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260521.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, May 21, 2026, Vol. 30, No. 141 Headlines 25 AUGUSTA: Wins Interim Cash Collateral Access 30 EAST 40TH: Plan Exclusivity Period Extended to June 30 3229 S. HARLEM: Case Summary & Five Unsecured Creditors 3229 S. HARLEM: Seeks Chapter 11 Bankruptcy in Illinois 336 RESTAURANT: Commences Chapter 11 Bankruptcy in New York 4010 THOR: Gets Interim OK to Use Cash Collateral 506 FRANKLIN: Taps Dunham Hildebrand Payne Waldron as Counsel 5425 PAU A LAKA: Case Summary & 20 Largest Unsecured Creditors 5425 PAU: Seeks Chapter 11 Bankruptcy in Georgia 8311 PRESTON: Gets Interim OK to Use Cash Collateral Until July 10 ACADEMY AT PENGUIN: Plan Exclusivity Period Extended to Aug. 5 ADVANCION HOLDINGS: Fitch Lowers IDR to 'CCC' ALL SPA SERVICES: Hires Rosenbaum Sobel Weinrub as Tax Accountant AMBIPAR EMERGENCY: White & Case Advises Ad Hoc Lenders Group AMERICAN DREAM RENOVATIONS: Seeks Chapter 7 Bankruptcy in New York AMERICAN SIGNATURE: Plan Exclusivity Period Extended to July 21 AMERICAN TOOL: Case Summary & Largest Unsecured Creditors AMERICAN TOOL: Seeks Ch.11 Bankruptcy, Demands Receivership Removal AMN HEALTHCARE: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable ARCHDIOCESE OF BALTIMORE: Clashes With Creditors on Ch. 11 Plans ATLAS LAND: Seeks to Hire R3M Law as General Bankruptcy Counsel AXIP ENERGY: Unsecured Creditors to Recover 40% in Liquidating Plan B&A CHILDCARE: Seeks to Tap Paul Reece Marr as Bankruptcy Counsel BB RESTAURANT: Gets Final OK to Use Cash Collateral BEACON LIGHT: Seeks to Tap Graham Law & Associates as Legal Counsel BEASLEY MEZZANINE: Moody's Appends 'LD' Designation to 'Ca-PD' PDR BETHUNE SUITES: Seeks to Tap Shafferman & Feldman as Legal Counsel BETHUNE SUITES: Taps FIA Capital Partners as Restructuring Advisor BIOADAPTIVES INC: 1Q Net Loss Narrows to $111K BIONEXUS GENE: 1st Quarter Net Loss Narrows to $544K BITCOIN DEPOT: Seeks Chapter 11 Bankruptcy Citing Crypto Crackdown BKR LLC: Files Emergency Bid to Use Cash Collateral BLEND COFFEE: Gets Approval to Hire Moecker Auction as Appraiser BLEU NOVO: $84K Unsecured Claims to Recover 25% over 3 Years BORJOMI 1: Commences Chapter 11 Bankruptcy in New York BRACHIO LLC: Seeks to Hire Spencer Fane LLP as Bankruptcy Counsel BROWNIE'S MARINE: Posts $493K 1Q Net Income C.Y. GOLD: Commences Chapter 11 Bankruptcy in New York CARE ONE: Court Extends Cash Collateral Access to June 10 CASI PHARMACEUTICALS: 2025 Net Loss Widens to $48.06 Million CERA TILE: Seeks Approval to Hire Rosenfeld CPA PLLC as Accountant CHAPIN HOLDINGS: Hires Baker Monroe Huston LLC as Special Counsel CHAPIN HOLDINGS: Seeks to Hire Sussman & Moore as General Counsel CHINO CENTRAL: Taps Howard Grobstein of Grobstein Teeple as CRO COCOBOWLZ LLC: Hires Pohl Bankruptcy LLC as Bankruptcy Counsel COMPASS COFFEE: Hires Barry Strickland & Company as Tax Advisor COMPASS COFFEE: Seeks Approval to Hire TKR Advisors as Tax Advisor COPPERLEAF SERVICES: Gets Interim OK to Use Cash Collateral COSTAL DEVELOPMENT: Gets Interim OK to Use Cash Collateral DA NOI: Claims to be Paid from Continued Operations DAVIS KITCHEN: Voluntary Chapter 11 Case Summary DEL MONTE: Judge Confirms Ch.11 Wind-Down Over Creditor Pushback DENTALHUB OF WYLIE: Taps Velie Global Law as Bankruptcy Counsel DENTISTAR P.C.: Court Extends Cash Collateral Access to June 2 DETROIT DUMPSTER: Seeks to Hire B.O.C. Law Group as Legal Counsel DISCOVERY WOODS: Seeks to Tap Emmett L. Goodman as General Counsel DOCUMENTS BY VISH: Seeks Chapter 7 Bankruptcy in New York DWAYNE A. JONES: Seeks to Hire Toni Campbell Parker as Counsel EDGED COMPUTE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable ELEVATE TEXTILES: Great Elm Capital Marks $2.5MM Loan at 22% Off EMMERICH NEWSPAPERS: Hires Huffman & Company, CPA as Accountant ENNIS I-45: Court Extends Cash Collateral Access to Aug. 31 EQUITECS: Gets Final OK to Use Cash Collateral ESOLUTIONS FURNITURE: Files WARN Notice As It Enters Receivership FAMILY OFFICE: Reports $264K First Quarter Net Profit FAT BRANDS: Moves to Undo $20MM Prepetition Refinancing Deal FAT BRANDS: Reaches Deal with Creditors to Get Chapter 11 Confirmed FAXON ENTERPRISES: TSC Logistic Default Sale to Maurice Bailey OK'd FINCH THERAPEUTICS: Hires BDO USA PC as Tax Services Provider FIRSTCASH INC: Moody's Affirms 'Ba2' CFR, Outlook Stable FLEXSYS CAYMAN: Great Elm Virtually Writes Off $5.9MM Loan FLORIDA KEYS: Seeks to Hire Bishop Rosasco & Co. as Accountant FO&O INC: Seeks to Hire Wallace Law PLLC as Attorney FOOD52 INC: Gets Court Confirmation for Chap. 11 Liquidation Plans FORK FOOD: Hires Bernstein Shur Sawyer as Bankruptcy Counsel FORTUNE CIRCLE: Gets Extension to Access