free cash flow over the next 12 to 18 months. External liquidity is supported by a $500 million revolving credit facility, which was undrawn as of March 31, 2026 and expires on March 31, 2027. The revolving credit facility has a maximum first lien net leverage covenant of 4.75x; first lien net leverage under the credit agreement definition was 3.0x as of March 31, 2026. Moody's expects Embecta will maintain adequate cushion under this covenant over the next 12 to 18 months. Alternative sources of liquidity are limited because substantially all assets are pledged. The stable outlook reflects Moody's expectations that revenue and EBITDA will remain under pressure, with deleveraging supported by discretionary debt reduction. Although uncertainty around the company's operating trajectory has increased, these risks are appropriately reflected in the current rating. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if competitive pressures intensify to the extent that Embecta experiences sustained market share losses leading to a more pronounced and prolonged decline in revenue and earnings than currently anticipated, and that deterioration is accompanied by a material weakening in liquidity. The ratings could be upgraded if Embecta demonstrates progress on diversifying beyond its core diabetes injection offerings and achieves sustained revenue growth with stable to improving margins, while maintaining very good liquidity. While debt/EBITDA sustained below 4.5x would be supportive of an upgrade, an upgrade will be more dependent on the company's progress in achieving these other factors. Embecta, headquartered in Parsippany, NJ, is a leading provider of diabetes insulin injection products and services, including pen needles, syringes, and related safety products. Embecta was spun-off from Becton, Dickinson and Company ("BD"; Baa2/stable) in April 2022. Embecta generated revenue of approximately $1 billion for the twelve months ended March 31, 2026. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. The CFR is two notches lower than the scorecard-indicated outcome for the twelve months ending March 31, 2026, reflecting Moody's expectations for near-term deterioration in operating metrics, as well as Moody's greater weighting of structural pressures in the insulin injection market and Embecta's concentrated business profile. EMPIRE BIDCO: Oaktree Specialty Marks $81.9M 1L Loan at 90% Off --------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $81,913,000 loan extended to Empire Bidco AB to market at $8,442,0000 or 10% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to Empire Bidco AB. The 1L Loan accrues interest at a rate of STIBOR+ 5.25 %, 7.27 % per annum. The 1L Loan matures on Sept. 22, 2032. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Empire Bidco AB Empire Bidco AB operates in the life sciences tools and services industry, supplying equipment and services that support biomedical and pharmaceutical research. ENCOMPASS HEALTH: S&P Assigns 'BB-' Rating on New Unsecured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '5' recovery rating to Encompass Health Corp.'s (BB/Stable/--) proposed $500 million senior unsecured notes due 2034. The '5' recovery rating indicates our expectation for modest recovery (10%-30%; rounded estimate: 25%) in the event of a payment default. Encompass intends to use $400 million of proceeds from the notes to repay part of its $800 million senior unsecured notes due in 2028. The remaining $100 million of proceeds will be used to partially repay its revolving credit facility and for general corporate purposes. S&P views this transaction as credit neutral as it will only modestly increase Encompass' total debt and interest expense. S&P said, "All our other ratings on the company, including our 'BB' issuer credit rating, remain unchanged. The stable outlook reflects our expectation that demand for Encompass' inpatient rehabilitation services will remain strong, supporting its high-single-digit revenue growth, stable EBITDA margins, and reported free operating cash flow generation (FOCF) of $250 million-$300 million over the next 12 months. We expect the company will continue to use its FOCF to support capital expenditure and shareholder returns while maintaining leverage below 2.5x. We assume share repurchases of $180 million annually for 2026 and 2027." Issue Ratings--Recovery Analysis Key analytical factors -- Encompass will have a $1 billion revolving credit facility due in 2031 and about $2.07 billion of unsecured debt, which comprises notes due in 2028, 2030, 2031, and 2034. -- For the company to default, S&P estimates its EBITDA would need to decline to about $278 million, which represents a significant deterioration from its current levels. -- In the event of a default, S&P expects Encompass would reorganize. S&P values the company by applying a 5.5x multiple to its projected emergence EBITDA. -- S&P assumes the revolver will be 85% drawn at default. -- S&P's hypothetical default scenario contemplates a default stemming primarily from an adverse change in Medicare reimbursement for inpatient rehabilitation services. Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $278 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net emergence value (after 5% administrative costs): $1.45 billion -- Valuation split (obligors/nonobligors): 65%/35% -- Collateral value available to secured creditors: $1.27 billion -- Secured first-lien debt: $882 million -- Recovery expectations: 90%-100% (rounded estimate: 95%) -- Collateral value available to senior unsecured creditors: $568 million -- Unsecured debt claims: $2.16 billion -- Recovery expectations: 10%-30% (rounded estimate: 25%) Note: All debt amounts include six months of prepetition interest. ENCORE CAPITAL: Fitch Rates EUR300MM Sec. Notes Due 2033 'BB+(EXP)' ------------------------------------------------------------------- Fitch Ratings has assigned Encore Capital Group, Inc.'s (BB+/Negative) proposed issue of EUR300 million senior secured floating rate notes due 2033 an expected rating of 'BB+(EXP)'. The assignment of a final rating is contingent on the receipt of final documents conforming to information already reviewed. Key Rating Drivers Equalised with Long-Term IDR: The senior secured notes will be guaranteed by most Encore group subsidiaries and rank equally with other senior secured obligations, which comprise the majority of Encore's debt. Consequently, the senior secured debt rating is equalised with Encore's Long-Term Issuer Default Rating (IDR), as Fitch expects average recoveries for the notes after accounting for the smaller element of higher-ranking super-senior debt. Limited Leverage Impact: Fitch expects the proceeds of the notes to primarily be used to redeem EUR215 million of the EUR415 million outstanding senior secured floating rate notes due 2028 and to repay drawings under the revolving credit facility. Consequently, the refinancing has no material net impact on consolidated leverage and extends the average tenor of the group's borrowings. Strong Franchise; Challenging Environment: Encore's Long-Term IDR reflects its leading franchise in the US debt purchasing market balanced against its concentrated business activities, the reliance on leverage for portfolio purchases and the subsequent need to manage rising wholesale market funding costs within profitable underwriting. The rating also accounts for Encore's experienced management team and sound investment record as well as the inherent challenges of forecasting cash collections in a more volatile operating environment. The Negative Outlook reflects the increased challenges of projecting future collections and pricing portfolio purchases in an uncertain macroeconomic climate, which could negatively affect Encore's financial performance through collections underperformance or impairments. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Recognition of impairments resulting in a material negative impact on net income or underlining risk management weaknesses. - A sustained fall in cash collections, resulting in significantly reduced earnings generation, material writedowns of the value of portfolio investments, cash flow leverage consistently at the higher end of management's target range for net debt/adjusted EBITDA of 2x-3x or more aggressive capital management resulting in tangible equity reduction. - A material adverse operational event or regulatory intervention undermining franchise strength or business-model resilience. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could revise the Outlook to Stable if strategic execution is effective, leading to sustained improved financial performance with leverage maintained below the upper end of management's 2x-3x net debt to adjusted EBITDA target range, alongside a disciplined financial policy with share buybacks managed conservatively. - Fitch could upgrade the rating on a material increase in the company's tangible equity position, alongside maintenance of cash flow leverage consistently at the low end of management's guidance range, provided strategic execution is effective with no material underperformance of collections. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Encore's senior secured notes are guaranteed by most group subsidiaries and rank equally with other senior secured obligations. The rating is equalised with Encore's Long-Term IDR as the senior secured debt class represents the majority of Encore's borrowings, resulting in average rather than above-average expected recoveries. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The rating on the senior secured notes is primarily sensitive to changes in Encore's IDR. Changes to Fitch's assessment of relative recovery prospects for senior secured debt in a default (e.g. due to a material shift in the proportion of Encore's debt that is either super-senior or unsecured) could also result in the senior secured debt rating being notched up or down from the IDR. ADJUSTMENTS Encore's Standalone Credit Profile (SCP) is in line with the implied SCP. The business profile score is below the implied score due to the following adjustment reason: business model (negative). The funding, liquidity & coverage score of is below the implied score due to the following adjustment reason: historical and future metrics (negative). Date of Relevant Committee June 4, 2025 ESG Considerations Encore has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, particularly in the US. Encore has an ESG Relevance Score of '4' for Financial Transparency due to due to the significance of internal modelling to portfolio valuations and associated metrics such as estimated remaining collections. These factors have negative influences on the rating but they are features of the debt purchasing sector as a whole, and not specific to Encore. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating ----------- ------ Encore Capital Group, Inc. senior secured LT BB+(EXP) Expected Rating ENI DIST: Unsecured Creditors Will Get 1% to 2% of Claims in Plan ----------------------------------------------------------------- ENI DIST, Inc. filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement in support of Plan of Reorganization dated May 5, 2026. The Debtor is a Maryland corporation engaged in the wholesale distribution of packaged foods, snacks, beverages, seasonings, condiments, seafood, rice, noodles, and related products to retail and wholesale customers. The Debtor was founded by Seung Hoon Lee, who has served as the sole shareholder, director, and chief executive officer at all relevant times. As of the Petition Date, the Debtor employed 12 full-time and no part-time employees. The Debtor's principal place of business and distribution facility is the Essex Premises, located at 8805– 8823 Kelso Drive, Baltimore (Essex), Maryland 21221. The Plan is a reorganization plan that contemplates the Debtor's emergence from Chapter 11 as a reorganized going-concern wholesale food distributor operating from its Essex, Maryland facility. The Plan is funded by (i) cash generated by continuing operations, (ii) a New Value Contribution paid by the Successful Bidder in exchange for 100% of the New Common Stock, (iii) proceeds, if any, from a future Real-Estate Transaction involving the Maryland Warehouse and/or the Tucker Property held by nonDebtor affiliate Taehyun Holdings, LLC, and (iv) post-Effective Date collections. Pre-petition equity is cancelled, and 100% of the New Common Stock will be issued to the Successful Bidder identified through a court-supervised Market Test in which the Debtor's sole pre petition shareholder, Seung Hoon Lee (the "Insider Bidder"), serves as the stalking-horse with an Initial Bid of $100,000. The full amount of the New Value Contribution will be distributed Pro Rata to holders of Allowed General Unsecured Claims (Class 5), in addition to semi-annual distributions of disposable income over five years. ARBA Credit Investors III, L.P., the Debtor's senior secured lender and holder of the first-priority lien on substantially all of the Debtor's personal property as adjudicated by the Order Addressing Priority of Claims entered on October 10, 2025 (the "Priority Order"), will retain its liens; the commercial cooler and freezer units financed by ARBA's purchase-money security interest will be surrendered to ARBA in satisfaction (in whole or in part) of that PMSI; the Allowed Secured Amount of ARBA's remaining Class 4 Claim will be fixed at $700,000 under section 506(a) (with the deficiency portion classified as a Class 5 General Unsecured Claim, subject to ARBA's section 1111(b) election); and that $700,000 Allowed Secured Amount will be amortized in fixed monthly principal-and-interest payments over sixty months at the Confirmation Rate of 8.75% per annum (the Wall Street Journal Prime Rate of 6.75% plus a 2.00% risk adjustment). Class 5 consists of all General Unsecured Claims, including without limitation the unsecured claims of Austin Business Finance dba Backd, the U.S. Small Business Administration, Oracle America, Inc., the Debtor's trade vendors, the Debtor's commercial credit card issuers, any Allowed deficiency claim of ARBA, and any Allowed deficiency claim of A&B Capital. Each holder of an Allowed Class 5 Claim shall receive its Pro Rata share of the Plan Unsecured Fund. The Plan Unsecured Fund is funded from two sources: (i) the Debtor's disposable income from operations, distributed in semi annual payments commencing on the first distribution date after the Effective Date and continuing for five years, without interest; and (ii) the full amount of the New Value Contribution, distributed Pro Rata to holders of Allowed Class 5 Claims on the first distribution date after the Effective Date, in addition to operating-income distributions. This Class will receive a distribution of 1% to 2% of their allowed claims. No interest accrues on Class 5 Claims under the Plan. Class 5 is Impaired. Class 6 consists of Equity Interests. On the Effective Date, all pre-petition shares of common stock and any other Equity Interests are cancelled and extinguished, and holders of pre-petition Equity Interests receive no distribution on account thereof. On the Effective Date, the Reorganized Debtor will issue 1,000 shares of New Common Stock, constituting 100% of the issued and outstanding equity, to the Successful Bidder in exchange for payment of the New Value Contribution. Distributions and payments under the Plan are funded from (i) Cash generated by continuing operations of the Reorganized Debtor at the Essex Premises, (ii) proceeds of the New Value Contribution paid by the Successful Bidder on the Effective Date, (iii) proceeds of any Real-Estate Transaction applied in accordance with Article VII of the Plan, (iv) post-Effective Date collection of accounts receivable, (v) Cash on hand as of the Effective Date, and (vi) any other Cash sources of the Reorganized Debtor. A full-text copy of the Disclosure Statement dated May 5, 2026 is available at https://urlcurt.com/u?l=7sEwHQ from PacerMonitor.com at no charge. ENI DIST Inc. is represented by: Weon G. Kim, Esq. Weon G. Kim Law Office 8200 Greensboro Dr., Suite 900 McLean, VA 22102 Telephone: (571) 278-3728 Facsimile: (703) 288-4003 Email: jkkchadol99@gmail.com About ENI DIST Inc. ENI DIST Inc. imports and distributes Asian food products from South Korea and Southeast Asia. The Company supplies dry, refrigerated, and frozen goods to wholesale distributors, chain retailers, foodservice distributors, and independent supermarkets. It operates a warehouse for handling various product types and offers both local and container drop shipment services across the United States. ENI DIST sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17220) on August 6, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped Weon G. Kim Law Office as counsel and Korus Group Inc. as accountant. ENTEGRIS INC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed Entegris, Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch also affirmed Entegris' senior secured ratings at 'BBB-' with a Recovery Rating of 'RR1' and senior unsecured ratings at 'BB'/'RR4'. The Ratings Outlook is Stable. Entegris' ratings and Outlook reflect its important role in the semiconductor market, strong margin levels and consistent FCF generation. The ratings also consider high customer concentration and industry cyclicality. Continued discretionary debt reductions after Entegris' 2022 acquisition of CMC Materials, Inc. has returned EBITDA leverage to within its EBITDA leverage sensitivities. Key Rating Drivers Key Position in Semiconductor Market: Entegris is positioned to maintain an important role in the semiconductor market. Architectures are becoming more complex, contamination sensitivity and purity requirements are rising to enable miniaturization. Its solutions are sticky, with about 75% of revenue recurring. Its customer relationships and collaboration provide expansion opportunities, as rising artificial intelligence (AI) and machine learning requirements impact semiconductor market growth. Entegris' recent performance and forecast continue to benefit from large investments in AI infrastructure and consumption. High demand in the memory and logic chip end markets support volumetric revenue growth. These markets represent about 30% and 40% of sales, respectively. Leverage Returned Within Sensitivities: Fitch forecasts EBITDA leverage of 3.5x at YE 2026, below Fitch's 3.75x downgrade sensitivity for the first time since the 2022 CMC acquisition. After the expected full repayment of Entegris' term loan B (TLB), Fitch forecasts Entegris' EBITDA leverage at about 3.25x at YE 2027, in line with its upgrade sensitivity. Evidence that Entegris can maintain leverage below this level through the cycle would support its credit profile. Fitch expects Entegris to complement organic growth with strategic acquisitions and could undertake a leveraging transaction if a value-accretive opportunity arises. Fitch expects Entegris to follow any large leveraging transaction with a deleveraging plan, consistent with its historical approach. Nearing Term Loan Repayment: Entegris continues to prioritize repayments of the outstanding balance on its TLB, which after a $50 million repayment in 1Q26 had $400 million remaining. This is down from the original $2.495 billion at the close of the CMC Materials acquisition. Entegris has prioritized debt reduction over dividend growth and share buybacks with its allocation of FCF to gross debt reduction consistent with this approach. Fitch expects the TLB to be repaid during 2027. Strong Margins with Volatility: Entegris' EBITDA margins of about 30% is strong for the 'BB' rating category. The benefit to Entegris's IDR is tempered by the historical volatility of its end markets, where demand is largely driven by wafer starts. Entegris' exposure to semiconductor manufacturing volumes reduces its relative exposure to the more volatile semiconductor capital equipment spending market. This may moderate volatility during a cyclical downturn. Dependence on Semiconductor Sector Strength: Customer concentration is notable for Entegris, like most suppliers to the semiconductor capital equipment and foundry markets, which have consolidated. About half of its business comes from its 10 largest customers, with Taiwan Semiconductor Manufacturing Company (TSMC) the largest. Fitch believes the risk of material revenue decline from losing a customer is mitigated by Entegris' deep client relationships and essential role in technology roadmaps. Its U.S. manufacturing footprint, including a new Colorado manufacturing facility, helps position it for increased U.S. semiconductor fabrication and helps limit domestic tariff impacts. Secular Tailwinds: Entegris benefits from strong secular tailwinds as the semiconductor industry faces increasingly complex design architectures that require advanced materials with higher-quality structural and electrical properties for AI applications. Larger suppliers to foundries and capital equipment manufacturers, such as Entegris, are extending their competitive advantage as scale becomes more critical to fund research and development and refine production standards and capabilities to fulfill client technology roadmaps. Peer Analysis Entegris has EBITDA margins of around 30%, which is comparable with Qnity Electronics, Inc. (BB+/Stable) and slightly above MKS Inc.'s (BB/Stable) in the mid-20% range. All three companies have comparable FCF margins around 10%. At these levels, profitability supports the credit profiles of all three companies. Like Entegris, MKS and Qnity should benefit from secular trends, including expanding use cases in new end markets and increasing technological complexity. Fitch forecasts Entegris' EBITDA leverage of 3.5x at YE 2026, below 4.0x for MKS and above 2.6x for Qnity, forecast for their respective year ends. Entegris and MKS are deleveraging following large M&As, with MKS targeting leverage of net 2.0x, while Qnity's initial leverage target after completing its spin-out of DuPont in November 2025 is below 3.0x net leverage. All three are exposed to semiconductor market cyclicality. Compared with peer Coherent Corp. (BB/Positive), whose data center exposure also supports its financial results, Coherent is larger than Entegris, with EBITDA of about $1.4 billion, but it generates EBITDA and FCF margins that are lower than Entegris'. Coherent has reduced its leverage to below Fitch's upgrade sensitivity and is forecast at 2.1x at its fiscal YE 2026 following a period of post-M&A deleveraging. Fitch’s Key Rating-Case Assumptions - Revenues in 2026 benefit from in 2H26 improvement in wafer starts. Revenue growth over the remainder the forecast about single mid-digit, supported by continued fabrication investments and AI consumption; - EBITDA margins stable from about 28% to 30% throughout the forecast period, with improvements in operating leverage offset input cost pressures; - Capital expenditure (capex) of about $250 million in 2026, informed by company guidance and the completion of larger capital investments in Colorado and Taiwan facilities. For the rest of the forecast period, capex represents 8% or revenue, down from historical levels; - The company prioritizes discretionary term loan B debt repayments using FCF over the forecast period; - Common dividends increase by 3% annually. The share buyback program remains on hold during the forecast period to prioritize debt reductions and strategic acquisitions; - A strategic bolt-on acquisition closes towards the end of 2028, financed through a combination of debt and cash; - Annual interest rates applicable to the company's unhedged outstanding variable rate debt obligations of 3.6%, 3.5%, 3.45% and 3.55% in respective years between 2026 and 2029, reflecting the current SOFR forward curve. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Higher), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bbb-, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage averaging above 3.75x through a cycle; - Material trend of increased customer concentration; - CFO-capex/total debt sustained below 8%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstration of reduced volatility during semiconductor industry cycle; - EBITDA leverage sustained below 3.25x supported by a financial policy at or below this level; - Cash flow from operations (CFO)-capex/total debt sustained above 12%. Liquidity and Debt Structure At 1Q26, Entegris had $442 million of readily available cash and an undrawn $750 million senior secured revolving credit facility, which was increased from $575 million in April 2026, maturing in 2031. Fitch's expectation for about $300 million to $400 million of annual FCF over the rating horizon also supports liquidity. Entegris has a favorable maturity schedule over the short to medium-term with its first maturity of $400 million unsecured issue in 2028. In 2029, excluding outstanding TLB debt that is expected to be repaid before then, Entegris has $1.6 billion in secured debt and $400 million in unsecured debt maturing. Issuer Profile Entegris is a leading supplier of advanced materials and process control solutions for the semiconductor manufacturing and other high-tech industries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Entegris, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- ESSEX REAL ESTATE: Court Dismisses Remaining Pioneer Funding Case ----------------------------------------------------------------- In the appeal styled Pioneer Funding Group III, LLC; Pioneer Funding Group IV, LLC; and Two Musketeers Trust, dated December 21, 2005, Appellants, v. Royal Essex, LLC, et al., Appellees, Case No. 3:24-cv-00440-MMD (D. Nev.), Judge Miranda M. Du of the U.S. District Court for the District of Nevada granted the stipulation to dismiss Case No. 3:24-cv-470 with prejudice. On May 4, 2025, the Court granted Pioneer Funding Group's motion to dismiss and Further South, LLC's motion to dismiss and closed Cases No. 3:24-cv-471, 3:24-cv-472 and 3:24-cv-473. The Parties have agreed to dismiss the remaining Case No. 3:24-cv-470. About Essex Real Estate Partners Reno, Nev.-based Essex Real Estate Partners, LLC filed a Chapter 11 petition (Bankr. D. Nev. Case No. 19-51486) on Dec. 27, 2019. In the petition signed by Jeri Coppa-Knudson, manager, the Debtor was estimated to have $10 million to $50 million in assets and $1 million to $10 million in liabilities. Judge Natalie M. Cox oversees the case. Stephen R. Harris, Esq., a Harris Law Practice, LLC, serves as the Debtor's bankruptcy counsel. EVANERIC HOLDINGS: Commences Chapter 11 Bankruptcy in Texas ----------------------------------------------------------- On May 5, 2026, Evaneric Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Evaneric Holdings LLC Evaneric Holdings LLC is believed to operate as a privately held holdings and investment company involved in managing commercial assets and business interests. Evaneric Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33246) on May 5, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The debtor is represented by Samuel L. Milledge Sr., Esq. of Milledge Law Group, P.C. EVOLUS INC: Liabilities Exceed Assets by US$28.8MM at March 31 -------------------------------------------------------------- Evolus, Inc.'s stockholder's deficit was US$28.8 million at March 31, 2026. The stockholder's deficit was US$23.1 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$220.6 million and total liabilities of US$249.4 million. At Dec. 31, 2025, the Company had total assets of US$225.9 million and total liabilities of US$249.0 million. Evolus is operating with substantial accumulated losses and a stockholders deficit. The Company disclosed that it "used $9,952,000 of cash from operations during the three months ended March 31, 2026" and ended the quarter with $49,792,000 in cash and cash equivalents, implying a current cash operating runway of roughly one to one-and-a-half years absent material changes in burn. Management stated that "current capital resources, which consist of cash and cash equivalents, future cash generated from operations, availability of liquidity under both the New Pharmakon Term Loans and the Revolving Credit Facility . . . will be sufficient to fund its operations through at least the next twelve months." The capital structure is heavily debt-reliant and secured, with significant leverage and future cash outflows embedded in the facilities. Under the Amended and Restated Loan Agreement with Pharmakon, Evolus has up to $250,000,000 of senior secured term loans outstanding or available, with the initial $150,000,000 tranche already funded, interest-only through May 5, 2030, and a balloon principal payment on maturity; the Company noted that "future interest payments on our outstanding New Pharmakon Term Loans total approximately $54.0 million, with $13.2 million due within twelve months." In March 2026, the Company also entered into a senior secured asset-based Revolving Credit Facility with a $30,000,000 commitment (plus $10,000,000 accordion) that "has a minimum utilization requirement of $10.0 million and matures on March 3, 2029," with all outstanding principal and interest due at maturity. Evolus has layered long-dated, sales-based royalty and contingent obligations that function as additional claims on future cash flows. The Company is obligated to make "quarterly royalty payments of a low single digit percentage of net sales of Jeuveau" to the Evolus Founders through the second quarter of 2029 and reported recording "an aggregate balance of $30.3 million . . . for the future royalty payment obligation" as of March 31, 2026. Separately, under the Medytox settlement, the Company said it "has paid and will pay to Medytox a quarterly, mid-single digit royalty on net sales of Jeuveau . . . from September 17, 2022 to September 16, 2032," with $3,976,000 accrued at March 31, 2026. The Company has also committed to sizable, time-bound milestone and minimum-purchase obligations tied to its Evolysse portfolio that will require cash outlays regardless of profitability. Evolus disclosed that under a licensing agreement with Symatese, pursuant to which Symatese granted to the Company an exclusive right to commercialize and distribute the Evolysse products in the United States for use in the aesthetics and dermatological field of use, the Company "is required to make up to EUR16,200,000 in milestone payments," including contingent annual payments of EUR1,600,000 in June 2025, EUR4,100,000 in June 2026, EUR3,200,000 in June 2027, and EUR3,200,000 in June 2028 once three products are approved. Under the Symatese Europe Agreement, the Company has triggered two milestones following EU approvals and recorded long-term liabilities of $1,035,000 and $1,200,000 for payments of EUR1,200,000 due in October 2026 and EUR1,900,000 expected by December 2029, and is further subject to minimum purchase requirements that, if missed, could cause a loss of exclusivity. Management explicitly acknowledges that liquidity beyond the next year is dependent on execution and access to additional capital, and highlights material downside risks. Evolus cautioned that "we may use all our available capital resources . . . sooner than we expect" and that if that occurs "we may be required to raise additional capital . . . through the incurrence of debt, the entry into licensing or collaboration agreements with partners, sale of equity securities, grants or other sources of financing." At the same time, the Company warns that recent volatility in capital markets, inflation, interest rates, and tariffs "may adversely impact our ability to raise additional capital on acceptable terms, or at all," underscoring that while the near-term going concern horizon is covered by existing facilities and projected cash generation, the longer-term solvency profile is fragile and highly contingent on continued revenue growth and external financing access. A full-text copy of the Form 10-Q is available at https://tinyurl.com/kahwfmfc About Evolus, Inc. Evolus, Inc. is a global performance beauty company focused on the cash-pay aesthetic market, offering products such as Jeuveau and the Evolysse line of injectable hyaluronic acid gels. Its primary offerings include Jeuveau, a botulinum toxin formulation for frown lines, and Evolysse products targeting wrinkles and folds, with plans for expansion into European markets. The Company is headquartered in Newport Beach, California, and relies on exclusive agreements for the manufacturing and distribution of its products. EWC BIG APPLE: Case Summary & Eight Unsecured Creditors ------------------------------------------------------- Debtor: EWC Big Apple LLC European Wax Center 28 W 125th St New York, NY 10027-4554 Business Description: EWC Big Apple LLC, which operates a European Wax Center franchise in New York, provides waxing and related personal-care services. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11087 Judge: Hon. Lisa G Beckerman Debtor's Counsel: Rudolph Ellsworth Walker, III, Esq. LAW OFFICE OF RUDOLPH WALKER III 1442 Fulton Street 3 Brooklyn, NY 11216 Tel: (917) 232-0086 E-mail: rudolphwalkeresq@gmail.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Monifa Benision as officer. A full-text copy of the petition, which includes a list of the Debtor's eight unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VXEN2II/EWC_Big_Apple_LLC__nysbke-26-11087__0001.0.pdf?mcid=tGE4TAMA FAT BRANDS: Sues Gold Cap, Insight Capital Over Refinancing Deal ---------------------------------------------------------------- James Nani of Bloomberg Law reports that FAT Brands Inc. has sued lenders Gold Cap LLC and Insight Capital LLC in an effort to reverse a $20.6 million refinancing transaction completed shortly before the company filed for Chapter 11 bankruptcy protection. The lawsuit alleges the refinancing improperly transformed undersecured debt claims into secured obligations backed by liens on subsidiary assets. FAT Brands filed the complaint Thursday in the Southern District of Texas bankruptcy court, arguing the transaction unfairly elevated the lenders' repayment priority, the report relays. The disputed financing arrangement was finalized less than a week before the restaurant company entered bankruptcy proceedings. FAT Brands claims the deal diminished value available to other creditors and should be unwound as part of the restructuring process, according to Bloomberg. FAT Brands owns and franchises several restaurant brands, including Fatburger, Johnny Rockets, and Hot Dog on a Stick. The company has struggled with leverage and liquidity pressures amid changing consumer spending patterns and ongoing operational costs across the restaurant sector, the report states. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FIRST BRANDS: Court OKs $80 Million Sale of Molding Firm -------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Wednesday, May 13, 2026, approved the $80 million sale of Toledo Molding & Die Inc. to a buyer backed by First Brands Group LLC in its Chapter 11 proceedings. The transaction is expected to safeguard roughly 600 jobs and ensure continuity of manufacturing operations. Court filings indicate that the sale was pursued as part of First Brands’ broader effort to restructure and monetize certain business units under bankruptcy protection. The deal followed a competitive process overseen by the bankruptcy court to maximize recovery for stakeholders. Toledo Molding & Die is a supplier of molded plastic components used in automotive manufacturing and assembly. The company's disposition forms part of First Brands' ongoing Chapter 11 restructuring strategy, the report relays. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FORT DEFIANCE: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a final order authorizing Fort Defiance Housing Corporation, to use cash collateral. The court authorized the Debtor to continue using cash collateral to operate and reorganize its business and permitted the Debtor to make payments of principal and interest at the non-default contract rate to several secured creditors, including the U.S. Small Business Administration, Bank of New York, Shellpoint Mortgage Servicing, and the United States Department of Agriculture. As adequate protection for the secured creditors' interests, the order granted SBA, BNY, Shellpoint, and USDA replacement liens on the Debtor's post-petition assets to the extent of any use of their respective cash collateral. These replacement liens maintain the same validity, extent, and priority that existed before the bankruptcy filing. The order also preserves SBA's rights under 11 U.S.C. section 506(b), which generally allows oversecured creditors to seek post-petition interest and certain fees or costs. The order is available at http://bankrupt.com/misc/FORTDEFIANCE_FCCOrder.pdf About Fort Defiance Housing Corporation Fort Defiance Housing Corporation, doing business as Sandstone Housing Corp., is an Albuquerque, New Mexico-based nonprofit housing organization that owns, manages and operates affordable housing projects on the Navajo Nation in Arizona and New Mexico. Organized in the late 1960s, it serves low-and moderate-income families and works with HUD, USDA and NAHASDA programs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-03754) on April 17, 2026. In the petition signed by Shelby Garcia, chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Paul Sala oversees the case. Frederick J. Petersen, Esq., at Mesch Clark Rothschild, represents the Debtor as legal counsel. FORTUNA STONEWORKS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Fortuna Stoneworks, LLC received interim approval from the U.S. Bankruptcy Court for the District of Georgia, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral from May 8 to 27 to pay its expenses in accordance with its latest budget. The budget includes a newly added $1,000 monthly escrow payment for the Subchapter V trustee. The Debtor identifies several lenders and merchant cash advance providers that may claim liens on the cash collateral. These include First Bank of the Lake, Celtic Bank, BizFund, LLC, Cromwell Capital, LLC, and Stage Advance. The Debtor said that determining the precise lien priorities is currently difficult because some financing statements were filed through third-party servicers such as CT Corporation and Corporation Service Company. Based on currently available information, the Debtor believes First Bank of the Lake holds the first-priority lien position due to the oldest UCC-1 financing statement. Nevertheless, the Debtor reserves the right to later dispute the validity, priority, or extent of any lender's asserted secured claim. As protection, lenders holding valid pre-petition interests will be granted replacement liens on post-petition property similar to their existing collateral, excluding proceeds from Chapter 5 avoidance actions. The court order does not determine the validity of any lender's liens or claims. The order also imposed specific operational conditions. Compensation proposed for Partha Chakraborty was reduced by 50% during the interim period pending further court review, although any deferred compensation claims were preserved. Additionally, the Debtor must pay the $1,000 monthly trustee deposits starting this month, with those funds held in trust for future compensation awarded to the Subchapter V trustee. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/iRrUg from PacerMonitor.com. Fortuna Stoneworks is a stone fabrication and installation company serving East Tennessee, North Alabama, and North Georgia. Formerly operating under the name Creative Surfaces, the Debtor was acquired by current management in November 2021. Under the new ownership, revenues reportedly grew from approximately $1.1 million annually to roughly $2.6 million. The Debtor also purchased real property in Rossville, Georgia to serve as its operational headquarters. However, the business recently suffered a major setback when it lost its largest customer, which had accounted for approximately 65% to 70% of total revenue. That customer is also allegedly withholding around $90,000 owed to the Debtor. As a result, the Debtor experienced a sharp decline in cash flow and became unable to meet ordinary operating obligations and debt service requirements, including payments tied to the Debtor's real property. The bankruptcy filing was intended to stabilize operations and allow the Debtor to reorganize while continuing to serve existing customers. A copy of the motion is available at https://urlcurt.com/u?l=9RmaxZ from PacerMonitor.com. About Fortuna Stoneworks LLC Fortuna Stoneworks, LLC is a stone fabrication and installation company serving East Tennessee, North Alabama, and North Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-40736) on May 4, 2026. In the petition signed by Partha Chakraborty, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. FOUR DIRT: Claims to be Paid from Ongoing Operations ---------------------------------------------------- Four Dirt LLC filed with the U.S. Bankruptcy Court for the Northern District of Ohio a Plan of Reorganization under Subchapter V dated May 5, 2026. The Debtor has operated an online and retail wheel, tire, and powersport accessory sales business for approximately fifteen years, including nine years under its current limited liability company structure. The Debtor has approximately sixty unsecured creditors and one secured creditors. The Debtor intends to continue operations and fund this Plan through ongoing business income. The Debtor required bankruptcy protection following a rapid and compounding disruption to its revenue stream and liquidity. Specifically, the Debtor experienced sustained bot attacks that materially impaired usable website traffic, reducing legitimate customer access and suppressing online sales. At the same time, external pricing pressures forced adjustments that compressed margins on core products, eliminating the spread necessary to sustain operations. The combined effect of degraded revenue generation and diminished per-unit profitability created an acute cash flow squeeze, leaving the Debtor unable to service obligations in the ordinary course. Faced with these simultaneous operational and financial constraints, the Debtor commenced this proceeding to stabilize operations, restructure its obligations, and preserve going concern value. The Debtor has begun to demonstrate measurable operational improvement through targeted cost controls and revenue optimization strategies. Freight expenses have been reduced through renegotiated logistics arrangements, while it has lowered shipping supply costs though new vendor sourcing. Expanded retail hours have increased customer access and sales volume without increasing labor expenses. Class 5 consists of all Allowed General Unsecured Claims, including trade debt, unsecured contractual obligations, and any deficiency claims arising from secured obligations, and shall be treated in accordance with Article V and receive distributions funded from Projected Disposable Income over the Plan term. Class 6 consists of all equity interests in the Debtor. Holders of Equity Interests shall retain their interests in the Debtor subject to the terms of this Plan. To the extent required, retention of equity is justified by compliance with the requirements of Section 1191(c) of the Bankruptcy Code, including the commitment of Projected Disposable Income. All payments to holders of Allowed General Unsecured Claims shall be funded from Net Income remaining after payment of Operating Expenses, including interest servicing of Principal Capital Obligations, Base Plan Payments, and any required Sweep Payments. A full-text copy of the Plan of Reorganization dated May 5, 2026 is available at https://urlcurt.com/u?l=0XAXYa from PacerMonitor.com at no charge. Counsel to the Debtor: Charles Fitzpatrick, Esq. Law Office of Charles Fitzpatrick 250 South Chestnut Street, Suite 17 Ravenna, OH 44266 Tel: (330) 577-4002 F: 330.222.8305 Email: charles@ohiobk.com About Four Dirt LLC Four Dirt, LLC, a company in Hanoverton, Ohio, operates PlanetSXS.com, an e-commerce retailer of off-road vehicle parts and accessories, including UTVs, ATVs, and dirt bikes. It sells products such as wheels, tires, lift kits, windshields, and protective gear through its online platform and maintains a physical warehouse and distribution hub at its Hanoverton location for order fulfillment and local pickup. Four Dirt filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-40132) on February 5, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Tiiara NA Patton presides over the case. Charles Edward Fitzpatrick, IV, Esq., at the Law Office of Charles Fitzpatrick represents the Debtor as bankruptcy counsel. FTX TRADING: Fenwick & West Faces Suit Tied to Crypto Collapse -------------------------------------------------------------- Mallory Culhane of Bloomberg Law reports that Fenwick & West LLP has been accused in a new lawsuit of helping conceal misconduct at collapsed cryptocurrency exchange FTX Trading Ltd.. The suit was filed by investors and customers who allege they lost life savings after the company's bankruptcy. The plaintiffs contend Fenwick knew that FTX and affiliated entities were improperly handling customer funds and breaching fiduciary duties. The complaint also alleges the law firm assisted in creating shell entities and specialized communication arrangements that allegedly helped hide evidence of wrongdoing. FTX imploded in late 2022 after revelations about the company's financial practices triggered a liquidity crisis and bankruptcy filing. Founder Sam Bankman-Fried was later convicted on fraud-related charges and sentenced to prison. The lawsuit seeks damages from Fenwick & West for its alleged involvement in the events leading up to FTX's collapse. The firm has previously maintained that its legal services were appropriate and lawful, according to Bloomberg. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FTX TRADING: Trust Claims Crypto Hedge Fund Owes $84MM to Estate ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the recovery trust of FTX Trading Ltd. has challenged a crypto hedge fund's $200 million claim, labeling it frivolous and alleging that the hedge fund actually owes $84 million to the FTX estate. The trust says the dispute relates to pre-bankruptcy transfers and account reconciliations. In filings with the bankruptcy court, the trust argues that financial records show the hedge fund received net inflows exceeding any valid claim it now asserts. It is seeking to have the hedge fund's claim disallowed while pursuing recovery of the alleged $84 million balance. FTX collapsed into bankruptcy after a liquidity crisis and allegations of financial misconduct, leading to one of the largest crypto insolvency proceedings in history. The estate continues to litigate numerous claims as it works to maximize recoveries for creditors, the report relays. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GEORGES REALTY: Court OKs Bedford Property to Shane Holman ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Hampshire has permitted Georges Realty, LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 32 Old Bedford Road, Bedford, New Hampshire. The Debtor is a New Hampshire limited liability company formed to engage in the business of buying, developing and improving and selling real estate. Debtor has been engaged in the business of buying, selling and investing in real estate for many years. Debtor purchased the Subject Property with the intention of renovating the subject property and selling it in the ordinary course of business. In Debtor's business judgment based on Debtor's years of experience, the Contract is fair to Debtor and the estate in all respects, including the proposed Purchase Price which is reasonably equivalent to the fair value of the Subject Property under the circumstances. The Court has authorized the Debtor to sell the Property to Shane Holman for the sum of $630,000. The Debtor has given proper, timely, adequate and sufficient notice of the Sale Motion, the hearing, and the dates by which parties in interest had to file objections to the Sale Motion. The United States Trustee, all Record Lienholders and other creditors and parties in interest entitled to notice of the Sale Motion and Sale Order received a reasonable opportunity to object and/or be heard. The Contract was negotiated and entered into by Debtor and Buyer without collusion, in good faith, and from arm's-length bargaining positions. The Buyer is not an "insider" of Debtor or Debtor’s equity holder. The closing of the Sale shall take place at such location as may be designated by Debtor and on such date and at such time as may be mutually convenient for the parties, but no event later than the 30th day from the date. The transfer of the Subject Property to Buyer shall be a legal, valid, an effective transfer, and will vest Buyer with all right, title, and interest of Debtor in and to the Subject Property free and clear of all Liens, Claims and Interests to the maximum extent permitted by Bankruptcy Code Section 363. About Georges Realty, LLC Georges Realty, LLC manages and leases real estate properties across multiple locations and is classified under NAICS 5311. Georges Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4, 2025, listing between $1 million and $10 million in assets and liabilities. William S. Gannon, Esq. at William S. Gannon PLLC represents the Debtor as legal counsel. GL3 LLC: Commences Chapter 11 Bankruptcy in Florida --------------------------------------------------- On May 13, 2026, GL3 LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 100 and 199 creditors. About GL3 LLC GL3 LLC is a Florida-based limited liability company engaged in commercial and enterprise-related operations. The company maintains a sizable creditor base and mid-market financial profile. GL3 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16160) on May 13, 2026. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Robert P. Charbonneau, Esq. GLG INVESTMENTS: Commences Chapter 11 Bankruptcy in Florida ----------------------------------------------------------- On May 13, 2026, GLG Investments LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 18, 2026 at 03:00 PM by TELEPHONE. About GLG Investments LLC GLG Investments LLC is a limited liability company engaged in investment and financial holding activities. The company operates within the commercial investment sector. GLG Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16159) on May 13, 2026. