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260520.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, May 20, 2026, Vol. 30, No. 140 Headlines 1060 NEPPERHAN: Hires CohnReznick Advisory as Sale Administrator 1060 NEPPERHAN: Taps Keen-Summit Capital Partners as Broker 1624 U STREET: Seeks Cash Collateral Access 22 EAST C: Unsecured Creditors to Split $58K over 3 Years 23-74 29TH STREET: Lender Seeks to Prohibit Cash Collateral Access 372 PARKSIDE: Case Summary & Five Unsecured Creditors 513 INVESTMENTS: Claims to be Paid from Rental & Sale Proceeds 777 HOLDINGS: Seeks Approval to Hire McDonald Law as Counsel A1A MOVING: Unsecured Creditors to Split $60K over 60 Months ACADEMY AT PENGUIN: Seeks to Extend Plan Exclusivity to Aug. 5 ADVANCED DERM: Case Summary & 10 Unsecured Creditors AEROHP MAINTENANCE: Tom Howley Named Subchapter V Trustee ALBANY LEADERSHIP: S&P Lowers LT ICR to 'CCC', On Watch Negative AMERICAN ACHIEVEMENT: Sixth Street Marks $26.6MM Loan at 26% AMERICAN ACHIEVEMENT: Sixth Street Marks 7% Discount for $1.3M Loan AMERICAN HEALTH: Taps Aurora Management as Financial Advisor ANGIE'S MOBILE: Seeks to Tap Ford & Semach as Bankruptcy Counsel ANNIE EYELASH: Seeks Subchapter V Bankruptcy in New York APPTECH PAYMENTS: Board Names Albert Lord as Executive Chairman ARC PRIMARY: Case Summary & 12 Unsecured Creditors ARTICON HOTEL: Court Extends Cash Collateral Access to June 26 ASCEND ELEMENTS: Court Denies Bid to Obtain $30MM DIP Loan ASP UNIFRAX: Sixth Street Marks $3.6MM 1L Loan at 44% Off ASP UNIFRAX: Sixth Street Marks 8% Discount for $2.03MM Bond ASPIRE BAKERIES: S&P Affirms 'B' ICR, Outlook Stable ATARA BIOTHERAPEUTICS: Point72 Entities Hold 6.2% Equity Stake AXIP ENERGY: Can Move Ahead With Chapter 11 Vote Push B&C PARTNERS: Court Extends Cash Collateral Access to July 31 BASECOAT ON FIFTH: To Hire Russo White & Keller as Counsel BATCH INC: James LaMontagne Named Subchapter V Trustee BED BATH: Sixth Street Marks $25.2MM Loan at 21% Off BED BATH: Sixth Street Marks $3.5MM Loan at 21% Off BED BATH: Sixth Street Marks $5.9MM Loan at 20% Off BEINGWIZARD LLC: Hire Richard T. Baum as General Bankruptcy Counsel BEINGWIZARD: Taps Allison James Estates and Homes as Realtor BERNARD L. MADOFF: Court Can't Sanction Chase Bank, Trustee BNL ENTERPRISES: Case Summary & Two Unsecured Creditors BNL ENTERPRISES: Hires Carl W. Hopkins as Insolvency Counsel BRIGHTINSIGHT INC: Horizon Technology Marks $2.2MM Loan at 20% Off BRIGHTINSIGHT INC: Horizon Technology Marks $2.7MM Loan at 20% Off BRIGHTINSIGHT INC: Horizon Technology Marks $3.2MM Loan at 20% Off BRIGHTINSIGHT INC: Horizon Technology Marks $5.5MM Loan at 20% Off BRIGHTINSIGHT INC: Horizon Technology Marks $6.4MM Loan at 20% Off BUD'S CONSTRUCTION: Gets Interim OK to Use Cash Collateral BULLET ENERGY: Seeks to Hire McDonald Law as Legal Counsel BURMAN'S TREE: Unsecureds Will Get 100% of Claims over 60 Months CES MAIL: Gets Interim OK to Use Cash Collateral CITIUS PHARMACEUTICALS: Extends Maturity on $3.8MM Oncology Note COACHELLA MANAGEMENT: Seeks Subchapter V Bankruptcy in California COCOBOWLZ LLC: Gets Interim OK to Use Cash Collateral COMPREHENSIVE HEALTHCARE: Trustee Sues Ex-Execs Over Missing Funds CONSCIOUS CONTENT: Nears Chapter 11 Bankruptcy Plan Confirmation CONVENTION CENTER: Taps Juan Valedon and Modesto Mendez as Counsels COOL FREAKIN': Unsecureds to Get Share of Income for 5 Years D&Z MEDIA: Steven Nosek Named Subchapter V Trustee D.R. PATEL: Seeks to Hire Boos & Associates as Consultant DANIEL FRANKLIN: 255 St. Paul Loses Bid to Dismiss Adversary Case DIOCESE OF NEW ORLEANS: Salesians, et al., Must Face "Polizzi" Case DK ARENA: Voluntary Chapter 11 Case Summary DR. DONNA: Hires Law Offices of George Oliver as Counsel DROPOFF INC: Horizon Technology Marks $2.6MM Loan at 44% Off DROPOFF INC: Horizon Technology Marks $6.2MM Loan at 44% Off DROPOFF INC: Horizon Technology Marks $6.8MM Loan at 44% Off DROPOFF INC: Horizon Technology Marks $7.8MM Loan at 44% Off DVM PROPERTIES: Taps T. Philip Kierl Jr. & Associates as Advisors ELEOS ABA: Angela Shortall Named Subchapter V Trustee ENCOMPASS ENTERPRISE: Seeks to Tap Lucove Say & Co. as CPA ENCOMPASS HEALTH: Moody's Rates New Unsecured Notes Due 2034 'Ba2' EQUUS TOTAL: Engages PKF O'Connor Davies as Accountant EWC BIG APPLE: Gerard Luckman Named Subchapter V Trustee EWC BIG: Commences Chapter 11 Bankruptcy in New York FARMERS COOPERATIVE: Hires D. Williams & Co. as Accountants FINANCE OF AMERICA: Bloom Retirement Holds 9.49% Class A Shares FIRST BRANDS: Watchdog Flags Administrative Expenses Shortfall FLOURISH RESTAURANTS: Employs Levy Tax and Consulting as Accountant FRB LLC: Paul Driscoll of Zemanian Law Named Subchapter V Trustee FUEL FITNESS: Gets Extension to Access Cash Collateral FUEL HOMESTEAD: Gets Extension to Access Cash Collateral FUEL REYNOLDA: Gets Extension to Access Cash Collateral FULL HOUSE: Taps Juan Valedon and Modesto Bigas Mendez as Counsels GENESYS CLOUD: S&P Alters Outlook to Positive, Affirms 'B' ICR GIP PILOT: Moody's Affirms 'Ba3' CFR, Outlook Stable GLEN ARBOR: G. Matt Barberich Named Subchapter V Trustee GLG INVESTMENTS: To Employ Agentis PLLC as Legal Counsel GOLDEN TRIANGLE: Taps Juan Valedon and Modesto Mendez as Counsels GRANITE CONSTRUCTION: S&P Assigns 'BB' ICR, Outlook Stable GREEN VILLA: Case Summary & Four Unsecured Creditors GRIFFIN HEALTH: S&P Affirms 'BB+' Rating on 2019 Revenue Bond HANNA JESIONOWSKA: Objection to Condo Board's Claims Tossed HNO INTERNATIONAL: Issues $67.5K Note, 385,000 Warrants to MSC HOMETEAM TECHNOLOGIES: Horizon Tech Marks $4.8M Loan at 18% Off HPC VINEBURN: Plan Exclusivity Period Extended to Aug. 5 HUNTERSTOWN GENERATION: S&P Affirms 'BB-' Debt Rating on Upsize HYE NURSES: Mark Sharf Named Subchapter V Trustee INNOVATIVE CHEMICAL: S&P Lowers ICR to 'CCC-', Outlook Negative INTEGRATED ENDOSCOPY: Gets Interim OK to Use Cash Collateral IOVATE HEALTH: Court Recognizes Reverse Vesting Order IRIDIUM SATELLITE: Moody's Affirms 'Ba3' CFR, Outlook Stable JFM SPRING: Gets Interim OK to Use Cash Collateral JOHN FITZGIBBON: Seeks Court Approval to Employ OCPs JVL 1998: Christopher Lee Named Subchapter V Trustee K&M BROADCASTING: Steven Nosek Named Subchapter V Trustee KALAMAZOO CANDLE: Case Summary & 20 Largest Unsecured Creditors KOCAK LLC: Nathaniel Wasserstein Named Subchapter V Trustee KOMAX LLC: Hires Meridian Management Partners as Financial Advisors KOMAX LLC: Seeks to Employ Whiteford Taylor & Preston as Counsel L3DFX LLC: Plan Exclusivity Period Extended to Aug. 31 LASCHAL SURGICAL: Employs Klinger & Klinger as Accountants LASCHAL SURGICAL: Retains Davidoff Hutcher & Citron as Attorneys LEACH PAINTING: Case Summary & 20 Largest Unsecured Creditors LEESTMA MANAGEMENT: Receiver to Tap Johnson Pope Bokor as Counsel LENA BRANDS: Voluntary Chapter 11 Case Summary LENA HOLDINGS: Voluntary Chapter 11 Case Summary LENA REAL ESTATE: Voluntary Chapter 11 Case Summary LIGHTHOUSE COMMUNITY: Gets Interim OK to Use Cash Collateral LL CREATIONS: Gets Final OK to Use Cash Collateral MADISYN ON PARK: Unsecureds Will Get 2% of Claims in Plan MAE'S INVESTMENT: Seeks to Hire Dragonfly Real Estate as Broker MAGLEV ENERGY: Gets Final OK to Use Cash Collateral MARK D. BORNSTEIN: Unsecureds to Split $7,300 over 3 Years MARS FX US: Seeks Approval to Hire Rimon P.C. as Legal Counsel MATTHEWS 350: Gets Interim OK to Use Cash Collateral MCGEACHY HOLDING: Ward and Smith Advises First-Citizens & Fidelity MEDPLUS URGENT: Loses Bid for Stay Relief in Lee County Action MILLERKNOLL INC: Moody's Affirms Ba2 CFR, Alters Outlook to Stable MIRROR LAKE: Gets Final OK to Use Cash Collateral MITNICK CORPORATE: Sixth Street Marks $322,000 Loan at 57% Off MMA LAW: Plans to Close Business Under Chapter 11 Liquidation Plan MREM VENTURES: Joseph Cotterman Named Subchapter V Trustee NANO PHARMACEUTICAL: Taps Wadsworth Garber Warner as Counsel NANO PHARMACEUTICALS: Case Summary & Seven Unsecured Creditors NEIMAN MARCUS: Wins Bid to Dismiss Rus Adversary Case NETCAPITAL INC: 3i Entities Hold 6.1% Equity Stake NEXTCAR HOLDING: Horizon Technology Marks $2.02M Loan at 50% Off NS8 INC: Dawson Loses Bid to Stay Money Judgment in Drivetrain Case NY STATE ENVIRONMENTAL: Moody's Rates New $15MM Disposal Bonds 'B1' OCUGEN INC: Q1 2026 Net Loss Widens to $19.2M, Warns of Cash Crunch OFFICE PROPERTIES: Seeks to Extend Plan Exclusivity to July 14 OUNZAR LLC: Katharine Battaia Clark Named Subchapter V Trustee PARADISE ADVENTURE: Voluntary Chapter 11 Case Summary PEDIATRIC ASSOCIATES: S&P Rates Proposed First-Lien Term Loan 'B' PHILIP KEITHAHN: Wins Partial Summary Judgment in Heritage Case PHOENIX GUARANTOR: S&P Upgrades ICR to 'BB-', Outlook Positive PLUMBING NERDS: Gets Interim OK to Use Cash Collateral PROGRESS TELECOMM: Joseph Frost Named Subchapter V Trustee PROVIVI INC: Horizon Technology Marks $1.8MM Loan at 51% Off PROVIVI INC: Horizon Technology Marks $991,000 Loan at 51% Off PROVIVI INC: Horizon Technology Marks $991,000 Term Loan at 51% Off PSP TS: Kathleen DiSanto Named Subchapter V Trustee QUARTZ ACQUIRECO: S&P Places 'B' ICR on CreditWatch Negative QUEENS THEATER: Retains Wilk Auslander LLP as Legal Counsel QUICK PRINTS: Tarek Kiem Named Subchapter V Trustee R.R. DONNELLEY: S&P Rates Proposed Senior Unsecured Notes 'B-' RCMBGNY INC: Seeks Subchapter V Bankruptcy in New York REDCOLE PARTNERS: Seeks to Employ Bruner Wright as Legal Counsel REDONDO CONSTRUCTION: Order Dismissing CLI Adversary Case Vacated RESTAURANT BRANDS: S&P Upgrades ICR to 'BB+' on Deleveraging RYE MARBLE: Samuel Dawidowicz Named Subchapter V Trustee RYE MARBLE: Seeks Subchapter V Bankruptcy in New York S & H SYSTEMS: Taps Ravinia Capital as Investment Banker and Broker SA POOL CONSTRUCTION: Gets Interim OK to Use Cash Collateral SAILORMEN INC: Seeks to Extend Plan Exclusivity to Sept. 12 SALT LAKE CITY DISTILLERY: Unsecureds Will Get 100% of Claims SBHC HOLDINGS: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR SHENGROW INC: Horizon Technology Marks $3.3MM Loan at 18% Off SHRI RADHA: Jolene Wee of JW Infinity Named Subchapter V Trustee SI 166: Commences Chapter 11 Bankruptcy in New York SIERRA ELECTRONICS: Daniel Behles Named Subchapter V Trustee SIMPSON TACOMA: Case Summary & Five Unsecured Creditors STEPS HOUSE: Hires Tarpy Cox Fleishman & Leveille as Counsel STOKES & STOKES: Sale Proceeds & Rental Income to Fund Plan SVB FINANCIAL: FDIC Loses Bid to Dismiss SVBFT Adversary Case SVETNESS CORP: Wins Extension to Use Cash Collateral Until Aug. 15 SWAHILI VILLAGE: Case Summary & 20 Largest Unsecured Creditors SYMPLR SOFTWARE: Sixth Street Marks $663,000 Loan at 30% Off SYP - NORTHWEST LC: To Hire Lindauer & Vaughn as Legal Counsel SYP - NORTHWEST: Gets Interim OK to Use Cash Collateral TAVA HOLDINGS: Katharine Battaia Clark Named Subchapter V Trustee TEMPERED GLASS: Case Summary & 20 Largest Unsecured Creditors THASSOS INC: Gets OK to Use Cash Collateral Until May 25 THERAPEUTIC EXERCISE: Seeks to Hire Kronick Moskovitz as Counsel TOWERS ELECTRONICS: To Hire Homel Antonio Mercado as Attorney TRANS EXPRESS: Case Summary & 16 Unsecured Creditors TRS CONTRACTING: Gets Interim OK to Use Cash Collateral UNIQUE REALTY: Gets Interim OK to Use CBTC's Cash Collateral UNIQUE REALTY: Gets Interim OK to Use FNSB's Cash Collateral VERA HOLDINGS: Court Extends Cash Collateral Access to May 27 VIOLET'S PUPPIES: Aleida Martinez Molina Named Subchapter V Trustee VISTANCE NETWORKS: Moody's Ups CFR to Ba3, Alters Outlook to Stable VON ROHR: To Retain A.J. Willner Auctions as Auctioneer WAG & BONE: Commences Chapter 11 Bankruptcy in New York WAG & BONE: Gerard Luckman Named Subchapter V Trustee WEIKFIELD WINDSOR: Seeks Chapter 7 Bankruptcy in New York WELLPATH HOLDINGS: Letizio, et al., Win Bid to Junk Burnside Suit WHITE ROCK MEDICAL: Gets Extension to Use Cash Collateral WHITEHALL MANOR: Gets Interim OK to Use Cash Collateral WORTHINGTON STEEL: S&P Assigns 'BB-' ICR, Outlook Stable ********* 1060 NEPPERHAN: Hires CohnReznick Advisory as Sale Administrator ---------------------------------------------------------------- 1060 Nepperhan Ave, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Robert J. Frezza of CohnReznick Advisory LLC to serve as their sale administrator. Mr. Frezza will provide these services: (a) oversee and direct the marketing and solicitation process for the Debtors' assets, including supervising any court-approved broker; (b) supervise the diligence process and coordinate communications with prospective bidders; (c) review, evaluate, and negotiate bids and proposed transaction documents in consultation with Parkview and the Debtors; (d) determine Qualified Bids and Qualified Bidders in accordance with the Bidding Procedures; (e) conduct or supervise the auction process, including establishing procedures, soliciting overbids, and designating the highest or best bid; and (f) select the successful bidder, finalize transaction documents, and take all actions necessary to consummate the sale, subject to Bankruptcy Court approval. Mr. Frezza will receive an hourly rate of $995, plus reimbursement of reasonable and necessary out-of-pocket expenses, subject to Bankruptcy Court approval under section 328(a) of the Bankruptcy Code. Mr. Frezza is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and does not hold or represent any interest adverse to the Debtors' estates. The professional can be reached at: Robert J. Frezza Managing Director CohnReznick Advisory LLC 1301 Avenue of the Americas New York, NY 10019 About 1060 Nepperhan Ave 1060 Nepperhan Ave, LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 1060 Nepperhan Ave sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22056) on January 23, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Mark S. Lichtenstein, Esq., at Akerman, LLP. Parkview Financial REIT, LP, as lender, is represented by Patrick Collins, Esq., at Farrell Fritz, P.C., in Uniondale, New York. 1060 NEPPERHAN: Taps Keen-Summit Capital Partners as Broker ----------------------------------------------------------- 1060 Nepperhan Ave, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Keen-Summit Capital Partners LLC to serve as their real estate broker. The firm will provide these services: (a) market the Debtors' assets in a commercially reasonable manner, including pre-bid marketing efforts; (b) communicate with prospective bidders, coordinate inquiries, and manage access to due diligence materials; (c) assist the Sale Administrator in evaluating, structuring, and negotiating bids and proposed transaction terms; and (d) assist with the sale process, including auction support and assisting in the consummation of a court-approved sale, if applicable. Keen-Summit Capital Partners LLC will receive a transaction fee equal to 5% of gross proceeds upon consummation of a sale of the assets. If no sale is consummated, the firm may receive a minimum fee of $100,000 if termination occurs within 30 days of commencement, or $200,000 if terminated thereafter. Keen-Summit Capital Partners LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Matthew Bordwin Keen-Summit Capital Partners LLC 1 Huntington Quadrangle, Suite 2C04 Melville, NY 11747 Telephone: (646) 381-9202 Email: mbordwin@Keen-Summit.com About 1060 Nepperhan Ave 1060 Nepperhan Ave, LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). 1060 Nepperhan Ave sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22056) on January 23, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Sean H. Lane handles the case. The Debtor is represented by Mark S. Lichtenstein, Esq., at Akerman, LLP. Parkview Financial REIT, LP, as lender, is represented by Patrick Collins, Esq., at Farrell Fritz, P.C., in Uniondale, New York. 1624 U STREET: Seeks Cash Collateral Access ------------------------------------------- 1624 U Street, Inc. asks the U.S. Bankruptcy Court for the District of Columbia for authority to use cash collateral and provide adequate protection. The Debtor's restaurant has operated since 1996 and historically generated $1.5–2 million in annual revenue but has experienced declining profitability due to reduced customer demand in Washington, D.C. and increased regulatory and operating costs, leading to unpaid obligations, including taxes owed to the District of Columbia Office of Tax and Revenue. To address cash flow shortages, the Debtor previously obtained multiple secured loans from various lenders, including the U.S. Small Business Administration, DC OTR, and merchant financing providers, all secured by liens on the Debtor's personal property and receivables. These obligations total approximately $1.1 million while the Debtor's personal property is valued at about $187,586, leaving most creditors undersecured or unsecured except the SBA, which is only partially secured. The Debtor asserts that it is still capable of generating short-term positive cash flow and seeks to use cash collateral through June 30 to fund ordinary operating expenses under a proposed budget. In exchange, the Debtor proposes providing adequate protection to secured creditors, including protection against any decline in collateral value, replacement liens in the same collateral and priority position, and ongoing financial reporting such as monthly operating statements and additional requested disclosures. A court hearing is scheduled for May 27. A copy of the motion is available at https://urlcurt.com/u?l=E4TZYG from PacerMonitor.com. About 1624 U Street LLC 1624 U Street, LLC, doing business as El Secreto De Rosita, operates a Peruvian and Latin American restaurant and bar in Washington, D.C. The company offers dine-in, takeout, delivery, private dining and catering services, with a menu that includes ceviche, lomo saltado, arroz chaufa, seafood dishes, brunch and dinner items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00215) on April 24, 2026, with $3,697,585 in assets and $2,341,034 in liabilities. Alfredo M. Fraga, owner, signed the petition. Judge Elizabeth L. Gunn presides over the case. Craig M. Palik, Esq. at McNamee Hosea, P.A. represents the Debtor as legal counsel. 22 EAST C: Unsecured Creditors to Split $58K over 3 Years --------------------------------------------------------- 22 East C, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated May 4, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around February 14, 2024, with an effective date of February 13, 2024. The Debtor operates a prominent and long-standing downtown Orlando nightclub, provides a dynamic party atmosphere with a mix of DJ's and live music. The Debtor's principal place of business is located at 20 E. Central Blvd, Orlando, FL 32801 ("Premises"), which the Debtor leases from One Orange Development, LLC (a noninsider). The Debtor's projected disposable income is $58,158.00. Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The Debtor proposes to pay unsecured creditors a pro rata portion of $58,158.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $4,846.50 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the first day of the month, on the first calendar quarter following the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $58,158.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Payments of $4,846.50 shall commence on the first day of the month, on the first calendar quarter following the Effective Date and shall continue quarterly for eleven additional quarters. Holders of Class 3 claims shall be paid directly by the Debtor. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated May 4, 2026 is available at https://urlcurt.com/u?l=JH2QsP from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq Branson Ainsworth PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 Email: jeff@Bransonlaw.com E-mail: cole@bransonlaw.com About 22 East C LLC 22 East C, LLC is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around February 14, 2024. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00726) on February 3, 2026, listing assets of between $500,001 and $1 million and liabilities of between $1 million and $10 million. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as counsel. 23-74 29TH STREET: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------------ ConnectOne Bank asks the U.S. Bankruptcy Court for the Eastern District of New York to prohibit23-74 29th Street LLC from continuing to use cash collateral and to compel the Debtor to provide a full accounting and turnover of allegedly misused funds. CNOB argues that the Debtor has repeatedly failed to comply with bankruptcy obligations, improperly used collateral proceeds, and demonstrated an inability or unwillingness to reorganize successfully under Chapter 11. The dispute centers around a large real estate loan originally executed on September 2, 2021. The Debtor signed a restated adjustable-rate mortgage note in the principal amount of $3.05 million. That debt was secured by a mortgage on property located at 23-74 29th Street in Astoria, New York, together with an assignment of leases and rents, a general security agreement covering additional collateral, and UCC financing statements. The obligations were further backed by a carve-out guaranty signed by Maria Alexandrakos. According to CNOB, these loan documents grant the bank a first-priority lien on the property, the rental income generated by the property, and substantially all of the Debtor's other assets and proceeds. As of the bankruptcy filing date, CNOB states that approximately $2.87 million remained due, excluding legal fees. The bank explains that immediately after the bankruptcy filing it attempted to negotiate a consensual cash collateral agreement that would allow the debtor to continue using rents and other proceeds that constitute the bank’s collateral. CNOB claims it sent a draft agreement and requested budgets and financial information from the debtor. However, the bank describes the negotiations as extremely difficult and states that the debtor repeatedly failed to cooperate or comply with proposed terms. On January 18, 2026, CNOB explicitly reminded the Debtor that it did not consent to the use of cash collateral absent a finalized agreement or court approval. Eventually, the parties reached a temporary arrangement, and the court approved the cash collateral agreement on an interim basis on April 15, 2026. Nonetheless, CNOB asserts that the Debtor continued violating the agreement and defaulting on its obligations even after court approval. CNOB terminated the Debtor's authority to use cash collateral effective April 30, 2026, by written notice dated April 23, 2026. The bank alleges that despite this termination, the Debtor continued using cash collateral without authorization and also failed to make a required May payment under the agreement. CNOB argues that this conduct violates 11 U.S.C. Section 363(c)(2), which prohibits a Debtor from using cash collateral unless the secured creditor consents or the bankruptcy court authorizes the use after notice and hearing. The bank further contends that there is “cause” to convert the case from Chapter 11 to Chapter 7 under Section 1112(b) of the Bankruptcy Code. CNOB cites several statutory grounds for conversion, including continuing loss or diminution of the estate with no reasonable likelihood of rehabilitation, unauthorized use of cash collateral substantially harmful to creditors, failure to timely file required reports, and failure to provide information requested by the United States Trustee. The Debtor only recently filed its January monthly operating report and had still failed to file reports for February through April. Because of these missing reports, CNOB argues it has no reliable way to determine whether estate assets are being wasted, whether additional defaults have occurred, or whether the debtor is operating outside the ordinary course of business. CNOB also raises concerns about the Debtor's management and credibility. It references a prior judgment against the debtor for unfair labor practices and argues that if the Debtor remains in control of the property, the value of the estate may continue to deteriorate. The bank asserts that the Debtor has repeatedly ignored deadlines and obligations imposed by Chapter 11 and has shown an inability to responsibly manage the bankruptcy process. According to CNOB, the Debtor either does not understand the seriousness of its obligations or is unwilling to comply with them. The bank argues that an independent Chapter 7 trustee would better protect creditors' interests by overseeing liquidation of the property and preventing further depletion of assets. In addition to conversion, CNOB asks the court to prohibit any further use of its cash collateral under 11 U.S.C. Sections 105(a) and 363. The bank argues that because the Debtor has already disregarded its obligations, a formal court order is necessary to stop continued unauthorized spending. CNOB maintains that without judicial intervention, the Debtor is unlikely to comply voluntarily, jeopardizing any orderly sale of the property or recovery for creditors. Finally, CNOB seeks an immediate accounting of all money received and spent by the Debtor since the bankruptcy filing date. Because the bank claims these funds are part of its collateral, it argues that it, along with the court and the United States Trustee, is entitled to full transparency regarding how the money has been used. A hearing on the matter is set for June 17, 2026. A copy of the motion is available at https://urlcurt.com/u?l=mNhLMZ from PacerMonitor.com. About 23-74 29th Street LLC 23-74 29th Street LLC is a single-asset real estate company that owns and manages a residential property in Astoria, New York. 23-74 29th Street LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40033) on January 5, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jil Mazer-Marino oversees the case. Kirby Aisner & Curley LLP is the Debtor's counsel. ConnectOne Bank, as lender, is represented by: Bonnie L. Pollack, Esq. Kyriaki Christodoulou, Esq. CULLEN AND DYKMAN LLP 333 Earle Ovington Boulevard, 2nd Fl. Uniondale, New York 11553 Telephone: (516) 357-3700 Email: bpollack6iicullenllp.com kchri stodoulou@cul lenl lp. com 372 PARKSIDE: Case Summary & Five Unsecured Creditors ----------------------------------------------------- Debtor: 372 Parkside Avenue Inc 372 Parkside Avenue Brooklyn, NY 11226 Business Description: 372 Parkside Avenue Inc. owns a two-family residential property at 372 Parkside Avenue in Brooklyn, New York, valued at $2 million. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42345 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Narissa A. Joseph, Esq. NARISSA JOSEPH 305 Broadway, Suite 1001 New York, NY 10007 Tel: (212) 233-3060 Fax: (646) 607-3335 E-mail: njosephlaw@aol.com Total Assets: $2,000,000 Total Liabilities: $1,967,714 The petition was signed by Yusef Smith as president. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZUH2JMI/372_Parkside_Avenue_Inc__nyebke-26-42345__0001.0.pdf?mcid=tGE4TAMA 513 INVESTMENTS: Claims to be Paid from Rental & Sale Proceeds -------------------------------------------------------------- 513 Investments, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Subchapter V Plan of Reorganization dated May 4, 2026. The Debtor is a real-estate holding entity formed in August 2019 that owns two parcels of real property located in Grayson County, Texas. The first property is a 5.72-acre tract improved with a 9,625 square-foot metal office-warehouse building located at 659 Martin Duke Rd, Van Alstyne, Texas. The second property consists of 11.0 acres of raw development land located at the corner of State Highway 289 and Reed Lane in Gunter, Texas. David Kirby is the managing member and sole owner of the Debtor. Prior to the petition date, the Van Alstyne commercial buildings were leased to Mal Technologies Fleet, LLC ("Mal Tech"). In approximately November 2025, Mal Tech breached the lease and vacated the premises, leaving the property vacant and depriving the Debtor of its primary source of income. Simultaneously, the Debtor faced a scheduled foreclosure sale by its senior secured lender, First United Bank & Trust Co. Furthermore, in June 2025, the Debtor acquired certain business assets from Priority Public Safety, LLC ("PPS"), an affiliate also managed by Mr. Kirby. This transfer led to potential successor liability claims from creditors of PPS, most notably Legalist SPV III, LP, which asserts an equitable interest in the Debtor's real property. The Debtor commenced this Subchapter V case on February 2, 2026, to stop the foreclosure, preserve the equity in its assets, and provide an orderly forum to resolve these competing claims. The Debtor's Plan provides for an orderly liquidation of the Debtor's real estate assets to pay all creditors in full. The Plan is founded on a "Lease-to-Sale" bridge strategy designed to satisfy the demands of both the senior lender and the largest unsecured creditor, Legalist SPV III, LP. The Debtor intends to execute a lease for the Van Alstyne property generating $15,000 or more in monthly gross revenue. To the extent the Debtor executes a lease for the Van Alstyne property prior to a sale, any rental proceeds generated (the 'Rental Proceeds') will be used to pay property operating expenses and provide monthly interest-only 'adequate protection' payments to First United Bank & Trust Co. and pro-rata installments to secured tax creditors. The properties will be aggressively marketed by a court-approved broker for a period of 120 days following the Effective Date. The Debtor has established a tiered pricing strategy to maximize equity while ensuring a timely sale. The initial listing prices shall be $3,600,000 for the Van Alstyne property and $1,800,000 for the Gunter land. Class 5 consists of all other allowed non-priority unsecured claims, primarily representing various trade and vendor debt. These claims shall be paid on a pro-rata basis from the remaining real estate sale proceeds and 100% of the net recovery obtained by the Debtor from the pending litigation against Mal Technologies Fleet, LLC. Class 6 consists of the 100% membership interest in the Debtor held by David Kirby. The holder of Class 6 interests shall receive no distribution under the Plan until all allowed claims in Classes 1 through 5 have been satisfied in full, including post-petition interest where applicable. In the event the Debtor executes a lease for the Van Alstyne property prior to a sale, the resulting net Rental Proceeds shall be distributed monthly as follows: * Property Expenses: Insurance, maintenance, and Subchapter V Trustee fees. * Class 3 (FUB): Interest payments at the contract rate to prevent further debt accrual. * Class 2 (Taxes): Installment payments to Grayson County and Van Alstyne ISD. The Debtor shall continue to prosecute the $157,000 claim against Mal Technologies Fleet, LLC. 100% of net proceeds (after legal fees) shall be dedicated to Class 5 (General Unsecured Vendors) to ensure they are made whole even if the real estate hits the lower end of the valuation scale. A full-text copy of the Subchapter V Plan dated May 4, 2026 is available at https://urlcurt.com/u?l=ASOdtC from PacerMonitor.com at no charge. Counsel to the Debtor: Clayton L. Everett, Esq. Norred Law, PLLC 515 E. Border Street Arlington, TX 76010 Telephone: (817) 704-3984 Email: clayton@norredlaw.com About 513 Investments LLC 513 Investments, LLC, a real estate lessor, holds fee simple ownership of two properties in Texas: an 11-acre tract at Reed Lane and Preston Road in Gunter, valued at $1.9 million based on broker assessments and prior offers, and a 7-acre site with three commercial buildings at 659 Martin Duke Road in Van Alstyne, appraised at $4 million according to broker and owner evaluations. 513 Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40381) on Feb. 2, 2026. In the petitition signed by David Kirby, member and owner, the Debtor disclosed $5,900,000 in total assets and $1,600,000 in total liabilities. Clayton L. Everett, Esq., at Norred Law, PLLC represents the Debtor as counsel. 777 HOLDINGS: Seeks Approval to Hire McDonald Law as Counsel ------------------------------------------------------------ 777 Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Oklahoma to hire McDonald Law, PLLC to serve as its legal counsel. The firm will provide these services: (a) take all necessary or appropriate actions to protect and preserve Debtor's estate; (b) prepare on behalf of Debtor all necessary and appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the estate; (c) take all necessary or appropriate actions in connection with a Chapter 11 plan and all related documents, as well as such further actions as may be required in connection with the administration of the estate; and (d) perform all other necessary legal services in connection with this Chapter 11 case. McDonald Law, PLLC will be compensated at an hourly rate of $375 for the principal attorney, Gary M. McDonald, which is stated to be below his customary rate. The Debtor also provided a $10,000 retainer, which will be applied toward fees and expenses as approved by the Court. Additional compensation and expenses will be paid by the estate as an administrative expense subject to Court approval. McDonald Law, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code according to court filings, and does not hold an interest adverse to the Debtor or the estate. The firm can be reached at: Gary M. McDonald, Esq. MCDONALD LAW, PLLC 15 W. Sixth Street, Suite 2606 Tulsa, OK 74119 Telephone: (918) 430-3700 Facsimile: (918) 430-3770 E-mail: gmcdonald@mmmsk.com About 777 Holdings, LLC 777 Holdings, LLC owns oilfield-related real estate and saltwater disposal infrastructure in Velma, Oklahoma. The company's assets include shop and office buildings and three disposal wells, identified as Velma SWD #1, Velma SWD #2 and Velma SWD #3, used in connection with saltwater disposal operations serving the oil and gas sector. 777 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Oklahoma Case No. 26-80435) on May 8, 2026. At the time of filing, the Debtor had estimated assets of between $10,000,001 and $50 million and liabilities of between $1,000,001 and $10 million. McDonald Law, PLLC is Debtor's legal counsel. A1A MOVING: Unsecured Creditors to Split $60K over 60 Months ------------------------------------------------------------ A1A Moving & Relocating Services, Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated May 4, 2026. The Debtor is a Texas corporation in the business of providing moving and relocation services from its address at 4802 N. Interstate Hwy 45, Ennis, TX 75119. The Debtor scheduled total liabilities (excluding Administrative Expense Claims) of $829,135.10 as of the Petition Date. Creditors may file Proofs of Claim that differ from the amounts shown in the Schedules and supersede scheduled claims unless a party objects to the claim. The Debtor scheduled total Unsecured Claims of $829,135.10. Proofs of Unsecured Claims were filed in the total amount of $121,603.67, some of which overlap with scheduled claims. Class 5 consists of Allowed Unsecured Claims. These Claims, if Allowed, shall share Pro Rata in a $60,000.00 pool of funds to be contributed by the Debtor over a period of 60 months. The Debtor will fund $1,000 per month, starting on the Effective Date, from which each Class 5 Claimant shall receive a Pro Rata share each month for 60 months. Class 5 Claims will be fully satisfied by these monthly payments. These Claims are Impaired, and the holders of these Claims are entitled to vote to accept or reject the Plan. Class 6 consists of Equity Interests. Equity Interests shall be retained by the owners of said Interests, but there shall be no dividends or other distributions of value made to Equity Interests until Classes 1 to 5 Claims have been satisfied in full according to this Plan. The Debtor will fund the payments under the Plan from the net profits generated by its business. The Debtor believes the Plan is feasible because all creditors with Allowed Claims will be paid under fair and equitable terms. A full-text copy of the Plan of Reorganization dated May 4, 2026 is available at https://urlcurt.com/u?l=47HWSp from PacerMonitor.com at no charge. Counsel to the Debtor: Joyce W. Lindauer, Esq. Paul B. Geilich, Esq. Joyce W. Lindauer Attorney, PLLC 117 S. Dallas St. Ennis, TX 75119 Telephone: (972) 503-4033 About A1A Moving & Relocating Services A1A Moving & Relocating Services, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-30534) on Feb. 3, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Scott W. Everett presides over the case. Joyce W. Lindauer, at Joyce W. Lindauer Attorney, PLLC, is the Debtor's bankruptcy counsel. ACADEMY AT PENGUIN: Seeks to Extend Plan Exclusivity to Aug. 5 -------------------------------------------------------------- The Academy at Penguin Hall Inc. asked the U.S. Bankruptcy Court for the District of Massachusetts to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 7, 2026, respectively. The Debtor explains that the size and complexity of the Debtor's case provides cause to extend the exclusivity. According to its books and records, the Debtor's obligations to unsecured creditors total approximately $12,129,000 in the aggregate inclusive of approximately (a) $376,000 owed to former employees of the School for wages, and (b) $642,000 on account of tuition deposits for the 2025-2026 academic year, both of which are entitled to priority. The Debtor claims that it has secured approval of DIP Financing and has been in negotiations for additional post-petition financing to fund necessary expenses through the projected closing of the sale of the Main Campus. The Debtor is maintaining its assets. The Debtor has secured the Buyer for the Main Campus and is proceeding toward a sale of that property to fund payments to creditors. The Debtor states that it is not seeking to extend exclusivity in order to pressure creditors "to submit to the debtor's reorganization demands." The Debtor is working toward a sale of the Main Campus to fund payments to creditors. The Debtor continues to communicate and cooperate with the Committee. The requested exclusivity extension will not impede those efforts. The Debtor asserts that the interests of creditors continue to be protected in this case. The interests of the Debtor's secured creditors are protected by their collateral, which continues to be preserved during the Chapter 11 case and is not in decline. The interests of all creditors are being protected and enhanced by the Debtor's continuing efforts to sell its real property for their benefit. Inasmuch as, the Debtor's post-petition obligations are being paid timely and its property is being maintained, there is cause for the requested extension. The Debtor further asserts that the company commenced this case quickly to prevent a scheduled foreclosure. Since the Chapter 11 filing, the Debtor has worked assiduously to administer its case and advance the sale of the Main Campus. Under those circumstances, terminating exclusivity would appear contradictory to the expeditious administration of the Debtor's estate in accordance with the provisions of the Bankruptcy Code. The Academy at Penguin Hall Inc. is represented by: Christopher M. Condon, Esq. Bowditch & Dewey, LLP 75 Federal Street Suite 1000 Boston, MA 02110 Tel: (617) 757-6500 About The Academy at Penguin Hall The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. ADVANCED DERM: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Advanced Derm Solutions LLC Dermeleve 9663 Mashie Ct. Naples FL 34108 Business Description: Advanced Derm Solutions LLC, through its Dermeleve brand, develops and sells steroid-free topical anti-itch products, including skin cream and scalp serum, for dry, irritated and itchy skin. The Tampa, Florida-based company serves consumers seeking over-the-counter itch-relief products for skin and scalp irritation. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01180 Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 E-mail: mike@dallagolaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Joseph Danie Poyner Pike as manager. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/E5JBROQ/Advanced_Derm_Solutions_LLC__flmbke-26-01180__0001.0.pdf?mcid=tGE4TAMA AEROHP MAINTENANCE: Tom Howley Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for AeroHP Maintenance, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About AeroHP Maintenance LLC AeroHP Maintenance, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32896) on April 28, 2026, listing $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Jeffrey P. Norman presides over the case. Robert C. Lane, Esq., at The Lane Law Firm, PLLC serves as the Debtor's counsel. ALBANY LEADERSHIP: S&P Lowers LT ICR to 'CCC', On Watch Negative ---------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'CCC' from 'B-' on the Albany Capital Resource Corp., New York's series 2019A and 2019B bonds, issued for Albany Leadership Charter High School for Girls (ALCHSG). At the same time, S&P placed the rating on CreditWatch with negative implications. The downgrade reflects S&P's view of a potential forbearance agreement ALCHSG may enter into for the 2019 bonds in the near term and that, coupled with its weak reserves (seven days' cash on hand [DCOH] as of fiscal 2025), debt service is vulnerable to nonpayment in the near term. Management is in active discussions with bondholders and its authorizer (SUNY-CSI) regarding near-term operational viability including its charter standing. The CreditWatch placement reflects the likelihood that S&P could further lower the rating on the bonds depending on the outcome of forbearance agreement and operational viability discussions, which S&P believes will be finalized within the 90-day CreditWatch period. The CreditWatch placement reflects a one-in-two chance that S&P could further lower the rating within the next 90 days--during which time it expects to receive additional information regarding its operational viability, charter standing, and ability to make debt service payments. AMERICAN ACHIEVEMENT: Sixth Street Marks $26.6MM Loan at 26% ------------------------------------------------------------ Sixth Street Specialty Lending, Inc. has marked its $26,611,000 loan extended to American Achievement, Corp. to market at $19,626 million or 74% of the outstanding amount, according to TSLX's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to American Achievement, Corp. The 1L Loan accrues interest at a rate of SOFR + 7.35 %, 11.02% (incl. 10.52% PIK) per annum. The Loan matures on September 2027. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About AMERICAN ACHIEVEMENT American Achievement, Corp. is a U.S.-based company that operates in the student and graduation memorabilia sector, providing products such as class rings, yearbooks and related accessories. AMERICAN ACHIEVEMENT: Sixth Street Marks 7% Discount for $1.3M Loan ------------------------------------------------------------------- Sixth Street Specialty Lending, Inc. has marked its $1,323,000 loan extended to American Achievement, Corp. to market at $99,000 or 7% of the outstanding amount, according to TSLX's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to American Achievement, Corp. The 1L Loan accrues interest at a rate of SOFR + 15.10 %, 18.77% (incl. 18.27% PIK) per annum. The Loan matures on September 2027. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert “Bo” Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About AMERICAN ACHIEVEMENT American Achievement, Corp. is a U.S.-based company that operates in the student and graduation memorabilia sector, providing products such as class rings, yearbooks and related accessories. AMERICAN HEALTH: Taps Aurora Management as Financial Advisor ------------------------------------------------------------ American Health Associates Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Aurora Management Partners Inc. to serve as its financial advisor. The firm will provide these services: (a) provide liquidity services, including assessing and evaluating cash flow projections and identifying cost-saving and working capital opportunities; (b) prepare monthly operating reports, schedules, and statements of financial affairs required in the Chapter 11 cases; (c) assist the Debtors in developing a business restructuring model, executing restructuring initiatives with management, and managing cash flow; (d) assist in retaining and coordinating special legal counsel, investment bankers, and other professionals as needed; (e) manage relationships with secured creditors, if requested; and (f) provide other normal financial advisory services and consult on additional matters as requested by the Debtors. Aurora Management Partners Inc. will be compensated based on standard hourly billing rates and time spent. The current rate ranges disclosed are: (i) $525 to $910 for Managing Director/Senior Managing Director/Managing Partner; (ii) $375 to $525 for Associate Director/Director; and (iii) $250 to $375 for Consultant/Senior Consultant. Aurora Management Partners Inc. requests approval of a post-petition retainer in the amount of $100,000, payable in four (4) bi-weekly installments of $25,000. Aurora Management Partners Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtors, according to court filings. The firm can be reached at: David M. Baker, CTP Aurora Management Partners Inc. 112 South Tryon Street, Suite 1770 Charlotte, NC 28284 Telephone: (828) 638-5744 Telephone: (704) 377-6010 E-mail: dbaker@auroramp.com About American Health Associates Holdings Inc. Headquartered in Davie, Florida, American Health Associates Holdings, Inc. provides clinical laboratory services, mobile phlebotomy, mobile imaging and care-at-home diagnostic services for the long-term care market. Founded more than 30 years ago by Debbie Martin, a respiratory therapist, American Health Associates Holdings serves skilled nursing facilities, nursing homes, hospitals and physician offices, and operates 16 full-service reference laboratories nationwide. It serves more than 3,000 long-term care facilities across the U.S. American Health Associates Holdings and 12 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-14825) on April 17, 2026. In the petition signed by Christopher Martin, president, American Health Associates Holdings disclosed up to $50 million in both assets and liabilities. Judge Scott M. Grossman oversees the cases. Bradley S. Shraiberg, Esq., at Shraiberg Page P.A., represents the Debtors as legal counsel. ANGIE'S MOBILE: Seeks to Tap Ford & Semach as Bankruptcy Counsel ---------------------------------------------------------------- Angie's Mobile Pet Styling, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. to serve as bankruptcy counsel. The firm will provide these services: (a) analyze the Debtor's financial situation and render advice in determining whether to file a petition under Title 11, United States Code; (b) advise the Debtor concerning the powers and duties of the Debtor and Debtor-in-Possession in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) represent the Debtor at the Section 341 Meeting of Creditors; (e) provide legal advice to the Debtor with respect to its powers and duties as Debtor and Debtor-in-Possession in the operation of its business and management of its property; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (g) prepare necessary motions, pleadings, applications, answers, orders, complaints, and other legal papers and appear at hearings thereon; (h) protect the interests of the Debtor in all matters pending before the Court; (i) represent the Debtor in negotiations with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein. The Debtor agreed to compensate Ford & Semach, P.A. on an hourly basis. Court filings state that hourly rates range from $150 for certain services, $450 for junior associate attorneys, $500 for senior attorneys, and $550 for services rendered by Buddy D. Ford. The Debtor also agreed to reimburse the firm for expenses incurred in connection with the representation. Ford & Semach, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 279-1635 About Angie's Mobile Pet Styling, LLC Angie's Mobile Pet Styling, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 8:26-bk-04130) on May 14, 2026. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Caryl E. Delano oversees the case. Ford & Semach, P.A. is Debtor's legal counsel. ANNIE EYELASH: Seeks Subchapter V Bankruptcy in New York -------------------------------------------------------- On May 13, 2026, Annie Eyelash & Permanent Make Up Salon, Inc. filed for Chapter 11 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 $1,000,000 in debt owed to between 1 and 49 creditors. Chapter 11 Small Business Subchapter V Plan Due by August 11, 2026. About Annie Eyelash & Permanent Make Up Salon, Inc. Annie Eyelash & Permanent Make Up Salon, Inc. is a beauty and cosmetic services company specializing in eyelash and permanent makeup treatments. Annie Eyelash & Permanent Make Up Salon, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11104) on May 13, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Kamini Fox, Esq. of Kamini Fox, PLLC. APPTECH PAYMENTS: Board Names Albert Lord as Executive Chairman --------------------------------------------------------------- AppTech Payments Corp. disclosed in a regulatory filing that the Board of Directors discussed and approved certain executive leadership and governance matters, including the designation of Albert L. Lord as Executive Chairman of the Company. In connection with such designation, Mr. Lord will no longer be considered an independent director under applicable corporate governance standards and will step down from the Compensation Committee. In connection with such actions, the Board ratified employment arrangements for Thomas DeRosa, the Company's Chief Executive Officer, and Anthony Shall, the Company's Chief Operating Officer. The Company previously employed Mr. DeRosa and Mr. Shall in their respective executive officer roles, and the arrangements formalize certain terms of their continuing employment with the Company. Effective May 4, 2026, the Company entered into an employment arrangement with Mr. DeRosa pursuant to which he will continue to serve as Chief Executive Officer of the Company. The arrangement contemplates an annual base salary of $384,000 and eligibility for discretionary bonus compensation and participation in the Company's equity incentive and employee benefit plans. Additionally, the Company entered into an employment arrangement with Mr. Shall pursuant to which he will continue to serve as Chief Operating Officer of the Company. The arrangement contemplates an annual base salary of $240,000 and eligibility for discretionary bonus compensation and participation in the Company's equity incentive and employee benefit plans. About AppTech Payments Corp. Headquartered in Carlsbad, Calif., AppTech Payments Corp. -- www.apptechcorp.com -- provides digital financial services for financial institutions, corporations, small and midsized enterprises, and consumers through the Company's scalable cloud-based platform architecture and infrastructure, coupled with its Specialty Payments development and delivery model. AppTech maintains exclusive licensing and partnership agreements in addition to a full suite of patented technology capabilities. San Diego, California-based dbbmckennon, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has suffered recurring losses from operations and cash used in operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $9.4 million in total assets, $7.5 million in total liabilities, and total stockholders' equity of $1.9 million. ARC PRIMARY: Case Summary & 12 Unsecured Creditors -------------------------------------------------- Debtor: ARC Primary Care LLC d/b/a Happy Valley Home Care 2517 W Trenton Rd Edinburg, TX 78539-5070 Business Description: ARC Primary Care LLC, doing business as Happy Valley Home Care, provides home care services in Edinburg, Texas. The company offers private duty nursing, primary home care, and 24-hour medical support at home, including skilled nursing care and physician-prescribed treatments such as ventilator care, tracheostomy aspiration care, nasopharyngeal treatments, and gastrostomy feedings. It serves children under age 21 with serious medical conditions and works with the Texas STAR Kids program and listed insurers. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-70143 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Robert C Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Richard Troy Nelson as managing member. A full-text copy of the petition, which includes a list of the Debtor's 12 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XJKGMOA/ARC_Primary_Care_LLC_dba_Happy__txsbke-26-70143__0001.0.pdf?mcid=tGE4TAMA ARTICON HOTEL: Court Extends Cash Collateral Access to June 26 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered its fifth interim order authorizing Articon Hotel Services, LLC to use cash collateral. The fifth interim order authorized the Debtor to use the cash collateral of the U.S. Small Business Administration from May 15 to June 26, strictly in accordance with a budget, subject to a 10% variance on each expense category. The Debtor projects total operational expenses of $1,197,713.73 for the period from May to June. As adequate protection, the SBA will be granted valid and perfected replacement liens on the Debtor's property, whether acquired before or after its Chapter 11 filing. These replacement liens will have the same priority and extent as the SBA's pre-bankruptcy lien. In addition, the Debtor must permit the SBA and the Subchapter V trustee to inspect its books and records upon reasonable notice; maintain and pay insurance premiums protecting the SBA's collateral; provide evidence of collateral upon request; and properly maintain and manage the collateral. These measures are designed to safeguard the SBA's interests while cash collateral is being used. A further hearing is set for June 22. Articon's cash collateral consists of $46,542 in cash and $2,044,390 in accounts receivable. The only secured creditor asserting an interest in the cash collateral is the U.S. Small Business Administration, which holds a claim of $514,721. Articon filed for Subchapter V Chapter 11 relief due to ongoing litigation with Baldwin Enterprises. It currently operates as a debtor-in-possession from leased premises in Mount Prospect, Illinois, and employs three individuals. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ASCEND ELEMENTS: Court Denies Bid to Obtain $30MM DIP Loan ---------------------------------------------------------- Ascend Elements, Inc. and affiliates failed to win court approval to obtain debtor-in-possession financing to get through bankruptcy. The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, entered an order on May 18, denying the Debtors' motion to obtain a $30 million senior secured superpriority post-petition financing facility from Bluegrass Infrastructure Partners Holdings, LLC and use cash collateral. The Debtors on May 6 requested for post-petition financing and related relief to provide incremental liquidity to fund essential operations and administrative costs during an expedited Chapter 11 sale process, which include using $18.8 million of the proceeds to exercise a critical land acquisition option in Poland for their joint venture. The Debtors said the financing was the only viable option available as no other lenders from the existing capital structure or third parties offered proposals during the marketing process. The Debtors entered bankruptcy with a complex pre-petition capital structure characterized by two primary tiers of secured convertible notes. The first tier consists of senior secured convertible notes, with an outstanding principal of approximately $20.0 million secured by first-priority liens on substantially all of the Debtors' personal property. The second tier involves junior secured convertible notes totaling approximately $83.1 million, which hold second-priority "junior secured liens" on the same collateral. Beyond those notes, the Debtors are burdened by other secured obligations, including mortgages held by the Hopkinsville Industrial Foundation and the City of Hopkinsville on the Apex 1 facility in Kentucky, as well as over $145 million in asserted statutory mechanics' and materialmen's liens from contractors and suppliers involved in construction projects. About Ascend Elements Ascend Elements is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Ryan E. Manns, Esq., of Norton Rose Fulbright Us LLP. ASP UNIFRAX: Sixth Street Marks $3.6MM 1L Loan at 44% Off --------------------------------------------------------- Sixth Street Specialty Lending, Inc. has marked its $3,661,000 loan extended to ASP Unifrax Holdings, Inc. to market at $2,002,000 or 56% of the outstanding amount, according to Sixth Street’s 10-Q for the quarter ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to ASP Unifrax Holdings, Inc. The Loan accrues interest at a rate of SOFR + 7.75% per annum. The Loan matures on September 2029. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About ASP UNIFRAX ASP Unifrax Holdings, Inc. is a manufacturing company, producing industrial materials and related products. ASP UNIFRAX: Sixth Street Marks 8% Discount for $2.03MM Bond ------------------------------------------------------------ Sixth Street Specialty Lending, Inc. has marked its $2,031,000 bond issued by ASP Unifrax Holdings, Inc. to market at $122,000 or 8.0% of the outstanding amount, according to Sixth Street's 10-Q for the quarter ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. owns a bond issued by ASP Unifrax Holdings, Inc. The Bond accrues interest at a rate of 7.10% per annum. The Bond matures on September 2029. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About ASP UNIFRAX ASP Unifrax Holdings, Inc. is a manufacturing company, producing industrial materials and related products. ASPIRE BAKERIES: S&P Affirms 'B' ICR, Outlook Stable ---------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on U.S.-based Aspire Bakeries Holdings LLC. Concurrently, we affirmed our 'B' issue-level rating on Aspire's $1.18 billion senior secured first-lien term loan B (including the add-on) and $200 million revolver. Our recovery rating on this debt is '3', reflecting our expectation of meaningful (50%-70%; rounded estimate 55%) recovery in the event of a payment default. The stable outlook reflects our expectation that the company will reduce S&P Global Ratings-adjusted leverage to the mid 5x-area and generate positive free operating cash flow (FOCF) over the next year. Aspire plans to raise a $160 million add-on to its existing first-lien term loan B. The company will use proceeds from the add-on--along with $40 million of cash on hand--to fund a shareholder dividend. S&P estimates S&P Global Ratings-adjusted leverage, pro forma for the transaction, of about 5.9x, which is within its 7x downside threshold for the rating. Aspire reduced S&P Global Ratings-adjusted leverage prior to this transaction, which allows it to increase debt while remaining within the bounds of the current rating. S&P said, "Following the $160 million first-lien term loan add-on, we estimate Aspire's S&P Global Ratings-adjusted leverage will increase to about 5.9x compared with 5.2x for the 12 months ended April 24, 2026. The company reduced its adjusted leverage from about 6x at the close of its continuation vehicle transaction (December 2024) on earnings expansion, providing a cushion for the transaction against our 7x downgrade threshold. We believe its operating performance and financial policies will continue to support the rating." S&P said, "We project continued business expansion despite demand and cost pressures. The company reported 6.6% sales growth for the first nine months of fiscal 2026 (ended April 30, 2026) on low-single-digit percent volume growth and price increases to offset increased input costs. Volume expansion was driven by the ramp up of new artisan bread business with certain large customers as well as growth in its buns, cookies, and donuts products. We believe away-from-home consumption could weaken because of affordability challenges for U.S. consumers due to slowing income growth and a pickup in unemployment and inflation. Nevertheless, we believe Aspire will sustain above-industry-average top-line growth over the near term from incremental volumes with certain large customers. "We project Aspire's sales will expand about 6% in fiscal 2026 and 4% in fiscal 2027, driven by incremental volumes as well as pricing actions to offset rising costs. We expect cost pressure because of a pickup in energy, oil, shipping, and other commodities. Nonetheless, we forecast Aspire will continue to expand EBITDA and FOCF generation because of volume growth, operating leverage, its pass-through pricing arrangements, proactive commodity sourcing, and pricing strategies that help mitigate the impact of commodity volatility. Our base case reflects our expectation the company will reduce leverage to about 5.4x by the end of fiscal 2027 (ending July 31, 2027). Our forecast carries downside risk given ongoing macroeconomic uncertainty due to evolving U.S. government policies and geopolitical conflicts." In February 2026, the U.S. Supreme Court struck down tariffs imposed last year under the International Economic Emergency Powers Act (IEEPA). In May 2026, the U.S. Court of International Trade (CIT) ruled that the temporary global 10% Section 122 tariffs that the U.S. administration implemented to replace the IEEPA tariffs were unlawful. The administration immediately appealed the decision. S&P has not materially altered our forecast at this time because it expects the administration will maintain high tariffs via a mix of sectoral levies through various channels. Given Aspire's U.S.-Canada cross-border business, it could be negatively affected if tariff exemptions under the U.S.-Mexico-Canada trading agreement are changed. S&P said, "Our base case assumes the U.S. and Iran will reach an agreement that eases the effective blockage of the Strait of Hormuz, allowing meaningful oil and product flows to resume by the end of May without further material damage to critical energy infrastructure. However, we expect any reopening to be fragile, with the risk of intermittent disruptions. Moreover, even if the strait were to open fully, oil and gas supply would take several months to return to normal, reflecting operational bottlenecks, damage repair, crew and vessel dislocation, and risk aversion across shipping and insurance markets. As a result, energy prices are likely to remain higher than before the conflict, even if the most acute phase of market stress fades. Higher oil prices would be a drag on demand and profitability due to lower household purchasing power and more cautious consumer spending. "We believe the company will sustain S&P Global Ratings-adjusted leverage above 5x over the long term. While we forecast Aspire's operating performance could facilitate reducing leverage to about 5x over the next two years, we believe its financial policies will likely prevent it from sustaining S&P Global Ratings-adjusted leverage at or below those levels for an extended time. We believe the risk of increasing leverage again is high because its financial sponsor could seek additional debt-funded dividends or to expand the company through acquisitions. The baking industry is highly fragmented and continues to consolidate. Aspire and its financial sponsor may use excess cash flow and debt for acquisitions to obtain incremental capacity or to expand into faster-growing segments and channels. In the absence of acquisitions, we expect the company will continue to pursue debt-funded shareholder distributions. "The stable outlook reflects our expectation that the company will reduce S&P Global Ratings-adjusted leverage to the mid-5x-area and generate positive free operating cash flow (FOCF) over the next year." S&P could lower the ratings on Aspire over the next 12 months if it expects it will sustain leverage above 7x. S&P believes this could result from: -- The loss of key customers because of service issues, market-share losses, or changing consumer preferences; -- A decline in foot traffic in the company's largest business segments because of a weak macroeconomic environment, inflation, or a recession; -- Greater-than-expected input cost inflation, including from oil and other commodities, that the company can't offset through pricing actions or cost savings; and -- More aggressive financial policies, such as large, debt-financed acquisitions or shareholder dividends. S&P said, "While unlikely over the next 12 months, we could raise the ratings on Aspire if the company commits to and demonstrates more conservative financial policies that lead us to believe it will sustain S&P Global Ratings-adjusted debt to EBITDA below 5x." This could occur if the company: -- Develops a track record of not pursuing large, debt-financed acquisitions or shareholder distributions; -- Sustains organic revenue growth; and -- Improves profitability such that it leads to higher EBITDA and FOCF generation. ATARA BIOTHERAPEUTICS: Point72 Entities Hold 6.2% Equity Stake -------------------------------------------------------------- Point72 Asset Management, L.P., Point72 Capital Advisors, Inc., and Steven A. Cohen disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of May 7, 2026, they each beneficially own 526,682 shares of Atara Biotherapeutics, Inc.'s Common Stock, par value $0.0001 per share, each representing 6.2% of the shares outstanding. Point72 Asset Management, L.P. may be reached through: Jason M. Colombo, Authorized Person 72 Cummings Point Road Stamford, CT 06902 Tel: 203-890-2000 A full-text copy of Point72 Asset Management, L.P.'s SEC report is available at: https://tinyurl.com/y3tvfky7 About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology Company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first Company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 16, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Decemeber 31, 2025, citing that Company's negative cash flow from operations and losses from operations raises substantial doubt about its ability to continue as a going concern. As of December 31, 2025, the Company had $20.2 million in total assets and $58.7 million in total liabilities, and total stockholders' deficit of $38.5 million. AXIP ENERGY: Can Move Ahead With Chapter 11 Vote Push ----------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Axip Energy Services LP won court approval Friday, May 15, 2026, for its Chapter 11 disclosure statement after a Texas bankruptcy judge determined the filing contained adequate information for creditors to consider the proposed restructuring plan. The ruling allows the debtor to move forward with soliciting votes from creditors ahead of a future confirmation hearing. Company representatives said the plan is designed to streamline liabilities and preserve the value of the business during the reorganization process, the report states. Axip Energy Services LP supplies compression equipment and support services used in natural gas production and transportation. The company entered Chapter 11 seeking to restructure its balance sheet while continuing normal operations throughout the bankruptcy proceedings, according to Law360. About Axip Energy Services LP Axip Energy Services, LP is a provider of natural gas contract compression services. Axip Energy Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on February 22, 2026. In the petition signed by Ben Chesters, chief restructuring officer, the Debtor disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Paul E. Heath, Esq., at Vinson & Elkins LLP represents the Debtor as counsel. Epiq Corporate Restructuring, LLC is the Debtors' claims, noticing, and solicitation agent. B&C PARTNERS: Court Extends Cash Collateral Access to July 31 ------------------------------------------------------------- B&C Partners, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to cash collateral. Under the modified order, the Debtor is permitted to continue using cash collateral through July 31, subject to the terms of the order and limited to the amounts listed in the amended projected budget. The order also requires B&C Partners, LLC to remit monthly payments of $500 to Subchapter V Trustee Leona Mogavero. These payments are intended to cover trustee fees and costs associated with completion of the Debtor's Chapter 11 plan process. The order terminates on July 31 unless further extended by the parties. A further telephonic hearing regarding the use of cash collateral is scheduled for July 22. A copy of the court's order is available at https://shorturl.at/tJVaA from PacerMonitor.com. About B & C Partners LLC B & C Partners, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10413) on February 2, 2026, with $500,001 to $1 million in assets and liabilities. Judge Ashely M. Chan presides over the case. Ronald G. Mcneil, Esq., at Mcneil Legal Services represents the Debtor as legal counsel. BASECOAT ON FIFTH: To Hire Russo White & Keller as Counsel ---------------------------------------------------------- Basecoat on Fifth, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Robert C. Keller, Esq. of Russo, White & Keller, P.C. to serve as bankruptcy counsel. Mr. Keller will provide these services: (a) provide Debtor legal advice with respect to its powers and duties as Debtor-In-Possession in the continued management of its financial affairs and property; (b) prepare on behalf of Debtor necessary schedules, lists, applications, motions, answers, orders, and reorganization paperwork as is or may become necessary; (c) review all leases and other corporate papers and other documents and prepare any necessary motions to assume unexpired leases or executory contracts and assist in preparation of corporate authorizations and resolutions regarding the chapter 11 cases; and (d) perform any other legal services for the Debtor as Debtor-in-Possession as may be necessary to achieve confirmation of a chapter 11 plan. Mr. Keller will receive a retainer of $5,000 plus $2,000 for costs and an hourly rate of $350 for all work and services performed. The firm will also seek reimbursement of all actual and necessary expenses, subject to court approval. Russo, White & Keller, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert C. Keller RUSSO, WHITE & KELLER, P.C. 315 Gadsden Highway, Suite D Birmingham, AL 35235 Telephone: (205) 833-2589 E-mail: rjlawoff@bellsouth.net About Basecoat on Fifth, LLC Basecoat on Fifth, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-01671) on May 12, 2026. At the time of the filing, Debtor had estimated assets of between $0 and $50,000 and liabilities of between $0 and $50,000. Judge D Sims Crawford oversees the case. Russo, White & Keller, P.C. is Debtor's legal counsel. BATCH INC: James LaMontagne Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for Batch, Inc. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About Batch Inc. Batch, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-30294) on May 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Robert Girvan, Esq., at Weiner Law Firm, P.C. represents the Debtor as bankruptcy counsel. BED BATH: Sixth Street Marks $25.2MM Loan at 21% Off ---------------------------------------------------- Sixth Street Specialty Lending, Inc. has marked its $25,255,000 loan extended to Bed Bath and Beyond Inc. to market at $20,015,000 or 79% of the outstanding amount, according to Sixth Street's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to Bed Bath and Beyond Inc. The Loan accrues interest at a rate of SOFR + 7.90 %, 11.57% PIK per annum. The Loan matures on [Maturity date not disclosed]. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About BED BATH Bed Bath and Beyond Inc. is a home goods retailer that historically operated a nationwide chain of stores selling household items, bedding, bath products and kitchenware. BED BATH: Sixth Street Marks $3.5MM Loan at 21% Off --------------------------------------------------- Sixth Street Specialty Lending, Inc. has marked its $3,575 loan extended to Bed Bath and Beyond Inc. to market at $2,833,000 or 79% of the outstanding amount, according to Sixth Street's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to Bed Bath and Beyond Inc. The Loan accrues interest at a rate of SOFR + 7.90 %, 11.57% per annum. The Loan matures on [Maturity date not disclosed]. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About BED BATH Bed Bath and Beyond Inc. is a home goods retailer that historically operated a nationwide chain of stores selling household items, bedding, bath products and kitchenware. BED BATH: Sixth Street Marks $5.9MM Loan at 20% Off --------------------------------------------------- Sixth Street Specialty Lending, Inc. has marked its $5,910,000 loan extended to Bed Bath and Beyond Inc. to market at $4,684,000or 80% of the outstanding amount, according to Sixth Street's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to Bed Bath and Beyond Inc. The Loan accrues interest at a rate of SOFR + 9.90 %, 13.57% per annum. The Loan matures on August 2027. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About BED BATH Bed Bath and Beyond Inc. is a home goods retailer that historically operated a nationwide chain of stores selling household items, bedding, bath products and kitchenware. BEINGWIZARD LLC: Hire Richard T. Baum as General Bankruptcy Counsel ------------------------------------------------------------------- BEINGWIZARD LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Richard T. Baum, a professional practicing law, as its general bankruptcy counsel. Mr. Baum will provide these services: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Federal Rules of Bankruptcy Procedure and the Office of the United States Trustee as they pertain to the Debtor; (b) advising the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of creditors; (c) assisting the Debtor in the negotiation, formulation, and preparation of documents necessary for the successful sale of its property, adjustment of any claims, and, if successful, dismissal of the case; (d) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate unless the Debtor is represented in such proceeding or hearing by other special counsel; (e) conducting examinations of witnesses, claimants or adverse parties and representing the Debtor in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of Counsel's expertise, is beyond Counsel's staffing abilities or is one in which the Debtor is represented by other special counsel; (f) preparing and assisting the Debtor in the preparation of reports, applications, pleadings and orders including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statement of financial affairs, and pleadings with respect to the Debtor's use, sale or lease of property outside the ordinary course of business; and (g) performing any other services which may be appropriate in connection with Counsel's representation of the Debtor during this bankruptcy case. Mr. Baum will be paid an hourly rate of $600. A retainer of $25,000 was paid to the attorney as a result of a transfer from Donald Reid, Debtor's previous attorney, and a transfer of $3,890 by Debtor's sole member for this case. Richard T. Baum is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Richard T. Baum, Esq. LAW OFFICES OF RICHARD T. BAUM 6627 Maryland Drive Los Angeles, CA 90048 Telephone: (310) 277-2040 Facsimile: (310) 286-9525 E-mail: rickbaum@hotmail.com About Beingwizard LLC BeingWizard LLC owns and leases residential real estate in Murrieta, California. BeingWizard LLC in Murrieta, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-10770) on Jan. 30, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Tracy Ray as CEO, signed the petition. Judge Scott H Yun oversees the case. The LAW OFFICE OF DONALD W. REID serves as the Debtor's legal counsel. BEINGWIZARD: Taps Allison James Estates and Homes as Realtor ------------------------------------------------------------ BEINGWIZARD LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Jake Ralston and Kelly Smith of Allison James Estates and Homes to serve as real estate brokers for the Debtor and Debtor-in-Possession. The professionals will provide these services: (a) advertise, market, and list the Debtor's real property located at 39455 Avenida La Cresta, Murrieta, California 92562 for sale; (b) represent the Debtor as seller in connection with the marketing and sale of the property; (c) show the property to prospective purchasers and conduct open houses as appropriate; (d) prepare and utilize marketing materials, including surface and aerial photography of the property; (e) list the property in the Multiple Listing Service and other marketing platforms; (f) solicit, receive, and present offers to purchase the property; and (g) advise the Debtor regarding obtaining the highest and best offer for the property. The Realtor will receive a real estate commission equal to 3% of the purchase price, subject to further Court approval, payable upon consummation of a sale. The commission may be shared with a buyer's broker and may not exceed 3% of the accepted sale price, including in overbid or auction scenarios. Kelly Smith, Jake Ralston, and Allison James Estates and Homes are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and have no adverse interests in the Debtor's estate. The professionals can be reached at: Jake Ralston Kelly Smith Allison James Estates and Homes 41593 Winchester Rd., Suite 200 PMB #445 Temecula, CA 92590 About Beingwizard LLC BeingWizard LLC owns and leases residential real estate in Murrieta, California. BeingWizard LLC in Murrieta, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 26-10770) on Jan. 30, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Tracy Ray as CEO, signed the petition. Judge Scott H Yun oversees the case. The LAW OFFICE OF DONALD W. REID serves as the Debtor's legal counsel. BERNARD L. MADOFF: Court Can't Sanction Chase Bank, Trustee ----------------------------------------------------------- The Hon. Lisa G. Beckerman of the U.S. Bankruptcy Court for the Southern District of New York issued a ruling regarding unaddressed matters in the adversary proceeding captioned as the IRVING H. PICARD, Trustee for the Substantively Consolidated SIPA Liquidation of Bernard L. Madoff Investment Securities LLC and the Chapter 7 Estate of Bernard L. Madoff, Plaintiff, v. MALCOLM SAGE and LYNNE FLORIO, Defendants, Adv. Pro. No. 23-01099 (LGB) (Bankr. S.D.N.Y.). Lynne Florio and Malcolm Sage filed a letter addressed to Chief Judge Martin Glenn requesting sanctions for matters which occurred in 2024 and 2025 concerning Chase Bank and James H. Rollinson and the removal of Mr. Rollinson as counsel for the trustee in this adversary proceeding. The Court reviewed the letters from Ms. Florio dated January 27, 2025 and February 7. and a letter from Mr. Rollinson dated February 6, 2025. The Court also reviewed the orders cited to in the letters. The Court ordered that no discovery take place in this adversary proceeding and the adversary proceeding involving Mr. Sage's brother and sister-in-law, Adversary Proceeding No. 23-01098, with respect to the Defendants for some period of time while the Defendants looked for replacement counsel. After the relevant orders were entered by this Court, Chase Bank responded to a subpoena issued in December, 2024, in Case No. 1:20-cv-10057 (JFK) and produced bank account records of both Defendants, even though Ms. Florio was not a defendant in the action before the District Court and was not listed on the subpoena. However, since this Court's orders did not (and could not, as it does not have jurisdiction over the District Court case) preclude subpoenas from being issued in the District Court case, this Court's orders were not directly violated. Thus, this Court cannot sanction either Chase Bank or the trustee for what occurred in the District Court case. With respect to Mr. Rollinson's behavior, the Court agrees with the Defendants that when Mr. Rollinson, who is the lead attorney for the trustee in this adversary proceeding, participates on zoom for a conference or a hearing before this Court, he should state his appearance on the record of such conference or hearing. If Mr. Rollinson participates in any future conference or hearing before this Court in this adversary proceeding and again fails to state his appearance on the record, the Court will issue monetary sanctions against Mr. Rollinson for such behavior, including lack of candor to the Court. The Court notes that, in Ms. Florio's letters, the Defendants also request that this Court remove Mr. Rollinson as counsel for the trustee in this adversary proceeding. While a federal judge can remove counsel in a civil case under certain circumstances, the standard is extremely high. If a party wishes to have counsel removed, the party must file a motion with the Court setting forth the basis for such relief, including all supporting case law and authorities, along with declarations sworn to under penalty of perjury which set forth the relevant facts and evidence in support of the motion. The Defendants have not filed such a motion in this adversary proceeding. A copy of the Court's decision dated May 13, 2026, is available at https://urlcurt.com/u?l=uJzO29 from PacerMonitor.com. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC and Bernard L. Madoff orchestrated the largest Ponzi scheme in history, with losses topping US$50 billion. On Dec. 15, 2008, the Honorable Louis A. Stanton of the U.S. District Court for the Southern District of New York granted the application of the Securities Investor Protection Corporation for a decree adjudicating that the customers of BLMIS are in need of the protection afforded by the Securities Investor Protection Act of 1970. The District Court's Protective Order (i) appointed Irving H. Picard, Esq., as trustee for the liquidation of BLMIS, (ii) appointed Baker & Hostetler LLP as his counsel, and (iii) removed the SIPA Liquidation proceeding to the Bankruptcy Court (Bankr. S.D.N.Y. Adv. Pro. No. 08-01789) (Lifland, J.). Mr. Picard has retained AlixPartners LLP as claims agent. On April 13, 2009, former BLMIS clients filed an involuntary Chapter 7 bankruptcy petition against Bernard Madoff (Bankr. S.D.N.Y. 09-11893). The petitioning creditors -- Blumenthal & Associates Florida General Partnership, Martin Rappaport Charitable Remainder Unitrust, Martin Rappaport, Marc Cherno, and Steven Morganstern -- assert US$64 million in claims against Mr. Madoff based on the balances contained in the last statements they got from BLMIS. On April 14, 2009, Grant Thornton UK LLP as receiver placed Madoff Securities International Limited in London under bankruptcy protection pursuant to Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. 09-16751). The Chapter 15 case was later transferred to Manhattan. In June 2009, Judge Lifland approved the consolidation of the Madoff SIPA proceedings and the bankruptcy case. Judge Denny Chin of the U.S. District Court for the Southern District of New York on June 29, 2009, sentenced Mr. Madoff to 150 years of life imprisonment for defrauding investors in United States v. Madoff, No. 09-CR-213 (S.D.N.Y.). From recoveries in lawsuits coupled with money advanced by SIPC, Mr. Picard has commenced distributions to victims. As of Jan. 31, 2021, and since his appointment in December 2008, the SIPA Trustee has amassed more than $14.413 billion as a result of recoveries and settlement agreements. These recoveries exceed similar efforts related to prior Ponzi scheme recoveries, in terms of dollar value and percentage of stolen funds recovered. Eligible BLMIS customers have now received almost 70% of their allowed claims, and the SIPA Trustee is optimistic that this figure will rise as the Trustee secure more recoveries and distributions in the future. BNL ENTERPRISES: Case Summary & Two Unsecured Creditors ------------------------------------------------------- Debtor: BNL Enterprises, Inc. 13688 Leeton Rd. Pea Ridge, AR 72751 Business Description: BNL Enterprises, Inc. is a trucking company that operates as an interstate carrier for hire, transporting general freight, machinery and other large objects. Chapter 11 Petition Date: May 13, 2026 Court: United States Bankruptcy Court Western District of Arkansas Case No.: 26-70930 Judge: Hon. Bianca M Rucker Debtor's Counsel: Carl W. Hopkins, Esq. CARL W HOPKINS PA 2964 W. Huntsville, Ste I Springdale AR 72764 Tel: (479) 922-2175 E-mail: Cwhopkins@hopkinslawoffices.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nickolas Whitehead as president. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DLV242Q/BNL_Enterprises_Inc__arwbke-26-70930__0001.0.pdf?mcid=tGE4TAMA BNL ENTERPRISES: Hires Carl W. Hopkins as Insolvency Counsel ------------------------------------------------------------ BNL Enterprises, Inc. seeks approval from the United States Bankruptcy Court for the Western District of Arkansas to hire Carl W. Hopkins, Esq. of Carl W. Hopkins, PA to serve as insolvency counsel. Mr. Hopkins will provide these services: (a) advising the Debtor of its rights, powers and duties as Debtor-in-Possession in connection with the continued operation and management of its business and property; (b) assisting in the negotiation and documentation of financing agreements, cash collateral orders and related transactions; (c) investigating the nature and validity of liens asserted against the Debtor's property and advising on enforceability; (d) investigating and pursuing actions to collect and recover property for the benefit of the Debtor's estate; (e) preparing applications, motions, pleadings, orders, notices, schedules and other documents and reviewing financial reports; (f) advising and preparing responses to applications, motions, pleadings, notices and other case-related documents; (g) counseling the Debtor in connection with the formulation, negotiation and implementation of a plan of reorganization; and (h) performing other legal services necessary for the administration of the Chapter 11 case. Mr. Hopkins will be compensated at an hourly rate of $350 for attorneys and $95 for paralegals. The firm will maintain detailed expense records for reimbursement and has received a $10,000 retainer, with a portion applied to filing fees and pre-petition services, and the remainder held in trust for future fees and costs. Carl W. Hopkins, PA is a "disinterested person" within the meaning of Section 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Carl W. Hopkins, Esq. Carl W. Hopkins, PA P. O. Box 7359 Van Buren, AR 72956 Telephone: (479) 922-2175 E-mail: cwhopkins@hopkinslawoffices.com About BNL Enterprises, Inc. BNL Enterprises, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Arkansas Case No. 5:26-BK-70930) on 5/13/2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Bianca M Rucker oversees the case. Carl W. Hopkins, PA is Debtor's legal counsel. BRIGHTINSIGHT INC: Horizon Technology Marks $2.2MM Loan at 20% Off ------------------------------------------------------------------ Horizon Technology Finance Corp has marked its $2,250,000 loan extended to BrightInsight Inc to market at $1,800,000 or 80% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to BrightInsight Inc. The Loan accrues interest at a rate of 12.5% Prime 5.5%, 9.5% FLOOR per annum. The Loan matures on August 1, 2027. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About BRIGHTINSIGHT INC. BrightInsight, Inc. provides digital healthcare services. The Company offers companion applications, disease management solutions, connected combination products, healthcare provider interfaces, medical device and other healthcare software solutions. BrightInsight serves customers in the State of California. BRIGHTINSIGHT INC: Horizon Technology Marks $2.7MM Loan at 20% Off ------------------------------------------------------------------ Horizon Technology Finance Corp has marked its $2,750,000 loan extended to BrightInsight Inc to market at $2,188,000 or 80% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to BrightInsight Inc. The Loan accrues interest at a rate of 12.5% Prime 5.5%, 9.5% FLOOR per annum. The Loan matures on August 1, 2027. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About BRIGHTINSIGHT INC. BrightInsight, Inc. provides digital healthcare services. The Company offers companion applications, disease management solutions, connected combination products, healthcare provider interfaces, medical device and other healthcare software solutions. BrightInsight serves customers in the State of California. BRIGHTINSIGHT INC: Horizon Technology Marks $3.2MM Loan at 20% Off ------------------------------------------------------------------ Horizon Technology Finance Corp has marked its $3,208,000 loan extended to BrightInsight Inc to market at $2,561,000 or 80% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to BrightInsight Inc. The Loan accrues interest at a rate of 12.5% Prime 5.5%, 9.5% FLOOR per annum. The Loan matures on August 1, 2027. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About BRIGHTINSIGHT INC. BrightInsight, Inc. provides digital healthcare services. The Company offers companion applications, disease management solutions, connected combination products, healthcare provider interfaces, medical device and other healthcare software solutions. BrightInsight serves customers in the State of California. BRIGHTINSIGHT INC: Horizon Technology Marks $5.5MM Loan at 20% Off ------------------------------------------------------------------ Horizon Technology Finance Corp has marked its $5,500,000 loan extended to BrightInsight Inc to market at $4,400,000 or 80% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to BrightInsight Inc. The Loan accrues interest at a rate of 12.5% Prime 5.5%, 9.5% FLOOR per annum. The Loan matures on August 1, 2027. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About BRIGHTINSIGHT INC. BrightInsight, Inc. provides digital healthcare services. The Company offers companion applications, disease management solutions, connected combination products, healthcare provider interfaces, medical device and other healthcare software solutions. BrightInsight serves customers in the State of California. BRIGHTINSIGHT INC: Horizon Technology Marks $6.4MM Loan at 20% Off ------------------------------------------------------------------ Horizon Technology Finance Corp has marked its $6,417,000 loan extended to BrightInsight Inc to market at $5,123,000 or 80% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to BrightInsight Inc. The Loan accrues interest at a rate of 12.5% Prime 5.5%, 9.5% FLOOR per annum. The Loan matures on August 1, 2027. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About BRIGHTINSIGHT INC. BrightInsight, Inc. provides digital healthcare services. The Company offers companion applications, disease management solutions, connected combination products, healthcare provider interfaces, medical device and other healthcare software solutions. BrightInsight serves customers in the State of California. BUD'S CONSTRUCTION: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Bud's Construction, LLC and affiliates got the green light from the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, to use cash collateral. At the recently held hearing, the court authorized the Debtors' interim use of cash collateral and set a final hearing for May 26. The Debtors said they need immediate access to deposited cash and operational funds, which are their only available source of financing to meet essential post-petition expenses. The Debtors' pre-petition capital structure is heavily encumbered by several secured lenders holding blanket liens on all assets and equipment. The most significant secured obligations include a $1.8 million term equipment loan from Commercial Credit Group, Inc., a $526,000 loan from Equify Financial, LLC, and a $150,000 SBA loan. Additionally, the Debtors carry approximately $160,000 due to OnDeck Capital, roughly $171,000 in various equipment loans, and over $81,000 in Merchant Cash Advances. To protect secured creditors for the potential diminution in value of their collateral, the Debtors offer the lenders replacement liens on post-petition assets, including new inventory, equipment, and accounts receivable. These replacement liens would maintain the same priority and validity as the pre-petition liens. Furthermore, the Debtors have committed to transparency by providing a three-month cash flow budget and filing detailed monthly operating reports to monitor financial health. About Bud's Construction LLC Bud's Construction, LLC provides heavy and civil engineering construction services in Uniontown, Ohio. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-50770) on May 4, 2026. In the petition signed by John Chafe, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Alan M. Koschik oversees the case. Steven J. Heimberger, Esq., at Roderick Linton Belfance, LLP, represents the Debtor as legal counsel. BULLET ENERGY: Seeks to Hire McDonald Law as Legal Counsel ---------------------------------------------------------- Bullet Energy Services, LLC seeks approval from the United States Bankruptcy Court for the Eastern District of Oklahoma to hire McDonald Law, PLLC to serve as its legal counsel. The firm will provide these services: (a) take all necessary or appropriate actions to protect and preserve Debtor's estate, including commencement of the case, prosecution and defense of actions, negotiation of disputes, and preparation of objections to claims filed against the estate; (b) prepare on behalf of the Debtor all necessary and appropriate motions, applications, answers, orders, reports, and other papers in connection with the administration of the estate; (c) take all necessary or appropriate actions in connection with a Chapter 11 plan and related documents, as well as further actions required in connection with the administration of the estate; and (d) perform all other necessary legal services in connection with this Chapter 11 case. McDonald Law, PLLC will be compensated at hourly rates subject to Court approval. The principal attorney, Gary M. McDonald, has an hourly rate of $375. The firm received a $2,500 prepetition retainer and an additional $40,000 retainer on May 11, 2026, to be applied toward fees and expenses as approved by the Court. McDonald Law, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Gary M. McDonald, Esq. MCDONALD LAW, PLLC 15 W. Sixth Street, Suite 2606 Tulsa, OK 74119 Telephone: (918) 430-3700 Facsimile: (918) 430-3770 E-mail: gmcdonald@mmmsk.com About Bullet Energy Services, LLC Bullet Energy Services, LLC provides oilfield transportation and fluid-handling services, including the hauling of completion fluids, production water, oil-based mud and other liquids for energy-sector customers. The Velma, Oklahoma-based company operates as an authorized for-hire carrier with a tanker fleet and also focuses on saltwater disposal and related oilfield service operations in south-central Oklahoma. Bullet Energy Services, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Okla. Case No. 26-80451) on May 8, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $10,000,001 to $50 million. Judge Paul R Thomas oversees the case. McDonald Law, PLLC is Debtor's legal counsel. BURMAN'S TREE: Unsecureds Will Get 100% of Claims over 60 Months ---------------------------------------------------------------- Burman's Tree Services, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization dated May 4, 2026. The Debtor is a Michigan limited liability company founded December 18, 2018, as "Burman's Tree Services, LLC." Debtor's business address is in Chelsea, Michigan, and its principal place of business is in Grass Lake, Michigan, and is a company operating its business as a debtor in possession. The Debtor is a Michigan limited liability company founded December 18, 2018, as "Burman's Tree Services, LLC." Debtor's business address is in Chelsea, Michigan, and its principal place of business is in Grass Lake, Michigan, and is a company operating its business as a debtor in possession. This Plan of Reorganization provides for the continued operation of Burman's Tree Services, LLC under the existing management and ownership. Burman's Tree Services, LLC proposes to make monthly payments of $49,157.07 for the maximum period of sixty months to fund the Plan of Reorganization for a total plan payout of $2,949,424.20. Under the Plan, administrative claims will be paid in full on upon application and approval by the Bankruptcy Court. Meged Funding Group, LLC will be paid the agreed amount of $50,000 on the Effective Date. Federal and State Tax priority claims will be paid in full over the term of the 60-month Plan. The secured claims of Farmer's & Merchant Bank will be paid in full over the term of the Plan. The claims of secured creditors will be paid in full over the term of the Plan. Unsecured creditors and under-secured creditors will be paid in full over the term of the 60-month Plan. Trade Creditors shall be paid in full on or shortly after the Effective Date, in the ordinary course of the Debtor's operations and consistent with available cash flow. Each class will receive no less than their amount due under a Chapter 7 liquidation. Funds for the payment of the Plan payments will come from the future operation of the Debtor's business. The funds will be administered by the Debtor. Class 23 consists of the claims of all unsecured creditors, excluding trade creditors, if and when allowed. The holders of allowed Class 3 claims shall receive a 100% distribution on account of their allowed claims, until the 60th month of the plan, accruing interest at 5.75%, until fully paid. Class 3 General Unsecured Creditors are impaired. The Debtor's projected net operating income exceeds Plan obligations and provides a reasonable cushion for contingencies, demonstrating feasibility under Section 1129(a)(11) of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated May 4, 2026 is available at https://urlcurt.com/u?l=iwSkLf from PacerMonitor.com at no charge. Counsel to the Debtor: Donald C. Darnell, Esq. Darnell Law 8005 Main St., Ste. 5 Dexter, MI 48130 Tel: (734) 424-5290 Email: dondarnell@darnell-law.com About Burman's Tree Services Burman's Tree Services, LLC provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the Company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. Burman's Tree Services operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Burman's Tree Services sought relief under Chapter 11 of the Bankruptcy Code (Bankr. Case No. 26-41101) on Feb. 2, 2026. In its petition, the Debtor lists estimated assets and liabilities each in the range of $1 million to $10 million. The case is assigned to Bankruptcy Judge Lisa S. Gretchko. The Debtor is represented by Donald C. Darnell, Esq. CES MAIL: Gets Interim OK to Use Cash Collateral ------------------------------------------------ CES Mail Communications, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to fund its operations in accordance with its budget. The Debtor may spend as much as 10% more if needed. The Debtor's access to cash collateral ends upon cessation of business operations or upon default or noncompliance with the interim order. The Debtor identifies two potentially secured creditors based on UCC financing statements filed with the North Carolina Secretary of State: Bank of Oak Ridge and Corporation Service Company as representative for an unnamed creditor. To protect the interests of any potential secured creditor, CES Mail offers a replacement lien on post-petition assets to the extent cash collateral is used. The order is available at http://bankrupt.com/misc/CESMail_ICCOrder.pdf The next hearing will be held on May 27. About CES Mail Communications Inc. CES Mail Communications, Inc. provides direct mail and data processing services, including data management, fulfillment, sample production, variable data printing, warehousing and mailing support. The Raleigh, North Carolina-based company serves customers seeking mass mailing, direct mail advertising and related communications services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02033) on May 4, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Mory A. Read, president, signed the petition. Judge Pamela W. McAfee oversees the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC, represents the Debtor as legal counsel. CITIUS PHARMACEUTICALS: Extends Maturity on $3.8MM Oncology Note ---------------------------------------------------------------- Citius Pharmaceuticals, Inc. announced that in connection with an equity financing transaction and debt facility by Citius Oncology, Inc., the majority-owned subsidiary of the Company, the Company and Citius Oncology entered into a Third Amendment to Promissory Note, which amends the promissory note dated August 16, 2024, as previously amended on September 10, 2025 and December 10, 2025, issued by Citius Oncology to the Company in the original principal amount of $3,800,111. The Third Amendment, among other things: (i) conform the payment and maturity provisions of the Promissory Note to the subordination agreement entered into by Citius Oncology in connection with its debt facility, such that the entire unpaid principal balance of the Promissory Note shall be payable on a date that is 91 days after the senior debt of Citius Oncology has been fully paid and the related loan and security agreement has been terminated, (ii) eliminate all prior maturity triggers related to capital raises, issuances of debt or equity securities, or royalty-backed monetizations, (iii) prohibit prepayment of the Promissory Note in cash prior to the new maturity date, and (iv) add a voluntary conversion feature allowing the Company, subject to Citius Oncology's approval, to convert all or a portion of the outstanding principal into shares of common stock at a conversion price equal to $0.90 per share. All other terms of the Promissory Note remain the same. A full text copy of the Third Amendment is available at https://tinyurl.com/vuywd7vx About Citius Pharmaceuticals Headquartered in Cranford, N.J., Citius Pharmaceuticals, Inc., is a biopharmaceutical company dedicated to the development and commercialization of first-in-class critical care products. The Company's goal generally is to achieve leading market positions by providing therapeutic products that address unmet medical needs yet have a lower development risk than usually is associated with new chemical entities. New formulations of previously approved drugs with substantial existing safety and efficacy data are a core focus. The Company seeks to reduce development and clinical risks associated with drug development yet still focus on innovative applications. Boston, Massachusetts-based Wolf & Company, P.C., the Company's auditor since 2014, issued a "going concern" qualification in its report dated December 23, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The auditor cited that the Company has suffered recurring losses and has a working capital deficit as of September 30, 2025. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2025, the Company had $140,391,730 in total assets, $46,923,760 in total liabilities, and $93,467,970 in total equity. COACHELLA MANAGEMENT: Seeks Subchapter V Bankruptcy in California ----------------------------------------------------------------- On May 11, 2026, Coachella Management Partners 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 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 8, 2026 at 10:00 AM at UST-SVND1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5961145. About Coachella Management Partners LLC Coachella Management Partners LLC is a limited liability company engaged in management and business operations in California. Coachella Management Partners LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11012) 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 Victoria S. Kaufman handles the case. The Debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. COCOBOWLZ LLC: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Cocobowlz, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral. Under the May 19 interim order, the Debtor is authorized to use cash collateral in accordance with the interim budget through the final hearing, subject to a 10% variance per line item. Lenders including the U.S. Small Business Administration, Fox Business Funding, JRG Funding, LLC, and Byzfunder NY, LLC claim broad security interests insubstantially all of the Debtor's assets, including accounts, inventory, receivables, and future receipts, which constitute cash collateral. As protection, the SBA and any other secured creditors that may assert liens in the cash collateral will be granted replacement liens on post-petition cash collateral, with the same validity, priority and extent as their pre-petition liens. In addition, the SBA will receive a monthly payment of $561. The order is available at http://bankrupt.com/misc/Cocobowlz_ICCOrder.pdf The court scheduled a further hearing for June 16 and set a June 5 deadline for filing objections. Cocobowlz's financial distress stems from multiple pre-petition commercial loans and merchant financing arrangements, including obligations to the lenders. Additionally, JRG Funding has initiated litigation against the debtor and its principal in state court prior to the bankruptcy filing. The Debtor operates seven smoothie shop locations across South Carolina and also owns three affiliated LLCs involved in related smoothie operations and distribution activities. It continues to operate these locations, employs a mix of full-time and part-time staff, and pays significant monthly rent obligations across its leased storefronts, while remaining current on lease payments and intending to reaffirm those leases as part of its reorganization. About Cocobowlz LLC Cocobowlz, LLC operates seven smoothie shop locations across South Carolina and also owns three affiliated LLCs involved in related smoothie operations and distribution activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 26-01678) on April 16, 2026, with $500,001 to $1 million in both assets and liabilities. Judge Elisabetta Gm Gasparini oversees the case. Robert A. Pohl, Esq., at Pohl, P.A. represents the Debtor as legal counsel. COMPREHENSIVE HEALTHCARE: Trustee Sues Ex-Execs Over Missing Funds ------------------------------------------------------------------ Matthew Santoni of Law360 Bankruptcy Authority reports that a bankruptcy trustee for several Western Pennsylvania nursing homes has sued four former executives tied to Comprehensive Healthcare Management Services, alleging they drained assets from the facilities ahead of the companies' financial collapse. The trustee argues the money should have been available to repay creditors in the bankruptcy cases. Court filings allege the executives caused substantial funds to be transferred away from the nursing home operators through improper transactions and management decisions. The complaint states the companies were left financially weakened as liabilities mounted and operational pressures intensified prior to the bankruptcy filings. The trustee is seeking to claw back the disputed transfers and obtain monetary damages on behalf of the bankruptcy estates. The action also accuses the former executives of violating fiduciary obligations and diminishing the value of the debtor' remaining assets during a period of insolvency, the report relays. About Comprehensive Healthcare Management Services Comprehensive Healthcare Management Services, LLC doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. It provides rehabilitation, therapy, and sub-acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02775) on September 29, 2025, listing up to $50,000 in assets and between $50 million and $100 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtor as legal counsel. CONSCIOUS CONTENT: Nears Chapter 11 Bankruptcy Plan Confirmation ---------------------------------------------------------------- Hilary Russ of Law360 Bankruptcy Authority reports that Conscious Content Media came close to winning confirmation of its Chapter 11 restructuring plan Thursday, May 14, 2026, after a Delaware judge stated he would sign off on the proposal once revised documents are filed. According to statements made during the hearing, the remaining issues involve technical revisions rather than substantive objections. The company’s restructuring proposal is intended to resolve liabilities and support the continuation of operations following emergence from bankruptcy protection. Conscious Content Media operates in the education technology sector, offering digital learning and content solutions. The company has used the Chapter 11 process to reorganize debt while maintaining ongoing business activities and relationships with customers, the report states. About Conscious Content Media Inc. Conscious Content Media, Inc. develops and provides early learning education technology products for children ages 2 to 10, offering an age- and stage-based curriculum focused on school readiness and skills such as literacy, mathematics, coding, creativity, and social-emotional development. The company delivers its programs through digital applications, physical learning kits, classes, tutoring, and coaching, distributing them to schools and directly to parents through subscription-based offerings. Its product portfolio includes brands such as Homer, codeSpark, and Little Passports. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12231) on Dec. 17, 2025, with $100 million to $500 million in lead debtor's assets and liabilities. Neal Shenoy, chief executive officer, signed the petition. Judge Brendan Linehan Shannon presides over the case. The Debtors tapped BAYARD, P.A., and REITLER KAILAS & ROSENBLATT LLP as general bankruptcy counsel; Eisner Amper as financial advisor; and Bankruptcy Management Solutions, Inc., d/b/a Stretto as claims and noticing agent. CONVENTION CENTER: Taps Juan Valedon and Modesto Mendez as Counsels ------------------------------------------------------------------- Convention Center Parking, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. to serve as its legal counsels. Mr. Juan C. Bigas Valedon and Mr. Modesto Bigas Mendez will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; (c) represent the Debtor before the Bankruptcy Court in all proceedings; and (d) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary in the case. Mr. Bigas Valedon and Mr. Bigas Mendez will receive compensation at an hourly rate of $350, plus expenses, subject to Court approval. A retainer in the amount of $10,000 from a total of $100,000 has been advanced and will be applied against fees, with additional compensation subject to interim and final approval of the Court. The professionals are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, as they do not represent creditors, equity holders, insiders, or any party with an adverse interest, and have no prior connections with the Debtor, its officers, creditors, or the United States Trustee. The firm can be reached at: Juan C. Bigas Valedon, Esq. Modesto Bigas Mendez, Esq. Urb. Santa Maria, 515 Calle Ferrocarril Ponce, PR 00730 Telephone: (787) 259-1000 (787) 844-1444 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com bigaslawoffices@gmail.com About Convention Center Parking Convention Center Parking, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04516) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $1 million in assets and $45,229,691 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. COOL FREAKIN': Unsecureds to Get Share of Income for 5 Years ------------------------------------------------------------ Cool Freakin' Genius LLC filed with the U.S. Bankruptcy Court for the Central District of California a Plan of Reorganization under Subchapter V dated May 4, 2026. The Debtor is a cosmetics and haircare company that produces high quality, meticulously formulated products using premium ingredients that cater exclusively to mid and high-end professional salons. The Debtor was founded in 2015 by Kyara Mascolo. Ms. Mascolo has over 30 years of experience in the professional beauty industry, specializing in cosmetics and haircare. CFG is headquartered in West Hollywood, California, where it develops, promotes, and markets its brand, products and business strategy. The Debtor is the exclusive distributor of CFG Branded Products, which includes hair products for professional salons. In November 2025, the TIGI Group filed a complaint against the Debtor in the United States District Court for the Central District of California (the "District Court"), commencing Case No. 2:25-cv-10761-ODW-AS (the "TIGI Case"). TIGI Group asserted that the Debtor engaged in trademark infringement relating to the trade dress of certain brands owned by TIGI Group, including BED HEAD, and also engaged in unfair competition and false advertising. Subsequent to the entry of the preliminary injunction, the Debtor made several attempts to reach a resolution with the TIGI Group, by offering different designs, which the Debtor believes do not infringe upon the existing products sold by TIGI Group. Accordingly, since the Debtor has been unable to negotiate a satisfactory resolution with TIGI Group and was unable to sell any of its CFG Branded Products as of the Petition Date, the Debtor was left with no alternative but to file this Chapter 11 Case. To enable to the Debtor to continue to operate during this Chapter 11 Case and to progress the redesign of CFG Branded Products, the B. Mascolo Trust has provided the Debtor with unsecured loans in the amount of approximately $400,000 since the Petition Date. The Debtor expects to require further unsecured loans from the B. Mascolo Trust to enable it to achieve confirmation of this Plan and to facilitate its operations during a portion of the Plan term. To that end, the Debtor anticipates entering into the B. Mascolo Trust Letter of Credit to govern the terms of repayment of the B. Mascolo Trust Claim and the Debtor's go-forward financing needs until it can operate at a profit. The Debtor anticipates that the B. Mascolo Trust Letter of Credit will be payable at an interest rate of 3.7% and that the Debtor will be required to make annual interest only payments though the 2035 maturity date when all principal and interest shall become due and payable. This Plan provides for a reorganization of the Debtor to preserve its going concern value and future business. Under this Plan, the Debtor will (i) pay all of its Professional Fee Claims and Priority Claims in full on the Effective Date of the Plan, (ii) pay the B. Mascolo Trust Claim interest for the five-year term of the Plan and thereafter until its maturity in 2035, and (iii) pay the claims of holders of Allowed General Unsecured Claims on a pro rata basis in an amount equal to the next five years of the Debtor's Disposable Income. Class 2 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, each Holder shall, in exchange for full and final satisfaction, settlement, and release of such Claim, receive its pro rata portion of the Debtor's Disposable Income, as projected in Exhibit 3, for a period of five years after the Effective Date. The Debtor shall make distributions, beginning as soon as reasonably practicable after the Debtor has concluded the Claims Reconciliation Process, including resolution of the Debtor's anticipated objection to the TIGI Group Claim, on an annual basis through the five-year term of the Plan, but only to the extent that Disposable Income is available for distribution. To the extent no such Disposable Income is available for distribution, the Reorganized Debtor will provide a notice to each Holder of an Allowed General Unsecured Claim. The allowed unsecured claims total $1,975,000 to $2,550,000. Class 2 is Impaired and all Holders of Class 2 Claims are entitled to vote on the Plan. All payments and distributions under this Plan will be made using cash on hand at the Effective Date, the Debtor's Disposable Income for the next five years, and amounts that will be paid to the Reorganized Debtor pursuant to the terms of the B. Mascolo Trust Letter of Credit. A full-text copy of the Plan of Reorganization dated May 4, 2026 is available at ps://urlcurt.com/u?l=61Hzdp from PacerMonitor.com at no charge. Counsel to the Debtor: Bernard R. Given, II, Esq. Loeb & Loeb LLP 10100 Santa Monica Boulevard, Suite 2200 Los Angeles, CA 90067 Telephone: (310) 282-2000 Facsimile: (310) 282-2200 Bethany D. Simmons, Esq. Loeb & Loeb LLP 345 Park Avenue New York, NY 10154 Telephone: 212.407.4000 About Cool Freakin' Genius LLC Cool Freakin' Genius LLC, based in Los Angeles, California, develops, markets, and sells hair-care products including shampoos, conditioners, styling treatments, and related personal care items through its direct-to-consumer website and professional salon channels, operating within the cosmetics and hair-care industry. Cool Freakin' Genius LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-11023) on February 3, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Kyara Mascolo as manager. Bernard R. Given, II, Esq. at LOEB & LOEB LLP represents the Debtor as counsel. D&Z MEDIA: Steven Nosek Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for D&Z Media, LLC. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About D&Z Media LLC D&Z Media, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-31551) on May 11, 2026, with $0 to $50,000 in assets and $500,001 to $1 million in liabilities. Judge William J. Fisher presides over the case. Mary Sieling, Esq. at Sieling Law, PLLC represents the Debtor as legal counsel. D.R. PATEL: Seeks to Hire Boos & Associates as Consultant --------------------------------------------------------- D.R. Patel Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Boos & Associates, P.C. to serve as its accounting consultant. The firm will provide these services: (a) assist in the administrative and reporting aspects of the Chapter 11 case, including coordination of marketing assets, preparation of budgets and projections related to cash collateral, borrowings, and the plan; (b) assist with evaluation of sales and asset dispositions, compliance with regulatory requirements, preparation of Monthly Operating Reports, and reporting compliance regarding cash collateral orders; (c) prepare and file tax returns and provide valuation of claims, litigation support, and reports for regulators; and (d) assist in communications with the U.S. Trustee and secured creditors, as well as provide other consulting and litigation services as necessary. Boos & Associates, P.C. will receive compensation on an hourly basis ranging from $75 to $495, subject to court approval under 11 U.S.C. Sec. 328(a). The firm represents that it is "disinterested" as that term is defined in the Bankruptcy Code and holds no adverse interest to the Debtor or its estate. The firm can be reached at: Aaron G. Chambers Boos & Associates, P.C. 5260 N. Palm Avenue, Suite 120 Fresno, CA 93704 About D.R. Patel Investments LLC D.R. Patel Investments, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30866) on Oct. 23, 2025, listing up to $10 million in both assets and liabilities. Matthew D. Metzger, Esq., at Beldevere Legal, PC serves as the Debtor's counsel. DANIEL FRANKLIN: 255 St. Paul Loses Bid to Dismiss Adversary Case ----------------------------------------------------------------- The Hon. Joseph G. Rosania, Jr. of the U.S. Bankruptcy Court for the District of Colorado denied 55 St. Paul Owner LLC's second motion to dismiss the amended complaint in the adversary proceeding captioned as DANIEL MATTHEW FRANKLIN, CHELSEY ANN FRANKLIN, Plaintiffs, v. 255 ST. PAUL OWNER, LLC, Defendant, Adv. Pro. No. 25-01328-JGR (Bankr. D. Colo.). This Adversary Proceeding was commenced on November 6, 2025, seeking to avoid a June 15, 2025 payment made by the Plaintiffs to the Defendant in the amount of $100,781.76 as a preferential transfer pursuant to 11 U.S.C. Secs. 547(b) and 550(a). On January 30, 2026, Defendant moved to dismiss the complaint. In response, Plaintiffs filed an Amended Complaint on February 12, 2026. Defendant filed the Motion requesting dismissal of the Amended Complaint on February 26, 2026. In the Motion, Defendant argues: (i) that the Amended Complaint fails to plead facts satisfying Sec. 547(b)'s reasonable due diligence requirement, (ii) that the Sec. 550(a) claim fails if the Sec. 547(b) claim fails, and (iii) it is entitled to a more definite statement. Plaintiffs argue that the Amended Complaint added factual allegations addressing the arguments in the first motion to dismiss and that their personal knowledge of the payment, the source of funds, the guaranty obligation, and the circumstances of the transfer are sufficient to satisfy the due diligence pleading requirement under Sec. 547(b) in this action. The Amended Complaint alleges Defendant is the successor-in-interest to the original landlord under a retail lease for premises at 255 St. Paul Street in Denver, Colorado. It further alleges Plaintiffs were substituted as personal guarantors of the lease, that RHW CC defaulted under the lease in 2025, that the default triggered Plaintiffs' guaranty obligations, and that Plaintiffs paid Defendant on account of those obligations. According to the Court, these allegations plausibly support the inference that Defendant held a claim against Plaintiffs at the time of the alleged transfer. The Court finds the Amended Complaint states plausible claims under 11 U.S.C. Secs. 547(b) and 550(a). Defendant has not shown that the Amended Complaint's allegations concerning known or reasonably knowable Sec. 547(c) defenses are insufficient to state a claim under Sec. 547(b), and Defendant has not established any Sec. 547(c) defense on the face of the Amended Complaint. Defendant's alternative request for a more definite statement is also denied. A copy of the Court's Order dated May 14, 2026, is available at https://urlcurt.com/u?l=QJtMsc from PacerMonitor.com. Daniel Matthew Franklin and Chelsey Ann Franklin filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 25-14708) on July 28, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by David Wadsworth, Esq. -- dwadsworth@wgwc-law.com -- at Wadsworth Garber Warner Conrardy, P.C. DIOCESE OF NEW ORLEANS: Salesians, et al., Must Face "Polizzi" Case ------------------------------------------------------------------- Chief Judge Shelly D. Dick of the U.S. District Court for the Middle District of Louisiana denied in its entirety the motion filed by the Salesians of Don Bosco and School Sisters of Notre Dame Central Pacific Province (collectively "Defendants") to dismiss the case captioned as Larry Polizzi versus Salesians of Don Bosco, et al., Case No. 22-227-SDD-EWD (M.D. La.) for failure to include a necessary party under Federal Rule of Civil Procedure 12(b)(7) or, in the alternative, to stay proceedings. Plaintiff Larry Polizzi ("Plaintiff" or "Polizzi") opposes the motion. The present litigation arises from events that are alleged to have occurred in 1976 while the Plaintiff was a minor residing at Hope Haven, a then-existing Catholic residential facility for orphans and troubled youth in Marrero, Louisiana. Plaintiff alleges that, around this time, he was subjected to multiple instances of sexual abuse by Father Sean Leo Rooney, a Roman Catholic priest who was a member of and ordained by Salesians, and Sister Alvin Marie Hagan, a vowed member of SSND (collectively "the Perpetrators"). Plaintiff also alleges that the Perpetrators were assigned to Hope Haven by the respective Defendants, who remained ultimately responsible for their supervision, oversight, management, retention, and control of their actions. Accordingly, Plaintiff initiated this lawsuit in the 19th Judicial District seeking recovery under state tort law theories of negligence and vicarious liability. Defendants subsequently removed the action to this Court, invoking diversity jurisdiction under 28 U.S.C. Sec. 1332. Defendants now move this Court under Federal Rule of Civil Procedure 12(b)(7) to dismiss the Plaintiff's claims, or alternatively, to stay proceedings, because The Roman Catholic Church of the Diocese of New Orleans ("Archdiocese") is an absent but necessary party. They further contend that because the Archdiocese was (1) at all relevant times the "owner and operator" of Hope Haven, and (2) "the employer of the persons alleged to have abused plaintiff," it is an indispensable party" that, under Federal Rule of Civil Procedure 19, the lawsuit cannot proceed without. The Archdiocese initiated a Chapter 11 bankruptcy proceeding on May 1, 2020, in which the Plaintiff subsequently filed a Proof of Claim in connection with the sex abuse he allegedly endured at Hope Haven. Although that matter was still pending at the time of the instant motion's filing, it concluded on December 8, 2025, resulting in a $230 million settlement and approval of an Amended Chapter 11 Plan. The Court says Rule 19(a)(1) does not require the joinder of every person who might potentially be liable to the plaintiff in a lawsuit. Plaintiff seeks to recover under Louisiana tort law, which provides that the degree or percentage of fault of all persons causing or contributing to the injury, death, or loss shall be determined, regardless of whether the person is a party to the action or a nonparty. The fundamental purpose of Louisiana's comparative fault scheme is to ensure that each tortfeasor is responsible only for that portion of the damage he has caused. The Court can therefore consider comparative fault evidence regardless of whether an absent tortfeasor is joined as a party. Thus, the Court finds Defendants have failed to show the Archdiocese is a required party on this basis. Joinder is not required to ameliorate a risk of Defendants being exposed to inconsistent obligations. Judge Dick explains, "Here, the Defendants' obligations, if any, with respect to the Plaintiff's claims will be fully resolved at the conclusion of the lawsuit. Defendants' conclusory assertion that Plaintiff has made contradictory claims against the Archdiocese and the Defendants which can only be resolved if all parties are included in this litigation, does nothing to undermine this proposition. Because an unsubstantiated or speculative risk of inconsistent obligations will not satisfy the rule 19(a) criteria, Defendants contentions, to the extent they fail to articulate the mechanism by which such obligations may arise, are groundless." Because the Court finds the Archdiocese is not a "required" party under any provision of Rule 19(a) -- that is, not a "party who is required to be joined if feasible" -- it likewise concludes the Archdiocese is not an indispensable party under Rule 19(b). A copy of the Court's Ruling dated May 13 2026, is available at https://urlcurt.com/u?l=dQsV6p About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. DK ARENA: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: DK Arena, Inc. 8147 Twin Lake Drive Boca Raton, FL 33496 Business Description: DK Arena, Inc. is a single-asset real estate entity with principal assets located in West Palm Beach, Florida. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-16307 Debtor's Counsel: Robert C Furr, Esq. FURR & COHEN 2255 Glades Road, Suite 419A Boca Raton, FL 33431 Email: rfurr@furrcohen.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Donald King as president. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OZ6AQDA/DK_Arena_Inc__flsbke-26-16307__0001.0.pdf?mcid=tGE4TAMA DR. DONNA: Hires Law Offices of George Oliver as Counsel -------------------------------------------------------- Dr. Donna Michelle Gentry, D.D.S., P.L.L.C. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to retain George Mason Oliver, Esq. of The Law Offices of George Oliver, PLLC to serve as legal counsel. Mr. Oliver and The Law Offices of George Oliver, PLLC will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) represent and assist the Debtor in carrying out its duties under Chapter 11 of the Bankruptcy Code; (c) represent the Debtor and the estate generally throughout the administration of the Chapter 11 proceeding; and (d) perform all other legal services necessary in connection with the Chapter 11 case and debtor-in-possession administration. Mr. Oliver will be compensated on an hourly basis. The Debtor paid a $15,000 retainer on March 17, 2026 and $1,738 for the Chapter 11 filing fee. Prepetition fees totaling $1,889 remain outstanding and will be included in the Firm's first fee application. All post-petition fees and expenses are subject to court approval. The Law Offices of George Oliver, PLLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm may be contacted at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Telephone: (252) 633-1930 Facsimile: (252) 633-1950 E-mail: george@georgeoliverlaw.com About Dr. Donna Michelle Gentry, D.D.S., P.L.L.C. Dr. Donna Michelle Gentry, D.D.S., P.L.L.C., doing business as SeaSide Dentistry, operates a dental practice in Cedar Point, North Carolina. The practice, led by dentist Donna Gentry, DDS, provides general, cosmetic, restorative, endodontic, periodontal, sedation and emergency dental care, with services including cleanings, crowns, dental implants, Invisalign, root canal therapy and sleep apnea treatment. SeaSide Dentistry serves patients in Cedar Point and nearby North Carolina communities, including Swansboro, Bogue, Emerald Isle, Peletier, Hubert, Jacksonville, Morehead City, Newport and Stella. Dr. Donna Michelle Gentry, D.D.S., P.L.L.C. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. North Carolina, New Bern Division Case No. 26-02111) on May 8, 2026. At the time of filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Pamela W Mcafee oversees the case. The Law Offices of George Oliver, PLLC is Debtor's legal counsel. DROPOFF INC: Horizon Technology Marks $2.6MM Loan at 44% Off ------------------------------------------------------------ Horizon Technology Finance Corp has marked its $2,617,000 loan extended to Dropoff Inc to market at $1,473,000 or 56% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to Dropoff Inc. The Loan accrues interest at a rate of 13.25% Prime 6.5%, 9.7% FLOOR per annum. The Loan matures on June 1, 2026. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About DROPOFF INC. Dropoff Inc. is an Austin, Texas-based logistics company that provides on-demand, same-day delivery services for businesses. DROPOFF INC: Horizon Technology Marks $6.2MM Loan at 44% Off ------------------------------------------------------------ Horizon Technology Finance Corp has marked its $6,280,000 loan extended to Dropoff Inc to market at $3,531,000 or 56% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to Dropoff Inc. The Loan accrues interest at a rate of 13.25% Prime 6.5%, 9.7% FLOOR per annum. The Loan matures on June 1, 2026. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About DROPOFF INC. Dropoff Inc. is an Austin, Texas-based logistics company that provides on-demand, same-day delivery services for businesses. DROPOFF INC: Horizon Technology Marks $6.8MM Loan at 44% Off ------------------------------------------------------------ Horizon Technology Finance Corp has marked its $6,804,000 loan extended to Dropoff Inc to market at $3,826,000 or 56% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to Dropoff Inc. The Loan accrues interest at a rate of 13.25% Prime 6.5%, 9.7% FLOOR per annum. The Loan matures on June 1, 2026. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About DROPOFF INC. Dropoff Inc. is an Austin, Texas-based logistics company that provides on-demand, same-day delivery services for businesses. DROPOFF INC: Horizon Technology Marks $7.8MM Loan at 44% Off ------------------------------------------------------------ Horizon Technology Finance Corp has marked its $7,850,000 loan extended to Dropoff Inc to market at $4,421,000 or 56% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to Dropoff Inc. The Loan accrues interest at a rate of 13.25% Prime 6.5%, 9.7% FLOOR per annum. The Loan matures on June 1, 2026. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About DROPOFF INC. Dropoff Inc. is an Austin, Texas-based logistics company that provides on-demand, same-day delivery services for businesses. DVM PROPERTIES: Taps T. Philip Kierl Jr. & Associates as Advisors ----------------------------------------------------------------- DVM Properties, LLC, d/b/a Pampered Pets Veterinary Clinic, seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Yifan Lu of T. Philip Kierl, Jr. & Associates, CPA to serve as accountants and restructuring advisors. The accountants will provide these services: (a) prepare monthly financial statements (balance sheet and income statement) from the information provided; (b) reconcile bank accounts every month and any other account reconciliation as necessary; (c) calculate payroll for employees, if any, during the bankruptcy/restructuring process and make necessary payroll tax payments; (d) tax preparation, including but not limited to sales tax, payroll tax and income tax; (e) prepare reports needed by the Trustee; and (f) perform additional services requested by the Debtor related to the engagement. The professionals will be compensated on hourly basis: - $60/hour bookkeeping fee with 1/4 hour minimum; - $110/hour tax preparation fee with 1/2 hour minimum; and - $150/hour professional fee with 1/4 hour minimum. According to court filings, the accountants assert that they do not hold any interest which is adverse to the estate, and that they are "disinterested persons" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached at: Yifan Lu T. Philip Kierl, Jr. & Associates, CPA 3000 United Founders Blvd, Suite 136 Oklahoma City, OK 73112 Telephone: (405) 843-5300 Facsimile: (405) 843-2011 About DVM Properties, LLC DVM Properties, LLC, doing business as Pampered Pets Veterinary Clinic, operates a veterinary clinic and pet resort in Edmonton, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11154) on April 10, 2026. In the petition signed by J. Brian Ledger, member/owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sarah A. Hall oversees the case. Stephen J. Moriarty, Esq., at Fellers Snider, et al, represents the Debtor as legal counsel. ELEOS ABA: Angela Shortall Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Angela Shortall of 3Cubed Advisory Services, LLC as Subchapter V trustee for Eleos ABA, LLC. Ms. Shortall will be paid an hourly fee of $525 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Shortall declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Angela L. Shortall 3Cubed Advisory Services, LLC 111 S. Calvert St., Suite 1400 Baltimore, MD 21202 Phone: 410-783-6385 About Eleos ABA LLC Eleos ABA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-15094) on May 12, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge David E. Rice presides over the case. Brett Weiss, Esq., at The Weiss Law Group, LLC represents the Debtor as bankruptcy counsel. ENCOMPASS ENTERPRISE: Seeks to Tap Lucove Say & Co. as CPA ---------------------------------------------------------- Encompass Enterprise, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Lucove, Say & Co. as its certified public accountant. The firm will provide these services: (a) preparing tax returns, reviewing the Debtor's financial reporting, assisting the Debtor’s bookkeeper, handling tax issues as they arise, such as payroll tax matters and sales tax issues; (b) assist with bankruptcy reporting obligations, including monthly operating reports; (c) assist in the preparation of the Plan for Reorganization and Disclosure Statements; (d) oversee monthly accounting and assist the Debtor's internal staff with accounting functions; (e) prepare annual tax returns for the Debtor and respond to financial and tax inquiries as they arise; and (f) provide other services normally required during Chapter 11 reorganization, including plan projections and financial reporting support. Lucove, Say & Co. will receive compensation on a time-billed basis. Mr. Richard Say's hourly rate is $300, junior accountants are billed at $250, and overall firm rates range from $35 to $350 depending on staff level. The Debtor also paid a prepetition retainer of $5,000, which is being held in trust pending Court approval. Lucove, Say & Co. is a "disinterested person" within the meaning of Section 101(41) of the Bankruptcy Code. The firm can be reached at: Richard Say, Principal LUCOVE, SAY & CO. 23901 Calabasas Rd., Suite 2085 Calabasas, CA 91302 Telephone: (818) 224-4411 About Encompass Enterprises LLC Encompass Enterprises LLC specializes in building and renovating homes, elevating and relocating structures, commercial projects, and design-build services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-11403) on February 10, 2026. In the petition signed by Eugene (Gene) Benton, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor tapped Christopher L. Rogan, Esq., at RoganMillerZimmerman, PLLC as counsel and Richard Say, CPA, at Lucove, Say & Co. as accountant. ENCOMPASS HEALTH: Moody's Rates New Unsecured Notes Due 2034 'Ba2' ------------------------------------------------------------------ Moody's Ratings assigned a Ba2 rating to Encompass Health Corp.'s ("Encompass") new senior unsecured notes due 2034. There is no change to any of Encompass' existing ratings, including the Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, Ba2 ratings on the senior unsecured debt and the Baa3 rating on the first lien senior secured revolving credit facility. There is no change to the Speculative Grade Liquidity Rating ("SGL") of SGL-1. The outlook is positive. Proceeds from the new senior unsecured notes will be used with cash to refinance $400 million of senior unsecured notes due 2028 and to repay $100 million of the outstanding amounts under the $1 billion revolving credit facility. Moody's views this transaction as being credit positive, given the benefits of the elongated maturity profile and the additional liquidity provided by adding back capacity under the revolving credit facility. There is no change to the overall leverage, which Moody's calculates to be 1.9x as of March 31, 2026. RATINGS RATIONALE Encompass' Ba2 CFR is constrained by the company's reliance on Medicare and its vulnerability to potential reimbursement changes. Moody's anticipates some margin expansion from a recent increase in reimbursement rates from Medicare. CMS Medicare reimbursement rates for 2026 will increase 2.6% for inpatient rehabilitation services, which will aid in margin expansion. Encompass also enjoys considerable scale and good geographic diversification with beds in 39 states and Puerto Rico. Longer term, favorable demographics with the growing aging population will support strong organic growth. Moody's anticipates that earnings growth over the next 12-18 months will come from tuck-in acquisitions and the expansion of existing facilities. Encompass also benefits from solid free cash flow generation and moderate leverage. The Speculative Grade Liquidity rating of SGL-1 reflects Moody's expectations that Encompass will maintain very good liquidity over the next 12-18 months. Encompass had $111 million of cash and has about $726 million available under its $1 billion senior secured revolving credit facility after considering $220 million of borrowings and $53.6 million of letters of credit as of March 31, 2026. Moody's forecasts Encompass will generate roughly $1 billion in cash flow from operations in 2026, and roughly $75 million in free cash flow after investments in new facilities and expansions. The $1 billion revolving credit facility has a maximum leverage covenant of 4.5 times and minimum interest coverage covenant of 3.0 times. Moody's expects sufficient headroom under the covenants and do not anticipate that the financial covenants will limit revolver availability. The credit facility is secured by a first priority lien on substantially all of the company's assets, excluding real property, leaving limited ability to bolster liquidity with asset sales. The positive outlook reflects Encompass' sustained deleveraging driven by continued strong mid-to-high single-digit revenue growth and solid operating performance. Further, Moody's anticipates that EBITDA margin will improve from an increase in Medicare reimbursement rates and that the company will continue to operate with moderate leverage. The Baa3 rating on the first lien senior secured credit facility, two notches above the Ba2 CFR, reflects the loss absorption provided by the senior unsecured debt. The Ba2 rating on the senior unsecured notes is equal to that of the CFR as the senior unsecured notes represent the preponderance of debt in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded if debt/EBITDA is sustained around 2.0 times while liquidity remains very good. Greater levels of business diversity or increased visibility into prolonged stability of Medicare reimbursement could also support an upgrade. The ratings could be downgraded if operating performance weakens or if liquidity declines, or if Moody's expects adverse developments in Medicare reimbursement for IRFs. Specifically, a downgrade could occur if Encompass is expected to sustain debt/EBITDA above 3.0 times. Headquartered in Birmingham, Alabama, Encompass Health Corp. is the largest operator of inpatient rehabilitation facilities (IRFs) including 174 hospitals in 39 states and Puerto Rico. Revenues are approximately $6.1 billion LTM March 31, 2026. The principal methodology used in this rating was Business and Consumer Services published in February 2026. EQUUS TOTAL: Engages PKF O'Connor Davies as Accountant ------------------------------------------------------ Equus Total Return Inc. engaged PKF O'Connor Davies LLP as its independent accountant on May 11, the Fund said in a filing with the Securities and Exchange Commission. Equus disclosed it had not consulted PKF before the engagement on accounting principles, possible audit opinions, disagreements or reportable events. It added no written report or oral advice from PKF was provided that the firm concluded was an important factor in any accounting, auditing or financial reporting decision. About Equus Total Equus Total Return Inc. is a business development company that provides financing solutions for privately held middle market and small capitalization companies. The company invests in debt and equity securities and seeks total return through capital appreciation, current income, and long-term capital gains. Founded in 1983 and based in Houston, Texas, Equus has been a publicly traded closed-end fund since 1991. In an audit report dated April 16, 2026, BDO USA, P.C. included a going concern explanatory paragraph stating that the Fund has insufficient operating cash flows and cash on hand that raised substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2025, Equus Total had $21.34 million in total assets, $4.77 million in total liabilities, and total net assets of $16.57 million. EWC BIG APPLE: Gerard Luckman Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for EWC Big Apple LLC. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About EWC Big Apple LLC EWC Big Apple, LLC operates a European Wax Center franchise in New York, which provides waxing and related personal-care services. EWC Big Apple sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11087) on May 11, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Lisa G. Beckerman presides over the case. Rudolph Ellsworth Walker, III, Esq., at the Law Offices Of Rudolph Walker III represents the Debtor as bankruptcy counsel. EWC BIG: Commences Chapter 11 Bankruptcy in New York ---------------------------------------------------- On May 11, 2026, EWC Big Apple LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 15, 2026 at 02:00 PM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. About EWC Big Apple LLC EWC Big Apple LLC is a New York-based company engaged in commercial operations and business management activities. EWC Big Apple LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11087) on May 11, 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. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Rudolph Ellsworth Walker III, Esq. of Law Offices of Rudolph Walker III. FARMERS COOPERATIVE: Hires D. Williams & Co. as Accountants ----------------------------------------------------------- Farmers Cooperative Gin of Anson, Texas seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ D. Williams & Co., Inc. as accountant. The firm will provide these services: (a) preparation of tax returns; (b) preparation of financial statements; (c) preparation of cash flow projections; and (d) provision of financial advice, information, and other accounting assistance as may be requested by the Debtor. Greg Taylor, accountant for D. Williams & Co., Inc., will handle the engagement and will be compensated at an hourly rate of $375. The firm is represented as a "disinterested" as that term is defined in the Bankruptcy Code and that it has connection with the Debtor, creditors, the U.S. Trustee, or any other parties in interest, except as disclosed in the motion, and that no adverse interests exist, according to court filings. The professional can be reached at: Greg Taylor D. Williams & Co., Inc. 1500 Broadway, Suite 400 Lubbock, TX 79401 Email: gregt@dwilliams.net About Farmers Cooperative Gin of Anson, Texas Farmers Cooperative Gin of Anson, Texas is a cotton gin cooperative, operating both a cotton processing gin and a farm supply store in Anson, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-10109-11) on April 23, 2026. In the petition signed by Mike Polk, manager, the Debtor disclosed up to $10 million in assets and up to $1 million in liabilities. David R. Langston, Esq., at Mullin Hoard & Brown, LLP, represents the Debtor as legal counsel. FINANCE OF AMERICA: Bloom Retirement Holds 9.49% Class A Shares --------------------------------------------------------------- Bloom Retirement Holdings Inc. and Reza Jahangiri, disclosed in a Schedule 13D (Amendment No. 16) filed with the U.S. Securities and Exchange Commission that as of May 6, 2026, they beneficially own 1,576,243 shares of Finance of America Companies Inc.'s Class A Common Stock, representing 9.49% of the shares outstanding. This amount includes 666,379 shares of Class A Common Stock held directly by Bloom Retirement Holdings Inc. and 909,864 FOAEC Units (exchangeable for Class A Common Stock on a one-for-one basis), subject to the previously disclosed Control Condition limiting ownership to 9.49% until certain consents are obtained. Reza Jahangiri is the majority shareholder of Bloom Retirement Holdings Inc. and may be deemed to share voting and dispositive power over the securities. On May 6, 2026, Bloom Retirement Holdings Inc. entered into a Rule 10b5-1 Trading Plan with Goldman Sachs & Co. LLC, providing for the periodic sale of up to an aggregate of 650,000 shares of Class A Common Stock beginning on June 8, 2026. Bloom Retirement Holdings Inc. may be reached through: Reza Jahangiri 895 Dove Street, Suite 300 Newport Beach, CA 92660 Tel: (866) 948-0003 A full-text copy of Bloom Retirement Holdings Inc.'s SEC report is available at: https://tinyurl.com/mryh4deb About Finance of America Plano, Texas-based Finance of America Companies Inc. is a financial services holding company. Through its operating subsidiaries, it operates as a modern retirement solutions platform, providing customers with access to an innovative range of retirement offerings centered on the home. In addition, Finance of America offers capital markets and portfolio management capabilities to optimize distribution to investors. As of December 31, 2025, the Company had $30.7 billion in total assets, $30.3 billion in total liabilities, and a total stockholders' equity of $395.6 million. * * * In December 2025, Fitch Ratings affirmed the Long-Term Company Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5'. This rating action has been taken as part of a periodic peer review of non-bank mortgage companies, which is comprised of seven publicly rated firms. FIRST BRANDS: Watchdog Flags Administrative Expenses Shortfall -------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the federal bankruptcy watchdogs are urging a Texas judge to place First Brands Group into Chapter 7 liquidation, saying the company admitted its restructuring plan leaves it unable to pay key administrative costs. The U.S. Trustee’s Office said the auto-parts supplier no longer has a realistic path to reorganization under Chapter 11. In its motion, the trustee argued that the estate continues to incur substantial legal and advisory expenses despite dwindling assets. Officials said a court-appointed Chapter 7 trustee would be better positioned to liquidate assets, manage remaining claims, and maximize value for creditors at a lower overall cost. The dispute highlights growing concerns over the expense of the bankruptcy proceedings and the company's shrinking resources. The trustee maintained that converting the case would streamline the process and prevent further erosion of estate funds that could otherwise go toward creditor recoveries, the report states. About First Brands Group Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLOURISH RESTAURANTS: Employs Levy Tax and Consulting as Accountant ------------------------------------------------------------------- Flourish Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Sam Levy of Levy Tax and Consulting, LLC to serve as accountant. Mr. Levy will provide accounting needs, such as tax accounting, during this Chapter 11 Subchapter V case, including preparation and filing of the Debtor's 2025 tax returns. Mr. Levy will receive an hourly rate of $350 for the filing of the Debtor's 2025 tax returns, with an estimated total compensation of $4,750.00 for such services. Sam Levy and Levy Tax and Consulting, LLC are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Sam Levy Levy Tax and Consulting, LLC Address: 1040 Crown Pointe Pkwy Ste 775 Atlanta, Georgia 30338 Phone: (770) 804-3199 About Flourish Restaurants LLC Flourish Restaurants, LLC, doing business as Foundation Social Eatery, is a restaurant in Alpharetta, Georgia that serves dishes rooted in classic French technique and seasonal ingredients. Founded by Chef Mel Toledo and his wife Sandy, it offers handmade pastas, cocktails and mocktails, and includes an open kitchen and chef's table. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55162) on April 17, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Sandra Toledo, manager, signed the petition. Judge Jonathan W. Jordan presides over the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC represents the Debtor as counsel. FRB LLC: Paul Driscoll of Zemanian Law Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Paul Driscoll of Zemanian Law Group as Subchapter V trustee for FRB, LLC. Mr. Driscoll will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Driscoll declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Driscoll Zemanian Law Group 6464 Hampton Boulevard, Suite A Norfolk, Virginia 23510 (757) 622-0090 Email: paul@zemanianlaw.com About FRB LLC FRB, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-71230) on May 11, 2026, with up to $50,000 in both assets and liabilities. Sherman C. Smith, Esq., represents the Debtor as legal counsel. FUEL FITNESS: Gets Extension to Access Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, extended Fuel Fitness, LLC's authority to use cash collateral to fund its operations. The 18th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget, which shows total projected expenses of $73,480 for the period from April 27 to May 27. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Newtek Bank N.A., and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As further protection, Live Oak Banking Company will receive payment of $5,000 on or before May 15. The next hearing is scheduled for May 27. The 18th interim order is available at https://shorturl.at/0Pzeq from PacerMonitor.com. About Fuel Fitness LLC Fuel Fitness, LLC, a company in Raleigh, N.C., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03698) on Oct. 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 Phone: (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL HOMESTEAD: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fuel Homestead, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, to use cash collateral. The court issued its 18th interim order authorizing the Debtor to use cash collateral pursuant to its budget, which shows total projected expenses of $89,930 for the period from April 27 to May 27. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As adequate protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. As additional protection, Live Oak Banking Company will receive payment in the amount of $5,000 on or before May 15. The next hearing is set for May 27. The 18th interim order is available at https://shorturl.at/Gmook from PacerMonitor.com. About Fuel Homestead Fuel Homestead, LLC, a company in Raleigh, N.C., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 24-03699) on October 22, 2024, with up to $100,000 in assets and up to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. The Debtor is represented by Philip Sasser, Esq., at Sasser Law Firm. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FUEL REYNOLDA: Gets Extension to Access Cash Collateral ------------------------------------------------------- Fuel Reynolda, LLC received 18th interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral to fund operations. The 18th interim order authorized the Debtor to use cash collateral pursuant to its monthly budget for the period from April 27 to May 27. The budget shows total projected expenses of $90,680 for the interim period. The Debtor's bankruptcy estate has an interest in revenues from the operation of its business. These revenues constitute the cash collateral of secured creditors, including Live Oak Banking Company, Fitness Investment Partners, Newtek, and SofiaGrey, LLC. The Debtor owes $525,000 to Live Oak, $345,000 to NewTek, $110,000 to Fitness Investment Partners and $77,000 to SofiaGrey. As protection, the secured creditors will be granted a continuing post-petition security interest in and lien on all personal property of the Debtor to the same extent and with the same priority as their pre-bankruptcy liens. In addition, Live Oak Banking Debtor will receive payment of $5,000 on or before May 15, 2026. The next hearing is set for May 27. The 18th interim order is available at https://shorturl.at/ey41E from PacerMonitor.com. About Fuel Reynolda Fuel Reynolda, LLC -- https://fuelfitnessclubs.com/about/ -- doing business as Fuel Fitness, is a fitness center that offers the best free weights, strength training/cardio equipment, group fitness classes, personal training, childcare, recovery studio and smoothie bar. Fuel Reynolda sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-03700) on October 22, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Christopher Shawn Stewart, member-manager, signed the petition. Judge Joseph N. Callaway oversees the case. Philip Sasser, Esq., at Sasser Law Firm is the Debtor's bankruptcy counsel. Live Oak Banking Company, as secured creditor, is represented by: William Walt Pettit, Esq. Hutchens Law Firm 6230 Fairview Road, Suite 315 Charlotte, NC 28210 (704) 362-9255 walt.pettit@hutchenslawfirm.com FULL HOUSE: Taps Juan Valedon and Modesto Bigas Mendez as Counsels ------------------------------------------------------------------ Full House Development, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. to serve as legal counsel. The attorneys will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its Chapter 11 reorganization proceedings; and (b) represent and assist the Debtor in the bankruptcy case as Debtor-in-Possession in accordance with applicable provisions of the Bankruptcy Code. The attorneys shall receive a retainer in the amount of $10,000 from a total of $100,000, and will bill at an hourly rate of $350 per hour plus expenses. Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, as they do not represent any creditors, equity holders, or insiders and have no materially adverse interest in the Debtor or its estate. The professionals can be reached at: Juan C. Bigas Valedon, Esq. P.O. Box 7011 Ponce, PR 00732-7011 Telephone: (787) 259-1000 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com - and - Modesto Bigas Mendez, Esq. P.O. Box 7462 Ponce, PR 00732-7462 Telephone: (787) 844-1444 Facsimile: (787) 842-4090 E-mail: bigaslawoffices@gmail.com About Full House Development Full House Development, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04515) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $700,000 in assets and $45,229,691 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. Alexis Fuentes-Hernandez, Esq., represents the Debtor as counsel. GENESYS CLOUD: S&P Alters Outlook to Positive, Affirms 'B' ICR -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Genesys Cloud Services Inc. and issue-level rating on its senior secured debt, based on the unchanged '3' recovery rating. S&P said, "We also revised our outlook to positive from stable. The positive outlook is based on our view of Genesys' good market position in the contact-center-as-a-service (CCaaS) segment and expectation that AI capabilities will drive growth for the company, supporting organic EBITDA expansion and deleveraging to below 5x over the next 12 months. "Genesys Cloud Services Inc. achieved solid financial performance in fiscal 2026 (ended Jan. 31), and we project another 12%-13% of top-line growth this fiscal year on growth in its Genesys Cloud segment and accelerating demand for its AI capabilities. We anticipate the company will maintain good profitability and generate healthy free operating cash flow (FOCF) that allows for business reinvestment and strengthens credit metrics. "We believe ramping adoption and use of Genesys' AI capabilities will drive growth, partly mitigating the impact of medium- to long-term, industrywide pressures of agent seat compression. Genesys' reports suggest early AI wins across its existing customer base and with new logo wins. In fiscal 2026, Genesys Cloud AI represented approximately 20% of Genesys Cloud new business (based on annual contract value) and more than 10% of Genesys Cloud ARR. At the same time, the company notes Genesys Cloud AI ARR is growing at more than double the rate of total Genesys Cloud ARR. "We view these factors positively because they signal Genesys' market positioning relative to other prominent CCaaS peers like Five9 Inc. (not rated), which reported enterprise AI ARR surpassing $100 million on its fourth-quarter 2025 earnings call (representing approximately 8.3% of sales on a $1.2 billion annual revenue run rate), and CCaaS-adjacent competitors in the unified-communications-as-a-service segment like RingCentral Inc. (BB+/Stable/--), which reported that AI made up greater than 10% ARR for its AI-utilizing customers. "While we acknowledge AI impact is uncertain given rapid technological advancements, we believe Genesys may have favorable business prospects despite agent seat cannibalization." Its early AI success, coupled with a revenue model that allows for incremental consumption-based AI monetization, alleviates some concern surrounding the company's ability to navigate longer-term, industrywide risks of agent seat rationalization, but may impact predictability of revenue flows. While Genesys derives the majority of its revenues from a seat-based model, the company reports seat count is largely stable. There has been moderate seat compression in a limited number of customers with more advanced AI adoption. In these cases, Genesys noted customer ARR uplift rather than decline, as AI capabilities expanded their ability to process greater call volumes, in turn reinforcing demand for additional AI token use. One example of the Genesys Cloud platform and AI capabilities' customer value proposition is its case study with Virgin Atlantic. The British airline reported use of the platform improved its user experiences by reducing queue times and created operational efficiencies for the customer support team, with web messaging interactions increasing by 220% and number of customer conversations while using the same resources rising by 10%; with Genesys AI capabilities, Virgin Atlantic unlocked $28 million of value in three years. S&P said, "Genesys is maintaining its growth momentum, and we expect another solid year of performance. We anticipate the company's Cloud segment will grow (accounted for 77% of revenues in fiscal 2026) as existing customers continue to transition from legacy on-premise environments, but expect the more meaningful opportunity will be around the market capture potential of remaining enterprises using legacy systems; Genesys estimates roughly 65% of enterprise seats remain on-premise. "As a leader in the CCaaS space, we believe Genesys has a competitive edge when it comes to new logo acquisition. This is supported by the company's strong network of strategic partnerships in customer relations, digital workflow, and data management industries--including with its investors, Salesforce Inc. and ServiceNow Inc.--that allows for native product integration and supports high net revenue retention (NRR) above 120%. Our view is also supported by the company's innovation focus, highlighted by its frequent rollout of new platform capabilities, including the introduction of LAM-based virtual agents and Genesys Cloud AI Studio this past fiscal year. "We expect Genesys to deleverage this year. The company has operated with leverage meaningfully below peak levels over the past couple of years. We project S&P Global Ratings-adjusted debt to EBITDA will improve to 4.9x by the end of fiscal 2027. Under our base-case forecast, we expect good earnings growth, led by new logo acquisitions and customer upsells (particularly with respect to Cloud AI capabilities), and that earnings will be further supported by disciplined operating cost management. "We project healthy EBITDA improvement will result in continued organic deleveraging from the mid-5x area as of the end of fiscal 2026. As credit metrics strengthen and cash balances increase, we believe the company has some flexibility to pursue incremental shareholder distributions, though it may use healthy free cash flow generation and a rebuilt cash balance alongside any incremental debt to finance the dividends. We have not assumed additional debt raises or opportunistic uses of cash in our base case at this time. While a transaction is uncertain, we believe IPO prospects may support further deleveraging. "The positive outlook reflects our expectation that Genesys' solid business fundamentals, including its flexible commercial model, early success with customer adoption of AI capabilities, and leading market position in CCaaS, will continue to underpin credit metrics. "We anticipate low-teens percent annual sales growth due to the highly sticky nature of its business, evidenced by high NRR; the continued migration of customers to Cloud from legacy on-premise environments; and accelerating customer adoption and usage of AI tokens, while maintaining good profitability in the mid- to high-20% area. We expect these factors will enable it to manage relatively low leverage levels for a financial sponsor-owned company, with a modest leverage cushion to execute its strategic priorities. "We could stabilize our outlook on Genesys if we no longer expect the company to reduce its S&P Global Ratings-adjusted leverage well below 5.5x over the next 12 months and maintain this level of operations." This could occur if: -- The company faces pressure and intensifying market competition from new entrants and existing CCaaS providers, hindering its ability to win new business and retain market share; -- The company's margin profile weakens beyond our base-case expectations from increased costs of AI platform management, investments in operating expenses, or the rollout of possible restructuring initiatives that depress earnings; -- The company continues to prioritize a more shareholder-friendly financial policy, resulting in persistent debt-funded distributions; or -- The company pursues a leveraging acquisition. S&P said, "We could raise our rating if we expect Genesys to sustain leverage well below 5.5x and FOCF to debt above 10%, while managing shareholder and investment priorities. In such a scenario, we'd expect earnings growth and free cash flow generation to offset impacts of possible debt-financed distributions to shareholders and for the liquidity profile to remain supportive." An upgrade would also require Genesys to demonstrate continued resilience in its Cloud business, including further evidence of adoption and usage of its AI offerings that mitigates medium- to longer-term seat-based compression risks broadly affecting the CCaaS industry. GIP PILOT: Moody's Affirms 'Ba3' CFR, Outlook Stable ---------------------------------------------------- Moody's Ratings affirmed the ratings of GIP Pilot Acquisition Partners, L.P. (GIP Pilot) including its Ba3 long term corporate family rating. The rating outlook is stable. RATINGS RATIONALE "GIP Pilot's credit rating reflects the low business risk profile of the underlying operating assets held by Columbia Pipelines Operating Company, LLC (CPOC Baa1 stable), offset by its minority 40% share and non-operating ownership interest in the pipelines. The rating also considers GIP Pilot's plans to refinance its existing Term Loan B with a new $1.17 billion Term Loan B," stated Gavin MacFarlane, Moody's Ratings Vice President and Senior Credit Officer. The affirmation reflects CPOC ownership of a highly interconnected network of natural gas pipelines and gas storage systems whose primary asset sits directly atop the Marcellus and Utica shale producing regions. These assets generate predictable cash flow underpinned by long-term contracts that have an average remaining life of about 7 years. About 31% of capacity is contracted with utilities, which are typically investment grade counterparties, and Moody's expects that these utility customers will continue to re-contract capacity on the pipelines. However, overall shipper credit quality has declined as the number of producer shippers has increased; albeit with longer contract tenors. Moody's expects CPOC to maintain its strong competitive position. Offsetting the strengths of the underlying asset, GIP Pilot's debt is structurally subordinated to debt at CPOC and its intermediate holding company, Columbia Pipelines Holding Company, LLC (CPHC, Baa2 stable), and is reliant on its share of distributions from these entities for its own debt service requirements. GIP Pilot has high proportionately consolidated leverage with funds from operations (FFO) / debt of about 10% over the 12 months ended December 31 ,2025. Moody's expects it will continue to generate FFO/debt of around 10-11% over the next few years. A 4.75x leverage target at CPHC increases the volatility of distributions to GIP Pilot. GIP Pilot has a strong influence on CPHC and moderate stability of distributions and coverage that leads to additional notching that is incorporated in its rating. Moody's expects GIP Pilot to issue a $1.17 billion term loan B that matures in 2033 and use the proceeds to refinance its existing term loan which had $1.019 billion outstanding at 31 Dec 2025. Moody's expects the covenants to remain largely similar with the exception of an increase in the debt incurrence test to 6x from 5.75x and a carve out to the distribution test. Both of these are modestly credit negative. Management has indicated that they expect to refinance at a lower interest rate such that interest expense remains largely unchanged. Rating Outlook The stable outlook reflects the stable outlooks of CPHC and CPOC; the moderate stability of distributions and coverage provided by the contracted and predictable cash flow of the pipelines; the strong influence over decisions at the pipelines; and Moody's expectations for an improving leverage profile over the next several years. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade -- An upgrade of CPHC or CPOC -- Proportionately consolidated FFO/debt sustained above 12% -- An improvement in the business risk profile, for example a longer average contract life or a material improvement in the company's counterparties Factors that could lead to a downgrade -- A downgrade of CPHC or CPOC -- Any material changes to the stability of distributions or the minority owner's influence over decisions -- Proportionately consolidated FFO/debt sustained below 9% -- A deterioration in the business risk profile of the operating assets including, for example, a shorter average contract life or a decline in counterparty credit quality Profile CPOC's assets include Columbia Gas Transmission, LLC (Columbia Gas) and Columbia Gulf Transmission, LLC (Columbia Gulf) whose 100% ownership interests were contributed on July 31, 2023 by Columbia Pipeline Group, Inc (CPG), a wholly owned subsidiary of TC Energy Inc (Baa3 stable). On October 04, 2023, TC Energy completed the sale of its 40% non-controlling equity interest in CPHC to GIP Pilot Acquisition Partners, L.P. (Ba3 stable) for CAD5.3 billion. LIST OF AFFECTED RATINGS Issuer: GIP Pilot Acquisition Partners, L.P. Affirmations: LT Corporate Family Rating, Affirmed Ba3 Probability of Default Rating, Affirmed Ba3-PD Senior Secured Bank Credit Facility, Affirmed Ba3 Outlook Actions: Outlook, Remains Stable The principal methodology used in these ratings was Natural Gas Pipelines published in April 2024. Moody's use Moody's Natural Gas Pipelines Industry rating methodology as the primary methodology for analyzing GIP Pilot Acquisition Partners, L.P. On both a historical and forward view the scorecard indicates a Baa3 outcome; however the final ratings are 3 notches lower, at Ba3, reflecting structural subordination of GIP's debt to CHPC's debt, minority ownership, GIP Pilot's strong influence over CPHC and the CHPC's moderate stability of distributions and coverage. GLEN ARBOR: G. Matt Barberich Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 13 reappointed G. Matt Barberich, Jr. of B. Riley Advisory Services as Subchapter V trustee for Glen Arbor, LLC. Mr. Barberich will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Barberich declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: G. Matt Barberich, Jr. B. Riley Advisory Services 7101 College Boulevard, Suite 730 Overland Park, KS 66210 Phone: 913-389-9270 Email: mbarberich@brileyfin.com About Glen Arbor LLC Glen Arbor, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40837) on May 12, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq. at Evans & Mullinix, P.A. represents the Debtor as legal counsel. GLG INVESTMENTS: To Employ Agentis PLLC as Legal Counsel -------------------------------------------------------- GLG Investments, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Robert P. Charbonneau, Esq. of Agentis PLLC to serve as their general bankruptcy counsel. Mr. Charbonneau and Agentis PLLC will provide these services: (a) give the Debtors and Debtors-in-Possession legal advice with respect to their powers and duties in these proceedings and the continued management of their affairs; (b) advise the Debtors regarding compliance with the U.S. Trustee's Operating Guidelines and Reporting Requirements and court rules; (c) prepare on behalf of the Debtors the necessary motions, pleadings, orders, applications, adversary proceedings, and other legal papers; (d) represent the Debtors in negotiations with creditors in connection with the preparation of a plan; (e) advise the Debtors regarding formulation, confirmation, and consummation of a plan of reorganization; and (f) perform all other legal services necessary in these Chapter 11 cases. Mr. Charbonneau will be compensated at hourly rates ranging from $375 to $735 for attorneys and $155 to $260 for paralegals. The engagement also includes an initial retainer of $50,000 for fees and costs. Agentis PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert P. Charbonneau, Esq. AGENTIS PLLC 45 Almeria Avenue Coral Gables, FL 33134 Telephone: (305) 722-2002 E-mail: rpc@agentislaw.com www.agentislaw.com About GLG Investments, LLC et al GLG Investments, LLC, GL3, LLC, GL7, LLC, and GL16, LLC owned and operated a portfolio of residential real estate properties that generate rental income and served as their primary assets prior to the receivership proceedings. A number of the properties participate in the Housing Choice Voucher Program, under which a public housing authority pays a portion of tenant rent directly. GLG Investments and affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Florida Case No. 26-16159) on May 13, 2026. At the time of the filing, Debtors had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Laurel M. Isicoff oversees the case. Agentis PLLC is Debtors' legal counsel. GOLDEN TRIANGLE: Taps Juan Valedon and Modesto Mendez as Counsels ----------------------------------------------------------------- Golden Triangle Realty, S.E. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. to serve as legal counsels in its Chapter 11 proceedings. Mr. Bigas Valedon and Mr. Bigas Mendez will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its rights, powers, and duties in these proceedings; (b) represent the Debtor in the Chapter 11 case and related bankruptcy matters; (c) assist in the preparation and filing of necessary pleadings, motions, reports, and other legal documents; and (d) perform all other legal services necessary to administer the bankruptcy estate and support case requirements. The professionals will be compensated at an hourly rate of $350, plus expenses. A retainer in the amount of $10,000 from a total $100,000 engagement amount has been advanced by the Debtor, with additional compensation subject to Court approval. The application states that Juan C. Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, as they do not represent creditors, equity security holders, or insiders of the Debtor, have no materially adverse interests, and have no prior connections with the Debtor or other parties in interest. The professionals can be reached at: Juan C. Bigas Valedon, Esq. Modesto Bigas Mendez, Esq. Urb. Santa Maria, 515 Calle Ferrocarril Ponce, PR 00730–00732 Telephone: (787) 259-1000 (787) 844-1444 Facsimile: (787) 842-4090 E-mail: cortequiebra@yahoo.com bigaslawoffices@gmail.com About Golden Triangle Realty Golden Triangle Realty S.E. is engaged in activities related to real estate. Golden Triangle Realty, S.E. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04514) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $19,811,659 in assets and $47,255,382 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. GRANITE CONSTRUCTION: S&P Assigns 'BB' ICR, Outlook Stable ---------------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating to Watsonville, California-based civil infrastructure company Granite Construction Inc. and its 'BB' issue-level and '4' recovery rating to its proposed senior unsecured notes. The '4' recovery rating indicates S&P's expectation for average (30%-50%; rounded estimate: 30%) recovery in the event of default. The stable outlook reflects our view that Granite's construction services and aggregates production will see sustained demand driven by public sector infrastructure spending and private sector tailwinds from reshoring and data center buildout. The stable outlook incorporates our expectation for Granite to increase its acquisitive strategy over the next couple of years resulting in S&P Global Ratings-adjusted EBITDA margins trending above 13% and debt to EBITDA to increase to about 3x, in line with its leverage target. Granite plans to issue new $600 million senior unsecured notes to refinance its convertible notes due in 2028 and to repay a portion of revolver borrowings used to fund a recent acquisition. Following the transaction, S&P expects the company will increase S&P Global Ratings-adjusted debt to EBITDA to around 3x. Granite is poised to show sustained revenue growth over the next few years. Healthy funding for public infrastructure projects in the U.S. is the primary factor. Granite generates approximately 83% of its revenue from its construction segment, and approximately 87% of its $7.2 billion backlog comes from public sector projects. Its services primarily consist of paving and adjacent offerings, which further benefit as U.S. Infrastructure Investment and Jobs Act (IIJA) funds are disbursed. S&P said, "We expect the next surface transportation reauthorization will provide similar or higher funding, which will continue to push demand in Granite's key end markets including roads and highways, water, airports, bridges, and rail. Its geographic exposure is focused on the Western and Southeastern U.S., where some transportation departments enjoy the highest funding in the country, including the California Department of Transportation, Granite's largest customer, which accounts for approximately 10% of revenue. Additionally, we expect growth in Granite's private markets, which accounts for 13% of its construction backlog, to benefit from reshoring efforts and data center buildout across the country." Separately, while the construction segment accounts for most of its revenue, the company generates about 17% from its materials segment, focused on the sale of aggregate related materials to third parties. There is a high correlation for both segment's growth prospects but we expect Granite's materials segment growth to outpace boosted by acquisitions. S&P forecasts total revenue to expand in the 14%-16% range in 2026 and 12% to 14% in 2027, inclusive of organic growth in the high-single-digit range. A focus on best value procurement civil construction projects mitigates execution risk. About half of its backlog (including large projects of about $20 million plus) is under best value procurement, which reduces price and timeline risks because of a more collaborative nature throughout the life of a project. The remainder consists of mainly bid-build contracts, which S&P views as riskier. However, these are typically lower in value and shorter in duration, mitigating much of these risks (typically under $7 million, the average in the backlog, and approximately one year in duration). In addition, most of these contracts are fixed-unit prices, which limit risk of cost overruns due to quantities changes. A handful of loss making contracts in 2022 and 2023 burdened its margin profile, although they have since been completed and the company has changed its risk framework to prevent similar issues by focusing on best value procurements. Granite's vertical integration allows it to control a portion of the supply chain, maximize scheduling, and limit unexpected cost fluctuations. The company estimates that 25% of its construction business has a vertical integration component. In addition, Granite's materials business reduces volatility risk since profitability is not project-based. S&P said, "We expect Granite's inorganic expansion of its materials business will be accretive to margins due to a higher degree of vertical integration and boosted by higher-margin- third party sales. As such, we expect S&P Global Ratings-adjusted EBITDA margins in the low-13% area in 2026 and the low- to mid-13% area in 2027, up from 11.6% in 2025." Its leverage profile will continue to climb because of its acquisition strategy. Granite significantly increased acquisition spending in 2025 with three large transactions. The largest was Warren Paving in August 2025, funded along with another by the issuance of a $600 million term loan. S&P said, "We expect similar spending with an acquisition strategy focused on expanding its materials segment. Granite recently acquired Kenny Seng Construction, a provider of infrastructure construction services and construction materials in Utah, initially funded using its revolving credit facility and plans to subsequently partially repay the balance using a portion of the proceeds from the new senior unsecured notes. We project the company's leverage profile will continue to climb in 2026 and 2027 from 2.1x at year end 2025." Granite's net leverage target of 2.5x is commensurate with S&P Global Ratings-adjusted debt to EBITDA of approximately 3.3x. With leverage of 2.1x at the end of 2025, Granite exhibits cushion to execute on its capital allocation strategy. S&P said, "We anticipate a more aggressive acquisition strategy that will push leverage gradually toward this target, though at a pace that allows it to manage integration. Therefore, we forecast S&P Global Ratings-adjusted debt to EBITDA in the mid- to high-2x range in 2026 and the low-3x area in 2027." Free operating cash flow (FOCF) will normalize to a healthy level in 2026 and 2027. FOCF was strong the past two years at $329 million in 2024 and $357 million in 2025 partially attributable to some settlement payments from legacy disputes. S&P said, "There are pending disputes of about $80 million that the company expects to be resolved in its favor, however, we do not incorporate those in our base case given the timing uncertainty. We forecast a normalized working capital of $10 million-$20 million outflow, annually. We forecast capital expenditures (capex) will remain at about 3% of revenue, reflecting a somewhat higher spend than that of construction focused peers due to capex needs for its materials sites. As a result, we expect S&P Global Ratings-adjusted FOCF to debt to decline to the high-teen percents in 2026 and 2027, down from 33.1% in 2025. We still expect strong cash conversion (FOCF to EBITDA) in the low 50% area over our forecast. The company benefits from a short cash cycle, reflective of its business model, moderate capex needs. In addition, we expect the transaction to drive modest funding costs savings." S&P said, "The stable outlook reflects our view that Granite's construction services and aggregates production will see sustained demand driven by public sector infrastructure spending and private sector tailwinds from reshoring and data center buildout. The stable outlook incorporates our expectation for Granite to increase its acquisitive strategy over the next couple of years resulting in S&P Global Ratings-adjusted EBITDA margins trending above 13% and debt to EBITDA to increase to about 3x, in line with its leverage target." S&P could lower its ratings on Granite Construction if: -- S&P Global Ratings-adjusted debt to EBITDA approaches 4x with no clear near-term path for deleveraging; or -- S&P Global Ratings-adjusted FOCF to debt approaches 10%. This could occur if management takes a more aggressive approach to debt-funded acquisitions or its margin profile declines because of reduced volumes or cost overruns on large projects. S&P could raise its ratings on Granite Construction if it sustains: -- S&P Global Ratings-adjusted debt to EBITDA below 2x; and -- S&P Global Ratings-adjusted FOCF to debt above 25%. In this scenario, S&P would expect a more conservative policy than it envisions for the rating. GREEN VILLA: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: Green Villa Investments, L.L.C. 2610 Mockingbird Meadows Court Spring, TX 77389 Business Description: Green Villa Investments, L.L.C. is a single- asset real estate company under 11 U.S.C. Section 101(51B), with its business centered on ownership of a multifamily apartment property at 1216 Interstate 30 in Greenville, Texas. The property is currently valued at $1.2 million. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42136 Judge: Hon. Edward L Morris Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC 12770 Coit Road, Suite 850 Dallas TX 75251 Tel: (972) 991-5591 Email: robert@demarcomitchell.com Total Assets: $1,200,301 Total Liabilities: $1,164,629 The petition was signed by Sai Patel 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/NNW6SFI/GREEN_VILLA_INVESTMENTS_LLC__txnbke-26-42136__0001.0.pdf?mcid=tGE4TAMA GRIFFIN HEALTH: S&P Affirms 'BB+' Rating on 2019 Revenue Bond ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on the Connecticut Health & Educational Facilities Authority's series 2019 revenue bonds, issued on behalf of Griffin Health Services Corp. (GHSC). The outlook is stable. S&P said, "We view social risk as neutral throughout our credit rating analysis. GHSC has historically been a net contributor to the state's provider tax program, and we do not view the organization as reliant on Medicaid supplemental funding. In our view, this reduced exposure to supplemental funding mitigates the potential negative impact of Medicaid eligibility and reimbursement changes included in the 2025 U.S. tax and spending bill. "We have analyzed GHSC's environmental and governance factors and we view them as neutral to our credit rating analysis. "The stable outlook reflects our expectation that the current and anticipated operational pressures will be transitory and that GHSC's financial performance will return to, or approach, historical operating levels by fiscal 2027. Similarly, we expect key liquidity metrics such as DCOH to improve toward historical levels once these pressures subside. We also expect GHSC's core enterprise strengths, such as its healthy market share and a payer mix that is not overly reliant on governmental payers, to remain stable. "We could consider a negative outlook or lower rating if current operating pressures persist longer than expected or if operating losses are materially greater than anticipated. A negative rating action could also result from a material and sustained deterioration in liquidity metrics, particularly DCOH. Although not expected, a significant increase in long-term debt or a material weakening of the enterprise profile, including erosion of GHSC's competitive position, could also pressure the rating. "We do not anticipate raising the rating or revising the outlook to positive within the outlook horizon given the expected period of pressured operating performance and weaker liquidity. Over time, a positive outlook could be considered if GHSC demonstrates a sustained trend of positive operating margins, healthy DSC, and strengthening balance sheet metrics, particularly unrestricted reserves to long-term debt and DCOH." HANNA JESIONOWSKA: Objection to Condo Board's Claims Tossed ----------------------------------------------------------- Judge David S. Jones of the U.S. Bankruptcy Court for the Southern District of New York denied Hanna Jesionowska Practice LLC's objection to the proofs of claim Nos. 2 and 3 filed by the Board of Managers of Saga House Condominium (the "Board") pursuant to 11 U.S.C. Sec. 502 and Rules 3001 and 3007 of the Federal Rules of Bankruptcy Procedures. The Board's motion for relief from automatic stay pursuant to 11 U.S.C. Sec. 362(d)(1) is granted. The Board's proofs of claim are premised on the amount of a state court foreclosure judgment of Debtor's medical practice condominium unit related to unpaid common charges plus costs, fees, and interest, as well as the Debtor's post-petition unpaid common charges. The unit is located at 157 East 74th Street in Manhattan, within the Saga House Condominium. The Debtor leases the unit to Hanna Jesionowska, the Debtor's principal, for the use of her medical practice. The Claims Objection asserts a right to offset the amounts sought in Claims Nos. 2 and 3 based on the allegation that the Board's negligence led to damage to the Debtor's condominium unit and also based on the further allegation that adjustments are needed due to accounting discrepancies regarding payments previously made by the Debtor to the Board. Meanwhile, the Board has moved to lift the stay to continue its foreclosure process of the condominium unit. The Debtor requests that the Court apply an offset of approximately $623,000 based on alleged damages and accounting discrepancies. Broadly speaking, the Debtor contends that the Board's negligence impaired Debtor's (or Debtor's principal's) ability to operate its medical practice in the unit, and that it is entitled to reimbursement of out-of-pocket repair costs as well as damages for loss of use of the property, including alleged lost income for a period exceeding 165 days. The Claims Objection Despite written notices of default and the filing of an additional lien in March 2024, the Debtor made no meaningful payments. In response, the Board commenced an action in New York State Supreme Court (the "Foreclosure Action") to foreclose its lien against the unit. On October 3, 2025, the state court entered a final judgment of foreclosure and sale (the "Judgment"), authorizing the sale of the unit at auction to satisfy the amounts owed, which totaled approximately $251,000 plus costs, fees, and interest. Notice of entry of the Judgment was served, and the Debtor did not perfect an appeal or otherwise obtain relief from that Judgment. The Board argues that the Debtor's objection to Claim No. 2, i.e., the claim based on the final judgment of foreclosure and sale, is barred by the Rooker-Feldman doctrine. Claim No. 2 is comprised of the Judgment of "$251,391.84 for pre-June 9, 2025 common charges and assessment arrears, $59,529.75 for post-judgment common charges and assessment arears, interest in the amount of $18,662.13, costs in the amount of $1,090, and reasonable attorneys fees in the amount of $21,000." The Court agrees. The Debtor plainly lost in the state court foreclosure action, as evidenced by the Judgment. The Rooker-Feldman doctrine applies not only to direct challenges to a state court judgment but also to claims that are "inextricably intertwined" with that judgment. Judge Jones explains, "By seeking to offset the amount of the Judgment sought in Claim No. 2 with counterclaims premised on the Board's negligence and accounting errors, the Debtor, in substance, asserts that the state court's determination of the debt underlying the Judgment caused the alleged harm." The Court concludes that the Rooker–Feldman doctrine precludes this Court from revisiting issues that have already been fully adjudicated and decided by the state court. The Board argues that the affirmative defenses and counterclaims raised in the Claims Objection are barred by res judicata. Debtor's attempt now to reduce the Board's judgment-based entitlements by asserting defenses is barred either as a defense that "could have been" asserted in the state court action, or as a defense that the state court actually rejected to the Board's foreclosure action. According to the Court, res judicata bars Debtor's use of these defenses as against the Board's claim premised on the resulting Judgment, no matter how one views the asserted offsetting entitlements. The Board argues that the Debtor's Claims Objection fails to offer any facts or evidence, much less evidence equal in force to a prima facie case, demonstrating why its proofs of claim should be disallowed. In essence, the Debtor seeks reimbursement for alleged out-of-pocket expenses and damages on its theory of the Board's liability, rather than presenting evidence that directly refutes the validity or amount of the Board's claims against Debtor. According to the Court, the Debtor's argument is entirely conclusory and lacks credible supporting evidence, such as a declaration, documentation, or other admissible proof demonstrating that the amounts set forth in the proofs of claim are incorrect, improper, or unenforceable. Whatever the merits of Debtor's claim of entitlement against the Board, the Board's claims are well supported and have not successfully been called into question by Debtor's showing. For these reasons, the Debtor has failed to carry its burden. The Board's proofs of claim are allowed as filed, and Debtor's objection is denied, the Court holds. Lift Stay Motion The Board's Lift Stay Motion seeks relief from the automatic stay under Section 362(d)(1) so that the Board can exercise its rights regarding its collateral and remedies, including the completion of the foreclosure sale, for "cause." The Court concludes that "cause" exists to lift the stay under Section 362(d)(1) to permit the Board to exercise its remedies. The Board has shown it is suffering serious economic hardship and ongoing harms from Debtor's ongoing nonpayment of condominium common charges, and that harm will not be eliminated even if the Debtor eventually provides a make-up payment through the proceeds of an eventual sale or other restructuring. Further, that harm extends to other owners of units in the condominium, who must cover the costs that the Debtor is failing to pay. The Court says the Board's declaration credibly and persuasively explains the current, ongoing, and compounding harms the Board is suffering, and Debtor mounted no factual challenge to that showing. A copy of the Court's Opinion and Order dated May 14, 2026, is available at https://urlcurt.com/u?l=rrNEFk from PacerMonitor.com. Counsel for the Debtor: Leo Fox, Esq. The Law Office of Leo Fox, Esq. 630 Third Avenue, 18th Floor New York, NY 10017 E-mail: lafox49@gmail.com Counsel for the Board of Managers of Saga House Condominium: Albena Petrakov, Esq. OFFIT KURMAN, P.A. 590 Madison Avenue, 6th Floor New York, NY 10022 E-mail: apetrakov@offitkurman.com About Hanna Jesionowska Practice LLC Hanna Jesionowska Practice LLC operates a medical practice specializing in obstetrics and gynecology at 159 East 74th Street, Unit 1, New York, serving patients in the area. Hanna Jesionowska Practice LLC in New York NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-12501) on Nov. 7, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Hanna Jesionowska as manager and sole member, signed the petition. LAW OFFICE OF LEO FOX, ESQ. serve as the Debtor's legal counsel. HNO INTERNATIONAL: Issues $67.5K Note, 385,000 Warrants to MSC -------------------------------------------------------------- HNO International, Inc. announced in a regulatory filing that it entered into a Securities Purchase Agreement with Monroe Street Capital Partners, LP, a Delaware limited partnership, pursuant to which the Company issued to the MSC Buyer a Convertible Promissory Note in the principal amount of $67,500 and a Common Stock Purchase Warrant to purchase up to 385,000 shares of the Company's common stock, in exchange for gross proceeds of $62,500. The MSC Buyer withheld $3,000 from the proceeds at funding to cover the MSC Buyer's legal fees in connection with the transactions contemplated by the MSC Purchase Agreement, and withheld an additional $1,875 from the proceeds at funding to cover fees payable to Craft Capital Management LLC (CRD#: 171350), a registered broker-dealer acting as placement agent in connection with the transactions contemplated by the MSC Purchase Agreement, resulting in net proceeds to the Company of approximately $57,625. Convertible Promissory Note The MSC Note has a principal amount of $67,500, which includes an original issue discount of $5,000. The MSC Note bears a one-time interest charge of 8% on the principal amount (equal to $5,400), which is guaranteed and earned in full as of the issue date. The MSC Note matures on May 5, 2027, twelve (12) months from the issue date. The MSC Note is convertible, at the option of the MSC Buyer, at any time on or following the issue date, into shares of the Company's common stock, par value $0.001 per share, at a conversion price equal to 60% of the lowest traded price of the Common Stock on the principal trading market during the twenty (20) trading days prior to the applicable conversion date, subject to adjustment as set forth in the MSC Note. The MSC Buyer is entitled to deduct $1,750 from the conversion amount in each notice of conversion to cover the MSC Buyer's conversion-related fees. The MSC Buyer's right to convert the MSC Note is subject to a 4.99% beneficial ownership limitation. Upon an event of default, the MSC Note shall become immediately due and payable at an amount equal to 150% of outstanding principal and accrued interest through the date of repayment, plus costs of collection, all without demand or notice. Default interest shall accrue at the lesser of 18% per annum or the maximum rate permitted by law. The MSC Buyer retains the right to convert all or any portion of the MSC Note, including any default amount, into shares of Common Stock at any time, including after the maturity date. Events of default include, among others, failure to pay principal or interest when due, failure to timely deliver shares of Common Stock upon conversion, breach of representations, warranties, or covenants under the MSC Purchase Agreement, the Company's failure to maintain the required share reserve, cross-default with other Company indebtedness after expiration of applicable cure periods, consummation of a Variable Rate Transaction, failure to maintain a minimum market capitalization of $3,000,000 on any Trading Day, and failure to comply with the reporting requirements of the Securities Exchange Act of 1934, as amended. Common Stock Purchase Warrant In connection with the MSC Purchase Agreement, the Company issued to the MSC Buyer a Common Stock Purchase Warrant to purchase up to 385,000 shares of Common Stock at an exercise price of $0.25 per share. The MSC Warrant is exercisable at any time commencing on May 5, 2026 and expires on May 5, 2031, five (5) years from the issuance date. The MSC Warrant may be exercised on a cashless basis when the market price of one share of Common Stock exceeds the exercise price and no effective registration statement covers the MSC Buyer's resale of all Warrant Shares at prevailing market prices. The MSC Buyer's right to exercise the MSC Warrant is subject to a 4.99% beneficial ownership limitation. Share Reservation In connection with the foregoing, the Company entered into an Irrevocable Transfer Agent Instruction Letter and Memorandum of Understanding with Pacific Stock Transfer Company, the Company's transfer agent, pursuant to which the Company has irrevocably reserved 20,000,000 shares of Common Stock for issuance upon conversion of the MSC Note and exercise of the MSC Warrant. The MSC Note requires a minimum reserve of the greater of 20,000,000 shares or four times the number of shares issuable upon full conversion at the then-applicable conversion price. The MSC Buyer has the right to increase the share reservation at any time without the Company's consent. The securities described herein were issued in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D promulgated thereunder. The MSC Buyer represented that it is an "accredited investor" as defined in Rule 501(a) of Regulation D. The MSC Purchase Agreement prohibits the Company from entering into any Variable Rate Transaction while the MSC Note remains outstanding, restricts the Company from issuing any shares of Common Stock or Common Stock Equivalents for 30 calendar days following the date of the MSC Purchase Agreement, and grants the MSC Buyer participation rights in any future Company offering of debt or equity securities until the later of (i) 18 months from the date of the MSC Purchase Agreement or (ii) the date the MSC Note is extinguished in its entirety. Full text copies of the MSC Note, the MSC Warrant and the MSC Purchase Agreement are available at https://tinyurl.com/5n6pzm34, https://tinyurl.com/4ycbfb3f, and https://tinyurl.com/5abhjtsc, respectively. About HNO International Headquartered in Murrieta, California, HNO International, Inc., a Nevada corporation, focuses on systems engineering design, integration, and product development to generate green hydrogen-based clean energy solutions to help businesses and communities decarbonize in the near term. Cypress, Texas-based Barton CPA PLLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated February 6, 2026, attached to the Company's Annual Report on Form 10-K for the year ended October 31, 2025, citing that the Company has sustained significant losses and negative cash flows from operations and has an accumulated deficit that raises substantial doubt about its ability to continue as a going concern. As of January 31, 2026, the Company had $1,389,564 in total assets, $3,086,637 in total liabilities, and $1,697,073 in total stockholders' deficit. HOMETEAM TECHNOLOGIES: Horizon Tech Marks $4.8M Loan at 18% Off --------------------------------------------------------------- Horizon Technology Finance Corp has marked its $4,821,000 loan extended to Hometeam Technologies, Inc. to market at $3,958,000 or 82% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a loan extended to Hometeam Technologies, Inc. The Loan accrues interest at a rate of 11.25% Prime 3.25%, 11.25% FLOOR per annum. The Loan matures on Aug. 1, 2029. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About HOMETEAM TECHNOLOGIES, INC. Hometeam Technologies, Inc. is a healthcare services company focused on delivering technology-enabled, in-home and other non-acute care solutions. HPC VINEBURN: Plan Exclusivity Period Extended to Aug. 5 -------------------------------------------------------- Judge Martin R. Barash of the U.S. Bankruptcy Court for the Central District of California extended HPC Vineburn, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 2, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the relevant factors demonstrate good cause for the requested extensions: * The case is sufficiently complex to generate various contingencies that will need to be resolved. These include (i) the amount of the Judgment Creditors' claim; (ii) the extent to which the Judgment Creditors are undersecured and whether they will elect to be in two classes or only one; and (iii) the value of the Vineburn Property for Plan confirmation purposes. The parties and the Court have agreed that the valuation question should be established before Judgment Creditors are required to make any decision under Section 1111(b). * Prior to the litigation with the Judgment Creditors, the Debtor was operating at a profit and paying all debts as they came due from the operations of the business. Moreover, demonstrative of Debtor's good faith, the Debtor has negotiated with John Hancock and continues to pay its loan obligations to the senior secured creditor during the pendency of this case. The Debtor is current with all of its reporting requirements and is following all applicable U.S. Trustee guidelines. * The Debtor is current on all of its monthly expenses, although it has had to rely on others (including its insurance carriers and its manager and principal) to meet its ongoing obligations regarding professional fees. * The Debtor has successfully fought off a determined effort by the Judgment Creditors to label this a "bad faith" filing and has diligently pursued the liquidation of the Judgment Creditors' claim by prosecuting the Appeal as swiftly as possible, despite Judgment Creditors' efforts to thwart those attempts, first by objecting to the Debtor's motion for relief from stay to pursue the Appeal, then by objecting to the Debtor's efforts to employ special litigation counsel to prosecute the Appeal, objecting to Debtor's first request to extend exclusivity despite their own agreement to the initial Disclosure Statement hearing date, and by repeatedly asserting non-disclosure related objections to the Disclosure Statement. HPC Vineburn, LLC is represented by: Michael B. Reynolds, Esq. Andrew B. Still, Esq. Allison C. Murray, Esq. SNELL & WILMER L.L.P. 600 Anton Boulevard, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: (714) 427-7000 E-mail: mreynolds@swlaw.com About HPC Vineburn LLC HPC Vineburn LLC is a single asset real estate entity as defined under 11 U.S.C. Section 101(51B), with its principal assets located at 1919 Vineburn Avenue in Los Angeles, California. The Company's operations focus primarily on managing and holding this real estate asset. HPC Vineburn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11455) on Aug. 8, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Michael B. Reynolds, Esq. at SNELL & WILMER L.L.P. HUNTERSTOWN GENERATION: S&P Affirms 'BB-' Debt Rating on Upsize --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating. The recovery rating is unchanged at '2', reflecting its expectation of substantial (70%-90%; rounded estimate: 85%) recovery in a hypothetical default scenario using a $550/kW recovery multiple. S&P said, "The stable outlook reflects our expectation of strong DSCRs during the TLB period, given our expectation for rising power demand over the next five years. During the TLB period, we expect the project's DSCRs will increase above 2.00x before falling to a minimum of about 1.36x when it assumes a fully amortizing debt structure after refinancing. We expect about $340 million of the TLB to be outstanding at maturity." Following its $65 million divided recapitalization in October 2025, Hunterstown Generation LLC plans to raise an additional $50 million fungible add-on to its term loan B (TLB) to fund a distribution to its sponsor. Pro forma for the transaction, the project's TLB will have $599 million outstanding, along with $80 million capacity under its revolving credit facility (RCF), both repriced to SOFR plus 2.75%. Based on S&P views of industry factors and market-driven variables, it forecasts Hunterstown's minimum and median debt service coverage ratios (DSCRs) will be 1.36x (including the post-refinancing period). Hunterstown Generating Station is an 863-megawatt (MW) combined-cycle gas-fired power plant in the Metropolitan Edison Co. region of the Western Mid-Atlantic Area Council (MAAC) zone of PJM. The project became operational in 2003. LS Power purchased Hunterstown in July 2024 from Platinum Equity Capital Partners IV L.P. Financial policy risk is partially mitigated by increasing cash flow visibility and reinvestment in the asset. Aggressive financial policy leaves limited room for operational outages and event risks. LS Power purchased the asset in 2024 and completed a $550 million refinancing, including using $166 million to fund a sponsor distribution. In 2025, Hunterstown upsized the TLB by $65 million amid capacity market tailwinds. The project's debt will total about $599 million outstanding after the proposed $50 million dividend recapitalization. Compared to peers, leverage is relatively high on debt per kilowatt basis, resulting in a narrow buffer against underperformance. The proposed $50 million upsize is supported by Hunterstown's increased cash flow visibility through a three-year hedging program, which effectively locks in $270 million of net energy margin until the end of 2028 by hedging about 60% of its operating capacity. S&P also views LS Power's $18 million average annual capital spending budget as favorable for the project's operation risks, considering the maintenance needs of the 2003 vintage asset. Which partially mitigates financial policy risks. Looking back on its first full year of operation under LS power, Hunterstown achieved spark spread of $21 per megawatt-hour (/MWh) and a capacity factor of 83% in 2025 aided by favorable power market dynamics. S&P said, "We continue to view the project's DSCRs as commensurate with the current rating. We forecast Hunterstown's minimum DSCR will be relatively depressed at 1.36x during the post-refinancing phase compared to our previous forecast of 1.41x. We anticipate the project's sweeps will decline to 38% from 50% during the debt term, leading to $340 million of debt outstanding in 2031. The leverage-based sweep mechanism remains unchanged at 75% if Hunterstown's net debt to EBITDA exceeds 3.50x, falls to 50% if its net debt to EBITDA is equal to or less than 3.50x, and drops to 25% if its net debt to EBITDA is equal to or less than 2.50x. But we expect leverage ratio to be reduced as EBITDA receives material uplift from additional hedges, favorable power prices in the region, and tailwinds from the capacity market. We continue to view this level of DSCR as commensurate with the current rating, while financial policy risks will be monitored." Recovery rating of 2 (85%) utilizes updated default valuation of $550/kW. This is higher than its previous default valuation of $500/kW to reflect the increasing power demand and new build cost of power plants, as well as Hunterstown's locational premium associated with its proximity to datacenter load pockets. S&P said, "The stable outlook reflects our expectation for strong DSCRs during the TLB period, given our expectation for rising power demand, as well as the recently cleared elevated capacity prices in PJM. During the TLB period, we expect DSCRs of above 2.00x, which will fall to a minimum of about 1.36x when the project assumes a fully amortizing debt structure after refinancing. We expect about $340 million of the TLB will be outstanding at maturity." S&P could lower its ratings of Hunterstown if its minimum DSCR falls below 1.35x on a sustained basis. This could occur due to: -- A material decrease in power prices, capacity prices, or energy spreads; -- Unplanned outages that substantially affect generation; -- Economic factors that cause the plant to dispatch materially less than S&P assumes under its base-case forecast; or -- It deleveraging is substantially lower than S&P expects, leading to a higher-than-expected debt balance at maturity. Although unlikely in the near term, due to the single-asset nature of the project, S&P could raise its rating if: -- S&P expects Hunterstown will maintain a minimum DSCR of at least 1.80x in all years, including the post-refinancing period; and -- On a qualitative basis, S&P believes it could rate the project above 'BB-' despite the inherent volatility in power prices, the operational and refinancing risk associated with single assets, and its refinancing risk. S&P would expect this to occur if the project's financial performance and debt repayment well exceed its forecast on a sustained basis. This could be due to factors such as improved energy margins, higher dispatch, and substantially improved capacity pricing that leading to lower-than-expected debt outstanding at the maturity of the TLB, as well as a track record of decreasing debt per kilowatt (kW). HYE NURSES: Mark Sharf Named Subchapter V Trustee ------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Hye Nurses Home Health, Inc. Mr. Sharf will charge $740 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Hye Nurses Home Health Inc. Hye Nurses Home Health, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10955) on May 4, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Martin R. Barash presides over the case. Cyrus Zal, Esq., represents the Debtor as legal counsel. INNOVATIVE CHEMICAL: S&P Lowers ICR to 'CCC-', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Innovative Chemical Products Group (ICP) by one notch to 'CCC-'. The negative outlook reflects S&P's view that there is a one-in-three likelihood of ICP's S&P Global Ratings-adjusted EBITDA to interest coverage diminishing to below 1.0x, and a specific default scenario could become a virtual certainty. ICP's operational performance was very weak in the fourth quarter of 2025, and S&P expects its full-year performance in 2026 to remain under pressure. Volumes have dropped meaningfully, and it is unclear whether any future pickup in demand will be sufficient to keep its credit measures (in particular, fixed-charge coverage) from being constrained, given the weak residential market in Florida and challenges related to customer retention. S&P believes the potential for financial restructuring is high. Weakness in the Florida residential market dented ICP's progress. The company's fourth-quarter performance was weaker than S&P anticipated, with sales down 5% year over year and the Florida market down more than 30%. Sales contraction in the first quarter of 2026 was not as steep, but still below our expectations. A code change affected underlayment products, and a shift in customer preferences from tile to metal hindered sales of adhesive products. The Florida market accounted for over 70% of the sales shortfall and much of the EBITDA underperformance as well. ICP's non-Florida markets grew slightly. S&P said, "The rating downgrade reflects our view that in despite some cost-savings actions, ICP's credit measures will remain under heavy pressure. With inflation worries resurfacing, higher interest rates could keep housing starts tepid. Demand for ICP's construction-related roofing adhesives and other products may remain weak. While volume from share gains could pick up, we do not think these will be significant enough to offset tough market conditions." Customer concentration issues have burdened the company in recent years. In the fourth quarter of 2025, a customer decided to insource one of its key product lines and notified ICP that it would be fully insourced from January 2026 onwards. S&P estimates this insourcing will hurt ICP's EBITDA generation significantly. Earnings have been weak, even prior to the March 2023 divestiture of its industrial services division. ICP's credit measures are likely to remain weak. The company is maintaining somewhat solid pricing, but the volume drop off is severe. Thus, S&P expects credit measures to remain weak. It projects ICP's S&P Global Ratings-adjusted EBITDA will contract this year by 12%. Moreover, ICP's interest rate hedge has expired, and the EBITDA to interest coverage ratio could weaken again to near 0.6x from 0.7x last year. This ratio has been less than 1.0x for multiple consecutive years. The company's S&P Global Ratings-adjusted leverage ratio was 17x as of Dec. 31, 2025. S&P said, "We assess ICP's liquidity for the next 12 months as weak, and the potential for financial restructuring is high. In February 2024, ICP entered into an amendment to its first-lien credit agreement to provide for $130 million of incremental term loan issuance and used the proceeds to repay and retire its revolving credit facility and add cash to the balance sheet. We note it has roughly $20 million of cash and $36 million in liquidity from marketable securities maturities; this may not be sufficient to fund the company's uses of liquidity in the next 12 months, as cash interest expense alone is likely to exceed $110 million. "The negative outlook on ICP reflects the potential that we will lower our rating in the next six months if it appears that the company is even likelier to default, either via inability to meet its fixed charges or through a distressed exchange." This could occur if the U.S. enters a deep recession that reduces demand for ICP's products serving the building materials end market while interest rates and other costs remain high. A recession could erode demand for its sealants and adhesives for housing applications, and the supply chain--which has eased of late--could return to late-2021 tightness or worse. Sufficiently weak demand could exacerbate liquidity pressures and make the capital structure unsustainable despite currently healthy cash balances following the receipt of proceeds from incremental term loan issuances and better operational execution as of late. S&P said, "In our base-case scenario, we expect revenue to contract by 7% in 2026 on weak end-market demand and low volumes, albeit with still fairly decent pricing. ICP's profitability may continue to improve on a more normal supply chain environment and better cost control. However, we also believe leverage will likely remain high over the next year, with S&P Global Ratings-adjusted debt to EBITDA greater than 15x. The incremental term loans' interest expense is partially in pay-in-kind accrual, which adds to debt. "We could lower our ratings on ICP within the next six months or sooner if the company does not make its interest payments in a timely manner or undergoes what we would view as a distressed exchange, in which it coerces lenders to accept less than adequate compensation or less than originally promised value for their debt securities. We could also lower the rating if we believe macroeconomic conditions and its execution are weak enough that a default appears likely." This could occur due to: -- Reversion to weak margins; -- Continued free cash flow deficits amid still-high interest rates; and -- Constrained liquidity with no prospects for improvement. S&P could revise its outlook on ICP to stable or positive within the next 12 months if the company improves its liquidity position via good operational execution with better profitability and cash flow and has a credible path to refinance its December 2027 first-lien term loan maturity on favorable terms. INTEGRATED ENDOSCOPY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The United States Bankruptcy Court for the Central District of California entered an order authorizing Integrated Endoscopy Inc. to use cash collateral on an interim basis. Judge Scott Clarkson granted the debtor's motion and authorized the use of cash collateral from May 1 through the earliest of case conversion, dismissal, confirmation of a plan, or 5:00 p.m. local time on July 31. The debtor's use of funds must comply with the budget attached to the declaration of David Chou, with permitted variances of up to 10% per budget line item and in the aggregate. The order further provides that if the debtor seeks to continue using cash collateral after July 31, it must file a new motion on regular notice requesting additional authority from the court. As adequate protection against any diminution in the value of their collateral interests, the court granted replacement liens on the debtor's post-petition assets, excluding avoidance action recoveries, to secured parties including Research Corporation Technologies, Inc., Knobbe, Martens, Olson & Bear LLP, David Chou, and Quartus AI Fund LP. Research Corporation Technologies is represented by: Jeffrey R. Gleit, Esq. Brett D. Goodman, Esq. ArentFox Schiff, LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Telephone: 212.484.3900 Facsimile: 212.484.3990 jeffrey.gleit@afslaw.com brett.goodman@afslaw.com -- and -- Aram Ordubegian, Esq. Christopher K.S. Wong, Esq. ArentFox Schiff, LLP 555 West Fifth Street, 48th Floor Los Angeles, CA 90013-1065 Telephone: 213.629.7400 Facsimile: 213.629.7401 aram.ordubegian@afslaw.com christopher.wong@afslaw.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. IOVATE HEALTH: Court Recognizes Reverse Vesting Order ----------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York granted the motion of Iovate Health Sciences International Inc.'s foreign representative for an order recognizing and enforcing the Reverse Vesting Order; approving the transfer of the Debtors' excluded property; and related relief. On September 5, 2025, the Chapter 15 Debtors and associated debtors (the "Canadian Debtors") commenced a proceeding under Canada's Bankruptcy and Insolvency Act (R.S.C. 1985, c. B-3) (as amended, the "BIA"). The Canadian Court issued an order on October 31, 2025, granting the Canadian Debtors' Motion to convert the proceeding under the CCAA (the "CCAA Proceeding"), appointing KSV Restructuring Inc. ("KSV" or the "Monitor") as the Monitor, and Iovate remained the Foreign Representative. This Court, after initially granting provisional relief to the Chapter 15 Debtors under the BIA proceeding, later recognized the CCAA Proceeding ("CCAA Recognition Order"). The Canadian Court granted an order approving a sale and investment solicitation process (the "SISP") to be conducted by the Monitor with assistance of the Canadian Debtors and Origin Merchant partners as sales agent (the "Sales Agent"). The Canadian Court later granted an order giving the Monitor enhanced power to supervise and manage the Canadian Debtors' business to ensure a fair administration of the CCAA proceeding and SISP. On April 1, 2026, the Monitor and Sales Agent selected the bid submitted by the Purchaser to be implemented pursuant to the Subscription Agreement. As required by the Purchaser to consummate the Transaction, the Subscription Agreement is structured as a "reverse vesting transaction." As the name suggests, an RVO utilizes a ‘reverse vesting' structure. The debtor cancels all existing shares and issues new shares to a designated purchaser. The purchaser agrees to accept preferred assets and liabilities, while certain excluded assets and liabilities are vested into a newly formed "ResidualCo." The purchased company, holding only the assumed assets and liabilities as desired by the purchaser, may then exit the insolvency proceeding with the ResidualCo being added as a debtor to the proceeding. The Motion seeks entry of an order that: (a) recognizes and enforces the Ontario Superior Court of Justice's (the "Canadian Court") Approval and Reverse Vesting Order (the "Reverse Vesting Order") approving the Subscription Agreement dated April 2, 2026 (the "Subscription Agreement") between Xiwang Iovate Holdings Company Limited ("Iovate Holdings") and 1001542267 Ontario Inc. (the "Purchaser") and the related transactions contemplated by the Subscription Agreement (the "Transaction"); and (b) approving under sections 363, 1520, and 1521 of the Bankruptcy Code the transfer Iovate, Iovate Health Sciences U.S.A. Inc. ("Iovate US"), and Northern Innovations Holding Corp. ("Northern Innovations" and, together with Iovate and Iovate US, the "Chapter 15 Debtors") right, title, and interest in and to certain "excluded" United States assets, contracts, and liabilities to a newly-formed corporation ("ResidualCo") pursuant to the Reverse Vesting Order, as well as related relief. The Foreign Representative argues that the Bankruptcy Court should recognize the Reverse Vesting Order under the Court's authority to grant both "appropriate relief" under section 1521(a) and "additional assistance" under section 1507 of the Code. Additionally, the Foreign Representative claims that creditors and parties in interest have been treated fairly by being provided with customary notice of the Reverse Vesting Order and will be given the opportunity to raise objections to the relief requested. Both preferential and fraudulent transfers are not permitted under the CCAA. The Foreign Representative also contends that the Reverse Vesting Order is not manifestly contrary to the public policy of the United States and therefore complies with section 1506. The Foreign Representative argues that the sales process outlined in the SISP is similar to the processes utilized in Chapter 11 cases, and similar RVOs to the Reverse Vesting Order have been recognized by other courts in Chapter 15 cases. The Foreign Representative claims that the entering into the Subscription Agreement and consummating the transaction was a prudent exercise of business judgment and should therefore be approved under section 363 as the culmination of the SISP, which was approved by the Canadian Court and conducted by the independent Monitor. Recognizing that the issuance of stock may not be a sale transaction of under section 363, the Foreign Representative alternatively seeks court approval for the transfer of the Excluded Property from the Chapter 15 debtors to ResidualCo. The Foreign Representative touts the SISP process as a prudent exercise of the Chapter 15 Debtors' business judgment, noting the extensive negotiations with multiple parties and transparent marketing process undertaken in an attempt to secure the most optimal deal. Absent approval of the transaction, the Foreign Representative claims that all parties involved will suffer "significant, if not irreparable, harm" by not being able to close the transaction. The Foreign Representative believes that it has acted with good faith during the process through arms-length negotiations in accordance with the SISP. The Foreign representative also requests the Purchaser receive the protections set forth in subsections 363(m) and (n) of the Bankruptcy Code. The Foreign Representative additionally seeks recognition and enforcement of the Releases granted by the Canadian Court as they are justified, reasonable, and appropriate in the circumstances; the releases are limited to claims and causes of action directly connected to the sale process and Transaction. As they are not contrary to public policy, the Foreign Representative points to principles of comity to recognize the Releases. Without given full force and effect in the United States, the Foreign Representative claims that United States-based creditors would have an advantage over Canadian creditors with the ability to bring claims against the Released Parties, in addition to undermining the relief granted by the Canadian Court through the Reverse Vesting Order. The Bankruptcy Court recognizes the Reverse Vesting Order, with its rationale grounded by considerations of comity. U.S. Bankruptcy courts regularly approve transactions and plans involving Chapter 15 debtors in CCAA proceedings that have been approved through orders in the Canadian court. Beyond general considerations of comity, the Reverse Vesting Order will sufficiently protect the interests of creditors. The Canadian Court determined in granting the Reverse Vesting Order that "no stakeholder is worse off under the reverse vesting structure than they would be under any other viable alternative." In addition, the recognition of the Reverse Vesting Order is not manifestly contrary to the public policy of the United States. While the Transaction might have been completed in the exercise of the Chapter 15 Debtor's sound business judgment, the Court cannot not review the Subscription Agreement and Transaction under section 363. The Bankruptcy Court does find that the Purchaser acted in good faith and should be granted protections under section 363(m) as needed. The Court recognizes the requested releases. The releases are properly tailored to ensure sufficient protection and the just treatment of all claimants, limited in scope to any claims against the Released Parties arising in connection with or relating to the Subscription Agreement, the completion of the Transactions, and the Reverse Vesting Order. Given the withdrawal of the sole objection, the Court will waive Bankruptcy Rule 6004(h). A copy of the Court's Memorandum Opinion dated May 12, 2026, is available at http://urlcurt.com/u?l=ys8jDsfrom PacerMonitor.com. Iovate Health Sciences International Inc. is a Canadian nutrition company headquartered in Oakville, Ontario, that develops and markets active nutrition and weight management products. Iovate Health Sciences International Inc., Iovate Health Sciences U.S.A. Inc., and Northern Innovations Holding Corp. filed for Chapter 15 bankruptcy (Bankr. S.D.N.Y. Lease Case No. 25-11958) in New York on on Sept. 9, 2025. The Hon. Martin Glenn presides over the Debtors' Chapter 15 cases. Steven W. Golden, Jeffrey M. Dine, Mary F. Caloway, and Victoria A. Newmark, of Pachulski Stang Ziehl & Jones LLP, represent the Debtors in their Chapter 15 cases. IRIDIUM SATELLITE: Moody's Affirms 'Ba3' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed Iridium Satellite LLC's ("Iridium") Ba3 corporate family rating, Ba3-PD probability of default rating, and Ba3 senior secured first lien bank credit facility rating, and downgraded the company's speculative grade liquidity rating (SGL) to SGL-3 from SGL-2. The outlook remains stable. Iridium is the principal operating subsidiary of publicly traded Iridium Communications Inc. (together "the company"). The action follows the company's announced acquisition of the remaining 61% of Aireon LLC ("Aireon") [1] it did not already own for about $522 million, including about $155 million of assumed debt. Aireon, formed as a joint venture in 2011 with Air Navigation Service Providers (ANSPs), including those in Canada, Italy, the UK, Denmark, and Ireland, provides global aircraft tracking and air traffic surveillance service on Iridium's satellite network. Iridium plans to fund the equity purchase price of $366.7 million in two installments - $183.35 million at close and the remaining $183.36 million one year after closing. The transaction is expected to close in July. "Although the acquisition will push pro forma debt/EBITDA to the downgrade threshold of 4.5x, Moody's affirmed the ratings and maintained the stable outlook to reflect Moody's expectations that debt repayment through free cash flow will reduce debt/EBITDA below 4x by the end of 2027. Moody's