Cash Collateral FRANCESCA'S ACQUISITION: Creditors Claim Bankruptcy Favors Lenders FREE SPEECH: Judge Denies Jones Bid to Appeal Infowars Order GACH LLC: Seeks to Hire McManimon Scotland & Baumann as Counsel GLACIER CAR: Taps Wadsworth Garber Warner Conrardy as Legal Counsel GOLIATH VENTURES: Hires GlassRatner Advisory as Financial Advisor GRANDE ISLE: Seeks to Hire Merlin Law Group as Special Counsel GRANDE ISLE: Seeks to Tap Paragon Law as General Bankruptcy Counsel GREEN LEASING: Seeks Approval to Tap James M. Joyce as Counsel GURU HOLDING: Court OKs Deal to Use Cash Collateral HARLING INC: Cash Collateral Hearing Set for June 16 HAWAII MOLD: Gets Four-Month Extension to Use Cash Collateral HIGHLAND SPRINGS: Hires Turoci Firm as General Bankruptcy Counsel HIGHLAND SPRINGS: Seeks to Hire The Turoci Firm as Legal Counsel HRONIS INC: Committee Hires Raines Feldman Littrell LLP as Counsel HYPHA LABS: Posts $521K 2nd Quarter Net Loss INGLES PRODUCE: Gets OK to Use Cash Collateral Until May 27 J &ST DEV: Court Extends Cash Collateral Access to June 9 J.F.M. 6090: Hires Trenk Isabel Siddiqi as Bankruptcy Counsel JACQUELINE D MOORE: Hires Tyler Bartl & Ramsdell as Legal Counsel JEWELRY ARTISANS: Unsecureds Will Get 25% over 60 Months JEWELRY DESIGNER: Seeks to Hire Hirsch & Hirsch CPA as Accountant JOHN FITZGIBBON: Gets Interim OK to Use Cash Collateral JOSHUA MASSINGILL: Seeks Approval to Hire CPN Legal as Bookkeeper JOSHUA MASSINGILL: Seeks to Hire Cormier & Rea as Accountant JTD ENTERPRISES: Seeks to Tap Ahlgren Law Office as Legal Counsel JW COLE INVESTMENTS: Seeks to Use Cash Collateral KAISA GROUP: Secures Court Recognition for Chapter 15 Bankruptcy KB3 2275 CENTURY: Unsecureds Will Get 100% of Claims in Plan KIITOS BREWING: Gets OK to Use Cash Collateral KIM ENGINEERING: Court Extends Cash Collateral Access to May 31 KINGDOM LAND: Seeks to Hire Bach Law Offices as Bankruptcy Counsel KUKUIULA VISTAS: Commences Chapter 11 Bankruptcy in Georgia LAFEYETTE PHYSICAL: Seeks to Hire Belvedere Legal as Legal Counsel LEXORA INC: Gets Interim OK to Use Cash Collateral LIBERTY CARRIERS: Seeks to Hire Ryan C. Wood as Bankruptcy Counsel LOBO INVESTMENTS: Seeks to Hire Century 21 as Real Estate Broker LUCKY BUCKS: Phenixfin Corp Marks $2.19MM Loan at 20% Off M2I GLOBAL: Posts 1Q Net Loss of $1.89 Million MAJORDRIVE HOLDINGS: Great Elm Marks $2MM Bond at 26% Off MANDS ELECTRIC: Hires Richard P. Cook PLLC as Special Counsel MANDS ELECTRIC: Hires Waldrep Wall Babcock & Bailey as Counsel MAR ENTERPRISES: Gets Interim OK to Use Cash Collateral MARLIN CONSTRUCTION: Gets OK to Tap Millennial Law as Legal Counsel MAVERICK GAMING: Great Elm Marks $1.6MM Loan at 39% Off MEGA KYON: Hires Lipton Law Group LLC as Bankruptcy Counsel MERIDIAN ARC: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable METATIEDOT BIDCO: Golub Capital BDC Marks $826,000 Loan at 19% Off MIDWEST ENGINEERED: Court Overrules Objections to Plan Confirmation MILE HIGH: Gets Final OK to Use Cash Collateral MILNER SPORTS: Gets Interim OK to Use Cash Collateral MINISTERIOS UNA: Seeks to Hire Somos Group LLC as Consultant MNH ENTERPRISE: Hires SBC Accountancy Corporation as Accountant MNH ENTERPRISE: Seeks to Tap SBC Accountancy Corp. as Accountant MOBIQUITY TECHNOLOGIES: 1Q Net Loss Widens to $2.54 Million MODIVCARE INC: Challenges White & Case's Bankruptcy Contempt Motion MOVEIX INC: First Quarter Net Loss Widens to $26K MP ELKO: Section 341(a) Meeting of Creditors on June 18 MP KAUAI HH: Commences Chapter 11 Bankruptcy in Georgia MUNAWAR LAW: Trustee Seeks to Tap Prager Metis CPAs as Accountant MUNAWAR LAW: Trustee Taps LaMonica Herbst & Maniscalco as Counsel NATHAN SPENCER: Gets OK to Use Cash Collateral Until June 27 NATIONWIDE TREE: Gets Extension to Access Cash Collateral NEW WILKIE ENERGY: Great Elm Marks $1.2MM Loan at 78% Off NEW WILKIE ENERGY: Great Elm Marks $114,000 Loan at 81% Off NIAFA INC: Starts Chapter 11 Bankruptcy in New York NIKOLA CORP: Founder Accused of Skirting $2.5MM Settlement Share NVTN LLC: Phenixfin Corp Marks $17.5MM Loan at 45% Off ONYX PORTFOLIO: Business Operations & Sale Proceeds to Fund Plan OROVILLE HOSPITAL: Court Tossed Creditors' Suit Against UMB Bank OUTLOOK THERAPEUTICS: 2Q Net Loss Narrows to $4.45 Million OUTLOOK THERAPEUTICS: Sets up $100M At-The-Market Stock Program PALOMAR HEALTH: Moody's Puts Ba1 GOULT Rating on Review for Upgrade PARA-MED MEDICAL: Hires Offit Kurman P.A. as Bankruptcy Counsel PARAMOUNT SKYDANCE: S&P Affirms 'BB+' ICR, On CreditWatch Negative PENNSYLVANIA BREWING: Taps Calaiaro Valencik as Bankruptcy Counsel PLURALSIGHT LLC: Golub Capital BDC Marks $7.2MM Loan at 74% Off POWER STOP: Phenixfin Corp Marks $9.7MM Loan at 15% Off PRECISION MEDICINE: Moody's Alters Outlook