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by Robert P. Charbonneau, Esq. GMR SOLUTIONS: S&P Assigns 'B+' ICR Following IPO, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issuer credit rating (ICR) to GMR Solutions Inc. S&P said, "At the same time, we raised our ICR on subsidiary Global Medical Response Inc. to 'B+' from 'B' and removed it from CreditWatch, where we placed it with positive implications on May 5, 2026. We also raised our issue-level rating on the company's secured debt (issued at Global Medical Response Inc.) to 'B+' from 'B'. The recovery rating remains '3' (50%-70%; rounded estimate: 60%)." GMR Solutions Inc. has completed its IPO and will repay over $1 billion of S&P adjusted debt. S&P said, "Our stable outlook on the company reflects our expectation that GMR will achieve mid-single digit consolidated revenue growth in 2026 and beyond due to increasing volume and continued improvement in net revenue per transport (NRPT), mainly due to an improved capture rate. It also reflects our view that GMR will generate free operating cash flow (FOCF) to debt of over 5% on an annual basis going forward." GMR will reduce its leverage to about 4x by the end of 2026 and to 3.8x in 2027. GMR's IPO was $15 per share, generating approximately $479 million in gross proceeds. Combined with $350 million from private placements, the company will utilize roughly $666 million to partially repay senior secured debt and redeem approximately $299 million of 15% dividend-accruing preferred equity. Furthermore, the sponsor, KKR, has agreed to exchange the remaining preferred equity for common stock. S&P said, "Under the current transaction structure, we anticipate year-end leverage of approximately 4.0x, with further deleveraging to 3.8x expected by 2027, driven by projected improvements in EBITDA and FOCF. However, the ultimate pace of deleveraging remains subject to GMR's post-IPO financial policy and its subsequent capital allocation decisions, for which we currently have limited visibility. "The company will remain a controlled entity and its pre-IPO investors will continue to determine its financial policy. We anticipate GMR's original private-equity sponsor group will retain approximately 70% voting control. While the proposed IPO may incentivize sponsors to align leverage levels with public-market peers, we believe the risk of a potential re-leveraging event remains. We will continue to monitor GMR's evolving financial policy in its post-IPO capacity, alongside any subsequent equity divestments by the sponsors. However, we will likely continue to view GMR as a controlled entity unless we believe its private-equity owners will reduce their combined voting control below 40%. "We expect GMR's revenue growth will resume in 2026 onward. We project GMR's revenue to grow by approximately 3% to 4% in 2026, primarily driven by an improved capture rate, an expanded aircraft fleet, and new airbases. Looking ahead, we anticipate mid-single-digit revenue growth in 2027 and beyond. We expect the expansion of air bases, acquisition of new emergency response ground contracts, and increased operational activity in previously underserved metropolitan areas will underpin its long-term growth trajectory. "We expect GMR will generate FOCF to debt of about 5% in 2026, improving to over 10% in 2027. We anticipate a contraction in GMR's EBITDA margin of approximately 50 basis points in 2026, primarily due to elevated fuel costs. Furthermore, we believe FOCF will remain pressured in 2026 due to increased capital expenditures (capex) for fleet expansion and nonrecurring expenses associated with the IPO. However, we expect FOCF to debt to increase above 10% from 2027 onward as fuel prices and capex requirements normalize and one-time IPO-related costs subside." The company's strategic focus on enhancing capture rates and market rationalization is expected to support long-term margin expansion and improved cash flow generation. Global Medical Response Inc. is one of the leading providers of emergency medical services in the U.S. GMR maintains a substantial operational footprint across both the air and ground medical transport sectors in North America, holding a leading 37% market share in the emergency air medical transport segment. The company is well-positioned to benefit from secular tailwinds in the emergency medical services industry, specifically aging demographics and the ongoing consolidation/closure of rural hospitals, which enhances the value of GMR's broad geographic coverage and integrated service model. However, GMR's profitability remains sensitive to reimbursement dynamics. It derives approximately 35% of transit revenues from Medicare and Medicaid, which typically reimburse at rates below the cost-of-service delivery. Consequently, sustained margins are contingent upon the company's ability to secure higher reimbursement rates from commercial payors. GMR's ability to maintain favorable commercial rates is underpinned by its significant market scale, brand recognition, and deeply entrenched relationships with hospitals, health systems, and emergency dispatchers. GMR remains exposed to adverse weather conditions, fixed costs, and regulatory pressures. The emergency air transport sector is subject to earnings volatility because of adverse weather conditions, which can necessitate aircraft groundings. While GMR previously mitigated this operational risk through diversification into emergency ground transportation, its recent strategic pivot away from lower-margin, nonemergent ground operations has increased the company's concentration in the air segment. Consequently, GMR's EBITDA remains substantially exposed to weather-related disruptions. This exposure is compounded by a high fixed-cost structure, as pilot, clinical, and aircraft costs are largely incurred regardless of operational uptime. Additionally, GMR remains sensitive to regulatory shifts and changes in the reimbursement landscape, given the highly regulated nature of its core services and its specific payor mix. S&P said, "Our stable outlook on the company reflects our expectation that GMR will achieve min-single digit consolidated revenue growth in 2026 and beyond due to increasing volume and continued improvement in NRPT, led mainly by an improved capture rate. It also reflects our view that GMR will generate FOCF to debt of over 5% on an annual basis going forward. "We could lower the rating on GMR within the next 12 months if we no longer believe the company to be able to maintain S&P Global Ratings-adjusted FOCF to debt of above 5% or leverage below 5x on a sustained basis." This could occur if: -- It faces accelerated wage inflation, high fuel costs, or other elevated operating costs that erode profitability; -- Increased weather-related cancellations offset the positive mix shift from nonemergent to emergent services; or -- High tariff environment continues, increasing the cost of GMR's deliveries of aircraft or parts from Europe. Although unlikely over the next 12 months, S&P could consider a positive rating action if: -- S&P Global Ratings-adjusted debt to EBITDA remains below 4x; -- S&P expects the company's private-equity sponsor will relinquish control; and -- S&P believes the company is committed to maintaining financial policies that will support this improved level of leverage and the risk of future releveraging events is low. GOLF CARTS: Liability Judgment in Trojan Trademark Suit Affirmed ---------------------------------------------------------------- In the appeal styled Trojan Battery Company, L.L.C., Plaintiff-Appellee, versus Golf Carts of Cypress, L.L.C.; Trojan EV, L.L.C., Defendants-Appellants, No. 25-20243 (5th Cir.), Judges Carl E. Stewart, Edith H. Jones and Rhesa H. Barksdale of the U.S. Court of Appeals for the Fifth Circuit affirms the liability judgment of the United States District Court for the Southern District of Texas and its disgorgement of profits award. The Court vacates the permanent injunction and remands for further proceedings. Trojan Battery Company, L.L.C. ("Trojan Battery") brought this lawsuit against Golf Carts of Cypress, L.L.C. ("GCC") and Trojan EV, L.L.C. ("Trojan EV") (collectively, "Defendants") for trademark infringement and unfair competition under sections 32 and 43(a) of the Trademark Act of 1946 (the "Lanham Act"), 15 U.S.C. Secs. 1114, 1125(a), and Texas common law. Trojan Battery is a Delaware limited liability company based in California. Since 1925, it has manufactured and sold deep-cycle batteries throughout the world. Today, it manufactures multiple batteries under the TROJAN(R) brand, including those for golf carts and utility vehicles. It advertises through its website, social media, billboards, trade shows, and print and online publications, including Golf Car Options and Golf Carting Magazine. It sells TROJAN(R) batteries to original equipment manufacturers ("OEMs") who install batteries into their products and to master distributors who sell to retail stores in the "aftermarket." Overall, TROJAN(R) batteries constitute 80% of the OEM market and 50% of the aftermarket for golf-cart batteries. Because of the goodwill in the TROJAN(R) brand, TROJAN(R) batteries sell at a premium price, and Trojan Battery sells hundreds of millions of dollars in TROJAN(R) batteries for golf carts each year. Trojan Battery owns the three trademark registrations. After a four-day bench trial, the district court found Defendants liable for trademark infringement and unfair competition based on their infringement of Trojan Battery's "TROJAN" marks. The district court awarded Trojan Battery disgorgement of Defendants' profits and issued a permanent injunction. Thereafter, Defendants appealed. On appeal, Defendants raise three main arguments. First, they argue that the district court clearly erred in finding a likelihood of confusion between the parties' marks, and, in turn, that they are liable for trademark infringement and unfair competition. Second, they assert that the district court abused its discretion by awarding Trojan Battery disgorgement of their profits. And third, they contend that even if they are liable for trademark infringement and unfair competition, the district court abused its discretion by issuing an overbroad permanent injunction. According to the Circuit Judges, even though the district court adopted almost all of Trojan Battery's proposed findings, the district court did not clearly err in finding that there is a likelihood of confusion between the parties' marks, and, in turn, that Defendants are liable for trademark infringement and unfair competition. Based on the commercial strength and popularity of the TROJAN(R) marks in the golf industry, the district court did not clearly err in finding them to be strong. The district court did not clearly err in concluding that the evidence of third-party uses and registrations did not weaken the TROJAN(R) marks in the market for golf carts. The panel concludes the district court did not clearly err in finding that the TROJAN(R) marks are highly similar, and that this digit weighs in favor of a likelihood of confusion. The panel finds the district court did not clearly err in concluding that golf-cart batteries and golf carts are highly related, and that this digit weighs in favor of a likelihood of confusion. It reasonably determined that the products are complementary because they are often used and sold together. The panel further finds the district court abused its discretion in issuing the permanent injunction because it is overbroad. A copy of the Court's Opinion dated May 8, 2026, is available at https://urlcurt.com/u?l=xq2hkk About Golf Carts of Cypress LLC Golf Carts of Cypress LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-31911) on April 29, 2024. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge Jeffrey P. Norman presides over the case. Jason P. Kathman, Esq., at Spencer Fane, is the Debtor's legal counsel. GOOD WOOD: Claims to be Paid from Rental Income ----------------------------------------------- Good Wood Investments, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement describing Plan of Reorganization dated May 4, 2026. The Debtor was established to acquire, improve, and reposition underutilized industrial and commercial real estate in the East Texas Area into income generating properties. Approximately four years ago, Debtor obtained the Massey Building, a 21.5-acre industrial warehouse facility located in Tyler, Texas. At the time of acquisition, the property was in a significant state of disrepair and required substantial capital investment to restore functionality and long term viability. The Debtor structured its financing in a way that Debtor would be able to obtain the additional financing to complete the needed improvements to stabilize the property and unlock its value by leasing the warehouse space. Debtor's largest secured creditor agreed to subordinate its lien so that Debtor could obtain the necessary financing. However, the agreement was breached, Debtor was unable to obtain the financing needed and the property was posted for foreclosure. Debtor filed this Chapter 11 case to prevent the property from being sold at foreclosure, to pay its creditors and preserve the owner's equity in the property. Secured claims total $4,310,620.41as of the Petition date. Smith County has filed a secured proof of claim in the amount of $71,296.33 (Claim No. 1) and Creative Finance has filed two claims, a secured claim in the amount of 1,095,309.92 (Claim No. 3) and a secured claim in the amount of $11,250 (Claim No. 4). No unsecured priority claims or general unsecured claims were scheduled as of the Petition date. An unsecured claim has been filed by Uline for $974.88 (Claim No. 2). The Debtor has a lease on a small portion of its warehouse space to Habitual Sport (the Lessee). The lease payment is $2,500 per month. If Debtor is able to obtain the post-petition financing to make the needed improvements to its property, then the projected monthly rental income from leasing warehouse space is $780,000 annually or $65,000 monthly. The projected income is based upon a lease rate of $3.00 per square foot multiplied by 260,000 square feet of the ±266,067 square feet of warehouse space owned by Debtor. The Plan is to pay allowed claims from the Debtor's lease income. Class 5 consists of the Allowed General Unsecured Claims. An unsecured proof of claim has been filed by Uline in the amount of $974.88. The Plan provides for the Allowed General Unsecured Claims to be paid thirty days after the Effective Date of the Plan. This Class is impaired. Class 6 consists of the member interests of Kyle Gillin and Michael Mitchell. The Plan provides for Mr. Gillin and Mr. Mitchell to retain their membership interests, subject to the proposed treatment of the Class 1 through Class 5 Allowed Claims, and to the exclusion of any party in interest claiming any interest therein or right thereto. This Class is impaired. Kyle Gillin and Michael Mitchell will continue to own 100% of the membership interests of Debtor to the exclusion of any party in interest claiming any interest therein or right thereto. A full-text copy of the Disclosure Statement dated May 4, 2026 is available at https://urlcurt.com/u?l=8UUqaZ from PacerMonitor.com at no charge. Counsel to the Debtor: Glen E. Patrick, Esq. PATRICK LAW OFFICES 2495 S. Main St. Lindale, TX 75771 Telephone: (903) 882-6173 E-mail: glen@patricklawoffices.com About Good Wood Investments Good Wood Investments, LLC, a real estate company, owns and leases a single income -producing property. Good Wood Investments, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. E.D. Tex. Case No. 26-60070) on February 3, 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. Patrick Law Offices is Debtor's legal counsel. GREAT HEARTS: Moody's Rates New 2026A/B Education Bonds 'Ba1' ------------------------------------------------------------- Moody's Ratings has assigned a Ba1 rating to Great Hearts America - Texas, TX's proposed $25.9 million Education Revenue Bonds (Great Hearts America - Texas), Series 2026A and $230,000 Education Revenue Bonds (Great Hearts America - Texas), Series 2026B (Taxable). The bonds will be issued on behalf of the charter school by the Arlington Higher Education Finance Corporation, TX. Moody's maintains a Ba1 rating on the charter school's outstanding revenue bonds. The outlook is negative. Post issuance, the school will have approximately $329 million of debt outstanding. RATINGS RATIONALE The Ba1 rating reflects the network's very large scale of operations and expected growth as the school continues to fill its new facilities. The network's competitive profile is supported by its healthy waitlist and academic performance that compares favorably to peers. Liquidity relative to operations is quite low, though nominal reserves are more material at around $19 million. Although annual debt service has declined in recent years, it remains a healthy 1.66 times. This declines to 1.19 times when considering projected maximum annual debt service (MADS). Leverage will remain substantial due to the very low cash to pro forma debt ratio of 6%. The school has no plans for additional debt following the issuance of the Series 2026 bonds. Governance remains a key rating driver, reflecting management's failure to achieve projected liquidity improvements relative to operations and significant management turnover. While the new board and administration have diverse, broad, and relevant experience, the turnover increases execution risk and weakens continuity in financial oversight and strategic planning. A new memorandum of understanding has been negotiated between the network and Great Hearts America intended to strengthen the governance and financial position of the network. The network will remain under a limited-scope conservatorship focused on execution of this new agreement. The closed investigation and resulting conservatorship have not resulted in any credible threat to the school's charter authorization and it remains in good standing with its authorizer. RATING OUTLOOK The negative outlook reflects the possibility that the school's days cash on hand will continue to decline as it addresses capital needs and its budget grows. Leverage will also remain extremely high as it constructs the final facilities to complete its planned network, though strong demand should allow the network to maintain healthy margins to support this debt and the large scope of the operation will remain a significant credit positive. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Significant and sustained improvement in liquidity relative to operations -- Substantial decline in debt burden and improved maximum annual debt service (MADS) coverage -- Stabilization of management and end of conservatorship FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Any further declines in days cash on hand -- Further escalation of regulatory/governance risks that place future charter authorization into question -- Erosion of waitlist, decline in academic performance, or other issues related to the organization's competitive position PROFILE Great Hearts America - Texas is a rapidly growing non-profit public K-12 charter school network that serves the San Antonio and Dallas/Fort Worth areas, operating under a charter presently valid until July 2028. The Texas charter network served an enrollment of 14,054 students in the 2025-26 school year. METHODOLOGY The principal methodology used in these ratings was US Charter Schools published in April 2024. GREEK FREEK: Commences Chapter 11 Bankruptcy in Arizona ------------------------------------------------------- On May 11, 2026, Greek Freek Properties LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 16, 2026 at 09:00 AM via Chapter 11 Teleconference Call in number: 1-888-330-1716, Passcode: 4038524 About Greek Freek Properties LLC Greek Freek Properties LLC is a limited liability company engaged in property ownership and real estate-related operations. Greek Freek Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04666) on May 11, 2026. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by Mark J. Giunta, Esq. of Law Office of Mark J. Giunta. GREYSTAR REAL: S&P Affirms 'BB' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating on Greystar Real Estate Partner LLC and 'BB' issue-level rating on its senior secured debt. S&P said, "The stable outlook reflects our expectations adjusted leverage will remain in the 2x-3x area, with continued strength in property management offsetting slower construction services related businesses. "We now assess Greystar Real Estate Partner LLC's industry risk more favorably after expanding the peer group to encompass the larger business services sector. "Our overall view of the company's business and operating prospects remains unchanged, however, reflecting Greystar's smaller scale with about $3.5 billion-$4 billion in adjusted revenues and its niche focus on the multi-family market within the commercial real estate (CRE) space. "Greystar's property management segment generates a majority of its revenue mix, which we view as the more stable and recurring business services-based revenue. Consequently, we broadened our peer group to the larger business and consumer services sector, considering it less cyclical and competitive than nonbank financial services. Greystar generates about 60% of its revenue from property management, about 35% from construction-related services and the remaining 5% from investment management. While Greystar benefits from a strong presence in high-quality rental housing with a global footprint and integrated services, its smaller scale relative to larger, higher-rated peers, concentration on the multifamily sector, and the industry's competitive landscape partially offset these strengths. "We anticipate Greystar's property management business to grow in the next 12-24 months, which will counterbalance any continued softness in its construction-related activities. As such we expect adjusted revenues to grow 3%-5% over 2026-2027, while maintaining adjusted EBITDA margins of 8%-9%. Furthermore, we expect organic growth in units under management, as increasing demand for operating efficiencies drives more property owners to outsource to professional firms like Greystar, supplemented by contributions from acquisitions. On the other hand, we believe the pipeline of new construction projects could remain slow as demand-supply dynamics of the multifamily industry somewhat stabilize over the next few quarters, before some improvements occur. As a result, we expect the backlog to remain flat on a year-over-year basis. "The company's most recent performance indicates drag from the construction business resulting in adjusted revenues declining 11% and adjusted EBITDA margins compressing to 7.6% (from 10.1% in 2024), offsetting favorable performance of the property management business. While cash generation was largely stable and net debt levels remained flat, adjusted leverage rose to 3.1x from 2.1x in the prior year. "Our adjusted revenue, expense, and EBITDA margin calculations eliminate the impact of passthrough reimbursements related to client-dedicated personnel costs and subcontracted vendor costs directly attributable to properties under management. In making these adjustments, we are borrowing from the hotels and lodging sector-specific adjustments in our Corporate Methodology: Ratios And Adjustments criteria, consistent with those that we have long made for hotel and lodging property managers. "We expect Greystar to maintain adjusted leverage of 2x-3x, despite remaining acquisitive. Specifically, we expect adjusted leverage to improve to the midpoint of our 2x-3x range, sequentially over 2026-2027, as property management drives modest growth while contract backlogs remain soft. Given the highly fragmented nature of the property management business, we expect Greystar will continue pursuing inorganic growth opportunities, primarily through bolt-on acquisitions, in domestic and international markets. We also believe it could incur some incremental debt to fund these. However, we expect the company to remain prudent, given the cyclicality and contingent exposures from its construction-related businesses. We believe large debt-financed acquisitions coinciding with weaker business conditions and/or potential liabilities from these businesses could negatively affect credit quality." The company has $1.7 billion of off-balance-sheet repayment guarantees and $321.4 million in completion guarantees. These maximum commitments obligate the company to repay any outstanding amount of the guaranteed portion of loans if the loans are deemed to be in default and to the extent the loan collateral is insufficient to satisfy the balance. S&P said, "Although we view the absolute size of the liability as very large, we believe the company has historically managed its exposure through conservative advance rates (typically 55%-65% of total project costs), institutional equity sponsorship on most underlying projects, and limited guarantees (typically limited to the top 15%-30% of individual loan commitments)." S&P said, "The stable outlook on Greystar reflects our expectation the company will operate with adjusted debt to EBITDA of 2x-3x and adjusted EBITDA interest coverage of about 3x over the next 12-24 months. We believe the company will achieve these credit measures as growth in its property management business offsets continued softness in its construction services related businesses. "We could lower our ratings on the company over the next 12-24 months if adjusted leverage rises above 3.5x and adjusted EBITDA interest coverage remains under 3x, on a sustained basis." This could occur if: -- Operating performance weakens from a material slowdown in business conditions; -- The company undertakes a more aggressive financial policy involving large debt-financed acquisitions or shareholder distributions; or -- It incurs unexpectedly large outflows from its construction-related liability exposures. Though highly unlikely, S&P could upgrade the company over the next 12-24 months if: -- Its financial performance improves materially such that adjusted leverage improves to be comfortably under 2x, and S&P views this as sustainable through the business cycle; and -- The company's business continues to grow and improves its scale. GUNNISON VALLEY: Seeks to Sell Gunnison Property to Highest Bidder ------------------------------------------------------------------ Gunnison Valley Properties, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Colorado, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor owns a real estate development project in Gunnison, Colorado known as Gunnison Rising. The Project is an approximately 565 +/- acre, multi-phase, mixed use development approved for 1,700 residential units, and 920,000SF of commercial development, to include more than 350,000 sf of retail, 350,000 sf of industrial space, plus acreage for commercial space and an RV park, all adjacent to Western Colorado University in Gunnison, Colorado. The only phase of the Project that has been subdivided into lots and for which lots have been sold to third-party purchasers is known as the Government Campus. The Debtor sold several lots prior to the bankruptcy case and after Court approval, Debtor sold two lots in the government campus during the bankruptcy case. The proceeds from the Court-approved sale remain in a segregated account. Debtor still owns two lots in the Government Campus, which are part of the Project and the Transferred Assets. The Project also contained a 5-acre parcel subject to a deed restriction in favor of the City of Gunnison that requires any improvements to be built on the property to include 64 units of affordable housing. The Court approved a sale of the 5-acre parcel. The proceeds from the Court-approved sale remain in a segregated account. Debtor is informed that the owner of the 5-acre parcel may be constructing certain public improvements which may benefit the Project. The Debtor has entered into a Real Estate Purchase and Sale Agreement with Chris Debow (Stalking Horse Bidder) to sell the Gunnison Rising real estate development and related assets (excluding the Ranch and Debtor's interest in Tomichi Materials LLC) for $9,221,000. The Purchase Agreement provides for certain stalking horse protections (breakup fee of $230,525 and expense reimbursement of up to $100,000). The proposed sale contemplates the contemporaneous assumption of certain liabilities. From the sale proceeds, Debtor proposes to pay its broker, certain real estate taxes and other customary costs as described below. The Debtor will hold the remainder of the sale proceeds in a segregated account with all liens to attach with the same validity, extent, and priority as they existed against the Transferred Assets. A summary of the material terms of the Purchase Agreement and provisions is provided. To date, Debtor has approximately $8.4 million in certified eligible costs for reimbursement from the Metro Districts for which Debtor has not been reimbursed. Pursuant to the Annexation Agreement, Debtor was required to, among other things, bring electrical distribution lines from the nearest electrical substation to the Project. The majority of the Project lacks power until the Electrical Feed is complete, a result of which is a majority of the Project is not suitable for development until the Electrical Feed is complete. Debtor has used the name “Gunnison Rising” and the website https://gunnisonrising.com/ to generate interest in and market the Project. Debtor’s interest in the intellectual property is part of the Transferred Assets. The Debtor selected the Stalking Horse Bidder after considering the other offers and in consultation with Keen Summit. As explained more fully in the Bid Procedures Motion, the Debtor seeks approval to sell the Transferred Assets to the Stalking Horse Bidder or to the bidder who Debtor determines in its discretion submitted the highest or otherwise best bid at an auction. The Debtor asserts that the sale of the Transferred Assets is a proper exercise of its business judgment and requests that it be approved. The Debtor understands that the Stalking Horse Bidder (or the Successful Bidder at Auction) will likely be required to spend millions of dollars on infrastructure before being in a position to subdivide lots and sell those lots in the ordinary course. The lienholders of the Property are Wesco Distribution, Inc., Spallone Construction, Inc., Biomedical, DDC, LLC d/b/a Dietrich Dirtworks, LLC, and Crabtree Group, Inc., BMC Properties, LLC, and Isabelle Estates, Inc. The Debtor will serve the Motion on all parties to the Purchase Agreement. The Debtor believes no cure is required to assume and assign any executory contracts and leases About Gunnison Valley Properties Gunnison Valley Properties LLC in Louisville, Colo., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15052) on Aug. 28, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Byron Chrisman, manager, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's legal counsel. HAYATS KITCHEN: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Woodland Hills Division granted Hayats Kitchen final approval to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with the budget attached to the motion, with one modification reducing the "Water and Power" expense line item to $1,620 per month, or $3,240 every two months. The Debtor is also permitted to deviate from individual budget line items by up to 5%, provided the variance does not materially impair the overall budget or prejudice secured creditors. As adequate protection, secured creditors will continue receiving the protections previously approved in the interim cash collateral, including replacement liens to the extent provided under that earlier order. The final order expressly incorporates the interim order’s protections and terms. The court further ruled that the Debtor's authority to use cash collateral will remain in effect unless modified by further court order. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lAmYm from PacerMonitor.com. About Hayats Kitchen Inc. Hayats Kitchen, Inc. operates as a small-scale restaurant business in California, providing food and dining services within its local market. Hayats Kitchen, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10498) on March 11, 2026. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. HEAVENLY PET: Unsecured Creditors to Split $174K over 60 Months --------------------------------------------------------------- Heavenly Pet Cremations, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Plan of Reorganization dated May 5, 2026. The Debtor is a Texas entity, incorporated therein on December 23, 2019, which currently conducts business out of its location in Denison, Texas. The Debtor operates a small animal and pet cremation service serving residents and veterinary clinics in North Texas and Southern Oklahoma. The Plan provides for a reorganization and restructuring of the Debtor's financial obligations. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of five years from the Debtor's continued business operations. Class 2 consists of Allowed Non-priority Unsecured Claims against the Debtor. Class 2 shall be deemed to include those Creditor(s) holding an alleged Secured Claim against Debtor, for which: (a) insufficient collateral, or no collateral, exists to fully secure the alleged Secured Claim; and/or (b) liens, security interests, or other encumbrances that are senior in priority to the alleged Secured Claim exceed the fair market value of the collateral securing such alleged Secured Claims as of the Petition Date. Each holder of an Allowed Unsecured Claim in Class 2 shall be paid by the Reorganized Debtor from an unsecured creditor pool, projected to total $174,133.44 and which shall be funded at a variable rate beginning in month 1 (Quarter 1) of the Plan and ending in month 60 (Quarter 20) of the Plan. The Debtor estimates the aggregate of all Allowed Class 2 Claims does not exceed $386,956.46. This estimate is based upon the Debtor's review of the Court's claim register, Debtor's bankruptcy schedules, anticipated Claim objections (if any), and anticipated deficiency sums. This Class is impaired. Class 3 consists of the holders of Allowed Interests in the Debtor. The holder of an Allowed Class 3 Interest shall retain his/her/their interests in the Reorganized Debtor. The Debtor proposes to implement and consummate this Plan through the means contemplated by Sections 1123 and 1145(a) of the Code. From and after the Effective Date, in accordance with the terms of this Plan and the Confirmation Order, the Reorganized Debtor shall perform all obligations under all executory contracts and unexpired leases assumed in accordance with Article 6 of this Plan. A full-text copy of the Plan of Reorganization dated May 5, 2026 is available at https://urlcurt.com/u?l=L56NKf from PacerMonitor.com at no charge. Counsel to the Debtor: Michael S. Mitchell, Esq. DeMarco Mitchell, PLLC 500 N. Central Expressway, Suite 500, PMB 120 Plano, TX 75074 Telephone: (972) 578-1400 Facsimile: (972) 346-6791 Email: mike@demarcomitchell.com About Heavenly Pet Cremations Inc. Heavenly Pet Cremations, Inc., is a Denison, Texas based pet cremation services company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40446) on Feb. 9, 2026. In the petition signed by Daniel Hale, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael S. Mitchell, Esq., at DeMarco Mitchell, PLLC, is the Debtor's legal counsel. HIGH RIDGE: Arawak IX, et al. Win Bid to Seal Certain Documents --------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware granted the motion filed by Arawak IX, L.P., Clayton, Dubilier & Rice, LLC, John C. Compton, Vindi Banga (a/k/a Manvinder Banga), Kenneth A. Giuriceo, Gregory L. Pasqua, and James A. Daniels to keep certain documents in the adversary proceeding captioned as ALAN D. HALPERIN, AS LIQUIDATING TRUSTEE OF THE HIGH RIDGE BRANDS CO. LIQUIDATING TRUST, Plaintiff, v. ARAWAK IX, L.P., CLAYTON, DUBILIER & RICE, LLC, JOHN C. COMPTON, VINDI BANGA (A/K/A MANVINDER BANGA), KENNETH A. GIURICEO, GREGORY L. PASQUA, AND JAMES A. DANIELS, Defendants, Adv. Proc. Case No. 21-51412-BLS (Bankr. D. Del.), classified. The motion seeks an order pursuant to sections 105(a) and 107(b) of the Bankruptcy Code, Rule 9018 of the Federal Rules of Bankruptcy Procedure, and Rule 9018-1 of the Local Rules of the United States Bankruptcy Court for the District of Delaware authorizing the filing under seal of: (i) Defendants' Memorandum of Law in Support of Their Motion to Exclude Expert Opinions and Testimony of Stephen Kempainen, (ii) Exhibits 1–11, 13, 16, and 18–26 to the Declaration of Matthew J. Sorensen in Support of Defendants' Motion to Exclude Expert Opinions and Testimony of Stephen Kempainen, (iii) portions of Defendants' Memorandum of Law in Support of Their Motion for Partial Summary Judgment, and (iv) Exhibits 1–6, 9–23, 25–27, 29, 31–33, 35–39, 41, 42, 45, 47, 49–52, and 54 to the Declaration of Matthew J. Sorensen in Support of Defendants' Motion for Partial Summary Judgment. Pursuant to section 107(b) of the Bankruptcy Code, Bankruptcy Rule 9018, and Local Rule 9018-1, Defendants are authorized to file the Motion to Exclude and portions of the other Supporting Documents under seal, according to the Court. A copy of the Court's Order dated May 5, 2026, is available at https://urlcurt.com/u?l=G5qqxu from PacerMonitor.com. About High Ridge Brands High Ridge Brands -- http://www.highridgebrands.com/-- was one of the largest independent branded personal care companies in the United States by unit volume. Its portfolio of over 13 trusted brands, served primarily North American skin cleansing, hair care and oral care markets, and included Zest(R), Alberto VO5(R), REACH(R), Firefly(R), Dr. Fresh(R), Coast(R), White Rain(R), LA Looks(R), Zero Frizz(R), Rave(R), Salon Grafix(R), Binaca(R) and Thicker Fuller Hair(R). The Company also had relationships with entertainment properties through which it had a portfolio of licenses such as Star Wars, Batman, Spiderman, Hello Kitty, and Transformers. The Company operated an asset-light model, outsourcing its manufacturing needs. The Debtors sought Chapter 11 protection (Bankr. D. Del. Case No. 19-12689) on Dec. 18, 2019. The Debtor affiliates include High Ridge Brands Holdings, Inc., HRB Midco, Inc., HRB Buyer, Inc., High Ridge Brands Co., Golden Sun, Inc., Continental Fragrances, Ltd., Freshcorp, Inc., Children Oral Care, LLC, and Dr. Fresh, LLC. Judge Brendan Linehan Shannon presided over the cases. Young Conaway Stargatt & Taylor, LLP, served as the Debtors' counsel. Debevoise & Plimpton LLP was corporate, finance and litigation counsel to the Debtors. PJT Partners LP was the Debtors' investment banker. Following confirmation of the Debtors' Plan of Liquidation, Alan D. Halperin was appointed as the Liquidating Trustee of High Ridge Brands Liquidating Trust. IMAGE TECHNOLOGY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, entered a second interim order authorizing Image Technology Consulting II, LLC and Axiom Imaging Solutions, Inc. to continue using cash collateral. Under the order, the Debtors are authorized to use cash collateral pursuant to an approved operating budget with a permitted variance of plus or minus 15% on a rolling four-week basis. Cash collateral includes all cash, cash equivalents, bank account funds, accounts receivable collections, and proceeds of pre-petition collateral. The court also partially lifted the automatic stay to allow Comerica Bank to offset funds in the Debtors' Comerica accounts against outstanding obligations, except for a protected reserve amount of $100,000 that remains available for the Debtors’ ongoing business operations. The order further granted adequate protection to the secured parties, including the U.S. Small Business Administration and Comerica Bank, through replacement liens on post-petition assets and superpriority administrative expense claims if collateral value declines. Comerica also received a first-priority replacement lien on post-petition accounts receivable to protect the reserve amount. In addition, the Debtors must make monthly adequate protection payments to the SBA in an aggregate amount not exceeding $2,500 per month, allocated between the Debtors based on their respective obligations. The order expressly reserves all rights of the Debtors and other parties to challenge the validity, extent, priority, or perfection of asserted liens and claims. A final hearing is scheduled for May 27, with objections due five business days before the hearing. The order is available at http://bankrupt.com/misc/ImageTechnology_2CCOrder.pdf About Image Technology Consulting II LLC Image Technology Consulting II, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41358-mxm11) on March 29, 2026. In the petition signed by Marshall Shannon, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. Richard Grant, Esq., at CM Law LLP, represents the Debtor as legal counsel. IMPACT PUBLIC: S&P Assigns 'BB' ICR, Outlook Stable --------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating (ICR) to Impact Public Schools (IPS), Washington. The outlook is stable. S&P said, "King County, relative to other locations nationally, faces elevated exposure to wildfire and seismic risks as well as inland flooding, and coastal flooding associated with sea-level rise, present physical risks that could pose challenges to IPS' infrastructure and become material to our view of creditworthiness. However, we believe the school's locations in urban areas are more inland and the state's robust building codes for educational buildings somewhat mitigate these risks. Consequently, we consider physical risk exposure neutral in our analysis. We view governance and social factors as neutral in our credit analysis. "The stable outlook reflects our opinion that IPS will be able to return to positive operating performance in fiscal 2027 and beyond, supported by a trend of enrollment growth, which is projected to continue. We anticipate it will maintain liquidity and MADS coverage in line with the current rating level. Finally, we do not anticipate the school will issue any additional debt over the next few years. "We could consider a lower rating if financial performance weakens, especially if MADS coverage falls below levels no longer in line with the current rating or if the school is unable to remain in compliance with loan covenants over a sustained period. In addition, we would view negatively IPS not meeting enrollment projections because this is likely to affect its financial operations and impact liquidity levels. Any material additional debt, though not expected beyond the proposed issuance, or inability to mitigate balloon payments, would also be viewed negatively. "Any upside rating potential would hinge on IPS meeting enrollment growth projections, improving MADS coverage to levels we consider consistent with a higher rating and in compliance with coverage covenants, and the school maintaining reserves at levels commensurate with a higher rating." INDEPENDENT MEDEQUIP: Seeks to Extend Plan Exclusivity to July 15 ----------------------------------------------------------------- Independent MedEquip LLC and its affiliates asked the U.S. Bankruptcy Court for the Northern District of Alabama to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 15 and Sept. 30, 2026, respectively. The Debtors explain that for them to meet their burdens of providing adequate information to creditors and formulating a feasible plan, they will need to know with reasonable certainty the value of collateral securing purchase-money security interests. Therefore, the exclusivity period needs to be extended to allow the Debtors sufficient time to employ a professional who can appraise the value of the Debtors' durable medical equipment. The Debtors claim that they have been regularly communicating with creditors and have been able to resolve most issues without Court involvement. The Debtors have been making substantial progress towards finalizing the terms of a plan but need some more time to work to reach agreements with creditors regarding the value of their collateral and, in the meantime, employ an appraiser to testify as to the value to the extent that agreements on value are not reached. The Debtors assert that this is their second motion to extend the exclusivity period. Given the complexity of these cases and the importance of resolving the issues, the benefits from extending the exclusivity period will outweigh any prejudice to creditors. The Debtors reserve the right to seek additional extensions should the need arise. Counsel to the Debtors: Wm. Wesley Causby, Esq. Memory Memory & Causby, LLP Post Office Box 4054 Montgomery, AL 36103-4054 Telephone: (334) 834-8000 Facsimile: (334) 834-8001 E-mail: wcausby@memorylegal.com About Independent MedEquip LLC Independent MedEquip, LLC, a company in Birmingham, Ala., provides durable medical equipment such as oxygen tanks, CPAP machines, mobility aids, and other home-use medical devices. Independent MedEquip and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 25-02821) on Sept. 18, 2025. At the time of the filing, Independent MedEquip disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Tamara O'Mitchell oversees the cases. Stuart Memory, Esq., at Memory Memory and Causby LLP, is the Debtor's legal counsel. Jackson Investment Group, LLC, the Debtors' DIP lender, may be reached through Richard L. Jackson, CEO. Cadence Bank, a prepetition secured creditor, may be reached through C. Ellis Brazeal III, Esq., at Jones Walker, LLP, in Birmingham, Alabama. INNOVATIVE INDUSTRIAL: Closes $56.5 Million Secured Term Loan ------------------------------------------------------------- Innovative Industrial Properties, Inc. announced that it has closed on a $56.5 million secured term loan. The Loan has an initial term of three years, bears interest at the one-month Secured Overnight Financing Rate (SOFR) plus a spread of 500 basis points, is interest only and is secured by certain properties of the Company. The proceeds from the Loan are expected to be used to pay off the Company's unsecured notes that are maturing at the end of this May. "The successful closing of this loan reflects the continued confidence in our platform and portfolio. We are appreciative of our new lending relationship that provided this capital to the Company," said Alan Gold, Executive Chairman of IIP. "This financing further strengthens our balance sheet and positions us to execute on strategic growth opportunities for 2026 and beyond." Loan Agreement Details On May 5, 2026, IIP-OH 2 LLC, IIP-NJ 1 LLC, IIP-FL 4 LLC, IIP-FL 2 LLC, IIP-NY 2 LLC, IIP-MI 7 LLC, IIP-VA 1 LLC and IIP-PA 5 LLC, each a Delaware limited liability company and an indirect subsidiary of the Company, entered into a loan agreement with Thorofare Asset Based Lending Reit Fund V, LLC, a Delaware limited liability company. The Loan Agreement contains customary representations, warranties, covenants, events of default, and security arrangements. Each Borrower is jointly and severally liable for all obligations under the Loan Agreement. Pursuant to the Loan Agreement, on May 5, 2026, the Borrowers issued to the Lender a promissory note evidencing a $56.5 million secured term loan, which matures on May 5, 2029, and may be extended at the Borrowers' option for up to two additional 12-month periods, subject in each case to the satisfaction of certain conditions set forth in the Note. The Note bears interest, for each monthly interest period, at a rate per annum equal to the sum of the one-month Secured Overnight Financing Rate, as administered by the CME Group Benchmark Administration Limited (or a successor administrator), for a tenor comparable to the applicable interest period on the date two business days prior to the commencement of such interest period, plus 5.00% (subject to the maximum rate permitted by law and adjustment upon an event of default). Pursuant to the Loan Agreement, on May 5, 2026, IIP Operating Partnership, LP, a Delaware limited partnership and a direct subsidiary of the Company, entered into a pledge and security agreement (the "Pledge Agreement") with the Lender. Pursuant to the Pledge Agreement, the Loan is secured by, among other things: (i) all of the Pledgor's right, title and interest in the equity, profits, losses and capital of, any membership and other interest in, Voting Rights (as defined in the Pledge Agreement), and all proceeds and income of, each Borrower and (ii) mortgages and deeds of trust on eight properties owned by the Borrowers. Also pursuant to the Loan Agreement, on May 5, 2026, the Company entered into an unsecured guaranty for the benefit of the Lender, pursuant to which the Company has guaranteed the Borrowers' obligations under the Loan. Pursuant to the Guaranty, during the term of the Loan the Company is required to maintain, on a combined basis, minimum Net Worth of $120.0 million and Liquid Assets with a market value of at least $12.0 million, each as defined in the Guaranty. Full text copies of the Loan Agreement, the Note, the Pledge Agreement and the Guaranty, are available at https://tinyurl.com/jhmfnkpr, https://tinyurl.com/2hfw6ska, https://tinyurl.com/3w3npva7 and https://tinyurl.com/49dbyyem, respectively. 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. INSPIREMD INC: 1Q Net Loss Widens to $13.69 Million --------------------------------------------------- InspireMD, Inc. reported a net loss of $13.69 million for the three months ended March 31, 2026, compared with a net loss of $11.17 million a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. Revenue rose to $3.40 million from $1.53 million for the three months ended March 31, 2026, while cost of revenues rose to $2.71 million from $1.24 million. Total operating expenses increased to $14.67 million from $11.75 million, and loss from operations widened to $13.98 million from $11.46 million for the period. InspireMD reported total assets of $56.47 million, total liabilities of $12.85 million and total equity of $43.62 million as of March 31, 2026. The filing showed an accumulated deficit of $315.98 million as of March 31, 2026. The company reported net cash used in operating activities of $12.34 million for the quarter, compared with $8.79 million a year earlier. The filing said management concluded there was substantial doubt about the company's ability to continue as a going concern because of recurring losses and negative cash flows from operating activities. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1433607/000149315226021636/form10-q.htm About InspireMD, Inc. InspireMD Inc. is a Miami-based medical device company that develops and commercializes products for the treatment of carotid artery disease and other vascular conditions. The company markets its CGuard EPS products in more than 30 countries outside the United States through local distributors and markets CGuard Prime in the United States through a direct sales force. In an audit report dated March 18, 2026, Kesselman & Kesselman included a going concern qualification, stating that recurring losses from operations and cash outflows from operating activities raised substantial doubt about the company's ability to continue as a going concern. INTEGRATED PROTEINS: Section 341(a) Meeting of Creditors on June 3 ------------------------------------------------------------------ On May 6, 2026, Integrated Proteins LLC and its debtor affiliates filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Kansas. According to court filings, the Debtor reports between $100 million and $500 million in debt owed to creditors. A meeting of creditors under Section 341(a) to be held on June 3, 2026 at 10:00 AM at Conf Call by US Trustee. 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. INTERTRADE HOLDINGS: Lender Seeks to Prohibit Cash Collateral Use ----------------------------------------------------------------- Truist Bank asks the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to prohibit Intertrade Holdings, Inc. from using cash collateral without its consent or court-approved protection and to lift or modify the automatic stay so the bank can enforce its security interests against its collateral. Truist alleges that Intertrade has defaulted on a substantial line of credit obligation and that the bank's collateral interests are inadequately protected during the bankruptcy case. Intertrade filed its Chapter 11 bankruptcy petition on April 28, triggering the automatic stay that temporarily prevents creditors from enforcing claims against it or its assets. In December 2019 Truist extended a revolving line of credit in the amount of up to $800,000. In connection with that financing, Intertrade executed a promissory note and a commercial security agreement granting Truist a broad security interest in substantially all of its personal property. The collateral included inventory, equipment, accounts receivable, deposit accounts, chattel paper, investment property, general intangibles, and all proceeds and products of those assets, whether existing at the time or acquired later. Truist perfected its security interest by filing a UCC-1 financing statement. Over the next several years, the lending relationship expanded significantly. In November 2020, the line of credit was renewed and increased to $1.2 million. In May 2021, it was again renewed and increased dramatically to $3.5 million. In April 2022, the line of credit was renewed at the same $3.5 million level. Each renewal involved the execution of updated promissory notes and reaffirmation of the original collateral package through additional security agreements. After the 2022 renewal, the parties entered into numerous extensions and modifications of the loan terms. These included temporary extensions of the loan maturity date in April 2023, July 2024, October 2024, December 2024, and November 2025, as well as formal change-of-terms agreements in June 2023, April 2025, and August 2025. According to Truist, the final extension pushed the maturity date of the line of credit to February 4. Truist states that despite these accommodations and repeated extensions, Intertrade failed to pay the loan when it matured. As a result, Truist declared a default under the loan documents and issued a formal demand letter dated February 11, demanding payment of the outstanding debt. Truist asserts that Intertrade owed a total of approximately $3.64 million, consisting of $3.5 million in principal, approximately $131,953 in accrued interest, late charges, returned payment fees, and pre-petition attorneys' fees and expenses. The bank emphasizes that it remains the holder of all of the loan documents and security interests and is entitled to all remedies available under those agreements and applicable law. Truist states that it has been unable to determine the fair market value of the collateral because Intertrade allegedly refused to allow the bank to inspect and evaluate the assets securing the loan. It further claims uncertainty regarding whether the collateral is currently insured as required under the loan documents. Truist also alleges that Intertrade is continuing to use cash collateral -- cash proceeds or revenues subject to Truist's security interests -- without either the bank's consent or authorization from the bankruptcy court. Based on these allegations, Truist argues that cause exists under 11 U.S.C. section 362(d)(1) to grant relief from the automatic stay. Specifically, Truist contends that the lack of adequate protection, the Debtor's refusal to permit collateral inspections, the uncertainty concerning insurance coverage, the alleged unauthorized use of cash collateral, and the failure to make required loan payments all justify immediate court intervention. Truist asks the court either to permit it to enforce its liens against the collateral or, alternatively, to compel Intertrade to provide adequate protection sufficient to preserve Truist's secured position while the bankruptcy case proceeds. A court hearing is scheduled for May 27. A copy of the motion is available at https://urlcurt.com/u?l=bEpOHP from PacerMonitor.com. About Intertrade Holdings Inc. Intertrade Holdings Inc. is a Pembroke Pines, Florida-based food distribution and product-development company that supplies retail and food-service customers. The company provides distribution, brokerage, manufacturing and product-development services and serves as the exclusive distributor of Margaritaville Empanadas, including beef, chicken, corn and Jamaican-style empanada products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15399) on April 28, 2026. In the petition signed by Perry Burk, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A., represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, Florida 33602 Phone (813) 229-7600 Fax (813) 229-1660 Primary Email: jverona@shumaker.com Secondary Email: mhartz@shumaker.com IRONNET INC: Avoids Dismissal After Securing Chapter 11 Funds ------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that IronNet Inc. has secured funding that will help finalize its Chapter 11 bankruptcy proceedings and settle disputes over whether the case should be dismissed or converted. The funding marks a significant step toward closing the long-running restructuring case. According to statements made in bankruptcy court, the new financing will provide resources needed to complete remaining administrative tasks and creditor-related obligations. Opponents of the company's restructuring had previously argued the case should either be thrown out or shifted into liquidation proceedings due to delays and unresolved issues. IronNet develops cybersecurity software and threat intelligence platforms used by corporate and government customers. The company entered Chapter 11 after experiencing financial strain tied to operational challenges and declining business performance, according to Law360. About IronNet Inc. Founded in 2014 and headquartered in McLean, Va., IronNet, Inc. (NYSE: IRNT) -- https://www.ironnet.com/ -- is a global cybersecurity company that is transforming how organizations secure their networks by delivering the first-ever collective defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cyber experience, IronNet integrates deep tradecraft knowledge into its industry-leading products to solve the most challenging cyber problems facing the world today. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 23-11710) on Oct. 12, 2023. In the petition signed by Cameron Pforr, president and chief financial officer, IronNet, Inc. disclosed $77,389 in assets and $33,833,108 in liabilities. Debtor IronNet Cybersecurity Inc. listed $10 million to $50 million in estimated assets and $50 million to $100 million in estimated liabilities. Judge Brendan Linehan Shannon oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as bankruptcy counsel, Arnold & Porter Kaye Scholer LLP as general corporate counsel, and Stretto, Inc. as claims, noticing, and solicitation agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP represents the DIP lenders as legal counsel. IVANHOE MINES: S&P Downgrades ICR to 'B-' on Delayed Recovery ------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Ivanhoe Mines Ltd. to 'B-' from 'B' and revised its outlook to stable from positive. In addition, the debt quantum at the subsidiaries' level has increased over the past year and S&P expects it to increase further as the company funds its investment plan, resulting in increased subordination risk for unsecured debt at the parent level. As a result, S&P lowered its rating on Ivanhoe's $750 million senior unsecured notes to 'CCC+', one notch below its long-term issuer credit rating. On March 31, 2026, Ivanhoe Mines Ltd. published the results of an independent technical report for the Kamoa-Kakula mining complex and announced an updated mine plan. This plan will result in a decline in production and increase of cash costs for 2026-2027 compared with our expectations. Consequently, S&P now forecasts funds from operations (FFO) to debt to remain below 30% over the next two years. S&P said, "Following the publication of Kamoa-Kakula's updated mine plan, we expect earnings growth to be delayed by a year and negative free cash flow to persist as expansion capex remains elevated. We expect Ivanhoe's S&P Global Ratings-adjusted EBITDA to be above $1 billion in 2027 and above $1.5 billion in 2028, compared with our previous expectation of the company reaching those levels in 2026 and 2027, respectively. This revision follows the updated Kamoa-Kakula plan publication, leading to the increase in copper production to 500 kilotonnes (kt) being delayed by a year to 2028 and higher C1 cash costs by about $0.5 per pound (/lb) for 2026 and $0.2/lb for 2027 compared to our previous expectations. We also factor in the ramp-up of Ivanhoe's Platreef mine with production of about 450 thousand ounces (koz) of three-element (3E--platinum, palladium, and rhodium) plus gold (Au) from the fourth quarter of 2027, significantly contributing to earnings. However, the company's investment plan over 2026-2027 remains unchanged for the development of both Kamoa-Kakula and Platreef, with cumulative expansion capital expenditures (capex) of $900 million-$1,300 million and $700 million-$800 million, respectively. Therefore, we expect free cash flow to remain negative until 2028, which is another year of deeply negative free cash flow in 2026, with our forecast of approximately negative $700 million compared with negative $1.15 billion in 2025. We expect the investments to be debt funded. For example, Ivanhoe recently concluded Platreef's senior project finance facility extension, which extends the existing $150 million (of which about $100 million is drawn) to $700 million. "As a result, we expect FFO to debt to remain below 30% over the next two years, our recovery expectation being postponed to 2028, which drives our negative rating action. We expect Ivanhoe's credit metrics to be well positioned in 2028 following the ramp-up of Platreef and Kamoa-Kakula. However, we think that FFO to debt in 2026 will be only slightly higher than in 2025 under our base case and then increase to 20% in 2027 and to more than 35% in 2028, as opposed to our previous expectations of above 30% in 2026 and 45% in 2027. This delay is the main driver of our negative rating action, as we now expect the company's FFO to debt to remain materially below 30% over the next two years, in addition to it having already been materially below this level in 2025 and 2024. A positive rating action would be contingent upon the company delivering on its operational plan and building a track record, with S&P Global Ratings-adjusted FFO to debt increasing above 30%, which is the level we consider commensurate with a 'B' rating for Ivanhoe. "With delayed cash flow contribution from Kamoa-Kakula and expansion investments ahead, the company's liquidity management over the next two years has become a key factor in our analysis. For our assessment, we consider a pro rata consolidation of Kamoa-Kakula to reflect the company's economic interest and effective ownership. While we look at liquidity under this consolidation scope, we also monitor it at Ivanhoe on a stand-alone level. As of Dec. 31, 2025, we expect Ivanhoe's stand-alone liquidity sources to exceed uses by over 1.2x in the next 12 months, supported by its high cash balances, undrawn revolving credit facility (RCF), and recently signed senior project finance facility extension to $700 million for Platreef's Phase 2 investments. However, as Kipushi's cash flow contribution remains relatively subdued, and Platreef's contribution is only expected to ramp up materially from 2028, the delay in Kamoa-Kakula's positive free cash flow generation leads to a slightly negative to neutral operating cash flow contribution from the mines until 2028. As Kamoa-Kakula will continue to account for most of the group's ability to generate cash flows in the coming years despite Platreef's ramp-up, Ivanhoe's ability to upstream cash from the joint venture (JV) is in our view key to the group's ability to fund future debt repayments. Given that we now expect positive free cash flow generation to be delayed, it will also affect the timing of shareholder loan repayments and first dividend payment from Kamoa Holding to the group. We currently do not see material liquidity risks over the next 12 months, but further operational disruptions or capex overruns could add pressure over time. "The group's material debt quantum at subsidiaries will further increase and we do not expect this trend to reverse in the near term, which led us to lower our rating on the outstanding notes. As of Dec. 31, 2025, unsecured debt at Ivanhoe Mines Ltd. accounts for about 26.5% of the group's total debt, including balances of streaming agreements and a proportional consolidation of Kamoa Holding's debt of 50%. In addition, with our expectation of the investment requirements over the coming years being funded by debt at operating companies, such as Platreef Mines' Phase 2 senior project finance facility which sits at Ivanplats, we expect this share to decrease further and remain at a low level. As Ivanhoe does not directly own any of the operating assets and Kamoa-Kakula's JV structure, given the share of the group's debt we view as priority debt compared to the unsecured notes, we now consider subordination risk as elevated for those $750 million unsecured notes. This has led us to apply a one notch differential with Ivanhoe's long-term issuer credit rating; therefore, we lowered our rating on the unsecured notes to 'CCC+'. "Our stable outlook reflects our view that we do not expect Ivanhoe to face liquidity constraints over the next 12 months, with liquidity sources over uses remaining over 1.2x, either with a pro rata consolidation of Kamoa-Kakula or under the International Financial Reporting Standards (IFRS) consolidation perimeter for Ivanhoe Mines Ltd., and FFO to debt remaining well below 30% over the next two years. "Under our current base case, we expect the company's FFO to debt in 2026 to remain close to 2025's trough, before gradually recovering to above 30% in 2028. This reflects our view that Ivanhoe's S&P Global Ratings-adjusted EBITDA will be close to $700 million in 2026 and increase to above $1.7 billion in 2028, based on our current price assumptions. We also expect the company's free cash flow to remain negative over the next two years. "We could lower our rating on Ivanhoe if its liquidity profile deteriorates to the point where we no longer consider it to be adequate, either through the scope of a pro rata consolidation of Kamoa-Kakula or the Ivanhoe Mines Ltd. IFRS consolidated perimeter only." This could stem from: -- Lower-than-expected cash flow contribution from operating mines, either due to operational disruptions, deterioration in metals' price environment, or costs overruns. -- Higher-than-expected capex, especially for Kamoa-Kakula and Platreef's expansion plans, without matching funding sources. S&P could raise its rating on Ivanhoe if: -- The company's FFO to debt ratio increases and remains above 30% on a sustainable basis; and -- Kamoa-Kakula starts generating material positive free cash flow. J.F.M. 6090: Gets Interim OK to Use Cash Collateral --------------------------------------------------- J.F.M. 6090, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. Under the interim order, the Debtors are authorized to use cash collateral in accordance with their budget pending the final hearing on June 23. The Debtors, which run a Burger King restaurant in Paterson, require continued access to cash to preserve the business, maintain jobs, and maximize value for creditors while they reorganize. First Franchise Capital Corporation and the SBA assert claims against the Debtors. Between 2017 and 2021, First Franchise Capital extended more than $7.28 million in loans to the Debtor and related entities operating several Burger King franchise locations. The loans were secured through multiple security agreements, guaranties, and UCC financing statements covering business assets and related real estate. Following financial distress caused largely by the COVID-19 pandemic, the borrowers defaulted on the loans despite several forbearance agreements. First Franchise Capital later obtained a state court judgment exceeding $6.6 million and recently sought appointment of a receiver. After partial repayment from the sale of real estate collateral, First Franchise Capital claims an outstanding balance of roughly $3.26 million. Meanwhile, the U.S. Small Business Administration claims a secured debt of approximately $153,304. As protection, both lenders will be granted additional and replacement liens on all property of the Debtors, with the same priority and extent as their pre-bankruptcy liens. The Debtor believes that both FFCC and the SBA are adequately protected because the lenders are heavily oversecured by collateral and guaranties. The order is available at http://bankrupt.com/misc/JFM_ICCOrder.pdf About J.F.M. 6090 Inc. J.F.M. 6090, Inc. operates a Burger King restaurant in Paterson, New Jersey. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-15123) on May 5, 2026. In the petition signed by Ranjana Jethwa, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C., represents the Debtor as legal counsel. JIMMY SHEPHERD: Wins Summary Judgment Bid in JP Morgan Case ----------------------------------------------------------- Judge Douglas L. Lutz of the U.S. Bankruptcy Court for the Eastern District of Kentucky in granted Jimmy D. Shepherd's motion for summary judgment in the adversary proceeding captioned as JIMMY D. SHEPHERD, PLAINTIFF V. JP MORGAN CHASE BANK, N.A., DEFENDANT, ADV. NO. 26-2002 (Bankr. E.D. Ky.). Plaintiff owns a residence at 2340 Frontier Drive, Hebron, Kentucky (the "Real Property"). Wells Fargo Bank holds a first-priority mortgage against the Real Property, securing a claim of $170,643.40. On June 4, 2025, Defendant obtained an in-personam judgment against Plaintiff in Fayette (KY) Circuit Court. On June 26, 2025, Defendant recorded a judgment lien on the Real Property. Plaintiff and co-Debtor Lauren Shepherd then filed a chapter 11 petition on August 4, 2025 -- 39 days after JPMC recorded its lien. Debtors filed an amended chapter 11 plan on January 6, 2026. It values the Real Property at $400,000. It states Defendant's secured claim is worth $197,781.54 when the first lien on the Real Property and Debtors' exemptions are considered. It also states Debtors dispute that Defendant has a secured claim and that, if its lien is avoided, its claim would be treated as a general unsecured claim. Plaintiff filed the Complaint initiating this proceeding on February 3, 2026, to avoid Defendant's judgment lien under Sec. 547(b) and to preserve any avoided transfer for the benefit of the estate under Sec. 551. The Motion seeks a summary judgment awarding that relief. The Court finds the record contains evidence to satisfy each element of Plaintiff's claim. The Notice of Judgment Lien on Real Estate identifies Defendant as the "Judgment Creditor" which shows that the transfer -- the creation of a lien (Sec. 101(54)(A)) -- was made for its benefit. The transfer was made on account of an antecedent debt as the judgment was entered on June 4, 2025, and the transfer occurred on June 26, 2025. The lien was perfected when filed with the County Clerk on June 26, 2025, within 90 days of the petition date. According to the Court, Defendant offered no evidence to overcome the rebuttable presumption under Sec. 547(f) that Plaintiff was insolvent during the 90-days preceding the petition date. Finally, if the lien is not avoided, Defendant would receive about $197,781.54 from the sale of the Real Property, which is more than it would receive in a chapter 7 liquidation if the lien were avoided. As evidence exists to meet each element, and Defendant presents no contrary evidence or argument, Plaintiff is entitled to the relief he seeks, the Court holds. The Court ordered as follows: 1. Defendant's judgment lien encumbering the Real Property is avoided as a preferential transfer pursuant to Sec. 547(b). 2. The avoided lien shall be preserved for the benefit of the estate pursuant to Sec. 551. 3. The pending deadlines and trial set for this matter are vacated. A copy of the Court's Memorandum Opinion and Order dated May 5, 2026, is available at https://urlcurt.com/u?l=n3FIDo from PacerMonitor.com. Jimmy D. Shepherd and Lauren L. Shepherd filed for Chapter 11 bankruptcy protection (Bankr. E.D. Ky. Case No. 25-20680) on August 4, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by J. Christian Dennery, Esq. JOHN RODERICK MCKOWEN: Court Dismisses Chapter 11 Bankruptcy Case ----------------------------------------------------------------- Judge Kimberley H. Tyson of the U.S. Bankruptcy Court for the District of Colorado dismissed the bankruptcy case of John Roderick McKowen. John Roderick McKowen filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-16665) on October 14, 2025, listing under $1 million in both assets and liabilities. JUS BROADCASTING: Court Extends Cash Collateral Access to June 30 ----------------------------------------------------------------- Jus Broadcasting Corporation and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. The court's sixth interim order authorized Jus Broadcasting, Jus Punjabi LLC, and Jus One Corp., to use cash collateral from February 12 to June 30 to fund operations in accordance with a court-approved budget. During the interim period, secured creditors JPMorgan Chase Bank and CESC-COVID EIDL Service Center will receive $4,000 per month and $3,500 per month, respectively, as adequate protection for the Debtors' use of their cash collateral. The next hearing is scheduled for June 24. The Debtors' cash collateral includes assets in which JPMorgan and CESC-COVID EIDL Service Center have liens or security interests. Jus Broadcasting entered into a secured line of credit borrowing with JPMorgan in 2020, and a $2 million loan agreement with CESC-COVID EIDL Service Center in 2021. A copy of the Debtor's budget is available at https://shorturl.at/U5Kec from PacerMonitor.com. About Jus Broadcasting Corp Jus Broadcasting Corp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-24-45180-jmm) on December 11, 2024. In the petition signed by Penny K, Sandthu, president and sole principal, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Leo Fox, Esq., at Law Office of Leo Fox, Esq., is the Debtor's bankruptcy counsel. JPMorgan Chase Bank N.A., as secured creditor, is represented by: A. Albert Buonamici, Esq. Buonamici & LaRaus, LLP. 222 Bloomingdale Road Suite 301 White Plains, NY 10605 (914) 288-9200 JVL 1998 APARTMENTS: Case Summary & Four Unsecured Creditors ------------------------------------------------------------ Debtor: JVL 1998 Apartments L.L.C. 3155 Brantner Place Saint Louis, MO 63106 Business Description: JVL 1998 Apartments L.L.C., based in Saint Louis, Missouri, owns and leases residential apartment properties. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 26-42058 Judge: Hon. Bonnie L Clair Debtor's Counsel: Spencer Desai, Esq. THE DESAI LAW FIRM 13321 North Outer Forty Road Suite 300 Chesterfield, MO 63017 Tel: 314-666-9781 Email: spd@desailawfirmllc.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Raymond McKee as manager. A copy of the Debtor's list of its four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LWUSUNI/JVL_1998_Apartments_LLC__moebke-26-42058__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LFFBUVQ/JVL_1998_Apartments_LLC__moebke-26-42058__0001.0.pdf?mcid=tGE4TAMA KIPP INDIANAPOLIS: Moody's Affirms Ba1 on 2020A Educational Bonds ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 revenue bond rating on the Educational Facilities Multipurpose Revenue Bonds, Series 2020A (KIPP Indianapolis, Inc. Project) of KIPP Indianapolis, Inc. IN. KIPP Indianapolis Inc. has $11 million in debt outstanding, which consists entirely of the Series 2020A. The outlook is stable. RATINGS RATIONALE The affirmation of the Ba1 rating reflects KIPP Indianapolis, Inc.'s (KIPP Indy) beneficial partnership with Indianapolis Public Schools as an Innovation Network School, stable enrollment and low leverage. These strengths are partially offset by modest operating margins and academic performance that remains below district averages, although improving. Financial performance strengthened notably in fiscal 2025, with annual debt service coverage of nearly 3x and operating liquidity improving to 108 days cash on hand. Management projects positive operating performance in fiscal 2026, resulting in annual debt service coverage of approximately 1.7x, a level that provides satisfactory cushion relative to debt service requirements. Academic outcomes have shown gradual improvement following pandemic-related decline, supported by continued investment in instructional programs, particularly at the elementary and middle school levels. Fixed costs and leverage remains low: spendable cash and investments cover outstanding debt by 86% while annual debt service accounted for 2% of operating revenues in fiscal 2025. KIPP Indy maintains a solid working relationship with its authorizer, the Indianapolis Mayor's Office of Education Innovation, and remains in compliance with its charter agreement. All three of KIPP Indy's charter agreements have the same term and expire on June 30, 2032. RATING OUTLOOK The stable outlook reflects the likelihood of continued enrollment stability and gradual gains in academic performance. It also incorporates the school's sound fiscal management, which continues to support debt service coverage and liquidity at satisfactory levels. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Sustained strengthening of operating cash flow margin above 10% and days cash on hand above 125 days -- Continued positive to stable enrollment trends coupled with improvement in academic performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to maintain operating cash flow margins around 8%, consistent with historic performance -- Any increase in financial leverage -- Narrowing of debt service coverage to below 1.2x or days cash on hand below 60 days PROFILE KIPP Indianapolis, Inc. operates three charter schools - an elementary, middle and high school - in the Martindale-Brightwood community of Indianapolis. In fiscal 2025, the school reported $34 million in operating revenue and enrolled about 1,500 students. The authorizer for all three of KIPP Indy's charters is the Indianapolis Mayor's Office of Education Innovation and the current charter contract for all schools expires on June 30, 2032. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. LEFKO LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, entered an interim order authorizing LEFKO, LLC to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund operations in accordance with interim operating budgets, subject to a variance limit of 10% per budget line item unless otherwise approved by the court or agreed upon by the parties. The court recognized that several creditors, including the U.S. Small Business Administration, Fora Financial Advance, LLC, IOU Central, Inc., Entertainment Assistance, LLC, Inkind Cards, Inc., and PayPal Holdings, Inc. asserted liens on the Debtor's cash collateral through loan agreements and UCC financing statements. As part of the adequate protection arrangement, the Debtor must make monthly payments of $1,500 to the SBA beginning this month and continuing on the first day of each month thereafter. The Debtor was also authorized to escrow $1,000 per month for Subchapter V Trustee professional fees, with payments subject to further Court approval. In addition, all pre-petition and post-petition income must be deposited into the debtor-in-possession bank account to support ongoing operations and administrative expenses. The order further granted the SBA replacement liens on post-petition collateral to the same extent as its prepetition liens, without prejudice to the Debtor's right to challenge the validity, extent, or priority of those liens. A continued hearing is scheduled for June 10. The order is available at http://bankrupt.com/misc/LEFKO_CCOrder.pdf About LEFKO LLC LEFKO LLC, doing business as Salute Market, operates a high-end restaurant in Palm Beach Gardens with indoor/outdoor seating, live entertainment, a premium wine and spirits selection, and a catering business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14231) on April 3, 2026. In the petition signed by Michelle Lefkowitz, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Ivan J. Reich, Esq., at Nason Yeager Gerson Harris & Fumero, P.A., represents the Debtor as legal counsel. LIGHTHOUSE RESOURCES: Wins Summary Judgment in Adversary Case ------------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware Lighthouse Resources Inc. will grant the Lighthouse Resources Inc.'s motion for partial summary judgment as to liability in the adversary proceeding captioned as Lighthouse Resources Inc. v. Atlantic Specialty Ins. Co., Adv. Proc. No. 24-50144 (Bankr. D. Del.). The plan of reorganization in the bankruptcy case of Lighthouse Resources Inc., which was confirmed in 2021, provided for the creation of a sinking fund that would pay the reclamation costs associated with the debtor's mining activities, including the activities at the East Decker mine. In this adversary proceeding, the debtor alleges that defendant Atlantic Specialty Insurance Company failed to pay its pro rata share for 2024 and 2025, as the sinking fund agreement required. The plan incorporates an interlocking series of agreements. In broad strokes, under the operative agreements, Lighthouse Resources was to conduct the reclamation efforts, with funding to be provided by various sureties, including Atlantic Specialty. Lighthouse Resources contends in its complaint that Atlantic Specialty failed to release the collateral into the sinking fund in violation of the requirements of the operative agreements. In its counterclaim against Lighthouse Resources, Atlantic Specialty asserted three basic theories: (1) that Lighthouse Resources failed to supervise the reclamation efforts at the East Decker site adequately, (2) that it failed to secure sufficient contribution from Black Butte, and (3) that it failed to make adequate progress in accordance with the budget it initially filed. Atlantic Specialty contended that these failures either constituted breaches of the operative agreements or induced Atlantic Specialty to release collateral into the reclamation trust prematurely. The Court, however, dismissed the counterclaims on the ground that none of the cited provisions imposed an affirmative obligation on Lighthouse to fund the trust, to ensure that certain budget milestones are met before collateral is released, or to secure a funding from Black Butte, nor do the agreements condition the release of collateral on adherence to budget performance. Black Butte is a non-debtor affiliate of Lighthouse Resources. In its third-party complaint against Black Butte, Atlantic Specialty asserted that Black Butte breached the indemnity agreement in failing to indemnify and reimburse Atlantic Specialty. Atlantic Specialty contended that Black Butte breached in not contributing funds to the sinking fund. And while the Court noted that Sec. 2.2(b) of the sinking fund agreement and Sec. 6.3 of the trust agreement do contemplate distributions from Black Butte, the Court found that these sections do not guarantee that a distribution will be made in any given year, nor do they require Black Butte to fund the reclamation sinking fund in the absence of an actual distribution to reorganized debtor. And since Atlantic Specialty did not contend that Black Butte made distributions and failed to comply with the requirements, the Court found no factual allegation that would support a breach of the specific allegations tied to Black Butte's funding role. As a result, the Court dismissed the third-party complaint. Lighthouse Resources moved for partial summary judgment, seeking a determination that Atlantic Specialty was liable for breach of contract. The Court finds viewing the trust agreement and sinking fund agreement holistically, there is no ambiguity about Atlantic Specialty's obligation to release collateral. Under the operative agreements, the Sureties are required to release collateral as dictated by approved budgets. Judge Goldblatt explains, "Atlantic Specialty failed to release its pro rata share for 2024, and has not released any funds since, in violation of the trust agreement and the sinking fund agreement. At bottom, Atlantic Specialty's principal obligation under the operative agreements is to release the collateral to fund the reclamation work. It has refused to do so. Such a breach is obviously a material one since it goes straight to the heart of the contract." A copy of the Court's Ruling dated May 5, 2026, is available at https://urlcurt.com/u?l=9fnzkP About Lighthouse Resources Lighthouse Resources Inc. is an owner and operates two coal mines located in Wyoming and Montana, delivering low sulfur, subbituminous coal to both domestic and export customers. It also owns and operates the Millennium Bulk Terminal in Longview, Washington. The Company is widely recognized for its extraordinary performance in both safety and environmental stewardship. Its flagship project is the development of a trade route for coal from the Rocky Mountain region of the United States to demand centers in Asia. Utah-based Lighthouse Resources and 13 subsidiaries, including Decker Coal Company, filed for Chapter 11 bankruptcy protection (Bankr. D. Del. Case No. 20-13056) on Dec. 3, 2020. Lighthouse Resources was estimated to have $100 million to $500 million in assets and liabilities as of the filing. The Debtors tapped JACKSON KELLY PLLC as general bankruptcy counsel and BDO USA LLP as restructuring advisor. POTTER ANDERSON & CORROON LLP is the local bankruptcy counsel. LANG LASALLE AMERICAS, INC., is the marketer and seller of assets related to the dock facility owned by Millennium Bulk Terminals-Longview, LLC. ENERGY VENTURES ANALYSIS is the marketer and seller of Debtors' coal mining assets. STRETTO is the claims agent. LION HOLDINGS: Seeks Subchapter V Bankruptcy in Massachusetts ------------------------------------------------------------- On May 11, 2026, Lion Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Massachusetts. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. Summary of assets and liabilities due by May 26, 2026. About Lion Holdings LLC Lion Holdings LLC is a limited liability company engaged in holding and investment-related business activities. Lion Holdings LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40552) on May 11, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. LIVEONE INC: FMR LLC, Abigail Johnson Cuts Equity Stake to 3.3% --------------------------------------------------------------- FMR LLC and Abigail P. Johnson disclosed in a Schedule 13G (Amendment No. 9) filed with the U.S. Securities and Exchange Commission that as of March 31, 2026, they each beneficially own 16,374,140.11 shares of LiveOne, Inc.'s Common Stock, representing 3.3% of the shares outstanding. FMR LLC may be reached through: Stephanie J. Brown 245 Summer Street Boston, MA 02210 Tel: 617-570-6339 A full-text copy of FMR LLC's SEC report is available at: About LiveOne Headquartered in Beverly Hills, California, LiveOne, Inc. -- www.liveone.com -- is a creator-first, music, entertainment and technology platform focused on delivering premium experiences and content worldwide through memberships and live and virtual events. The Company is a pioneer in the acquisition, distribution and monetization of live music events, Internet radio, podcasting/vodcasting and music-related membership, streaming and video content. Through its comprehensive service offerings and innovative content platform, it provides music fans the ability to listen, watch, attend, engage and transact. Serving a global audience, the Company's mission is to bring the experience of live music and entertainment to consumers wherever music and entertainment is watched, listened to, discussed, deliberated or performed around the world. New York, New York-based Macias Gini & O'Connell LLP, the Company's auditor since 2022, a "going concern" qualification dated July 15, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025. Macias Gini & O'Connell cited that the Company has suffered recurring losses from operations, negative cash flows from operating activities and has a net capital deficiency. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $52.3 million in total assets, $62.8 million in total liabilities, and $10.5 million in total stockholders' deficit. MANATEE ENTERPRISE: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------------- On May 12, 2026, Manatee Enterprise LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to creditors and has 1 to 49 creditors. About Manatee Enterprise LLC Manatee Enterprise LLC is a Florida-based business entity engaged in real estate-related and commercial enterprise activities. The company operates within a small-cap asset range and maintains limited creditor relationships. Manatee Enterprise LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16104) on May 12, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. MARAGAL MEDICAL: No Patient Complaints, 1st PCO Report Says ----------------------------------------------------------- Joseph Tomaino, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the District of Massachusetts his first report regarding the quality of patient care provided by Maragal Medical P.C. On March 23, the PCO staff surveyed the Leominster practice location, interviewing staff and observing care in progress. The setting was found to be well maintained, and well supplied. The PCO staff conducted an interview with the office manager and reported that the company has been able to get adequate supplies and that payroll has been processed on time and without interruption. There has been a recent turnover of a chiropractic provider that was described as unrelated to Bankruptcy, and a search is underway for a replacement. Staff were welcoming and patients appeared appropriately cared for. Mr. Tomaino received no complaints during the period. Based on the moderate-level risk determination, the PCO will implement the following monitoring plan for the next 60-day period: * The PCO will periodically contact the Debtor to establish if any supply or staffing issues have arisen, as well as any patient complaints. * The PCO will interview the Directors of Nursing for a sample of the skilled nursing facilities that wound care services are provided in to establish if there are any care issues. A copy of the PCO report is available for free at https://urlcurt.com/u?l=vV4CrZ from PacerMonitor.com. The ombudsman may be reached at: Joseph Tomaino Chief Executive Officer Grassi Healthcare Advisors, LLC Phone: 212-223-5020 Fax: 212-755-6748 Email: jtomaino@grassihealthcareadvisors.com About Maragal Medical P.C. Maragal Medical, P.C. is a healthcare provider operating under Massachusetts law. Maragal Medical, P.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40150) on February 13, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Chief Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Andrew G. Lizotte, Esq., of Murphy & King, P.C. Joseph J. Tomaino is the patient care ombudsman appointed in the Debtor's case. MARE ISLAND: Seeks to Extend Plan Exclusivity to Sept. 14 --------------------------------------------------------- Mare Island Dry Dock, LLC, asked the U.S. Bankruptcy Court for the Eastern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 14 and Nov. 11, 2026, respectively. The Debtor explains that all of the factors weigh in favor of extending the exclusivity periods: * First Extension. Here, this is the first extension of exclusivity sought by the Debtor. Moreover, the Debtor is making steady progress in the proper administration of this case. * Complex Case. This case is relatively large and highly complex as it involves operating dry docks, environmental compliance, a valuably and hotly-contested lease, a disputed mechanics lien, and other issues. * Short Time. This case has been pending for just over two months. * Good Faith. There is no indication that the Debtor is proceeding in bad faith. The Debtor requests to extend exclusivity to maintain the status quo while it proceeds with the proposed sale. * Current Expenses. The Debtor is timely paying its post petition expenses. Also, as reflected in the most recent monthly operating report, the Debtor's cash position is improving, and it is preserving its business and assets. The Debtor's operations are partially financed through DIP financing, and the Debtor shows a net loss, but this is not extraordinary in the context of a liquidating Chapter 11 case. * Plan Prospects. The Debtor has reasonable prospects of filing a valid plan. As discussed in the Sale Motion, the proposed sale will provide for paying of all allowed claims in full, with interest, as soon as claims are determined. Accordingly, the plan will be relatively simple and eminently confirmable. * Negotiations. The Debtor has made significant progress negotiating with key creditors. In fact, the Landlord is the most important and active creditor in this case, and the Sale Motion represents the culmination of complex negotiations. * No Pressure. There is no indication that the Debtor seeks an extension of exclusivity to pressure creditors. * Committee Information. There is no indication that the Debtor is depriving the Committee of material or relevant information. It is important to note that the Debtor intends to propose a plan jointly with the Committee, if possible. Mare Island Dry Dock LLC is represented by: Julie H. Rome-Banks, Esq. Reno Fernandez, Esq. Binder Malter Harris & Rome-Banks LLP 490 Chadbourne Road, Suite A137 Fairfield, CA 94534 Telephone: (408) 295-1700 Email: julie@bindermalter.com About Mare Island Dry Dock LLC Mare Island Dry Dock, LLC operates as a maritime services company providing ship repair, maintenance, and dry dock services. The company supports commercial and industrial marine vessels through repair, refurbishment, and related waterfront operations. Mare Island Dry Dock, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20777) on February 14, 2026. In its petition, the Debtor disclosed up to $50 million in both assets and liabilities. The Honorable Bankruptcy Judge Christopher D. Jaime handles the case. Julie H. Rome-Banks, Esq., at Binder Malter Harris & Rome-Banks LLP serves as the Debtor's counsel. MARINER'S GATE: New York Property Sale to JPMorgan Chase OK'd ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has permitted Mariner's Gate LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 548 West 28th Street, New York, NY. The Debtor is the owner of the Building which is currently occupied by approximately 50 commercial tenants. The Building has a current rent roll of approximately $350,000 per month with the potential to increase the monthly rent roll to $450,000 when and if disputes with a multi-floor tenant, Hudson Guild School are resolved. The Court has authorized the Debtor to sell the Property to JPMorgan Chase Bank, N.A., pursuant to the certain purchase and sale agreement (APA). The Debtor is authorized to sell, transfer, and convey the Property to the Purchaser for the purchase price of $38,200,000.00 in the form of a credit bid free and clear of all liens, claims, encumbrances, and interests. The Purchaser is a good faith purchaser within the meaning of section 363(m) of the Bankruptcy Code. The Debtor is authorized and directed to execute, in the name of any necessary party, to the extent such necessary party fails to do so itself, any transfer documents, notice of satisfaction, release or discharge of any lien, claim, encumbrance, or interest not expressly preserved in the APA. About Mariner's Gate LLC Mariner's Gate LLC is a single asset real estate company. Mariner's Gate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12819) on December 16, 2025. In its petition, the Debtor reports estimated assets in the range of $50 million to $100 million and estimated liabilities in the range of $50 million to $100 million. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by J. Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. MARRS CONSTRUCTION: Amends Several Secured Claims Pay ----------------------------------------------------- Marrs Construction Inc. and Down N Dirty Equipment, LLC submitted a Disclosure Statement describing Amended Plan of Reorganization dated May 4, 2026. Under the Plan, the Debtor will continue to liquidate their assets to satisfy the claims of their secured and unsecured creditors while right-sizing the Marrs operation to optimize Marrs' financial performance. The Debtors will receive a $250,000 to $500,000 contribution from Tim Marrs which will be used to fund the Effective Date expenses (administrative and priority claims). In addition, on or before the Effective Date, Red Planet will restructure its debt to KS State Bank in such a way to provide money and/or security to KS State Bank in connection with Marrs' obligations to the Bank. The combination of debt paydown and restructuring will free up Marrs cash flow to pay the unsecured claims under the Plan. It is anticipated that Allowed Unsecured Claims will receive an approximately 9% recovery under the Plan. On or before the Effective Date, Tim Marrs will contribute $250,000 to $500,000 in cash (the "Marrs Cash Contribution"). The Marrs Cash Contribution will come from the refinancing and/or sale of personal and/or real property assets owned by Marrs or one of his entities. In addition, on or before the Effective Date, Red Planet – which is 100% owned by Tim Marrs – will restructure its obligations to KS State Bank in such a way to provide additional money and/or security for Marrs' obligations to KS State Bank (the "Marrs Red Planet Contribution"). Class 2.C.1 consists of Caterpillar Financial Services. The holder of a Class 2.C.1 Equipment Lessor Claim, Caterpillar Financial Services, shall receive payment in accordance with the terms of its pre-petition contracts while retaining its lien(s) in accordance with the priority of its perfecting security documentation. The pre-petition monthly amounts owing on Caterpillar's equipment leases shall be paid by extending the maturity of those leases for the number of months that the Debtors were delinquent pre-petition. The Debtors may also sell Caterpillar's collateral with the lien attaching to the sale proceeds. Caterpillar shall have the right to credit bid (under Section 363(k) or applicable nonbankruptcy law) at any such sale. If the sale proceeds are insufficient to fully pay Caterpillar, Caterpillar shall be granted an Allowed Unsecured Claim in the amount of the deficiency. Such deficiency claims shall receive pro rata payments from the Reorganized Debtor's Quarterly Distributions in the same fashion as holders of Class 3.A. Allowed Unsecured Claims. Alternatively, the Equipment Lessors' Claims shall be treated in accordance with a court-approved stipulation between the Equipment Lessor and the Debtors. Because the Class 2.C.1 Claimant has its pre-petition contracts modified it is impaired under the Plan and entitled to vote. Class 2.E. consists of DND Equipment Lessor Claims. Caterpillar is the only DND Equipment Lessor. Originally, DND leased ten pieces of equipment from Caterpillar. DND surrendered 7 pieces of that equipment and retained three. The Marrs Debtor has always utilized and paid for the DND leased equipment and Caterpillar's DND-based claim related to the retained equipment shall be treated in accordance with Class 2.C.1. With regard to the seven pieces of surrendered equipment, Caterpillar shall retain its right to assert a deficiency claim against Marrs arising from any deficiency that occurs when Caterpillar sells the equipment. Caterpillar's unsecured claims against Marrs will be treated in accordance with Section 4.2.5 of the Plan. Class 2.F. consists of Ascentium Bank Secured Claim. On or before the Effective Date, the Debtor shall surrender the Vehicle to Ascentium in satisfaction of the Ascentium Secured Claim. Upon such surrender, all applicable stays and injunctions, including, without limitation, the automatic stay of Bankruptcy Code Section 362(a), shall be terminated so that Ascentium may enforce all its rights, liens, and remedies against the Vehicle, including, without limitation, the consummation of a lien foreclosure sale of the Vehicle (the "Lien Foreclosure Sale"). Upon such surrender, Ascentium shall use commercially reasonable efforts to consummate the Lien Foreclosure Sale. Notwithstanding anything to the contrary herein, if the proceeds of the Lien Foreclosure Sale are insufficient to fully pay the dollar amount of the Ascentium Secured Claim, Ascentium shall be granted an Allowed Unsecured Claim in the amount of the deficiency. (the "Ascentium Deficiency Claim") without the need to file a further proof of claim in the Chapter 11 Cases and notwithstanding any bar date applicable to proofs of claim or the confirmation of the Amended Plan. On or before fourteen days following the consummation of the Lien Foreclosure Sale, Ascentium shall provide documentation of such sale together with any asserted Ascentium Deficiency Claim to the Debtors' counsel. On or before the Effective Date, Debtor and KS State Bank will determine the amount owing to KS State Bank after the pre confirmation equipment sales. In addition, on the Effective Date, Red Planet will restructure its debt to KS State Bank in such a way to provide money and/or security to KS State Bank in connection with Marrs' obligations to the Bank. KS State Bank will retain its liens in accordance with existing loan documentation. KS State Bank will also retain the right to credit bid under Section 363(k) if any of its collateral is sold. On or before the Effective Date, Tim Marrs will make a cash contribution to Marrs in the amount of between $250,000 and $500,000. The Marrs Cash Contribution will be funded from the sale of personal and real property owned by Tim Marrs (or one of his entities). On or before the Effective Date, Tim Marrs will authorize Red Planet Estates to enter into the KS State Bank Restructuring/KS State Bank Settlement through which Red Planet will provide money and/or security to KS State Bank in connection with the Marrs obligations – the Marrs Red Planet Contribution. In accordance with the terms of the KS State Bank Settlement, Tim Marrs, Marrs, and Red Planet shall cooperate to execute a transaction whereby Red Planet provides money and/or security to help satisfy Marrs' obligations to KS State Bank. As part of the KS State Bank Restructuring, Red Planet may lease and/or sell the Yard Property. A full-text copy of the Disclosure Statement dated May 4, 2026 is available at https://urlcurt.com/u?l=0bOYN1 from PacerMonitor.com at no charge. Counsel to the Debtor: Christopher C. Simpson, Esq. Warren J. Stapleton, Esq. Andrew B. Haynes, Esq. OSBORN MALEDON, PA 2929 North Central Avenue, 20th floor Phoenix, AZ 85012 Telephone: (602) 640-9000 Email: csimpson@omlaw.com wstapleton@omlaw.com ahaynes@omlaw.com About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor is represented by Christopher C. Simpson, Esq., at Osborn Maledon, P.A. MAYFLOWER CHOICE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland entered an interim order authorizing Mayflower Choice Care, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral nunc pro tunc from the petition date for ordinary course business expenses during the pendency of the case. Approved uses include payroll, rent, insurance, administrative expenses, professional fees for attorneys and accountants, and payments to the Subchapter V trustee. As adequate protection for secured creditors, the Debtor granted them replacement liens and security interests on all post-petition property that would have constituted prepetition collateral absent the bankruptcy filing. These replacement liens apply to property generated or acquired after the petition date. The court also directed that notice of the final hearing on the motion and the requested relief be promptly served on all parties asserting an interest in the affected cash collateral, including the Office of the United States Trustee, the SBA, and all creditors entitled to receive notice. A copy of the court's order is available at https://shorturl.at/5TZ9U from PacerMonitor.com. About Mayflower Choice Care Inc. Mayflower Choice Care, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-12805) on March 17, 2026. At the time of the filing, the Debtor reported assets of up to $50,000 and liabilities of between $500,001 and $1 million. Judge Lori S. Simpson oversees the case. Gilman & Edwards, LLC is the Debtor's legal counsel. MAYNARD STEEL: Seeks Receivership in Milwaukee County Circ. Court ----------------------------------------------------------------- Rich Kirchen of Milwaukee Business Journal reports that Maynard Steel Casting Co. filed for receivership in Milwaukee County Circuit Court amid ongoing financial challenges affecting the business. The proceeding places the company under court oversight as stakeholders evaluate restructuring and operational alternatives. The receivership filing highlights the economic pressures confronting legacy manufacturers, including elevated production expenses and shifting industrial demand. Court proceedings are expected to address creditor claims and the company's operational future, the report relays. About Maynard Steel Casting Co. Maynard Steel Casting, founded in 1907, manufactures steel castings for the mining, infrastructure and heavy machinery sectors. The company has long served industrial clients involved in construction, resource extraction and large equipment manufacturing. MIZELL MEMORIAL: Commences Chapter 11 Bankruptcy in Alabama ----------------------------------------------------------- On April 29, 2026, Mizell Memorial Hospital Incorporated filed a voluntary Chapter 11 bankruptcy petition in the Middle District of Alabama. Court records show the hospital has between $10 million and $50 million in debt and approximately 200 to 999 creditors. About Mizell Memorial Hospital Incorporated Mizell Memorial Hospital Incorporated is a private, not-for-profit acute care facility located in Opp, Alabama. Founded through a charter accepted in 1945 and dedicated in 1949, the hospital provides general medical, surgical, inpatient, outpatient, and emergency room care. Its services include diagnostic, rehabilitation, therapy, pharmacy, laboratory, radiology, respiratory care, behavioral care, sleep disorder, clinic, wellness, and home health services. Mizell Memorial Hospital is licensed for 99 beds, operates with a 59-bed capacity, participates in Medicare and Medicaid programs, and is governed by a local volunteer board of directors. The hospital filed for Chapter 11 protection on April 29, 2026, under Bankruptcy Case No. 26-31120. The filing lists estimated assets and liabilities each ranging from $10 million to $50 million. The case is assigned to Honorable Bankruptcy Judge Christopher L. Hawkins. The Debtor is represented by Stuart M. Maples, Esq. of Thompson Burton PLLC. MODIVCARE INC: White & Case Pursues Contempt Over Ch. 11 Fee Fight ------------------------------------------------------------------ Clara Geoghegan of Law360 reports that White & Case LLP has asked a Texas bankruptcy judge to hold Modivcare Inc. in contempt for allegedly failing to place $1.6 million into an escrow account as previously directed by the court. The disagreement escalates an ongoing battle over compensation earned by the law firm in its representation of unsecured creditors during the company’s Chapter 11 case. The law firm asserted that Modivcare ignored obligations established during the bankruptcy proceedings and improperly withheld funds tied to disputed professional fees. White & Case argued that the escrow arrangement was necessary to ensure the availability of funds while the court resolves the underlying fee dispute. Modivcare operates healthcare service platforms focused on nonemergency medical transportation, monitoring services and patient care coordination. Since emerging from Chapter 11, the company has remained involved in litigation and disputes concerning bankruptcy-related expenses and professional compensation requests connected to the restructuring process, the report relays. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOUNTAIN POWER: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Mountain Power Systems, Inc. d/b/a RareElectrical d/b/a Components Plus d/b/a Florida Parts Distributors d/b/a Riverside Alternators & Starters 144 Old Lystra Road Suite 5 Chapel Hill, NC 27517 Business Description: Mountain Power Systems, Inc. is a Chapel Hill, North Carolina-based company that sells and sources motor parts through eCommerce channels. The company provides services related to parts procurement, product data, logistics, fulfillment support, and customer care. It operates across industrial, agricultural, marine, and automotive markets. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-02151 Judge: Hon. David M Warren Debtor's Counsel: Zachary Malnik, Esq. WALDREP WALL BABCOCK & BAILEY PLLC 3600 Glenwood Avenue Suite 210 Raleigh, NC 27612 Tel: (919) 500-7609 Fax: (984) 263-0466 Email: notice@waldrepwall.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Iliya Sokolovsky as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LNAWXSI/Mountain_Power_Systems_Inc__ncebke-26-02151__0001.0.pdf?mcid=tGE4TAMA MULTI-COLOR CORP: Emerges from Ch.11 with Stronger Balance Sheet ---------------------------------------------------------------- Multi-Color Corporation announced the successful completion of the Company's financial restructuring process and emergence from its prepackaged Chapter 11 process. The Company's prepackaged restructuring reduced net debt by approximately $3.8 billion, reduced annualized cash interest expense by more than $330 million, and extended long-term debt maturities to 2033. More than 99% of voting stakeholders voted to accept MCC's Plan of Reorganization. Upon emergence, MCC also received a significant $889 million new common and preferred equity investment from CD&R and a group of MCC's existing secured lenders to support MCC's long-term growth and investment. "Today marks a significant milestone for MCC, as well as our customers, teammates, and partners who have supported us throughout this process," said Hassan Rmaile, President and Chief Executive Officer of MCC. "Over the last several months, we continued to diligently serve and win clients, sharpened our operations, and now – with a significantly stronger balance sheet – we have the financial foundation needed to accelerate investing in the capabilities that make us the global partner of choice for innovative, premium labeling solutions across verticals. We enter this next chapter focused on driving profitable growth, ramping operational excellence, and investing in our people and culture as we work to deliver sustainable long-term value for all stakeholders." With the financial restructuring completed, CD&R remains MCC's majority owner. CD&R is joined by a certain number of MCC's existing lenders as minority equity holders. Additional Information For more information on MCC's restructuring, including access to Court documents, please visit www.veritaglobal.net/MCC. Stakeholders with questions can contact Verita Global, the Company's claims and noticing agent, at (866) 967-1788 (U.S./Canada toll free) or +1 (310) 751-2688 (International) or submit an inquiry to www.veritaglobal.net/MCC/inquiry. About Multi-Color Corp. Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26 10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MULTI-COLOR CORP: Emerges from Chapter 11 Bankruptcy Successfully ----------------------------------------------------------------- Multi-Color Corporation announced the successful completion of its prepackaged Chapter 11 restructuring and emergence from bankruptcy protection. The company said the process substantially strengthened its capital structure and improved liquidity. MCC stated that the restructuring cut roughly $3.8 billion in net debt and reduced annual interest expenses by more than $330 million. In addition, the company extended long-term debt maturities to 2033 after receiving overwhelming support from stakeholders, with more than 99% voting in favor of the reorganization plan. The company also secured approximately $889 million in new equity financing from Clayton Dubilier & Rice and participating secured lenders. MCC said the financing will support investments in innovation, operational capabilities, and long-term expansion initiatives. President and CEO Hassan Rmaile said the company emerged from the process with a significantly stronger financial foundation. MCC plans to continue focusing on operational excellence, customer service, and sustainable long-term growth across its global labeling and packaging business. About Multi-Color Corp. Multi-Color Corporation (MCC) provides prime label solutions to some of the world's most recognizable brands across a broad range of consumer-oriented end categories. Founded in 1916 and now headquartered in Atlanta, Georgia, the Company operates more than 90 facilities across over 25 countries, including 39 in North America, and employs approximately 12,800 people worldwide. Multi-Color Corp. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10910) on January 29, 2026. In its petition, MCC listed assets between $1 billion and $10 billion and liabilities of $5.9 billion. The Honorable Bankruptcy Judge Michael B. Kaplan handles the case. Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, Evercore is serving as investment banker, AlixPartners is serving as financial advisor, Quinn Emanuel Urquhart & Sullivan, LLP is serving as special counsel to the Special Committee of LABL, Inc.'s Board of Directors, and FGS Global is serving as strategic communications advisor to the Company. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the claims agent. Debevoise & Plimpton LLP and Latham & Watkins LLP are serving as legal counsel to CD&R and Moelis & Company LLC is serving as financial advisor. Milbank LLP and PJT Partners serve as legal counsel and financial advisor, respectively, to the ad hoc group of secured creditors. MZS PROPERTIES: Court Extends Cash Collateral Access to June 2 -------------------------------------------------------------- MZS Properties, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court authorized the Debtor to use cash collateral until June 2 under the terms set by the bankruptcy court in its prior orders. A status hearing is scheduled for June 2. MZS' principal asset is real estate in Chicago, Ill., secured by a mortgage in which the initial lender was Sharestates Investments, DACL LLC. Sharestates holds a first priority lien on the property in the initial amount of $113,000. The lender claims it is owed $226,211 as of the petition date. Rents collected from the property are the Debtor's sole source of revenue. The value of the property is scheduled at $325,000. About MZS Properties MZS Properties, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-01523) on January 31, 2025, listing up to $500,000 in both assets and liabilities. Mouzma Syed, manager of MZS Properties, signed the petition. Judge Jacqueline Cox oversees the case. Bradley Foreman, Esq., at the Law Offices of Bradley H. Foreman, P.C., is the Debtor's bankruptcy counsel. Sharestates Investments, DACL LLC, as lender, is represented by: Timothy R. Yueill, Esq. Law Offices of Ira T. Nevel, LLC 175 N. Franklin St., Ste. 201 Chicago, IL 60606 Telephone: 312-357-1125 TimothyY@nevellaw.com NCL CORP: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------ Moody's Ratings affirmed its ratings assigned to NCL Corporation Ltd. (NCL), including the B1 corporate family rating, B1-PD probability of default rating and B3 senior unsecured notes rating. Moody's also affirmed the B3 backed senior unsecured rating of NCL Finance, Ltd. and Moody's changed NCL's speculative grade liquidity rating to SGL-3 from SGL-2. Moody's changed the outlook to stable from positive on both entities. The change in the outlook to stable reflects the weakening of credit metrics that Moody's expects in 2026 as the company executes its operational turnaround strategy. Missteps in marketing and revenue management practices have led to performance that trails that of industry peers and the dismissals of a number of senior executives including the chief executive officer. The affirmation of the B1 CFR reflects the company's still favorable business profile as the third largest rated cruise line and ongoing profitability, albeit at lower levels than previously expected. Moody's also believes that the prospects for the company to improve its marketing and revenue management are good. However, improvements will not be realized before 2027 because developing marketing campaigns and realizing returns on new revenue management disciplines require several quarters. The efficacy of the changes being made in 2026 will not be revealed before sometime in 2027. RATINGS RATIONALE The B1 CFR reflects the company's still supportive business profile and profitability notwithstanding its missteps of the past 24 months. The company's brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises are well-known and will continue to support growth in the customer base as it improves its marketing and aggregate demand for cruise vacations increases in upcoming years. However, mismanagement of its pricing has lowered bookings relative to peers, particularly during the 2026 wave season. Moody's projects debt/EBITDA will rise to 6.5x by the end of 2026, which compares to Moody's expectations of below 5.0x when Moody's changed the outlook to positive in November 2024. Earnings growth in 2026 will not be sufficient to offset an about $1.2 billion increase in debt as NCL takes delivery of two new ships. However, Moody's expects the company to meaningfully improve its earnings in 2027 because of the improvements in marketing and pricing strategies that it will implement this year. The newest ships are larger, with more amenities, promoting higher returns on invested capital, but slowing the pace of debt reduction. NCL will seek to increase customers' spending on board and on shoreside amenities like its Great Stirrup Cay and Harvest Caye properties to promote expansion in yields while seeking to limit growth in costs to below that of inflation, mainly through efficiency programs. Risks include cost inflation, demand's exposure to economic cycles and geo-political events, customers' competing options for land-based vacations and the industry maintaining capacity discipline in key markets. Moody's expects that liquidity will remain adequate. Moody's lowered the SGL rating because of the weakened outlook and lower cash flow generation for 2026 compared to Moody's prior expectations. NCL had $185 million of cash and equivalents at March 31, 2026 and $1.5 billion of availability under its $2.5 billion revolving credit facility that expires in 2030. The company will continue to rely on the revolver, including for meeting amortization of ship financings and the maturities of exchangeable notes in February 2027. Moody's projects negative free cash flow of about $1.1 billion and $600 million in 2026 and 2027, respectively. Deliveries of new ships in these years will weigh on free cash flow generation. However, new ships are financed with loans backed by export credit agencies (ECAs) at attractive rates. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if Moody's expects debt/EBITDA to be sustained below 5x and funds from operations plus interest/interest to be sustained above 3.5x. Ratings could be downgraded if the company's operational turnaround does not meaningfully increase its earnings, such that debt/EBITDA is sustained above 6.5x. Funds from operations plus interest/interest sustained below 3.0x could also lead to a ratings downgrade. A significant weakening of liquidity could also lead to a ratings downgrade. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The assigned rating of B1 is two notches below the scorecard-indicated outcome of Ba2 at December 31, 2025. The assigned rating reflects placing more weight on the company's credit metrics and the need for an operational turnaround than on the qualitative measures in the scorecard. NCL Corporation Ltd., headquartered in Miami, FL, is a wholly owned subsidiary of Norwegian Cruise Line Holdings Ltd. Norwegian operates 35 cruise ships with approximately 75,000 berths under three brand names; Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Gross revenue was about $10.0 billion and net revenue about $7.5 billion for the twelve months ended March 31, 2026. NEW CITY AUTO: Court Narrows Claims in O'Rourke, et al. Case ------------------------------------------------------------ Judge Philip P. Simon of the U.S. District Court for the Northern District of Indiana granted the motion for summary judgment filed by Michael Moody and his law firm, O'Rourke and Moody LLP in the case captioned as BARRY CHATZ, U.S. TRUSTEE, Plaintiff, vs. O'ROURKE & MOODY LLP, et al., Defendants, CAUSE NO. 2:20-CV-377-PPS (N.D. Ind.). Amy Lokken's motion for summary judgment is also granted. New City originally brought this claim as an adversary case within its Chapter 11 reorganization proceedings. New City alleges its shareholders -- Michael Helmstetter, Benitta Berke, and Steven Dobrofsky -- created New City Auto Group, Inc., to purchase a Nissan dealership in Northwest Indiana. New City did in fact sign a franchise agreement to buy a Nissan dealership in Schererville (which was previously known as Napleton Nissan). New City has sued several defendants -- O'Rourke & Moody (a law firm), Michael Moody (a lawyer), Gaouette & Associates (an accounting and consulting firm), Terry Gaouette (a CPA), Crock & Associates (which provided services to Gaouette), and Amy Lokken (who provided services to Gaouette). New City engaged the Defendants (with the exception of Lokken who did not have a direct contract with New City) to assist in obtaining financing, including floor plan financing, for the operation of the automotive dealership. In an overarching manner, New City claims the Defendants breached their duties by billing for services that weren't rendered, filing documents to change New City from a corporation to a limited liability company without its consent, and opening a bank account without approval or authority. Count IV of the amended complaint alleges that Moody billed for and received payment for services not rendered; received payment for work beyond the scope of work agreed to; failed to properly advise New City that a Chapter 11 bankruptcy proceeding should be filed to preserve its assets; failed to advise New City that Gaouette had opened a bank account and was paying bills for professional services therefrom without New City's knowledge or consent; and advised New City to close on the purchase of the dealership in Northwest Indiana without first obtaining floor plan financing. Plaintiff alleges two claims against Defendant Amy Lokken: one for unjust enrichment (Count V) and one for "civil crime relief" (Count VI). Plaintiff alleges Lokken received checks totaling approximately $20,000 which were paid through West Town Bank from the New City account. But New City did not hire Lokken to perform any services on its behalf or enter into a contract with her, so she should have to disgorge these funds. In regard to the claim for civil crime relief, Plaintiff claims Lokken converted the funds from New City for her own use and benefit, and so it is entitled to treble damages and attorney fees pursuant to I.C. Sec. 34-24-3-1. The complaint is pretty threadbare, but it alleges Lokken "provided unknown services to or for the benefit of Gaouette & Associates and/or Gaouette." According to the Court, Plaintiff lacks sufficient expert testimony to support its claim that Moody and his law firm were negligent. Additionally, causation is lacking. As to defendant Lokken, the Court finds there are insufficient facts supporting Plaintiff's claims against her. For these reasons, Defendants O'Rourke & Moody LLP and Michael Moody's Motion for Summary Judgment is granted, and the sole count against them (Count IV for negligence) is dismissed with prejudice. Defendant Lokken's Motion for Summary Judgment is also granted, and the counts against her (Count V for unjust enrichment and Count VI for civil crime relief) are dismissed with prejudice. This case remains pending against Defendants Gaouette and Associates, Terry Gaouette, and Crock & Associates, LLC, on the remaining claims (as these defendants did not move for summary judgment). A copy of the Court's Opinion and Order dated May 8, 2026, is available at http://urlcurt.com/u?l=Reu4qVfrom PacerMonitor.com. About New City Auto Group New City Auto Group, doing business as New City Nissan, was formed by shareholders Michael Helmstetter, Benitta Berke, and Steven Dobrofsky, to purchase in January 2018 a Nissan dealership in Northwest Indiana and offer new and used automobiles for sale and related services. Unfortunately, the principals did not obtain floor plan financing, which was critical to its success. As a result, when Nissan North America, Inc. delivered 50 new motor vehicles to the Debtor in February and March 2018, the Debtor lacked the means to pay for them. As a result of the Debtor's failure to pay Nissan, Nissan delivered notice terminating the dealer agreement that permitted the Debtor to operate as a Nissan dealership. To forestall the termination, the Debtor filed a Chapter 11 case. New City Auto Group, LLC, based in Schererville, Ind., filed a Chapter 11 petition (Bankr. N.D. Ind. Case No. 18-21890) on July 16, 2018. In the petition signed by CEO Michael Helmstetter, the Debtor estimated $1 million to $10 million in assets and liabilities. The Hon. James R. Ahler presides over the case. Gordon E. Gouveia II, Esq., at Fox Rothschild LLP, is Debtor's bankruptcy counsel. A Chapter 11 plan was confirmed in the Debtor's case on June 22, 2023. NEW FORTRESS: NFE Brazil Secures $885M Senior Secured Note Deal --------------------------------------------------------------- New Fortress Energy Inc. announced that its subsidiary NFE Brazil Financing Limited, a private limited company incorporated under the laws of England and Wales has received commitments for the proposed offering of $885 million aggregate principal amount of senior secured notes due 2029 to be issued by NFE Brazil. The Notes will bear interest at a rate of 12.00% per annum, payable in kind semi-annually on May 15 and November 15, and will mature three years from the issue date. The Notes will not be subject to any call protection or financial covenants. The Offering includes a commitment premium, payable in kind. Syndication The Commitments were provided by certain holders of the 12.00% senior notes due 2029 issued by NFE Financing LLC. Each Existing 2029 Noteholder has the opportunity to subscribe for its ratable share of the Notes. Any Existing 2029 Noteholder that provides a commitment to subscribe for its share of the Notes by May 18, 2026 will receive its pro rata share of the Commitment Premium upon the closing of the financing. Existing 2029 Noteholders can obtain further details about participating in the Notes through the notes trustee or by contacting Houlihan Lokey at NFEfinancing@hl.com or Perella Weinberg Partners at ProjectNatural@pwpartners.com. Conditions Precedent The issuance of the Notes is subject to certain conditions precedent, including completion of definitive documentation, the receipt of certain consents, and other customary conditions, but the issuance of the Notes is not conditioned on the consummation of the transactions contemplated by that certain Restructuring Support Agreement, dated as of March 17, 2026, by and among NFE, each of NFE's directly and indirectly owned subsidiaries, each other Obligor (as defined in the RSA each of the holders or lenders of, or the investment advisor or manager to a beneficial holder(s) or lender(s) of, the Debt (as defined in the RSA) party thereto and Kroll Issuer Services Limited, in its capacity as information agent, as amended, restated, amended and restated, supplemented, or modified from time to time as permitted thereby. Use of Proceeds NFE Brazil intends to use the net proceeds from the Offering for the following purposes: (i) up to approximately $368 million for operations, capital expenditures, working capital, letter of credit and similar needs, transaction costs, and payment in full of all trade payables owed to NFE as of the issue date, (ii) approximately $52 million to refinance the existing bridge term loan held by NFE Brazil Holdings Limited, (iii) approximately $420 million to refinance certain existing notes issued by NFE Brazil, and (iv) approximately $45 million to certain cash reserves established in connection with the UK RP. Security and Credit Support The Notes will be secured by first priority liens substantially consistent with the existing Brazil Financing Notes. NFE and NFE Brazil Funding LP will not provide any credit support or be a party to the financing documents in respect of the Notes. Conversion and Exchange The Notes will be convertible or exchangeable into debt and/or equity of NFE Brazil (or another parent company of the Brazil operations) upon the approval of: (i) the new board of the applicable BrazilCo (as defined in the RSA) parent entity, (ii) holders of at least 66.67% of the outstanding principal amount of the Notes, and (iii) NFE Brazil. Listing The parties will cooperate to list the Notes on a recognized stock exchange for purposes of Section 987 of the Income Tax Act 2007 of the United Kingdom. Transaction Details The Offering is being contemplated in parallel with a broader recapitalization of NFE. As part of the UK RP, the Brazil operations will be separated from NFE and owned by a consortium of leading global institutional investors. The transaction is expected to close by the third quarter of 2026, subject to customary conditions and regulatory approvals. About BrazilCo Following the separation, the Brazilian entity will operate as an independent energy infrastructure platform focused on liquefied natural gas (LNG) importation, regasification, and power generation. With strategic assets in Barcarena and Santa Catarina and a strong and well-capitalized financial foundation, it will be committed to delivering reliable, cleaner energy solutions that support Brazilian industry and economic growth. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of September 30, 2025, the Company had $11.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $1.1 billion. * * * In November 2025, S&P Global Ratings lowered its Company credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NORTH COUNTY PIZZA: Seeks Interim Cash Collateral Access -------------------------------------------------------- North County Pizza, Inc. asks the U.S. Bankruptcy Court for the Southern District of California for authority to use cash collateral and provide adequate protection, on an interim basis. Specifically, the Debtor requests interim authorization for 60 days to use revenues and accounts receivable to pay ordinary operating expenses under a 13-week cash flow budget. The Debtor also seeks flexibility to exceed budgeted expenses by up to 15%, adjust spending if revenues increase, and carry unused funds into later periods. In exchange, the Debtor proposes granting secured creditors replacement liens on post-petition assets to protect them against any decline in collateral value caused by the use of cash collateral. The Debtor's financial distress stems largely from merchant cash advance loans obtained after traditional financing became unavailable because two Domino's franchise locations operated on federal land at Camp Pendleton, where liens on equipment were restricted. After selling those locations in 2025 and later selling another underperforming Bonsall franchise in 2026, the Debtor's remaining Oceanside location was left servicing debt far beyond its revenue capacity. It also faced lawsuits and collection actions by MCA lenders, including efforts to redirect customer payments away from the business, disrupting cash flow and prompting the Chapter 11 filing on March 11, 2026. The Debtor asserts that the MCA lenders do not actually possess enforceable interests in the cash accounts. The Debtor contends that although some lenders filed UCC financing statements, none perfected security interests in deposit accounts because they lacked control over those accounts as required under California commercial law. The Debtor argues that the lenders relied only on ACH withdrawals from ordinary operating accounts and never established segregated accounts or valid control agreements. As a result, the Debtor claims any asserted liens are unperfected and avoidable under 11 U.S.C section 544. A court hearing is scheduled for June 3. A copy of the motion is available at https://urlcurt.com/u?l=Wz9Rbu from PacerMonitor.com. About North County Pizza Inc. North County Pizza, Inc. operates a Domino's Pizza franchise in Oceanside, California, managing daily restaurant operations, including food preparation and delivery. The privately held company serves the local community with a small, hands-on management team. North County Pizza sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-00968) on March 11, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. Shane Casey, president of North County Pizza, signed the petition. Richard Sturdevant, Esq., at Financial Relief Law Center, APC, represents the Debtor as bankruptcy counsel. NOT AN LLC: Seeks Chapter 7 Bankruptcy After Multiple Lawsuits -------------------------------------------------------------- EverytownLaw reports that online firearm retailer JSD Supply has gone out of business after filing for Chapter 7 bankruptcy following lawsuits alleging illegal sales of ghost guns to minors and restricted buyers. The company faced accusations that it marketed and distributed untraceable firearm kits that evade traditional gun safety regulations. Victims’ advocates, including Denise Wieck of Moms Demand Action, responded to the shutdown by highlighting the impact of ghost gun violence on families. Her son suffered catastrophic injuries in a 2021 shooting involving a weapon linked to the company, and she said the closure prevents further harm while acknowledging the lasting consequences her family continues to face. Legal advocates said the bankruptcy underscores increasing accountability for companies involved in the ghost gun market. Attorneys from Everytown Law and allied organizations described the closure as part of a broader effort to enforce gun safety laws and eliminate the distribution of unserialized firearms. About Not An LLC Not An LLC, doing business as JSD Supply, is an online seller of firearm components and kits. Not An LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-21300) on May 7, 2026. Honorable Bankruptcy Judge Gregory L. Taddonio handles the case. The Debtor is represented by Kathryn L. Harrison, Esq. of Campbell & Levine, LLC. OCSI GLICK: Oaktree Specialty Lending Marks $58.3M Loan at 29% Off ------------------------------------------------------------------ Oaktree Specialty Lending Corp has marked its $58,349,000 loan extended to OCSI Glick JV LLC to market at $41,527,000 or 71% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a subordinated loan extended to OCSI Glick JV LLC. The Loan accrues interest at a rate of SOFR+ 4.50% 8.30% per annum. The Loan matures on Oct. 20, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About OCSI Glick JV LLC OCSI Glick JV LLC is a multi-sector investment vehicle that holds a diversified portfolio of debt and other financial assets. gvm OMNICARE LLC: Bankruptcy Court OKs Sale to GenieRx Holdings ----------------------------------------------------------- Omnicare, LLC, a subsidiary of CVS Health, announced on May 13, 2026 that following a comprehensive sale process, the U.S. Bankruptcy Court for the Northern District of Texas has approved the sale of the Company's business to GenieRx Holdings LLC, a joint partnership between private investment firm Milrose Capital LLC and health-care investment and management firm Integro Asset Management LLC, which does business as Integro Healthcare Services. "Today's approval marks an important milestone. We are entering this next phase with clarity on what matters most: delivering reliable pharmacy services, maintaining safe and clinically appropriate care, and being transparent and fair in how we operate," said David Azzolina, President of Omnicare. "Our teams continue to show a deep commitment to our customers, and I am grateful for the work they do every day to support residents in skilled nursing and assisted living settings." With GenieRx, Omnicare will have the opportunity to strengthen its service--by staying disciplined in operations, aligning closely with clinical best practices, and working in partnership with the providers and communities that count on Omnicare. Leading up to the closing of the transaction, Omnicare will continue to support its clients with transparent pricing, clinically aligned programs and data‑driven insights, as well as a partnership‑driven approach for all communities it serves. "GenieRx's investment in Omnicare is a testament to the strength of their platform and their impressive employee culture and commitment to putting patients and customers first," said Rowan Farber, CEO of Integro Healthcare Services. "We admire the trust Omnicare has earned with its customers over decades of serving skilled nursing and assisted living partners, and we look forward to working collaboratively with their team to continue building on that strong foundation and legacy. Together, we share a commitment to delivering reliable service, clinical expertise, and continuity of care to the patients and communities who depend on it most." The transaction is expected to close later this year, subject to regulatory approval and customary closing conditions. Until the transaction closes, Omnicare's priorities remain unchanged. The business remains focused on working closely with customers and delivering safe, reliable pharmacy services. That includes maintaining a strong compliance-first approach in all aspects of operations, supporting residents with higher acuity, and continuing to improve billing management, delivery, and communication for operators and residents. Additional Information About the Court-Supervised Sale Process Additional information regarding Omnicare's court-supervised process is available at www.OmnicareRestructuring.com. Court filings and other information related to the proceedings, including bidding procedures and instructions on how to file a proof of claim, are available on a separate website administered by Omnicare's claims agent, Stretto, at https://cases.stretto.com/Omnicare, by calling Stretto representatives toll-free at (833) 570-5323 or (949) 276-9547 for calls originating outside of the U.S. or Canada, or by sending an email to TeamOmnicare@stretto.com. Advisors Jenner & Block LLP and Haynes Boone are serving as legal counsel, Houlihan Lokey is serving as investment banker and Alvarez & Marsal is serving as restructuring advisor to Omnicare. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. OMNICARE LLC: Court OKs Pharmacy Biz Sale to Genierx Holdings ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has granted Omnicare, LLC to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors operate a network of pharmacies throughout the United States that provide on-site medication and pharmaceutical services to patients residing in more than 4,000 long-term care facilities (LTCFs) including skilled nursing facilities, assisted-living communities, independent-living communities and institutional facilities. The Debtors' industry leading footprint includes 101 pharmacies operating in 44 states and servicing LTCFs in 46 states. The Debtors' broad network of Pharmacies includes distinct types of pharmacies that enable the Debtors to provide integrated pharmacy services across a variety of geographical locations. The Debtors commenced the Chapter 11 Cases in order to prevent any disruption to their patient services business, and to give them the breathing room needed to evaluate restructuring options and to implement a restructuring, or most likely, a sale strategy, while addressing claims against them in a controlled manner. The Court has authorized the Debtor to sell Assets to Genierx Holdings LLC or its designees, in accordance with the terms and conditions in the Asset Purchase Agreement, dated as of March 31, 2026, by and among the Debtors and Buyer. The purchase price is $19,670,000. Approval of the Transaction Documents, the Sale, and all related transactions together with the actions to be taken by the Debtors and the Buyer in connection are appropriate under the circumstances of these Chapter 11 Cases and are in the best interests of the Debtors, their estates, their creditors and other parties in interest. None of the Debtors nor the Buyer has engaged in any conduct that would prevent the application of section 363(m) of the Bankruptcy Code. The Buyer is purchasing the Purchased Assets pursuant to the APA in good faith and for fair and reasonable consideration, and the Buyer is a good-faith purchaser. The Buyer is not an "insider" or "affiliate" of the Debtors as those terms are defined in the Bankruptcy Code. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. OMNICARE LLC: Gets Green Light for $250MM Chapter 11 Asset Sale --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Omnicare LLC won court approval Wednesday, May 13, 2026, for a $250 million Chapter 11 sale to the stalking horse bidder overseeing its bankruptcy auction. The Texas bankruptcy court authorized the transaction involving the former CVS Health subsidiary after the bidding process concluded without a superior offer. The debtor told the court the transaction would maximize estate value and support continuity of operations for customers relying on Omnicare's pharmacy services. The stalking horse bidder had initially set the floor price for the sale process and ultimately secured the assets through the approved deal, according to report. Omnicare operates long-term care pharmacy services focused on nursing homes, rehabilitation centers and assisted living facilities. The company sought Chapter 11 protection as it addressed financial pressures and restructuring needs within the healthcare services industry, Law360 reports. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. ORACLES CAPITAL: Seeks to Sell Wine Distribution Biz at Auction --------------------------------------------------------------- Oracles Capital Inc. seeks permission from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor requests that the Court approve the following general timeline: a. Contract Assumption Notice Deadline: Within five business days of entry of an order approving the Bid Procedures. b. Contract Cure Objection Deadline: 4:00 p.m. (ET) 14 calendar days from service of the Contract Notice, as the deadline to object to the cure amounts listed in the Contract Notice; c. Sale Objection Deadline: 4:00 p.m. (ET), on the date that is the 30th day after entry of an order approving the Bid Procedures, as the deadline to object to the Sale; d. Bid Deadline: on or before 12:00 p.m. (ET), on the date that is the 30th day after entry of an order approving the Bid Procedures, as the deadline by which bids for the Assets (as well as the deposit and all other documentation required under the Bid Procedures for Qualified Bidders; e. Auction: 10:00 a.m. (ET) on the third business day after the Bid Deadline, as the date and time the Auction, if needed, will be held at the offices of Gellert Seitz Busenkell & Brown, LLC, 1201 N. Orange St., 3rd Floor, Wilmington, DE 19801; f. Sale Hearing: on or before the third business day after the conclusion of the Auction, subject to the Court’s availability, as the date and time for the Sale Hearing. The Debtor has developed and proposed the Bid Procedures to optimally and expeditiously solicit, receive, and evaluate bids in a fair and accessible manner. The salient points of the bid procedures are also provided. https://urlcurt.com/u?l=hv7Bz7 The Debtor further submits that notice of this Motion and the related hearing to consider entry of the Bid Procedures Order, coupled with service of the Sale Notice and the Notice of Potential Contract Assumption and Assignment as provided for herein, constitutes good and adequate notice of the Sale in compliance with, and satisfaction of, the applicable requirements of Bankruptcy Rule 2002. The Debtor submits that the Successful Bidder's Purchase Agreement will constitute the highest or otherwise best offer for the Assets and will provide a greater recovery for the Debtor's estate than any other available alternative. The Debtor submits that any Successful Bidder arising from the Auction, is or will be a "good faith purchaser" within the meaning of section 363(m) of the Bankruptcy Code. About Oracles Capital Inc. Oracles Capital Inc., through Oracles Craft Brands, imports, distributes, and supplies beer, wine, and distilled spirits across the United States. The Company owns a portfolio of brands and supports its distribution partners with a national sales team to strengthen market presence and brand longevity. Oracles Capital Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10870) on May 11, 2025. In its petition, the Debtor reports total assets of $1,254,476 and total liabilities of $245,221. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Ronald S. Gellert, Esq., at Gellert Seitz Busenkell & Brown LLC. OROVILLE HOSPITAL: Plan Exclusivity Period Extended to Aug. 5 ------------------------------------------------------------- Judge Christopher D. Jaime of the U.S. Bankruptcy Court for the Eastern District of California extended Oroville Hospital and OroHealth Corporation's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 7, 2026, respectively. As shared by Troubled Company Reporter, the Debtors intend to pursue a sale process in these Chapter 11 Cases to maximize the value of their assets and identify one or more transaction partners that can preserve the Debtors' healthcare facilities for the benefit of their community, patients, employees, and other stakeholders. As described in the Memorandum and the Lane Declaration, the Debtors and their professionals have devoted substantial effort to implementing a successful sales process and will continue to do so in the coming months. The Debtors submit that maintaining their exclusive right to file and solicit votes on a chapter 11 plan for a reasonable period of time is essential to their ability to continue these sale negotiations without risking the additional costs, disruption, and uncertainty that could arise from the expiration of the Exclusive Periods. The Debtors explain that they have diligently prosecuted these Chapter 11 Cases and are working toward securing a Stalking Horse Bidder over the coming weeks. The Debtors anticipate continuing to work with various parties in interest to close a successful sale, or sales, in accordance with the Bidding Procedures Order, after which they will promptly transition to seeking confirmation of a chapter 11 plan. Counsel to the Debtors: Keith C. Owens, Esq. Nicholas A. Koffroth, Esq. Fox Rothschild LLP 10250 Constellation Boulevard, Suite 900 Los Angeles, CA 90067 Tel: (310) 598-4150 Email: kowens@foxrothschild.com nkoffroth@foxrothschild.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 liabilities between $100 million and $500 million. Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. P HEALTH: Commences Chapter 11 Bankruptcy in Texas -------------------------------------------------- On May 8, 2026, P Health Inc., doing business as PsychPlus, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors. A meeting of creditors under Section 341(a) to be held on June 11, 2026 at 10:00 AM, US Trustee Houston Teleconference. About P Health Inc. P Health Inc. is a Houston, Texas-based provider of mental health and behavioral healthcare services operating under the PsychPlus brand. The company offers mental health treatment and patient support services through technology-enabled healthcare platforms. P Health Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-33334) on May 8, 2026. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. The filing indicates that funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Jared M. Slade, Esq. of Alston & Bird LLP. PACIFIC RIM: To Sell Wine Equipment to Multiple Buyers ------------------------------------------------------ Pacific Rim Winemakers, Inc., seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks approval of the following proposed sales of equipment, in "as is" and "where is" condition, without representations or warranties, and free and clear of liens, claims and encumbrances: (a) Debtor's sale of wine press and ebulliometer to Precept Wine for $25,500 total price under the sales memo dated May 6, 2026; (b) Debtor's sale of wine lab equipment to Columbia Valley Wine Lab for $9,000 total price under sales memo dated April 16, 2026; (c) Debtor's sale of miscellaneous cellar equipment to Kiona Winery for $9,930 total price under sales memo dated May 7, 2026; and (d) Debtor's sale of a barrel streamer for $1,500 to Frichette Winery under sales memo dated May 7, 2026. The Debtor submits that the proposed private sales of equipment under the Precept Sale Agreement, the Columbia Valley Sale Agreement, the Kiona Sale Agreement, and the Frichette Sale Agreement are sound exercises of the Debtor's business judgment. The Debtor believes the proposed sales of equipment to the Purchasers represent the best possible means for the Estate to recover the value of the equipment proposed to be sold. The Debtor believes there are no liens or encumbrances on the Equipment. The Debtor is providing all creditors and parties-in-interest with notice of the proposed sales of the Equipment and they will have an opportunity to object to the relief requested in the Motion. The Debtor submits that the terms of the Sale Agreements, including the fact that no competitive bidding is necessary, are fair and reasonable under the circumstances. About Pacific Rim Winemakers, Inc. Pacific Rim Winemakers, Inc. doing business as Pacific Rim & Company, is a West Richland, Washington-based wine producer that makes Riesling-focused wines ranging from dry to dessert styles. A member of Banfi Vintners' U.S. portfolio, the company produces labels including Pacific Rim Dry Riesling, Rainstorm, Silver Raven, and Thick Skinned from grapes sourced in the Columbia and Yakima valleys. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-71230) on March 30, 2026. In the petition signed by Cristina Mariani-May, vice president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sheryl P. Giugliano oversees the case. Alex Spizz, Esq., at TARTER KRINSKY & DROGIN LLP, represents the Debtor as legal counsel. PALMDALE HEALTH: Seeks Chapter 11 Bankruptcy in California ---------------------------------------------------------- On May 12, 2026, Palmdale Health & Wellness Center LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors. A meeting of creditors under Section 341(a) to be held on June 8, 2026 at 09:30 AM at UST-LA1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:4892201. About Palmdale Health & Wellness Center LLC Palmdale Health & Wellness Center LLC is a Palmdale, California-based medical and wellness center offering services in urology, regenerative medicine, and aesthetic healthcare treatments. Palmdale Health & Wellness Center LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14704) on May 12, 2026. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. The filing indicates that funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. PAP-R PRODUCTS: Unsecured Creditors Will Get 25% of Claims in Plan ------------------------------------------------------------------ Pap-R Products Company filed with the U.S. Bankruptcy Court for the Southern District of Illinois a Disclosure Statement in connection with Plan of Reorganization dated May 5, 2026. The Debtor was founded in 1947 by Harry A. Glynn after working for a coin wrapper and currency band company called C.L. Downey in Hannibal, Missouri. Mr. Glynn built the first coin wrapper machine in the basement of his home while working for Benard and Bottle Cap Company in Evansville, Indiana. He began the company with his brother-in-law, Darrel Carper. After the first year's operations, Darrel requested his money back from the venture. Harry paid Darrel his $500 investment, leaving Harry as the sole owner of Debtor. The Debtor's best year for sales was 2019, when sales exceeded $24 million. In 2020, however, the Covid-19 pandemic hit, and Debtor was not spared from the world-wide effects. With Debtor unable to continue to service its debt, Debtor's main lender, FNB, declared a default and accelerated its notes with Debtor and the Affiliated Companies, and FNB obtained judgments against the Debtor, Evergreen Manufacturing, Double Diamond Management, Colorkraft, Ware Resources and Pap-R Tainer on November 13, 2024. Faced with the judgments, Debtor asked FNB for time to find a replacement lender for the loans, but FNB refused. With no other options available, Debtor filed its Chapter 11 bankruptcy petition on March 3, 2025 to allow it an opportunity to address the obligations owed to its Creditors in an orderly fashion and maximize value for all Creditors while maintaining its employees and Operations. The Debtor believes that it can maximize value for all Creditors and employees by pursuing a reorganization process to provide fair and equal treatment to all Creditors, while allowing a substantial operation and employer in Casey, Illinois to remain open. Debtor determined that a Chapter 11 filing would allow it to preserve its assets and pursue a plan of reorganization that is in the best interest of all Creditors. On April 2, 2026, Ware Resource closed on the sale of the Martinsville Property to Crown Equipment for $3,400,000. Although Debtor did not own the Martinsville Property, Ware Resources distributed the Martinsville Property sale proceeds to FNB in the amount of $2,900,000 and to Advantage Capital in the amount of $100,000, to be applied against Debtor's obligations. The remaining sale proceeds paid the closing costs associated with the sale of the Martinsville Property. Ware Resource received no sale proceeds from the sale of the Martinsville Property, but the sale allowed Debtor's obligations to its Secured Creditors to be substantially reduced, which paved the way for Debtor to present this Plan to its Creditors. In summary, the Plan provides for the reorganization of Debtor's operations, which primarily consist of the manufacturing of products such as coin wrappers, currency bands, napkin bands and cash register rolls. During its Bankruptcy Case, Debtor has consolidated its manufacturing operations from two buildings into one, and Debtor will only operate out of the 190,000 square foot building in Casey, Illinois located at 400 West Delaware Ave, Casey Illinois ("Casey Property") saving the Debtor substantial money. Class 5 consists of Allowed Unsecured Claims. Each Holder of an Allowed Unsecured Claim will receive, in full, final and complete settlement, satisfaction and discharge of, and in exchange for, such Allowed Unsecured Claim, on the later of (i) the Effective Date or (ii) the date on which such Claim becomes an Allowed Claim, or as soon as practicable thereafter, its Pro Rata share of the following payments: (a) $25,000 payment on the Effective Date from the Equity Contribution made by Scott Ware; (b) 48 monthly payments from the Reorganized Debtor of $7,500 starting on the sixth month anniversary date of the Effective Date; (c) the Annual Profit Payment up to the maximum of its Allowed Claim, with no interest. If an Unsecured Creditor's Claim is a Disputed Claim on the Effective Date, sufficient cash will be reserved by the Creditor's Trust to pay the Creditor holding such Disputed Unsecured Claim its Pro Rata share of the proceeds available for distribution pending resolution of the dispute, and each such Unsecured Claim will be paid as soon as practicable after it becomes an Allowed Unsecured Claim. In addition to the above payments, the Reorganized Debtor will distribute 49% of the Post-Confirmation Equity Interest in the Reorganized Debtor to the Creditor’s Trust on the Effective Date. The Creditor's Trust will transfer 12.25% of the Reorganized Debtor's Equity Interest each year to Scott Ware every time an Annual Profit Payment is made to the Creditor's Trust. Debtor estimates that total Class 5 Claims will be approximately $5,213,435.00. Debtor projects it will make mandatory fixed payments to the Creditor's Trust of $385,000, plus four Annual Profit Payments, which Debtor estimates will be almost $800,000, such that Creditors are projected to receive almost twenty-five percent of their Allowed Claims over the term of the Plan. All Equity Security Holders Claims will be extinguished on the Effective Date and considered worthless. All payments under the Plan will be funded from Debtor's operations other than the Equity Contribution. Payments due Class 1 (Priority Claims), Class 2 (FNB Claim), Class 3 (Advantage Claim), and Class 6 (SouthStar) will be made directly to the applicable Creditor each month. There are no payments to Class 4 (SBA Claim). The payments to Class 5 Unsecured Creditors will be paid into the Creditor's Trust along with the Reorganized Debtor distributing 49% of the Post-Confirmation Equity Interest to the Creditor's Trust on the Effective Date. The Reorganized Debtor’s excess income, from every source, will be used to fund the Plan. Based upon Debtor's historical level of income and expense, and its historical and expected growth rate, Debtor projects that it will have sufficient income from operations over the next five years to fully fund the payments under the Plan. A full-text copy of the Disclosure Statement dated May 5, 2026 is available at https://urlcurt.com/u?l=lLhfUn from PacerMonitor.com at no charge. Pap-R Products Company is represented by: Larry E. Parres, Esq. Lewis Rice LLC 600 Washington Ave., Suite 2500 St. Louis, MO 63101 Telephone: (314) 444-7600 Facsimile: (314) 612-7660 Email: lparres@lewisrice.com About Pap-R Products Company Founded in 1947, PAP-R Products specializes in a wide range of coin and currency wrapping solutions. The Company's product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. All products are crafted from high-quality Kraft paper and adhere to ABA standards when applicable. The company also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing up to $50 million in both assets and liabilities. The petition was signed by Kenneth Scott Ware as president. Larry E. Parres, at Lewis Rice LLC, serves as the Debtor's counsel. PAR PETROLEUM: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings has affirmed Par Petroleum, LLC's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 backed senior secured term loan B rating. Concurrently, Moody's assigned Par's proposed backed senior unsecured notes a B1 rating. The Speculative Grade Liquidity (SGL) rating was upgraded to SGL-1 from SGL-3. Moody's also revised Par's outlook to stable from negative. Par will use net proceeds from its proposed senior notes, along with existing liquidity, to refinance its term loan. After this transaction closes and Par's term loan has been repaid in full, Moody's expects to withdraw Par's term loan rating. The revision of Par Petroleum's outlook to stable reflects Moody's expectations that near-term strength in refining margins will generate elevated cash flow, enabling the company to further strengthen its balance sheet and liquidity, better positioning it to manage through the cycle. RATINGS RATIONALE The stable outlook reflects Moody's expectations that Par will maintain solid credit metrics over the next 12 to 18 months as the company executes its operating strategies and balances shareholder returns and strategic growth initiatives with disciplined debt management and strong liquidity. Par's Ba3 CFR reflects its integrated and diversified business model across refining, logistics, and retail, which helps mitigate the earnings volatility associated with exposure to the cyclical refining sector. The company generates steadier EBITDA from its logistics and retail segments. Also, capital expenditures in logistics and retail remain more consistent, while refining assets require periodic turnaround. Constraining the rating is Par's modest scale and geographic concentration. Moody's expects EBITDA to increase in 2026, driven by wider refining margins and product tightness, which will support solid credit metrics. Even under more normalized refining margins, Moody's expects Par to maintain leverage consistent with its rating, underpinned by steady contributions from its logistics and retail operations. While persistently high refined product prices could elevate the risk of demand destruction, Par's competitive position is reinforced by its status as the sole refiner operating in Hawaii. In a reduced demand scenario, imports of finished fuels would likely decline before Par would need to lower refinery utilization. Par's planned turnaround at its Hawaii refinery in the near-term will temporarily limit refining margin capture for its production during the downtime. Par received certain small refinery exemptions in 2025, and uncertainty around future exemptions introduces variability in cash flow outcomes. Par's SGL-1 rating reflects very good liquidity. As of March 31, 2026, the company held $172 million in cash and had access to a $1.4 billion ABL revolving credit facility governed by a borrowing base and maturing in April 2028, with $321 million drawn. Par is evaluating increasing its lender commitments under its ABL revolver to $1.8 billion, which would support increased liquidity during periods of elevated commodity prices. The revolver includes springing minimum fixed charge coverage ratios, which are not expected to be triggered. To support its Hawaii refining operations, the company has an inventory intermediation agreement for crude oil that expires in 2027, with an option to extend it for one year. As of March 31, 2026, the company had $226 million outstanding under this facility. Par's proposed senior unsecured notes are rated B1, one notch below the CFR, reflecting effective subordination to the secured ABL revolving credit facility. Given the large size of the revolver relative to the capital structure, the notes ratings could face pressure if revolver utilization, the borrowing base, or committed capacity exceed expectations. Par Pacific Holdings, Inc. is expected to guarantee the proposed senior notes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade include much greater scale and diversification of assets; sustained low leverage; consistent positive free cash flow generation; and conservative financial policies, including maintaining a cadence of shareholder returns that sustains a large cash balance and strong liquidity through the cycle. Factors that could lead to a downgrade include leverage above 3.0x, weakening liquidity, or aggressive financial policies. Par, headquartered in Houston, Texas, is a subsidiary of Par Pacific Holdings, Inc., a publicly traded energy company with operations spanning refining, logistics, and retail across Hawaii, Montana, Washington, and Wyoming. The principal methodology used in these ratings was Refining and Marketing published in February 2026. 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. PARKER GROUP: Seeks Chapter 7 Bankruptcy with Over $50MM Debt ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that digital banking startup Parker Group Inc. has filed for Chapter 7 bankruptcy protection in Delaware, listing assets and liabilities each estimated between $50 million and $100 million. The company had been backed by venture capital firm Valar Ventures. Parker Group specialized in banking services designed for online businesses, including payment tools and financial management solutions for e-commerce operators. By choosing Chapter 7, the company is seeking an orderly liquidation of assets rather than attempting to restructure under Chapter 11, the report relays. The bankruptcy filing underscores continued volatility in the fintech sector, where companies have faced tightening capital markets and profitability concerns. A court-appointed trustee will likely oversee the liquidation process and creditor recoveries, according to Law360. About Parker Group Inc. Parker Group Inc. is a fintech company focused on providing digital banking services for e-commerce businesses and online merchants. The company developed financial tools intended to streamline payments, expense tracking, and business banking functions. Parker Group sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10694) on May 7, 2026. The Debtor is represented by Steven D. Adler, Esq. of Bayard, P.A. PEREZ MENENDEZ: Court Directs U.S. Trustee to Appoint PCO --------------------------------------------------------- Judge Mildred Caban Flores of the U.S. Bankruptcy Court for the District of Puerto Rico directed the U.S. Trustee to appoint a patient care ombudsman for Perez Menendez HNOS, Inc. The bankruptcy judge finds that the provisions of Section 333(a)(1) of the Bankruptcy Code for appointment of a PCO apply to Perez Menendez HNOS, Inc. after having filed its bankruptcy petition, indicating that it operates a health care business. On April 30, Perez Menendez HNOS, Inc. filed a Chapter 11 petition designating the company as a health care business. About Perez Menendez HNOS Inc. Perez Menendez HNOS, Inc., also known as Farmacia Garden Hills Plaza, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-01990) on April 30, 2026, with assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Mildred Caban Flores oversees the case. Juan C. Bigas Valedon Law Office is Debtor's bankruptcy counsel. PEREZ MENENDEZ: Jose Diaz Crespo Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 21 appointed Jose Diaz Crespo as Subchapter V trustee for Perez Menendez HNOS, Inc. Mr. Diaz Crespo will be paid an hourly fee of $200 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Also, a retainer of $2,500 is requested. Mr. Diaz Crespo declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Perez Menendez HNOS Inc. Perez Menendez HNOS, Inc., also known as Farmacia Garden Hills Plaza, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-01990) on April 30, 2026, with assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Mildred Caban Flores oversees the case. Juan C. Bigas Valedon Law Office is Debtor's bankruptcy counsel. PETER F. DIPAOLO: Deadline for Panel Questionnaires Set for May 20 ------------------------------------------------------------------ The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Peter F. DiPaolo, MD, PA. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/mbsuphyk and return by email it to Tina L. Oppelt -- Tina.L.Oppelt@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 5:00 p.m., on Wednesday, May 20, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Peter F. DiPaolo Peter F. DiPaolo, MD, PA is a private orthopedic practice located in Woodland Park, New Jersey. Led by board-certified orthopedic surgeon Peter F. DiPaolo, M.D., the practice provides orthopedic services including minimally invasive surgery, traumatic injury treatment, pain management solutions, joint replacement, spine surgery, arthroscopic knee and shoulder surgery, and fracture treatment. The practice serves patients with accident-related injuries and orthopedic conditions such as arthritis, hip pain, neck pain, knee pain, sciatica, shoulder pain, and lower back pain. Peter F. DiPaolo, MD, PA sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-14807) on August 11, 2025. In its petition, the Debtor reported estimated total assets of $10,034 and estimated liabilities of $4,547,728. The petition was signed by Peter F. DiPaolo as sole shareholder. The Debtor is represented by Trenk Isabel Siddiqi & Shahdanian P.C. PICO-UNION HOUSING: Court OKs Deal to Use MVB's Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between Pico-Union Housing Corporation and Mission Valley Bank regarding the use of cash collateral. The agreement arises from two substantial pre-petition loan transactions. In June 2021, Mission Valley Bank loaned the Debtor approximately $4.75 million at a 3.98% interest rate, secured by multiple Los Angeles residential properties, together with associated rents and personal property collateral. In July 2022, the bank extended an additional $3.385 million variable-rate loan secured by properties also located in Los Angeles. Both loans were perfected through recorded deeds of trust and UCC financing statements. At Chapter 11 filing, the Debtor owed approximately $4.34 million on the first loan and $3.24 million on the second loan, with monthly mortgage obligations totaling more than $42,000 combined. Prior to bankruptcy, the Debtor had defaulted under the second loan and entered into a cure agreement requiring a $350,000 payment by December 31 in exchange for the bank's forbearance from exercising remedies. Mission Valley Bank had also allowed the Debtor to use reserve account funds totaling approximately $38,712 for mortgage payments shortly before the bankruptcy filing. Under the stipulation, the Debtor may continue using the bank's cash collateral to operate and maintain the secured properties, pay taxes, insurance, and approved operating expenses pursuant to a detailed budget. Budget deviations are permitted only up to 10% monthly, with unused amounts carried forward. The Debtor must continue paying the monthly mortgage obligations to the bank by the tenth day of each month, replenish the reserve funds into a separate debtor-in-possession account, and satisfy the $350,000 cure payment by year-end 2026. As protection, the Debtor grants Mission Valley Bank replacement liens on the same collateral and proceeds to the extent of the bank's pre-petition interests. The stipulation also imposes monthly reporting obligations, including operating reports reflecting collections, disbursements, and use of cash collateral. The agreement establishes strict default provisions: if the Debtor improperly uses cash collateral, misses payments, fails to provide required reports, or breaches other obligations, the bank may terminate cash collateral usage rights after notice and an opportunity to cure. Certain events, including conversion of the Debtor's bankruptcy case, appointment of a trustee, or modification of the stipulation without lender consent, trigger immediate termination rights. The stipulation further creates procedures for requesting additional or emergency expenditures outside the approved budget, subject to lender review, objection rights, and potential court intervention. A copy of the stipulation is available at https://urlcurt.com/u?l=1xRT51 from PacerMonitor.com. Mission Valley Bank, as lender, is represented by: Brett H. Ramsaur, Esq. Joshua M. Nyman, Esq. Ramsaur Law, P.C. 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Phone: (949) 200-9114 Fax: (949) 222-3453 brett@ramsaurlaw.com josh@ramsaurlaw.com About Pico-Union Housing Corporation Pico-Union Housing Corporation is a Los Angeles-based nonprofit housing developer and property manager that develops, preserves, and operates affordable housing for low-and very-low-income households, primarily in the Pico-Union neighborhood and other areas of the city. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-12372 on March 12, 2026. In the petition signed by Gloria Farias, executive director, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Vincent P. Zurzolo oversees the case. The Debtor tapped David M. Goodrich, Esq., at Golden Goodrich LLP as counsel and Joshua R. Teeple, CPA, at Grobstein Teeple LLP as financial advisor. PPF GIN: Seeks to Extend Plan Exclusivity to Aug. 3 --------------------------------------------------- PPF Gin & Warehouse, LLC and its affiliates asked the U.S. Bankruptcy Court for the Eastern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 3 and Oct. 2, 2026, respectively. The Bankruptcy Code does not provide any guidance with respect to the type of "cause" warranting an extension under Section 1121(d). However, courts have identified a number of factors to consider in determining whether sufficient “cause” exists. The Debtors explain that the following factors warrant the requested extension of exclusivity: * The Debtors have not been able to meaningfully prepare a proposed plan of reorganization because their focus has been on stabilizing operations and resolving other business-related issues. Debtors' management will have more time to focus on preparing a plan as those operational tasks are resolved. * The Debtors desire to retain an investment banker to locate strategic partners willing to acquire an interest in PPF Gin & Warehouse, LLC. * The Debtors need additional time to sell the land owned by Pilgrim Land Management, LLC, which should generate approximately $15 million. * The Debtors are committed to proposing a chapter 11 plan during the extended period of exclusivity and reasonably expect to be able to do so. * The Debtors are not seeking an extension to pressure creditors or to obtain any strategic advantage. * No creditor will be prejudiced by the requested extensions, in that exclusivity is not being used to prevent any creditor from presently enforcing its rights. Counsel to the Debtors: Brandon J. Tittle, Esq. TITTLE LAW FIRM, PLLC 13155 Noel Drive, Suite 900 Dallas, TX 75240 Telephone: (972) 213-2316 E-mail: btittle@tittlelawpllc.com About PPF Gin & Warehouse LLC PPF Gin & Warehouse, LLC operates in the cotton industry, providing ginning services and managing cotton production through agreements with farmers. The Company owns and operates multiple facilities, including gins, warehouses, and seed locations across Texas in Cooper, Paris, Reno, Deport, and Wolfe City. PPF engages in vertical integration by assisting farmers with planting and purchasing cotton at preset prices, supporting large-scale cotton production across the region. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40061) on January 5, 2026. In the petition signed by Patrick Pilgrim, member, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as bankruptcy counsel. PR RNO 1: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable --------------------------------------------------------- Fitch Ratings has assigned PR RNO Property Owner 1, LLC a Long-Term Issuer Default Rating (IDR) of 'BB' and its $4.585 billion senior secured notes a rating of 'BB'. The Rating Outlook is Stable. The ratings reflect elevated completion risk given early-stage construction and the absence of a guaranteed maximum price (GMP) currently. Mitigants include the ability to rentalize up to 20% of initial estimated cost through a yield-on-cost mechanism until GMP is finalized and advanced long-lead procurement. Required power infrastructure remains under development, and the energy services agreement (ESA) is not finalized, although 200 MW has been allocated under a master planned community arrangement. Cash flow during the initial lease term is sufficient to repay debt under Fitch's rating case assumptions, eliminating exposure to lease renewal risk, while financing terms are weaker than typical project finance protections. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Weaker Simple Construction, No GMP Elevated completion risk reflects early-stage construction and absence of a GMP at this stage. While the contractor — Clark Construction Group, LLC — is experienced and the scope is straightforward, execution risk remains elevated given Fleet Data Centers' limited track record. Key mitigants include a lease yield-on-cost feature recovering total capex through higher rent, a robust budget with substantial developer contingencies, and 90% of major components locked in. The project budget is considered adequate by lenders' technical advisor (LTA). The lease permits up to a 20% increase in the initial estimate of $15.8 million/MW prior to GMP finalization, and the debt is sized on higher cost assumptions of around $17.9 MM/MW (around 13.5% above the initial estimate). Schedule risk is manageable per the LTA, with tenant termination rights in April 2032 providing significant cushion. Supply Risk - Weaker Power Infrastructure to Be Constructed The project faces electricity supply risk due to its reliance on NV Energy to deliver new utility infrastructure, including a substation and transmission lines. Utility infrastructure completion aligns with contracted ready for service (RFS) dates and provide roughly three months of buffer. The project is using an accelerated power strategy supported by a behind-the-meter (BTM) solution of 135 MW. Although the financial model and Fitch cases consider commencement of 200 MW under the accelerated schedule, the project has adequate liquidity including an upfront six-month DSRA, revenues during construction and contingencies to absorb incremental carry costs if the 200 MW instead comes online as per the contracted RFS schedule. While ESA is expected by May 2026, the project has executed a 200 MW high voltage distribution (HVD) agreement with NV Energy, which allocates capacity to the project under an 810 MW master planned community (MPC) arrangement which was executed by a subsidiary of Tract Capital Management, LP. The expected ESA term is 10 years, which creates renewal and price risk, but the tenant bears the price risk. The project assumes low power usage efficiency (PUE); if missed, more power may be needed than HVD allocation. However, the MPC arrangement and BTM solution provide flexibility to meet the project's power requirement in case of shortfall. Revenue Risk - Stronger No Lease Renewal Risk Cash flows are contracted under a 197-month initial lease with an investment-grade tenant and two 10-year extensions options. The cash flows during the initial lease term are sufficient to repay the debt, under Fitch's rating case assumptions, eliminating renewal risk. Base rent is calculated as 9.5% of total capex. Before GMP finalization, up to 20% of cost overruns above initial estimate can be rentalized. After GMP, cost overruns shift to the project. BTM costs are passed through to the tenant. Operation Risk - Stronger NNN Lease, Limited Operator's Track Record Triple-net (NNN) lease passes all operating costs, including electricity, taxes, and insurance, to the tenant, reducing cost inflation exposure. However, stringent performance standards allow outage-related rent abatements. The project is expected to run at low PUE versus peers and could trigger service credits if not met. The project has been allocated 230 MW under the land purchase agreement and retains flexibility to upsize the HVD agreement for incremental increase should higher power be needed. While SLA underperformance does not give the tenant termination rights, service credits would still be payable if performance standards are not met. Redundancies mitigate disruptions, but Fleet's modest operating history elevates operations risk. Infrastructure Development and Obsolescence Risk - Neutral Newly Built Data Center, Low Maintenance As debt can fully amortize during the initial lease under Fitch's rating case assumptions, technological obsolescence risk is limited. Mechanical and electrical components are expected to outlast the debt maturity, minimizing capital needs. Fitch anticipates only minor capex within eight to 10 years, mainly for battery replacement. Debt Structure - Weaker Refinance Risk, Additional Debt Allowance Fixed-rate senior secured notes mature in 2031, creating refinancing risk, particularly given the sponsors' limited refinancing track record. This risk is partly mitigated by the absence of reliance on lease renewals to repay debt under the Fitch rating case. Liquidity includes an upfront fully funded or debt service reserve account (DSRA) covering about six months of debt service plus funded interest during construction. Debt provisions are weaker than typical project finance structures. Financing documents permit additional debt without rating confirmation, restricted by a loan-to-cost (LTC) ratio as greater of i) the issue date and ii) 85% on a pari passu basis and 95% on a non-pari passu basis, and also includes baskets such as a 50% of the NOI basket. Fitch views this risk as partially mitigated given the debt metrics are commensurate for the rating under Fitch's rating case which assumes the additional debt under LTC debt basket, allowing project regear to issue level. In addition, the issuer is permitted to undertake mergers and consolidations, but these actions are subject to a rating confirmation test, and it may enter into joint ventures, which are subject to leverage tests. Furthermore, special purpose entity restrictions partly offset these features. Peer Analysis The closest peers are SV RNO Property Owner 1, LLC (BB/Stable) and Cipher Compute LLC (BB-/Stable). Like these peers, PR RNO faces elevated completion risk from early construction and the absence of a GMP. SV RNO and PR RNO have tighter restrictions on additional indebtedness versus Cipher Compute, which has more flexibility to raise additional indebtedness for expansion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant delay in finalizing GMP or construction delays — including delays in the availability of electrical utility infrastructure, such as substations — that result in increased unavoidable costs not covered by either contingencies or DSRA; - Degradation in financial performance leading to a sustained debt service coverage ratio (DSCR) or project life coverage ratio (PLCR) below 1.05x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of all the tranches in line with the lease terms, coupled with sustained operational and financial performance with the DSCR and PLCR above 1.10x. Financial Profile Fitch's base and rating cases assess project cash flows over the initial lease term with rent commencement as per the accelerated lease schedule and refinancing in year five. The base case assumes maintenance capex and an 8% refinancing rate. The rating case is identical except for 10% stress to maintenance capex and additional debt of $340 MM, in line with debt allowance under the financing document. Rating case results in a 1.08x PLCR at refinancing and an average DSCR of 1.19x over 2028-2031. Fitch also evaluated a sensitivity case using rating case assumptions with rent starting per the contracted lease schedule; the PLCR at refinancing remains commensurate with the rating level. TRANSACTION SUMMARY PR RNO, indirectly owned by Fleet Data Centers I, LP, issued $4.585 billion senior secured notes to build a data center with critical IT capacity of 200 MW in Nevada. Note proceeds will fund about 90% of project costs, with the remaining $498.9 million funded by equity at close. Fleet Data Centers I, LP has provided a completion guarantee under the lease. While Fitch has received the executed financing and security documents, the mortgage has not yet been delivered. The indenture permits the issuer up to 180 days following closing to deliver the mortgage and related real estate deliverables. SECURITY - Substantially all assets of the issuer including data center land, buildings, machinery and equipment, the project accounts, excess property, and a pledge of 100% of the issuer's equity interests; - The infrastructure supporting the BTM solution, the substation and the adjacent property are collateral, but can be released at the issuer's option provided that the substation and any interconnection capacity not allocated to the lease and all other assets, rights and attributes of the issuer and/or the project directly related to such unallocated capacity may not be released from the collateral if such release would cause the project to lose access to electrical power that the issuer is required to deliver to tenant to satisfy the greater of (i) 230 MW and (ii) the maximum critical IT capacity required under the lease. Date of Relevant Committee April 27, 2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for PR RNO Property Owner 1 LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- PR RNO Property Owner 1, LLC LT IDR BB New Rating BB(EXP) PR RNO Property Owner 1, LLC/Senior Secured Debt/1 LT LT USD 4.58 bln 6.5% bond/note 01-May-2031 69393LAA1 LT BB New Rating BB(EXP) PRECIPIO INC: To Host Q1 2026 Investor Call Today ------------------------------------------------- Precipio, Inc. will be hosting its Q1-2026 shareholder update call today, at 5:00 PM ET. The call will include remarks on the company's current core businesses, as well as a moderated live Q&A session at the end of the Company remarks. As part of Precipio's ongoing commitment to transparency and shareholder engagement, this call will be the first time the Company will incorporate a dedicated moderated live Q&A session into its quarterly update call. Management looks forward to addressing investor questions and providing additional insight into the Company's performance, strategy, and growth initiatives. Following Ilan Danieli's remarks, the conference call moderator will invite listeners to log into the Q&A system, where they will need to identify themselves and the organization they represent (or individual investor). Participants who wish to ask a question during the live call should follow the operator's instructions. Listeners interested in submitting questions in advance can email their questions to investors@precipiodx.com, and management will do its best to address those questions during the call. The conference call may be accessed by calling 646.307.1865. All callers should ask for the Precipio Inc. conference call. A replay of the call will be available approximately 24 hours after the call and may be accessed via the Investors page on Precipio's website, https://www.precipiodx.com/investors/. About Precipio Omaha, Neb.-based Precipio, Inc., formerly known as Transgenomic, Inc. -- http://www.precipiodx.com/-- is a healthcare solutions Company focused on cancer diagnostics. Its business mission is to address the pervasive problem of cancer misdiagnoses by developing solutions to mitigate the root causes of this problem in the form of diagnostic products, reagents, and services. As of December 31, 2025, the Company had $21.3 million in total assets and $6.8 million in total liabilities, and total stockholders' equity of $14.6 million. New Haven, Conn.-based CBIZ CPAs P.C., the Company's auditor since 2016, issued a "going concern" qualification in its report dated March 30, 2026, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. PRIMROSE CANDY: Seeks to Extend Plan Exclusivity to Oct. 5 ---------------------------------------------------------- Primrose Candy Co. asked the U.S. Bankruptcy Court for the Northern District of Illinois to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 5 and Dec. 7, 2026, respectively. The Debtor explains that cause for the requested extension of the Exclusive Periods includes the following: * The Bar Date for non-governmental claims just expired on April 27, 2026. The Debtor has scheduled over 120 creditors and is examining the claims now that the Bar Date has expired. Additionally, the Debtor has multiple executory contracts which are also being reviewed to determine which should be assumed or rejected. This process will necessarily extend beyond the current Plan Exclusivity Period. * The Debtor, together with its financial advisor, is analyzing all of the numerous facts that will affect the long-term cash flow projections that will support a Plan of Reorganization. These projections are not only based upon current and historical financial data but also the results of new product research and development and new customer pricing negotiations. These efforts will also necessarily extend beyond the current Plan Exclusivity Period. * An annual meeting of the Debtor's shareholders is scheduled for June 1, 2026, a date after the current Plan Exclusivity Period. The Debtor claims that this request is not being made for the improper purpose of causing unnecessary delay, and the Debtor believes that this request is in the best interests of the Debtor's estate and its creditors. No creditor will be prejudiced or harmed by the extensions requested in this Motion. Primrose Candy Co. is represented by: David K. Welch, Esq. Brian P. Welch, Esq. Burke, Warren, MacKay & Serritella, PC 330 N. Wabash Ave., Suite 2100 Chicago, IL 60611 Telephone: (312) 840-7000 Facsimile: (312) 840-7900 Email: dwelch@burkelaw.com 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. PROJECT LEOPARD: S&P Downgrades ICR to 'CCC', Outlook Negative -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Project Leopard Holdings Inc. (dba Tungsten Automation) to 'CCC' from 'B-', its issue-level rating on its first-lien debt to 'CCC' from 'B-', and its rating on its second-lien term loan to 'CC' from 'CCC'. S&P's '3' recovery rating on the first-lien debt and '6' recovery rating on the second-lien term loan are unchanged. The negative outlook reflects S&P's view that Tungsten's capital structure is unsustainable given limited liquidity cushion and cash flow trajectory, which while improving, is likely to remain insufficient to meet its debt obligations. Tungsten's capital structure is unsustainable given its consistent cash burn and limited liquidity. Tungsten's liquidity has steadily weakened due to consistent cash burn over the last four years, with fiscal 2025 falling short of S&P's expectations. S&P Global Ratings views the company's liquidity as of December 2025 as less than adequate, given that it has utilized about 75% of its $150 million revolving credit facility and about 94% of its available ABL facility ($2.5 million remaining on a $40 million borrowing base as of Dec. 31, 2025), while maintaining limited cash reserves of about $43 million. S&P expects further cash burn of $25 million-$30 million in fiscal 2026, after considering $14 million in required debt amortization. This outflow will further pressure liquidity and necessitate further revolver draws ahead of its July 2027 expiration. S&P said, "While we recognize that Tungsten will seek to extend the revolver maturity, elevated leverage and persistent cash flow deficits could impede management's effort. Therefore, if the company is unable to extend the revolver, we believe there is an increased risk that the company will not meet its debt service requirements or restructure debt in a way we could consider tantamount to default (which may differ from what constitutes a default under the credit agreement) in the next 12 months. Furthermore, there is also a possibility the company extends its revolver under terms that, in our view, do not provide adequate compensation to lenders, which we could consider a selective default. "We expect Tungsten may need additional liquidity support if it burns more cash than expected. Tungsten's consistent cash burn has been driven by a high debt burden, high investments in go-to-market strategies and product enhancements, and the transition from license-based to software-as-a-service (SaaS) and term-license models. We anticipate these revenue headwinds will subside, given that the transition is largely complete and restructuring costs will decline. Therefore, after considering $14 million in required debt amortization, we expect the cash burn to improve to $25 million-$30 million in fiscal 2026 from approximately $50 million in fiscal 2025, and further to $5 million-$10 million in fiscal 2027. Nevertheless, given the significant current utilization of the revolver and ABL facilities, any cash burn exceeding these estimates could necessitate additional liquidity support. "The negative outlook reflects our view that Tungsten's capital structure is unsustainable given limited liquidity cushion and cash flow trajectory, which while improving, is likely to remain insufficient to meet its debt obligations." S&P could lower its rating on Tungsten if: -- S&P expects free cash flow to weaken more than our expectations, resulting in an even weaker liquidity position and raising the likelihood that it is unable to extend its revolver maturity; or -- The company extends the upcoming revolver maturity but under terms that, in S&P's view, do not provide adequate compensation to lenders, which it would consider a distressed exchange and tantamount to default. S&P could take a positive rating action on Tungsten if it expects its free cash flow and liquidity to improve considerably, such that S&P views the likelihood of a near-term default to be reduced. PSP TS: Case Summary & Three Unsecured Creditors ------------------------------------------------ Debtor: PSP TS LLC d/b/a Pet Supplies Plus 2607 US Hwy 19 Holiday, FL 34691 Business Description: PSP TS LLC, doing business as Pet Supplies Plus, operates a pet supply store in Holiday, Florida, selling pet food, treats, toys and related supplies for dogs, cats, fish, birds, reptiles and small animals. The company's Holiday location, also provides grooming, bathing, self-service dog wash, curbside pickup, online ordering and home delivery services, with a VIP Petcare clinic inside the store offering vaccination and preventive-care services for pets. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04016 Judge: Hon. Catherine Peek Mcewen Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 E-mail: sdammer@bbdglaw.com Total Assets: $415,781 Total Liabilities: $1,224,943 The petition was signed by Gustavo Marrero Pou as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M73Y2PY/PSP_TS_LLC__flmbke-26-04016__0001.0.pdf?mcid=tGE4TAMA PSP TS: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------- On May 12, 2026, PSP TS LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to creditors and has between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 10, 2026, at 12:00 p.m. telephonically via US Trustee - Tampa/Ft. Myers. About PSP TS LLC PSP TS LLC is a Florida-based limited liability company engaged in commercial and business-related operations. The company operates with a modest asset base and limited creditor exposure. PSP TS LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04016) on May 12, 2026. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L. Dammer, Esq. of Bleakley Bavol Denman & Grace. QUICK PRINTS: Seeks Subchapter V Bankruptcy in Florida ------------------------------------------------------ On May 11, 2026, Quick Prints LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. The deadline to file proofs of claim is on July 20, 2026. About Quick Prints LLC Quick Prints LLC is a company engaged in commercial printing and related business services. Quick Prints LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-16091) on May 11, 2026. In its petition, the Debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Andrew Kamensky, Esq. Tarek Kirk Kiem serves as Subchapter V Trustee. QVC GROUP: Shareholders Seek to Terminate Exclusivity Period ------------------------------------------------------------ Certain Preferred Shareholders of QVC Group, Inc. and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to terminate the exclusive periods during which only the Debtors may file a plan of reorganization and solicit acceptances thereof. Preferred Shareholders claim that the Debtors have intentionally excluded them from their process. Months before filing for bankruptcy, in February 2026, QVCG ignored the request of Cleary Gottlieb Steen & Hamilton LLP, as counsel to and on behalf of certain Preferred Shareholders, to be included in the restructuring negotiation discussions in order to preserve the value of QVCG for its stakeholders and prevent the diversion of value from QVCG to support any debt restructuring involving its subsidiaries. Preferred Shareholders claim that the Debtors' Plan, as it relates to QVCG, is patently unconfirmable on multiple grounds that the Preferred Shareholders will litigate in connection with the confirmation process. * First, the Plan cannot be confirmed because it does not satisfy Section 1129(a)(10)'s requirement that at least one impaired class vote to accept the plan where any class is impaired. All classes of claims against QVCG are deemed unimpaired under the Plan. Accepting for purposes of argument that QVC has an allowed $400 million claim against QVCG, that claim, which will receive Distributable Cash that covers less than 50% of the claim amount, is clearly not being unimpaired. * Second, the Plan cannot satisfy the "best interests" test because the Plan itself provides QVC with a recovery far exceeding the allowed amount of its $400 million claim—at the expense of the Preferred Shareholders. The Debtors have submitted no Cornerstone valuation whatsoever, despite the fact that Cornerstone has no funded debt, approximately $74 million in cash, and is projected to generate approximately $940 million in net revenue and $30 million in OIBDA in 2026. * Third, the Plan does not satisfy Section 1129(a)(3)'s good faith requirement. Here, the Debtors' conduct fails on all counts. The unnecessarily rushed process to confirm this "prepackaged plan" that sacrifices all Preferred Shareholder rights with no due process through approval of a "settlement" concocted outside of bankruptcy without any input from the Preferred Shareholders is ridiculous. The opaque disclosure regarding the settlement of claims at the heart of these Chapter 11 Cases is atrocious. Preferred Shareholders state that while the broader QVC restructuring is undoubtedly complex, the QVCG-specific issues are not. QVCG is a non-operating holding company with approximately $195 million in available cash, a 62% equity interest in Cornerstone, certain other non-cash assets, modest third-party obligations (and no prepetition funded debt), and a single central dispute: whether the QVC-QVCG Settlement Claim should be allowed. Preferred Shareholders assert that the The Debtors' prepackaged Plan was negotiated with a select group of creditors (none of whom have claims against QVCG), locked in through the RSA, and presented to the Court on the Petition Date with the expectation that confirmation would follow in approximately five weeks. Exclusivity, under these circumstances, serves not to give the Debtors time to formulate a plan (they already have one), but to prevent the Preferred Shareholders from defending their substantial financial interests or to propose a superior alternative before the confirmation hearing. Preferred Shareholders further assert that termination of exclusivity here would unquestionably advance the case by providing the Court and all parties in interest with a competing framework that (a) provides Code-compliant creditor treatment including an impaired accepting class of general unsecured claims via a partial initial distribution, (b) provides a mechanism for adjudicating the Alleged Intercompany Claims on the merits, (c) is funded entirely by private parties at no cost to the estate, (d) preserves all existing estate cash pending the outcome of litigation, and (e) does not disturb the subsidiaries' restructuring. Counsel to the Preferred Shareholders: KANE RUSSELL COLEMAN LOGAN PC Mark C. Taylor, Esq. 401 Congress Ave., Suite 2100 Austin, Texas 78701 Telephone: (512) 487-6650 Email: mtaylor@krcl.com -and- GLENN AGRE BERGMAN & FUENTES LLP Andrew K. Glenn, Esq. Kurt A. Mayr, Esq. Agustina G. Berro, Esq. 1185 Avenue of the Americas New York, New York 10036 Telephone: (212) 970-1601 Email: aglenn@glennagre.com kmayr@glennagre.com aberro@glenna.com -and- CLEARY GOTTLIEB STEEN & HAMILTON LLP David H. Botter, Esq. Joshua Brody, Esq. One Liberty Plaza New York, New York 10006 Telephone: (212) 225-2000 Facsimile: (212) 225-3999 Email: dbotter@cgsh.com jbrody@cgsh.com About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. and Lydia R. Webb of Gray Reed & McGraw LLP. RAMH ENTERTAINMENT: Wins Interim Cash Collateral Access ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington entered an interim order authorizing RAMH Entertainment, LLC to use cash collateral. The court authorized the Debtor to use cash collateral on an interim basis, allowing the Debtor to continue operating its business while the bankruptcy case proceeds. As adequate protection, Wheatland Bank was granted a replacement lien on post-petition cash collateral. The Debtor was also ordered to make monthly adequate protection payments to Wheatland Bank in the amount of $666 beginning this month. The order further authorized interim payments to specifically named creditors pursuant to sections 363(e) and 361(2) of the Bankruptcy Code. The interim cash collateral arrangement remains subject to the Debtor's proposed refinancing of Wheatland Bank's debt, contingent upon SBA approval and subsequent approval by the bankruptcy court. A copy of the court's order is available at https://shorturl.at/emE5Y from PacerMonitor.com. About RAMH Entertainment LLC RAMH Entertainment, LLC, doing business as All-Star Jump, provides party and event rental services across Eastern Washington and Northern Idaho, including Spokane, WA, and Post Falls, ID, offering interactive inflatables, mechanical bulls, photo booths, carnival games, concessions, and entertainment services such as face painting, balloon twisting, and temporary airbrush tattoos. The company manages rentals for private parties, church events, and community gatherings, emphasizing safety, cleanliness, and a full-service experience for clients. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 26-00290) on February 19, 2026. In the petition signed by Tim Homer, owner, the Debtor disclosed $323,201 in assets and $3,210,733 in liabilities. Judge Frederick P. Corbit oversees the case. Amy Wilburn, Esq., at the Law Office of Amy Wilburn, PLLC, represents the Debtor as bankruptcy counsel. REALTRUCK INC: S&P Ups ICR to 'CCC+' on Extended Debt Maturities ---------------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on RealTruck Inc. to 'CCC+' from 'SD' (selective default). At the same time, S&P assigned its 'B' issue-level rating and '1' recovery rating (90%-100%; rounded estimate: 95%) to the new FLFO new money term loan, 'CCC' issue-level rating and '5' recovery rating (10%-30%; rounded estimate: 25%) to the exchanged term loans, and 'CCC-' issue-level rating and '6' recovery rating (0%-10%; rounded estimate: 0%) to the new second-lien notes, which were all issued by the company's subsidiary, RealTruck Group Inc. S&P said, "Simultaneously, we withdrew our ratings on the company's previous first-lien term loan facility, which it exchanged as part of the restructuring. $86 million of the 2029 unsecured notes remain outstanding, so we raised our issue-level rating to 'CCC-' from 'D'. "The negative outlook reflects that we would downgrade RealTruck if it generates larger FOCF deficits and its liquidity continues to deteriorate, which would increase the likelihood of a liquidity shortfall or payment default in the next 12 months." RealTruck Inc. completed a debt restructuring with its first-lien term loan lenders and senior unsecured noteholders that extended maturities. The term loan lenders also funded a pro rata share of the new money first-lien, first-out term (FLFO) loans, which RealTruck used to repay asset-based loan (ABL) revolver borrowings, fund cash to the balance sheet, and pay transaction expenses. S&P said, "Given its improved liquidity and debt maturity profile following the transaction, we believe the company has greater flexibility to complete a turnaround. However, due to its high leverage above 15x and our expectation for continued free operating cash flow (FOCF) deficits, we continue to view RealTruck's capital structure as unsustainable, though we consider a default unlikely over the next 12 months." The debt restructuring improved RealTruck's liquidity and temporarily reduced its refinancing risk. The completed debt exchange extended its debt maturities, which alleviated its near-term refinancing risk and improved its debt maturity profile. The nearest debt maturity is the $86 million unsecured notes due February 2029 that remain outstanding post-restructuring followed by the new FLFO new money term loan and exchanged term loans both due in January 2031 and lastly the new second-lien notes due July 2031. In addition, the incremental debt the company raised as part of the transaction also enabled RealTruck to repay revolver borrowings and fund cash to the balance sheet. This significantly increased liquidity to about $288 million pro forma the transaction from $60 million prior to the transaction. S&P expects this will allow it to fund expected FOCF deficits over the next 12 months. S&P said, "We expect leverage will remain unsustainably high and FOCF deficits will continue, due to its higher pro forma debt and a challenging consumer environment. Following the transaction, RealTruck's funded debt increased to $3.25 billion, up more than $200 million. While our updated base-case forecast assumes the company modestly expands its EBITDA on lower operational restructuring, increasing inflationary pressures and a weak consumer environment will limit the pace of profit recovery. "We therefore expect leverage to remain well above 10x. In addition, given the increase in debt, the higher interest rate (SOFR + 5.75%) on the new money FLFO term loans and the 100-basis point step up of the interest rate on the first-lien, second-out exchange term loans, we expect higher interest expense will lead to continued FOCF deficits. While scheduled amortization for the term loans has been eliminated, the incremental interest expense from the new FLFO new money term loan and higher applicable margins more than offsets the savings from the foregone principal installments. "We forecast revenue growth and margin recovery will be challenging this year, with modest improvement after 2026.We expect organic revenue will decline about 7% in 2026 before gradually recovering in subsequent years. Higher unemployment in the next few quarters, peaking at about 4.6% in 2027 from about 4.3% in 2025, will reduce demand for discretionary auto aftermarket products. "While RealTruck is expanding its lower-margin, entry-level offerings, revenue growth may be better than our base case but this will not likely improve margins. We expect lower restructuring costs and benefits from moving its manufacturing footprint to Mexico. However, the war in the Middle East has increased prices for aluminum and diesel for shipping and logistics. "We do not expect the company to offset these increasing inflationary pressures with pricing given weak consumer spending. We therefore expect margins to remain low this year at 12.4% before recovering toward 16% by 2028. A worse economic downturn poses an additional downside risk to our base case. "The negative outlook reflects that we would downgrade RealTruck if it generates larger FOCF deficits and its liquidity continues to deteriorate, raising the prospects for a liquidity shortfall or payment default in the next 12 months. "We could lower our rating on RealTruck if it underperforms our expectations such that it incurs larger-than-anticipated FOCF deficits, which lead us to view the risk of a near-term liquidity shortfall or default as elevated over the next 12 months. This could occur if sales volumes and profitability are weaker than anticipated. We could also lower our ratings if we expect an increased likelihood of the company engaging in a distressed restructuring, which we would consider tantamount to a default. "While unlikely in the next 12 months, we could take a positive rating action on RealTruck if the company can increase profits and we expect it to generate at least break-even FOCF. This could occur if sales volumes and margins recover. In this scenario, we would expect leverage to fall to more sustainable levels and liquidity to stabilize." RED VENTURES: S&P Alters Outlook to Positive, Affirms 'B+' ICR -------------------------------------------------------------- S&P Global Ratings revised its outlook on Red Ventures Holdco L.P. to positive from negative. At the same time, S&P affirmed the 'B+' issuer credit rating. The positive outlook reflects S&P's expectation that Red Ventures' S&P Global Ratings adjusted gross leverage will improve to below 4x over the next year. The outlook also reflects its expectation that the Red Ventures' core advertising business will remain stable and that the company will continue to voluntarily repay debt. Red Ventures announced it will begin consolidating its financials with those of its joint venture, RVO Health LLC (RVOH). S&P said, "We will include 50% of RVOH's EBITDA, proportional to the company's controlling ownership stake, in our EBITDA forecast, which will have a material impact on forecasted credit metrics. As a result, we now believe there's a path for the company to reduce leverage below our 4x upgrade threshold over the next year. "We expect Red Ventures will reduce leverage below 4x, but doing so depends on voluntary debt repayment and the core advertising business remaining stable. The company recently announced that beginning in the second quarter of 2026, it will consolidate its joint venture, RVOH, in its financials. We will include 50% of RVOH's EBITDA (about $88 million in 2026), proportional to the company's controlling ownership stake, in our EBITDA calculation. As a result, we now expect the company will reduce S&P Global Ratings-adjusted gross leverage to around 4.1x in 2026 from 7.3x in 2025, with further improvement to the mid-3x area in 2027. Without the partial consolidation of RVOH, we previously forecast S&P Global Ratings adjusted gross leverage of 6.7x in 2026 and 5.5x in 2027." Despite the financial benefit from RVOH, Red Ventures' core business has faced continued headwinds from AI and macroeconomic uncertainty. If these headwinds persist, it could prolong the pace of deleveraging. Declining search engine optimization (SEO) traffic continues to pressure many of the company's business lines, including its largest business, Bankrate. Like many of its peers, Red Ventures has seen reduced traffic to its websites given changes to Google's search algorithm and increased use of Google AI Overviews and AI chatbots. Costs per click are also increasing as competition for paid traffic continues to intensify. Red Ventures also faces a tough comparative period in the first half of 2026 following the loss of its largest customer in 2025. S&P said, "While these pressures are partially offset by stronger performance in Allconnect, RV GT, and The Points Guy, we forecast total core revenue will decline 3%-4% in 2026 before returning to low-single-digit percent growth in 2027. We expect lower staffing, technology, and facilities expenses will help mitigate the impact on EBITDA, with core business EBITDA (excluding RVOH) roughly flat in 2026." S&P said, "We expect the company will use free operating cash flow (FOCF) to repay its term loan. Red Ventures is expected to generate about $150 million of FOCF in 2026, including about $40 million from selling Puerto Rico tax credits. The $150 million also includes around $88 million of FOCF from RVOH, which we expect will remain at that entity. Red Ventures also recently announced the sale of Budge, a minority investment, for net proceeds of about $50 million (expected to close in May 2026). Our base-case forecast assumes the company will repay about $100 million debt in 2026, similar to the amount it repaid in 2025." As the Sage mortgage origination business has grown over the past 12 months, the company has had growing warehouse lines of credit and cash outflows as it originates mortgages, before it sells them to government-sponsored entities. The company underwrites mortgages specifically to meet the requirements of Fannie Mae and Freddie Mac and maintains a short holding period of seven to 10 days for its mortgages. S&P said, "Given Red Ventures uses short-term funding to purchase high-quality liquid assets, we believe credit risk is minimal. Therefore, we adjust our debt measures by netting the value of the short-term liquid assets against the value of the debt. Specifically, when calculating adjusted debt, we net mortgages held for sale on the balance sheet against warehouse lines of credit. Similarly, instead of classifying proceeds from warehouse lines as cash flow from financing, we treat it as cash from operations. As the Sage business continues to grow, these adjustments will be increasingly material." The positive outlook reflects S&P's expectation that Red Ventures' S&P Global Ratings adjusted gross leverage will improve to below 4x over the next year. The outlook also reflects its expectation that the Red Ventures' core advertising business will remain stable and that the company will continue to voluntarily repay debt. S&P could revise the outlook to stable if it no longer expects the company to reduce leverage to below 4x over the next 12 months. This could occur if: -- Its advertising and transaction revenue became pressured due to worsening macroeconomic conditions, resulting in less advertiser and partner spending on the company's platforms; -- Industry disruption from new and developing technologies limited traffic to Red Ventures' owned and operated websites as well as to its client services partners; or -- The company engaged in a more aggressive financial policy, prioritizing acquisitions and shareholder returns over debt reduction. S&P raises the rating if: -- The company reduces and maintains gross leverage below 4x; and -- The company generates sustainable FOCF to debt approaching 15%. REDCOLE PARTNERS: Commences Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On May 6, 2026, Redcole Partners, LLC sought Chapter 11 bankruptcy protection in the Northern District of Florida. According to the bankruptcy petition, the debtor reported liabilities between $1 million and $10 million and indicated it has between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 1, 2026 at 09:00 AM, CT, at/via with the U.S. Trustee by telephone at (888) 330-1716, Access Code 7738427 . About Redcole Partners, LLC Redcole Partners, LLC is a Pace, Florida-based real estate holding or investment entity tied to a residential property in Pace. Redcole Partners, LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Case No. 26-30477) on May 6, 2026. The petition states that the company's estimated assets and liabilities also range from $1 million to $10 million each. The debtor is represented by Byron Wright III, Esq. of Bruner Wright, P.A. RELIZ TECHNOLOGY: Artha Investment Seeks Appointment of Examiner ---------------------------------------------------------------- Artha Investment Partners, LLC sought the appointment of an independent examiner in the Chapter 11 cases of Reliz Technology Group Holdings, Inc. and its affiliates. The company argued that appointment of an examiner is required as the cases involve substantial unsecured debt well in excess of $5 million. The Debtors' schedules and filings reflect claims in the tens of millions of dollars. The statute mandates appointment and the court's role is limited to defining the scope of the investigation, not deciding whether one should occur. Artha said that multiple parties have alleged fraud and misconduct outside and within these proceedings in connection with the Debtors' solicitation and handling of customer assets. The Debtors have admitted to commingling customer assets and using those assets to fund operations, and their own disclosures reveal that their financial condition was materially misrepresented prior to the petition. Artha argued that even apart from misconduct, appointment is warranted where it is in the interests of creditors and the estate, a flexible standard committed to the court's discretion. Here, creditor confidence has been undermined, the Debtors' records are unreliable, and their professionals have been unable to provide clear answers regarding insolvency or asset use. Under these circumstances, only an independent fiduciary can conduct the investigation and administer the estate in a manner that commands confidence. The company further argued that some parties to this proceeding may object to appointment of an independent trustee or examiner on the ground that it would increase administrative expense. That argument assumes that the current structure is preserving value. The record shows the opposite. The estate is already incurring substantial and ongoing costs associated with the Debtors in Possession and their restructuring professionals. Moreover, Artha argued that these deficiencies are not procedural. They go to the core of estate administration. A debtor in possession is a fiduciary charged with maximizing value for creditors. That role requires transparency, reliable records, and the ability to investigate potential claims, including claims against insiders and affiliated parties. Where those conditions are absent, the estate incurs cost without receiving the corresponding benefit of effective administration. Attorneys for Artha Investment Partners LLC: CROSS & SIMON, LLC Kevin S. Mann, Esq. 1105 N. Market Street, Suite 901 Wilmington, DE 19801 (302) 777-4200 kmann@crosslaw.com -and- John R. Neve, Esq. John Hayden, Esq. QUANTUM LEX PAௗ 6800 France Ave S, Suite 405 Minneapolis, MN 55435 (952) 746-2400 jneve@quantumlex.io jhayden@quantumlex.io About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc. together with affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, it also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. RENAISSANCE HOLDING: Oaktree Marks $15.1M 1L Loan at 93% Off ------------------------------------------------------------ Oaktree Specialty Lending Corp. has marked its $15,103,0000 loan extended to Renaissance Holding Corp. to market at $10,860,000 or 7% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corp. is a participant in a loan extended to Renaissance Holding Corp. The 1L Loan accrues interest at a rate of SOFR+ 4.00 % 7.67 % per annum. The 1L Loan matures on April 5, 2030. Oaktree Specialty Lending Corp. is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Renaissance Holding Corp. Renaissance Holding Corp. operates in the education services sector, providing instructional and related support offerings. ROOTED ENTERPRISE: Case Summary & Two Unsecured Creditors --------------------------------------------------------- Debtor: Rooted Enterprise, LLC 2775 Barron Road College Station, TX 77845 Business Description: Rooted Enterprise, LLC is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-33356 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Elyse M. Farrow, Esq. HASELDEN FARROW, PLLC 708 Main Street 10th Floor Houston, TX 77002 Tel: 832-819-1149 Fax: 866-405-6038 E-mail: efarrow@HaseldenFarrow.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stephanie Shoemake as manager. A copy of the Debtor's list of its two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4DWRXHY/Rooted_Enterprise_LLC__txsbke-26-33356__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/73637FY/Rooted_Enterprise_LLC__txsbke-26-33356__0001.0.pdf?mcid=tGE4TAMA RYE MARBLE: Case Summary & 17 Unsecured Creditors ------------------------------------------------- Debtor: Rye Marble Inc. a/k/a RMI Surfaces 28 Nursery Lane Rye, NY 10580 Business Description: Rye Marble Inc., doing business as RMI Surfaces, fabricates and installs stone surfaces for residential, architectural and commercial projects, including countertops, bathroom surfaces, fireplaces, wall cladding and custom stonework. The Rye, New York-based company, which traces its roots to a monument business founded in the 1920s, supplies quartz, porcelain, quartzite, marble and granite products and operates an indoor manufacturing and warehousing facility serving homeowners, designers, dealers and commercial customers. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-22478 Judge: Hon. Kyu Young Paek Debtor's Counsel: Anne Penachio, Esq. PENACHIO MALARA LLP 245 Main Street Suite 450 White Plains, NY 10601 Tel: (914) 946-2889 E-mail: anne@pmlawllp.com Total Assets: $11,172,918 Total Liabilities: $2,367,255 The petition was signed by Alexander DiPietro as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FJFXW6I/Rye_Marble_Inc__nysbke-26-22478__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 17 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Altus Receivables Management $1,674 2121 Airline Drive, Suite 520 Metairie, LA 70001 2. American Express $112,000 PO Box 1270 Newark, NJ 07101 3. Chase $20,000 201 N. Walnut Street Wilmington, DE 19801 4. E-Z Pass $7,305 P.O. Box 15183 Albany, NY 12212 5. Hanmi Bank Quail Leasing $29,707 P.O. Box 24986 Seattle, WA 98124 6. Hanmi Bank Iris Loan $11,518 P.O. Box 24986 Seattle, WA 98124 7. IPFS of New York $7,851 3522 Thomasville Road, Suite 400 Tallahassee, FL 32309 8. LEAF Printer Lease $7,000 One Commerce Square 2005 Market Street, 14th Floor Philadelphia, PA 19103 9. Liberty Mutual Insurance $17,112 175 Berkeley Street Boston, MA 02116 10. New York State Dept of Taxation $0 Harriman Campus Rd. Albany, NY 12227 11. Progressive Insurance $12,357 P.O. Box 94561 Cleveland, OH 44101 12. Radius Global Solutions LLC $100,970 500 North Franklin Tpk, Suite 315 Mail Code 747 Ramsey, NJ 07446 13. Transworld Systems MTA Tolls $11,857 500 Virginia Drive #514 Fort Washington, PA 19034 14. Transworld Systems MTA Tolls $9,901 500 Virginia Drive #514 Fort Washington, PA 19034 15. US Small Business Tompkins $350,000 Administration Receivables 409 3rd St., SW Washington, DC 20416 16. US Small Business Tompkins $43,000 Administration Receivables 409 3rd St., SW Washington, DC 20416 17. Valley National Bank $0 P.O. Box 588 Wayne, NJ 07474 SABLE OFFSHORE: Q1 2026 Loss Widens to $197M, Term Loan Due June 26 ------------------------------------------------------------------- Sable Offshore Corp. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $197 million for the three months ended March 31, 2026, compared to net loss of $109.5 million for the same period in the prior year. The Company recognized $1.3 million in net revenue for the three months ended March 31, 2026. No revenue was recognized during the three months ended March 31, 2025 as sales did not commence until March 2026. As of March 31, 2026, the Company had $1.7 billion in total assets, $1.3 billion in total liabilities, and $421.9 million in total stockholders' equity. Going Concern and Liquidity As of March 31, 2026, the Company reported unrestricted cash of $52.2 million, total debt of $956.3 million, and an accumulated deficit of $1.3 billion. On March 29, 2026, the maturity date of the Senior Secured Term Loan was accelerated to 90 days after the first sales of Hydrocarbons (as defined in the Senior Secured Term Loan), or June 26, 2026. The Company is currently evaluating additional debt financing alternatives, which may include the issuance of public or private debt securities, bank financing, or a combination thereof. There can be no assurance that such financing will be available on commercially reasonable terms, or at all. Additionally, the Senior Secured Term Loan contains restrictive covenants which limit the Company's ability to, among others, create or incur debt or liens. As of March 31, 2026, the Company was in compliance with all covenants under its Senior Secured Term Loan. Following the increase in production sales during 2026, the Company expects operating cash flows to increase, which may support the funding of future capital expenditures. However, if the Company is unable to generate sufficient cash flows from operations or obtain additional financing as needed, it may not be able to fund the capital expenditures necessary to sustain production levels. Prior to recommencing oil sales from the SYU Assets and to date, the Company experienced losses from operations and negative cash flows from operations much like other pre-revenue companies. Near-term capital funding needs have historically been addressed with proceeds from the issuance of the Company's Common Stock and proceeds from the exercise of warrants. Due to the lack of assurance that additional financing, including the refinancing of the Company's Senior Secured Term Loan, will be available on commercially reasonable terms, or at all, substantial doubt exists about the Company's ability to continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2cubtss3 About Sable Offshore Corp. Sable Offshore Corp. (formerly known as Flame Acquisition Corp. is an independent oil and gas company headquartered in Houston, Texas. Flame was initially formed as a special purpose acquisition company for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's independent auditor, Ham, Langston & Brezina, L.L.P., based in Houston, Texas, and serving since 2024, included a "going concern" qualification in its report dated February 27, 2026, attached to the Annual Report on Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025 citing that uncertainties related to obtaining the remaining regulatory approvals necessary to resume sales of production, along with the uncertainty of obtaining additional financing, or refinancing the Senior Secured Term Loan raise substantial doubt about the Company's ability to continue as a going concern. SAKS GLOBAL: Settles Major Lease Dispute with Simon Property ------------------------------------------------------------ Daphne Howland of Retail Dive reports that Saks Global and mall operator Simon Property Group have settled ongoing lease disputes that had threatened to delay progress in Saks Global’s Chapter 11 restructuring. The agreement is subject to approval by the U.S. Bankruptcy Court for the Southern District of Texas. The settlement covers several store leases across Simon-owned shopping centers and includes revised rental terms and concessions for Saks Global properties. The retailer will retain control of two locations previously targeted for eviction — a Saks Off 5th store at Woodbury Common Premium Outlets and a Neiman Marcus store at Stanford Shopping Center, the report states. Simon previously sought court recognition that the leases had been terminated before the bankruptcy filing due to more than $7 million in unpaid rent. The landlord had also argued that its prior $100 million investment in Saks Global gave it additional flexibility regarding lease obligations connected to the merger of Saks Fifth Avenue and Neiman Marcus Group. Saks Global Chief Restructuring Officer Mark Weinstein said the agreement avoids protracted litigation and helps preserve key store operations and landlord relationships. The settlement also requires Saks Global to make certain payments, including legal fees and accrued obligations, while granting Simon additional protections if the retailer files for bankruptcy again in the future. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SAKS GLOBAL: Wins Interim Transfer Approval for 8 Leases -------------------------------------------------------- Alex Wittenberg of Law360 reports that on May 11, 2026, Monday, Saks Global won preliminary approval from a Texas bankruptcy judge to sell and assign another eight leases valued at roughly $5.5 million in its Chapter 11 case. The approval followed a recent settlement between the retailer and its largest landlord that resolved disputes connected to lease assignments and store locations. The lease sale process forms part of the company's restructuring initiative to improve liquidity and rationalize its retail footprint while operating under bankruptcy protection. By transferring selected leases, the retailer hopes to reduce liabilities and generate proceeds that can support the Chapter 11 process and ongoing operations, the report states. Saks Global is a luxury retail operator known for selling high-end fashion brands, beauty products and upscale merchandise through department stores and related retail platforms. The company entered bankruptcy amid mounting debt obligations and broader headwinds impacting the luxury and department store sectors, according to Law360. About Saks Global Enterprises LLC Saks Global is the largest multi-brand luxury retailer in the world, comprising Saks Fifth Avenue, Neiman Marcus, Bergdorf Goodman, Saks OFF 5TH, Last Call and Horchow. Its retail portfolio includes 70 full-line luxury locations, additional off-price locations and five distinct e-commerce experiences. With talented colleagues focused on delivering on our strategic vision, The Art of You, Saks Global is redefining luxury shopping by offering each customer a personalized experience that is unmistakably their own. By leveraging the most comprehensive luxury customer data platform in North America, cutting-edge technology, and strong partnerships with the world's most esteemed brands, Saks Global is shaping the future of luxury retail. Saks Global Properties & Investments includes Saks Fifth Avenue and Neiman Marcus flagship properties and represents nearly 13 million square feet of prime U.S. real estate holdings and investments in luxury markets. On Jan. 13, 2026, and Jan. 14, 2026, Saks Global Enterprises, LLC and 112 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 26-90103). The jointly administered cases are pending before the Honorable Alfredo R. Perez. Willkie Farr & Gallagher LLP and Haynes and Boone, LLP are serving as legal counsel, PJT Partners LP is serving as an investment banker, Berkeley Research Group is serving as the financial advisor, and C Street Advisory Group is serving as a strategic communications advisor to the Company. Stretto is the claim agent. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Freres & Co, LLC is serving as investment banker, FTI Consulting, Inc. is serving as financial advisor, and Kekst and Company, Inc., is serving as a strategic communications advisor toan ad hoc group of debt holders. Hilco Global Professional Services, LLC, is the real property advisor to the Ad Hoc Group. Bank of America, N.A., is the administrative agent and collateral agent under the $1.5 billion asset-based revolving credit facility. U.S. Bank Trust Company, National Association, is the administrative agent and collateral agent under the $2.56 billion SGUS DIP Facility, a term loan facility with new money and roll-up components. U.S. Bank is also the agent under the $1.75 billion OpCo DIP Facility, a term loan facility to be used for refinancing existing debt. Barclays Bank, PLC serves as the fronting lender of the SGUS First Out DIP Loans. It is advised by Dentons US LLP. Otterbourg P.C., Morgan, Lewis & Bockius LLP, and Norton Rose Fulbright US LLP serves as counsel to the ABL DIP Agent; M3 Advisory Partners, LP, is the financial advisor to the ABL DIP Agent; and Great American serves as its inventory valuation consultant. Seward & Kissel LLP serves as counsel to the SGUS DIP Agent. On January 27, 2026, the U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. SHELTERING ARMS: Seeks to Sell NY Property to Highest Bid --------------------------------------------------------- Sheltering Arms Children and Family Services, Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of the Property, which comprises two commercial condominium units encompassing approximately 6,300 square feet on a single floor at 305 Seventh Avenue in New York City. The Debtor began marketing the property for sale several years prior to the petition date. After significant marketing efforts, the Debtor has obtained an offer to purchase the Property for $2,300,000 from Method Design Architecture and Urbanism PLLC, who is willing to serve as a stalking horse bidder in a bankruptcy auction process. The Property is subject to a mortgage lien in favor of SeaChange Capital Partners, Inc. The Debtor's historical corporate headquarters, as well as various program lines, were initially located on the three floors it owned at 305 7th Ave in Manhattan. As noted in the Pincus Affidavit, prior to the pandemic, the Debtor embarked on a mission to revamp its social services delivery system and, as part of that process, moved its corporate offices out of 305 7th Avenue. The Debtor engaged a broker to sell all three floors in the building. The efforts of the Prepetition Broker resulted in the sale of two of the three floors the Debtor owned, each of which resulted in a $6 million plus purchase price. The third floor, which constitutes the Property, however, did not sell prior to the onset of the COVID-19 pandemic. As a result of the pandemic, the New York City real estate market underwent a dramatic change, and the market for the Property softened significantly. The Debtor, together with the Prepetition Broker, continued to market the property through the pandemic and in the years that followed. The Debtor employs MYC & Associates, Inc. as real estate broker. The Debtor has secured an offer from the Purchaser for $2,300,000, an amount sufficient to satisfy the principal amount of the secured debt on the Property and, pursuant to an agreement in principle reached with the SeaChange Lender, result in income for the Debtor’s estate. The Debtor and the Purchaser entered into arm's length negotiations with respect the terms of a stalking horse Purchase and Sale Agreement. The Sale Agreement is expressly subject to higher or better offers and the Court's ultimate approval. In connection with the execution of the Sale Agreement, the Purchaser has provided the Debtor with a 5% cash deposit and provided the Debtor with evidence of its ability to pay the balance of the purchase price at closing. The Sale Agreement also provides for a 1.5% break-up fee should Purchaser not be the successful bidder at auction. The Property itself is a commercial condominium, which is a type of Property and ownership structure somewhat unique in New York City – limiting the pool of potential buyers. Given this, the unique tenant-mix in the building, and the space itself, the Debtor believes that the offer received from the Purchaser is fair and reasonable and that an Auction may potentially bring in an even higher sale price. The Sale Agreement, which is the product of arm's length negotiations between the parties, is fair and reasonable and in the best interests of the Debtor’s estate, its creditors, and other parties in interest. The material terms of the Sale Agreement is offered. The Bidding Procedures contain the terms and procedures that will govern the submission of bids for the Property. A summary of the Bidding Procedures is also provided. In the event that the Debtor timely receives at least one Qualified Bid for the Property by the Bid Deadline, the Debtor shall conduct the Auction with respect to the Property. The Auction will take place at the offices of counsel to the Debtor, Garfunkel Wild, P.C., 900 Stewart Avenue, 4th Floor, Garden City, New York 11530 or via Zoom, at the Debtor’s discretion, on the date stated in the Bidding Procedures Order, or at such other later date and time or other place, as may be determined by the Debtor at or prior to the Auction. The Bidding Procedures will ensure that the Debtor receives the greatest value available from the sale of the Property. The Debtor believes that the Bidding Procedures, which are standard for the sale of assets in similar cases, will ensure that the Debtor's estate receives the greatest benefit available from the sale of the Property. The parties to the Sale Agreement, the Debtor and the Purchaser, are independent, unrelated entities. The terms of the Purchaser's offer and the Sale Agreement itself were the result of arm's length negotiations between the Debtor and the Purchaser. About Sheltering Arms Children and Family Services, Inc. Founded approximately 200 years ago, Sheltering Arms (formerly Episcopal Social Services of New York, Inc.), maintained a mission to foster a society where every child and family it served was given the opportunity to succeed and thrive. Sheltering Arms Children and Family Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-41037) on March 7, 2024, listing $10 million to $50 million in both assets and liabilities. Judge Jil Mazer-Marino presides over the case. The Debtor tapped Adam T. Berkowitz, Esq., and Michael Goldberg, Esq., at Garfunkel Wild, PC as counsel and PKF O'Connor Davies as accountant. SHRI RADHA: Seeks to Extend Plan Exclusivity to Sept. 8 ------------------------------------------------------- Shri Radha Krishna Mandir Inc. asked the U.S. Bankruptcy Court for the Eastern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 8 and Nov. 6, 2026, respectively. The Debtor explains that each of the relevant Adelphia factors supports the requested extension. * Although the dollar amounts in this case are modest, the case is materially complicated by (i) the religious-institutional status of the Debtor and the unique constituency it serves; (ii) the extensive pre-petition misconduct of the Debtor's former de facto manager, Nadira Sharma, including the dissipation of more than $600,000 of Mandir funds and the unaccounted-for $200,000 Gap Mortgage proceeds; (iii) the need for a Rule 2004 examination to investigate and quantify estate claims against Ms. Sharma and others; and (iv) the pendency of the Stay Relief Motion filed by the secured mortgagee on the very date of expiration of the original Exclusive Filing Period. * Necessity of Sufficient Time. The Debtor cannot meaningfully prepare a confirmable plan, nor adequately disclose the universe of estate claims to creditors, until the Rule 2004 examination is completed and the dissipated and dishonestly-obtained funds are accounted for. The Rule 2004 Motion is not even returnable until May 20, 2026, after which discovery, the examination, and document review must be conducted. * Good-Faith Progress Toward Reorganization. The Debtor has made consistent good-faith progress: it has filed Schedules and Statements; obtained a bar-date order; filed the Rule 2004 Motion to investigate dissipated assets; prepared and filed (or imminently will file) the Subchapter V Motion; appeared at every conference scheduled by the Court; and has maintained the Mandir's day-to-day operations on a transparent, properly-administered basis under the Executive Committee. * Payment of Post-Petition Bills. The Debtor is current on all post-petition obligations, including utilities, insurance, U.S. Trustee fees, and operating expenses. No party has alleged that the Debtor has failed to pay any post-petition bill as it has come due. * Reasonable Prospects for a Viable Plan. The Debtor has reasonable prospects of filing a confirmable plan funded by (i) ongoing community donations and event revenues; (ii) potential recoveries on estate claims against Nadira Sharma and any other parties identified in the Rule 2004 examination; and (iii) refinancing or restructuring of the secured mortgage obligation to Woodbury. The Debtor's community of devotees has stood behind the Mandir for nearly thirty (30) years; that community is committed to its ongoing financial support. * Negotiations with Creditors. The Debtor will engage in plan negotiations with creditors and with the unsecured creditor body once the bar dates have passed and the claims pool has crystallized. The requested extension provides the time necessary to do so meaningfully. * Time Elapsed in the Case. This case has been pending for only four months. The requested extension, through Sept. 8, for filing and Nov. 6 for solicitation, keeps the Debtor's plan process well within the statutory caps and is on the modest end of extensions routinely granted in chapter 11 cases of comparable complexity. * No Improper Pressure on Creditors. The Debtor does not seek the extension to pressure creditors. To the contrary, the extension will permit the Debtor to deal with all creditors including the secured mortgagee, on a fair and orderly basis within a defined plan framework, rather than expose the Debtor and creditors to the inefficiencies and unpredictability that would result from competing plans or piecemeal stay-relief litigation. Shri Radha Krishna Mandir Inc. is represented by: Karamvir Dahiya, Esq. Dahiya Law Offices LLC 75 Maiden Lane Suite 606 New York, NY 10038 Telephone: (212) 766-8000 Email: karam@dahiya.law About Shri Radha Krishna Mandir Inc. Shri Radha Krishna Mandir Inc., also known as Shree Radha Krishna LLC, operates as a Hindu temple and religious nonprofit in South Ozone Park, New York, providing spiritual, cultural, and community services to devotees in the Queens area. Shri Radha Krishna Mandir Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40076) on Jan. 7, 2026. At the time of filing, the Debtor estimated $500,000 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Jhagroo Bachan as temple president. Judge Elizabeth S. Stong presides over the case. Karamvir Dahiya, at DAHIYA LAW OFFICES LLC, serves as the Debtor's counsel. SHRI RAM PROPERTY: Seeks Chapter 7 Bankruptcy in Oklahoma --------------------------------------------------------- On May 5, 2026, Shri Ram Property LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Oklahoma. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Shri Ram Property LLC Shri Ram Property LLC is a limited liability company engaged in property-related operations. Shri Ram Property LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11517) on May 5, 2026. In its petition, the Debtor reported estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Monte J. White, Esq. SIO2 MEDICAL: Oaktree Specialty Marks $1.808M 1L Loan at 83% Off ---------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $1,808,000 loan extended to SIO2 Medical Products, Inc. to market at $316,000 or 17% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a loan extended to SIO2 Medical Products, Inc. The 1L Loan accrues interest at a rate of 12.00% per annum. The 1L Loan matures on Aug. 3, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. SIO2 Medical Products, Inc. manufactures specialized metal, glass and plastic container solutions for the pharmaceutical and medical industries. SIO2 MEDICAL: Oaktree Specialty Marks $1.859M 1L Loan at 83% Off ---------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $1,859,000 loan extended to SIO2 Medical Products, Inc. to market at $325,000 or 17% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien loan extended to SIO2 Medical Products, Inc. The 1L Loan accrues interest at a rate of 12.00% per annum. The 1L Loan matures on Aug. 3, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. SIO2 Medical Products, Inc. manufactures specialized metal, glass and plastic container solutions for the pharmaceutical and medical industries. SIO2 MEDICAL: Oaktree Specialty Marks $21.4M 1L Loan at 83% Off --------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $21,430,000 loan extended to SIO2 Medical Products, Inc. to market at $3,750,000 or 17% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to SIO2 Medical Products, Inc. The 1L Loan accrues interest at a rate of 12.00% per annum. The 1L Loan matures on Aug. 3, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. SIO2 Medical Products, Inc. manufactures specialized metal, glass and plastic container solutions for the pharmaceutical and medical industries. SIO2 MEDICAL: Oaktree Specialty Marks $3.9M 1L Loan at 82% Off -------------------------------------------------------------- Oaktree Specialty Lending Corp. has marked its $3,872,000 loan extended to SIO2 Medical Products, Inc. to market at $678,000 or 18% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp. is a participant in a first lien term loan extended to SIO2 Medical Products, Inc.. The 1L Loan accrues interest at a rate of 12.00% per annum. The 1L Loan matures on Aug. 3, 2028. Oaktree Specialty Lending Corp. is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. SIO2 Medical Products, Inc. manufactures specialized metal, glass and plastic container solutions for the pharmaceutical and medical industries. SIO2 MEDICAL: Oaktree Specialty Marks $4.2M 1L Loan at 83% Off -------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $4,248,000 loan extended to SIO2 Medical Products, Inc. to market at $743,000 or 17% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a loan extended to SIO2 Medical Products, Inc. The 1L Loan accrues interest at a rate of 12.00% per annum. The 1L Loan matures on Aug. 3, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About SIO2 Medical Products, Inc. SIO2 Medical Products, Inc. manufactures specialized metal, glass and plastic container solutions for the pharmaceutical and medical industries. SMOKY MOUNTAIN: Court Reverses Summary Judgment in Myers Case ------------------------------------------------------------- In the appeal styled ROBINSON JOSEPH MYERS and ELIZABETH OWL-MYERS v. SMOKY MOUNTAIN COUNTRY CLUB PROPERTY OWNERS' ASSOCIATION, INC.; SHIRLEY SCHUBERT in her individual and legal capacity; and ED LAWSON in his individual and legal capacity No. COA25-701 (N.C. App.), Judges John Tyson, Allegra Collins and Christopher Freeman of the Court of Appeals of North Carolina reversed the Swain County Superior Court's order granting summary judgment on a declaratory judgment action in favor of Robinson Joseph Myers and Elizabeth Owl-Myers. Smoky Mountain Country Club ("SMCC") is a planned residential community located in Whittier, North Carolina. It is governed by the Amended and Restated Declaration of Covenants, Conditions and Restrictions, and Reservation of Easements for Smoky Mountain Country Club ("the Declaration"), recorded on November 23, 1999 in the Swain County Registry, and by the North Carolina Planned Community Act. The parties to the Declaration are: (1) the developer and declarant, Conley's Creek Limited Partnership ("CCLP") and its successors and assigns; (2) owners of lots, townhomes, and condominiums in SMCC ("Owners" or "Homeowners"); and, (3) the Association. All home or lot owners in SMCC are required to be members of the Association. Pursuant to the Declaration, CCLP agreed to construct recreational facilities, known as the Clubhouse Use Facilities ("the Clubhouse"), and grant to the Association and the Homeowners a perpetual nonexclusive right to use the Clubhouse and facilities. The Homeowners agreed to pay Clubhouse Dues to the Association, which agreed to assess, bill, and collect the Clubhouse Dues from the Homeowners and pay the dues to CCLP ("the Clubhouse Dues Agreement"). CCLP completed construction of the Clubhouse in June 2002, at which time the Clubhouse Dues Agreement went into effect. The Myers purchased a condominium unit in SMCC. The deed, recorded on November 21, 2006, specifically stated the unit was subject to the Declaration. Pursuant to the Declaration and upon purchase, the Myers became members of the Association and were bound by the Clubhouse Dues Agreement. On January 13, 2013, CCLP assigned to SMCC Clubhouse, LLC ("SMCC Clubhouse") all of its rights, duties and obligations under the Clubhouse Dues Agreement, including its right to receive the Clubhouse Dues paid to the Association by the Homeowners. On July 26, 2019, the Association filed a Chapter 11 petition in the United States Bankruptcy Court for the Western District of North Carolina. The Association filed an Amended Plan of Reorganization, which provided an installment payment plan by which the Association would pay its court-ordered obligations to SMCC Clubhouse. On December 19, 2019, the Bankruptcy Court entered an order to confirm the Plan. Pursuant to the Plan, the Association agreed to assess, bill, and collect: (1) unpaid delinquent Clubhouse Dues owing by the Homeowners as of December 31, 2019; (2) future Clubhouse Dues owing by the Homeowners under the Clubhouse Dues Agreement that accrue from and after January 1, 2020; and, (3) $1,500,000 in three annual installments of $500,000 from the 163 Homeowners, with each Homeowner assessed $9,200 in three annual installments of $3,066.67. The Homeowners' installments were due on the first of January of 2020, 2021, and 2022. The Association was required to pay all amounts collected from the Homeowners to SMCC Clubhouse as payments on the 31 May 2019 judgment and subsequent order awarding their attorney's fees. The Myers refused to pay the assessment on their lot pursuant to the Plan and Confirmation Order. On October 17, 2022, the Association filed a claim of lien on the Myers' lot to secure all sums due to the Association through the date the claim of lien was filed, as well as any sums due to the Association thereafter. On April 17, 2023, the Association commenced this foreclosure proceeding to collect the Assessment in the full, original pro-rated amount of $48,120.00. On July 21, 2023, the Swain County Clerk of Superior Court entered an Order Allowing Foreclosure Sale. On January 17, 2025, the court entered a written order which concluded the Association is not the owner of the debt because he Confirmation Order assigned the debt to SMCC Clubhouse, and the Association did not have standing to bring the foreclosure proceeding. The Association appealed from the order dismissing the foreclosure proceeding in In re Myers (COA25-550). Declaratory Judgment Action On February 10, 2023, prior to the commencement of the foreclosure proceeding, the Myers filed a complaint seeking a declaratory judgment of the relative rights and obligations of the parties regarding the Clubhouse Dues and any assessment arising out of the Clubhouse Dues. The Myers filed an amended complaint on March 8, 2023. The complaint sets forth numerous allegations as to why the Clubhouse Dues payment obligation is unenforceable. The Association answered and filed counterclaims, including a counterclaim for judicial foreclosure of their lot to collect the assessment for $48,120.00. The Myers filed a motion for partial summary judgment on June 14, 2023, and again on January 24, 2024, which sought summary judgment on their claim for declaratory judgment. They argued, inter alia, the covenants concerning the Clubhouse Dues Agreement are unconscionable, void, and unenforceable. On January 17, 2025, the court ordered: (1) pursuant to Chapter 47 and Chapter 55A, the Clubhouse dues are not a valid fee when applied to the Myers, and (2) the Myers are not obligated to pay the Clubhouse Dues fees from the filing of this action on February 10, 2023. The Association argues: (1) the trial court erred by granting summary judgment in favor of the Myers where a genuine issue of material fact exists; and (2) the trial court lacked subject matter jurisdiction to enter the summary judgment order granting declaratory judgment in favor of the Myers. The Appellate Judges conclude, "Upon purchasing their properties, the Myers agreed to be bound by the Clubhouse Dues Agreement; the Association is authorized under the Declaration and the Planned Community Act to assess and collect Clubhouse Dues; and the covenant to pay Clubhouse Dues is a real covenant, enforceable against the properties owned by the Myers and other owners. The trial court erred in granting partial summary judgment in favor of the Myers." They hold, "We reverse the order of the trial court, and remand with instructions to enter an order for the Association and SMCC Clubhouse as is consistent with this opinion and our prior opinion in Conley's Creek. On remand, the trial court shall determine the monetary amount of the Clubhouse Dues outstanding and owed by the Myers to the Association." A copy of the Court's Opinion dated May 6, 2026, is available at https://urlcurt.com/u?l=6gcHHd from PacerMonitor.com. Counsel for the plaintiffs appellees: Shira L. Hedgepeth, Esq. HEDGEPETH LAW GROUP, PLLC PO Box 514 Cullowhee, NC 28723-0514 E-mail: shira@legal-decisions.com Counsel for the defendant-appellants: Ashley B. Oldfield, Esq. Ross R. Fulton, Esq. David Sawyer, Esq. RAYBURN COOPER & DURHAM, PA, 227 West Trade Street, Suite 1200 Charlotte, NC 28202-1672 E-mail: aoldfield@rcdlaw.net rfulton@rcdlaw.net About Smoky Mountain Country Club Property Owners Association Smoky Mountain Country Club Property Owners Association, Inc., a North Carolina nonprofit corporation, is an association of homeowners of the Smoky Mountain Country Club, a residential planned community, in Whittier, North Carolina. Smoky Mountain Country Club Property Owners Association, Inc. filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 19-10286) on July 26, 2019. In the petition signed by Paul DeCarlo, president, the Debtor estimated $50,000 in assets and $1 million to $10 million in liabilities. The case is assigned to Judge George R. Hodges. John R. Miller Jr., Esq. at Rayburn Cooper & Durham, P.A., represents the Debtor. SOCIETY PASS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Society Pass Incorporated 26-90525 80 Robinson Road #17-01B Singapore 068898 SoPa, Inc. 26-90524 80 Robinson Road #17-01B Singapore 068898 Business Description: Society Pass is an acquisition-focused e-commerce holding company operating in Southeast Asia. Founded in 2018, the company has offices in Singapore, Ho Chi Minh, Jakarta, Manila, and Bangkok, and operates across loyalty, lifestyle, food and beverage, telecom, digital media, and travel verticals. Society Pass builds loyalty and data-focused marketing platforms that support functions including payments, delivery, telecommunications, advertising technology, social commerce, and travel search for merchants and consumers. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Alfredo R Perez Debtors' Counsel: Gabrielle A. Hamm, Esq. SCHWARTZ, PLLC 440 Louisiana St. Suite 1055 Houston, TX 77002 Tel: (713) 900-3737 Email: ghamm@nvfirm.com Each Debtor's Estimated Assets: $1 million to $10 million Each Debtor's Estimated Liabilities: $10 million to $50 million The petitions were signed by Raynauld Liang as chief executive officer. Full-text copies of the petitions, which include lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/T4Q3RWA/Society_Pass_Incorporated__txsbke-26-90525__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/TU7E7KQ/SoPa_Inc__txsbke-26-90524__0001.0.pdf?mcid=tGE4TAMA SOCIETY PASS: Initiates Chapter 11 Bankruptcy Process in Texas -------------------------------------------------------------- On May 12, 2026, Society Pass Incorporated and its debtor affiliate filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to creditors. About Society Pass Incorporated Society Pass Incorporated is a Singapore-based company focused on acquiring and operating fintech, digital commerce, and consumer technology platforms across Southeast Asia and other markets. Society Pass Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90525) on May 12, 2026. In its petition, the Debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The filing indicates that funds will be available for distribution to unsecured creditors. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Gabrielle Alicia Hamm, Esq. of Schwartz Law. SPANISH BROADCASTING: Case Summary & 30 Top Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Spanish Broadcasting System, Inc. 7007 NW 77th Ave. Miami FL 33166 Business Description: Spanish Broadcasting System and its subsidiaries are a cross-platform media company founded in 1983 and headquartered in Miami, Florida. The company owns and operates radio stations, operates AIRE Radio Networks, owns MegaTV, and manages digital properties including LaMusica and HitzMaker. It also produces live concerts and events, provides digital marketing solutions through DigIdea, and generates revenue primarily from advertising airtime sales and digital advertising placements. The company serves U.S. Hispanic audiences and works with local, national, and network advertisers. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court District of Delaware Fifty-five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Spanish Broadcasting System, Inc. (Lead Case) 26-10708 Aire Radio Network, LLC 26-10709 Alarcon Holdings, Inc. 26-10710 Broadspan Music Holdings, Inc. 26-10711 Broadspan Music, Inc. 26-10712 Gabriel Productions, LLC 26-10713 Gabriel Series I, LLC 26-10714 JuJu Media, Inc. 26-10715 KLAX Licensing, Inc. 26-10716 KLEY Licensing, Inc. 26-10717 KPTI Licensing, Inc. 26-10718 KRZZ Licensing, Inc. 26-10719 KTBU Licensing, Inc. 26-10720 KXOL Licensing, Inc. 26-10721 KZAB Licensing, Inc. 26-10722 KZBA Licensing, Inc. 26-10724 Mega Media Holdings, Inc. 26-10725 Megafilms, Inc. 26-10726 Megaflix, Inc. 26-10727 Megaholdings, Inc. 26-10729 Megapics, Inc. 26-10731 SBS Bay Area, LLC 26-10732 SBS Funding, Inc. 26-10734 SBS Houston Licensing, Inc. 26-10736 SBS Miami Broadcast Center, Inc. 26-10738 SBS of Greater New York, Inc. 26-10740 SBS Promotions, Inc. 26-10743 Spanish Broadcasting System Finance Corporation 26-10730 Spanish Broadcasting System Holding Company, Inc. 26-10733 Spanish Broadcasting System Inc. (NJ) 26-10737 Spanish Broadcasting System Network, Inc. 26-10739 Spanish Broadcasting System of California, Inc. 26-10741 Spanish Broadcasting System of Florida, Inc. 26-10742 Spanish Broadcasting System of Greater Miami, Inc. 26-10744 Spanish Broadcasting System of Illinois, Inc. 26-10745 Spanish Broadcasting System of Puerto Rico, Inc. (DE)26-10748 Spanish Broadcasting System of Puerto Rico, Inc. (PR)26-10750 Spanish Broadcasting System of San Antonio, Inc. 26-10753 Spanish Broadcasting System SouthWest, Inc. 26-10755 Spanish Broadcasting System-San Francisco, Inc. 26-10757 WCMQ Licensing, Inc. 26-10761 WDEK Licensing, Inc. 26-10764 WKIE Licensing, Inc. 26-10765 WKIF Licensing, Inc. 26-10766 WLEY Licensing, Inc. 26-10746 WMEG Licensing, Inc. 26-10747 WPAT Licensing, Inc. 26-10749 WPYO Licensing, Inc. 26-10751 WRMA Licensing, Inc. 26-10752 WRXD Licensing, Inc. 26-10754 WSBS Licensing, Inc. 26-10756 WSKQ Licensing, Inc. 26-10758 WSUN Licensing, Inc. 26-10760 WXDJ Licensing, Inc. 26-10762 WZET Licensing, Inc. 26-10763 Judge: Hon. Brendan Linehan Shannon Debtors' Counsel: Robert J. Dehney, Sr., Esq. Casey B. Sawyer, Esq. Matthew B. Harvey, Esq. Daniel B. Butz, Esq. Alexis L. Sullivan, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: rdehney@morrisnichols.com mharvey@morrisnichols.com dbutz@morrisnichols.com csawyer@morrisnichols.com asullivan@morrisnichols.com AND Jennifer L. Rodburg, Esq. Robert Bickford, Esq. Thomas Dunn, Esq. FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP One New York Plaza New York, New York 10004 Tel: (212) 859-8000 Fax: (212) 859-4000 Email: jennifer.rodburg@friedfrank.com robert.bickford@friedfrank.com thomas.dunn@friedfrank.com Debtors' Restructuring Advisor: RIVERON MANAGEMENT SERVICES, LLC Debtors' Investment Banker: GLC ADVISORS & COMPANY Debtors' Notice, Claims & Administrative Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Estimated Assets: $100 million to $500 million Estimated Liabilities: $100 million to $500 million The petitions were signed by Jesse York as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/U27S2BA/Spanish_Broadcasting_System_Inc__debke-26-10708__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Nielsen Audio Inc. Trade $2,887,249 (F/K/A Arbitron, Inc) 7000 Columbia Gateway Dr, Columbia MD, 21046 Client Support Phone: 800-543-7300 Email: clientsupport@nielsen.com 2. Internal Revenue Service Trade $ 1,277,750 1111 Pennsylvania Ave NW, Washington DC, 20004-2541 Centralized Insolvency Operation Tel: 800-973-0424 3. Soundexchange Inc. Trade $1,146,580 733 10th Street NW, 10th Floor, Washington DC, 20001 Mike Huppe Phone: 202-640-5858 Email: mhuppe@soundexchange.com 4. ASCAP Trade $1,033,654 250 West 57th Street New York NY, 10107 Suzanne Lee Phone: 212-621-6000 Email: slee@ascap.com 5. Broadcast Music Inc Trade $763,933 P.O. Box 630893, Cincinnati OH, 45202 Licensing Group Phone: (888) 689-5264 Email: bmilicensingaccounting@bmi.com 6. Katz Media Group Inc Trade $495,106 12019 Collection Center Dr, Chicago IL, 60601 Mark Gray Phone: 212-424-6000 Email: sales@katz.com 7. SESAC Trade $386,891 250 West 57th Street, Suite 2400, New York NY, 10107 John Josephson Phone: 212-586-3450 Email: legal@sesac.com 8. Corporation Service Company Trade $375,817 251 Little Falls Dr., Wilmington DE, 19801 Fernando Estep Phone: 632-931-8089 Email: fernando.estep@cscglobal.com 9. One Biscayne Tower LLC Litigation $350,000 2 Biscayne Blvd, Miami FL, 33131 Andrew Smith Phone: 305-374-5678 Email: asmith@ans.org 10. American Towers LLC Trade $349,295 116 Huntington Ave, Boston MA, 02116 Kristen Johnson Phone: 781-926-4500 Email: kristen.johnston@americantower.com 11. Rockrose General Equities L.L.C. Trade $218,840 15 East 26th Street, New York NY, 10010 Attn: General Counsel Phone: 212-847-3700 12. Media Monitors LLC Trade $173,077 1 North Broadway, Floor 14, White Plains NY, 10601 Customer Support Phone: 800-676-3342 Email: support@mediamonitors.com 13. SMGQ Law Trade $160,942 201 Alhambra Circle Coral Gables FL, 33134 Roland Sanchez-Medina Phone: 305-377-1000 Email: roland@smgqlaw.com 14. AdsWizz Inc Trade $144,870 2100 Franklin St, #700, Oakland CA, 94612 Accounting Department Phone: 650-931-4575 Email: accouting@adswizz.com 15. Vb-S1 Assets, LLC Trade $143,476 Dba Vertical Bridge Cc Fm, LLC 22 West Atlantic Avenue, Suite 310, Delray Beach FL, 33444 Richard Hickey Phone: 561-406-4015 Email: fcc-faa@verticalbridge.com 16. Mediastream US Corporation Trade $132,384 95 Merrick Way, Miami FL, 33101 Luis Ahumada Phone: 310-273-1468 Email: office@mediastream.ag 17. Global Music Rights, LLC Trade $129,483 907 Westwood Blvd Pmb 388, Los Angeles CA, 90024 Licensing Department Phone: 844-827-5467 Email: licensing@globalmusicrights.com 18. Wursta Corporation Trade $125,654 2614 South 5th St Allentown PA, 18103 Matt Wursta Phone: 855-888-5852 Email: info@wursta.com 19. Adcellerant, LLC Trade $117,638 865 Albion St Suite 400, Denver CO, 80220 Brock Berry Phone: 303-656-1355 Email: info@adcellerant.com 20. Intelsat Corporation Trade $115,741 7900 Tysons One Place Mclean VA, 22213 Veronica Cox Phone: 703-559-6800 Email: veronica.cox@intelsat.com 21. Mutual Of Omaha Trade $102,390 Insurance Company 3300 Mutual Of Omaha Plaza, Omaha NE, 68102 Customer Support Phone: 800-775-6000 Email: customercare@mutualofomaha.com 22. Niunminutodebreak, LLC Trade $100,000 A9 Calle Beato Jose Maria Escriba, Urb Santa Cecilia, Caguas, PR, 00725 Hector J. Torres A9 Calle Beato Jose Maria Escriba, Urb Santa Cecilia, Caguas, PR, 00725 23. Public Media Engineering LLC Trade $99,150 407 N Elizabeth St. Chicago IL, 60642 Peter Femal Phone: 312-757-5200 Email: pfemal@pmeworks.com 24. Access Corp Trade $91,397 4 First Ave, Peabody MA, 01960 Accounts Receivable Phone: 877-345-3546 Email: ar@accesscorp.com 25. The Law Collective, Trade $91,025 A Professional Law Corporation 945 East 12th Street, Los Angeles CA, 90021 Elliot Eslamboly Phone: 213-441-4000 Email: info@lawcollective.com 26. Pembrooke Maitland Ltd. Trade $86,944 121 Alhambra Plaza Coral Gables FL, 33134 Enrique Pineiro Phone: 305-262-4433 Email: efreund@allenmorris.com 27. Panorama Tower Management LLC Trade $85,971 1101 Brickell Ave, Suite N1700, Miami FL, 33131 Jonah Hochman Phone: 305-503-2100 Email: jonah@fecr.com 28. Lerman & Senter PLLC Trade $85,144 2001 L Street, N.W., Washington DC, 20036 Jeffery J. Carlisle Phone: 202-429-8970 Email: info@lermansenter.com 29. Sabal Park, LLC Trade $84,610 102 Woodmont Blvd Suite 100, Nashville TN, 37205 Abhishek Mathur Phone: 813-517-1997 Email: christina.walters@cushwake.com 30. DSG Wilshire LLC Trade $84,548 5055 Wilshire Boulevard #204 Los Angeles CA, 90036 Debbie Luttrel Phone: 323-857-6990 SPANISH BROADCASTING: May 20 Deadline for Panel Questionnaires -------------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy cases of Spanish Broadcasting System, Inc., et al. If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/42xdm499 and return by email it to Jane M. Leamy -- Jane.M.Leamy@usdoj.gov -- at the Office of the United States Trustee so that it is received no later than 4:00 p.m., on Wednesday, May 20, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Spanish Broadcasting Based in Miami, Florida, Spanish Broadcasting System, Inc. is a Spanish-language media and entertainment company with radio and/or television stations in the top U.S. Hispanic markets, including Puerto Rico. The Company's owned and operated radio stations serve markets representing approximately 35% of the U.S. Hispanic population, and its television operations serve markets representing over 3.5 million Hispanic households. The Company produces and distributes Spanish-language content, including radio programs, television shows, music and live entertainment through its radio stations and its television group, MegaTV, which produces over 70 hours of original programming per week. MegaTV broadcasts via its owned and operated stations in South Florida, Houston, and Puerto Rico and through programming and/or distribution agreements with other stations, as well as various cable and satellite providers. As reported in the Troubled Company Reporter on Feb. 7, 2024, Moody's Investors Service has withdrawn all credit ratings of Spanish Broadcasting System, Inc., including the Caa3 Corporate Family Rating, Caa3-PD Probability of Default Rating, and Caa3 ratings on the $310 million senior secured notes due March 2026. The outlook prior to the withdrawal was negative. SPANISH BROADCASTING: Seeks Ch. 11 Bankruptcy with Debt-Swap Plan ----------------------------------------------------------------- Bondoro reports that Spanish Broadcasting System Inc. filed for Chapter 11 protection in the District of Delaware on May 11 together with affiliated entities in an effort to implement a prepackaged balance sheet restructuring. The Miami-based company is known for operating Spanish-language radio stations and media platforms serving Hispanic communities across major U.S. metropolitan markets and Puerto Rico. Bankruptcy filings show estimated assets and liabilities between $100 million and $500 million. According to court filings, the broadcaster attributed its financial troubles to the rapid evolution of audio consumption trends, particularly the migration of listeners toward on-demand streaming and podcasts. The resulting decline in radio audiences negatively affected both local and national advertising revenues, while rising operational expenses tied to technology, licensing and on-air talent further strained liquidity. The company also cited weaker political advertising demand and disruptions caused by Southern California wildfires. The proposed restructuring is backed by creditors holding more than 90% of funded debt claims, including Brigade Capital Management, Bardin Hill Investment Partners and Bayside Capital. The plan would eliminate approximately $240 million in debt through a debt-for-equity exchange that grants noteholders ownership of the reorganized business. Trade creditors are expected to receive full recoveries, while current equity holders will lose their interests. The debtors also arranged $30 million in DIP financing to support ongoing operations throughout the restructuring process, the report states. About Spanish Broadcasting System Spanish Broadcasting System Inc. operates Spanish-language radio stations and media properties serving Hispanic communities across the U.S. and Puerto Rico. The company’s business includes radio broadcasting, digital advertising, music programming and live entertainment initiatives. Through its portfolio of stations and online brands, the company delivers music, news, talk and cultural programming tailored to Latino listeners. Spanish Broadcasting System sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10708) on May 11, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Robert J. Dehney, Esq. of Morris, Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was retained as general bankruptcy counsel, while GLC Advisors & Company is serving as investment banker. Financial advisory and chief restructuring officer duties are being handled by Riveron Management Services LLC and Jesse York, and Kroll Restructuring Administration LLC is serving as claims agent. SPANX LLC: Oaktree Specialty Marks $17.7M 1L Loan at 30% Off ------------------------------------------------------------ Oaktree Specialty Lending Corp. has marked its $17,779,000 loan extended to Spanx, LLC to market at $12,445,000 or 70% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Oaktree Specialty Lending Corp. is a participant in a first lien term loan extended to Spanx, LLC. The 1L Loan accrues interest at a rate of SOFR+ 5.50 % 9.27 % per annum. The 1L Loan matures on November 20, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Spanx LLC Spanx, LLC operates in the apparel retail industry, selling clothing and related products to consumers. SPIRIT AIRLINES: Employees File WARN Act Lawsuit During Ch. 11 Case ------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that the employees of Spirit Airlines Inc. who were laid off following the carrier's sudden shutdown have brought a proposed class action seeking two months of wages and benefits. The suit claims the airline violated federal WARN Act requirements by failing to provide sufficient advance notice of mass terminations. The complaint alleges that workers were left without adequate warning before losing their jobs, preventing them from preparing for the financial impact of unemployment. The plaintiffs seek damages covering lost pay, benefits, and related compensation owed under labor protection laws, the report states. Spirit Airlines, a budget airline operating across the United States and international routes, is currently in Chapter 11 bankruptcy proceedings. The case continues as the company addresses financial restructuring while facing litigation from former employees, according to Law360. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRIT AVIATION: Court OKs Amendment to DIP Credit Agreement ------------------------------------------------------------ Spirit Aviation Holdings, Inc. and its subsidiaries received approval from the U.S. Bankruptcy Court of the Southern District of New York to, among other things, amend debtor-in-possession credit agreement, use cash collateral, and transition from a Chapter 11 reorganization to a structured orderly wind-down of operations. Despite months of negotiations and a near-final restructuring plan, an unexpected geopolitical shock and prolonged fuel-price surge triggered a severe liquidity crisis, adding nearly $100 million in costs between March and April 2026 alone. After rescue financing from the U.S. government fell through, Spirit determined it could no longer continue operations and officially halted all passenger flights at 3:00 a.m. on May 2. The Debtors have come up with a comprehensive liquidation strategy designed to maximize estate value while prioritizing safety and regulatory compliance. Key elements include grounding all aircraft; repatriating crews, and notifying employees and government officials under the WARN Act; reducing staff from several thousand to approximately 150 essential employees (further dropping to 40 after three months) to manage the liquidation; implementing a retention plan for non-senior staff and an incentive plan for three senior officers to ensure the successful completion of wind-down tasks; establishing procedures for the sale or abandonment of "non-fleet assets" and "fleet assets" (owned aircraft and engines). To fund this process, the Debtors have negotiated Amendment No. 2 to their DIP Credit Agreement with their lenders. This amendment repurposes the existing $475 million DIP facility, terminating certain previous commitments while establishing a $100 million "fourth draw" to fund wind-down costs. It also includes allowing the Debtors to use available cash to fund a strict wind-down budget and implementing a 15% limit on unfavorable budget variances to ensure fiscal discipline. The Debtors said that while they cannot yet guarantee full payment of all administrative expense claims, this orderly liquidation is the best available path to maximize recoveries for all creditors compared to a chaotic shutdown. A copy of the order is available at http://bankrupt.com/misc/SpiritAviation_ADIPOrder.pdf About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. ST. MARK'S: First Commerce Wins Bid for Chapter 7 Conversion ------------------------------------------------------------ Judge David Jones of the U.S. Bankruptcy Court for the Southern District of New York granted the motion of First Commerce LLC to convert St Mark's Property Acquisition LLC's bankruptcy case to Chapter 7. First Commerce LLC holds a first mortgage on the property in the amount of appropriately $652,410.44. That mortgage matured on January 12, 2022, and remains unpaid more than four years later. Debtor's amended schedules list a second mortgage by the U.S Small Business Administration ("SBA") for an initial amount of $434,000. Debtor identified one unsecured claim in the amount of $14,697.35 owed to Wells Fargo. Before Debtor filed its bankruptcy petition, First Commerce filed a foreclosure action in light of Debtor's failure to make full payments on the Mortgage since March 2020, although Debtor made a few payments in 2021. An arbitrator "declared to be due in the aggregate amount of $603,410.44, as of November 15, 2024, consisting of $492,116.82 in principal loan indebtedness and accrued interest of $111,293.62." In October 2025, the state court entered a judgment of foreclosure and subsequently scheduled the sale of the property for January 14, 2026. On December 22, 2025, Debtor filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. Before the Court is the motion (the "Motion") of First Commerce LLC ("Movant" or "Secured Creditor") to dismiss (or convert to Chapter 7) the bankruptcy case of St. Mark's Property Acquisition LLC ("Debtor") pursuant to Sec. 1112(b) of the Bankruptcy Code or, in the alternative, to lift the automatic stay so as to permit the Secured Creditor to pursue state-court relief relating to Debtor's ongoing failure to make required payments associated with its commercial condominium unit. Movant argues that the Debtor's bankruptcy case was filed in bad faith with the sole purpose of thwarting its foreclosure efforts. Debtor filed an objection (the "Objection"), arguing that the motion should be denied because Debtor filed a plan of reorganization early in the case and there is a sizeable equity cushion in Debtor's property. The Court adheres to its prior oral ruling that cause exists to either dismiss or convert the case under Bankruptcy Code Section 1112(b), and concludes that conversion rather than dismissal is appropriate. The Court concludes bad faith is present because, if one credits Debtor's report that it has been receiving high rental income from its asserted related tenant entity, its failure to pay its mortgage for years and its commencing of this case only on the eve of a long-pursued foreclosure sale reflect a bad-faith effort to continue to evade meeting its obligations, or an attempt to coerce its longstanding secured lender to finance Debtor against the lender's wishes for a substantial additional period even though the original loan matured (but went unpaid) in January 2022. Therefore, cause for dismissal or conversion under Section 1112(b)(1) exists. According to the Court, given the murkiness of Debtor's financial history and dealings and its own explanation that its central transactions were with affiliated non-debtor entities, while Debtor has not paid its mortgage lender for years, there is a substantial possibility of preferential or avoidable transfers that a Chapter 7 trustee would be well positioned to pursue. Moreover, a Chapter 7 Trustee will be able to oversee an orderly sale of the property and investigate the disbursement of proceeds and any rental income for the benefit of creditors. The Court says dismissal will be prejudicial to First Commerce's rights. First Commerce reasonably fears that, upon the resumption of state-court proceedings and without this Court's supervision, there is a substantial possibility that Debtor will find ways to further delay or frustrate First Commerce's efforts to move forward with foreclosure, including by possibly having a purportedly related entity with a purported possessory interest file a new bankruptcy case to stay any foreclosure process if and when a foreclosure sale became imminent. Debtor's history of nonpayment further suggests that First Commerce will struggle to be compensated if it loses the structure and regularity that bankruptcy proceedings offer. For these reasons, the Court finds that conversion is the appropriate remedy. A copy of the Court's Decision and Order dated May 6, 2026, is available at https://urlcurt.com/u?l=8mUg9O from PacerMonitor.com. Counsel to the Debtor: Brian McCaffrey, Esq. McCAFFREY & ASSOCIATES, P.C. Counsel to the Debtor 88-18 Sutphin Blvd Suite 1 Jamaica, NY 11435 Counsel to First Commerce, LLC: Jonathan P. Vuotto, Esq. McANDREW VUOTTO, LLC Counsel to First Commerce, LLC 1 Blue Hill Plaza, Suite 1509 Pearl River, NY 10965 E-mail: jpv@mcandrewvuotto.com About St Mark's Property St Mark's Property Acquisition LLC is engaged in the identification, acquisition, and management of income-producing properties. The company focuses on building a diverse real estate portfolio and generating returns through strategic property investments. St Mark's Property Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12862) on December 22, 2025. In its petition, the Debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities between $100,001 and $1 million. Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Brian McCaffrey, Esq. of McCaffrey & Associates, P.C. STEVEN GERALD PAPERMASTER: Race and Leap Claims Nondischargeable ---------------------------------------------------------------- Judge Christopher G. Bradley of the U.S. Bankruptcy Court for the Western District of Texas granted Race the Cresting Curl, LLC and Leap of Ruleset, LLC's motion for summary judgment in the adversary proceeding captioned as RACE THE CRESTING CURL, LLC AND LEAP OF RULESET, LLC, Plaintiffs, v. STEVEN GERALD PAPERMASTER, Defendant, Adv. No. 25-01067-CGB (Bankr. W.D. Tex.). Steven Gerald Papermaster filed his individual chapter 11 case on October 7, 2025. Race the Cresting Curl, LLC and Leap of Ruleset, LLC timely commenced this adversary proceeding objecting to the discharge of debts owed to them by Mr. Papermaster. Race and Leap assert that their claims against Mr. Papermaster are nondischargeable under 11 U.S.C. Secs. 523(a)(2)(A), (a)(2)(B), and (a)(19). On March 12, 2026, Race and Leap filed their Motion for Summary Judgment, seeking summary judgment on their Sec. 523(a)(19) claim. Race and Leap sued Mr. Papermaster in state court for claims arising out of alleged securities fraud, including: (1) violations of the Texas Securities Act, (2) fraud, (3) statutory fraud, and (4) unjust enrichment. Race and Leap obtained and the state court entered a consent judgment in their favor, awarding each party judgment on its claims asserted in this cause against Defendant Steven G. Papermaster. Mr. Papermaster contends that the state court order recites that it disposes of all claims and all parties, but makes no finding or conclusion with respect to any particular claim. However, the state court order explicitly awards judgment to Race and Leap on their claims asserted in this cause against Mr. Papermaster. According to the Bankruptcy Court, this judgment obviously includes, therefore, the two claims that are statutory predicates for nondischargeability under Sec. 523(a)(19). Judge Bradley holds, "Upon review of the live pleading in that case, the claims asserted in that cause against Mr. Papermaster included violations of state securities laws and fraud in connection with the sale of securities. Therefore, Mr. Papermaster owes a debt for the violation of any of the State securities laws and common law fraud in connection with the sale of any security,' and this debt results from a judgment, order, consent order, or decree entered in any Federal or State judicial or administrative proceeding. These facts are subject to no real dispute and are not eligible to be relitigated by Mr. Papermaster in this Court. Therefore, summary judgment is entered on 11 U.S.C. Sec. 523(a)(19). Mr. Papermaster’s debts to Race and Leap are nondischargeable." A copy of the Court's Order dated May 8, 2026, is available at http://urlcurt.com/u?l=Ev6qeJfrom PacerMonitor.com. Steven Papermaster filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 25-11564) on October 7, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Frank Lyon, Esq. SWEAT THERAPY: Seeks Chapter 7 Bankruptcy in Louisiana ------------------------------------------------------ On May 6, 2026, Sweat Therapy LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Sweat Therapy LLC Sweat Therapy LLC is believed to operate in the fitness, wellness, and personal health services sector, potentially offering exercise, training, or wellness-related programs. Sweat Therapy LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11094) on May 6, 2026. In its petition, the debtor reported estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. T-4 FARM: Court OKs T4 Property Sale to Multiple Buyers ------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has granted T-4 Farm LLC and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. T4 owns the fee simple interest in approximately 63.360 acres of real property located in Tarrant County, Texas (T4 Property). On April 16, 2026, the Debtor filed the Sale Motion by which it sought an order authorizing a sale, free and clear of all Interests, of the T4 Property in two incremental transaction: T4 and Hani Alwahban, Laura Munoz (Residence Purchaser) have entered into a One to Four Family Residential Contract, providing for the sale of the Debtor’s interest in approximately 4.15 acres (Residence) of the T4 Property to the Residence Purchaser for a purchase price of $2,500,000.00 in cash, subject to higher or better offers and Bankruptcy Court approval; and (b) T4 and Lucky 8 Ranch LLC (Acreage Purchaser) have entered into a Farm and Ranch Contract, providing for the sale of the Debtor's interest in approximately 58.58 acres (Acreage) of the T4 Property to the Acreage Purchaser for a purchase price of $3,000,000.00 in cash, subject to higher or better offers and Bankruptcy court approval. Due, sufficient, adequate, and appropriate notice of the Sale Motion and Sale Notice was provided to all parties-in-interest in the Bankruptcy Case. The notice given by the Debtors of the Sale Motion and the Sale Hearing constitutes good and sufficient notice of the relief granted by this Order and no further notice is required. Time is of the essence with respect to the Closing of the Sale of the T4 Property, and to the extent that the relief provided. Other parties have had a reasonable opportunity to make higher or otherwise better offers to purchase the T4 Property, and the Debtor has determined that the Purchasers submitted the highest and best offers. The Debtor has full power and authority to execute the Residence Purchase Agreement and Acreage Purchase Agreement and all other documents referenced in or contemplated by the Residence Purchase Agreement and Acreage Purchase Agreement or that are necessary or appropriate to effectuate the Proposed Sale as contemplated under the Residence Purchase Agreement and Acreage Purchase Agreement. The Court has authorized the Debtor to sell the Properties to the buyers. The Debtor and its principals are authorized and empowered to perform under, consummate, and implement the Residence Purchase Agreement and Acreage Purchase Agreement. Each and every federal, state, and local governmental agency or department is directed to accept for filing and/or recording, and approve as necessary, any and all documents and instruments necessary and appropriate to consummate the transactions contemplated by the Residence Purchase Agreement and Acreage Purchase Agreement. All entities that presently are in possession of some or all of the T4 Property are directed to surrender possession of the T4 Property to Purchasers at the Residence Closing Date and/or Acreage Closing Date, as the case may be. The estimated 2026 real property ad valorem taxes shall be prorated and credited at closing and all ad valorem tax liens shall remain attached to the T4 Property to secure payment of any unpaid ad valorem taxes related to 2026. About T-4 Farm LLC T-4 Farm, LLC owns and manages agricultural and ranch real estate in Tarrant County, Texas. The company's principal asset is a farm and ranch property located near Fort Worth that includes agricultural land, residential improvements, and facilities supporting livestock and recreational land uses. T-4 Farm sought relief under Chapter 11 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 26-40986) on March 3, 2026. In the petition signed by Gregory S. Thomas, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP serves as the Debtor's counsel. TAWR PROPERTY: Seeks to Extend Plan Exclusivity to Nov. 2 --------------------------------------------------------- Tawr Property Owner, Ltd. and affiliates asked the U.S. Bankruptcy Court for the Northern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Nov. 2, 2026 and Jan. 1, 2027, respectively. The Debtors explain that the decision of whether to grant an extension of exclusivity lies within the Court's discretion. Here, these factors warrant the requested extension of exclusivity for the following reasons: * The Bankruptcy Cases are complex chapter 11 cases pending on the Court's mega docket and involve enhanced complexity and difficulty; * The Debtors entered into and continue to engage in good faith, arm's length negotiations with creditors and stakeholders; * The Debtors have made positive progress towards reaching confirmable plans of reorganization; * The Debtors are paying their ordinary course expenses as they come due and have remained substantially current on all post petition obligations; * The Debtors have demonstrated reasonable prospects for an effective reorganization by welcoming negotiations with creditors and stakeholders; * The Debtors are not seeking this extension to pressure creditors, but rather seek this extension to be able to propose and confirm plans that will provide a larger dividend to creditors than liquidation; * No creditor or party-in-interest will be prejudiced by the requested extensions; on the contrary, all creditors and parties will be best served by not devoting their time and resources to a plan until sufficient time has passed and analysis undertaken to propose a meaningful, confirmable plan; and * There are several unresolved contingencies in the Bankruptcy Cases. Counsel to the Debtors: Davor Rukavina, Esq. Garrick C. Smith, Esq. Jonathan S. Petree, Esq. MUNSCH HARDT KOPF & HARR, P.C. 500 N. Akard Street, Suite 4000 Dallas, TX 75201-6659 Telephone: (214) 855-7500 E-mail: drukavina@munsch.com gsmith@munsch.com jpetree@munsch.