also considered the company's good operating momentum despite global macroeconomic uncertainties and increased competition in the satellite communications sector," said Peter Adu, Moody's Ratings analyst. "Moody's downgraded the SGL to reflect the resulting reduction in cash and revolver availability after funding the first installment of the acquisition", Adu added. RATINGS RATIONALE Iridium's Ba3 CFR benefits from: (1) a good and defensible market position in the satellite communications sector, supported by its ownership of L-band spectrum and a low earth orbit (LEO) satellite constellation; (2) positive growth prospects, reinforced by rising demand for mobile voice and data satellite services, especially in the growing Internet of Things (IoT) market; (3) high recurring revenue (over 70%) that is generated from an installed base of over 2.5 million billable subscribers globally and a fixed-price contract with US government agencies; and (4) consistent positive free cash flow generation offers a path to reduce leverage. The rating is constrained by: (1) its increasingly aggressive financial policy by way of debt funded acquisitions and share repurchases, which increases leverage periodically (pro forma 4.5x from 4.1x as of LTM Q1-2026 with the Aireon acquisition) and reduces liquidity; (2) increased competition in the satellite communications sector; and (3) its small scale (revenue of $876 million at LTM Q1/2026) relative to rated peers in the sector. Iridium has one class of secured debt - $100 million revolving credit facility expiring in September 2028 and $1.8 billion (face value) term loan due September 2030 (about $1.76 billion outstanding as of March 31, 2026) - both facilities are rated Ba3. The facilities are secured by substantially all material owned tangible and intangible assets of the company and its subsidiaries. The facilities are also guaranteed by certain subsidiaries and Iridium Holdings, the company's immediate parent. Moody's rates both facilities Ba3, which is the same as the CFR, because they represent a single class of debt and comprise the bulk of the debt capital. Moody's expects Iridium to provide a guarantee for Aireon's assumed debt, thereby aligning its priority equally with Iridium's existing debt. Iridium has adequate liquidity (SGL-3) through May 31, 2027, with sources approximating $440 million while it has $8 million of term loan amortization in this period and about $366.7 million of payment for the acquisition of Aireon. The company's liquidity is supported by $112 million of cash as of March 31, 2026, full availability under its $100 million revolving credit facility that expires in September 2028, and Moody's free cash flow estimate of at least $230 million through the next twelve months. The revolver is subject to a springing financial maintenance covenant of 6.25x net leverage when it is more than 35% drawn and Moody's expects it to be applicable due to drawings that will be used to fund the acquisition of Aireon. However, cushion should exceed 35% through the next four quarters after the acquisition closes. Iridium has limited flexibility to generate liquidity from asset sales, with a fully secured capital structure and asset mix that is not easy to carve-out for sale given the nature of its business. The outlook is stable because Moody's expects the company to maintain at least adequate liquidity, continue to increase its revenue and EBITDA despite competitive challenges in the satellite communications sector, use its free cash flow to repay debt, and sustain debt/EBITDA below 4x within the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company continues to increase its scale and market position while sustaining debt/EBITDA below 3x and free cash flow to debt above 15%. The ratings could be downgraded if there is deterioration in the company's scale or market position or if it sustains debt/EBITDA above 4.5x and free cash flow to debt below 7.5%. The principal methodology used in these ratings was Communications Infrastructure published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Iridium Satellite LLC, headquartered in McLean, Virginia, and the principal operating subsidiary of publicly traded Iridium Communications Inc., is a provider of mission critical and highly reliable voice and data communication services to commercial and government customers using its 66 cross-linked L-band LEO satellite constellation, with 14 in-orbit spares for redundancy. JFM SPRING: Gets Interim OK to Use Cash Collateral -------------------------------------------------- JFM Spring, LLC got the green light from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for June 23. The Debtor's financial distress stems from pandemic-related disruptions, resulting in default under a multi-party lending arrangement tied to several affiliated restaurant entities. The primary secured creditor is First Franchise Capital Corporation, which extended more than $7.2 million in loans across multiple notes secured by broad collateral packages covering the Debtor and related entities, including real estate, equipment, and business assets. FFCC obtained a state court judgment exceeding $6.6 million after defaults and unsuccessfully attempted to enforce its rights before the bankruptcy filing. Its collateral is further supported by guarantees from affiliated entities and individuals, as well as liens on additional real estate, which the Debtor said creates an equity cushion sufficient for adequate protection. The U.S. Small Business Administration also holds a junior lien securing a loan of approximately $153,000 against the Debtor's inventory, equipment, and accounts receivable. As adequate protection, the Debtor offers replacement liens on post-petition assets to the extent of any diminution in the value of secured creditors' collateral while asserting that no material impairment is expected given the creditors' oversecured positions About JFM Spring LLC JFM Spring, LLC operates a Burger King franchise. JFM Spring sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-15124) on May 5, 2026, with up to $50,000 in assets and up to $10 million in liabilities. Ranjana Jethwa, president of JFM Spring, signed the petition. Richard D. Trenk, Esq., at Trenk Isabel Siddiqi & Shahdanian P.C., represents the Debtor as legal counsel. JOHN FITZGIBBON: Seeks Court Approval to Employ OCPs ---------------------------------------------------- John Fitzgibbon Memorial Hospital, Inc. and Fitzgibbon Health Services seek approval from the United States Bankruptcy Court for the Western District of Missouri to employ and retain professionals to provide ordinary course professional services. The OCPs will provide these services: (a) provide accounting, tax, audit, and financial reporting services, including preparation of tax returns and audit support for fiscal year requirements; (b) provide government audit and reimbursement support services, including FEMA and ERC-related filings, analysis, and reporting; (c) provide disaster recovery services, including preparation, submission, and appeal of FEMA claims and related audit support; (d) provide managed services and operational support necessary for ongoing hospital operations; and (e) provide technical and financial systems support required for regulatory compliance and financial reporting. The Ordinary Course Professionals identified in the filing are: -- Forvis Mazars, LLP -- Delivering Results & Solutions, a division of Specialty Program Group LLC (successor in interest to Disaster Recovery Services, LLC) -- Huron Managed Services, LLC The Debtors request authority to compensate the OCPs in accordance with the proposed ordinary course procedures, including payment of 100% of fees and expenses after review and approval by the Debtors, without the need for individual fee applications, subject to notice and objection procedures. The proposed process includes filing OCP Declarations and Questionnaires and allowing 14 days for objections before retention is deemed approved. The OCPs are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code and did not hold or represent any interest adverse to the Debtors or their estates, according to court filings. The professionals can be reached at: Forvis Mazars, LLP Address: P.O. Box 1190 Springfield, MO 65801 Phone: (417) 865-8701 Delivering Results & Solutions Address: 2229 San Felipe Street, Suite 1200 Houston, TX 77019 Email: contactus@drsconsults.com Huron Managed Services, LLC Address: 550 W Van Buren St Chicago, IL 60607-3827 Phone: (312) 583-8700 Email: alrodriguez@hcg.com About John Fitzgibbon Memorial Hospital, Inc. John Fitzgibbon Memorial Hospital, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40689) on April 21, 2026. In the petition signed by Angela P. Littrell, president and chief executive officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Cynthia A. Norton oversees the case. Zachary R.G. Fairlie, Esq., at Spencer Fane, represents the Debtor as legal counsel. JVL 1998: Christopher Lee Named Subchapter V Trustee ---------------------------------------------------- Jerry Jensen, the Acting U.S. Trustee for Region 13, appointed Christopher Lee as Subchapter V trustee for JVL 1998 Apartments L.L.C. Mr. Lee will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Lee declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Christopher Lee Sandberg Phoenix 120 S. Central Avenue, Suite 1600 Clayton, MO 63105 clee@sandbergphoenix.com (314) 725-9100 About JVL 1998 Apartments L.L.C. JVL 1998 Apartments, L.L.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-42058) on May 12, 2026, with $1 million to $10 million in both assets and liabilities. Judge Bonnie L. Clair presides over the case. Spencer P. Desai, Esq., at The Desai Law Firm, LLC represents the Debtor as bankruptcy counsel. K&M BROADCASTING: Steven Nosek Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 12 appointed Steven Nosek as Subchapter V trustee for K&M Broadcasting Inc. Mr. Nosek will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Nosek declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Steven B. Nosek 10285 Yellow Circle Drive Hopkins, MN 55343 Email: snosek@noseklawfirm.com About K&M Broadcasting Inc. K&M Broadcasting Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 26-31547) on May 11, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Mary Sieling, Esq. at Sieling Law, PLLC represents the Debtor as bankruptcy counsel. KALAMAZOO CANDLE: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Kalamazoo Candle Company, LLC Sand Art Candle Company, LLC Ruth's Body Care, LLC Zero NA Bar 202 South Kalamazoo Mall Kalamazoo, MI 49007 Business Description: Kalamazoo Candle Company is a Kalamazoo, Michigan-based candle company founded in 2013. The company handcrafts made-to-order soy candles and sells candle products and related fragrance and accessory items, including classic candles, botanicals, large 2-wick candles, car fresheners, warmers, candle-care products, matchboxes, aroma oils, wax melts, votives, and travel tins. It also produces custom label candles, offers DIY candle-making experiences, and supports wholesale candle ordering. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Western District of Michigan Case No.: 26-01606 Judge: Hon. Scott W Dales Debtor's Counsel: Steven M. Bylenga, Esq. CBH ATTORNEYS & COUNSELORS, PLLC Main Office 25 Division Avenue S., Suite 500 Grand Rapids, MI 49503 Tel: 616-608-3061 Fax: 616-719-3782 E-mail: nikki@chasebylenga.com Total Assets: $148,682 Total Liabilities: $2,115,854 The petition was signed by David Adam McFarlin as member/manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JGOYNVI/Kalamazoo_Candle_Company_LLC__miwbke-26-01606__0001.0.pdf?mcid=tGE4TAMA KOCAK LLC: Nathaniel Wasserstein Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nathaniel Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for Kocak, LLC. Mr. Wasserstein will be paid an hourly fee of $530 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About Kocak LLC Kocak LLC, doing business as Green Streets Salads, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42234) on May 07, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Jil Mazer-Marino presides over the case. Heath S. Berger, Esq., at Bfsng Law Group, LLP represents the Debtor as bankruptcy counsel. KOMAX LLC: Hires Meridian Management Partners as Financial Advisors ------------------------------------------------------------------- Komax, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ and retain Meridian Management Partners, LLC as its financial advisors. The firm will provide these services: (a) perform the Debtor's operating budgets; (b) prepare and validate the Debtor’s 13-week cash flow projections; (c) assist the Debtor with DIP financing arrangements, including compliance with DIP loan agreements and related court orders; (d) analyze and review key motions at the request of Debtor's counsel to identify strategic financial issues; (e) assist in the sale of substantially all assets pursuant to section 363(f) of the Bankruptcy Code; (f) assist in the preparation of short- and long-term financial projections; (g) assist in preparing financial disclosures required by the Bankruptcy Court, including schedules of assets and liabilities, statements of financial affairs, monthly operating reports, and other reports required under the U.S. Trustee Guidelines; (h) assist in negotiating with landlords, vendors, and any official committee that may be appointed; (i) assist with daily administrative and operational duties; (j) review proposed transactions, including assumption or rejection of executory contracts; (k) review significant claims asserted against the Debtor; and (l) provide such other financial advisory services as may be required by the Debtor or its counsel. Meridian will be compensated at standard hourly rates, including $450 for William R. Frederick and $550 for Michael T. Von Lehman, with other professionals billing between $125 and $500 per hour. The firm also holds an advance retainer in the amount of $6,814.14 as of the Petition Date, subject to Court approval. Meridian Management Partners, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b), and does not hold or represent an interest adverse to the Debtor’s estate, according to court filings. The firm can be reached at: Michael T. Von Lehman MERIDIAN MANAGEMENT PARTNERS, LLC 39 Newgate Road Pittsburgh, PA 15202 About Komax LLC Komax, LLC is an office equipment sales, leasing, and servicing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Va. Case No. 2:26-bk-20106) on May 4, 2026. In the petition signed by Robert B. Maxwell, Jr., sole member and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Brandy M. Rapp, Esq., at Whiteford, Taylor & Preston LLP, represents the Debtor as legal counsel. KOMAX LLC: Seeks to Employ Whiteford Taylor & Preston as Counsel ---------------------------------------------------------------- Komax, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of West Virginia to employ and retain Whiteford, Taylor & Preston LLP as its counsel. The firm will provide these services: (a) advising the Debtor with respect to its powers and duties as Debtor and Debtor-in-possession in the continued management and operation of its business and property; (b) taking all necessary action to protect and preserve the Debtor's assets; (c) preparing motions, applications, answers, orders, reports, papers and other pleadings necessary to administer the Debtor's estate and assist the Debtor with operating in chapter 11; (d) preparing and pursuing approval of a sale of substantially all assets of the Debtor's pursuant to section 363(f) of the Bankruptcy Code; (e) appearing before this Court, appellate courts, and any other courts to protect the interests of the Debtor and its estate; and (f) performing any and all other necessary legal services in connection with this Bankruptcy Case. The firm's disclosed 2026 hourly rates include $690 for Brandy M. Rapp, Partner; $665 for David W. Gaffey, Partner; $690 for Marc Phillips, Partner; $595 for Joshua D. Stiff, Partner; and $300 for Kathleen G. McCruden, Paralegal. Prior to the Petition Date, Whiteford received an advance payment retainer in the amount of $125,000 to pay its prepetition fees and expenses. As of the Petition Date, Whiteford was holding the balance of the advance payment retainer in the amount of $4,091. Whiteford, Taylor & Preston LLP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brandy M. Rapp, Esq. WHITEFORD, TAYLOR & PRESTON LLP 10 S. Jefferson Street, Suite 1110 Roanoke, VA 24011 Telephone: (540) 759-3577 Facsimile: (540) 759-3567 E-mail: brapp@whitefordlaw.com About Komax LLC Komax, LLC is an office equipment sales, leasing, and servicing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Va. Case No. 2:26-bk-20106) on May 4, 2026. In the petition signed by Robert B. Maxwell, Jr., sole member and manager, the Debtor disclosed up to $10 million in both assets and liabilities. Brandy M. Rapp, Esq., at Whiteford, Taylor & Preston LLP, represents the Debtor as legal counsel. L3DFX LLC: Plan Exclusivity Period Extended to Aug. 31 ------------------------------------------------------ Judge David D. Cleary of the U.S. Bankruptcy Court for the Northern District of Illinois extended L3DFX, LLC's exclusive period to file a plan of reorganization to Aug. 31, 2026. As shared by Troubled Company Reporter, the Debtor is an Illinois limited liability company currently located at 640 Remington Blvd., Bolingbrook, Illinois (the "Current Location"), and engaged in the business of designing and fabricating custom scenic elements, props, architectural features, and immersive environments for use in themed entertainment venues, museums, branded experiences, live events, and location-based attractions. The Debtor's Chapter 11 case was filed due to ongoing litigation with the Debtor's landlord and other creditors, and was a direct result of timing issues in connection with the Debtor's collection of its accounts receivable. The Debtor explains that it is in need of an extension of time to file its Plan due to its rejection of the Current Location by order of this Court dated April 16, 2026. The Debtor claims that it is currently deciding between entering into a lease for a new location, entering into an agreement for storage of its assets, or liquidation of its assets under either Chapter 7 of the Bankruptcy Code or a liquidating Chapter 11. Successful pursuit of a new lease location would present a very different picture of a plan of reorganization. L3DFX, LLC is represented by: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Tel: (312) 641-6777 Email: sclar@cranesimon.com About L3DFX, LLC L3DFX, LLC is a limited liability company engaged in commercial operations in Illinois. L3DFX, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01909) on Feb. 2, 2026. In its petition, the Debtor estimated assets of up to $100,000 and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge David D. Cleary handles the case. The Debtor is represented by Scott R. Clar, Esq., of Crane, Simon, Clar & Goodman. LASCHAL SURGICAL: Employs Klinger & Klinger as Accountants ---------------------------------------------------------- Laschal Surgical Instruments LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Klinger & Klinger, LLP to serve as accountants. The firm will provide these services: (a) explore, identify, and facilitate implementation of the Debtor's Chapter 11 restructuring options and strategic alternatives; (b) assist the Debtor in the preparation of short and long-term financial projections, including balance sheet, profit and loss, and cash flow statements, and budget-to-actual analysis; (c) assist in preparing financial disclosures required by the Bankruptcy Court, including monthly operating reports and related filings; (d) assist with cash collateral information, financial analyses, and bankruptcy-related reporting requirements; (e) assist in preparing bankruptcy-related financial statements and reports required by the Court or the United States Trustee Guidelines; (f) review cash flow projections and analyze historical disbursements and results of operations; and (g) render such other general accounting, consulting, and advisory services as may be required in the Chapter 11 Case. Klinger & Klinger, LLP will be compensated at hourly rates of $400 for partners, $325 for staff accountants, and $125 for paraprofessionals, plus reimbursement of actual and necessary expenses. The firm also received a $10,000 third-party retainer, consisting of $5,000 upfront and $5,000 within 30 days. Klinger & Klinger, LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor's estate, according to court filings. The firm can be reached at: Lee Klinger, CPA Klinger & Klinger, LLP 370 Lexington Avenue, Suite 2008 New York, NY 10017 About Laschal Surgical Instruments LLC Laschal Surgical Instruments LLC is a high-end surgical instrument manufacturer based in White Plains, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22291-kyp) on March 23, 2026. In the petition signed by Daniel Lasner, chief executive officer, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Kyu Young Paek oversees the case. Robert L. Rattet, Esq.,a at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. LASCHAL SURGICAL: Retains Davidoff Hutcher & Citron as Attorneys ---------------------------------------------------------------- Laschal Surgical Instruments LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to retain Davidoff Hutcher & Citron LLP as attorneys. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties as Debtor-in-Possession and the continued management of its property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; (c) prepare the necessary answers, orders, reports and other legal papers required for a debtor who seeks protection from its creditors under Chapter 11 of the Bankruptcy Code; (d) appear before the Bankruptcy Court to protect the interest of the Debtor and to represent the Debtor in all matters pending before the Court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of the business; (g) represent the Debtor in connection with obtaining post-petition financing; (h) take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (i) perform all other legal services for the Debtor which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and the estate. Prior to the Petition Date, DHC received a $17,500 pre-petition retainer payment from the Debtor. Subject to Court approval, compensation will be paid to DHC for services provided on an hourly basis plus reimbursement of actual, necessary expenses incurred. DHC Bankruptcy Practice Group's 2026 hourly rates are as follows: Robert L. Rattet, Partner -- $850 Craig M. Price, Senior Counsel -- $750 James B. Glucksman, Of Counsel -- $600 John D. Molino, Associate -- $500 Eric R. Schachter, Associate -- $450 Melanie Spencer, Paralegal -- $295 Davidoff Hutcher & Citron LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Robert L. Rattet, Esq. John D. Molino, Esq. DAVIDOFF HUTCHER & CITRON LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Laschal Surgical Instruments LLC Laschal Surgical Instruments LLC is a high-end surgical instrument manufacturer based in White Plains, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 26-22291) on March 23, 2026. In the petition signed by Daniel Lasner, chief executive officer, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Kyu Young Paek oversees the case. Robert L. Rattet, Esq.,a at Davidoff Hutcher & Citron LLP, represents the Debtor as legal counsel. LEACH PAINTING: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Leach Painting, Inc. DBA Leach Painting & Drywall, Inc. 400 E. Frye Road Chandler, AZ 85225 Case No.: 26-04726 Business Description: Leach Painting, Inc. is a family-owned and operated painting contractor founded in 1975 and serving the Phoenix Metro Area in Arizona. The company provides residential painting services, including interior, exterior, electrostatic, and wrought iron painting. Its additional services include specialty coatings, paint removal, pressure washing, drywall repairs, garage floor coating, and gate refinishing. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court District of Arizona Judge: TBD Debtor's Counsel: Eli Enger, Esq. UDALL SHUMWAY PLC 1138 N. Alma School Rd. Suite 101 Mesa, AZ 85201 Tel: 480-461-5300 Fax: 480-833-9392 Email: ete@udallshumway.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Kristofer S. Hammon as president/CEO. 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/MI25JHI/LEACH_PAINTING_INC__azbke-26-04726__0001.0.pdf?mcid=tGE4TAMA LEESTMA MANAGEMENT: Receiver to Tap Johnson Pope Bokor as Counsel ----------------------------------------------------------------- John Polderman, the state court appointed receiver and custodian of Leestma Management, LLC and affiliates, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Alberto F. Gomez, Jr. of Johnson Pope Bokor Ruppel & Burns, LLP as bankruptcy counsel. The firm will provide these services: (a) advise regarding obligations arising under the Bankruptcy Code; (b) address issues concerning turnover; (c) assist with accounting matters; (d) advise regarding preservation of estate property; (e) handle contested matters; (f) ensure compliance with Court orders; (g) assist with administration of the Receivership Assets; and (h) handle matters arising in these Chapter 11 cases, including issues concerning turnover under 11 U.S.C. Sec. 543, administration of receivership property, and related proceedings. Alberto F. Gomez, Jr.'s hourly rate is $550, while legal assistant time is billed at hourly rates ranging from $180 to $225. Proposed Counsel received a retainer in the amount of $15,000 in connection with the engagement. Any compensation remains subject to Court approval. Johnson Pope Bokor Ruppel & Burns, LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Alberto F. Gomez, Jr., Esq. JOHNSON POPE BOKOR RUPPEL & BURNS, LLP 400 North Ashley Drive, Suite 3100 Tampa, FL 33602 Telephone: (813) 225-2500 Facsimile: (813) 223-7118 E-mail: AL@JPFirm.com About Leestma Management, LLC Leestma Management, LLC, based in Bradenton Beach, Florida, manages real estate investments and development projects, including the Adelaide Pointe waterfront complex along Muskegon Lake, Michigan, a mixed-use development held through affiliated entities such as Adelaide Pointe Building 1, LLC, Adelaide Pointe QOZB, LLC, Adelaide Pointe Boaters Services, LLC, and Waterland Battle Creek, LLC. The company oversees marina operations, residential and commercial property management, and broader development activities, consolidating operational and brand control under the Adelaide Pointe trademark. Leestma Management, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02696) on April 1, 2026. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million. Judge Caryl E. Delano oversees the case. The Debtor is represented by David Jennis, Esq. of JENNIS MORSE. LENA BRANDS: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Lena Brands LLC d/b/a Shari's d/b/a Coco's d/b/a Shari's Restaurants d/b/a Coco's Bakery Restaurants 13745 Omega Road Dallas TX 75244 Business Description: Lena Brands LLC, doing business as Coco's Bakery, Inc. and Shari's, operates family-style restaurant and bakery brands with roots dating to 1948 for Coco's in Corona Del Mar, California, and 1978 for Shari's in Hermiston, Oregon. The company's restaurant concepts offer American and Northwest comfort food, including breakfasts, salads, sandwiches, burgers, dinner entrees, desserts, and fresh-baked or specialty pies. Its brands support dine-in service and, where available, curbside pickup, delivery, and select outdoor dining ordering options. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10792 Debtor's Counsel: Mette H. Kurth, Esq. PIERSON FERDINAND LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington DE 19810 Tel: 302-907-9262 E-mail: mette.kurth@pierferd.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Samuel Nicholas Borgese as sole member and owner. The Debtor did not submit a list of its 20 largest unsecured creditors along with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MK7QCHI/Lena_Brands_LLC__debke-26-10792__0001.0.pdf?mcid=tGE4TAMA LENA HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Lena Holdings LLC 13745 Omega Road Dallas TX 75244 Business Description: Lena Holdings LLC is a Dallas-area holding company that owns Lena Brands LLC, an operating subsidiary associated with the Shari's and Coco's restaurant brands. 12345678901234567890123456789012XX56789012345678901234567890123456 Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10791 Debtor's Counsel: Mette H. Kurth, Esq. PIERSON FERDINAND LLP 3411 Silverside Road, Baynard Building Suite 104-13 Wilmington DE 19810 Tel: 302-907-9262 Email: mette.kurth@pierferd.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Nicholas Borgese as sole member and owner. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OKLS4JI/Lena_Holdings_LLC__debke-26-10791__0001.0.pdf?mcid=tGE4TAMA LENA REAL ESTATE: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Lena Real Estate Holdings LLC 13745 Omega Road Dallas TX 75244 Business Description: Lena Real Estate Holdings LLC, a wholly owned subsidiary of Lena Holdings LLC, is a Dallas-area real estate entity that holds property or lease interests associated with Shari's and Coco's restaurant operations. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10793 Debtor's Counsel: Mette H. Kurth, Esq. PIERSON FERDINAND LLP 3411 Silverside Road Baynard Building Suite 104-13 Wilmington DE 19810 Tel: 302-907-9262 Email: mette.kurth@pierferd.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Samuel Nicholas Borgese as sole member/owner. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/M6SAUIY/Lena_Real_Estate_Holdings_LLC__debke-26-10793__0001.0.pdf?mcid=tGE4TAMA LIGHTHOUSE COMMUNITY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ The Lighthouse Community Hospice, Inc. received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its budget from May 12 through the June 4 final hearing. Medicare, Medicaid, and insurance receivables constitute essential cash collateral for operations, according to the Debtor. Potential secured claims against the cash collateral are held primarily by Kalamata Capital Group, LLC (approximately $141,739 outstanding) and On Deck Capital, Inc. The On Deck debt is reported as satisfied but remains reflected due to an unreleased UCC filing. As protection, lenders with a valid lien as of the petition date will be granted a replacement lien on all post-petition property of the Debtor that is similar to their pre-petition collateral. This replacement lien does not apply to the proceeds of any Chapter 5 avoidance actions. Under the interim order, the Debtor is required to pay the Subchapter V trustee $500 monthly beginning on or before June 1. The payments will be held as deposits earmarked solely for compensation of the Subchapter V trustee. The order is available at http://bankrupt.com/misc/Lighthouse_ICCOrder.pdf Lighthouse experienced a significant financial decline in 2025 due to reduced patient referrals, increased competition, and loss of key staff. To sustain operations during this downturn, the Debtor incurred high-interest merchant cash advance debt and credit card obligations, which ultimately became unmanageable alongside its normal operating expenses. These financial pressures led to the Chapter 11 filing in order to restructure debt and preserve ongoing hospice care services. About The Lighthouse Community Hospice Inc. The Lighthouse Community Hospice, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-56086) on May 5, 2026, with $100,001 to $500,000 in both assets and liabilities. John Whaley of John T. Whaley, CPA, LLC serves as Subchapter V trustee. Angelyn M. Wright, Esq., at The Wright Law Alliance, P.C. represents the Debtor as bankruptcy counsel. LL CREATIONS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The United States Bankruptcy Court for the Middle District of Florida entered a final order authorizing LL Creations, LLC to use cash collateral on a final basis. Under the order, the debtor is authorized to use cash collateral to pay court-approved expenses, including quarterly fees owed to the United States Trustee, as well as ordinary and necessary operating expenses contained in the approved budget attached as Exhibit A. The debtor may exceed each budget line item by up to 10% and may also seek approval for additional expenditures from the secured creditor, whose consent cannot be unreasonably withheld and must be provided within 48 hours of request. As adequate protection for the secured creditor, the court granted Idea 247, Inc. a perfected post-petition replacement lien on cash collateral to the same extent, validity, and priority as its pre-petition lien, without requiring additional filings or documentation. The debtor must also maintain insurance coverage on its property in accordance with the applicable loan and security agreements. Additionally, the debtor is required to continue performing all obligations imposed on a debtor-in-possession under the Bankruptcy Code, Bankruptcy Rules, and court orders. The order preserves the rights of all parties in interest by allowing future requests for modified adequate protection or additional restrictions on the use of cash collateral. It also protects the rights of any creditors' committee that may later be appointed to challenge the validity, priority, or extent of liens asserted against the cash collateral. Idea 247, as secured creditor, is represented by: Niki Sturm, Esq. Kaminski Law, PLLC P.O. Box 247 Grass Lake, MI 49240 (248) 462-7111 nsturm@kaminskilawpllc.com About LL Creations LLC LL Creations, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02729) on April 7, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Hon. Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com MADISYN ON PARK: Unsecureds Will Get 2% of Claims in Plan --------------------------------------------------------- Madisyn on Park, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated May 5, 2026. The Debtor is an owner and operator of a 15-unit apartment building in Brandon, Florida. Michael Leon is the Managing Member of the Debtor. The Debtor purchased the building in 2007, and refinanced in 2022. The mortgage payments were current until the middle of 2025, when the insurance premium payments nearly tripled, which caused the Debtor to fall behind on its financial obligations. The Debtor attempted a variety of forbearance and modification solutions prior to filing this bankruptcy. General unsecured creditors are classified in Class 2, and will receive an approximate distribution of 2% of their allowed claims, to be distributed as follows: Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. Class 2 consists of General Unsecured Claims. The Debtor will pay $10,000 to a Plan Pool. Creditors in this class will receive a pro rata distribution in 120 monthly payments of $167 commencing on the first month following Confirmation of the Plan. This Class is impaired. Class 3 consists of Equity Security Holders of the Debtor. The Debtor will retain its equity in the property of the bankruptcy estate postconfirmation. Payments and distributions under the Plan will be funded by the income received through the continued business operations of the Debtor or Reorganized Debtor. The Debtor intends to retain its current management and will continue to implement changes in its business model for more cost-effective operations, in addition to renovating the vacant units and achieving full occupancy. A full-text copy of the Disclosure Statement dated May 5, 2026 is available at https://urlcurt.com/u?l=RMdypD from PacerMonitor.com at no charge. Counsel to the Debtor: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 About Madisyn on Park LLC Madisyn on Park, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01810) on Mar. 9, 2026, listing up to $10 million in both assets and liabilities. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace represents the Debtor as counsel. U.S. Bank Trust Company, acting as trustee for a commercial mortgage securities trust, is represented by: Harris J. Koroglu, Esq. SHUTTS & BOWEN LLP 200 South Biscayne Blvd. Suite 4100 Miami, FL 33131 Phone: 305-358-6300 Email: hkoroglu@shutts.com MAE'S INVESTMENT: Seeks to Hire Dragonfly Real Estate as Broker --------------------------------------------------------------- Mae's Investment USA, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division to hire Dragonfly Real Estate LLC to serve as real estate broker. The Debtor is the owner of property located at 8625 Wellington View Drive, West Palm Beach, FL 33411. The firm will provide these services: (a) analyze and determine the market value of the property; (b) advertise and show the property to potential buyers; and (c) sell and close on the property. The compensation will be as follows: Seller will compensate broker if a buyer is procured who is ready, willing, and able to purchase the Property or any interest in the Property on the terms of this Agreement or on any other terms acceptable to Seller. Seller will pay Broker as follows: (a) 6% of the total purchase price later than the date of closing specified in the sales contract. However, closing is not a prerequisite for Broker's fee being earned. (b) 6% of the consideration paid for an option, at the time an option is created. If the option is exercised, Seller will pay Broker the Paragraph 8(a) fee, less the amount Broker received under this subparagraph. (c) 10% of gross lease value as a leasing fee, on the date Seller enters into a lease or agreement to lease, whichever is earlier. This fee is not due if the Property is or becomes the subject of a contract granting an exclusive right to lease the Property. (d) Broker's fee is due in the following circumstances: (1) If any interest in the Property is transferred, whether by sale, lease, exchange, governmental action, bankruptcy, or any other means of transfer, regardless of whether the buyer is secured by Seller, Broker, or any other person. (2) If Seller refuses or fails to sign an offer at the price and terms stated in this Agreement, defaults on an executed sales contract, or agrees with a buyer to cancel an executed sales contract. (3) If, within 120 days after Termination Date ("Protection Period"), Seller transfers or contracts to transfer the Property or any interest in the Property to any prospects with whom Seller, Broker, or any real estate licensee communicated regarding the Property before Termination Date. However, no fee will be due Broker if the Property is relisted after Termination Date and sold through another broker. (e) Retained Deposits: As consideration for Broker's services, Broker is entitled to receive 50% of all deposits that Seller retains as liquidated damages for a buyer's default in a transaction, not to exceed the Paragraph 8(a) fee. Dragonfly Real Estate LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and is not alleged to hold any adverse interest to the estate or its creditors. The firm can be reached at: Amarilys Fajardo DRAGONFLY REAL ESTATE LLC 1017 Sanctuary Cove Drive North Palm Beach, FL 33410 About Mae's Investment USA LLC Based in West Palm Beach, Florida, Mae's Investment USA, LLC is a limited liability company focused on investment operations. Founded in 2021, the company is overseen by manager and registered agent David Bhagwandass. Mae's Investment USA sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-13093) on Mar. 13, 2026. In the petition signed by David Bhagwandass, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. The Debtor tapped Jordan L. Rappaport, Esq., at Rappaport Osborne & Rappaport, PLLC as counsel. MAGLEV ENERGY: Gets Final OK to Use Cash Collateral --------------------------------------------------- Maglev Energy, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued its final order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments, the budgeted expenses plus up to a 10% variance per line item, and additional amounts with approval from the U.S. Small Business Administration, effective until further court order. The Debtor projects total operational expenses of $13,240 for April. As adequate protection for the Debtor's use of their cash collateral, the SBA and other creditors with a security interest in the cash collateral will be granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep the secured creditors' collateral insured. About Maglev Energy Maglev Energy, Inc., a company in Seminole, Fla., engineers motor and generator technology including permanent magnet alternator, vertical wind turbine, and auxiliary power unit. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06552) on Nov. 5, 2024, with $241,312 in assets and $2,384,522 in liabilities. Jon Harms, executive vice president, signed the petition. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C. Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com MARK D. BORNSTEIN: Unsecureds to Split $7,300 over 3 Years ---------------------------------------------------------- Mark D. Bornstein Podiatry, LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated May 4, 2026. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around September 23, 2009. The Debtor operates a medical practice specializing in podiatric medicine and surgery. Dr. Mark D. Bornstein, who has practiced in the Central Florida area for nearly four decades, is a Board Certified Podiatric Surgeon providing comprehensive foot and ankle care. The practice's services include the treatment of diabetic foot ulcers, workers' compensation and automobile accident injuries, and Expert Medical Advisor ("EMA") evaluations. The Debtor's projected disposable income is $6,900.00. This Plan provides for one class of secured claims, one class of unsecured claims, and one class of equity security holders. Class 2 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The Debtor proposes to pay unsecured creditors a pro rata portion of $7,300.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $608.33 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall be made on a calendar quarter basis, commencing with the first such calendar quarter that begins more than thirty days after the Effective Date, and shall continue for eleven additional calendar quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income of $6,900.00. The Reorganized Debtor shall pay said amount in quarterly payments of $659.25 for Quarters 1 through 4; $890.75 for Quarters 5 through 8; and $175.00 for Quarters 9 through 12. All quarterly payments shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall be made on a calendar quarter basis, commencing with the first such calendar quarter that begins more than thirty days after the Effective Date, and shall continue for eleven additional calendar quarters. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated May 4, 2026 is available at https://urlcurt.com/u?l=iSD2Oy from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey S. Ainsworth, Esq. Cole B. Branson, Esq. Branson Ainsworth PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Facsimile: (407) 894-8559 E-mail: jeff@bransonlaw.com cole@bransonlaw.com amanda@bransonlaw.com About Mark D. Bornstein Podiatry Mark D. Bornstein Podiatry, LLC, provides podiatric medical services, including diagnosis and treatment of foot and ankle conditions, and operates a medical practice in Orlando, Florida. Mark D. Bornstein Podiatry filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00685) on Feb. 1, 2026, listing assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Grace E. Robson presides over the case. Jeffrey Ainsworth, at Bransonlaw, PLLC, is the Debtor's bankruptcy counsel. MARS FX US: Seeks Approval to Hire Rimon P.C. as Legal Counsel -------------------------------------------------------------- MARS FX US LP seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Rimon P.C. to serve as legal counsel to the Debtor. Mr. Rimon P.C. will provide these services: (a) legal advice with respect to the Debtor's powers and duties as Debtor-in-Possession in accordance with the provisions of the Bankruptcy Code in connection with the Debtor's continued management of its property and affairs; (b) prepare, on behalf of the Debtor, all necessary applications, motions, answers, orders, reports, plan and disclosure statement and other legal documents required by the Bankruptcy Code and Federal Rules of Bankruptcy Procedure; (c) perform all other legal services for the Debtor which may be necessary in connection with the Debtor’s efforts to liquidate its business while in chapter 11; and (d) assist the Debtor in preparing a chapter 11 plan in this case. Rimon P.C. will receive its customary hourly rates, as follows: paraprofessionals at $175 to $275, associates at $325 to $500, counsel at $525 to $650, and partners at $675 to $1,000. The Debtor also paid a $20,000 retainer, of which $1,319.50 remained as of the Petition Date and will be applied to approved fees and expenses. Rimon P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brian Powers, Esq. RIMON P.C. 100 Jericho Quadrangle, Suite 300 Jericho, NY 11753 Telephone: (516) 479-6300 E-mail: bpowers@rimonpc.com About MARS FX US LP MARS FX US LP, a Chapter 11 Debtor in the United States Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 26-22287) filed its voluntary petition for Chapter 11 protection on March 23, 2026. At the time of the filing, the Debtor had estimated assets of between $0 to $50,000 and liabilities of between $10,000,001 to $50 million. The Debtor’s business involved an onshore feeder structure within a cross-border investment arrangement. Judge Kyu Y. Paek oversees the case. Rimon P.C. is Debtor's proposed legal counsel. MATTHEWS 350: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Indiana granted Matthews 350 E LaSalle LLC and affiliated debtor Commerce Center Development, LLC second interim approval to use cash collateral. Under the second interim order, the Debtors are authorized to use cash collateral on an interim basis in accordance with their operating budget. This authority is set to expire on June 6, unless extended by agreement or further court order. As adequate protection, the court granted KeyBank National Association and other secured creditors replacement liens on the Debtors' post-petition assets, maintaining the same validity, extent, and priority as their pre-petition liens. In addition, the Debtors are required to make payments to KeyBank as outlined in the approved budget, further protecting creditor interests during the interim period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/enbKR from PacerMonitor.com. The final hearing is scheduled for June 3. Before the petition date, KeyBank issued a $33 million loan to Matthews, secured by a mortgage and a security agreement granting lien on all personal property, including potential cash collateral. Despite multiple refinancing attempts, Matthews and Commerce Center Development were unable to do so, largely due to a pending lawsuit by the South Bend Redevelopment Commission. They filed for bankruptcy to reorganize and sell Commerce Center Development's 144-unit multifamily property to repay KeyBank and investors. Matthews has a leasehold interest in the real estate under a 2019 ground lease with Commerce Center Development. KeyBank is represented by: Miranda Weiss Bernadac, Esq. Tuohy Bailey & Moore, LLP 9294 N Meridian Indianapolis, IN 46260 (317) 638-2400 mbernadac@tbmattorneys.com About Matthews 350 E LaSalle LLC Matthews 350 E LaSalle LLC, doing business as 300 E LaSalle and 300 East LaSalle, is a real estate company based in South Bend, Indiana. Matthews 350 E LaSalle LLC and Commerce Center Development, LLC filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ind. Lead Case No. 26-30288) on March 10, 2026. At the time of filing, Matthews 350 E LaSalle estimated up to $50,000 in assets and $10 million to $50 million in liabilities. Weston E. Overturf, Esq., at Kroger, Gardis & Regas, LLP serves as the Debtor's counsel. MCGEACHY HOLDING: Ward and Smith Advises First-Citizens & Fidelity ------------------------------------------------------------------ In the Chapter 11 bankruptcy case of McGeachy Holding LLC and its debtor-affiliates, Ward and Smith, P.A., filed with the United States Bankruptcy Court for the Eastern District of North Carolina, Fayetteville Division, an amended Verified Statement pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure to inform the Court that the firm represents these creditors: 1. First-Citizens Bank & Trust Company; 2. The Fidelity Bank; First-Citizens is a financial institution authorized and existing under the laws of the State of North Carolina, having its principal place of business at 4300 Six Forks Road, Raleigh, North Carolina. Fidelity Bank is a North Carolina financial institution, having its principal place of business at 100 S. Main Street, Fuquay Varina. In accordance with the North Carolina Rules of Professional Conduct, Ward and Smith, P.A. has considered and evaluated all potential conflicts of interest and has determined that the representations are permissible and has obtained proper consent from its clients where required. The firm may be reached at: Paul A. Fanning, Esq. Lilian L. Faulconer, Esq. WARD AND SMITH, P.A. Post Office Box 8088 Greenville, NC 27835-8088 Tel: (252) 215-4000 Fax: (252) 215-4077 E-mail: paf@wardandsmith.com E-mail: llfaulconer@wardandsmith.com About McGeachy Holdings LLC McGeachy Holdings, LLC is a North Carolina-based real estate company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.C. Case No. 26-01995) on May 1, 2026. In the petition signed by Donovan McGeachy, president and chief operating officer, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. Judge Joseph N. Callaway oversees the case. Laurie B. Biggs, Esq., at Biggs Law Firm PLLC, represents the Debtor as legal counsel. MEDPLUS URGENT: Loses Bid for Stay Relief in Lee County Action -------------------------------------------------------------- Judge Selene D. Maddox of the U.S. Bankruptcy Court for the Northern District of Mississippi granted in part and denied in part the motion for relief from automatic stay as of the petition date filed by MedPlus Urgent Clinic, LLC and MedEx, LLC with respect to the action pending in the Chancery Court of Lee County, Mississippi styled Turner, et al. v. Logan, et al., Cause No. CV2020-1413-41-M (the "Lee County Action"). Karol B. Turner and M & K Equipment Rentals, LLC (collectively, the "Respondents") filed responses in opposition in both cases. The Lee County Action was filed in 2020. MedPlus and MedEx were defendants in that action, along with other non-debtor defendants. The case was active for a short time after its filing and then experienced a lengthy period of inactivity. The parties dispute the cause and legal significance of that inactivity. The Debtors contend that the case became stale long before bankruptcy and that the state court would have dismissed it regardless of the later bankruptcy filings. The Respondents contend that the inactivity must be viewed considering related litigation, attempted settlement, the Lafayette County proceedings, and later the automatic stay. MedPlus filed its Chapter 11 petition on April 23, 2024. MedPlus filed a suggestion of bankruptcy in the Lee County Action on April 29, 2024, notifying the state court and the parties that the automatic stay had been triggered. MedEx filed its Chapter 11 petition on June 21, 2024. The Respondents assert that MedEx did not promptly file a separate suggestion of bankruptcy in the Lee County Action, although the bankruptcy cases and stay issues were later known to the parties. On May 15, 2024, after MedPlus filed its suggestion of bankruptcy, MedPlus, MedEx, and the other Lee County defendants filed a motion to dismiss the Lee County Action for failure to prosecute under Mississippi Rule of Civil Procedure 41(b). On December 30, 2025, the Lee County Chancery Court entered an Opinion and Order of Dismissal (the "Dismissal Order"). The Dismissal Order granted the defendants' Rule 41(b) motion and granted relief based on the Clerk's stale-case notice. The Dismissal Order focused primarily on the Respondents' lack of prosecution and found that dismissal was appropriate under Mississippi law. The Dismissal Order did not analyze the effect of the automatic stay or determine whether the state court could proceed to dismissal notwithstanding the bankruptcy cases. The Respondents argued that the Debtors cannot knowingly participate in dismissal efforts in a stayed action, obtain a favorable ruling, and then seek retroactive relief only after the fact. The Respondents characterized the requested relief as an improper attempt to use the automatic stay as both shield and sword. They also argued that the Debtors had other options available, including seeking stay relief before filing or pursuing the dismissal motion, requesting severance, or seeking a comfort order from this Court. The Motions ask the Court to grant relief from the automatic stay effective as of the applicable petition dates, thereby retroactively validating the Dismissal Order while the automatic stay was in effect. Alternatively, the record and arguments also raise whether prospective relief from stay should be granted so that the parties may proceed in state court generally, but mainly with the pending Rule 60 motion, appeal, severance issues, and related procedural matters. According to Judge Maddox, "Here, the relevant claims were asserted against MedPlus and MedEx. The Debtors were not prosecuting independent claims for affirmative recovery. They were seeking dismissal of claims brought against them in a prepetition action. The Court, therefore, concludes that the Lee County Action was a proceeding against MedPlus and MedEx for purposes of Sec. 362(a)(1) and remained subject to the automatic stay notwithstanding the Debtors' later defensive litigation activity within that proceeding." Because the Court concludes that the Dismissal Order was entered through proceedings conducted in violation of the automatic stay as to MedPlus and MedEx, the Dismissal Order is ineffective as to those Debtors unless and until validated through retroactive relief under Sec. 362(d). The Court's ruling is limited to the bankruptcy effect of the automatic stay as it applies to the Debtors and does not adjudicate the procedural or substantive effect of the Dismissal Order as to non-debtor parties. The Debtors argue that cause exists for retroactive relief because the Lee County Action had been pending since 2020, had experienced long periods of inactivity, and was dismissed by a state court familiar with the record. The Debtors further argue that the dismissal benefits the estates by reducing litigation expense and moving at least one piece of the parties' broader disputes toward finality. The Court concludes, "Under the circumstances presented here, retroactive validation of the dismissal activity would not appropriately serve the purposes underlying Sec. 362. At the same time, continued application of the stay going forward would create unnecessary delay, procedural uncertainty, and continued impediments to resolution of the Lee County Action. The Court's ruling preserves the integrity of the automatic stay by declining to retroactively validate contested litigation activity undertaken without prior relief from stay while also recognizing that continued prospective application of the stay no longer serves the interests of efficient administration or orderly adjudication." Accordingly, the Debtors' request for relief from the automatic stay effective as of the petition date is denied. The automatic stay is terminated and lifted prospectively as of the date of entry of this Order to permit the parties to proceed with the Lee County Action and any related appellate proceedings. A copy of the Court's Memorandum Opinion and Order dated May 14, 2026, is available at https://urlcurt.com/u?l=hr2rkz from PacerMonitor.com. About MedPlus Urgent Clinic MedPlus Urgent offers urgent care and wellness services with the convenience of walk-in hours until 7 pm, 7 days a week. MedPlus Urgent Clinic, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Miss. Case No. 24-11163) on April 23, 2024, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Samantha Logan as managing member. Craig M. Geno, Esq. at the Law Offices Of Craig M. Geno, PLLC, is the Debtor's counsel. MILLERKNOLL INC: Moody's Affirms Ba2 CFR, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings affirmed MillerKnoll, Inc.'s (MillerKnoll) ratings including its Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, and the Ba2 rating on the company's senior secured first lien bank credit facilities. The first lien facilities consist of a $725 million revolver due 2030, a $400 million original principal amount term loan A due 2030, and a $548.6 million original principal amount term loan B due 2032. The company's speculative grade liquidity is unchanged at SGL-2 and Moody's changed the outlook to stable from negative. The outlook change to stable reflects MillerKnoll's improving operating performance and credit metrics, and that the company's ongoing investment in growth initiatives, most notably its retail footprint expansion, alongside signs of stabilization and recovery in office space market demand. These factors along with the company's free cash flow and commitment to reduce debt and leverage will support continued credit metric improvement. MillerKnoll's revenue and earnings are recovering, underpinned by positive revenue growth trends in all three of its segments year-to-date and an organic order growth of 7.2% in 3Q26 period ending February 28, 2026. The solid order growth and the company expectation for a year-over-year revenue growth of 4% in fiscal year 2026, reflects improving topline performance following more modest revenue growth in 2025. In addition, the gradual stabilization trends in the office space market are supportive of demand for contract furniture over the next 12-18 months. While office occupancy and utilization remain below pre-pandemic levels, improving leasing activity is contributing to more consistent order patterns for core contract categories. Moody's expects a Moody's-adjusted EBITDA growth in the mid-to-high single digit percentage range in fiscal year May-2026 driven by top-line growth, operating leverage in the North America Contract segment, and the lapping of approximately $28 million of integration costs. Profitability improvement is partially offset by ongoing investments in MillerKnoll's retail footprint expansion, which Moody's views as a strategic growth initiative that supports revenue expansion. MillerKnoll is making steady progress reducing net debt-to-EBITDA leverage (based on the company's calculation; 2.75x as of February 2026) to its targeted 2.0x to 2.5x range. The company's decision to pause discretionary share repurchases, other than to offset dilution, underscores its focus on growth investments and deleveraging. MillerKnoll's liquidity remains good, supported by approximately $175 million of cash on hand and about $419 million of revolver availability as of 3Q26 ending February 2026, providing financial flexibility to fund growth investments. The ratings affirmation, including the Ba2 CFR continues to reflect elevated financial leverage, exposure to cyclical end-market demand, and structural changes in the office furniture market, including the long-term impacts of hybrid and remote work. Profitability remains constrained by ongoing investment in retail expansion, cost pressures from tariffs, and competitive industry dynamics, which limit operating margins relative to higher-rated peers. RATINGS RATIONALE MillerKnoll's Ba2 CFR reflects its strong market position in the office furniture sector, moderate leverage target and good liquidity. The company benefits from strong office furniture brands synonymous with modern design and innovation. The company also has strong end market diversification and good geographic reach throughout the Americas, Europe, and Asia. Offices will remain an important contributor to workplace culture and collaboration. However, the secular shifts toward higher remote work and less office space demand accentuated by the pandemic are key rating factors because they create uncertainty regarding the level of recurring demand for office furniture. The company is investing to expand its retail store network and build upon its manufacturing capabilities to grow the consumer business, which strategy will consume cash and could lead to acquisitions. MillerKnoll operates in highly competitive end markets with design driven demand and reliance on independent contract channels that fosters high competitive risks and results in a low operating profit margin. MillerKnoll's earnings and cash flow are susceptible to economic downturns, variability in raw material prices and increasing labor costs. The company's good liquidity provides some flexibility to navigate the economic and demand challenges and is supported by its $175 million cash balance, $419 million of availability on its revolver as of February 28, 2026, and Moody's expectations of positive free cash flow of at least $60 million over the next 12 months. MillerKnoll has shifted its focus to reducing debt and leverage to its 2.0x to 2.5x net debt to EBITDA leverage target while de-emphasizing share repurchases. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's views that the company will increase revenue and operating earnings in fiscal 2027 by executing on pricing and cost-mitigation actions to offset cost inflation including tariffs, and that the company will continue to reduce leverage while maintaining good liquidity. The ratings could be upgraded if there is stability and sustained growth visibility in the office market sector and MillerKnoll successfully navigates through the secular changes. The company would also need to improve its operating earnings including generating a meaningfully higher operating profit margin along with stronger and consistent free cash flow, and maintain a conservative financial strategy with debt-to-EBITDA sustained below 3.25x. The ratings could be downgraded if the company's operating performance recovery stalls or reverses due to soft office furniture market demand, pricing pressure, or cost increase, or debt-to-EBITDA is sustained above 4.0x. The ratings could also be downgraded if liquidity deteriorates for any reason, including modest free cash flow or higher reliance on revolver borrowings, or the company distributes meaningful cash to shareholders or pursues debt-financed acquisitions. MillerKnoll, Inc. designs, manufactures and distributes seating products, office furniture systems, other freestanding furniture elements, textiles, home furnishings and related services used in office, healthcare, educational and residential settings. The company sells its products through independent contract office furniture dealers, owned retail studios and e-commerce platforms, direct mail catalogs, independent retailers, and an owned contract office furniture dealership. The company is a combination of Herman Miller, Inc., established in 1905, and the July 2021 acquisition of Knoll, Inc., established in 1938. MillerKnoll is publicly traded (Nasdaq: MLKN) and has presence in over 100 countries. The company reported around $3.8 billion in revenue for the LTM ending February 28, 2026. The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MIRROR LAKE: Gets Final OK to Use Cash Collateral ------------------------------------------------- Mirror Lake Village, LLC received agreed final approval from the U.S. Bankruptcy Court for the Western District of Washington, Seattle, to use cash collateral to fund operations. The order approves a stipulation between the Debtor and its secured lenders, allowing modification of the final cash collateral budget, interim DIP financing. The court approved the debtor's use of cash collateral in accordance with an operating budget and allowed limited budget variances so long as total disbursements did not exceed approved amounts by more than 10% without lender consent. The order also approved post-petition financing under a debtor-in-possession credit facility, permitting the debtor to borrow funds weekly as needed. As adequate protection, the secured lenders received replacement liens on substantially all post-petition collateral, maintaining the same relative priority as their prepetition liens. The debtor must also maintain insurance, provide weekly and monthly financial reporting, permit lender inspections, and make specified adequate protection payments, including a $355,998.45 semi-annual payment to Forbright Bank and recurring monthly payments to Northwest Bank beginning May 30. The DIP lender received subordinate liens against the debtor's properties and super-priority administrative expense status for unsecured portions of the financing claim. The court further found that the DIP financing arrangements were negotiated in good faith and at arm's length, entitling the DIP lender to protections under section 364(e) of the Bankruptcy Code. The court also approved the creation of a professional fee fund to pay estate professionals, funded partly from operating revenue and partly from the DIP facility. The order supersedes prior interim cash collateral and DIP financing orders and remains effective through January 3, 2027, unless extended, modified, or terminated upon specified default events or other bankruptcy case developments. The order will become final on May 22, absent objection from parties in interest. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/bwtr0 from PacerMonitor.com. Forbright Bank is represented by: Gregory R. Fox, Esq. Alena Ivanov, Esq. Ballard Spahr LLP 1301 Second Avenue, Suite 2800 Seattle, WA 98101 Telephone: (206) 223-7952 / (206) 223-7129 foxg@ballardspahr.com ivanova@ballardspahr.com Northwest Bank is represented by: Tara J. Schleicher, Esq. Foster Garvey PC 121 SW Morrison Street, Suite 1100 Portland, OR 97204 Telephone No. (503) 228-3939 Facsimile No. (503) 226-0259 tara.schleicher@foster.com About Mirror Lake Village LLC Mirror Lake Village, LLC runs a senior living facility in Federal Way, Washington, offering independent living, assisted living, and memory care services, along with nearby vacant land. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10599-CMA) on February 27, 2026. In the petition signed by Philip Kaestle, designated officer, the Debor disclosed up to $50 million in both assets and liabilities. Judge Christopher M. Alston oversees the case. Amit D. Ranade, Esq., at Snell & Wilmer, represents the Debtor as legal counsel. MITNICK CORPORATE: Sixth Street Marks $322,000 Loan at 57% Off -------------------------------------------------------------- Sixth Street Specialty Lending, Inc. has marked its $322,000 loan extended to Mitnick Corporate Purchaser, Inc. to market at $139,000 or 43% of the outstanding amount, according to Sixth Street's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a First-lien loan extended to Mitnick Corporate Purchaser, Inc. The Loan accrues interest at a rate of SOFR plus 4.85%, or 8.52% per annum. The Loan matures in May 2029. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About MITNICK CORPORATE PURCHASER, INC. Mitnick Corporate Purchaser, Inc. appears to be a special-purpose acquisition or holding vehicle formed to facilitate a corporate purchase transaction, likely backed by private equity or strategic sponsors. MMA LAW: Plans to Close Business Under Chapter 11 Liquidation Plan ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that Houston law firm MMA Law submitted a Chapter 11 liquidation plan in bankruptcy court that calls for shutting down operations and transferring certain estate claims to a plan administrator for further litigation and recovery efforts. The proposed plan would allow the administrator to pursue causes of action tied to the debtor’s financial difficulties, including claims that may benefit creditors. Court documents indicate the firm no longer intends to reorganize as an operating business and instead plans to liquidate remaining assets, the report states. MMA Law provided legal services from Houston before entering bankruptcy proceedings. The Chapter 11 case is now focused on liquidating the estate and recovering value through litigation and asset administration, according to Law360. About MMA Law Firm, PLLC MMA Law Firm, PLLC is a Houston-based law firm specializing in insurance claim management, negotiation and litigation. MMA Law Firm filed Chapter 11 petition (Bankr. S.D. Tex. Case No. 24-31596) on April 9, 2024, with $100 million to $500 million in assets and $10 million to $50 million in liabilities. Zach Moseley, a managing member, signed the petition. Judge Eduardo V. Rodriguez oversees the case. The Debtor tapped Johnie Patterson, Esq., at Walker & Patterson, PC as bankruptcy counsel; Andrew Gould, Esq., at Hicks Johnson, PLLC as special counsel; and Kristin Lausten, Esq., at The Lausten Group, PLLC as special Louisiana counsel. MREM VENTURES: Joseph Cotterman Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for MREM Ventures, LLC. Mr. Cotterman will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About MREM Ventures LLC MREM Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-04709) on May 12, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Paul Sala presides over the case. Allan Newdelman, Esq., at Allan D Newdelman, PC represents the Debtor as legal counsel. NANO PHARMACEUTICAL: Taps Wadsworth Garber Warner as Counsel ------------------------------------------------------------ Nano Pharmaceutical Laboratories, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Wadsworth Garber Warner Conrardy, P.C. to serve as its bankruptcy counsel. WGWC will provide these services: (a) prepare on behalf of the Debtor all necessary reports, orders, and other legal papers required in this Chapter 11 proceeding; (b) perform all legal services for the Debtor-in-Possession which may become necessary in the administration of the case; and (c) represent the Debtor in any litigation which the Debtor determines is in the best interest of the estate in state or federal courts. WGWC will receive compensation at hourly rates of $500 for David V. Wadsworth and Aaron A. Garber, $425 for Aaron J. Conrardy, $225 for Hallie Cooper, and $125 for paralegals. The firm received a $25,000 prepetition retainer, from which $4,912.50 in fees and $1,738 in costs were paid in full. WGWC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 E-mail: agarber@wgwc-law.com About Nano Pharmaceutical Laboratories, LLC Nano Pharmaceutical Laboratories, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-13415-MER) on May 14, 2026. At the time of the filing, the Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $1,000,001 and $10 million. Judge Michael E. Romero oversees the case. Wadsworth Garber Warner Conrardy, P.C. is Debtor's legal counsel. NANO PHARMACEUTICALS: Case Summary & Seven Unsecured Creditors -------------------------------------------------------------- Debtor: Nano Pharmaceutical Laboratories, LLC 720 Austin Avenue, Suite 100-300 Erie, CO 80516 Business Description: Nano Pharmaceutical Laboratories, LLC, based in Erie, Colorado, develops drug-delivery and supplement-delivery technologies, including controlled-release and time-release systems for active ingredients. The company's business interests span nutraceutical, pharmaceutical and medical-device applications, including an association with a development business focused on ingestible drug-delivery technology. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court District of Colorado Case No.: 26-13415 Judge: Hon. Michael E Romero Debtor's Counsel: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Email: agarber@wgwc-law.com Total Assets: $97,087 Total Liabilities: $1,991,813 The petition was signed by Dixie Niichel as managing 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/FU6K4LI/Nano_Pharmaceutical_Laboratories__cobke-26-13415__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOE7ROQ/Nano_Pharmaceutical_Laboratories__cobke-26-13415__0001.0.pdf?mcid=tGE4TAMA NEIMAN MARCUS: Wins Bid to Dismiss Rus Adversary Case ----------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas granted the motion of The Neiman Marcus Group, LLC to dismiss the adversary proceeding captioned as ANDREI RUS, Plaintiff, VS. NEIMAN MARCUS GROUP, LLC, et al., Defendants, ADVERSARY NO. 26-3032 (Bankr. S.D. Tex.). The adversary complaint is dismissed without prejudice. Plaintiff Andrei Rus is a former employee of Debtor NMG. Prepetition, Mr. Rus filed a lawsuit against NMG in the District of Hawaii ("Hawaii Lawsuit"). His lawsuit asserts various claims against NMG under state law and federal law. Defendant Littler Mendelson, P.C. represents NMG in the Hawaii Lawsuit. On February 2, 2026, Mr. Rus filed the instant adversary complaint against Defendants NMG, Littler, and Does 1–25.7 In his complaint, Mr. Rus alleges that he served NMG and Littler with a Litigation Hold and Preservation Demand which required immediate preservation of electronically stored information ("ESI") and a response within seven days. Mr. Rus alleges that he failed to receive confirmation from Littler or NMG that a litigation hold had been issued. He further alleges that evidence relevant to his claims in the Hawaii lawsuit had been lost or were at risk of being lost. Mr. Rus asserts three claims for relief which include: a claim against all Defendants for post-petition spoliation and violation of court authority under 11 U.S.C. Sec. 105; an administrative expense claim against NMG under 11 U.S.C. Sec. 503(b); and a claim against NMG and Littler for failure to preserve and turn over estate property under 11 U.S.C. Secs. 542 and 1106. On March 2, 2026, Debtor NMG filed a motion to dismiss Mr. Rus's adversary complaint for a failure to state a claim upon which relief can be granted under Fed. R. Civ. P. 12(b)(6). The Bankruptcy Court says taking all factual allegations in Mr. Rus's complaint as true, Mr. Rus's complaint does not plausibly support a claim for relief under Sec. 105. The complaint does not identify any section of the Bankruptcy Code that would be carried out by his requested relief. Instead, his complaint contains bare allegations that NMG and Littler failed to implement a litigation hold in connection with his pre-petition state lawsuit. Therefore, the Bankruptcy Court finds that Mr. Rus's complaint does not state a claim upon which relief can be granted under 11 U.S.C. Sec. 105. Mr. Rus's complaint does not allege a plausible claim for relief under Sec. 503(b). He has not alleged any facts that support a claim arising from an actual or necessary cost or expense benefiting the estate and its creditors. Therefore, the Bankruptcy Court finds he has failed to state a claim upon which relief can be granted under Sec. 503(b). According to the Bankruptcy Court, Mr. Rus's complaint also fails to state a plausible claim for relief under Sec. 1106. Section 1106 provides the trustee and examiner's duties. Mr. Rus does not allege how he is entitled to relief under Sec. 1105 nor does he allege what duties under Sec. 1105 the trustee has violated. Accordingly, Mr. Rus fails to state a claim upon which relief can be granted under Sec. 1106. A copy of the Court's Memorandum Opinion dated May 9, 2026, is available at https://urlcurt.com/u?l=qJV9tD from PacerMonitor.com. About Neiman Marcus Group Neiman Marcus Group LTD, LLC -- https://www.neimanmarcus.com/ -- is a luxury omni-channel retailer conducting store and online operations principally under the Neiman Marcus, Bergdorf Goodman, and Last Call brand names. It also operates the Horchow e-commerce website offering luxury home furnishings and accessories. Since opening in 1907 with just one store in Dallas, Neiman Marcus and its affiliates have strategically grown to 67 stores across the United States. Weeks after being forced to temporarily shutter stores due to the coronavirus pandemic, Neiman Marcus Group and 23 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 20-32519) on May 7, 2020, after reaching an agreement with a significant majority of our creditors to undergo a financial restructuring that will substantially reduce the Company's debt load, and provide access to considerable financing to ensure business continuity. Kirkland & Ellis LLP is serving as legal counsel to the Company, Lazard Ltd. is serving as the Company's investment banker, and Berkeley Research Group is serving as the Company's financial advisor. Stretto is the claims agent, maintaining the page https://cases.stretto.com/NMG Judge David R. Jones oversees the cases. The Extended Term Loan Lenders are represented by Wachtell, Lipton, Rosen & Katz as legal counsel, and Ducera Partners LLC as investment banker. The Noteholders are represented by Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel and Houlihan Lokey as investment banker. NETCAPITAL INC: 3i Entities Hold 6.1% Equity Stake -------------------------------------------------- 3i, LP, 3i Management LLC, and Maier Joshua Tarlow, 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 505,935 shares of Common Stock issuable upon exercise of common stock purchase warrants -- held directly by 3i, LP, and indirectly by 3i Management LLC (as general partner of 3i, LP) and Maier Joshua Tarlow (as manager of 3i Management LLC) -- of Netcapital Inc.'s Common Stock, par value $0.001 per share, representing 6.1% of the 7,847,899 shares of Common Stock outstanding as of March 24, 2026, as disclosed in the prospectus of the issuer dated April 13, 2026. 3i, LP may be reached through: Maier Joshua Tarlow 2 Wooster Street, 2nd Floor New York, NY 10013 Tel: (646) 845-0040 A full-text copy of 3i, LP's SEC report is available at: https://tinyurl.com/e5kw3cr6 About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2026, the Company had $26,059,855 in total assets, $4,457,207 in total liabilities, and $21,602,648 in total stockholders' equity. NEXTCAR HOLDING: Horizon Technology Marks $2.02M Loan at 50% Off ---------------------------------------------------------------- Horizon Technology Finance Corp has marked its $2,024,000 loan extended to NextCar Holding Company, Inc to market at $3,917,000 or 80% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a loan extended to NextCar Holding Company, Inc. The Loan accrues interest at a rate of 10% per annum. The Loan matured last March 31, 2026. Debt investment is on non-accrual status as of December 31, 2025 Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About NEXTCAR HOLDING COMPANY INC. NextCar Holding Company, Inc operates as an automotive company. The Company creates a digital platform facilitating used car sales on a subscription fee that covers auto insurance, maintenance costs, and other services. NextCar Holding Company serves customers in the United States. NS8 INC: Dawson Loses Bid to Stay Money Judgment in Drivetrain Case ------------------------------------------------------------------- Judge Craig T. Goldblatt of the U.S. Bankruptcy Court for the District of Delaware will deny the motion filed by Anthony Dawson to stay the enforcement of the money judgment in the adversary proceeding captioned as Drivetrain, LLC, the Trustee for the Cyber Litigation Trust, in the adversary proceeding captioned as In re Cyber Litig. Inc., 20-12702; Drivetrain LLC v. Dawson, Adv. Proc. No. 24-50177 (Bankr. D. Del.). This adversary proceeding involves prepetition transfers made by the debtor to defendant Anthony Dawson. Dawson was the Chief Revenue Officer of the debtor. He was also an early investor in the debtor and received approximately $1.465 million in a June 2020 tender offer in which he sold certain of his shares back to the company. The Court previously held, in a decision granting the plan trustee's motion for partial summary judgment, that those transfers were avoidable as fraudulent conveyances. While the Court denied summary judgment on other claims, the Court proceeded to enter partial final judgment, under Rule 54(b), on the fraudulent conveyance claim. The Court accordingly entered a money judgment in favor of the plaintiff, the plan trustee, in the amount of $1,464,647.00. Dawson filed a notice of appeal. The plan trustee then sought discovery against Dawson, under Rule 69, in aid of enforcing the judgment. Not satisfied with Dawson's responses, the plan trustee has now moved to compel Dawson's response to its discovery requests. Dawson both opposed the motion to compel and sought a stay of all proceedings in the case pending appeal. The plan trustee has opposed the motion for a stay pending appeal. In this case, Dawson seeks to stay the enforcement of a money judgment, not an injunction. According to the Court, the appropriate means to obtain such a stay is by posting a bond or other security, not by resort to the four-factor test applicable to a motion seeking to stay the enforcement of an injunction. Since Dawson has failed to post a bond or other security and has not objectively demonstrated any exceptional circumstances making appropriate the waiver of the usual bond requirement of Rule 62(b), the Court will deny Dawson's motion for a stay. Dawson asserts that the plan trustee's motion to compel must be denied because the plan trustee failed to confer in good faith as required by Rule 37(a)(1). In the context of discovery disputes, the Court requires the parties to make a good faith effort to confer in order to try to narrow their differences and/or sharpen the disputes that the Court is being called upon to resolve. The Court will accordingly deny the motion without prejudice and direct the parties to meet and confer as contemplated by the rules. A copy of the Court's Letter Ruling dated May 15, 2026, is available at https://urlcurt.com/u?l=hDmOxb from PacerMonitor.com. About NS8 Inc. Las Vegas-based NS8 Inc. -- https://www.ns8.com/ -- is a developer of a comprehensive fraud prevention platform that combines behavioral analytics, real-time scoring, and global monitoring to help businesses minimize risk. NS8 sought Chapter 11 protection (Bankr. D. Del. Case No. 20-12702) on Oct. 27, 2020. The petition was signed by Daniel P. Wikel, the chief restructuring officer. The Debtor was estimated to have $10 million to $50 million in assets and $100 million to $500 million in liabilities at the time of the filing. The Hon. Christopher S. Sontchi is the case judge. The Debtor tapped Blank Rome LLP and Cooley LLP as its legal counsel, and FTI Consulting Inc. as its financial advisor. Stretto is the claims agent. * * * The company changed its name to Cyber Litigation after it sold substantially all of its assets to Codium Software LLC in December 2020. In March 2022, Cyber Litigation won approval of its plan to pay a total of at least $38 million to defrauded investors. NY STATE ENVIRONMENTAL: Moody's Rates New $15MM Disposal Bonds 'B1' ------------------------------------------------------------------- Moody's Ratings assigned a B1 rating to $15 million of solid waste disposal revenue bonds issued by the New York State Environmental Facilities Corporation (the Series 2014R-2 bonds). These unsecured bonds are obligations of Casella Waste Systems, Inc. (Casella) and guaranteed by its operating subsidiaries on a senior unsecured basis. All other ratings for Casella are unaffected, including the Ba2 corporate family rating and B1 rating on all the existing senior unsecured revenue bonds that Casella also guarantees. The outlook is stable. The rating assignment is in connection with the remarketing of the Series 2014R-2 bonds. Moody's expects the remarketing, if executed, to result in a modest increase in Casella's interest expense and marginally lower adjusted LTM EBIT-to-interest expense, which was 1.2x as of March 31, 2026. The higher interest expense is manageable considering Casella's good liquidity, including consistent annual positive free cash flow and ample availability on the company's $700 million revolving credit facility due 2029. The remarketing of the Series 2014R-2 bonds is expected to result in a new interest rate and related fixed interest rate period. Consequently, Moody's will withdraw the rating on the existing Series 2014R-2 bonds once the remarketing transaction has closed. RATINGS RATIONALE Casella's Ba2 CFR reflects its modest but increasing scale with a primary regional focus in the Northeast US. Margins are healthy but fall nonetheless shy of rated industry peers, mainly due to regional operating dynamics. The company is acquisitive, which Moody's expects will continue to augment organic growth. Debt funded acquisitions in recent years led to high financial leverage amid geographic market expansion. However, Casella has also occasionally issued equity to help fund acquisitions. Moody's expects focused execution on strategic initiatives to support improving credit metrics, including adjusted debt-to-EBITDA trending to less than 3x through 2027, even with acquisitive growth. The company has a history of successfully integrating acquisitions. Casella also benefits from the stability of the solid waste industry given the non-discretionary nature of demand for services. Key aspects of the company's strategy to improve operations include sourcing incremental waste volumes to its own landfills. This is beneficial given growing supply constraints for disposal capacity in the Northeast US region. Additionally, the company remains focused on pricing landfill and collections operations above inflation, improving collection route efficiencies, and restructuring fees on recycling contracts to drive higher returns. Earnings growth will be the primary driver of strengthening credit metrics with the company deploying free cash flow more toward acquisitions and other growth initiatives than debt repayment. The stable outlook reflects Moody's expectations that favorable pricing and good execution, including cost discipline, will continue to drive steady EBITDA growth and deleveraging over the next 12-18 months. This will help offset cost inflation and industrial volume pressures in the face of lingering macroeconomic uncertainty. Moody's also expects Casella to maintain good liquidity and a balanced approach to capital allocation, including the use of free cash flow to repay acquisition borrowings within a reasonable timeframe. Casella's good liquidity (SGL-2) reflects Moody's expectations that the cash balance, healthy free cash flow and availability on the company's sizable $700 million revolving credit facility (undrawn) will be ample to cover its cash needs. Debt maturities in the next two years are light with manageable mandatory amortization (1%) on the company's unrated $800 million term loan starting in 2027. Cash on hand remains higher than normal at $127 million as of March 31, 2026, benefiting from the proceeds of an equity issuance of $496 million in 2024 that Casella has deployed mainly toward acquisitions. The senior secured revolving credit facility (unrated) expiring in 2029 had approximately $673 million available, net of letters of credit as of March 31, 2026. Moody's expects the revolver's availability to remain robust, except for moderate periodic usage for acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The ratings could be upgraded with prudent and profitable expansion of the company's operating footprint beyond New England and New York and significant growth in scale. In addition, EBITDA margin approaching 25%, EBIT-to-interest sustained at or above 4x and debt-to-EBITDA expected to remain below 3x could support an upgrade. A consistent, well-balanced financial policy and good liquidity, including robust free cash flow such that free cash flow-to-debt improves, would also be prerequisites for an upgrade. The ratings could be downgraded with flat organic revenue growth, sustained margin erosion and/or debt-to-EBITDA expected to remain above 3.5x. Weaker liquidity with deteriorating free cash flow or significantly reduced availability under the revolving credit facility could also result in a ratings downgrade. The principal methodology used in this rating was Environmental Services and Waste Management published in November 2025. Casella Waste Systems, Inc. is a solid waste management company primarily focused in the Northeast US region (Vermont, New Hampshire, New York, Massachusetts, Maine, Pennsylvania and Connecticut). The company also has operations in New Jersey, Delaware and Maryland. Services include collection, transfer, disposal and recycling services. Revenue for the twelve months ended March 31, 2026, was approximately $1.9 billion. OCUGEN INC: Q1 2026 Net Loss Widens to $19.2M, Warns of Cash Crunch ------------------------------------------------------------------- Ocugen, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. The Company incurred net losses of approximately $19.2 million and $15.4 million for the three months ended March 31, 2026 and 2025, respectively. Total revenues for the three months ended March 31, 2026 were $1.53 million, compared to $1.48 million in the prior-year period. As of March 31, 2026, the Company had an accumulated deficit of $427.2 million and cash totaling $31.9 million. This amount will not be sufficient to fund the Company's operations over the next 12 months after the date that the condensed consolidated financial statements are issued. The Company has incurred recurring net losses since inception and has funded its operations to date through the sale of common stock, warrants to purchase common stock, the issuance of convertible notes and debt, and grant proceeds. In January 2026, the Company raised an additional $20.7 million in net proceeds through an underwritten registered direct offering of common shares. In March 2026, investors partially exercised outstanding warrants, resulting in $14.2 million in net proceeds for the Company. Although these capital infusions have strengthened the Company's liquidity, management maintains that, according to the current operational strategies and forecasts, further funding will be necessary to fulfill obligations and continue operating for at least the next twelve months after the condensed consolidated financial statements are issued. While the Company intends to continue its research, development, and commercialization efforts for its product candidates, it will require significant additional funding. If the Company is unable to obtain additional funding in the future and/or its research, development, and commercialization efforts require higher than anticipated capital, there will be a negative impact on the financial viability of the Company. The Company will continue to explore options to fund its operations through public and private placements of equity and/or debt, payments from potential strategic research and development arrangements, sales of assets, licensing and/or collaboration arrangements with pharmaceutical companies or other institutions, funding from the government, or funding from other third parties. Such financing and funding may not be available at all, or on terms that are favorable to the Company. While management believes that it has a plan to fund operations, its plan may not be successfully implemented. If the Company cannot obtain the necessary funding, it will need to delay, scale back, or eliminate some or all of its research and development programs and commercialization efforts; consider other various strategic alternatives, including a merger or sale; or cease operations. As a result of these factors, together with the anticipated continued spending that will be necessary to continue to research, develop, and commercialize the Company's product candidates, there is substantial doubt about the Company's ability to continue as a going concern within the next 12 months. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3rdxp4dj About Ocugen Inc. Malvern, Pa.-based Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines that improve health and offer hope for patients across the globe. The Company's technology pipeline includes: Modifier Gene Therapy Platform, Novel Biologic Therapy for Retinal Diseases, Regenerative Medicine Cell Therapy Platform, and Inhaled Mucosal Vaccine Platform. PricewaterhouseCoopers LLP (the Company's independent registered public accounting firm since 2024 and headquartered in Philadelphia, Pennsylvania) included an explanatory paragraph in its audit report attached to the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has incurred recurring net losses since inception that raise the doubt of its ability to continue as a going concern. As of March 31, 2026, the Company had $56.9 million in total assets, $51.1 million in total liabilities, and $5.8 million in total stockholders' equity. OFFICE PROPERTIES: Seeks to Extend Plan Exclusivity to July 14 -------------------------------------------------------------- Office Properties Income Trust and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to July 14 and Sept. 14, 2026, respectively. The Debtors explain that Courts may consider a variety of factors in determining whether "cause" exists to extend a debtor's exclusive period for filing a plan. The Debtors claim that the application of these factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. * First Factor. The size and complexity of the issues attendant to the Chapter 11 Cases warrants approval of the requested relief. As of the Petition Date, the Debtors had over $2 billion in funded debt and a complex capital structure that included multiple tranches of debt secured and/or guaranteed by various property silos, creating complicated operational and restructuring considerations. The complexities of the Chapter 11 Cases are also evidenced by the commencement of several adversary proceedings and the extensive litigation that ensued during these cases. * Second, Sixth, & Eighth Factors. Despite the numerous complexities faced by the Debtors during the Chapter 11 Cases, within six months the Debtors have achieved a global resolution with their principal creditor constituencies through five settlements, obtained Court approval of the Debtors' Disclosure Statement, solicited and prosecuted the Plan, and achieved confirmation of the Plan. As noted, through the request to further extend the Exclusive Periods, the Debtors seek only to preserve the status quo post-confirmation while the Debtors and their principal creditor constituencies continue to work diligently to implement the Plan and emerge from chapter 11. * Third, Fourth, & Fifth Factors. The Debtors do not seek the requested further extension of the Exclusive Periods as a means to pressure any party in interest. Indeed, the Debtors have already confirmed their Plan, and the Voting Classes voted overwhelmingly to accept or were deemed to accept the Plan. These achievements demonstrate good-faith progress toward reorganization, progress in negotiations, and successful consensus between the Debtors and their key stakeholders, not an attempt to exercise pressure on creditors to accede to the Debtors' reorganization needs. * Seventh Factor. The Debtors continue to make timely payments on their undisputed postpetition obligations. The Debtors also continue to monitor their liquidity closely as they work toward the Effective Date. Accordingly, the seventh factor also weighs in favor of extending the Exclusive Periods. Counsel for the Debtors: HUNTON ANDREWS KURTH LLP Timothy A. (Ã¢â‚¬Å“TadÃ¢â‚¬Â) Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com LATHAM & WATKINS LLP Ray C. Schrock, Esq. Andrew M. Parlen, Esq. Anupama Yerramalli, Esq. Ashley Gherlone Pezzi, Esq. Anthony R. Joseph, Esq. 1271 Avenue of the Americas New York, New York 10020 Telephone: (212) 906-1200 Email: ray.schrock@lw.com andrew.parlen@lw.com anu.yerramalli@lw.com ashley.pezzi@lw.com anthony.joseph@lw.com About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. OUNZAR LLC: Katharine Battaia Clark Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Ounzar, LLC and affiliates. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Ounzar LLC The Debtors own and operate Capelli Salon hair salons in Texas as a single economic unit. With more than 20 years of experience, the salons are marketed as high-end, full-service destination salons and are widely reviewed among Dallas' top hair salons. Their services include hair extensions using major application methods, balayage, custom color, signature "Dallas blonde" coloring, haircuts, blowouts, bridal styling, keratin smoothing treatments, hair replacement and wigs. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-42010) on May 5, 2026, with $1,359,561 in assets and $4,568,570 in liabilities. Younes Ounzar, managing member, signed the petition. Judge Mark X. Mullin presides over the cases. Robert DeMarco, Esq., and Michael S. Mitchell, Esq., at DeMarco Mitchell, PLLC represents the Debtors as legal counsel. PARADISE ADVENTURE: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Paradise Adventure Farm LLC 4470 North Francis Road St. Augustine FL 32095 Business Description: Paradise Adventure is a single-asset real estate entity under 11 U.S.C. Section 101(51B), with operations centered on the ownership and management of one revenue- producing property. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-02153 Debtor's Counsel: Robert A. Heekin, Jr., Esq. THE LAW OFFICES OF ROB HEEKIN, JR., P.A. 2223 Atlantic Boulevard Jacksonville Florida 32207 Tel: 904-629-4870 E-mail: rob@heekinlawoffices.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Jason Jones as manager. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XSS4FII/Paradise_Adventure_Farm_LLC__flmbke-26-02153__0001.0.pdf?mcid=tGE4TAMA PEDIATRIC ASSOCIATES: S&P Rates Proposed First-Lien Term Loan 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating to Pediatric Associates Holding Co. LLC's proposed $790 million first-lien term loan due in 2031. S&P said, "The '3' recovery rating indicates our expectations of meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. Pediatric Associates will use the proceeds to refinance its first-lien term debt, and pay financing fees. "We expect Pediatric Associates to continue a rebound from 2024 challenges related to Medicaid redeterminations, which reduced membership. Completion of the redetermination process, new contracts, rate increases, and cost-saving initiatives are improving results. After a small revenue decline in 2025 due to lower sick-visit volumes and the timing of the Florida Behavioral Health revenue, we expect a sustainable growth rate of 3%-4%. "We project S&P Global Ratings-adjusted margin, which improved more than 350 basis points to 18.7% in 2025, to increase further to 20%-21% in 2026. We expect debt to EBITDA, which declined to about 6.5x in 2025 from 8.1x in 2024, will fall below 6x in 2026." PHILIP KEITHAHN: Wins Partial Summary Judgment in Heritage Case --------------------------------------------------------------- Judge Laura L. Kulm of the U.S. Bankruptcy Court for the District of South Dakota partially granted Philip Andrew Keithahn's motion for summary judgment in the adversary proceeding captioned as PHILIP ANDREW KEITHAHN, Plaintiff -vs- HERITAGE CONSTRUCTION COMPANIES, LLC, Defendant, Adv. No. 25-4005 (Bankr. D.S.D.). Debtorowns stock in Progressive Growth Corp., a Minnesota corporation (the "Corporation"). On February 20, 2020, Heritage commenced an action in the United States District Court for the District of Minnesota against Debtor and Minnesota Medical University, LLC (the "University") asserting misrepresentation and other claims. The University is an entity organized by Debtor. Heritage obtained a judgment against Debtor and the University on April 30, 2024 (the "Judgment"). Heritage filed a proof of claim in Debtor's bankruptcy case for $7,125,098.78 arising from the Judgment and subsequently filed an amended claim for $7,114,615.68. Debtor's Amended Complaint seeks to avoid under 11 U.S.C. Sec. 547(b) a judicial lien created by the levy dated October 22, 2024, which notice of levy was attached to Heritage's proof of claim (the "Heritage Lien"). Debtor's motion for summary judgment seeks avoidance of the Heritage Lien under 11 U.S.C. Sec. 547(b). Heritage challenges the motion for summary judgment arguing Debtor has not met his burden of proof. With a few exceptions, section 547(b) allows a trustee to avoid certain transfers if all six elements are met. 11 U.S.C. §547(b). The six elements are: (1) the debtor has an interest in property that was transferred; (2) to or for the benefit of a creditor; (3) on account of an antecedent debt owed by the debtor; (4) made while the debtor was insolvent; (5) made on or within 90 days before the date of the filing of the petition; and (6) the transfer enabled such creditor to receive more than it would receive in a chapter 7 liquidation had the transfer not been made. Attachment of a judgment lien can be an avoidable transfer if it meets the requirements of section 547(b). The parties appear to agree the first, second, third, and fifth elements of 11 U.S.C. Sec. 547(b) are not in dispute. As it relates to elements four (Debtor was insolvent at the time of the transfer) and six (as of the date of Debtor's bankruptcy filing, Heritage would receive more with the judicial lien than it would receive in a hypothetical chapter 7 liquidation without the judicial lien), the parties are not in agreement. The Court reviews the insolvency of Debtor at the time the transfer was made, which was on October 24, 2024, when Heritage caused a notice of levy on shares of stock of the Corporation to be personally served on the Corporation by a sheriff. Heritage contends Debtor has undervalued his two most significant assets: Debtor's interest in the stock of the Corporation and his homestead. Heritage argues there is a discrepancy of approximately $295,000 in the value of the homestead and a multi-million dollar discrepancy in the valuation of the stock, which would result in Debtor's assets exceeding his liabilities and make Debtor solvent. According to the Court, Heritage has failed in its burden to challenge the presumption through the presentation of some credible evidence to prove solvency, and with the presumption of insolvency favoring Debtor at the time of the transfer, section 547(b)(3) is met for purposes of this adversary. The Court finds Debtor has failed to meet his burden of proof regarding all the elements under section 547(b)(5), and genuine issues of material fact remain to be resolved. Accordingly, the Court will enter an order granting partial summary judgment on the first five elements under 11 U.S.C. Sec. 547(b), namely: Debtor has an interest in the property that was transferred, it was transferred to or for the benefit of a creditor, on account of an antecedent debt owed by Debtor to Heritage, while Debtor was insolvent, and within 90 days before Debtor filed his bankruptcy petition. Value in regard to the hypothetical liquidation is a genuine issue of material fact that remains to be resolved. Therefore, Debtor has not met his burden on the sixth element, and the Court cannot grant summary judgment on the hypothetical liquidation test under section 547(b)(5). Debtor still bears the burden of proving the hypothetical liquidation test under section 547(b)(5). The Court will schedule a second pre-trial conference with counsel to set a trial date and related deadlines regarding the remaining issue under section 547(b)(5). A copy of the Court's Order dated May 13, 2026, is available at https://urlcurt.com/u?l=FbxMW4 from PacerMonitor.com. Philip Andrew Keithahn filed for Chapter 11 bankruptcy protection (Bankr. D.S.D. Case No. 25-40010) on January 17, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by Timothy Rahn, Esq. PHOENIX GUARANTOR: S&P Upgrades ICR to 'BB-', Outlook Positive -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Louisville, Kentucky-based pharmacy and home and health services provider Phoenix Guarantor Inc. (dba BrightSpring; BTSG) to 'BB-' from 'B+'. At the same time, S&P raised its issue-level ratings on its revolving credit facility (RCF) and first-lien term loan to 'BB-' from 'B+'. The positive outlook reflects S&P's expectation for strong revenue growth and margin improvement as it benefits from economies of scale. It also reflects the increased likelihood that BTSG will maintain leverage below 3x and S&P Global Ratings-adjusted free cash flow to debt above 15% over the next 12-24 months. BTSG reduced its S&P Global Ratings-adjusted debt to EBITDA to below 4x through strong operating performance, EBITDA growth, and debt repayment. The company sold its community living business in March 2026, and S&P believes management will use the proceeds to further repay debt and pursue acquisitions. S&P said, "We expect BTSG's leverage profile and payor mix to improve, although margins will be pressured given its greater reliance on its lower-margin specialty pharmacy business. "In addition, BTSG's private-equity owner, KKR, reduced its current ownership to 21.3%. We believe this reduces the risk of releveraging and makes it likely that the company will operate with leverage consistent with its publicly stated 2.5x net leverage target." The upgrade reflects BTSG's reduced projected leverage below 4x and strong free cash flow. BTSG completed the sale of its ResCare Community Living segment in March 2026. The business generated about $1.2 billion in 2024, or about 11% of BTSG's total revenue. The sale streamlined BTSG's business, enabling it to focus on its core home health and specialty pharmacy services businesses. BTSG will use the proceeds, roughly $835 million before taxes, to pay $300 million of its term loan and hold the rest as cash on the balance sheet. S&P expects management will pursue acquisitions/other accretive investments. S&P said, "The debt reduction, along with our expectations for continued EBITDA growth driven by strong operating performance, will result in projected S&P Global Ratings-adjusted leverage below 3x for full years 2026 and 2027, absent any large, debt-financed acquisitions. We expect the company to generate strong free cash flow from growth in business, minimal capital expenditure (capex; less than 1% of revenue), and lower interest, resulting in free cash flow to debt of 15%-20%." BTSG's remaining business will continue to exhibit strong top-line growth, but ratings will be constrained by its below-average profitability relative to the broader health services industry. BTSG offers a unique dual platform of pharmacy and provider services, getting access to relevant referrals and patients through its service lines. In addition, the company's access to limited distribution drugs (LDDs) provides it with a competitive advantage compared with peers. S&P said, "We expect total revenue growth of 15%-18% for fiscal 2026 and 2027, driven by strong volume and market share gains, efficiencies and cost savings, accretive acquisitions, and related synergies, leveraging scale and technology investments, supplemented by additional revenue from acquisitions. Its improved scale in the Specialty Pharmacy segment will allow it to attain economies of scale, and cost containment measures will improve its margin. "We expect BTSG's overall EBITDA margin will remain at 5.0%-5.5% for 2026 and 2027, which is lower than broader healthcare services peers' but higher than other pharmacy companies', largely due to a mix shift toward the lower-margin specialty drugs pharmacy segment, partially offset by growth in the Provider Services segment. In addition, labor intensity, wage inflation, and reimbursement pressure (~70% revenue from government payors) may pressure profitability. Furthermore, its subsectors are highly fragmented and competitive, characterized by low barriers to entry and limited opportunities for differentiation. "We expect the company to benefit from a more favorable payor mix, though exposure to government payors will remain prominent. While government efforts to curb healthcare spending exacerbate the company's exposure to reimbursement risk, we believe this is partially mitigated by the essential nature of its services within home care and must-save populations." BTSG's remaining business after the sale of its community living business provides pharmacy and provider services (both clinical and supportive care in nature) to senior and specialty patients in lower-cost home and community settings largely to Medicare, Medicaid, and commercially insured populations. Its Pharmacy Services segment is a leading independent pharmacy focused on oncology, rare disease, and value-added manufacturer services, as well as infusion services in home and in clinics and Home and Community pharmacy services. The company has grown its platform in Specialty pharmacy through Onco360, CareMed, and ConnectMed360 as of fiscal 2026. Its Provider Services segment provides home-based primary care, clinical rehab services, and personal care services to seniors and other chronic patients. Reduced financial sponsor ownership will reduce re-leveraging risk. Financial sponsor KKR has reduced ownership in BTSG to 21.3% (as on March 31, 2026). KKR now has one board seat in the Board of Directors, which is proportionate to its ownership. S&P said, "We expect this to further enhance governance and align interests with long-term stakeholders, reducing the risk of releveraging events. We anticipate management will also maintain its long-term, publicly stated net leverage target of 2.5x." S&P said, "The positive outlook reflects our view that BTSG will continue to generate strong revenue growth, improve its margins, and pursue a financial policy that maintains S&P Global Ratings-adjusted leverage below 3x and free cash flow to debt above 15% over the next 12-24 months. "We could revise the outlook on BTSG to stable if operating performance weakens or its financial policy becomes aggressive such that the company pursues debt-financed acquisitions that result in S&P Global Ratings-adjusted leverage above 3x. "We could raise our rating on BTSG if we believe the company will sustain leverage below 3x while continuing to strengthen its position in pharmacy and provider segments, improving its S&P Global Ratings-adjusted EBITDA margin and maintaining free cash flow to debt above 15%." PLUMBING NERDS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Plumbing Nerds, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. Under the May 18 interim order, the Debtor is authorized to use cash collateral for court-approve payments including interim compensation to the Subchapter V trustee; the expenses set forth in its budget; and additional payments, subject to approval by secured creditors. This authorization will continue until further order of the court. The Debtor identifies four secured creditors that hold pre-petition liens on its assets and cash flow. The largest claimant is Altbanq Lending II, LLC, which asserts a claim of approximately $692,231 secured by a blanket lien on all assets and accounts receivable. Other secured claimants include Regions Bank, with a $23,055 claim on all assets; Apex Commercial Capital Corp., with a $21,928 claim specifically on a hydro-jet unit; and Regions Commercial Equipment Finance, LLC, with a $9,788 claim secured by 11 2023 Ford vehicles. As protection for the Debtor's use of their cash collateral, secured creditors will be granted replacement liens on their pre-petition collateral, with the same validity, priority and extent as their pre-petition liens. The Debtor reserves its right to investigate and challenge the validity or priority of these liens later in the bankruptcy proceedings. The order is available at http://bankrupt.com/misc/PlumbingNerds_ICCOrder.pdf The court will hold a further hearing on June 3. About Plumbing Nerds LLC Plumbing Nerds, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 2:26-bk-01055-FMR) on May 4, 2026. In the petition signed by John Verhoff, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Luis Ernesto Rivera II oversees the case. Michael Dal Lago, Esq., at Dal Lago Law, represents the Debtor as legal counsel. PROGRESS TELECOMM: Joseph Frost Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina appointed Joseph Z. Frost as Subchapter V Trustee for Progress Telecomm NC LLC. About Progress Telecomm NC LLC Progress Telecomm NC, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02162) on May 13, 2026, with $500,001 to $1 million in assets and liabilities. Judge Joseph N. Callaway presides over the case. Laurie Biggs, Esq. at Biggs Law Firm PLLC represents the Debtor as legal counsel. PROVIVI INC: Horizon Technology Marks $1.8MM Loan at 51% Off ------------------------------------------------------------ Horizon Technology Finance Corp has marked its $1,822,000 loan extended to Provivi, Inc to market at $886,000 or 49% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to Provivi, Inc. The Loan accrues interest at a rate of 12.11% Prime 5.36%, 9.5% FLOOR per annum. The Loan matures on January 1, 2027. Debt investment is on non-accrual status as of December 31, 2025. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About PROVIVI INC. Provivi, Inc. operates as a crop protection company. The Company specializes in developing a family of solutions for crop protection such as corn, rice, and soya based on pheromones as a foundation for integrated pest management. Provivi serves customers in the United States. PROVIVI INC: Horizon Technology Marks $991,000 Loan at 51% Off -------------------------------------------------------------- Horizon Technology Finance Corp has marked its $991,000 loan extended to Provivi, Inc to market at $442,000 or 49% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a loan extended to Provivi, Inc. The Loan accrues interest at a rate of 12.11% Prime 5.36%, 9.5% FLOOR per annum. The Loan matures on January 1, 2027. Debt investment is on non-accrual status as of December 31, 2025. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About PROVIVI INC. Provivi, Inc. operates as a crop protection company. The Company specializes in developing a family of solutions for crop protection such as corn, rice, and soya based on pheromones as a foundation for integrated pest management. Provivi serves customers in the United States. PROVIVI INC: Horizon Technology Marks $991,000 Term Loan at 51% Off ------------------------------------------------------------------- Horizon Technology Finance Corp has marked its $991,000 loan extended to Provivi, Inc to market at $441,000 or 49% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a Term loan extended to Provivi, Inc. The Loan accrues interest at a rate of 12.11% Prime 5.36%, 9.5% FLOOR per annum. The Loan matures on January 1, 2027. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About PROVIVI INC. Provivi, Inc. operates as a crop protection company. The Company specializes in developing a family of solutions for crop protection such as corn, rice, and soya based on pheromones as a foundation for integrated pest management. Provivi serves customers in the United States. PSP TS: Kathleen DiSanto Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for PSP TS, LLC. Ms. DiSanto will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About PSP TS LLC PSP TS, LLC is a Florida-based limited liability company engaged in commercial and business-related operations. It operates with a modest asset base and limited creditor exposure. PSP TS 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 of between $100,001 and $1 million and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace. QUARTZ ACQUIRECO: S&P Places 'B' ICR on CreditWatch Negative ------------------------------------------------------------ S&P Global Ratings placed all its ratings on Quartz AcquireCo LLC (dba Qualtrics), including the 'B' issuer credit rating and issue-level rating on its $1.4 billion first-lien term loan due in 2030 on CreditWatch with negative implications. S&P also withdrew its rating on the now replaced revolving credit facility. S&P said, "We expect to resolve the CreditWatch and rate the new first-lien term loan in the coming days and could lower our ratings on Qualtrics one notch. This reflects our expectation of elevated pro forma leverage for the next 18-24 months. We will also evaluate potential headwinds from AI-driven disruption over a several-year horizon." On May 18, 2026, Qualtrics closed its acquisition of Press Ganey Forsta (PGF). It funded the $6.75 billion purchase, related transaction fees, and expenses with common equity, balance sheet cash, and $5.4 billion in incremental debt. The financing includes a new five-year, $500 million revolving credit facility (with about $175 million drawn at transaction close) and seven-year, $5.3 billion first-lien term loan. S&P said, "The CreditWatch reflects that we could lower our ratings on Qualtrics one notch. We expect high starting leverage, weak cash flow, and execution risk over the next 18-24 months with Qualtrics' acquisition of PGF. To fund the transaction, Qualtrics obtained committed financing from banks led by JP Morgan with pro forma S&P Global Ratings-adjusted leverage increasing to 10x-11x. We expect credit metrics will remain weaker than acceptable for a 'B' rating while it works through integration and executes its targeted synergy plan. We expect S&P Global Ratings-adjusted leverage will remain above 7x and free operating cash flow to debt below or near 5% until at least 2028, when the company would fully execute its synergy plan. "While we believe PGF acquisition will enhance Qualtrics' healthcare market position, which we view as less vulnerable from AI-driven disruption (due to PGF's sector domain expertise and proprietary benchmarking patent experience data assets). Higher leverage and debt service leave Qualtrics with limited cushion for execution missteps and financial flexibility it may need for advancing its investment in AI in this rapidly evolving software environment." The acquisition is Qualtrics' largest in recent history. While it has a track record of executing and realizing planned synergies, the risk of business disruption stemming from integration warrant close monitoring. S&P said, "We will also consider potential impact of AI on industry dynamics and its business model. Qualtrics expanded S&P Global Ratings-adjusted EBITDA 6%-8% in 2025 and 5%-7% in 2024 as it improved from restricted stock unit cash outflow since it was acquired by Silver Lake Partners in 2023. Qualtrics had only about $60 million restricted stock unit obligations remaining as of Dec. 31, 2025, down from the initial balance of about $1 billion. We treat these payments as an operating expense that would burden adjusted EBITDA. Excluding them, Qualtrics' core EBITDA (S&P Global Ratings-adjusted) would have been 22%-23% for 2025, with high-3x S&P Global Ratings-adjusted leverage and over $300 million free cash flow. Core EBITDA margin was in the mid-single-digit percent area prior to the take-private transaction. The margin expansion primarily came from about $280 million in synergy realization. "The CreditWatch negative reflects that we could lower our ratings on Qualtrics one notch if we expect prolonged elevated leverage and weaker free cash flow due to execution missteps during integration of PGF (including targeted synergy realization) and/or underperformance stemming from increasing competitive pressures. Our view of AI disruption risk over a several-year horizon could also be a factor. We will review the company's execution plan and AI strategy with management and expect to resolve the CreditWatch over the coming days." QUEENS THEATER: Retains Wilk Auslander LLP as Legal Counsel ----------------------------------------------------------- Queens Theater Owner LLC seeks approval from the United States Bankruptcy Court for the Eastern District of New York to retain Wilk Auslander LLP to serve as its legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports and other legal papers; (c) attend meetings and negotiate with creditors and other parties in interest, attend court hearings, and advise the Debtor on the conduct of the Chapter 11 case; (d) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary in this Chapter 11 case; and (e) advise and assist the Debtor regarding aspects of the plan confirmation process, including negotiating and drafting a plan of reorganization and securing confirmation of the plan. Eric J. Snyder, Esq. will receive an hourly rate of $1,000. Partners receive $725 to $1,200 per hour, Of Counsel $675 to $725 per hour, Associates $450 to $690 per hour, and Paralegals $330 to $435 per hour. Wilk Auslander LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric J. Snyder, Esq. WILK AUSLANDER LLP 825 Eighth Avenue, 29th Floor New York, NY 10019 Telephone: (212) 981-2300 Email: emonzo@morrisjames.com About Queens Theater Owner LLC Queens Theater Owner LLC is a privately held real estate entity believed to own or manage theater, entertainment or commercial property assets in Queens, New York. Queens Theater Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42258) on May 7, 2026. In its petition, the debtor reported estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debto is represented by Eric J. Snyder, Esq. of Wilk Auslander LLP. QUICK PRINTS: Tarek Kiem Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tarek Kiem, Esq., at Kiem Law, PLLC as Subchapter V trustee for Quick Prints, LLC. Mr. Kiem will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kiem declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tarek Kiem, Esq. Kiem Law, PLLC 8461 Lake Worth Road, Suite 114 Lake Worth, FL 33467 Tel: (561) 600-0406 tarek@kiemlaw.com About Quick Prints LLC Quick Prints, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16091) on May 11, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Scott M. Grossman presides over the case. Andrew Kamensky, Esq., represents the Debtor as legal counsel. R.R. DONNELLEY: S&P Rates Proposed Senior Unsecured Notes 'B-' -------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '5' recovery rating to R.R. Donnelley & Sons Co.'s proposed $750 million senior unsecured notes due in 2031. The '5' recovery rating indicates its expectation for modest (10%-30%; rounded estimate: 10%) recovery in the event of a payment default. The offering will modestly decrease the company's secured debt balance while increasing unsecured debt and raising the residual value to and recovery prospects for secured lenders. S&P said, "As a result, we also raised the issue-level rating on the company's secured debt to 'B+' from 'B' and revised the recovery rating to '2' from '3', indicating our expectation for substantial (70%-90%; rounded estimate: 70%) recovery. We also revised our rounded estimate for unsecured lenders to 10% from 15%." R.R. Donnelley intends to use the proceeds from the new offering to repay a portion of its term loan B, redeem the $405 million senior payment-in-kind (PIK) toggle notes issued by RRD Intermediate Holdings, Inc.; redeem or repurchase a portion of the $1 billion, 10% PIK senior notes and pay the accumulated dividends on the $382 million perpetual preferred stock issued by RRD Parent Inc.; and for fees and payment premiums. RRD Intermediate Holdings and RRD Parent are the parents of R.R. Donnelley & Sons Co. S&P said, "Our issuer credit rating on R.R. Donnelley is unchanged. We view the transaction as leverage neutral because we include its preferred shares in our calculation of debt. The stable outlook reflects our expectation that R.R. Donnelley will sustain free operating cash flow (FOCF) to debt of at least 5% despite secular pressures in the commercial printing industry. We expect the company will continue to prioritize repaying debt using FOCF and proceeds from asset sales." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario considers a default in 2029 stemming from an economic downturn and ongoing pricing pressure due to overcapacity in the commercial printing industry. -- R.R. Donnelley is the borrower under the senior secured asset-based lending (ABL) facility due in 2030, about $706 million term loan B, $1.05 billion senior secured notes due in 2029, proposed senior unsecured notes; and additional senior notes with maturities ranging from 2029-2031. -- The company's domestic wholly owned subsidiaries (other than immaterial subsidiaries) guarantee the ABL. The term loan B and $1.05 billion senior secured notes have a first-priority lien on all non-ABL assets and a second lien on all ABL assets. -- The proposed senior unsecured notes benefit from subsidiary guarantees from the entities that guarantee the company's secured debt. The existing senior unsecured notes do not benefit from these subsidiary guarantees. -- In S&P's analysis, S&P assumes the entities that guarantee the senior secured credit facilities represent about 60% of R.R. Donnelley's net emergence value, while its foreign nonguarantor entities and unpledged assets represent about 40%. Simulated default assumptions -- Year of default: 2029 -- EBITDA at emergence: About $416 million -- Implied enterprise value (EV) multiple: 5x -- ABL credit facility: About 60% drawn at default Simplified waterfall -- Net EV (after bankruptcy administrative costs): About $1.97 billion -- Value available to ABL facility: $1.7 billion -- Secured ABL facility claims: About $490 million --Recovery expectations: 90%-100% (rounded estimate: 95%) -- Value available to senior secured debt: $1.2 billion -- Senior secured debt claims: About $1.8 billion --Recovery expectations: 50%-70% (rounded estimate: 70%) -- Value available to senior unsecured claims: $276 million -- Senior notes and pari passu deficiency claims: About $1.52 billion --Recovery expectations: 10%-30% (rounded estimate: 10%) -- Value available to subordinated debt: $0 -- Total subordinated claims: $727 million --Recovery expectations: 0%-10% (rounded estimate: 0%) RCMBGNY INC: Seeks Subchapter V Bankruptcy in New York ------------------------------------------------------ On May 13, 2026, RCMBGNY, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. Deadline to file Statement of Financial Affairs is set for May 27, 2026. About RCMBGNY, Inc. RCMBGNY, Inc. is a New York-based company engaged in commercial business operations and related corporate activities. RCMBGNY, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11110) on May 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Vivek Suri, Esq. of Law Office of V Suri. REDCOLE PARTNERS: Seeks to Employ Bruner Wright as Legal Counsel ---------------------------------------------------------------- Redcole Partners, LLC seeks approval from the United States Bankruptcy Court for the Northern District of Florida to employ Bruner Wright, P.A. to serve as counsel. Mr. Byron Wright III and his firm will provide the Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in this Chapter 11 bankruptcy case. Bruner Wright, P.A. will be compensated at hourly rates ranging from $400 to $475 for attorneys, and $200 for paralegals. The firm also received a pre-petition retainer in the amount of $21,738, of which $2,410 was used for pre-petition services and $1,738 was applied to the filing fee. Bruner Wright, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has no connection with the Debtor, its creditors, or other parties in interest. The firm can be reached at: Robert C. Bruner, Esq. Byron Wright III, Esq. Samantha A. Kelley, Esq. BRUNER WRIGHT, P.A. 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 E-mail: rbruner@brunerwright.com twright@brunerwright.com skelley@brunerwright.com 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 alsorange from $1 million to $10 million each. The debtor is represented by Byron Wright III, Esq. of Bruner Wright, P.A. REDONDO CONSTRUCTION: Order Dismissing CLI Adversary Case Vacated ----------------------------------------------------------------- Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the District of Puerto Rico vacated the Opinion and Order dismissing the instant adversary proceeding captioned as CONTINENTAL LORD INC., Plaintiff vs. REDONDO CONSTRUCTION CORPORATION; MIGUEL REDONDO BORGES; CARMEN RAFULS HERNANDEZ; CONJUGAL PARTNERSHIP COMPRISED BY MIGUEL REDONDO AND CARMEN RAFULS; JORGE REDONDO BORGES; JANE DOE; CONJUGAL PARTTNERSHIP COMPRISED BY JORGE REDONDO AND JANE DOE; CORPORATION ABC; CORPORATION XYZ; ASSURANCE COMPANY A; ASSURANCE COMPANY B Defendants, ADVERSARY NO. 22-00051-ESL (Bankr. D.P.R.) for lack of subject-matter jurisdiction. On August 1, 2022, Continental Lord Inc. ("CLI”) filed the instant Adversary Proceeding against Redondo Construction Corporation, Miguel Redondo Borges, Jorge Redondo Borges and others for collection of monies, violation of fiduciary duties, and damages, and seeking declaratory judgment. The Complaint is premised on the Debtor's and the plan administrators' failure to satisfy an interest payment to CLI related to its pass-through claim. After various procedural events, on June 16, 2023, this court dismissed the Adversary Proceeding for lack of post-confirmation jurisdiction over the causes of action included in the Complaint and entered Judgment on June 20, 2023. CLI appealed the dismissal, Judgment, and denial of reconsideration to the District Court on September 21, 2023. The District Court affirmed the dismissal on September 16, 2024 finding that there was no error in this court's determination that it lacked subject-matter jurisdiction over the adversary proceeding as the claims presented herein do not directly impact the implementation of the confirmed plan or require enforcement of prior orders, and entered Judgment dismissing CLI's Appeal on September 17, 2024. CLI appealed to the Court of Appeals on October 16, 2024. On April 14, 2026, the Court of Appeals entered an Order vacating the decision of the District Court and remanding the case to the District Court with instructions to vacate the decision of the Bankruptcy Court and to remand for further proceedings consistent with its order. In sum, the Court of Appeals found that this court's conclusion that it lacked subject-matter jurisdiction was insufficiently explained and appeared inconsistent with its prior rulings recognizing a binding plan-based obligation owed to CLI. Thereafter, the District Court entered an Order on May 6, 2026, vacating the decision of the Bankruptcy Court and remanding the case for further proceedings consistent with the Order entered by the Court of Appeals. A status conference is scheduled for August 11, 2026. A copy of the Court's Order dated May 12, 2026, is available at http://urlcurt.com/u?l=IZDXOgfrom PacerMonitor.com. Redondo Construction Corporation has been in the construction business for 30 years, and worked on many public and government projects. Redondo filed for chapter 11 protection (Bankr. D.P.R. Case No. 02-02887) on March 19, 2002, and the Bankruptcy Court confirmed the Debtor's chapter 11 plan on Oct. 6, 2005. RESTAURANT BRANDS: S&P Upgrades ICR to 'BB+' on Deleveraging ------------------------------------------------------------ S&P Global Ratings raised its issuer credit rating on Miami-based quick service restaurant franchisor Restaurant Brands International Inc. (RBI) to 'BB+' from 'BB'. The stable outlook reflects our expectation for S&P Global Ratings-adjusted debt to EBITDA in the low-4x area over the next 12 months based on continued positive comparable-sales growth, restaurant expansion, and consistent debt levels. The upgrade reflects RBI's solid execution across its businesses. This includes 20 straight quarters (since 2021) of higher comparable sales. S&P said, "RBI continues to expand its restaurant count, which we expect to grow around 3-4% in 2026, with a focus on the international market. Segment-level EBITDA margins are improving, primarily due cost discipline and greater scale enhancing operating leverage. We expect adjusted debt to EBITDA of about 4.4x for 2026 and 4.1x in 2027, an improvement from 4.5x in 2025 and pro forma 4.8x in 2024." RBI has renewed its focus on organic growth opportunities. S&P said, "As a result, we think its comparable-sales improvement, new restaurant openings, and cost discipline will continue over the next two years. RBI's international operations are the largest growth opportunity. New international restaurant unit growth will exceed new restaurants in the rest of the business by about 350% over the next 2 to 3 years, and comparable-sales growth will also be at the higher end for the business. The international restaurants are primarily Burger King, but franchisees are opening an increasing proportion of Popeyes, which are growing revenue faster. The newness of the brands outside of North America and the localization of the concepts provide a multi-year platform for organic growth. S&P said, "We think Tim Hortons has opportunities to build on its strengths but has limited growth potential outside of Canada. The brand, which accounts for about 40% of RBI's profit, is focusing on improving afternoon traffic and selling more food items, which will help franchisees leverage fixed costs. The company is also looking to add more locations in Canada. We view these two growth avenues as stronger for Tim Hortons than international expansion because the brand is lesser-known outside of Canada, and its concept and offerings are not meaningfully differentiated among an increasing number of competitors." In the U.S., Burger King is executing its turnaround well by remodeling its restaurants, increasing the quantity and quality of limited-time offerings (LTOs), and reestablishing its value proposition with customers. S&P believes the turnaround--as demonstrated by 5.8% comparable-sales growth in first-quarter 2026--is sustainable because it stems from an improved customer experience rather than a temporary boost related to a single successful LTO or initiative. S&P said, "Popeyes continues to lag in the U.S. with weaker comparable-sales growth, but we think its brand awareness is solid. In addition, we think the company could apply its successes in improving Burger King to Popeyes." RBI is focused on refranchising, especially its owned Burger King restaurants, so S&P expects the ratio of franchised restaurants to increase over the next three years. This will reduce overall revenue but increase margins and profit stability. S&P doesn't think the growing use of GLP-1 drugs will meaningfully hurt demand for RBI or its credit metrics in the next two years. But it could slightly hurt systemwide sales due to customers who use those drugs visiting restaurants less frequently and spending less. RBI's financial policy is supportive of the current rating and, potentially, a higher one. The company's stated leverage target is low-to-mid-3x by 2028, which is consistent with S&P Global Ratings-adjusted debt to EBITDA in the mid-to-high-3x area. S&P said, "We think the company will grow its dividend modestly until reaching its 60% dividend payout ratio target, using the majority of remaining free cash flow for share repurchases and small acquisitions of franchises as needed. The expectation for further deleveraging from EBITDA growth and stable debt balances means the forecast has a significant cushion at the current rating. In addition, the company will have an increasing amount of cash flow after its dividend, and if EBITDA growth is not as positive as expected, we think the company could reduce share repurchases to achieve its deleveraging target. If the company executes as planned, we see a path to another upgrade as the company continues to establish its track record of execution and financial policy." S&P said, "We don't expect significant acquisitions in the next 12-24 months. RBI is unlikely to add an additional brand at this time given the ample opportunities to expand Burger King and Popeyes internationally and the continued work to improve both in the U.S. If international expansion unexpectedly slows, RBI could add a new brand, but we think this would take time. "RBI could also purchase additional underperforming franchises, but we think this would likely be smaller than previous repurchases like Carrols or Burger King China and wouldn't significantly affect the credit profile. "The stable outlook reflects our expectation for adjusted debt to EBITDA in the low-4x area over the next 12 months. We think RBI will continue to perform solidly across its brands, including continued international expansion, resulting in consistent EBITDA growth and a financial policy that supports further deleveraging." S&P could consider a lower rating if it expects RBI to sustain adjusted debt to EBITDA above 5x. This could occur due to: -- A large, unexpected, debt-funded acquisition; or -- A significant economic downturn that results in a sharp decline in traffic and average spending. S&P could consider another upgrade if it expects RBI to sustain adjusted debt to EBITDA below 4x. In this scenario, S&P would expect: -- A track record of operating with this lower leverage; -- Positive comparable sales and stable or improving margins; and -- A financial policy that supports maintaining investment-grade ratings. RYE MARBLE: Samuel Dawidowicz Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as Subchapter V trustee for Rye Marble Inc. Mr. Dawidowicz will be paid an hourly fee of $595 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Dawidowicz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Samuel Dawidowicz 215 East 68th Street New York, NY 10065 Phone: (917) 679-0382 About Rye Marble Inc. 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. Rye Marble sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22478) on May 11, 2026, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Anne J. Penachio, Esq., at Penachio Malara, LLP represents the Debtor as legal counsel. RYE MARBLE: Seeks Subchapter V Bankruptcy in New York ----------------------------------------------------- On May 11, 2026, Rye Marble Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 10, 2026 at 01:00 PM at Zoom.us - USTrustee 6: Meeting ID 160 6479 0874, Passcode 6789012456, Phone 1 (202) 798-4458. About Rye Marble Inc. Rye Marble Inc. is a stone and surface materials company involved in the supply, fabrication, and distribution of marble and related products. Rye Marble Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-22478) on May 11, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Anne J. Penachio, Esq. of Penachio Malara LLP. S & H SYSTEMS: Taps Ravinia Capital as Investment Banker and Broker ------------------------------------------------------------------- S & H Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Ravinia Capital LLC to serve as investment banker and broker. Ravinia Capital LLC will provide these services: (a) advising and assisting the Debtor in the preparation of marketing and informational materials, including a confidential information memorandum and teaser; (b) identifying, contacting, and soliciting potential buyers, investors, and other counterparties; (c) coordinating non-disclosure agreements, a virtual data room, and buyer due diligence; (d) leading negotiations of letters of intent, definitive purchase agreements, and related documentation; (e) working with the Debtor's legal counsel, accountants, and other advisors; and (f) providing other customary investment banking services reasonably requested in connection with a transaction or financing. Ravinia Capital LLC will receive an advisory fee of $50,000 for the first month of the term and $25,000 every thirty (30) calendar days thereafter during the term. The firm will also receive a transaction fee equal to 5.0% of the transaction value if the buyer, investor, or counterparty is ZenaTech, Inc. or its successors and assigns, and 7.0% if the buyer, investor, or counterparty is not on that excluded list. Ravinia will also receive a financing fee equal to 2.5% of the gross proceeds of any financing consummated during the term or applicable tail period, reimbursement of reasonable out-of-pocket expenses, and a break-up fee equal to 15% of any break-up fee received by the Debtor in connection with the termination or withdrawal of an offer or definitive agreement for a transaction. Ravinia Capital LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Tom Goldblatt Managing Member RAVINIA CAPITAL, LLC About S & H Systems S & H Systems, Inc. designs, installs, and maintains material handling and automation systems for distribution centers, warehouses, and manufacturing and fulfillment facilities, providing services that include operational analysis, systems design engineering and estimating, and controls and software integration. The Company delivers conveyor systems, goods-to-person solutions, automated storage and retrieval systems, autonomous mobile robotics, robotic and pick/put wall solutions, and warehouse control systems, supporting both new and retrofit operations across the United States. S & H Systems is headquartered in Jonesboro, Arkansas, and employs approximately 180 people. S & H Systems sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-10365) on February 2, 2026. In the petition signed by Mark Donovan, chief financial officer, the Debtor disclosed $41,717,420 in total assets and $62,495,282 in total liabilities. Judge Phyllis M. Jones oversees the case. The Debtor is represented by Kevin P. Keech, Esq., at Keech Law Firm, PA. SA POOL CONSTRUCTION: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ SA Pool Construction, Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through June 8 in accordance with its budget, subject to a 10% monthly variance. The budget includes monthly payments of $1,500 to the Subchapter V trustee and $6,040 to Frost Bank as protection for the Debtor's use of the bank's cash collateral. In addition to the $6,040 monthly payment, the Debtor offers Frost Bank a replacement lien on assets similar to its pre-petition collateral, with the same validity, priority, and extent as its pre-petition lien, and to continue its $4,057 monthly payments on equipment loans. Frost Bank is the Debtor's only secured creditor with a lien on cash collateral, having filed a UCC-1 financing statement in 2016 securing a debt of approximately $279,000. The order is available at http://bankrupt.com/misc/SAPool_ICCOrder.pdf The bankruptcy court will hold a final hearing on June 8. SA Pool Construction, which operates from San Antonio, Texas, has been in business for over 30 years. The Debtor employs about 20 full-time workers and generates approximately $9 million in annual revenue. It continues operating as a debtor-in-possession under Sections 1107 and 1108 of the Bankruptcy Code, with a Subchapter V trustee appointed. As of the petition date, the Debtor had $42,974 in cash or in banks, $451,000 in receivables, $36,420 in pool equipment, and $158,000 in machinery. About SA Pool Construction Inc. SA Pool Construction, Inc. is a Texas-based company specializing in the construction of luxury swimming pools, water features, and spas. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Texas Case No. 26-51198) on May 4, 2026, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Michael Colvard serves as Subchapter V trustee. Judge Aubrey L. Thomas oversees the case. Dean Greer, Esq., at West & West Attorneys at Law, P.C., represents the Debtor as bankruptcy counsel. SAILORMEN INC: Seeks to Extend Plan Exclusivity to Sept. 12 ----------------------------------------------------------- Sailormen Inc. asked the U.S. Bankruptcy Court for the Southern District of Florida to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Sept. 12 and Nov. 11, 2026, respectively. The Bankruptcy Code does not define "cause" for extending the Exclusive Periods. Thus, in determining whether cause exists, courts have relied on a variety of factors (the "Factors"), each of which may provide sufficient grounds for extending the Exclusive Periods. The Debtor explains that the Factors support a showing of "cause." This is a large case; BMO Bank, N.A., the Debtor's largest senior secured lender, possesses a substantial claim amount of roughly $120 million. 254 proofs of claim, totaling roughly $50 million, have been filed against the Debtor. As to factors two and three, the Debtor is currently evaluating bids and selling its assets pursuant to the sale order (the "Sale Order") the Court entered on March 20, 2026 (each, a "Sale," and collectively, the "Sales"). The results of the Debtor's sale efforts will determine its next steps in crafting a comprehensive chapter 11 plan for BMO and its other creditors, and the Debtor thus needs additional time to prepare adequate information for its plan. As to factors four, five, and six, the Debtor is paying its debts as they come due and has demonstrated reasonable prospects for filing a viable plan through its sale efforts and negotiations with creditors. Seventh, the Debtor has only been in bankruptcy for slightly less than four months. As to factors eight and nine, the Debtor is not seeking an extension of the Exclusivity Periods to pressure creditors, and the Sales are unresolved contingencies necessary to propose a viable plan. The Debtor is acting in good faith, and this is its first request to extend the Exclusivity Periods. Sailormen Inc. is represented by: Bradley S. Shraiberg, Esq. Samuel W. Hess, Esq. SHRAIBERG PAGE P.A. 2385 NW Executive Center Drive, #300 Boca Raton, FL 33431 Telephone: (561) 443-0800 Facsimile: (561) 998-0047 E-mail: bss@slp.law shess@slp.law About Sailormen Inc. Sailormen Inc. is a leading franchisee of Popeyes Louisiana Kitchen restaurants. Sailormen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-10451) on January 15, 2026. In its petition, the Debtor reports estimated assets between $100 million and $500 million and $342 million in liabilities. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq. SALT LAKE CITY DISTILLERY: Unsecureds Will Get 100% of Claims ------------------------------------------------------------- Salt Lake City Distillery, LLC, d/b/a Dented Brick Distillery filed with the U.S. Bankruptcy Court for the District of Utah a Disclosure Statement describing Plan of Reorganization dated May 4, 2026. The Debtor operates Dented Brick Distillery, a Utah distillery business producing and selling distilled spirits through multiple channels. The Debtor's revenue sources include wholesale distribution through the Utah Department of Alcoholic Beverage Services ("DABS"), on-site retail sales, tasting-room operations, tours, events, and related ancillary revenue. The Debtor's business depends on its production capacity, brand recognition, distribution relationships, customer relationships, direct-to-consumer revenue opportunities, and ability to operate in a highly regulated alcohol production and sales industry. The Debtor's financial distress resulted primarily from a dispute and collection pressure arising from a substantial note obligation originally associated with Black Oak and later asserted by Rotterdam Partners or related entities. The Debtor did not have sufficient liquidity to satisfy Rotterdam's demand in full while also continuing operations, paying employees, maintaining inventory and production, satisfying tax and regulatory obligations, servicing other secured debt, and preserving value for unsecured creditors. The Plan is a going-concern reorganization. It is designed to preserve the Debtor's operating distillery business, maintain jobs and enterprise value, pay secured creditors according to their retained collateral rights and restructured payment terms, pay priority and administrative claims as required by the Bankruptcy Code, and provide a materially better recovery than a Chapter 7 liquidation. The Plan is funded from ongoing operations, Net Distributable Cash, ordinary-course trade credit, refinancing, excess-cash-flow principal reductions where applicable, and other non-capital contribution funding available to the reorganized Debtor. The Plan feasibility analysis does not rely on any capital contribution, investor contribution, equity-holder contribution, or capital backstop. The Debtor projects normalized monthly operating cash receipts of $230,000.00, ordinary operating expenses before Plan payments of approximately $152,500.00, and estimated cash flow before Plan payments of approximately $77,500.00. During the initial and tightest Plan-payment period, the Debtor projects required monthly Plan payments of approximately $74,701.76, resulting in a projected monthly operating cushion of approximately $2,798.24. The Plan provides for 100% payment of Allowed General Unsecured Claims from Net Distributable Cash, subject to Allowed Claim amounts, claim objections, reclassification, subordination, available Net Distributable Cash, stipulations, prepayment, refinancing, and further order of the Court. For feasibility purposes, the Plan and Exhibit F use an estimated Class 9 funding target of $447,723.02, which includes the prior Class 9 estimate plus Headway Capital LLC’s asserted $107,723.02 claim if reclassified or treated as unsecured. Existing equity interests are retained, but equity holders receive no distributions, dividends, redemptions, management fees on account of ownership, or other ownership distributions unless Plan payments are current and Allowed General Unsecured Claims have been paid as required by the Plan, unless otherwise ordered by the Court. Class 9 consists of General Unsecured Claims. Paid 100% of Allowed Claim amount from Net Distributable Cash under the Plan. Exhibit F models nominal distributions during the initial secured-payment period and $9,300/month catch-up distributions during months 25-72, subject to Allowed Claims, available Net Distributable Cash, stipulations, prepayment, refinancing, and Court order. The allowed unsecured claims total $447,723.02 planning estimate, subject to claims allowance, objection, reclassification, subordination, stipulation, and further order. This estimate includes Headway's asserted $107,723.02 claim if treated as unsecured. This Class is impaired. The Reorganized Debtor will continue operating the distillery business after confirmation. Operations will include wholesale distribution, DABS sales, on-site retail sales, tasting-room activity, tours, events, production, and related revenue generating activities. Plan payments will be funded from ongoing operations, Net Distributable Cash, ordinary-course trade credit, refinancing, excess-cash-flow principal reductions where applicable, and other non-capital contribution funding available to the Reorganized Debtor. The feasibility analysis does not rely on any investor contribution, equity-holder contribution, or capital-contribution backstop. A full-text copy of the Disclosure Statement dated May 4, 2026 is available at https://urlcurt.com/u?l=6cHOOA from PacerMonitor.com at no charge. Counsel to the Debtor: Steven M. Rogers, Esq. Nicholas R. Russell, Esq. Rogers & Russell, PLLC 170 S. Main Street Pleasant Grove, UT 84062 (801) 899-6064 phone (801) 210-5388 fax Email: paralegal@roruss.com About Salt Lake City Distillery Salt Lake City Distillery, LLC, operating as Dented Brick Distillery, is a Utah-based craft spirits producer located in Salt Lake City. It specializes in manufacturing alcoholic beverages, primarily focused on distilled spirits production. Salt Lake City Distillery sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 25-23944) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Peggy Hunt handles the case. The Debtor is represented by Steven M. Rogers, Esq. at Rogers & Russell. Cache Valley Bank, as secured creditor, is represented by: Reid W. Lambert, Esq. Strong & Hanni, PC 102 South 200 East, Suite 800 Salt Lake City, UT 84111 Phone: 801-532-7080 Fax: (801) 596-1508 info@strongandhanni.com Rotterdam Partners, as secured creditor, is represented by: Brian M. Rothschild, Esq. Darren Neilson, Esq. Parsons Behle & Latimer 201 South Main Street, Suite 1800 Salt Lake City, UT 84111 Phone: 801.532.1234 Fax: 801.536.6111 BRothschild@parsonsbehle.com DNeilson@parsonsbehle.com ecf@parsonsbehle.com SBHC HOLDINGS: S&P Alters Outlook to Negative, Affirms 'CCC+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from positive and affirmed its ratings on Franklin, Tennessee-based SBHC Holdings LLC (dba Summit Behavioral Health), including the 'CCC+' issuer credit rating. The negative outlook reflects that S&P could downgrade Summit over the coming year if larger or longer than expected cash flow deficits constrain liquidity or it expects another distressed exchange transaction. Summit reported weaker than expected EBITDA margins and substantial cash flow deficits in the latter half of 2025, with leverage of 10x-11x. In 2026, the company faces further reimbursement uncertainty on patients covered by the U.S. Department of Veterans Affairs (VA), elevated labor inflation, and margin pressure from de novo facilities. S&P expects sufficient liquidity for 2026 and 2027. The outlook revision primarily reflects our expectation for sustained free cash flow deficits. Reimbursement headwinds and uncertainty in the substance abuse disorder segment (about 40% of 2025 revenue) is a key factor in underperformance contributing to the free cash flow deficits. Adverse reimbursement dynamics relate to VA covered patients. as certain Medicare contractors (intermediaries) have been reverting to the lower VA rate schedule. The company faces further reimbursement, contributing to margin pressure and certain facilities becoming unprofitable. Summit has closed and is in the process of closing several unprofitable facilities. Summit's acute psychiatric facilities business (60% of 2025 revenue) is increasing revenue and performing broadly in line with our expectations. This pressure has been exacerbated by rising labor costs, margin pressure on new facilities (during the ramp-up phase), and high leverage and cash interest expense. Although management is undertaking a broad array of initiatives to increase patient volumes, occupancy rates, operational efficiency, and revenue cycle management, these may be insufficient to offset downward pressure on per-patient rates. Strategic restructuring initiatives provide long-term support to EBITDA, but near-term performance will likely remain pressured during the transition period. Summit is focused on portfolio rationalization and operational restructuring. Management is also turning over leadership and addressing utilization challenges by closing or divesting unprofitable facilities. Following the closure of two facilities in 2025, several additional facilities face potential divestment or closure in 2026. Summit is also focused on improving occupancy, workforce optimization and clinical standardization to stabilize operations. Although these measures are designed to improve long-term EBITDA margins, S&P expects it will take time to meaningfully improve margins and cash flow deficits. Summit will rely on its revolver for liquidity in 2026 and 2027. The viability of the capital structure depends on Summit's ability to improve margins and free cash flow. S&P said, "We believe a focus on revenue cycle management improvement and optimizing its payer mix to offset reimbursement headwinds will be particularly important. While the sale of its Johnstown Heights (Johnstown, Colorado) and Seabrook (Bridgeton, New Jersey) facilities in 2025 bolstered liquidity, S&P Global Ratings-adjusted leverage remains high at roughly 10x. Although we expect liquidity to remain adequate over the next 12-18 months, the company remains reliant on its revolver to fund the cash burn. We anticipate a substantial free cash flow deficit in 2026 and a more modest shortfall in 2027 as management executes restructuring and optimization initiatives." The negative outlook reflects that S&P could downgrade Summit over the coming year if larger or longer than expected cash flow deficits constrain liquidity. S&P could also lower the rating if it expects another distressed exchange transaction. S&P could lower its rating if: -- Liquidity becomes constrained due to greater or longer than expected cash flow deficits; or -- S&P believes Summit will likely engage in a distressed debt restructuring over the next 12 months that it would consider tantamount to a default, due to liquidity pressures or an unsustainable capital structure. S&P could revise its outlook to stable or raise its ratings if: -- S&P believes Summit will improve operating performance; and -- It substantially reduces FOCF deficits. SHENGROW INC: Horizon Technology Marks $3.3MM Loan at 18% Off ------------------------------------------------------------- Horizon Technology Finance Corp has marked its $3,352,980 loan extended to Shengrow, Inc. aka Soli Organic, Inc to market at $4,089,000 or 82% of the outstanding amount, according to Horizon Tech's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Horizon Technology Finance Corp is a participant in a loan extended to Shengrow, Inc. aka Soli Organic, Inc. The Loan accrues interest at a rate of 11.75% PRIME 5%, 9.75% FLOOR per annum. The Loan matured last November 26, 2026. Horizon Technology Finance Corp is a business development company that provides secured debt and venture lending solutions to growth-stage technology and life sciences companies. The Fund is led by Michael P. Balkin as Chief Executive Officer and Daniel R. Trolio as Chief Financial Officer. The Fund can be reached at: Michael P. Balkin Horizon Technology Finance Corporation 312 Farmington Avenue Farmington, CT 06032 Telephone: (860) 676‑8654 About SHENGROW INC AKA SOLI ORGANIC INC. Soli Organic Inc. produces fresh organic culinary herbs. The Company offers leafy greens, basil, and living herbs. Soli Organic serves clients in the United States. SHRI RADHA: Jolene Wee of JW Infinity Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for Shri Radha Krishna Mandir Inc. Ms. Wee will be compensated at $660 per hour. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About 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 filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-40076) on January 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, Esq., at Dahiya Law Offices, LLC serves as the Debtor's counsel. SI 166: Commences Chapter 11 Bankruptcy in New York --------------------------------------------------- On May 13, 2026, SI 166 LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on June 22, 2026 at 09:15 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 8185618. About SI 166 LLC SI 166 LLC is a New York-based business entity engaged in commercial property or investment-related activities. SI 166 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42315) on May 13, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by counsel of record in the proceeding. SIERRA ELECTRONICS: Daniel Behles Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 14 appointed Daniel Behles, Esq., at 709 Consulting, LLC as Subchapter V trustee for Sierra Electronics Inc. Mr. Behles will be paid an hourly fee of $300 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Behles declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Sierra Electronics Inc. Sierra Electronics Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 26-10642) on May 11, 2026, with $1 million to $10 million in assets and $500,001 to $1 million in liabilities. Judge Robert H. Jacobvitz presides over the case. SIMPSON TACOMA: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: Simpson Tacoma Kraft Company LLC 1301 5th Avenue, Ste. 2700 Seattle, WA 98101 0Business Description: Simpson Tacoma Kraft Company LLC is a Seattle-based paper and packaging company associated with a Tacoma, Washington, mill that manufactured kraft pulp, linerboard, and related packaging materials. The company's operations included recycling waste paper and boxes into packaging paper and supporting mill production through biomass-powered boilers. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Western District of Washington Case No.: 26-11643 Debtor's Counsel: Aditi Paranjpye, Esq. DBS LAW 819 Virginia Street, Suite C-2 Seattle, WA 98101 Tel: (206) 489-3802 Email: aparanjpye@lawdbs.com Total Assets: $1,983,078 Total Liabilities: $20,973,780 The petition was signed by Kathryn Navarro as president. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2RXU6JI/Simpson_Tacoma_Kraft_Company_LLC__wawbke-26-11643__0001.0.pdf?mcid=tGE4TAMA STEPS HOUSE: Hires Tarpy Cox Fleishman & Leveille as Counsel ------------------------------------------------------------ The Steps House, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ Lynn Tarpy, Esq. and Kelli Holmes, Esq. of the firm Tarpy, Cox, Fleishman & Leveille, PLLC to serve as general counsel in its Chapter 11 case. Lynn Tarpy and Kelli Holmes will provide these services: (a) all matters dealing with the Chapter 11 bankruptcy including, but not limited to, litigation in the bankruptcy; (b) litigation in federal and state courts; (c) provide legal services in connection with the Debtor's Chapter 11 case; and (d) perform all other legal services necessary in connection with the bankruptcy proceedings. Lynn Tarpy will be compensated at an hourly rate of $425 and Kelli Holmes will be compensated at an hourly rate of $335. Staff will be reimbursed at $75 to $95 per hour for paralegals or law clerks, $275 per hour for associate attorneys, $350 for Ed Shultz, and $425 per hour for Thomas Leveille. The firm received an initial retainer of $9,962 wherein $6,178.50 has been paid for legal services and $3,783.50 remains in the trust account. Tarpy, Cox, Fleishman & Leveille, PLLC is a "disinterested person" within the meaning of 11 U.S.C. Sec. 327, according to court filings. The firm can be reached at: Kelli D. Holmes, Esq. Tarpy, Cox, Fleishman & Leveille, PLLC 1111 N. Northshore, Suite N-290 Knoxville, TN 37919 Telephone: (865) 588-1096 About The Steps House Inc. The Steps House is a Knoxville, Tennessee-based nonprofit organization that provides residential recovery housing and addiction rehabilitation services for individuals with substance-use disorders. The organization operates transitional and rehabilitative programs, including services for homeless veterans, through facilities in the Knoxville area. The Steps House sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 3:26-bk-30917-SHB) on May 7, 2026. At the time of the filing, Debtor had estimated assets of between $0 to $50,000 and liabilities of between $1,000,001 to $10 million. Judge Suzanne H Bauknight oversees the case. Tarpy, Cox, Fleishman & Leveille, PLLC is Debtor's legal counsel. STOKES & STOKES: Sale Proceeds & Rental Income to Fund Plan ----------------------------------------------------------- Stokes & Stokes Properties, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a Plan of Reorganization dated May 4, 2026. The Debtor is a Pennsylvania-based real estate holding company established in 2007 to offer residential rental properties to tenants. From 2007 until 2021 or 2022, Debtor operated a profitable residential rental business. During this period, Debtor's tenants encountered difficulties in fulfilling their rental obligations. In the absence of seeking any COVID-19 assistance funds, Debtor financed the shortfall in rental income from their personal savings until approximately 2024, at which point their savings were exhausted. Subsequently, Debtor's principals initiated bankruptcy proceedings. On June 3, 2025, the Debtor commenced a Chapter 11 Sub-Chapter V Bankruptcy Case in order to avoid a sheriff sale of one of its properties. That bankruptcy was dismissed on October 30, 2025. Thereafter, in order to avoid another sheriff sale the Debtor filed the Chapter 11 Sub-Chapter V Bankruptcy in the United State Bankruptcy Court for the Eastern District of Pennsylvania. The Debtor is a Pennsylvania Limited Liability Company. The Debtors corporate headquarters is located at 1849 Dillon Road, Ambler, Pa. 19002 The members of the LLC are Tyrone Stokes and Michelle Williams who are the co-managing members and are husband and wife. Class 2 consists of the Unsecured Claim of Citibank. The Debtor proposes to pay 100% of its disposable income to Citibank for the length of the plan. This Class is impaired. Class 3 consists of Equity Interest of Michelle Williams and Tyrone Stokes. Michelle Williams and Tyrone Stokes expect to retain their interest in the reorganized Debtor. To partially finance the plan, the Debtor intends to sell or surrender the following properties and use any net proceeds to fund the plan: * 3212 W. Diamond St., Phila 19121 - Mortgage - $633,176.06; Arrears $173,466.68 (7.500%) * 2101 Marshall St. Phila 19122 - Mortgage - $462,806.83; Arrears $126,467.91. (9.125%) * Vacant Lot 2255 N. 16th Street Philadelphia, Pa. 19132 - Mortgage: $0.00 In addition to selling the properties the Debtor will contribute its disposable income from its residential rental operation to fund its Chapter 11 Plan. The Debtor believes that it will have enough cash on hand on the Effective Date of the Plan to pay all the Claims and expenses that are entitled to be paid on that date. The final Plan payment is expected to be paid on or before 60 months after confirmation of the original Chapter 11 Plan. A full-text copy of the Plan of Reorganization dated May 4, 2026 is available at https://urlcurt.com/u?l=PUzycO from PacerMonitor.com at no charge. Counsel to the Debtor: Demetrius J. Parrish, Jr., Esq. THE LAW OFFICES OF DEMETRIUS J. PARRISH, JR. 7715 Crittenden St., Suite 360 Philadelphia, PA 19118 Tel: (215) 735-3377 Email: djpesq@gmail.com About Stokes & Stokes Properties Stokes & Stokes Properties, LLC is a Pennsylvania-based real estate holding company established in 2007 to offer residential rental properties to tenants. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 26-10431) on February 3, 2026, listing $1,000,001 to $10 million in assets and up to $50,000 in liabilities. Judge Ashely M Chan presides over the case. Demetrius J. Parrish, Jr., at The Law Offices Of Demetrius J. Parrish, is the Debtor's counsel. SVB FINANCIAL: FDIC Loses Bid to Dismiss SVBFT Adversary Case ------------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York denied the motion of The Federal Deposit Insurance Corporation, as Receiver for Silicon Valley Bank, to dismiss the adversary proceeding captioned as SVB FINANCIAL TRUST, Plaintiff, v. FEDERAL DEPOSIT INSURANCE CORPORATION, as Receiver for Silicon Valley Bank, Defendant, Adv. Pro. No. 25-01150 (Bankr. S.D.N.Y.). On December 1, 2020, Elliot Smerling ("Smerling") contacted SVB to establish a line of credit for an entity named JES Global Capital III, L.P. (the "JES Fund") and its general partner, JES Global Capital GP III, LLC (the "JES General Partner" and, together with the JES Fund, the "JES Entities"). Smerling claimed that the JES Fund was a legitimate private equity fund with $500 million in capital commitments and nearly $100 invested in three portfolio companies. Smerling provided a series of agreements and other materials to SVB, which were purportedly executed by each Limited Partner in the JES Fund. However, the signatures on the agreements were forged. SVB provided a $150 million line of credit to the JES Entities pursuant to a Loan and Security Agreement (the "Loan Agreement"), effective February 3, 2021, which incorporated by reference the forged documents. Smerling and the JES Fund requested for SVB to advance approximately $95 million from the line of credit, which SVB wired to an account that Smerling claimed was associated with the JES Fund. SVB discovered the forgeries while conducting post-closing diligence and declared an event of default under the Loan Agreement and demanded immediate repayment from the JES Fund. Smerling was arrested the same day in Florida by FBI agents. On March 24, 2021, SVB filed suit against JES and Smerling in the United States District Court for the Southern District of New York. On June 14, 2021, SVB obtained a final judgment against Smerling in the amount of $79,957,322.65 plus interest. Smerling later admitted to bank and securities fraud and pled guilty to charges based on the forgeries he used to induce SVB. SVB incurred a direct loss of more than $73 million from the forgeries. Smerling was ordered to pay restitution to SVB in the amount of $82,172,410.27 plus interest. In August 2020, Federal Insurance Company ("Chubb") issued a primary Financial Institution Bond (the "Chubb Bond"), and Berkley Regional Insurance Company ("Berkley" and together with Chubb, the "Insurers") issued an Excess Bond (the "Berkley Bond" and together with the Chubb Bond, the "Bonds"), which provide coverage for, inter alia, "Extended Forgery," which covers losses resulting from credit extensions in reliance on documents bearing a forgery. The Berkley Bond follows the form of the Chubb Bond and provides coverage for losses in excess of the coverage limits of the Chubb Bond. The Bonds, and all amendments thereto, identify SVBFG as the first named "ASSURED," but also expressly provide coverage for SVBFG's "subsidiaries," which included SVB. SVBFG notified the Insurers of the losses resulting from the fraud perpetrated by Smerling in March 2021 and requested coverage under the Bonds (the "Insurance Claim"). Insurers denied coverage claiming that the losses were not covered by the Bonds, and SVBFG and SVB, as plaintiffs, filed a joint complaint in the North Carolina Superior Court of Wake County against the Insurers for breach of contract and declaratory relief (the "North Carolina Complaint"). Insurers removed the action to the United States District Court for the Eastern District of North Carolina (the "North Carolina Action"). The FDIC-R seeks a declaratory judgment that it is the "real party in interest" and owner of the Insurance Claim and proceeds of the North Carolina Action. The FDICR notes that it also sees (i) injunctive relief in the form of an order enjoining FDIC-R from interfering with SVBFT's rights under the Bonds and (ii) an award of SVBFT's costs and attorneys' fees. In response, SVBFT moved to stay the litigation, and in the alternative, filed a cross motion for partial summary judgment disputing the FDIC-R's claim to the insurance proceeds. On March 10, 2023, the depositors ran on SVB, which did not have cash on hand to cover depositors' withdrawals and ultimately failed, constituting the third-largest bank failure in U.S. history. The same day, the California Department of Financial Protection and Innovation closed SVB and appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver for SVB. The FDIC contends that under the Financial Institution Reform, Recovery, and Enforcement Act of 1989 ("FIRREA") the FIDC-R "by operation of law, succeeded to all rights, titles, powers, and privileges" of SVB and (among others) SVBFG with respect to SVB and its assets. SVBFT notes that the Confirmation Order transferred SVBFG's rights and entitlements under the Bond to SVBFT free and clear of all Liens, Claims, charges, or other encumbrances. The FDIC-R argues that section 1821(d)(2)(A)(i) of Title 12 (the "Succession Clause") states that FDIC, as receiver, succeeds to all rights, titles, powers, and privileges of the insured depository institution. The FDIC-R contends that SVB was an "ASSURED" party under the Bonds, and now the FDIC-R holds the right tile and interest in SVB's property, including its right to pursue its own claim coverage under the Bonds. The FDIC-R claims it has exclusive standing to assert all rights and title held by SVB, which include claims based on conduct that caused injury first to the bank. The FDIC-R also argues that the Bonds require SVBFG in its capacity as agent to assert claims on behalf of the ASSURED that suffered direct damages from forgery, as the Bonds only insure against direct loss. Indirect losses were not covered by the Bonds. The FDIC-R states only the ASSURED with a covered loss is entitled to assert a claim under the Bonds, therefore, SVBFG as agent is obligated to assert SVB's claim under the Bonds for the benefit of SVB. Further, the FDIC-R notes that as an agent, SVBFG has a duty of loyalty to its principal, and as such, SVBFT owes a duty not to use the property of its principal for its own benefit. FDIC-R argues that even if SVBFG and SVBFT asserted their own damages claims, the Insurance Claims and proceeds still belong to FDIC-R. The FDIC-R argues the second portion of the Succession Clause bars attempts to plead around the Receiver's claim. The FDIC-R claims that SVBFG and SVBFT incorrectly contend that they are asserting their own contractual claims under the Bonds and that they are not asserting a claim under the Bonds in any agency. The FDIC-R claims this cannot be true as SVBFT's damages are derivative and it fails to recognize that SVBFG's right to receive the payment does not provide SVBFG with an interest in the proceeds. Further, any rights held by SVBFG and SVBFT now belong to the FDIC-R. The FDIC-R then contends that SVBFT lacks standing because SVBFG abandoned its equity interest in SVB and all related rights of recovery and litigation claims. The Insurance Claim is an alleged recovery right or litigation claim pertaining to SVBFG's former equity interest in SVB. The FDIC-R claims that SVBFT's rights, as successor to SVBFG, are no greater than SVBFG's rights and SVBFG abandoned its equity interest in SVB and related claims. Accordingly, SVBFT is bound by SVBFG's abandonment of its equity rights and lacks a claim related to the recovery of SVBFG's interest in SVB and lacks standing to pursue the Insurance Claim. The FDIC-R argues that SVBFT's failure to seek a determination of its rights regarding the proceeds in the SVB receivership also strips this Court of jurisdiction over the complaint under 12 U.S.C. Sec. 1821(d)(13)(D). Further, the FDIC-R claims that section 1821(d)(13)(D) extends to post-receivership claims that arise from acts by the Receiver. The FDIC-R then argues that this Court should dismiss this adversary proceeding under the "first-filed" rule. In this case, the FDIC-R claims that SVBFT seeks to circumvent the "first-filed" rule by filing the instant case, while the North Carolina Action is still pending at the North Carolina Court. The FDIC-R claims that the instant action and the North Carolina Action are related because they involve the same asserted ownership interest in the same Bonds competing for ownership of the same proceeds. Therefore, the FDIC-R submits that the cases are at least "related," and the Court should dismiss the instant matter under the "first-filed" rule. The FDIC-R claims this Court should dismiss the Complaint for failure to state a claim, as the Declaratory Judgment Act ("DJA") does not create an independent cause of action. The request for declaratory judgment finding that the FDIC-R did not assert any claims in SVBFG's Chapter 11 proceedings prior to the Bar Date" is not relevant as it is not disputed. The request for declaratory judgment that "the Plan and the Confirmation Order did not authorize FDIC-R to assert late claims" is similarly, per the FDIC-R, not disputed or relevant. The FDIC-R contends its assertion of its "ownership" of the proceeds is not a "claim" against SVBFT or SVBFG. As a result, declaratory relief will not resolve any uncertainty regarding the issue of the Insurance Claim and the proceeds. At the motion to dismiss stage, SVBFT has sufficiently demonstrated a colorable argument that the FDIC-R did not succeed to the Insurance Claims under the Succession Clause. Therefore, the Court finds that SVBFT has prudential standing. SVBFT has sufficiently pled that it possesses a personal stake in the proceeds of the Insurance Claim based on its position under the Bond and the abandonment of its equity interest has no bearing on SVBFT's claim. Accordingly, the Court finds SVBFT appears to have constitutional standing. At the motion to dismiss stage, SVBFT appears to have sufficiently pled that SVB has no right to the Insurance Claims or the proceeds under the Bonds and the Court finds that section 1821(d)(13)(D) does not strip it of jurisdiction. The Court finds that it has jurisdiction over the motion to dismiss, denies the motion to dismiss but permissively abstains under 28 U.S.C. Sec. 1334(c)(1) in favor of the action pending in the United States District Court for the Eastern District of North Carolina. A copy of the Court's Memorandum Opinion and Order dated May 11, 2026, is available at http://urlcurt.com/u?l=aqx7Zqfrom PacerMonitor.com. About SVB Financial Group SVB Financial Group (Pink Sheets: SIVBQ) is a financial services company focusing on the innovation economy, offering financial products and services to clients across the United States and in key international markets. Prior to March 10, 2023, SVB Financial Group owned and operated Silicon Valley Bank, a state chartered bank. During the week of March 6, 2023, Silicon Valley Bank, Santa Clara, CA, experienced a severe "run-on-the-bank." On the morning of March 10, the California Department of Financial Protection and Innovation seized SVB and placed it under the receivership of the Federal Deposit Insurance Corporation. SVB was the nation's 16th largest bank and the biggest to fail since the 2008 financial meltdown. On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy protection (Bankr. S.D.N.Y. Case No. 23-10367). The Debtor had assets of $19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31, 2022. The Hon. Martin Glenn is the bankruptcy judge. The Debtor tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as restructuring advisor. William Kosturos, a partner at Alvarez & Marsal, serves as the Debtor's chief restructuring officer. Kroll Restructuring Administration, LLC, is the claims and noticing agent and administrative advisor. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Akin Gump Strauss Hauer & Feld, LLP as bankruptcy counsel; Cole Schotz P.C. as conflict counsel; Lazard Freres & Co. LLC as investment banker; and Berkeley Research Group, LLC as financial advisor. SVETNESS CORP: Wins Extension to Use Cash Collateral Until Aug. 15 ------------------------------------------------------------------ The United States Bankruptcy Court for the Eastern District of Virginia issued a final order authorizing Svetness, Corp. for continued use of cash collateral through Aug. 15, 2026. Under the order, the debtor may use cash collateral in accordance with an approved operating budget. The authorization permits a variance of up to 15% for any single budget item and 10% overall. The use of funds is conditioned on providing adequate protection to asserted secured creditors, including the U.S. Small Business Administration, Wells Fargo Bank, N.A., and JPMorgan Chase, N.A. To protect the secured creditors from any decline in the value of their collateral, the court granted replacement liens and adequate protection liens on collateral with the same priority and extent as the creditors' prepetition interests. The order states that these liens are automatically perfected without requiring additional filings, although the lenders may file financing statements or related documents if they choose. The ruling also preserves all rights and defenses of the debtor, estate, and creditors regarding the validity and extent of the asserted secured claims. The order provides that the cash collateral authority will terminate on Aug. 15, 2026, unless extended by the court. However, the expiration date may automatically extend for an additional two months if the debtor files a revised two-month budget by July 28, 2026, and no objections are filed by Aug. 4, 2026. The court also scheduled a further hearing for Aug. 11. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/diTWV from PacerMonitor.com. About Svetness Corp. Svetness, Corp. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10365) on February 17, 2026, listing $50,001 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Brian F. Kenney oversees the case. Justin Fasano, Esq., at Mcnamee Hosea, P.A. serves as the Debtor's legal counsel. SWAHILI VILLAGE: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Swahili Village Bar & Restaurant Boma, LLC 10800 Rhode Island Avenue N Beltsville, MD 20705 Business Description: Swahili Village Bar and Restaurant operates a Beltsville, Maryland, restaurant specializing in Swahili and East African food, with menu offerings that include dishes such as red beans maharagwe and goat-based items. Chapter 11 Petition Date: May 12, 2026 Court: United States Bankruptcy Court District of Columbia Case No.: 26-00247 Judge: Hon. Elizabeth L Gunn Debtor's Counsel: Joseph Selba, Esq. TYDINGS ROSENBERG LLP One East Pratt Street, #901 Baltimore, MD 21202 Tel: (410) 752-9753 E-mail: jselba@tydings.com Total Assets: $170,906 Total Liabilities: $5,954,361 The petition was signed by Kevin Onyona as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JCCQGSQ/Swahili_Village_Bar__Restaurant__dcbke-26-00247__0001.0.pdf?mcid=tGE4TAMA SYMPLR SOFTWARE: Sixth Street Marks $663,000 Loan at 30% Off ------------------------------------------------------------ Sixth Street Specialty Lending, Inc. has marked its $663,000 loan extended to Symplr Software Inc. to market at $443,000 or 70% of the outstanding amount, according to Sixth Street's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Sixth Street Specialty Lending, Inc. is a participant in a loan extended to Symplr Software Inc. The Loan accrues interest at a rate of SOFR + 4.60% 8.27% per annum. The Loan matures on December 2027. Sixth Street Specialty Lending, Inc. is a business development company that provides customized financing solutions to middle-market companies. The Fund is led by Robert "Bo" Stanley as Chief Executive Officer (Principal Executive Officer) and Ian Simmonds as Chief Financial Officer (Principal Financial Officer). The Fund can be reached at: Robert "Bo" Stanley Sixth Street Specialty Lending, Inc. 2100 McKinney Avenue, Suite 1500 Dallas, TX 75201 Telephone: (469) 621-3001 About SYMPLR SOFTWARE Symplr Software Inc. is a software company that provides enterprise technology solutions, likely focused on specialized workflow and data management tools for its clients. SYP - NORTHWEST LC: To Hire Lindauer & Vaughn as Legal Counsel -------------------------------------------------------------- SYP - Northwest L.C. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Lindauer & Vaughn to serve as its legal counsel. The firm will provide these services: (a) provide legal advice to the Debtor regarding its rights, powers, and duties as Debtor-in-Possession in the Chapter 11 proceedings; (b) assist in preparing and filing necessary applications, motions, reports, orders, and other required legal documents; (c) assist in the formulation, negotiation, and proposal of a plan of reorganization; and (d) represent the Debtor in matters arising in the bankruptcy case, including defense of proceedings as necessary. Lindauer & Vaughn will be compensated at these hourly rates: Joyce W. Lindauer $625 Paul B. Geilich $595 Dian Gwinnup (paralegal) $250. The firm has also received a $15,000 retainer, which included a $1,738 filing fee paid by the Debtor's owner, and will be reimbursed for reasonable out-of-pocket expenses. The firm will also seek compensation in accordance with Bankruptcy Code Section 330 and Bankruptcy Rule 2016. Lindauer & Vaughn is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has confirmed that it holds no adverse interest to the Debtor or its estate, and has no disqualifying connections with parties-in-interest in the case. The firm can be reached at: Joyce W. Lindauer, Esq. LINDAUER & VAUGHN 117 S. Dallas Street Ennis, TX 75119 Telephone: (972) 503-4033 Facsimile: (972) 503-4034 About Syp - Northwest L.C. Syp - Northwest L.C. is a privately owned company associated with investment activities, commercial asset management, and business holdings. Syp - Northwest L.C. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42003) on May 5, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The debtor is represented by Joyce W. Lindauer, Esq. of Joyce W. Lindauer Attorney, PLLC. SYP - NORTHWEST: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- SYP – Northwest L.C. received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its budget until a final hearing is held. The Debtor's cash collateral is subject to liens held by its secured creditor, UBank, which claims security interests in its cash, accounts, and other personal property. As protection for any diminution in the value of its collateral, UBank will receive replacement liens on all property now owned or later acquired by the Debtor, excluding Chapter 5 causes of action. The order is available at http://bankrupt.com/misc/SYP_ICCOrder.pdf The court scheduled a final hearing for June 4 and set a June 2 deadline for filing objections. About SYP – Northwest L.C. SYP – Northwest L.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42003-elm11) on May 5, 2026. In the petition signed by Shiraz R. Poonawala, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Edward L. Morris oversees the case. Joyce Lindauer, Esq., at Lindauer & Vaughn, represents the Debtor as legal counsel. TAVA HOLDINGS: Katharine Battaia Clark Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of Thompson Coburn, LLP as Subchapter V trustee for Tava Holdings Group, LLC. Ms. Clark will be paid an hourly fee of $575 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Clark declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Katharine Battaia Clark Thompson Coburn, LLP 2100 Ross Avenue, Ste. 3200 Dallas, TX 75201 Office: 972-629-7100 Mobile: 214-557-9180 Fax: 972-629-7171 Email: kclark@thompsoncoburn.com About Tava Holdings Group LLC Tava Holdings Group, LLC operates as a privately held investment and holdings company involved in managing business assets, investments, or commercial interests. Tava Holdings Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-32004) on May 5, 2026. In its petition, the Debtor reported between $500,001 and $1 million in assets and up to $50,000 in liabilities. Honorable Bankruptcy Judge Scott W. Everett handles the case. TEMPERED GLASS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Tempered Glass Industries, Incorporated d/b/a Tempered Glass Industries 11116 47th St. N. Clearwater, FL 33762 Business Description: Tempered Glass Industries Incorporated manufactures custom glass and mirror products in Clearwater, Florida. The company provides services including custom glass panels, shower enclosures, office partitions, beveled mirrors, decorative glass, glass railings, and glass staircase railings. It also provides delivery, crating, and shipping services for glass and mirror products. Tempered Glass Industries serves residential and commercial projects in West Central Florida, including the Clearwater and Tampa areas. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04088 Debtor's Counsel: Daniel R. Fogarty, Esq. STICHTER, RIEDEL, BLAIN & POSTLER, P.A. 110 E. Madison St., Suite 200 Tampa, FL 33602 Tel: (813) 229-0144 E-mail: dfogarty@srbp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert C. Whitlow, Jr., as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BMY7HGA/Tempered_Glass_Industries_Incorporated__flmbke-26-04088__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BANLJWY/Tempered_Glass_Industries_Incorporated__flmbke-26-04088__0001.0.pdf?mcid=tGE4TAMA THASSOS INC: Gets OK to Use Cash Collateral Until May 25 -------------------------------------------------------- Thassos, Inc. 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's interim use of cash collateral through May 25 to pay the operating expenses set forth in its budget. Use of funds for extraordinary expenses in excess of the budget requires further court order or prior written approval of Newtek Bank, N.A. Newtek Bank, the Debtor's secured creditor, holds a first position security interest in the cash collateral and is owed $390,661 pursuant to SBA loan. As protection for any diminution in value of its cash collateral, Newtek was granted valid, binding, enforceable, and perfected replacement liens on and security interests in its collateral. These replacement liens will have the same validity, priority and extent as the secured creditor's pre-bankruptcy liens. As further protection, Newtek will continue to receive payment of $3,000. Failure to pay triggers a default and a late charge of 5%. It also allows Newtek to accelerate the debt and seek enforcement. The order also requires the Debtor to maintain insurance on the collateral. The order is available at https://shorturl.at/bUkou from PacerMonitor.com. The next hearing is scheduled for May 22. About Thassos Inc. Thassos Inc. operates a Greek restaurant in Clarendon Hills, Illinois. The establishment specializes in authentic Greek cuisine and offers dine-in, catering, and online ordering services. Thassos sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08021) on May 27, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Janet S. Baer handles the case. The Debtor is represented by Konstantine Sparagis, Esq., at the Law Offices of Konstantine Sparagis. THERAPEUTIC EXERCISE: Seeks to Hire Kronick Moskovitz as Counsel ---------------------------------------------------------------- Therapeutic Exercise Design & Development, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Kronick, Moskovitz, Tiedemann & Girard to serve as its general counsel. The firm will provide these services: (a) assist the Trustee in investigating the Debtor’s business operations; (b) evaluate the Debtor's lease; (c) advise the Trustee on Chapter 11 issues; and (d) advise the Trustee on a potential plan or path forward. KMTG will be compensated on an hourly fee basis. The rates include: Gabriel P. Herrera at $400; Bret R. Rossi at $475; Shareholders/Of Counsel/Senior Counsel at $380 to $690; Senior Associates at $325 to $475; Associate Attorneys at $275 to $425; Paralegals at $190 to $265; Law Clerk/Document Clerk at $190 to $265. Kronick, Moskovitz, Tiedemann & Girard is a "disinterested person" as that term is defined in 11 U.S.C. Sec. 101(14). The firm can be reached at: Gabriel P. Herrera, Esq. KRONICK, MOSKOVITZ, TIEDEMANN & GIRARD 1331 Garden Hwy, 2nd Floor Sacramento, CA 95833 Telephone: (916) 321-4500 Facsimile: (916) 321-4555 E-mail: gherrera@kmtg.com About Therapeutic Exercise Design & Development, Inc. Therapeutic Exercise Design & Development, Inc. is a specialized healthcare company dedicated to developing therapeutic exercise systems that assist in rehabilitation, physical therapy, and wellness initiatives. The company focuses on delivering structured, research-informed exercise designs that support recovery and functional improvement. Therapeutic Exercise Design & Development, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26936) on December 9, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Fredrick E. Clement. The Debtor is represented by David Medby, Esq. of Garcia & Coman. TOWERS ELECTRONICS: To Hire Homel Antonio Mercado as Attorney ------------------------------------------------------------- Towers Electronics Inc. seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Homel Antonio Mercado Justiniano, a professional practicing law, to serve as its attorney. Mr. Justiniano will provide these services: (a) prepare documents of the Debtor and other necessary information, including Schedules and Statement of Financial Affairs; (b) prepare the Debtor's statements of organization, records and reports required by the Bankruptcy Code and the Federal Rules of Bankruptcy; (c) prepare applications and proposed orders to be submitted to the Court; (d) identify and prosecute claims and causes of action available to the Debtor-in-Possession on behalf of the estate; (e) examine proofs of claim filed and to be filed in the case and prepare possible objections to such claims; (f) advise the Debtor-in-Possession and prepare documents in connection with the ongoing operation of the Debtor; (g) advise the Debtor-in-Possession and prepare documents in connection with the liquidation of the assets of the estate, if needed, including analysis and collection of outstanding receivables and possible motions for sale; and (h) assist and guide the Debtor in the discharge of duties imposed by the Bankruptcy Code and the Federal Rules of Bankruptcy. Mr. Mercado Justiniano agreed to a flat fee of $5,000, of which the Debtor has already paid $2,500 and owes the remaining $2,500. According to court filings, Mr. Mercado Justiniano is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Homel Antonio Mercado Justiniano, Esq. Calle Ramirez Silva #8 Ensanche Martinez Mayaguez, PR 00680 Telephone: (787) 831-2577 (787) 805-2945 Facsimile: (787) 805-2545 Cell: (787) 364-3188 E-mail: hmjlaw2@gmail.com About Towers Electronics Inc. Towers Electronics Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 3:26-bk-02194) on May 14, 2026. At the time of the filing, Debtor's estimated assets and liabilities were not disclosed in the provided materials. Judge Mildred Caban Flores oversees the case. Homel Antonio Mercado Justiniano is Debtor's legal counsel. TRANS EXPRESS: Case Summary & 16 Unsecured Creditors ---------------------------------------------------- Debtor: Trans Express Lines, Inc. 5522 Clarendon Hills Rd. Clarendon Hills, IL 60514 Business Description: Trans Express Lines, Inc. is a Clarendon Hills, Illinois-based trucking company whose listed assets include Freightliner and Volvo tractors and a trailer fleet used for refrigerated, flatbed, drop-deck, lowboy and specialized freight transportation. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-08483 Debtor's Counsel: David Freydin, Esq. LAW OFFICES OF DAVID FREYDIN 8707 Skokie Blvd Suite 305 Skokie, IL 60077 Tel: 888-536-6607 Fax: 866-575-3765 Email: david.freydin@freydinlaw.com Total Assets: $17,948,244 Total Liabilities: $17,528,510 The petition was signed by Svetlana Randle as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MHNGEAQ/Trans_Express_Lines_Inc__ilnbke-26-08483__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 16 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Atlantic Union $188,376 Equipment Finance 2475 Northwinds Pkwy Suite 330 Alpharetta, GA 30009 2. Atlantic Union $47,645 Equipment Finance 2475 Northwinds Pkwy Suite 330 Alpharetta, GA 30009 3. BMW Financial $30,328 PO BOX 78066 Phoenix, AZ 85062-8066 4. Daimler Truck Financial $20,156 PO BOX 901 Roanoke, TX 76262 5. Daimler Truck Financial $1,281,000 PO BOX 901 Roanoke, TX 76262 6. De Lage Landen $172,391 Financial Services, PO Box 41602 Philadelphia, PA 19101-1602 7. Horizon Bank $70,732 502 Franklin Street Michigan City, IN 46360 8. M&K National Lease $73,091 8800 Byron Commerce Drive Byron Center, MI 49315 9. M&T Capital $27,870 Evan Goldstein, Esq. 225 Asylum St, 20th Floor Hartford, CT 06103 10. Mitsubishi HC $89,765 Capital America 800 Connecticut Norwalk, CT 06854 11. Pathward, NA $159,434 c/o John R Fleming 101 West Big Beaver Road, 10th Fl Troy, MI 48084 12. Pathward, NA $151,047 c/o John R Fleming 101 West Big Beaver Road, 10th Fl Troy, MI 48084 13. PNC Bank $87,564 Attn: Bankruptcy Department Po Box 94982: Mailstop Br-Yb58-01-5 Cleveland, OH 44101 14. PNC Bank $62,146 Attn: Bankruptcy Department Po Box 94982: Mailstop Br-Yb58-01-5 Cleveland, OH 44101 15. Siemens Financial $53,682 170 Wood Avenue Iselin, NJ 08830 16. Volvo Financial $21,788 Services USA c/o Wanda Pegg 7025 Albert Pick Road, Suite 105 Greensboro, NC 27409 TRS CONTRACTING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- TRS Contracting, LLC and Hercules Materials, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral. Under the interim order, the Debtors are authorized to use the cash collateral of secured lenders in accordance with their five-week budget, subject to a 10% variance per category and a 5% variance overall. The cash collateral belongs to lenders M&T Equipment Finance Corporation and the U.S. Small Business Administration. The Debtors' secured debt is primarily held by M&T, which has purchase money security interests in specialized equipment and a first-priority blanket lien over substantially all assets, including cash, receivables, and proceeds. TRS owes M&T approximately $880,426 secured by equipment valued at about $990,000, while Hercules owes about $222,964 secured by equipment valued at approximately $310,000. UCC filings confirm multiple perfected security interests, with M&T as the dominant secured creditor. The SBA also holds a junior lien securing a $150,000 loan with an outstanding balance of roughly $150,005. Additional secured creditors exist but their liens are limited to specific equipment and do not extend to cash collateral. As protection for any diminution in the value of their collateral, both lenders will be granted post-petition liens on all assets of the Debtors similar to their pre-petition collateral, excluding Chapter 5 causes of action. The order is available at http://bankrupt.com/misc/TRSContracting_ICCOrder.pdf The court scheduled a final hearing for May 28 and set a May 26 deadline for filing objections. TRS Contracting and Hercules Materials filed for Chapter 11 protection after financial distress caused by declining demand, a state court judgment on a buyout obligation, and pre-petition garnishment of operating accounts that ultimately halted business operations in November 2025. The Debtors operate a ready-mix concrete production and delivery business in Austin, Texas, and are now seeking to restart operations and preserve going-concern value. About TRS Contracting LLC TRS Contracting LLC, doing business as Summit Readymix, provides ready-mixed concrete and related building-materials transport services in the Austin, Texas, area. The company operates as an intrastate non-hazardous carrier serving construction and concrete-materials customers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10727) on April 26, 2026. In the petition signed by Paul Rafael, manager, the Debtor disclosed $1,370,064 in total assets and $1,953,853 in total liabilities. Judge Christopher G. Bradley oversees the case. An Nguyen, Esq., at NGUYEN LAW, PLLC, represents the Debtor as legal counsel. UNIQUE REALTY: Gets Interim OK to Use CBTC's Cash Collateral ------------------------------------------------------------ Unique Realty, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to use the cash collateral of its primary secured creditor, Commercial Bank & Trust Company. Under the interim order, the Debtor is authorized to use cash collateral for ordinary operating expenses until confirmation of a Chapter 11 plan, dismissal or conversion of the Debtor's bankruptcy case, or further court order after a final hearing. The Debtor owns real estate generating post-petition rents, which constitute cash collateral due to Commercial Bank & Trust's pre-petition mortgage that includes an assignment of rents. The bank's total claim is estimated at approximately $2.8 million, secured by the property and its income stream. Commercial Bank & Trust will be provided with protection through a first-priority lien on the Debtor's post-petition rents and other collateral covered by the mortgage, and a superpriority administrative expense claim. In addition, the bank and the Debtor are authorized to continue operating under the terms of their existing mortgage agreement. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Lr6rX from PacerMonitor.com. The next hearing is scheduled for June 17. Commercial Bank & Trust Company, as secured creditor, is represented by: Hani W. Hashem, Esq. Hashem Law Firm, PLC P.O. Box 739 437 W. Conrad St. Monticello, AR 71657 (870) 367-4223 Telephone (870) 367-4299 Facsimile hwh@hashemlawfirm.com About Unique Realty LLC Unique Realty, LLC leases real property located in McGehee, Arkansas. Unique Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14049) on November 19, 2025. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by Frank Falkner, Esq., at Dilks Law Firm. UNIQUE REALTY: Gets Interim OK to Use FNSB's Cash Collateral ------------------------------------------------------------ Unique Realty, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to use the cash collateral of First Natural State Bank. Under the interim order, the Debtor is authorized to use cash collateral only for limited operational purposes, including day-to-day business expenses and court-approved professional fees. Before its bankruptcy filing, the Debtor had assigned rents and revenues from its real property to First Natural State Bank under a mortgage agreement. Those rents and revenues constitute cash collateral securing the bank's claim estimated at $472,000.17 as of the petition date. First Natural State Bank will be provided with protection through a first-priority lien on post-petition rents and other collateral covered by the mortgage, and a superpriority administrative expense claim. In addition, the bank and the Debtor are authorized to continue performing under the terms of the mortgage agreement. The interim order remains effective until a final hearing or until a default or other terminating event occurs in the Debtor's bankruptcy case. The next hearing is scheduled for June 17. The order is available at http://bankrupt.com/misc/UniqueRealty_ICCOrder.pdf First Natural State Bank, as secured creditor, is represented by: John A. Singleton, Esq. Hashem Law Firm, PLC P.O. Box 739 437 W. Conrad St. Monticello, AR 71657 (870) 367-4223 Telephone (870) 367-4299 Facsimile jasingleton@hashemlawfirm.com About Unique Realty LLC Unique Realty, LLC leases real property located in McGehee, Arkansas. Unique Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-14049) on November 19, 2025. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Phyllis M. Jones handles the case. The Debtor is represented by Frank Falkner, Esq., at Dilks Law Firm. VERA HOLDINGS: Court Extends Cash Collateral Access to May 27 ------------------------------------------------------------- Vera Holdings & Investments, Inc. received fourth interim approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. Under the fourth interim order, the Debtor is authorized to use cash collateral through May 27 solely for court-approved payments including quarterly fees owed to the U.S. Trustee and operating expenses outlined in its budget. Budget line items may be exceeded by up to 10%, and any additional spending requires written approval from secured creditors Tiger Finance, LLC, Libertas Funding, and Fairwinds Credit Union. The order requires continued engagement of FTI Consulting, Inc., with reporting transparency to creditors and the unsecured creditors' committee. The debtor must also provide ongoing financial reporting and maintain insurance throughout the interim period. The court granted adequate protection to secured creditors through replacement liens on post-petition collateral, with the same validity, extent, and priority as their pre-bankruptcy liens. Vera must also maintain all required insurance coverage and comply with debtor-in-possession duties under the Bankruptcy Code. A committee carve-out of $50,000 per week is reserved for professional fees. The next hearing is scheduled for May 27. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/9IZ2E from PacerMonitor.com. Vera has three secured creditors with potential liens on the cash collateral: Tiger Finance in first position, Libertas Funding in second, and Fairwinds Credit Union. As of the petition date, the Debtor estimates cash on hand of about $184,000 and accounts receivable of roughly $24.8 million. Fairwinds Credit Union, as secured creditor, is represented by: Ryan E. Davis, Esq. Winderweedle, Haines Ward & Woodman, PA 329 Park Avenue North, Second Floor Post Office Box 880 Winter Park, FL 32792-0880 Telephone: (407) 423-4246 Facsimile: (407) 645-3728 rdavis@whww.com About Vera Holdings & Investments Inc. Vera Holdings & Investments, Inc. is a Florida-based holding company managing investment assets across multiple sectors. Vera filed its Chapter 11 petition under the U.S. Bankruptcy Code (Bankr. Case No. 26-00763) on February 4, 2026. In its filing, the Debtor disclosed estimated assets of $500 million to $1 billion and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Grace E. Robson oversees the proceedings. The Debtor is represented by Frank M. Wolff, Esq. of Nardella & Nardella, PLLC. VIOLET'S PUPPIES: Aleida Martinez Molina Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Violet's Puppies, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Violet's Puppies LLC Violet's Puppies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16067) on May 11, 2026, with $1 million to $10 million in both assets and liabilities. Michael D. Seese, Esq. represents the Debtor as legal counsel. VISTANCE NETWORKS: Moody's Ups CFR to Ba3, Alters Outlook to Stable ------------------------------------------------------------------- Moody's Ratings upgraded Vistance Networks, Inc.'s (Vistance) corporate family rating to Ba3 from Caa1, and the probability of default rating to Ba3-PD from Caa1-PD. Previously, the ratings were on review for upgrade. The speculative grade liquidity (SGL) rating was upgraded to SGL-1 from SGL-3. The outlook was changed to stable from ratings under review. These actions conclude the review for upgrade that was initiated on August 08, 2025. The upgrade of the CFR reflects the repayment of all previous debt from asset sale proceeds and Moody's expectations that the company will operate with low financial leverage going forward. In January 2026, Vistance completed the sale of the company's connectivity and cable solutions (CCS) division to Amphenol Corporation for net proceeds of $10 billion and repaid all outstanding debt and redeemed the preferred equity. A portion of the proceeds were also used to pay a one time distribution to shareholders of about $2.26 billion in April 2026. Vistance also announced the sale of its smaller Ruckus Networks business to Belden Inc. on April 30, 2026 for $1.846 billion. The proceeds are likely to be returned to shareholders or a portion could be used to help fund a future acquisition to enhance its existing Aurora Networks business. While Vistance currently has no debt outstanding except for a $300 million ABL revolving credit facility (not rated), Vistance may consider additional debt issue going forward. Moody's expects the company will maintain leverage at modest levels (2.5x range, as calculated by us). Following the sale of the CCS and Ruckus businesses, Vistance's operations will be limited to its Aurora Networks division that provides broadband access infrastructure for service providers. In January 2026, Vistance changed its name from CommScope Holding Company, Inc. The SGL rating was upgraded to SGL-1 from SGL-3 and reflects Moody's expectations that liquidity will benefit from significant cash on the balance sheet, access to the $300 million ABL revolving credit facility and good free cash flow (FCF) given the limited amount of debt and required capital expenditures of the business. ESG considerations were a factor in the ratings, specifically governance. Moody's expects the company to continue to operate with low financial leverage and maintain a conservative financial strategy. As a result, Vistance's Credit Impact Score (CIS) was changed to CIS-3 from CIS-5. RATINGS RATIONALE Vistance's Ba3 CFR is driven by Moody's expectations that the company will operate with low financial leverage and maintain a relatively conservative financial profile. Following a period of weak operating performance in 2023 and the first half of 2024, results of the company have improved significantly due to higher spending from cable providers and demand for legacy licensing products in its Aurora division. Moody's expects higher spending levels from its customers over the next few years, although Aurora's legacy products and software revenue are likely to decrease in 2026 and limit EBITDA growth. The company's strong financial metrics are partially offset by a relatively narrow business focus with very high customer concentration to significantly larger customers. While Moody's expects good demand from its customer base over the next few years, revenue is dependent on the spending decisions of its largest clients, which can vary over time and make it challenging to offset the impact of any unexpected cuts in client spending. Industry conditions are also very competitive and there can be delays in how quickly the company can pass on higher input costs to its customers. These factors have the potential to elevate volatility in performance. The company is expected to consider acquisitions that could lead to integration risk and higher leverage levels, although Moody's expects the company to keep leverage at moderate levels. Vistance's liquidity is very good as highlighted by the speculative grade liquidity (SGL) rating of SGL-1, which reflects access to a $300 million asset based revolving credit facility due 2031, a minimum cash balance of about $125 million, and pro forma FCF of roughly $200 million (excluding one time dividends) in 2026 given the limited interest expense and capital expenditures. Although, FCF will be burdened to a degree by restructuring expenses that will target stranded costs as a result of the CCS and Ruckus sales. The unrated ABL has a first lien pledge on all domestic receivables and inventory. The stable outlook reflects Moody's expectations that Vistance's leverage will be maintained at or below 2.5x if the company does issue additional debt. Future debt issue is likely to occur in combination with a potential acquisition that would enhance the operating position of its Aurora business or expand into new business lines that would help accelerate growth. The Aurora division will benefit from system upgrades by cable providers over the next few years, although lower legacy licensing sales will weigh on revenue in 2026. Free cash flow is expected to be used for share repurchases or to help fund acquisitions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade could occur if Vistance significantly increases its scale, diversifies its product offering and reduces customer concentration. The company would also need to demonstrate sustained positive organic growth with leverage maintained in the 2x range. Liquidity would also need to be good, including FCF as a percentage of debt of at least 20% and significant revolver availability. A stable supply chain environment would also be needed. A downgrade could occur if leverage exceeded 3x due to negative economic conditions, market share losses, reduced customer spending or leveraging transactions. A weak liquidity position including FCF as a % of debt below 5% or limited revolver availability could also lead to negative rating pressure. Vistance Networks, Inc. is headquartered in Richardson, TX and provides broadband access infrastructure for service providers through its Aurora Networks. The company sold its connectivity and cable solutions business to Amphenol Corporation in January 2026 for net proceeds of $10 billion and announced the sale of its Ruckus Networks division to Belden Inc. in April 2026, for $1.846 billion. The principal methodology used in these ratings was Manufacturing published in September 2025. Vistance's Ba3 CFR is two notches below the scorecard-indicated outcome of Ba1. The difference reflects among other factors, the relatively small scale, narrow business focus and high level of customer concentration that could lead to elevated volatility in operating performance. VON ROHR: To Retain A.J. Willner Auctions as Auctioneer ------------------------------------------------------- Nancy Isaacson, the Chapter 11 Trustee of Von Rohr Equipment Corp., seeks approval from the U.S. Bankruptcy Court for the District of New Jersey for the retention of A.J. Willner Auctions LLC to serve as auctioneer. The firm will provide auctioneer services including auction of inventory and equipment located at 2 New Street, East Orange, NJ. The proposed compensation for the professional is as follows: - Auctioneer's commission shall be 10% of the gross sale proceeds. - Auctioneer shall charge and retain a 15% buyers premium for all successful bidders. A.J. Willner Auctions LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has no connection with the debtor, creditors, or other parties in interest, according to court filings. The firm can be reached at: Harry Byrnes A.J. Willner Auctions LLC 81 Hamburg Turnpike Riverdale, NJ 07457 About Von Rohr Equipment Corp. Von Rohr Equipment Corp. filed Chapter 11 petition (Bankr. D.N.J. Case No. 25-21662) on October 31, 2025, listing between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. John Cancelliere, president and sole shareholder, signed the petition. Judge Stacey L. Meisel oversees the case. The Debtor tapped Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC as counsel and Bederson LLP as accountant. WAG & BONE: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------- On May 12, 2026, Wag & Bone LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on June 15, 2026 at 01:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6980165. About Wag & Bone LLC Wag & Bone LLC is a New York-based company engaged in pet-related products, services, and commercial operations. Wag & Bone LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42300) on May 12, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Kamini Fox, Esq. of Kamini Fox, PLLC. WAG & BONE: Gerard Luckman Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for Wag & Bone, LLC. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About Wag & Bone LLC Wag & Bone, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42300) on May 12, 2026, with $100,001 to $500,000 in both assets and liabilities. Judge Elizabeth S. Stong presides over the case. Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as legal counsel. WEIKFIELD WINDSOR: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- On May 11, 2026, Weikfield Windsor Development Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Weikfield Windsor Development Inc. Weikfield Windsor Development Inc. is a development and real estate-related company involved in commercial and property management activities. Weikfield Windsor Development Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71888) on May 11, 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. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Adam P. Wofse, Esq. of Lamonica Herbst & Maniscalco LLP. WELLPATH HOLDINGS: Letizio, et al., Win Bid to Junk Burnside Suit ----------------------------------------------------------------- Judge Gerald Austin McHugh of the U.S. District Court for the Eastern District of Pennsylvania will grant the motions to dismiss filed by Dr. Anthony Letizio and Britney Huner in the case captioned as DERRICK BURNSIDE, Plaintiff, v. WELL-PATH, LLP, et al., Defendants, Case No. 25-cv-02161 (E.D. Pa.). Pro se Plaintiff Derrick Burnside brings this civil action pursuant to 42 U.S.C. Sec. 1983, naming as Defendants Dr. Anthony Letizio and Britney Huner. Currently before the Court are the Defendants' Motion to Dismiss Burnside's Complaint. Mr. Burnside is incarcerated at SCI Phoenix. On May 22, 2022, he was taken outside the prison to Einstein Medical Center for an MRI on his lower back. He alleges that on June 25, 2022, he wrote to Defendant Letizio, the Medical Director for Wellpath, the medical services contractor at SCI Phoenix, stating that he had received his MRI results the previous day, that they reflected a heavily damaged L-2, L-3, L-4, and L-5 and extensive nerve damage and more than likely he will need to have surgery and need to see a neurologist. Burnside alleges that in October 2024 during a sick call examination he was told by defendant Letizio, and the SCI Phoenix medical department that all treatment and care was useless based upon the length of attempts to resolve the spinal condition, and that MRIs continue to reveal his L-1 to his L-4 discs have worsened with no further care/treatment scheduled. Burnside states that at the time of the events in the Complaint, Letizio was the Medical Director for Wellpath at SCI Phoenix and was responsible for providing healthcare and treatment to inmates. He asserts that Defendant Huner is the Chief Health Care Administrator at SCI Phoenix, and has the authority to approve the provisions of treatment to inmates. Burnside alleges that Letizio ignored the recommendation that he be sent back to Einstein Medical four to six weeks after his epidural. He asserts that Letizio knew of his injury and still didn't send him out to see a specialist and didn't do any physical exam when he requested it. Burnside alleges that Huner also disregarded the orders that he be sent back to Einstein after his epidural. He asserts that both Defendants' acts caused him to suffer more pain and affected his recovery. He also alleges that Wellpath's policies and customs concerning referral to outside medical providers caused his injuries. He seeks damages. Burnside asserts claims against Defendants Letizio and Huner for violations of his constitutional rights. The inconsistency between the conclusory statement that he was told treatment and care were "useless," and his receiving continued diagnostic tests renders the Court unable to conclude that the Complaint states a claim to relief against Defendant Letizio. Accordingly, Letizio's Motion to Dismiss will be granted. However, Mr. Burnside will be given the opportunity to file an amended complaint and include all his factual allegations in one complete document. Defendant Huner first argues that all official capacity claims against her should be dismissed. The Court agrees. The Court finds official capacity claims against Huner are really claims against the Commonwealth, which is shielded from Sec. 1983 suits by Eleventh Amendment immunity. Accordingly, Huner's Motion will be granted as to the official capacity claims. These claims will be dismissed. Burnside's claims against Huner in her individual capacity will be dismissed without prejudice, and Burnside will be granted leave to amend these claims to plead more facts as to Huner's involvement. The dismissals will be without prejudice as to Burnside's Eighth Amendment claims against Defendants Letizio and Huner in their individual capacities and any state law claims, and with prejudice as to any claims against the Defendants in their official capacities. Mr. Burnside may file an amended complaint. A copy of the Court's Memorandum dated May 13, 2026, is available at https://urlcurt.com/u?l=yq2k31 from PacerMonitor.com. About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WHITE ROCK MEDICAL: Gets Extension to Use Cash Collateral --------------------------------------------------------- White Rock Medical Center, LLC and its affiliated debtors received another extension form the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court entered its fourth interim order authorizing the Debtors to use cash collateral -- money that is subject to a lender's lien -- to fund their operations in accordance with an approved budget, subject to permitted variances. The budget may be updated with lender consent or further court approval, including adjustments related to Medicaid-related payment obligations. Secured creditor SRC Hospital Investments I, LLC will be granted protection through monthly cash payments of $75,000; replacement liens on post-petition assets; superpriority administrative expense claims for any diminution in collateral value; and access to the Debtors' bank account statements. The provisions of the order remain in effect even if the Debtors' Chapter 11 cases are later converted or dismissed or result in a confirmed reorganization plan. The next hearing is set for June 24. The deadline for filing objections is on June 17. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/vARLb from PacerMonitor.com. About White Rock Medical Center LLC White Rock Medical Center, LLC operates a healthcare facility providing medical and hospital services to patients in Texas. White Rock Medical Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-90115) on January 20, 2026. In its petition, the Debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. WHITEHALL MANOR: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Pennsylvania issued a fifth interim order authorizing Whitehall Manor Inc. and Saucon Valley Manor, Inc. to continue using cash collateral through May 31. Under the fifth interim order, the Debtors are authorized to use cash collateral strictly in accordance with an approved budget, with a permitted variance of up to 10% per line item per week on a rolling four-week basis. This authorization remains in effect only until the final hearing. As adequate protection, secured creditors with interest in the cash collateral will be granted replacement liens on all post-petition assets of the Debtors, maintaining the same validity, extent, and priority as their pre-petition liens, limited to any decline in collateral value. These replacement liens do not apply to avoidance actions. In addition, the debtors must continue making aggregate monthly adequate protection payments of $70,000, split evenly between the two debtors. The order also requires Whitehall Manor, Inc. to pay $139,000 in rent to Whitehall Trust and Saucon Valley Manor, Inc. to pay $142,118.42 in rent to Saucon Trust, with the payments to be held by a prepetition receiver appointed in related foreclosure proceedings. The order requires the Debtors to maintain proper financial records and provide ongoing operational reports to the lender. A final hearing on further use of cash collateral is scheduled for May 26. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wCc7h from PacerMonitor.com. About Whitehall Manor Inc. Whitehall Manor Inc. is a Pennsylvania-based senior care provider. Whitehall Manor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-15245) on December 26, 2025. In its petition, the Debtor reports estimated assets of up to $50,000 and estimated liabilities of between $100,000 and $500,000. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by Michelle Lee, Esq. of Dilworth Paxson LLP. WORTHINGTON STEEL: S&P Assigns 'BB-' ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating to the proposed combined entity, Ohio-based Worthington Steel Inc., with a stable outlook, and its 'BB-' issue-level rating and '3' recovery rating to the proposed term loan B. The stable outlook reflects S&P's view that pro forma Worthington Steel will be larger and more diversified with leverage trending toward 3x. S&P said, "We assigned our 'BB-' rating following Worthington Steel's announced financing plan for the acquisition of Kloeckner. In a transaction valued at approximately $2.4 billion, Worthington Steel and Germany-domiciled Kloeckner would combine to create the second-largest steel service center provider in North America. We expect the deal to close in summer 2026, subject to the outcome of the shareholders' voluntary tender offer and regulatory approvals. Worthington Steel has more than 60% of shares tendered, which exceeds the announced minimum acceptance threshold of 57.5%. Minority shareholders will be entitled to a mandatory annual dividend payment and retain a put option at a court mandated price, which we assume is about EUR11 per share. We add this approximately $500 million contingent liability to debt, which is offset by about the same amount of excess cash on the balance sheet after financing. The company expects regulatory approval in the second half of 2026, as well as a domination and profit and loss transfer agreement (DPLTA) in Germany. This has been initiated but could take another few months to complete before the capital structures can officially merge. Worthington Steel would then gain legal control of the pro forma entity. Our ratings are based on preliminary terms and conditions." Worthington Steel's plan for permanent transaction financing includes an ABL, term loan and additional secured debt. It put in place a $1.9 billion senior secured bridge facility upon announcement of the transaction in January. Worthington Steel is accessing capital markets for permanent financing, which includes a proposed new ABL ($550 million at launch, eventually $1.2 billion after the deal closes and the accordion feature kicks in, to replace the $650 million Kloeckner ABL) and other senior secured debt. S&P assigned its 'BB-' issue-level rating and associated 3 recovery ratings to the company's proposed $500 million term loan B, indicating significant recovery in the event of payment default (50% to 70%; rounded estimate: 60%). Worthington Steel also plans to soon raise additional senior secured debt, pari passu to the term loan B, with total new secured debt not expected to exceed $1.4 billion. Its capital structure will also include approximately $970 million of Kloeckner debt, which will be rolled into the new entity. Worthington Steel's pro forma business risk incorporates its leading market position. The combined entity could have 7%-8% share in a heavily fragmented market, second only to Reliance Steel (BBB+/Stable) at about 17%. It will generate approximately two-thirds of its sales from its flat roll products, including cutting, slitting, galvanizing, and painting steel. Worthington Steel has traditionally been more focused on value-added products and Kloeckner on distribution, but they have been transitioning to higher value-added services by streamlining lower-margin distributions and building new processing and fabrication facilities. The combined entity will also benefit from more end-market diversification. Historically, Worthington Steel had a heavy auto end-market focus, more than half of sales. Auto for the combined entity will only account for approximately one-third of sales, with construction, manufacturing, and service centers each accounting for less than a quarter of sales. The companies' asset profiles also present a complementary footprint, with Kloeckner giving Worthington Steel access to the southern and western U.S. as well as an expanded footprint in Europe and Mexico. The combined entity will have more than 140 locations. Industry consolidation has been trending. Competitor, Ryerson Holdings, announced the acquisition of Olympic Steel in late 2025 to create a company with similar market share. Still, the market remains highly fragmented. S&P said, "We expect meaningful synergies and deleveraging from the combination. While Worthington Steel anticipates approximately $150 million in annual synergies from procurement, commercial initiatives, operating efficiencies, and overhead optimization opportunities, S&P Global Ratings forecasts realization of about 85% of this amount and approximately $40 million in one-time costs to achieve them. We project leverage of approximately 5.5x at the end of fiscal 2027 (May year-end), considering a partial-year EBITDA contribution from Kloeckner and all acquisition-related debt. We anticipate these synergies will fully materialize alongside Kloeckner's full-year earnings contribution in 2028, boosting EBITDA to $650 million-$700 million and pushing leverage below 4x. "We also expect free operating cash flow to strengthen to $250 million-$300 million annually, supporting reduction of adjusted debt to about $2.3 billion by fiscal 2028, about $200 million below our 2027 expectations. We view the company's financial policy as supporting this deleveraging trajectory and do not anticipate management actions will materially alter our forecast. "The stable outlook reflects our expectation that pro-forma Worthington Steel will become a larger and more diversified value-added service focused in North America that could benefit from meaningful synergies. We expect leverage of about 5.5x during its first combined year (assuming a half-year from Kloeckner) before settling below 4x in fiscal 2028. "We could lower our ratings on Worthington Steel in the next 12 months if increased prices and growing demand causes significant working capital draws or if integration is unexpectedly constrained. In this case, we would expect leverage to exceed 4x on a sustained basis. "We view an upgrade over the next 12 months as unlikely given the transaction's moving pieces and integration over at least the next year. Longer term, we would look for a record of leverage in the 2x-3x range, which would show evidence of minimal integration risk." ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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