on 'B2' CFR to Stable PRESTIGE HEALTHCARE: Seeks to Extend Plan Exclusivity to Sept. 28 PRO QUIP: Seeks to Hire Harry P. Stampler Inc. as Appraiser PRO TEMECULA: Hires Raines Feldman Littrell as Bankruptcy Counsel PRO TEMECULA: Taps Howard Grobstein of Grobstein Teeple as CRO PROSPECT MEDICAL: Judge Restricts Buyer's Malpractice Claims Risk PVP KREWSTOWN: Court Won't Exclude Expert Opinions, Testimony PYRAMID CONCRETE: Gets Final OK to Use Cash Collateral QVC GROUP: Secures Final Court Ok for $300MM DIP Financing RAMANUJAN GROUP: Seeks to Tap Grobstein Teeple as Financial Advisor RAPID TEST: Gets Interim OK to Use Cash Collateral RAS DATA: Unsecureds Will Get 37% of Claims in Liquidating Plan RAYMOND GROUP: Taps Howard Grobstein of Grobstein Teeple as CRO REDDIRT ROAD: Creditors to Get Proceeds From Liquidation REEL TRIMS: Gets Interim OK to Use Cash Collateral RELIZ TECHNOLOGY: Gets Extension to Use Cash Collateral REVOCAR 2023-1: DBRS Confirms 'BB(high)' Rating on Cl. D Notes RHINOGRAM INC: Seeks to Hire Tom Bible Law as Bankruptcy Counsel RK PARISI: Seeks Approval to Hire Daniel G. Weaver as Appraiser RQM+ CORP: SLR Investment Marks $25.9MM Loan at 20% Off S&J DATA TECHNOLOGIES: Gets Final OK to Use Cash Collateral SALLY BEAUTY: S&P Affirms 'BB' Rating on Senior Unsecured Notes SANTA PAULA: Seeks to Hire Tax Law Firm as Special Tax Counsel SEPI REALTY: Case Summary & 11 Unsecured Creditors SEPI REALTY: Seeks Chapter 11 Bankruptcy in New York SINTX TECHNOLOGIES: Posts $2.82 Million 1Q Net Loss SMART COMMUNCIATIONS: Gets OK to Hire Vogt Law as Special Counsel SMART COMMUNICATIONS: Plan Exclusivity Period Extended to Aug. 6 SOTERA HEALTH: S&P Alters Outlook to Positive, Affirms 'BB-' ICR SOUND VISION: Court Extends Cash Collateral Access to June 12 START TO FINISH: Gets Final OK to Use Cash Collateral STG LOGISTICS: Court Confirms Joint Plan of Reorganization STG LOGISTICS: Court OKs Chap. 11 Plan After Settling Debt Dispute STOMATCARE DSO: Unsecureds to Get Share of Monetary Contribution SUGARBUSH ARMORY: Hires Scouler Advisors as Financial Advisor SUMMIT ACCESS: Gets Final OK to Use Cash Collateral TALKING ROCK: Gets OK to Use Cash Collateral Until Aug. 29 TERWILLIGER PLAZA: Fitch Alters Outlook on 'BB+' IDR to Positive TOBIN'S TOWING: Gets Final OK to Use Cash Collateral TOGETHER GOOD: Plan Exclusivity Period Extended to May 19 TOGETHERWORK HOLDINGS: Golub Capital Marks $254,000 Loan at 23% Off TOGETHERWORK HOLDINGS: Golub Capital Marks $691,000 Loan at 17% Off TPG RE FINANCE: Fitch Rates $400MM Term Loan B 'BB' TPI COMPOSITES: Trustee Objects to Chapter 11 Plan Releases TREEO'S TREE: Seeks to Tap Swanson Sweet LLP as Bankruptcy Counsel TREEO'S TREE: Taps Professional Accounting Services as Accountant TRINITY POOLS: Case Summary & 20 Largest Unsecured Creditors TRONOX HOLDINGS: Moody's Cuts CFR to B3, Outlook Remains Negative UNION FLATIRON: Starts Chapter 11 Bankruptcy in Wyoming V-RED INC: Voluntary Chapter 11 Case Summary VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral VIPER ENERGY: Moody's Alters Outlook on 'Ba1' CFR to Positive WABEEK RIDGE: Seeks to Tap Robert N. Bassel as General Counsel WAIPAHU LLC: Initiates Chapter 11 Bankruptcy Proceeding in Georgia WAIPAHU PROPERTIES: Seeks Chapter 11 Bankruptcy in Georgia WASH BIDCO: S&P Lowers Term Loan Rating to 'B+' on Add-on WEST MARINE: Case Summary & 30 Largest Unsecured Creditors WEST TECHNOLOGY: S&P Lowers ICR to 'SD' on Missed Interest Payment WILLIAMSBRIDGE RISING: Commences Chapter 7 Bankruptcy in New York WINE COUNTRY: Gets Final OK to Use Cash Collateral WOODLINE PROPERTIES: Seeks to Tap Bonita Hadox as Office Manager WOODTOWN SPORTS: Seeks to Tap Finestone Hayes as Bankruptcy Counsel YNEZ SHOPS: Seeks to Tap Raines Feldman Littrell as Counsel YNEZ SHOPS: Taps Howard Grobstein of Grobstein Teeple as CRO ZIPRECRUITER INC: Fitch Affirms B- LongTerm IDR, Outlook Negative [] Buffey Klein Joins Blank Rome' Bankruptcy Group as Partner [] Gerard Martin Joins Greenberg Traurig's Restructuring Practice [] Joshua Feltman Joins Kirkland & Ellis as Partner [] Matthew Roose Joins Gibson Dunn's Restructuring Practice [] Two Restructuring Lawyers Join Willkie's Finance Department ********* 25 AUGUSTA: Wins Interim Cash Collateral Access ----------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered an interim order authorizing 25 Augusta, LLC's use of cash collateral of LP25 Asset Fund I, LLC and LP25 Asset Fund II. Under the interim order, the Debtor is authorized to use cash collateral effective March 16 through June 16 to pay operating expenses pursuant to an approved budget. Permitted expenses are limited primarily to real estate taxes, insurance, and water and garbage payments owed to the City of Chicago. The order