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. THE AVERY: Oaktree Specialty Lending Marks $4.8M 1L Loan at 35% Off ------------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $4,849,000 loan extended to The Avery to market at $3,140,000 or 65% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to The Avery. The 1L Loan accrues interest at a rate of 10.00% per annum. The 1L Loan matures on Feb. 16, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About The Avery The Avery is engaged in real estate operations, including the ownership, management and development of property assets. THE AVERY: Oaktree Specialty Marks $10.8M 1L Loan at 63% Off ------------------------------------------------------------ Oaktree Specialty Lending Corp has marked its $10,843,000 loan extended to The Avery Real Estate Operating Companies to market at $3,991,000 or 37% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to The Avery Real Estate Operating Companies. The 1L Loan accrues interest at a rate of 10.00% per annum. The 1L Loan matures on Feb. 16, 2028. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About The Avery The Avery is engaged in real estate operations, including the ownership, management and development of property assets. THOMAS SWAREK: Loses Bid to Stay Sale of World AG Farmland, Assets ------------------------------------------------------------------ Judge Taylor B. McNeel of the U.S. District Court for the Southern District of Mississippi denied Thomas Swarek's emergency motion to stay sale of farmland and related proceedings in the case captioned as FIRST SERVICE BANK, PLAINTIFF v. THOMAS L. SWAREK; BILL D. BUFFINGTON; GS HOLDINGS, INC.; and COTTONWOOD RECREATION LAND, INC., DEFENDANTS, CIVIL ACTION NO. 1:24-cv-262-TBM-RPM (S.D. Miss.) From 2016 to 2023, First Service Bank entered into eleven loans with Thomas Swarek, Sunnyside Well Service Inc., and World AG Investment Inc. -- to which Thomas Swarek, World AG, or both of them, guaranteed. All of the loans, including the "Mainstreet Loan" for $50,000,000.00 that Swarek personally guaranteed, became delinquent and First Service Bank filed various actions seeking judgment against Swarek for failure of his payment obligations. First Service Bank filed its initial action on January 19, 2024, regarding the $50,000,000.00 Mainstreet Loan (First Service Bank v. Swarek, 1:24-cv-20-TBM-RPM (S.D. Miss.)). There, the Court granted First Service Bank's motion for default judgment against Swarek in the amount of $54,928,751.83. Swarek subsequently filed a motion to set aside and for reconsideration, which the Court denied on March 5, 2025. Swarek then appealed the Court's judgment on November 3, 2025. Most recently, Swarek filed a second motion for relief from judgment on April 13, 2026. Swarek moves this Court for an immediate emergency stay of any foreclosure, auction, or sale of World AG farmland and related assets. According to Swarek, such relief is warranted because his Rule 60(b) motion is pending in First Service Bank v. Swarek, 1:24-cv-20, which is on appeal to the Fifth Circuit, and jurisdiction and enforceability of the underlying judgment are in serious dispute. The Court finds Swarek fails to show why such emergent relief is warranted. According to the Court, Swarek does not provide any current notice of sale, auction, or foreclosure in support of his motion -- and World AG Investment Inc., was dismissed from this action on November 18, 2025. Swarek's motion for an emergency stay is premised not on a judgment in this action -- indeed there is none -- but rather a judgment currently on appeal to the Fifth Circuit in a different case: First Service Bank v. Swarek, 1:24-cv-20. Accordingly, Rule 62(d) does not authorize this Court to grant the relief Swarek requests in this action. A copy of the Court's Order dated May 5, 2026, is available at https://urlcurt.com/u?l=n6Y5UR from PacerMonitor.com. Thomas Lawrence Swarek filed for Chapter 11 bankruptcy protection (Bankr. S.D. Miss. Case No. 24-51388) on September 30, 2024, listing under $1 million in both assets and liabilities. THRASIO LLC: Oaktree Specialty Marks $23.2MM 1L Loan at 20% Off --------------------------------------------------------------- Oaktree Specialty Lending Corp has marked its $23,271,000 loan extended to Thrasio, LLC to market at $18,617,000 or 80% of the outstanding amount, according to Oaktree Specialty Lending's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission on May 5, 2026. Oaktree Specialty Lending Corp is a participant in a first lien term loan extended to Thrasio, LLC. The 1L Loan accrues interest at a rate of SOFR+ 10.00% per annum. The 1L Loan matures on June 18, 2029. Oaktree Specialty Lending Corporation is a business development company that provides customized credit and other financing solutions to middle-market companies. The Fund is led by Armen Panossian as Chief Executive Officer and Christopher McKown as Chief Financial Officer and Treasurer. The Fund can be reached at: Armen Panossian Oaktree Specialty Lending Corporation 333 South Grand Avenue, 28th Floor Los Angeles, CA 90071 Telephone: (213) 830-6300 About Thrasio, LLC Thrasio, LLC is a broadline retail company that aggregates, operates and scales consumer brands across multiple product categories and online marketplaces. TIFARET DISCOUNT: Updates SBA Claims Pay Details; Amends Plan ------------------------------------------------------------- Tifaret Discount Inc., d/b/a Redelicious Supermarket, submitted a Corrected First Amended Plan of Reorganization dated May 4, 2026. The Plan is composed of five classes of creditors and one class of equity holders. Class 1 consists of the Claim of the United States Small Business Administration appearing on behalf of the EIDL Loan. The amount of claim in this Class total $155,699.76. This creditor shall be paid $731,00 per month, the amount which the Debtor presently pays, as Adequate Protection Payments, as adequate protection until the debt to this creditor is paid in full. Like in the prior iteration of the Plan, Class 4 unsecured creditors holding an Allowed secured claim shall receive a total of 10% of the principal amount of the Allowed unsecured claim in two installments of 5% each payable on the Effective Date and one year after the Effective Date. Class 6 is the equity interest of the Debtor. Baruch Ausch shall continue to own 50% of the equity interest of the Debtor and shall transfer the remaining 50% to Simon Ostreicher. Simon Ostreicher, the lender, has agreed to release its borrowings to the Debtor in the amount of $250,000plus an addition advance of an approximate amount of $82,000to cover the initial distribution to the general unsecured creditors in exchange for 50% of the equity interests of the Debtor. The Debtor shall enter into an Employment Agreement with Baruch Ausch providing for continued employment as President and Chief Operating Officer for the next five years from the Effective Date at a salary of $100,000 plus all fringe benefits as he presently enjoys. The Debtor shall prepare a Shareholders Agreement between Mr. Ausch and Mr. Ostreicher providing for the issuance of 50% equity to Mr. Ostreicher in consideration for the satisfaction and settlement of Mr. Ostreicher's loan to the Debtor. The Debtor shall continue to operate and make payments as described in the Plan. Debtor shall amend the Corporate Charter and New York State filings to reflect the transactions. A full-text copy of the Corrected First Amended Plan dated May 4, 2026 is available at https://urlcurt.com/u?l=DkDchO from PacerMonitor.com at no charge. Tifaret Discount Inc. is represented by: Leo Fox, Esq. 630 Third Avenue - 18th Floor New York, NY 10018 Tel: (212) 867-9595 Email: leo@leofoxlaw.com About Tifaret Discount Inc. d/b/a Redelicious Supermarket Tifaret Discount Inc., operating as Redlicious Supermarket, a grocery retailer based in Monsey, New York. Tifaret Discount Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22623) on July 9, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and liabilities between $1 million and $10 million. Bankruptcy Judge Sean H Lane handles the case. The Debtor is represented by Leo Fox, Esq. TIMBER PROS: 75-Day Extension for Plan Filing Granted ----------------------------------------------------- Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi extended Timber Pros Logging, LLC's exclusive period to file a plan of reorganization and disclosure statement for additional seventy-five days. As shared by Troubled Company Reporter, the Debtor explains that the company and its counsel have diligently attempted to gather the information necessary to complete this document and file it in a timely manner. The Debtor's counsel has formulated drafts of the disclosure statement and plan, but because of the extent of the information involved, drafts have not yet been finalized. In addition, the Debtor has worked hard to enter into negotiations and voluntary restructurings with different creditors, and it has achieved some success in that regard. Also, the Debtor has "cleaned up" its insurance issues and requirements that were uncertain on the petition date. Timber Pros Logging, LLC is represented by: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 601 Renaissance Way, Suite A Ridgeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About Timber Pros Logging, LLC Timber Pros Logging, LLC, also known as TPL Trucking, is based in Iuka, Mississippi, and transports logs, lumber, and related forest products, managing their delivery within the forest products supply chain. Timber Pros Logging, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Miss. Case No. 26-10008) on January 2, 2026, listing $1,000,001 to $10 million in both assets and liabilities. Craig M. Geno, Esq. at Law Offices Of Craig M. Geno, PLLC represents the Debtor as counsel. TPI COMPOSITES: Says Ch. 11 Plan Offers Best Recovery for Creditors ------------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that bankrupt wind turbine blade producer TPI Composites Inc. has asked the court to back its Chapter 11 liquidation plan, saying the proposal is in the best interests of creditors and provides the highest potential value recovery. The company submitted its supporting motion on Thursday, May 7, 2026. TPI Composites argued that the plan reflects months of negotiations and analysis regarding available restructuring options. The company said liquidation under Chapter 11 would allow for a more controlled and transparent process than alternative outcomes outside bankruptcy. The company sought bankruptcy protection following continued operational losses and broader industry headwinds. Its proposed plan aims to liquidate assets, address creditor claims, and complete the company's wind-down under court supervision, according to report. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRAVEL + LEISURE: Moody's Rates New Sec. Notes Due 2031 'Ba3' ------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Travel + Leisure Co.'s new senior secured notes due 2031. All other ratings, including the Ba3 corporate family rating, Ba3-PD probability of default rating, the Ba3 senior secured notes ratings and the Ba3 senior secured bank credit facility rating are unaffected by this new issuance. The outlook remains unchanged at stable. Issuance proceeds will be used to repay the $650 million senior secured notes due in 2026 and revolver borrowings with remaining proceeds after issuance costs, and to the extent there are any remaining proceeds therefrom, for general corporate purposes. RATINGS RATIONALE Travel + Leisure Co.'s ratings, including its Ba3 corporate family rating with a stable outlook, reflect the company's market position as one of the largest vacation ownership companies and operator of the largest timeshare exchange network in terms of number of members. The company also benefits from its licensing agreement with Wyndham Hotels & Resorts, its brand and geographic diversification, the stability of the timeshare exchange business and recurring property and management fees. Constraints on the rating include the high risk profile of the timeshare development and finance segment, including high default rates associated with timeshare consumer receivables. Timeshare development and finance also has a higher capital investment requirement than its exchange business and reliance on the securitization market to recycle consumer receivables so that capital can be made available for other corporate objectives, including returns to shareholders. The stable outlook reflects Moody's expectations that Travel + Leisure Co. will be able to maintain performance and reduce leverage over time to pre-pandemic levels that ranged from 4.0x to 5.25x. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The company's ratings could be upgraded if the company is able to maintain adjusted debt/EBITDA, inclusive of securitized debt, below 4.75x with EBITDA/interest expense, including financing expense as interest expense, approaching 3.5x. Factors that could lead to a downgrade include if debt/EBITDA, inclusive of securitized debt, is sustained above 5.25x with EBITDA/interest expense, including financing expense as interest expense, sustained below 2.5x. Ratings could also be downgraded if liquidity weakens or the company takes a more aggressive stance on share repurchases or dividends that leads to higher leverage. Travel + Leisure Co. operates in two segments: Vacation Ownership and Travel and Membership. The Vacation Ownership segment develops, markets and sells vacation ownership (timeshare) interest to individual consumers, provides consumer financing in connection with these sales and provides property management services at resorts. The Travel and Membership segment operates a variety of travel businesses, including vacation exchange brands (including RCI), travel technology platforms, travel memberships, and direct-to-consumer rentals. Net revenue for the 12 months ended March 31, 2026 was approximately $4.0 billion. The principal methodology used in this rating was Business and Consumer Services published in February 2026. TREEO'S TREE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Treeo's Tree Service, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use cash collateral. The Debtor has an immediate need to access approximately $7,014 in cash on hand and $202,790 in pre-petition accounts receivable to maintain daily operations. Without access to these funds, the Debtor will be unable to meet payroll, insurance, and trade vendor obligations, causing irreparable harm to the bankruptcy estate and its ability to reorganize as a going concern. The primary secured creditor is Byline Bank, which holds a general business security interest in substantially all of the Debtor's assets, including equipment, inventory, and accounts. The debt stems from a 2017 SBA Section 7(a) loan of nearly $1.48 million; due to a failed pre-petition restructuring, the bank obtained a judgment that has grown to an estimated $1,616,645. Byline Bank will be granted protection for its collateral interests through a monthly payment of $13,271.83 and a post-petition replacement lien, with the same priority and extent as its pre-petition interests. Parties retain their rights to later challenge collateral values, claim amounts, and lien priorities. Under the interim order, the Debtor is required to continue providing receipts and disbursement reports consistent with Chapter 11 reporting requirements and maintain insurance on the bank's collateral. The order outlines several default events, including failure to comply with the order, dismissal of the bankruptcy case, appointment of a trustee, lapse of insurance coverage, or cessation of business operations. If a default occurs and remains uncured for 14 days after notice, Byline Bank may seek relief from the automatic stay. The interim authorization remains effective pending a final hearing scheduled for May 29, with objections due by May 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fUXhi from PacerMonitor.com. Byline Bank, as secured creditor, is represented by: Beth M. Brockmeyer, Esq. Cramer Multhauf LLP 1601 E. Racine Avenue, Suite 200 P.O. Box 558 Waukesha, WI 53187-0558 Phone: (262) 542-4278 Fax: (262) 542-4270 bb@cmlawgroup.com About Treeo's Tree Service Inc. Treeo's Tree Service, Inc. specializes in hazardous tree removal and landscape services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wisc. Case No. 26-22563) on May 5, 2026. In the petition signed by Mark Caswell, president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. John W. Menn, Esq., at Swanson Sweet LLP, represents the Debtor as legal counsel. TREESAP FARMS: Court OKs Plant Supply Business Sale to YFCO LLC --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted Treesap Farms LLC and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors commenced the Chapter 11 Cases to run a competitive marketing, auction, and sale process for the Assets, with the support of the Prepetition Lenders, the Prepetition Agent and the DIP Lender. The Debtors conducted the Sale in accordance with, and have otherwise complied in all material respects with, the Bidding Procedures Order. The Bidding Procedures approved by the Bidding Procedures Order afforded a full, fair, and reasonable opportunity for any person or entity to make a higher or otherwise better offer to purchase the Acquired Assets. The Bidding Procedures were duly-noticed and the Sale was conducted in a non-collusive, fair, and good-faith manner, and a reasonable opportunity was given to any interested party to make a higher or otherwise better offer for the Acquired Assets. The Court has authorized the Debtor to sell the Property to TYFCO LLC, a Delaware limited liability company, for the purchase price of $88,000,000. The Purchaser has given substantial consideration under the APA and this Sale Order for the benefit of the Debtors, their estates, and their creditors. None of the Purchaser or its affiliates, successors, assigns, equity holders, employees or professionals shall have or incur any liability to, or be subject to any action by any of the Debtors or any of their estates, predecessors, successors or assigns, arising out of the negotiation, investigation, preparation, execution, delivery of the APA and the entry into and consummation of the sale of the Acquired Assets, except as expressly provided in the APA and the Sale Order. The Purchaser has demonstrated adequate assurance of future performance under the relevant Assumed Contracts. About Treesap Farms TreeSap Farms LLC is a leading supplier of trees and plants to home improvement retailers. TreeSap Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90021) on February 24, 2025. In its petition, the Debtor disclosed estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor tapped McKool Smith, Esq., as counsel and Donlin, Recano & Company, LLC as claims, noticing and solicitation agent. TRIAD AERO: Gets Final OK to Use Cash Collateral ------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Florida entered a final order authorizing Triad Aero Sales Corp. to continue using cash collateral. Under the final order, the debtor is permitted to use cash collateral to pay operating expenses in accordance with an approved budget. The authorization remains effective through August 16, allowing the Debtor to continue business operations while restructuring. The court also approved flexibility in the budget, permitting the Debtor to exceed individual budget line items by up to 10%, or more so long as the overall budget variance does not exceed 10% in total. As protection, the U.S. Small Business Administration will be granted replacement liens on certain post-petition accounts receivable, with the same priority and extent as its valid pre-petition liens. These replacement liens apply only to the extent the Debtor uses the SBA's cash collateral. The order limits the SBA's rights by specifically excluding liens on avoidance actions or other bankruptcy causes of action under Chapter 5 of the Bankruptcy Code. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/GBjlB from PacerMonitor.com. About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on October 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Brian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TRINSEO PLC: Plans to File for Chapter 11 Bankruptcy ---------------------------------------------------- Reshmi Basu of Bloomberg Law reports that Trinseo Plc announced plans to file a prepackaged Chapter 11 case that would reduce its debt load by about $2 billion and lower yearly interest costs by approximately $140 million. The company said it reached a restructuring support agreement with holders of a majority of its funded debt and plans to commence the bankruptcy proceedings in Texas in the near future. As part of the proposed restructuring, Trinseo secured about $158 million in debtor-in-possession financing to maintain liquidity during the bankruptcy process. The company also arranged a $150 million accounts receivable facility together with exit financing commitments designed to support operations after Chapter 11. The company said it expects to maintain ordinary business operations throughout the restructuring and emphasized that the process is intended to be completed efficiently through a prepackaged plan. Management indicated the transaction will significantly deleverage the balance sheet and position the company for long-term stability. Trinseo is a global producer of plastics, synthetic rubber, and specialty chemical products serving the automotive, construction, medical, and consumer goods sectors. The company has struggled with declining demand, macroeconomic pressures, and rising financing costs in recent years, the report states. About Trinseo PLC Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. PricewaterhouseCoopers LLP, the Company's independent registered public accounting firm since 2017 and headquartered in Philadelphia, Pennsylvania, included an explanatory paragraph in its audit report dated March 13, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company's accumulated deficit and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2.3 billion in total assets and $3.4 billion in total liabilities, and total stockholders' deficit of $1.1 billion. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. TRINSEO PLC: Signs RSA to Cut $2B Debt, Eyes Chapter 11 Filing -------------------------------------------------------------- Trinseo PLC announced that it entered into a Restructuring Support Agreement with parties that hold a majority of its debt. This binding agreement will significantly reduce Trinseo's debt obligations, strengthen its balance sheet and improve its long-term financial health. No concessions from employees, customers, vendors, or suppliers are part of this agreement. By taking this proactive step, the Company expects to be better positioned to execute its long-term growth strategy and operate from a positive free cash flow position. The RSA represents the successful culmination of collaborative discussions with key lenders to restructure Trinseo's capital structure on an expedited basis while preserving the Company's market-leading position as a specialty material solutions provider. "Since our founding, Trinseo has partnered with organizations to bring ideas to life through smart, sustainable material solutions--combining deep expertise, innovation and best-in-class materials," said Frank Bozich, President and Chief Executive Officer of Trinseo. "With the support of our lenders, this agreement marks an important step forward to strengthen our balance sheet so we can continue to operate our business uninterrupted, drive innovation, support growth and manufacture the products that our customers rely on for decades to come. We're confident that entering into this agreement will position us well for the future and we look forward to emerging from this process as a stronger organization, well-equipped to meet the needs of our partners around the world. We are deeply grateful to our employees for their continued dedication and hard work, and to our customers and partners for their support." Information Regarding the RSA The Company has secured support from its key lenders for a comprehensive restructuring that will reduce its debt by approximately $2.0 billion and reduce annual interest expense by approximately $140 million. The restructuring will be implemented through a pre-packaged chapter 11 plan of reorganization, funded by a fully committed ~$158 million debtor-in-possession financing, a $150 million accounts receivable facility, as well as exit financing. Existing lenders will be receiving 100% of the reorganized Company's equity. All holders of general unsecured claims, including trade creditors, vendors, and suppliers, will be unimpaired. To implement the transactions under the RSA, the Company intends to finalize the plan of reorganization and subsequently file voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas in the coming weeks. Trinseo expects to emerge from chapter 11 on an expedited basis. While the process will benefit the global organization, the chapter 11 filing is expected to be limited to certain of its U.S. affiliates, and certain non-operating affiliates outside the U.S. No other Trinseo affiliates are expected to be included in the chapter 11 filing. Trinseo expects to conduct business uninterrupted both in the U.S. and globally, with a continued focus on supplying customers with the same high-quality products and services they value. Trinseo plans to file customary motions with the Bankruptcy Court to support ordinary-course operations including, but not limited to, a motion to pay outstanding claims of vendors and suppliers, and continue to pay its vendors and suppliers during the restructuring process. In addition, motions pertaining to customer and employee compensation and benefits programs will be submitted with the filing to ensure there will be no impact on customers and employees. Additional details regarding the RSA will be provided in the Company's Form 8-K to be filed with the U.S. Securities and Exchange Commission. For additional information regarding the restructuring, please visit Trinseo's dedicated microsite at www.StrengtheningTrinseo.com Trinseo is advised by Latham & Watkins LLP as legal advisor, Hunton Andrews Kurth LLP as co-counsel, Centerview Partners LLC as investment banker, and FTI Consulting as financial and communications advisor. An ad hoc group of Senior Secured Lenders is advised by Paul Hastings LLP and PJT Partners. An ad hoc group of Term Lenders is advised by Gibson, Dunn & Crutcher LLP and Lazard Frères & Co. Increase to Revolving Credit Facility Borrowing Capacity On May 13, 2026, the Company also announced that it had amended its super-priority revolving credit facility to increase its available capacity under the revolver by $25 million (the "Revolver Amendment"). The increased borrowing capacity will be used to fund working capital or for general corporate purposes, and allow the Company the flexibility to implement the transactions under the RSA in a timely manner. Additional details regarding the Revolver Amendment, including borrowing terms, maturity and interest rate, will be provided in the Company's Form 8-K to be filed with the SEC. About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) -- www.trinseo.com -- a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. PricewaterhouseCoopers LLP, the Company's independent registered public accounting firm since 2017 and headquartered in Philadelphia, Pennsylvania, included an explanatory paragraph in its audit report dated March 13, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company's accumulated deficit and negative cash flows from operations raise substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $2.3 billion in total assets and $3.4 billion in total liabilities, and total stockholders' deficit of $1.1 billion. * * * In December 2025, S&P Global Ratings lowered its Company credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC'. S&P's recovery ratings on the company's debt are unchanged. TRUE BELIEVERS: Court OKs Deal to Use WWBIC's Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Wisconsin approved a stipulation between True Believers, LLC and Wisconsin Women's Business Initiative Corporation regarding the use of cash collateral. The Debtor operates a licensed outpatient behavioral health treatment clinic in Madison, Wisconsin, which serves as its sole source of income. Because it lacks unencumbered cash necessary to maintain operations, payroll, and lease obligations, the Debtor needs to use its cash collateral during the reorganization process. WWBIC holds a first-priority perfected security interest in substantially all of the Debtor's assets pursuant to an SBA 7(a) loan agreement and a related subordination agreement. Its collateral includes accounts receivable, inventory, equipment, software, trademarks, copyrights, and other personal property, including a 2015 Yukon vehicle. The Debtor's bankruptcy schedules valued the collateral at approximately $81,243 as of the petition date. The Debtor also maintains contractual payment rights through an agreement with Dane County Health and Human Services, which is expected to generate future receivables and revenue. Under the stipulation, WWBIC retains its pre-petition and post-petition liens on the Debtor's assets, and the Debtor is required to make monthly payments of $2,044.65 beginning this month. The Debtor is also required to file a Subchapter V reorganization plan by May 25. The stipulation remains effective until July 24, default under the court order, or confirmation of a reorganization plan. A copy of the stipulation is available at https://urlcurt.com/u?l=JSAEa0 from PacerMonitor.com. WWBIC is represented by: Ben Payne, Esq. Rose Payne SC 1134 N. 9th Street, Suite 220 Milwaukee, WI 53233 Phone: 414-274-1400 bpayne@rosepayne.com About True Believers LLC True Believers LLC, a Department of Health and Human Services-certified outpatient clinic, provides mental health and substance abuse services in Wisconsin. The agency offers psychotherapy, psychoeducation, coping skills, meditation, medication management, and limited case management, with specialized support for gender dysphoria and transgender care. Its staff includes licensed substance abuse professionals, licensed professional counselors, and master's-level mental health providers with over 20 years of experience. True Believers sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wis. Case No. 26-10365) on Feb. 24, 2026, listing up to $50,000 in assets and $1 million to $10 million in liabilities. Angela Reed as managing member, signed the petition. Krekeler Law, S.C. serves as the Debtor's legal counsel. Wisconsin Women's Business Initiative Corporation, is represented by Ben Payne, Esq. at Rose Payne SC. TTM TECHNOLOGIES: Moody's Rates New $1BB 2031 Revolver Loans 'Ba1' ------------------------------------------------------------------ Moody's Ratings assigned a Ba1 rating to TTM Technologies, Inc.'s (TTM) new $1.0 billion senior secured revolving credit facility due 2031 and repriced $340 million senior secured first lien term loan B due May 2030. TTM's existing ratings, including the Ba2 corporate family rating, Ba2-PD probability of default rating, Ba1 senior secured bank credit facility rating, and Ba3 senior unsecured global notes rating remain unchanged. The SGL-1 speculative grade liquidity rating remains unchanged. The outlook is stable. The assignment of ratings follows TTM's launch of a $1.0 billion secured cash flow revolving credit facility and repricing of its existing term loan. Moody's expects this revolver will be partially utilized over time for growth investments, and represents an expectation of increased operating scale. RATINGS RATIONALE TTM's Ba2 CFR reflects the company's predictable revenues from the aerospace and defense (A&D) industry and diversified end market exposures, which limit top line revenue volatility. The predictable revenues and low capital intensity yields variable, though consistently positive free cash flow (FCF). TTM maintains a conservative financial leverage profile and a large cash balance, which together provide the company with financial flexibility for internal growth initiatives and acquisitions. TTM's differentiated product portfolio addresses several secular growth drivers, which supports revenue and profitability growth over time. Nevertheless, like many other companies in the electronics ecosystem, TTM faces macroeconomic-driven pressures that can weigh on revenue growth and profitability. Given the limited pool of potential large OEMs, TTM has customer revenue concentrations. The large manufacturing footprint and demand volatility within end market segments entail challenges to maintaining production capacity utilization, which can negatively affect profitability. Despite the challenges that impacted prior results, TTM has seen broad recovery through 2025. Moody's expects growth to continue on the back of generative AI impact on data center computing, strong A&D budgets, recovery in medical end markets from prior inventory correction, and increased capacity to support growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS TTM's ratings could be upgraded if the company achieves greater business scale and diversification, maintains consistent revenue growth and EBITDA margin expansion, and maintains total financial leverage below 2.5x (Moody's adjusted). TTM's ratings could be downgraded if it experiences sustained revenue or margin declines, total financial leverage is sustained above 4.0x, or if liquidity meaningfully weakens. TTM is a leading global provider of complex multi-layer printed circuit boards (PCB), radio frequency (RF) and electromechanical solutions. The company's products are used for applications across a broad range of end markets including aerospace & defense (A&D), automotive, information technology, networking & communications, medical, and industrial markets. The principal methodology used in these ratings was Manufacturing published in September 2025. VANGUARD SURGICAL: U.S. Trustee Appoints William Harbison as PCO ---------------------------------------------------------------- Paul Randolph, the Acting U.S. Trustee for Region 8, appointed William P. Harbison at Morgan Pottinger McGarvey as patient care ombudsman for Vanguard Surgical, LLC. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Western District of Kentucky on April 24. Section 333 of the Bankruptcy Code provides that the Patient Care Ombudsman shall: * monitor the quality of patient care provided to patients of the debtor, to the extent necessary under the circumstances, including interviewing patients and physicians; * not later than 60 days after the date of this appointment, and not less frequently than at 60-day intervals thereafter, report to the court after notice to the parties in interest, at a hearing or in writing, regarding the quality of patient care provided to patients of the debtor; * if such ombudsman determines that the quality of patient care provided to patients of the debtor is declining significantly or is otherwise being materially compromised, file with the court a motion or a written report, with notice to the parties in interest immediately upon making such determination; and * shall maintain any information obtained by such ombudsman under section 333 of the Bankruptcy Code that relates to patients (including information relating to patient records) as confidential information. Such ombudsman may not review confidential patient records unless the court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. The ombudsman may be reached at: William P. Harbison Morgan Pottinger McGarvey 401 South Fourth Street, Suite 1200 Louisville, KY 40202 Tel. 502.560.6720 | Fax 502.585.3498 Email: wph@mpmfirm.com About Vanguard Surgical LLC Vanguard Surgical LLC is a Louisville, Kentucky-based surgical center that provides specialized surgical services for conditions such as gastroparesis and chronic pancreatitis. Vanguard Surgical sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 26-30901) on March 31, 2026. In its petition, the Debtor reports assets of $50,000 or less and liabilities between $100,001 and $500,000. Judge Charles R. Merrill handles the case. The Debtor is represented by Michael W. McClain, Esq., at McClain Law Group, PLLC. VICTORIA'S KITCHEN: Claims to be Paid from Future Income -------------------------------------------------------- Victoria's Kitchen LLC filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Second Amended Plan of Reorganization under Subchapter V dated May 5, 2026. The Debtor is a limited liability company organized under the laws of the State of Pennsylvania. Since 2014, the Debtor has been engaged in the business of owning and operating a restaurant located in Philadelphia under the name "Victora's Kitchen." The Debtor's revenue is derived primarily from the sale of food for off premises consumption together with ancillary income from catering services. This Plan of Reorganization under chapter 11 of Title 11, United States Code, proposes to pay creditors of the Debtor from its future income. Non-priority unsecured creditors holding allowed claims will receive distributions from the Debtor's disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of all timely-filed allowed general unsecured claims, which will receive-pro rata distributions funded by the Debtor's projected net disposable income over three years. This class is impaired and entitled to vote. The allowed unsecured claims total $2,102,688. Class 4 consists of all equity interests of the Debtor, which will be retained, unaltered, and outstanding. This class is not impaired and not entitled to vote. The Plan will be funded exclusively through income derived from operation of the Debtor's restaurant. The Debtor shall retain and continue to operate the restaurant throughout the Plan term. Income shall be used to pay ordinary operating expenses, administrative expenses, and distributions to creditors as provided in this Plan. A full-text copy of the Second Amended Plan dated May 5, 2026 is available at https://urlcurt.com/u?l=TPGo1n from PacerMonitor.com at no charge. Counsel to the Debtor: Mike Assad, Esq. Law Office of Mike Assad P.C. 121 South Broad Street, Suite 1507 Philadelphia, PA 19107 Tel: (609) 808-3300 About Victoria's Kitchen LLC Victoria's Kitchen, LLC, is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on Aug. 26, 2025, listing between $1 million and $10 million in assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker oversees the case. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VIOLET'S PUPPIES: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Debtor: Violet's Puppies, LLC 356 N. University Drive Hollywood, FL 33024 Business Description: Violet's Puppies, LLC, which operates a Petland Pembroke Pines retail location, sells puppies and pet- related products in Pembroke Pines, Florida. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-16067 Debtor's Counsel: Michael D. Seese, Esq. SEESE, P.A. 101 N.E. 3rd Avenue, Suite 1500 Fort Lauderdale, FL 33301 Tel: 954-745-5897 E-mail: mseese@seeselaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Stefani Victor as authorized member. A copy of the Debtor's list of its seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AAXUZ2A/Violets_Puppies_LLC__flsbke-26-16067__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DRL5AZI/Violets_Puppies_LLC__flsbke-26-16067__0001.0.pdf?mcid=tGE4TAMA VITASPRING BIOMEDICAL: Q3 2024 Net Loss Narrows to $196K -------------------------------------------------------- VitaSpring Biomedical Co., Ltd. reported a narrower fiscal third-quarter net loss of $196,292 for the three months ended Oct. 31, 2024, compared with a net loss of $234,980 a year earlier, according to a company's quarterly report filed with the Securities and Exchange Commission. For the nine months ended Oct. 31, 2024, VitaSpring reported a net loss of $631,785, compared with a net loss of $893,164 for the same period in 2023. The company reported cash of $2,062, total assets of $58,382, total liabilities of $3.93 million and a total stockholders' deficit of $3.87 million as of Oct. 31, 2024. The filing also showed current assets of $41,787, current liabilities of $3.93 million and a working capital deficit of $3.89 million. VitaSpring said its limited cash, recurring operating losses and working capital deficit raised substantial doubt about its ability to continue as a going concern within one year after the issuance of its financial statements. The company has historically financed operations through advances from related parties and equity issuances. Management plans to seek additional capital through equity financing, strategic partnerships and related-party support to fund operating expenses and meet obligations as they come due. The company said, however, there is no assurance that financing will be available on acceptable terms, or at all. VitaSpring said its current cash resources were sufficient to fund operations for less than one month without additional financing. The company also said it does not have formal repayment agreements in place and would not have sufficient liquidity to satisfy its obligations if they were called. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1697884/000164033426000831/vsbc_10q.htm About Vitaspring Biomedical VitaSpring Biomedical Co. Ltd., a Nevada corporation incorporated in 2016 and based in Riverside, California, is a development-stage biomedical company focused on cellular and regenerative medicine, including stem-cell-based applications, tissue-practice center operations, stem-cell preparations and exosome product development. It remains in the development stage and currently generates only limited revenue. In an audit report dated March 11, 2026, JP Centurion & Partners PLT included a going concern qualification, stating that the company incurred an accumulated deficit of $4.51 million and a negative cash flow from operations amounting to $34,920 for year ended Jan. 31, 2024. This raises substantial doubt about the company's ability to continue as a going concern. W/L PROPERTIES: Seeks Chapter 11 Bankruptcy in Connecticut ---------------------------------------------------------- On May 1, 2026, W/L Properties L.L.C. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Connecticut. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on May 29, 2026 at 02:00 PM. THE MEETING OF CREDITORS WILL BE HELD TELEPHONICALLY. About W/L Properties L.L.C. W/L Properties L.L.C. is a limited liability company engaged in real estate ownership and property management operations. W/L Properties L.L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20444) on May 1, 2026. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge oversees the case in the District of Connecticut. The Debtor is represented by Edward P. Jurkiewicz, Esq. of Lawrence & Jurkiewicz LLC. WAYFAIR INC: Fitch Hikes LongTerm IDR to 'BB-', Outlook Stable -------------------------------------------------------------- Fitch Ratings has upgraded Long-Term Issuer Default Ratings (IDRs) for Wayfair Inc. and Wayfair LLC to 'BB-' from 'B'. Fitch has also upgraded the company's $2.2 billion of secured notes to 'BB+' with a Recovery Rating of 'RR1' from 'BB-'/'RR2' and upgraded the company's convertible notes to 'B'/'RR6' from 'CCC+'/'RR6'. In addition, Fitch has assigned Wayfair's proposed $400 million of secured notes a 'BB+'/'RR1' rating. Proceeds will be used to address upcoming maturities, including about $759 million in principal amount of convertible notes due between 2026 and 2028. The Rating Outlook is Stable. The upgrade reflects Wayfair's progress in both market share gains and profitability, which have added durability to Wayfair's business model while accelerating FCF generation and deleveraging. Fitch projects Wayfair will generate around $400 million of FCF annually beginning 2026 with EBITDAR leverage trending below 4x. This compares to EBITDAR leverage over 6x prior to 2025. Key Rating Drivers Online Disruptor: Since the launch of the Wayfair brand 15 years ago, the company has built a unique business model in the furniture and home furnishings space, connecting suppliers and consumers on an e-commerce platform. While resembling an online retailer, Wayfair does not own inventory, which limits markdown risk and working capital needs. Fitch expects Wayfair can generate mid-single-digit revenue growth longer term, predicated on low single-digit category growth and ongoing e-commerce penetration expansion. As one of a few essentially online-only retailers with meaningful scale and infrastructure and strong relationships with customers and vendors, Wayfair is well positioned to continue gaining share. Management is targeting double-digit medium-term growth through newer initiatives, although these efforts entail some execution risk. Fitch projects around 4% revenue growth in 2026 and 2027 given the company's demonstrated ability to gain share in a somewhat choppy furniture market. Structural Margin Improvement: Wayfair's margin profile has benefitted from recent efforts to reduce expenses. Prior to 2020, the company generated EBITDA losses as it scaled infrastructure to drive the top line. Wayfair saw positive EBITDA in 2020/2021 as consumers accelerated spending on the category and online, although these trends reversed in 2022. In 2023, the company reduced $1.4 billion in costs (just over 10% of revenue), yielding EBITDA margins in the high 3% range in 2024 and accelerating to 6% in 2025 from -3.4% in 2022. Fitch expects Wayfair's margins could remain near 6% over the next two to three years. Margins will benefit from Wayfair's ongoing cost focus and some fixed-cost leverage as sales expand. These gains may be offset by overall cost inflation and the company's efforts to sharpen pricing as part of its competitive value proposition. Challenged Market Near Term: Wayfair's near-term prospects are challenged by macro factors, including moderating consumer health. These challenges and some overhang from strong home-related spending in 2020/2021 have caused declines in the U.S. furniture segment. Near-term results could be further affected by tariffs and the impact of the Middle East conflict, which raise costs for Wayfair's vendor partners, impacting pricing decisions and product inflation. Despite a weak furniture market, Wayfair grew revenue 5% in 2025 and 7.4% in 1Q26, suggesting market share gains. Leverage Below 4x: Wayfair's leverage moderated to 4.4x in 2025 and 3.9x in 1Q26 from 6.3x in 2024 on EBITDA growth and some debt reduction. Fitch projects Wayfair's EBITDAR leverage to trend below 4x over the next two to three years. After repaying $349 million in convertible notes principal YTD 2026, Wayfair has $759 million in principal amount of convertible notes due between 2026 and 2028. Wayfair does not have a publicly articulated financial policy, and Fitch expects the company could refinance its upcoming notes maturities. Given the recent strong stock performance, the cost to repay its convertible notes would exceed the current principal amount. Improving Cash Flow: Wayfair's FCF improvement should follow its EBITDA expansion in the medium term. Fitch expects FCF around $400 million over the next two to three years, higher than the approximately $330 million in 2025 largely due to EBITDA growth. Fitch expects Wayfair's cash balances to remain at least $1 billion, in line with its longer-term history. Wayfair could deploy its internally generated cash toward some debt repayment and investments in growth initiatives. Peer Analysis Wayfair's ratings reflect the company's leading position in the online furniture category, track record of strong growth, and recent success in efforts to improve profitability and cash flow. The ratings embed expectations of continued EBITDA growth over the medium term, yielding positive FCF and EBITDAR leverage trending below 4x. Wayfair's rated peers include national department store competitors Macy's Inc. (Macy's; BBB-/Stable), Kohl's Corp (Kohl's; BB-/Negative), and Nordstrom, Inc. (Nordstrom; BB/Stable). Each company contends with secular headwinds affecting the department store industry and are continuously refining strategies to defend market share. Initiatives include investments in omnichannel models, portfolio reshaping to reduce exposure to weaker indoor malls, and efforts to strengthen merchandise assortments and service levels. Fitch expects leverage for Macy's and Nordstrom to trend below Wayfair's levels while Kohl's rating assumes leverage trends in the low 4x range. Fitch’s Key Rating-Case Assumptions - Wayfair's revenue could grow mid-single digits longer term, given low single-digit growth in the furniture and home furnishings category and continued shifts in channel spending toward e-commerce and away from physical retail. Fitch projects revenue growth around 4% over the next two to three years, yielding revenue approaching $14 billion in 2026 from $12.5 billion in 2025; - EBITDA, which improved to about $745 million in 2025 from about $455 million in 2024, could expand toward the high $800 million range by 2028 on revenue growth and modest fixed-cost leverage. Margins are projected in the low 6% range beginning 2026, slightly above the 6.0% recorded in 2025; - FCF could be around $400 million beginning 2026. This projection assumes generally neutral working capital and capex in the $250 million range to support investments in Wayfair's technology platform, logistics infrastructure and physical retail; - Fitch assumes Wayfair will refinance its upcoming maturities, including about $759 million in principal amount of remaining convertible notes through 2028. Wayfair plans to use proceeds from this issuance to fund this maturity although the make-whole of upcoming convertibles could well exceed principal amounts given recent stock price appreciation and Wayfair could use internally generated cash or issue additional debt to support repayment; - EBITDAR leverage, which improved to 4.4x in 2025 and to about 3.9x in 1Q25 from 6.3x in 2024, could trend below 4x beginning 2026. EBITDAR fixed charge coverage could trend around 2.5x, similar to 2025, as EBITDA growth is offset by increased interest expense; - Wayfair's new and existing secured notes and existing convertible debt have fixed interest rate structures. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb-, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (b+, Higher), Financial Structure (bb+, Moderate), and Financial Flexibility (bb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB-'. Recovery Analysis Fitch does not use a waterfall recovery analysis for issuers rated in the 'BB' category. As a rating moves higher within the speculative-grade spectrum, the notching between different classes of issuances becomes more compressed. Fitch rates Wayfair's secured revolver and secured notes at 'BB+'/'RR1', suggesting outstanding recovery prospects. Wayfair's convertible notes are notched down two to 'B'/'RR6', indicating poor recovery prospects. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade could result from a combination of weak operating performance and financial policy decisions which lead to EBITDAR leverage sustained over 4x; - EBITDAR fixed charge coverage approaching 2x could also yield a downgrade. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued strong operating performance and capital structure actions that cause EBITDAR leverage to sustain below 3.5x; - EBITDAR fixed charge coverage exceeding 2.5x. Liquidity and Debt Structure At March 31, 2026, Wayfair had $1.0 billion of cash and equivalents and approximately $410 million of availability on its $500 million secured revolver due March 2030. Wayfair targets around $1 billion of ongoing cash. Fitch considers Wayfair's liquidity reasonable given limited working capital needs. The company generated negative FCF through most of its history, although Fitch projects positive FCF given EBITDA improvements. Wayfair's capital structure consists of $759 million in convertible notes maturing through 2028. About $350 million in principal amount of notes were repaid thus far in 2026, with Wayfair's upcoming maturities including $39 million due 2026 and $230 million due 2027. Given recent stock price appreciation, the make-whole for Wayfair's remaining convertible notes may exceed their principal amounts outstanding. The company is proposing an additional $400 million in notes to address upcoming convertible maturities. These notes are secured by substantially all the company's assets and are pari passu with its revolving credit facility. Fitch expects Wayfair to continue refinancing convertible maturities, although the company could use internally generated cash flow to delever. Issuer Profile Wayfair is a leading online furniture and home furnishings retailer, generating $12.5 billion in 2025 revenue to over 21 million active customers. Summary of Financial Adjustments - Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt; - EBITDA is adjusted to exclude stock-based compensation. Sources of Information The principal sources of information used in the analysis are described in the Applicable Criteria. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Wayfair, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Wayfair LLC LT IDR BB- Upgrade B senior secured LT BB+ New Rating RR1 senior secured LT BB+ Upgrade RR1 BB- Wayfair Inc. LT IDR BB- Upgrade B senior unsecured LT B Upgrade RR6 CCC+ WFM 3801: FM Real Estate Drops Receivership Bid ----------------------------------------------- FM Real Estate Holdings LLC has dropped a request asking the U.S. District Court for the Eastern District of Texas, Tampa Division, to appoint a a receiver for WFM 3801, LTD., Magnolia-Flower Mound, LLC, Edward Sedacca, and Christa Means. WFM 3801 owns an assisted living and memory care facility located at 3201 Karnes Rd, Flower Mound, Texas 75022. The Property is collateral for a $2,750,000 loan owed by WFM 3801 to FM Real Estate. In its bid to appoint a receiver, FM Real Estate claims WFM 3801 has defaulted under the Loan Documents by failing to make monthly debt service payments, by failing to fund payroll, and by permitting liens to be recorded against the Property. These defaults adversely affect not only FM Real Estate's collateral but also the elderly and vulnerable residents of the Property, who depend on a safe, stable environment in which to live and receive consistent care. WFM 3801's management company, Magnolia, holds the license under which the Property operates. The License is set to expire on April 30, 2026. To date, neither Magnolia nor WFM 3801 has communicated any plan for renewing the License, which is essential to ensuring that the Property continues to operate in compliance with all applicable laws and regulations. FM Real Estate seeks the appointment of a receiver with full power and authority to oversee the management and conservation of the Property. The appointment of a receiver is necessary not only to protect FM Real Estate’s interest in its collateral but also to safeguard the well-being of the elderly and vulnerable residents of the Property and to ensure that they continue to receive consistent and stable care. On June 11, 2024, WFM 3801 executed a Promissory Note, payable to the order of GEM CAPITAL, L.L.C., (as a 50% holder) and Pebble Hills Plaza II, Limited, (as a 50% holder) (the Original Lenders), in the original stated principal amount of $2,750,000.00. The Loan is further evidenced by that certain Notice and Disclaimer and Loan Agreement between WFM 3801 and Original Lenders dated as of June 11, 2024. As security for the obligations under the Note, WFM 3801 executed a Deed of Trust, Security Agreement, Assignment of Rents and Financing Statement, dated as of June 11, 2024, executed by WFM 3801 for the benefit of Original Lenders. The Deed of Trust that covers the real and personal property located at Flower Mound, Texas, was recorded in the Real Property Records of Denton County, Texas, as Document Number 2024-62695 on June 13, 2024. The Note is further secured by a General Warranty Deed with Vendor's Lien dated June 11, 2024, executed by Magnolia, as Grantor, on behalf of WFM 3801. The General Warranty Deed was recorded in the Records as Document Number 2024-62694 on June 13, 2024. Pursuant to the General Warranty Deed, Magnolia conveyed the Property to WFM 3801. On the same date, Magnolia also assigned its leases to WFM 3801 pursuant to that certain Assignment of Leases and Assumption Agreement. 3801 Capital Partners, LLC, a Texas limited liability company, Edward H. Sedacca, Jeffrey Crawford, and David W. Goldstein (Guarantors) guaranteed certain obligations regarding the Loan pursuant to I. a Guaranty Agreement, dated June 11, 2024, executed by 3801 Capital Partners, LLC, a Texas limited liability company, for the benefit of Original Lenders, II. a Guaranty Agreement, dated June 11, 2024, executed by David W. Goldstein for the benefit of Original Lenders, III. a Guaranty Agreement, dated June 11, 2024, executed by Sedacca for the benefit of Original Lenders, and IV. a Guaranty Agreement, dated June 11, 2024, executed by Jeffrey Crawford for the benefit of Original Lenders. The Note, the Loan Agreement, the Deed of Trust, the General Warranty Deed, the 3801 Capital Guaranty, the Goldstein Guaranty, the Sedacca Guaranty, the Crawford Guaranty, and all other documents and instruments securing or evidencing the Loan are referred to as the "Loan Documents." FM Real Estate is the current owner and holder of the Loan Documents by way of, without limitation, that certain Note Sale Agreement dated April 10, 2026, executed by and between FM Real Estate and Original Lenders. WFM 3801 failed to make its monthly debt service payments on the Loan for the months of January, February, and March 2026. WFM 3801's failure to make required payments constitutes an Event of Default under Section 3.1(a) of the Deed of Trust. WFM 3801 was first notified of the Payment Default by way of a written correspondence dated August 18, 2025, from Original Lenders to WFM 3801, notifying WFM 3801 that it was in default for failure to make the monthly debt service payment. Thereafter, WFM 3801 was again notified of Payment Defaults by way of written correspondence dated September 10, 2025, November 10, 2025, January 27, 2026, and March 10, 2026 from Original Lenders to WFM 3801, notifying WFM 3801 that it remained in default for continued failure to make the monthly debt service payment. Despite WFM 3801's failure to make the monthly debt service payments, Magnolia continues to operate the Property. Magnolia is benefiting from its continued use and operation of the Property and, upon information and belief, continues to collect rent from the elderly tenants who reside in the Property. In addition to the payment defaults, Defendants have allowed liens and potential impediments to these claimants: 1. KC Landscape, LLC, a Texas limited liability company Lien Affidavit and Claim recorded on March 5, 2025, in Clerk's File No. 2025-22372, Official Public Records, Denton County, Texas. Amount: $22,314.79 2. Solid Rock Remodeling Affidavit Claiming Mechanic's and Materialman's Lien recorded on October 30, 2025, in Clerk's File No. 2025-122349, Official Public Records, Denton County, Texas. Amount: $46,167.31 3. Solid Rock Remodeling Notice of Lis Pendens recorded on December 11, 2025, in Clerk's File No. 2025-138879, Official Public Records, Denton County, Texas. Amount: $46,167.31 The liens placed on the Property constitute additional defaults pursuant to Section 3.1(u) of the Deed of Trust. On or about July 3, 2024, Magnolia executed a Second Lien Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing in favor of Montgomery Capital Partners V, LP, securing a loan in the principal amount of $3,980,000.00. This Second Lien Deed of Trust was recorded on July 26, 2024, in the Official Public Records of Denton County, Texas, as Document Number 2024-79865. In addition to the Payment Default and Lien Default, the members of 3801 Capital Partners, LLC (the sole general partner of WFM 3801) transferred their membership interests without the prior written consent of the Original Lenders, in violation of Section 3.1(r) of the Deed of Trust: -- Edward Sedacca transferred his 33.33% membership interest to Christa Means effective July 31, 2025; Jeffrey Crawford transferred his 33.33% membership interest to Christa Means effective August 11, 2025; and -- David Goldstein transferred his 33.33% membership interest to Christa Means effective October 14, 2025. These transfers resulted in a complete change of ownership and control of the general partner entity without lender consent, constituting a default under Section 3.1(r) of the Deed of Trust. In addition to liens and title impediments being placed on the Property, WFM 3801's property manager has been unable to satisfy the ordinary operating costs of the Property and has been forced to rely upon loans from an affiliate of Plaintiff to fund payroll and other critical expenses. To date, these loans have totaled approximately $199,061.59. Despite receiving loans intended to aid WFM 3801 in funding payroll and other critical expenses, employees working at the Property remain unpaid. Means, Magnolia's managing member, informed Plaintiff via written correspondence on April 20, 2026, that she was seeking a line of credit with a new bank; however, as of the week of April 20, 2026, Magnolia lacked sufficient funds to fund payroll for the Property. The failure of WFM 3801 and Magnolia to consistently meet payroll obligations, combined with the Property's low occupancy, further indicates that the Property is declining in condition and value. The financial condition of WFM 3801 has materially and adversely changed. Magnolia has been unable to satisfy the ordinary operating costs of the Property and has been forced to rely upon loans from an affiliate of Plaintiff to pay payroll and critical expenses, totaling approximately $199,061.59. Pursuant to the General Warranty Deed, Magnolia conveyed the Property to WFM 3801. On the same date, Magnolia assigned its leases to WFM 3801 pursuant to that certain Assignment of Leases and Assumption Agreement. Magnolia continues to hold the assisted living facility license (License No. 311423) issued by the Texas Health and Human Services Commission for the Property, which license is non-transferable and expires on April 30, 2026. Magnolia has not entered into any lease or occupancy agreement with WFM 3801 or FM Real Estate authorizing its continued possession and control of the Property. During this period of possession and control, Magnolia has failed to manage the Property's operations properly. Among other things, Magnolia has failed to satisfy payroll obligations to Property staff and to pay contractors and vendors for services rendered at the Property. In addition, on or about July 3, 2024, Magnolia executed the Second Lien Deed of Trust, purporting to encumber the Property to secure an obligation for $3,980,000.00. This encumbrance was recorded after Magnolia had already conveyed fee simple title to the Property to WFM 3801. Because Magnolia no longer held title to the Property at the time it executed the Second Lien Deed of Trust, the encumbrance is ineffective. Under Federal Rule of Civil Procedure 66, the appointment of a receiver can be sought by anyone showing an interest in certain property or a relation to the party in control or ownership thereof, such as to justify conservation of the property by a court officer. Probability that conduct has occurred that will frustrate FM Real Estate's claim: there is a clear necessity to protect FM Real Estate's interest and claims. There is imminent danger that the Property will decline in value: the Motion and Declaration attached hereto demonstrate that the Property is in danger of being damaged, given WFM 3801's failure to make the respective monthly debt service payments and WFM 3801's allowance of liens to be recorded against the property. A receiver is needed to stabilize the Property, preserve FM Real Estate's collateral, and provide stability and continued safe and adequate housing for the Property's elderly tenants. Inadequacy of legal remedies and unavailability of less severe equitable remedies: because the Property is FM Real Estate's sole source of recovery, there is no legal remedy that would be adequate to protect its interest. FM Real Estate does not require injunctive relief; it requires control of the collateral through a receiver so that it can be sold or foreclosed, and this must be done in a manner that is least disruptive to the tenants of the Property to ensure the tenants’ safety, maintain value, and avoid disruptions. Appointment of a receiver is also necessary to ensure that Magnolia continues operating the Property in full compliance with all applicable laws and regulations in an orderly and uninterrupted manner, including maintaining adequate staffing, resident care, and regulatory compliance, until a receiver has been appointed and a transition to new management has been completed to the satisfaction of this Court and applicable regulatory authorities. Absent the requested relief, Plaintiff and more critically, the Property's elderly, vulnerable residents, will suffer immediate and irreparable harm that cannot be adequately compensated by monetary damages. Any closure of the Property or interruption in care would result in the displacement of or harm to approximately 25 elderly and vulnerable residents, many of whom rely on the Property and the employees there to provide memory care services, and for whom an unplanned relocation poses serious risks to health and safety. In addition, Plaintiff faces irreparable harm if Magnolia were to cease operation of the Property because the loss of the Property's operational status, licensing, and resident census cannot readily be restored once disrupted. * * * The Court has dismissed the cse pursuant to Federal Rule of Civil Procedure 41(a)(1)(A)(i), without prejudice. On April 22, the Court directed FM Real Estate to file a supplementor, alternatively, an amended complaint to address the question of the Court's diversity jurisdiction under 28 U.S.C. Sec. 1332, specifically the identity and citizenship of each and every member of WFM 3801, LTD., by 5:00 p.m. on April 22, 2026. The Plaintiff filed a Disclosure Statement identifying Corporate Parent Prevail Holdings, Inc., Other Affiliate Prevail Alternative Assets, LLC for FM Real Estate Holdings LLC; and a notice of dismissal of the case. About WFM 3801, Ltd. WFM 3801, Ltd., owns an assisted living and memory care facility located at 3201 Karnes Rd, Flower Mound, Texas 75022. WFM et al. are facing a receivership case captioned as FM Real Estate Holdings LLC v. WFM 3801, Ltd., Magnolia-Flower Mound, LLC, Edward Sedacca and Christa Means, Case No. 4:26-cv-00410 (E.D. Tex.), before the Hon. Sean D. Jordan. The case was filed on April 21, 2026. Counsel for FM Real Estate Holdings LLC: Keith M. Aurzada, Esq. Jay L. Krystinik, Esq. REED SMITH LLP 2850 N. Harwood St., Ste. 1500 Dallas, TX 75201 Tel: (469) 680-4200 Fax: (469) 680-4299 E-mail: kaurzada@reedsmith.com jkrystinik@reedsmith.com WHIRLPOOL CORP: Moody's Cuts CFR to Ba3, Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded Whirlpool Corporation's (Whirlpool) ratings including its Corporate Family Rating to Ba3 from Ba2, its Probability of Default Rating to Ba3-PD from Ba2-PD, and the senior unsecured notes ratings for Whirlpool and its guaranteed subsidiary borrowers, Whirlpool EMEA Finance S.a r.l. (WEF) and Whirlpool Finance Luxembourg S.a.r.l (WFL), to B1 from Ba3. In addition, Moody's affirmed Whirlpool's commercial paper ratings and its guaranteed subsidiary borrower Whirlpool Europe B.V.'s backed commercial paper rating at Not Prime. The outlook for Whirlpool, WEF and WFL remains negative, and Whirlpool's speculative grade liquidity rating was downgraded to SGL-4 from SGL-3. The ratings downgrade and negative outlook reflects Whirlpool's ongoing underperformance with sharply weaker operating earnings in the first quarter of 2026 and materially lower full-year earnings outlook, reflecting recession level appliance demand, intense promotional pressure and significant underperformance in its major domestic appliances (MDA) North American business. As a result, Moody's expects Whirlpool's credit metrics to remain weak with elevated financial leverage despite significant capital allocation actions to reduce debt, including a large equity issuance and common dividend suspension. Whirlpool reported organic revenue declining 6.1% year-over-year in 1Q26 and ongoing EBIT (as per company's definition) falling sharply by about 80% with the ongoing EBIT margin down to just 1.3% from 5.9% in the prior year. The weaker results were primarily driven by breakeven profitability in the MDA North American segment, recessionary level consumer demand, alongside continued intense promotional environment following tariff refund-related pricing disruptions. Whirlpool indicated historically low consumer confidence stemming from the Middle East conflict including higher energy prices is leading to weaker consumer demand than anticipated in the original 2026 guidance. Whirlpool's inventory reduction efforts, including a roughly 20% cut in production, further weighed on its near-term profitability, adding an estimated $60 million of cost headwinds in the quarter. MDA Latin America delivered modest revenue growth and the Global Small Domestic Appliances business continued to perform well, posting double-digit revenue growth and margin expansion. However, this segment represents only about 7% of consolidated revenue and provides limited offset to weakness in the core MDA North American business that comprises a majority of revenue following divestitures of the European business and sell down of the equity interest in the Indian operations in recent years. Given the weak first-quarter results, Whirlpool materially lowered its 2026 guidance and now expects ongoing EBIT to decline approximately 8% year over year, compared with prior expectations for strong earnings growth. As a result, the company's debt/EBITDA leverage is very high at 7.0x as of the last 12-months (LTM) period ending 1Q26, and Moody's expects debt/EBITDA leverage to remain elevated at around 6x at year-end 2026. Whirlpool has taken meaningful actions to strengthen its balance sheet and financial profile. In late February 2026, the company completed a common and mandatory convertible preferred equity issuance, raising approximately $1.1 billion of gross proceeds, and used $900 million to repay borrowings under its revolving credit facility. In addition, the company suspended its common dividend as it prioritizes debt reduction. Moody's expects that these actions, combined with anticipated positive free cash flow in 2026 of roughly $200 million, will support deleveraging over the next 12–18 months, albeit at levels that remain elevated for the rating. Moody's also anticipates the company's interest burden will increase as it addresses the upcoming debt maturities in 2026 and 2027 at higher interest rates. Whirlpool has also announced several initiatives aimed at restoring profitability, including the largest price increase in more than a decade to help offset multiple years of cost inflation, cost reduction measures totaling approximately $150 million in 2026, and continued investment in US manufacturing capacity and automation. The speculative-grade liquidity rating downgrade to SGL-4 reflects near-term refinancing risks related to the company's revolving facility, and Whirlpool's reliance on the revolver to finance business seasonality and upcoming debt maturities if the company does not extend the facility. Whirlpool amended its unsecured revolver in May 2026, reducing commitments and requiring refinancing by July 01, 2026 even though the stated maturity is May 2027. The company has indicated plans to transition to a $2.25 billion asset based lending facility in the second quarter of 2026, which Moody's expects will be critical to maintaining sufficient liquidity and financial flexibility. Moody's anticipates upgrading the speculative-grade liquidity rating to SGL-3 if the company executes a refinancing of the revolver facility before the July 01, 2026 deadline. RATINGS RATIONALE Whirlpool's Ba3 CFR reflects its significant scale and strong market positions in North America and Latin America supported by well-known brand names with a good track record of product innovation. The ratings are constrained by the highly cyclical nature of the consumer appliances business and variability in raw material, labor, energy, and transportation costs that can result in sharply lower earnings and cash flow when demand softens. The cyclicality is only partially dampened by approximately 65% of sales being related to more resilient appliance replacement demand. The strong revenue and earnings growth in the company's Small Domestic Appliances (SDA) Global segment is helping to somewhat offset earnings volatility during the current cyclical downturn. The rating also reflects the challenges Whirlpool faces to reduce its current very high financial leverage. The company's financial policy includes a net debt-to-EBITDA leverage target of 2.0x (as per company's calculation) that indicates a desire to reduce leverage over time. Although leverage is currently very far above this target, Whirlpool's February 2026 equity issuance and May 2026 common dividend suspension will support deleveraging over time, if earnings rebound. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects the high leverage, continued demand pressures, and ongoing uncertainty surrounding Whirlpool's ability to restore profitability and materially improve its credit metrics in a challenging operating environment. The ratings could be upgraded if Whirlpool demonstrates good operating execution of its strategic initiatives that leads to consistent organic revenue growth while improving the operating profit margin to at least the high single digits percentage range, and generating consistent and materially higher annual free cash flow. A ratings upgrade would also require debt/EBITDA sustained below 4.5x, free cash flow/net debt sustained above 7.5%, and at least good liquidity. The ratings could be downgraded if Whirlpool is unable to improve operating earnings due to factors such as soft consumer appliance demand, market share declines, pricing or competitive pressures, or cost increases. The ratings could also be downgraded if free cash flow does not improve over the next 12 months to at least 3% of debt, or liquidity deteriorates for any reason, including inability to refinance the revolver facility over the next few weeks. WHIRLPOOL CORP: S&P Lowers ICR to 'BB-' on Steep Profit Declines ---------------------------------------------------------------- S&P Global Ratings lowered all of its long-term ratings on Whirlpool Corp., including its issuer credit and senior unsecured ratings, to 'BB-' from 'BB'. S&P's 'B' short-term rating was affirmed. Based on limited available information, it believes execution of a priority ABL will not lead to a lower senior unsecured rating, though recovery prospects will likely decline. The negative outlook reflects the potential for a lower rating at any time over the next 12 months if S&P believes Whirlpool is not on pace to strengthen credit ratios in line with our 2027 forecast, which includes S&P Global Ratings-adjusted leverage of 5x, or if S&P unfavorably reassesses its view of the company's business risk profile. Whirlpool Corp. reported a steep profit decline in the first quarter, eliminated its dividend, and received a waiver on testing its revolving credit facility interest coverage covenant. It must replace the revolving facility before July 1, 2026. S&P expects the company will execute an asset-based loan (ABL) agreement over the coming weeks, which will permit sufficient flexibility to fund operations. S&P said, “We assume U.S. consumer spending on large appliances will rebound after dropping in the first quarter. We also believe the company will benefit from revisions to section 232 steel tariffs. "Nevertheless, free operating cash flow (FOCF) will remain weak. While we expect credit metrics to improve, the company will likely remain highly leveraged, with S&P Global Ratings-adjusted leverage of 6.4x at year-end 2026 and 5.0x at year-end 2027, compared to 7.2x for the 12 months ended March 31, 2026." Whirlpool's substantial profit deterioration was primarily due to external factors. S&P adjusted EBITDA fell over 50% during the first quarter ended Mar. 31, 2026, leading to trailing-12-month S&P adjusted leverage of 7.2x. S&P said, "We expect better sequential performance across 2026--with S&P Global Ratings-adjusted EBITDA flat for the remaining nine months of 2026 compared to all of 2025 (excluding India) --due to recent industry price increases and $150 million of cost actions. Still, we expect S&P Global Ratings-adjusted leverage of 6.4x for 2026, which is well above our prior downgrade threshold of above 5x." Whirlpool indicates its profit deterioration was caused by a plunge in consumer confidence associated with the Iranian War (which S&P views as the primary factor) and lower industry pricing initially in the aftermath of the International Emergency Economic Powers Act (IEEPA) ruling and anticipated refunds. While consumer sentiment and spending on large appliances will probably improve materially relative to the extraordinarily weak first quarter--in which Whirlpool reduced production by 20%--it will likely remain subdued. This reflects high interest rates relative to a few years ago and the cumulative impact of several years of high inflation that rising energy prices have exacerbated. Moreover, S&P expects profits will be weighed down by higher input costs as well as tariffs on products that Whirlpool imports. S&P assumes industry pricing and Whirlpool profits will improve for the rest of 2026. Industry pricing after the IEEPA ruling intensified due to skepticism around the durability of tariffs and foreign producers anticipating large refunds. Subsequently, the Trump administration revised section 232 (steel, aluminum, and copper) such that all major appliance imported into the U.S. will be subject to a 25% tariff (32.5%-50% in the case of China) on the full product value--not just the metal content. This revision provides more clarity and simplification Industry pricing has since increased by mid- to high-single-digit percent. Whirlpool will effectively increase prices on certain products by 10% by reducing promotional pricing beginning April 2026, and will increase list prices by 4% on certain products effective July 2026. The builder segment-- which uses fixed pricing commitments--is excluded from the pricing actions. S&P said, "Whirlpool still faces risks and uncertainties. While we factor higher pricing into our forecast, the potential for further shifts in global trade policies, competitor actions to effectively compete in the important U.S. market, and consumer demand deterioration could trigger renewed promotional intensity. Since the Trump administration's tariff actions in 2025, we have yet to see tangible evidence that Whirlpool will benefit from its strong domestic manufacturing footprint. While trade war volatility may be coming to an end, U.S. and global trading partners' trade policies have been fluid since 2025." Moreover, competitor actions could evolve to maintain market share in the U.S. Whirlpool alleged in September 2025 that foreign rivals were undervaluing appliance values to evade U.S. tariffs. More recently, rival AB Electrolux (BBB-/Stable/A-3) entered into three joint ventures with Midea Group Co. Ltd. (A+/Stable/--) to produce refrigeration and laundry appliances in South Carolina and Mexico, which will likely be operational in the third quarter of 2026. The on- and near-shoring of rivals with low-cost expertise could present a competitive threat to Whirlpool over the medium term. Lastly, geopolitical developments, especially in the Middle East, could increase energy costs and lower demand from consumers. This could hurt sales by depressing volumes or raising promotional intensity. Raising capital and eliminating dividends prevented further damage to credit ratios and bolstered liquidity. In February 2026, Whirlpool raised $524 million from the sale of common equity and $557 million from the issuance of mandatory convertible preferred stock (MCPS), net of issuance costs. The company also eliminated its common dividend (approximately $58 million quarterly) starting in the second quarter. These actions, plus anticipated discretionary cash flow (DCF), should allow Whirlpool to repay over $900 million of debt in 2026. S&P said, "We believe these actions were primarily in reaction to the very weak first quarter, revised 2026 guidance, and waiver of the interest coverage covenant test (which it otherwise would have violated). Our ratings and outlook assume Whirlpool will replace its downsized senior unsecured revolving credit facility with a $2.25 billion ABL. While ABL borrowings will constitute a priority obligation in the debt capital structure, we presently believe it will not result in a level of subordination that will cause us to lower the 'BB-' rating on the senior unsecured notes. "Our forecast for S&P Global Ratings-adjusted leverage of around 5x by 2027 includes treating the $575 million MCPS as equity starting in February 2027, compared to the current debt treatment. Consistent with our criteria, if we lower our issuer credit rating to 'B+', we will not treat MCPS as equity until February of 2028. It would affect 2027 leverage by about 0.5x. Regardless, our decision to treat the MCPS as equity hinges on our continued view that Whirlpool will allow conversion and that the company will not undermine the conversion benefit through open market repurchases or subsequent stock buybacks. "The negative outlook reflects the potential for a lower rating at any time over the next 12 months if we believe Whirlpool is not on pace to strength credit ratios in line with our 2027 forecast, or if we unfavorably reassess our view of the company's business risk. "We could lower the rating if we forecast S&P Global Ratings-adjusted leverage will remain above 5x in 2027 or FOCF is below our base-case forecast." This could occur if: -- Expectations for higher industry pricing are short-lived, potentially due to weaker-than-expected demand amid a further strain in consumer confidence; -- Inflation escalates, particularly for oil-based input costs in 2026 and metals thereafter; -- Whirlpool's view that it will ultimately benefit from tariffs due to its sizable North American manufacturing footprint fails to strengthen profitability, potentially due to competitor actions or further shifts in trade policies; or -- Financial policy changes, potentially due to pressure from shareholders. While unlikely, S&P could also lower its rating if the outcome of ABL negotiations deviates materially to the downside from our expectations. S&P could revise its outlook to stable over the next 12 months if profits improve materially compared to the severe deterioration in the first quarter, increasing visibility that S&P Global Ratings-adjusted leverage will meet our base case of 5x in 2027. This could occur if: -- Higher industry pricing holds, enabling Whirlpool to more than offset lower volumes; -- The costs of key commodity inputs fall, potentially due to deescalation of the Iran war; and -- The company continues to direct substantially all DCF after MCPS dividends to debt repayment or takes other creditor friendly actions such as using the net cash proceeds from potentially selling its stake in India to reduce debt. WHITEEAGLE PROPERTIES: Lindsborg Property Sale Curtis Graumann OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Kansas has approved Whiteeagle Properties 22 Corp. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 115 N. Main St., Lindsborg, KS 67456. The Court has authorized the Debtor to sell the Property to Curtis Graumann, who placed the high bidder for the Real Estate with a bid amount of $500,000.00, exclusive of the 10% buyer's premium payable under McCurdy's approved auction terms. The Debtor and Buyer executed a Contract for Sale and Purchase dated March 4, 2026, together with multiple amendments executed by Debtor and Buyer prior to entry of the Order, including amendments concerning earnest money deposits and extensions of the closing deadline. The Purchase Contract identifies a total purchase price of $550,000.00, consisting of Buyer's $500,000.00 high bid plus a 10% buyer's premium of $50,000.00 payable under McCurdy's approved auction terms. The Buyer deposited earnest money under the Purchase Contract and amendments, including an initial $25,000.00 earnest money deposit and an additional $25,000.00 earnest money deposit made in connection with an agreed extension of the closing deadline. The Debtor has demonstrated a sound business justification for approval of the sale because the Real Estate was marketed and sold through a Court-approved public auction process conducted by a Court-approved auctioneer, the sale price resulted from competitive bidding, and the sale approval requested herein preserves value and rights for the bankruptcy estate. About Whiteeagle Properties 22 Corp. Whiteeagle Properties 22 Corp. is a property company based in Lindsborg, Kansas that operates in the real estate sector. Whiteeagle Properties 22 Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-10770) on July 28, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by Mark J. Lazzo, Esq. at Landmark Office Park. WHITTIER SEAFOOD: Counsel Can't Surcharge Cathay Bank’s Collateral -------------------------------------------------------------------- Judge Gary Spraker of the U.S. Bankruptcy Court for the District of Alaska will deny the motion filed by Bush Kornfeld LLP, Whittier Seafood, LLC's general bankruptcy counsel, for order: (i) granting derivative standing to pursue surcharge; and (ii) approving surcharge under 11 U.S.C. Sec. 506(c) against Cathay Bank's collateral. On November 21, 2024, the court entered its order authorizing the jointly administered Debtors to employ Bush Kornfeld as their general bankruptcy counsel, nunc pro tunc to the petition date. Bush Kornfeld served as general counsel to the Debtors until their post-confirmation termination on August 4, 2025. The Debtors in this case confirmed a chapter 11 plan of reorganization which proposed to pay all creditors based upon the sale of real property to be liquidated to fund that plan. Unfortunately, the post-confirmation sales of the Debtors' assets did not generate sufficient proceeds to pay the largest secured creditor, Cathay Bank, in full. Accordingly, those sales have not generated funds to pay administrative expenses such as Bush Kornfeld's outstanding professional fees and expenses under the plan. As such, no payments have been made to administrative claimants under the plan. The Debtors terminated their bankruptcy counsel post-confirmation, and counsel has been left with over half a million dollars in unpaid fees and expenses for work performed during the case. On November 5, 2025, Bush Kornfeld filed the motion. Pursuant to the motion, Bush Kornfeld seeks derivative standing to surcharge Cathay Bank's collateral on behalf of the Debtors to obtain payment for its outstanding fees and expenses, arguing that Cathay Bank benefitted from its services while Bush Kornfeld remains unpaid. Cathay Bank opposed the motion. Bush Kornfeld has not cited any case law in which a court granted derivative standing to pursue claims under Sec. 506(c), and the court is aware of none. The court finds that even if it had authority to grant derivative standing to pursue a Sec. 506(c) claim (which it does not decide), the circumstances of this case would not warrant it where only Bush Kornfeld, and not the Debtors' estates, would benefit from that pursuit. Its request to recover its attorney fees for representing the Debtors is inappropriate. From the court's perspective, the law firm did a commendable job formulating and confirming a plan of liquidation in a relatively short period of time. If the parties' valuations resulted in anything close in the sales that were expected, all parties would have been paid. But in this regard the court cannot say that Bush Kornfeld's representation of the Debtors in bankruptcy were reasonable, necessary costs and expenses to preserve or dispose of Cathay Bank's collateral. According to the court, Bush Kornfeld is certainly entitled to be paid for its representation of the Debtors. However, it cannot surcharge Cathay Bank's collateral to do so under Sec. 506(c) in these circumstances. A copy of the Court's Memorandum Decision dated May 8, 2026, is available at https://urlcurt.com/u?l=jVcvh1 from PacerMonitor.com. About Whittier Seafood Whittier Seafood, LLC, owns and operates a fish processing plant in Whittier, Alaska. Whittier Seafood filed a Chapter 11 petition (Bankr. D. Alaska Case No. 24-00139) on Aug. 19, 2024, with $10 million to $50 million in both assets and liabilities. Judge Gary Spraker oversees the case. Thomas A. Buford, Esq., at Bush Kornfeld, LLP is the Debtor's legal counsel. Gregory Garvin, Acting U.S. Trustee for Region 18, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. WISER SOLUTIONS: Seeks Chapter 11 Bankruptcy in Texas ----------------------------------------------------- Bondoro reports that Wiser Solutions Inc. and its affiliated debtors filed for Chapter 11 protection on April 26 in the U.S. Bankruptcy Court for the Northern District of Texas. The San Francisco-based company provides pricing intelligence and retail analytics software used by consumer brands to monitor market trends and pricing strategies. The filing reflects assets of $50 million to $100 million and liabilities of $100 million to $500 million. The company attributed its bankruptcy to an overleveraged structure of approximately $563 million in funded debt and preferred equity, combined with a fragmented acquisition strategy. Following 11 acquisitions, the company faced integration challenges, overlapping platforms, rising costs, and sustained operating losses. These issues led to liquidity constraints, payroll issues, and reliance on short-term financing, including a $15 million adverse judgment earlier this 2026, the report relays. The restructuring centers on a Section 363 sale process supported by a credit bid from Crestline Investors, the company's senior secured lender. Crestline is also providing $34.2 million in debtor-in-possession financing, including a partial roll-up of prepetition obligations. The process is designed to move quickly, with a target closing in June 2026 and no expected recovery for unsecured creditors after administrative expenses, according to Bondoro. About Wiser Solutions Inc. Wiser Solutions, Inc. is a U.S.-based technology company specializing in retail analytics and pricing intelligence solutions for brands and retailers. Wiser Solutions Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80002) on April 26, 2026. In its petition, Wiser Solutions reports assets in the range of $50 million to $100 million and liabilities between $100 million and $500 million. The case is jointly administered in Case No. 26-80002. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtors are represented by Katharine Battaia Clark, Esq., at Thompson Coburn LLP. Epiq Restructuring, LLC is the Debtors' claims, noticing, solicitation and administrative agent. WOODBRIDGE GROUP: Court Narrows Claims in Campbell, et al., Case ---------------------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware granted, in part, and denied, in part, the motion for partial summary judgment filed by Michael Goldberg in his capacity as Liquidating Trustee of the Woodbridge Liquidation Trust in the adversary proceeding captioned as MICHAEL GOLDBERG, in his capacity as Liquidating Trustee of the WOODBRIDGE LIQUIDATION TRUST, Plaintiff, v. JAMES E. CAMPBELL, JR. INC. (D/B/A CAMPBELL FINANCIAL CORP.) and JAMES E. CAMPBELL, JR., Defendants, Adv. Pro. No. 19-50965 (JKS) (Bankr. D. Del.). The cross motion for summary judgment filed by defendant James E. Campbell, Jr. is denied. On November 27, 2019, the Trustee commenced this adversary proceeding (the "Adversary Proceeding") by filing the Adversary Complaint: (I) for Avoidance and Recovery of Avoidable Transfers; and (II) for Sale of Unregistered Securities, for Fraud, and for Aiding and Abetting Fraud (the "Complaint") against James E. Campbell, Jr. Inc. (d/b/a Campbell Financial Corp.) (the "Corporate Defendant") and Mr. Campbell (collectively, the "Defendants"). The Trustee alleges that Defendant James E. Campbell, Jr., worked as an outside broker recruited by the Debtor to sell First Position Commercial Mortgages ("FPCM") and received commissions. The brokers, including Mr. Campbell, sold Notes and Units issued by Woodbridge to investors. The investments in FPCMs were represented to be "secured" loans, with the Debtors offering investors assurance that their funds are secured by commercial real estate. The Trustee asserts Defendant sold Notes and Units between 2016 and the Initial Petition Date and Mr. Campbell was paid commissions of $146,166.47 (the "Two Year Transfers"), and $254,861.97 in the four years (the "Four Year Transfers"), prior to the Petition Date. Between 2015 and the Petition Date, numerous state governments flagged Woodbridge Notes and Units as not only unregistered securities, but fraudulent. The Complaint alleges that the Defendants sold Notes and Units to unsuspecting Investors, created marketing materials and sales scripts to facilitate the sale of Notes and Units to unsuspecting Investors (often targeting unsophisticated, elderly investors with Individual Retirement Accounts). It further alleges that "[i]n so doing, Defendants made materially false and fraudulent statements to induce Investors to provide money. In connection with such conduct, Defendants, directly or indirectly, singly or in concert with others, made use of the means or instrumentalities of interstate commerce, the means or instruments of transportation or communication in interstate commerce, and of the mails. The Complaint contains eight claims for relief. The Trustee seeks partial summary judgment in the Trust's favor and against the Defendants as to the following four claims set forth in the Complaint: The Second and Fourth Claims for relief seek avoidance and recovery of actual intent fraudulent transfers under section 548(a)(1)(A) of the Bankruptcy Code and California Civil Code section 3439.04(a)(1). The Third and Fifth Claims for relief seek avoidance and recovery of constructive fraudulent transfers under section 548(a)(1)(B) of the Bankruptcy Code and California Civil Code section 3439.04(a)(2). The Trustee also seeks an award, on all claims for relief, of prejudgment interest on the transfers as permitted by law, costs of suit, and such other and further relief as is just and proper. Mr. Campbell alleges that none of the transfers asserted in Claims Two through Five in the Complaint, were received by him and, therefore, he maintains he has no liability relating to the transfers. He seeks summary judgment in his favor and against the Trust as to Claims Two through Five of the Complaint. The Fourth and Fifth Claims seek avoidance and recovery of actual and constructive transfers under the California Civil Code and/or comparable provisions of law in other jurisdictions that have adopted the Uniform Voidable Transaction Act, the Uniform Fraudulent Transfer Act or the Uniform Fraudulent Conveyance Act. The Trustee asserts that California law applies. At argument, the Trustee argued that Woodbridge's principal place of business was in California, the Notes were issued in California, and the checks were issued in California and dawn from a California institution. The Defendants argued that Mr. Campbell resides, and was licensed in, Colorado and that the Corporate Defendant is a Colorado corporation. Neither party specifically argued application of Delaware law, nor distinguished application of the different state laws. Because the Court finds that there are no material differences between California, Colorado, and Delaware law for purposes of the actual and constructive fraudulent transfer analyses, under the facts of this case, an in-depth choice of law analysis is unnecessary, and the Court will apply the California statute. The Trustee relies on the Ponzi scheme presumption to establish that the Transfers were made with actual intent to defraud. The Court finds that commission payments to the Defendants were in furtherance of the Ponzi scheme as the scheme was dependent on the sale of FPCMs to generate cash flow to pay principal and interest to existing investors. Further, there is no genuine dispute that the Transfers at issue occurred two and four years prior to the Petition Date, and therefore, the transfers occurred after June 2012 and are within the period of time in which the Ponzi scheme was operated. Consequently, the Court concludes that the Ponzi scheme presumption is applicable to show fraudulent intent, and that the Trustee has established that the Transfers were made with the intent to hinder, delay, or defraud creditors under section 548(a)(1)(A) of the Bankruptcy Code and California Civil Code section 3439.04(a)(1). The Court finds Defendants have not countered with persuasive evidence demonstrating a genuine issue of material fact. To the contrary, the evidence establishes that Defendants acted as a broker, sold Notes, and received commissions. In conclusion, there exists no disputes of material facts that prevent the Court from finding in favor of Trustee and against Defendants with respect to the Second, Third and Fourth Claims. A copy of the Court's Memorandum Opinion dated May 6, 2026, is available at https://urlcurt.com/u?l=k3V1sA from PacerMonitor.com. About Woodbridge Group Headquartered in Sherman Oaks, California, The Woodbridge Group Enterprise -- http://www.woodbridgecompanies.com/-- was a comprehensive real estate finance and development company. Its principal business was buying, improving, and selling high-end luxury homes. The Woodbridge Group Enterprise also owned and operated full-service real estate brokerages, a private investment company, and real estate lending operations. The Woodbridge Group Enterprise and its management team had been in the business of providing a variety of financial products for more than 35 years, and had been primarily focused on the luxury home business for the past five years. Since its inception, the Woodbridge Group Enterprise has completed more than $1 billion in financial transactions. These transactions involved real estate, note buying and selling, hard money lending, and alternative financial transactions involving thousands of investors. Woodbridge filed for bankruptcy as a result of a massive, multi-year Ponzi scheme perpetrated by Robert Shapiro between (at least) 2012 and 2017. As part of this fraud, Shapiro, through the Woodbridge entities, raised over one billion dollars from approximately 10,000 investors -- as either noteholders or unitholders. Woodbridge Group of Companies and certain of its affiliates filed Chapter 11 bankruptcy petitions (Bankr. D. Del. Lead Case No. 17-12560) on Dec. 4, 2017. Woodbridge estimated assets and liabilities at between $500 million and $1 billion. The Chapter 11 cases are being jointly administered. Judge Kevin J. Carey presides over the case. Samuel A. Newman, Esq., Oscar Garza, Esq., Daniel B. Denny, Esq., Jennifer L. Conn, Esq., Eric J. Wise, Esq., Matthew K. Kelsey, Esq., and Matthew P. Porcelli, Esq., at Gibson, Dunn & Crutcher, LLP, and Sean M. Beach, Esq., Edmon L. Morton, Esq., Ian J. Bambrick, Esq., and Allison S. Mielke, Esq., at Young Conaway Stargatt & Taylor, LLP, served as the Debtors' bankruptcy counsel. Homer Bonner Jacobs, PA, served as special counsel; Province, Inc., as expert consultant; and Moelis & Company LLC, as investment banker. The Debtors' financial advisors were Larry Perkins, John Farrace, Robert Shenfeld, Reece Fulgham, Miles Staglik, and Lissa Weissman at SierraConstellation Partners, LLC. Beilinson Advisory Group served as independent management to the Debtors. Garden City Group, LLC, served as the Debtors' claims and noticing agent. An official committee of unsecured creditors was appointed in the Chapter 11 cases on Dec. 14, 2017. Pachulski Stang Ziehl & Jones served as counsel to the Official Committee of Unsecured Creditors; and FTI Consulting, Inc., acted as its financial advisor. On Jan. 23, 2018, the Court approved a settlement providing for the formation of an ad hoc noteholder group and an ad hoc unitholder group. Woodbridge Group said that effective as of February 15, 2019, it has emerged from chapter 11 bankruptcy following confirmation of its plan of liquidation. The Plan was confirmed on Oct. 26, 2018. YESCARE CORP: Can’t Transfer Ch. 11 Case to Florida, Creditors Say -------------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that YesCare Corp. is battling efforts to move its bankruptcy case from Florida to Texas after creditors and restructuring officials challenged the venue selection. The company is affiliated with Tehum Care Services, which is also undergoing restructuring-related proceedings. Court filings contend that the company's operational center and primary business connections are rooted in Texas, making Florida an improper forum for the Chapter 11 case. The Tehum wind-down officer reportedly argued that the bankruptcy should proceed in Texas, where significant creditor and corporate matters are already pending. YesCare delivers healthcare services for correctional institutions and detention systems across the United States. The ongoing venue fight is expected to shape the administration of the company's Chapter 11 proceedings and related creditor negotiations, according to report. About YesCare Corp. YesCare Corp. is a correctional healthcare company. YesCare Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01089) on May 8, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael R. Dal Lago, Esq. YESCARE CORP: Seeks Chapter 11 Bankruptcy Due to Lawsuits --------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that prison healthcare operator YesCare has entered Chapter 11 proceedings, citing extensive litigation from incarcerated tort claimants as a major factor behind its financial distress. The company said legal claims and defense costs have imposed severe operational and economic pressures. According to bankruptcy filings, YesCare has struggled under the weight of lawsuits alleging medical negligence, inadequate care, and other claims tied to correctional healthcare services. The company said restructuring under Chapter 11 will help preserve operations and create a framework for managing liabilities. YesCare delivers medical services to inmates in correctional institutions throughout the United States. Company officials said the bankruptcy process is intended to maintain continuity of care while pursuing a financial reorganization that addresses creditor and claimant concerns, the report states. About YesCare Corp. YesCare Corp. is a correctional healthcare company. YesCare Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01089) on May 8, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael R. Dal Lago, Esq. ZION OIL & GAS: Robert Dunn Named Board Chairman, Retains CEO Role ------------------------------------------------------------------ Zion Oil & Gas, Inc. announced that the Board of Directors upon the recommendation by the Nominating and Corporate Governance Committee, appointed Mr. Robert Dunn as Chairman of the Board. He continues in the position as the Chief Executive Officer. Mr. John Brown will remain as the Executive Chairman of the Board without any change to his Employment Agreement to oversee the strategic goals and vision for the Company, while Mr. Dunn will oversee the routine operations of the Board without any change to his Employment Agreement. The executive changes are following internal company succession planning. The effective date of this appointment is May 8, 2026. Mr. Dunn is not a party to any other material plan, contract or arrangement with the Company, nor has any other material plan, contract or arrangement to which he is a party been modified as a result of this promotion described above. In addition, Mr. Dunn does not have any familial relationships or related party transactions with the Company that would require disclosure under Items 401(d) or 404(a) of Regulation S-K (17 CFR 229.401(d) and 229.404(a)) in connection with his promotion described above. About Zion Oil Headquartered in Dallas, Texas, Zion Oil and Gas, Inc. -- http://www.zionoil.com/-- is an oil and gas exploration company dedicated to exploring for oil and gas onshore in Israel under its Megiddo Valleys License 434 which covers approximately 75,000 acres. Las Vegas, Nevada-based RBSM LLP, the Company's auditor since 2018, issued a "going concern" qualification in its report dated March 19, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $46.3 million in total assets and $3.9 million in total liabilities, and total stockholders' deficit of $42.4 million. ZION OIL: 1Q Net Loss Widens to $2.08 Million --------------------------------------------- Zion Oil & Gas, Inc. reported a net loss of $2.08 million for the three months ended March 31, 2026, compared with a net loss of $1.68 million for the same period a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. General and administrative expenses were $1.46 million, and other expenses were $661,000. Loss from operations was $2.12 million for the quarter, compared with $1.7 million a year earlier. Zion Oil reported cash and cash equivalents of $10.7 million, total assets of $52.58 million, total liabilities of $4.14 million and total stockholders' equity of $48.43 million as of March 31, 2026. The company also reported an accumulated deficit of $303.61 million as of March 31, 2026. Cash used in operating activities totaled $1.48 million during the quarter. The filing said the company had a history of operating losses and negative cash flows from operations and that substantial doubt existed about its ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1131312/000143774926015655/znog20260331_10q.htm About Zion Oil & Gas, Inc. Zion Oil & Gas Inc. is a Delaware oil and gas exploration company with operations focused in Israel. The company was incorporated in Florida on April 6, 2000, reincorporated in Delaware on July 9, 2003, and holds exploration rights under its Israel-based license area. In an audit report dated March 19, 2026, RBSM LLP included a going concern qualification, stating that the Company has suffered recurring losses from operations and had an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. [] US Large Corporate Bankruptcy Filings Decreased in April 2026 ---------------------------------------------------------------- Dorothy Ma of Bloomberg Law reports that the number of large corporate bankruptcies in the U.S. fell sharply in April, reaching the lowest monthly level seen since the middle of 2024, according to new figures from S&P Global Market Intelligence. Data released by the firm showed 50 large companies filed for bankruptcy protection in April 2026, compared with 70 filings in March 2026. Industrial companies accounted for the highest number of filings during the month with seven cases, while consumer discretionary businesses recorded four. One of the largest filings involved QVC Group Inc., which sought Chapter 11 protection as part of a restructuring strategy designed to reduce more than $5 billion of debt obligations. The filing reflected continued stress among companies carrying significant leverage in a high-rate environment, the report states. Analysts cautioned that the recent slowdown may only be temporary. Rising borrowing costs, inflationary pressure, and geopolitical risks are still expected to challenge corporate balance sheets and could trigger increased restructuring activity in the second half of 2026, the report cites. [] Van Horn Surpasses 11K Bankruptcy Filings, Donates $12K to ALA ----------------------------------------------------------------- Chad Van Horn, founder and managing partner of Van Horn Law Group, P.A., announced on May 13, 2026 that he has surpassed 11,000 bankruptcy filings as attorney of record since 2009 and is now approaching the 12,000-case milestone -- solidifying his position among the nation's most active consumer and business bankruptcy attorneys. To mark the occasion, Van Horn is donating $12,000 to the American Lung Association. The donation coincides with Van Horn's participation in the American Lung Association's LUNG FORCE Sunset Soiree: Dancing with the Stars fundraising event on May 15 at the Sport of Kings Theater in the Village at Gulfstream Park, where he will help raise awareness and support for lung health research, advocacy, and patient services. "Eleven thousand cases represent 11,000 families and business owners who received a real second chance," said Van Horn. "Every one of those cases matters. Lung health affects every breath we take, every workout, every conversation, every moment with our families. Supporting the American Lung Association on the road to 12,000 felt like the right way to give back." Van Horn has handled Chapter 7, Chapter 13, Chapter 11, and Subchapter V bankruptcy cases across Florida and in the Western District of Pennsylvania. He is on track to file his 12,000th bankruptcy case by late summer 2026. About Chad Van Horn, Esq. Board-certified in consumer and business bankruptcy law, Van Horn has built one of the Country's busiest bankruptcy practices, supported by a team of more than 100 employees and 15 attorneys across Florida and Pennsylvania. He frequently speaks on financial recovery, entrepreneurship, and small-business resilience, and previously served as Board Chair of Big Brothers Big Sisters of Broward County and Legal Aid Service of Broward County. He also appeared on Netflix's Squid Game: The Challenge, finishing in the top 10 out of 456 competitors. About the American Lung Association The American Lung Association is the nation's leading organization dedicated to improving lung health and preventing lung disease through research, education, and advocacy. Learn more at lung.org. ********* 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. 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