imposes several restrictions on the Debtor's use of funds. The Debtor may not use cash collateral for items outside the approved budget unless the lender provides written consent or the Court authorizes such use. Administrative expenses and professional fees also require Bankruptcy Court approval after notice and hearing. The Debtor may exceed approved budgeted disbursements only if the aggregate actual disbursements for a month do not exceed 110% of the approved monthly budget. As adequate protection, the lender received valid and perfected replacement liens on the debtor's post-petition collateral, including cash generated from operations and proceeds of the property, maintaining the same order of priority as existed on the petition date. The Debtor must also maintain insurance on all assets at replacement or fair market value, with the lender named as additional insured or loss payee. The debtor's authority to continue using cash collateral is scheduled for further review at a hearing set for June 16. About 25 Augusta LLC 25 Augusta, LLC is a private limited-liability company, is principally a real-estate holding entity associated with the ownership of a multi-family residential property in the West Town/Ukrainian Village area of Chicago. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-04618) on March 16, 2026. In the petition signed by Monserrate Hernandez, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Paul M. Bach, Esq., at Bach Law Offices, represents the Debtor as bankruptcy counsel. 30 EAST 40TH: Plan Exclusivity Period Extended to June 30 --------------------------------------------------------- Judge Michael E. Wiles of the U.S. Bankruptcy Court for the Southern District of New York extended 30 East 40th, L.L.C.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 30 and Aug. 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that applying the factors to the facts and circumstances of this case demonstrates that the requested extension is appropriate. * On the first factor, while the Debtor's case involves a single asset, the issues to be litigated are not simple. The contested matters include trustee appointment, counsel retention, disclosure statement adequacy and sale procedures, all of which require significant preparation and judicial attention. The complexity of the scheduled trial supports an extension of the Exclusive Periods. * On the second factor, additional time is plainly necessary. The Disclosure Statement cannot be approved, votes cannot be solicited, and a confirmation hearing cannot be scheduled until the threshold contested matters are resolved at trial. Until the Court has ruled, the reorganization process is at a standstill. * On the third factor, the Debtor is making good-faith progress toward reorganization. The Debtor filed a Plan and Disclosure Statement early in the case, participated in mediation in an effort to consensually resolve all disputes, and is preparing for trial. This conduct reflects a genuine commitment to achieving a reorganization. * On the fourth factor, the Debtor is generally paying its administrative obligations as they come due. The fourth factor supports an extension. See Adelphia, 352 B.R. at 588 (noting this factor is "more of a factor if it were not satisfied"). * On the fifth factor, the Debtor has demonstrated reasonable prospects for a viable plan. The Debtor has filed a liquidating plan proposing a sale of the Property with net proceeds distributed to parties in accordance with their priorities. The Property has an estimated value sufficient to pay the secured mortgage claim of Apple Bank in full. A liquidating chapter 11 plan is a "viable plan" for purposes of this factor. 30 East 40th L.L.C. is represented by: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, of Backenroth Frankel & Krinsky, LLP. 3229 S. HARLEM: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: 3229 S. Harlem, Inc. 3237 Harlem Avenue Berwyn, IL 60402-2408 Business Description: 3229 S. Harlem, Inc. is a single-asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 26-08429 Judge: Hon. David D Cleary Debtor's Counsel: Ariel Weissberg, Esq. WEISSBERG AND ASSOCIATES, LTD. 125 South Wacker Drive Suite 300 Chicago, IL 60606 Tel: 312-663-0004 Fax: 312-663-1514 E-mail: ariel@weissberglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Martina Castillo signed the petition in her capacity 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/WF4EA3Q/3229_S_Harlem_Inc__ilnbke-26-08429__0001.0.pdf?mcid=tGE4TAMA 3229 S. HARLEM: Seeks Chapter 11 Bankruptcy in Illinois ------------------------------------------------------- On May 14, 2026, 3229 S. Harlem, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About 3229 S. Harlem, Inc. 3229 S. Harlem, Inc. is a single asset real estate company. 3229 S. Harlem, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-08429) on May 14, 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 David D. Cleary handles the case. The Debtor is represented by Ariel Weissberg, Esq. of Weissberg and Associates, Ltd. 336 RESTAURANT: Commences Chapter 11 Bankruptcy in New York ----------------------------------------------------------- On May 14, 2026, 336 Restaurant 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 United States Trustee under Section 341(a) g to be held on June 12, 2026 at 11:00 AM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 3913464. The deadline for filing Chapter 11 Plan set for September 11, 2026. About 336 Restaurant LLC 336 Restaurant LLC is a food service and hospitality company engaged in restaurant operations and dining-related services. 336 Restaurant LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71960) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Nico G. Pizzo, Esq. of Rosen, Tsionis & Pizzo, PLLC. 4010 THOR: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The United States Bankruptcy Court for the Southern District of Florida entered an order authorizing 4010 Thor Collision Corp. further use of cash collateral. The Debtor's use of cash collateral is strictly limited to an approved budget covering the period from May 1 through May 31, with a short extension through June 9 on a pro rata basis. The court also permits a 10% variance to address unforeseen but necessary expenses related to ordinary business operations. The budget projects $498,342.73 in monthly revenue against $317,618.01 in expenses, resulting in an estimated net profit of $180,724.72. Major expenses include payroll, rent, parts, taxes, and vendor costs essential to maintaining operations. Additionally, the Debtor must file a budget-to-actual comparison report and a proposed updated budget by June 5. A continued hearing on the use of cash collateral is scheduled for June 9. The order is available at https://shorturl.at/3X8Kk 4010 Thor Collision's financial structure is notable for its lack of traditional secured creditors. Instead, the Debtor is burdened by several merchant cash advance financing agreements, with entities including E Advance Services, LLC, Monday Funding, LLC, Nexi Finance, United First, LLC, and Velocity Capital Group, LLC. While these MCA funders have filed UCC-1 financing statements, the Debtor notes that the validity and extent of these liens may be disputed under recent legal precedents that sometimes characterize such agreements as "disguised loans" rather than true sales of receivables. About 4010 Thor Collision Corp 4010 Thor Collision Corp. is an automotive body repair business based in Boynton Beach, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Fla. Case No. 26-12210) on February 24, 2026, listing up to $500,000 in assets and up to $1 million in liabilities. Francesca Velluzz, president of 4010 Thor Collision, signed the petition. Judge Mindy A. Mora oversees the case. Stephen Breuer, Esq., at Breuer Law, PLLC, represents the Debtor as bankruptcy counsel. 506 FRANKLIN: Taps Dunham Hildebrand Payne Waldron as Counsel ------------------------------------------------------------- 506 Franklin Road, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ Dunham Hildebrand Payne Waldron, PLLC as counsel. The firm will render these services: (a) render legal advice with respect to the rights, power, and duties of the Debtor in the management of its assets and operations; (b) investigate and, if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare all necessary pleadings, orders and reports with respect to this proceeding and to render all other necessary or proper legal services; (d) assist and counsel the Debtor in the preparation, presentation, and confirmation of a plan of reorganization; (e) represent the Debtor as may be necessary to protect its interests; and (f) perform all other legal services that may be necessary and appropriate in the general administration of Debtor's estate. The firm will be paid at these hourly rates: Attorneys $500 - $550 Paralegals $200 - $225 The firm received a retainer of $26,738 prior to filing. Henry Hildebrand, IV, Esq., an attorney at Dunham Hildebrand Payne Waldron, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Henry E. Hildebrand, IV, Esq. Dunham Hildebrand Payne Waldron, PLLC 9020 Overlook Boulevard, Suite 316 Brentwood, TN 37027 Telephone: (615) 933-5851 Email: ned@dhnashville.com About 506 Franklin Road LLC 506 Franklin Road LLC holds real property interests in Franklin, Tennessee, including parcels and residential properties on Murfreesboro Road, Trinity Road, Wynfield Village Court and Ryecroft Lane. Its listed holdings include 4629 and 4627 Murfreesboro Road, 4030 and 4026 Trinity Road, 1012 Wynfield Village Court and 2024 Ryecroft Lane, with a reported total current value of about $13.60 million. 506 Franklin Road LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-02120) on May 4, 2026. In the petition signed by Brian Sullivan, sole member, the Debtor disclosed $13,613,372 in total assets and $10,502,649 in total liabilities. Honorable Bankruptcy Judge Charles M. Walker handles the case. The Debtor is represented by Henry E. Hildebrand, IV, Esq., at Dunham Hildebrand Payne Waldron, PLLC. 5425 PAU A LAKA: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: 5425 Pau A Laka, LLC 94-050 Farrington Hwy Suite E1-3 Waipahu HI 86797 Business Description: 5425 Pau A Laka, LLC is a Hawaii real estate entity associated with a condominium development in Koloa, Hawaii. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-20778 Judge: Hon. James R. Sacca Debtor's Counsel: William Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC 2987 Clairmont Road Suite 350 Atlanta GA 30329 Tel: 404-584-1238 E-mail: wrountree@rlkglaw.com Estimated Assets: $50 million to $100 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gary Pinkston as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JKNLSFQ/5425_Pau_A_Laka_LLC__ganbke-26-20778__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Blake Kolona Painting & General $135,422 Construction, LLC PO Box 4189 Waianae, HI, 96792 2. Shelice Condie $129,870 7970 W 10000 N Tremonton, UT, 84337 3. Grove Farm Company, Inc. $119,401 PO Box 138001 Honolulu, HI, 96801 4. MP Elk Grove $108,000 3450 Waikomo Road Koloa, HI, 96756 5. Gordon Mechanical LLC $102,421 94-496 Uke'e Street Waipahu, HI, 96797 6. Indo Puri, Inc. $98,419 2366 Coosawattee Dr Atlanta, GA, 30319 7. Floor Technologies of Hawaii, Inc. $93,055 47-510 Mapele Road Kaneohe, HI, 96744 8. City & County of Kauai Taxes & Other $84,187 4444 Rice Street Government Units Suite 463 Lihue, HI, 96766 9. Gill Construction, Inc. $74,323 PO Box 1341 Aiea, HI, 96701 10. Latitudes Fine Art Gallery, Inc. $72,728 401 E. Main Street Ventura, CA, 93001 11. 8 Pacific Mason $68,075 5164 Lokene St Kapaa, HI, 96746 12. Hawley Troxell Ennis & Hawley $63,345 P.O. Box 1617 Boise, ID, 83701 13. Wesco $47,359 PO Box 910465 Pasadena, CA, 91110 14. Imanaka Asato $45,845 Topa Financial Center, Fort Street Tower 745 Fort St Mall 17th Floor Honolulu, HI, 96813 15. Mana Electric LLC $42,148 5258 Laipo Road Kapaa, HI, 96746 16. Stephanie N. Iona $42,000 P.O. Box 1117 Waimea, HI, 96796 17. Wallwork Financial $29,793 401 38th Street SW Fargo, ND, 58107-0628 18. Kukui ula Comm Assoc $29,723 Bank Lockbox -HMC PO Box 30150 Honolulu, HI, 96820 19. Eberl Iron Works, Inc. $28,808 128 Sycamore Street Buffalo, NY, 14204 20. Hawthorne Pacific Corp. $27,322 16945 Camino San Bernardo San Diego, CA, 92127 5425 PAU: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------ On May 14, 2026, 5425 Pau A Laka, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to between 50 and 99 creditors. A meeting of creditors under Section 341(a) to be held on June 18, 2026 at 12:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About 5425 Pau A Laka, LLC 5425 Pau A Laka, LLC is a real estate holding entity with interests in property ownership and investment operations. 5425 Pau A Laka, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20778) on May 14, 2026. In its petition, the Debtor reports estimated assets between $50,000,000 and $100,000,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. 8311 PRESTON: Gets Interim OK to Use Cash Collateral Until July 10 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, entered a second interim agreed order allowing 8311 Preston Highway LR, LLC to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral, including rental income, through July 10, strictly in line with an approved budget and only for ordinary operating expenses. Any use outside the budget requires lender consent or further court approval. The Debtor is not currently permitted to pay its legal fees from cash collateral during this interim period. As adequate protection, the Debtor must maintain a positive DIP account balance and make $20,000 monthly payments to Regions Bank. Additionally, Regions will be granted replacement liens on post-petition receipts but only to the extent necessary to protect against any decline in collateral value, and subject to existing lien priorities. The order is interim in nature and does not determine the validity or priority of liens or claims. A further hearing is scheduled for July 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lqgTX from PacerMonitor.com. Regions Bank, as secured creditor, is represented by: Erika R. Barnes, Esq. Stites & Harbison, PLLC 401 Commerce Street, Suite 800 Nashville, TN 37219 Telephone: (615) 782-2252 ebarnes@stites.com About 8311 Preston Highway LR LLC 8311 Preston Highway LR, LLC is a Delaware limited liability company that owns commercial real property located at 8311 Preston Highway in Louisville, Kentucky. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00886) on February 27, 2026. In the petition signed by Clifford F. Boyle, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. R. Alex Payne, Esq., at Dunham Hildebrand Payne Waldron, PLLC, represents the Debtor as legal counsel. ACADEMY AT PENGUIN: Plan Exclusivity Period Extended to Aug. 5 -------------------------------------------------------------- Judge Christopher J. Panos of the U.S. Bankruptcy Court for the District of Massachusetts extended The Academy at Penguin Hall Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 5 and Oct. 7, 2026, respectively. As shared by Troubled Company Reporter, the 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 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. ADVANCION HOLDINGS: Fitch Lowers IDR to 'CCC' --------------------------------------------- Fitch Ratings has downgraded Advancion Holdings, LLC's (Advancion, OpCo) Issuer Default Rating (IDR) to 'CCC' from 'B-'. Fitch has also downgraded Advancion's first-lien senior secured ratings to 'B-' with a Recovery Rating of 'RR2' from 'B+'/'RR2' and its second-lien senior secured debt to 'CC'/'RR6' from 'CCC'/'RR6'. Additionally, Fitch has downgraded Advancion Sciences, Inc.'s (HoldCo) IDR to 'CCC-' from 'CCC+'. Fitch also downgraded the unsecured HoldCo PIK toggle notes to 'C'/'RR6' from 'CCC-'/'RR6'. The downgrade reflects material refinancing risk stemming from near-term debt maturities, including the senior secured revolver (September 2026), unsecured HoldCo PIK toggle notes (November 2026), and the remainder of the capital structure due in 2027-2028. Despite Fitch's forecast for FCF to turn positive in 2026, the company's high leverage, tight interest coverage, and constrained liquidity heighten the potential for a near-term transaction that meets Fitch's criteria for a distressed debt exchange. Key Rating Drivers Near-Term Maturities and Refinancing Risk: Advancion faces material maturity walls over the next three years, including the $125 million first lien revolver due September 2026 ($82 million drawn as of 4Q25), approximately $255 million in HoldCo PIK toggle notes due November 2026, $1.0 billion of first lien term loans due November 2027, and $345 million of second lien term loans due November 2028. High leverage, constrained liquidity, tight interest coverage, and reliance on supportive credit markets elevate refinancing risk. Fitch views a timely refinancing as achievable, supported by recent operational stabilization and defensive competitive positioning. However, Advancion's pressured credit metrics heighten the potential for a near-term distressed debt exchange. Constrained Liquidity: Advancion's liquidity position of approximately $46 million as of Dec. 31, 2025 provides minimal headroom relative to expected liquidity needs, sufficient only to postpone, but not avoid, a liquidity crisis. Fitch forecasts neutral-to-positive FCF to support gradually lower revolver usage, supporting liquidity and financial flexibility. However, any shortfall in near-term performance against current expectations would further pressure liquidity and potentially drive a negative rating action. Recovering Performance: Fitch forecasts a moderate earnings rebound driving neutral-to-positive FCF in 2026 and through the forecast, supporting a potential timely refinancing. Recovery in sales and EBITDA is underpinned by gradually improving demand across biotech, pharma, coatings, and metalworking fluids markets, alongside pricing benefits. Fitch anticipates limited unmitigated cost exposure from Middle East-related supply chain disruptions given Advancion's strong pass-through ability and domestic sourcing, while its U.S.-focused asset base is positioned to capture near-term volume gains as end-customers emphasize supply security. Leverage a Significant Outlier: Advancion's leverage is a significant outlier, reflecting the 2020 recapitalization, the 2021 dividend recapitalization, and the 2022 incremental term loan used to acquire Expression Systems, LLC. Fitch forecasts Fitch-calculated EBITDA leverage to improve gradually on moderate EBITDA growth but remain above 8.0x over the medium term, assuming a similar ongoing capital structure. Despite the company having adequate cushion to financial covenant thresholds, excessive leverage from structurally weaker EBITDA or a leveraging refinancing could pressure the credit profile. HoldCo PIK Toggle Note Considerations: The subordinated HoldCo PIK toggle notes maturing in November 2026 sit outside Advancion Holdings' (OpCo) balance sheet and lack a guarantee. Internal OpCo liquidity appears insufficient to redeem the HoldCo notes. Fitch has limited visibility into whether the HoldCo will remain independent in managing external funding and liquidity. Common effective shareholder control across OpCo and HoldCo provides some incentive for redemption before maturity. However, refinancing that shifts material incremental debt or interest to OpCo could pressure the OpCo credit profile. Entrenched Market Position in Nitroalkanes: Advancion holds a defensible niche in additives, combining scale with technical expertise that raises barriers to entry. It is the only global commercial producer of nitroalkanes and the sole manufacturer employing propane nitration technology, enabling a specialized portfolio of nitroalkane derivatives. Roughly 60% of revenue comes from products where Advancion is the exclusive supplier. Most offerings carry high switching costs. Although they represent a small share of customers' end-product costs, they are often critical to formulations and processes. These dynamics support durable customer relationships. Parent Subsidiary Linkage Considerations: Advancion Sciences, Inc.'s 'CCC-' IDR is one notch lower than Advancion Holdings, LLC's 'CCC' IDR. This reflects Fitch's assessment of porous legal ring-fencing and open access & control between the two entities, per Fitch's "Parent and Subsidiary Linkage Criteria." Peer Analysis Advancion compares favorably against rated peer Kymera International LLC (B-/Negative) in terms of EBITDA margin, interest coverage and FCF generation in normal operating environments. Its profitability also ranks similarly to W.R. Grace Holdings LLC (B/Stable) and Fortis 333, Inc. (B+/Stable). However, it is toward the lower end of the peer group in terms of size, based on revenue, and holds the most elevated leverage profile. Advancion's scale is significantly smaller than those of peers. However, its EBITDA margins are typically in the mid-40% range and far exceed the peer group. Advancion's high EBITDA margins reflect its products' barriers to entry and customers' high switching costs. Fitch’s Key Rating-Case Assumptions - Sales recover by about 10% in 2026 on improved demand across segments and price increases, with moderate annual growth of about 4% thereafter; - EBITDA margins are resilient at 40% or higher throughout the forecast horizon, supported by improving fixed cost absorption, continued strong pricing, and cost savings offsetting raw material cost inflation; - Capex remains moderate at around 6% of sales; - Advancion's capital structure is refinanced by early 2026 in a moderately leveraging transaction with broadly similar terms to existing. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), sector characteristics ('bbb-', Lower), market and competitive positioning ('b+', Moderate), diversification and asset quality ('b+', Moderate), company operational characteristics ('bb+', Moderate), profitability ('bb', Moderate), financial structure ('ccc', Higher), and financial flexibility ('ccc', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and results in an adjustment of -1 notch. The governance assessment of 'good' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'ccc'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile +1 approach. Recovery Analysis - The recovery analysis assumes Advancion would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. - The revolving credit facility is assumed to be fully drawn. Going-Concern Approach Fitch's recovery analysis uses a going concern approach and a $150 million going concern EBITDA. This going concern approximates a bottom-cycle EBITDA in the stress case and reflects the resilience Advancion has demonstrated through prior adverse operating environments. An enterprise value (EV) multiple of 7.0x is applied in Fitch's recovery analysis. The 7.0x multiple is at the upper end within Fitch's chemicals portfolio and is warranted to reflect its relatively lower cash flow risk as demonstrated by its performance during periods of poor operating conditions, strong EBITDA and FCF margins and the inherent growth of its life sciences segment. The 7.0x multiple is also within the range of historical bankruptcy case study exit multiples for peer companies, which ranged from 5x to 8x, but above the median of 6x. Fitch's recovery assumptions result in a recovery rating of 'RR2' for the first lien facilities and a 'B-' rating. The assumptions also result in a recovery rating of 'CC'/'RR6' for the second lien term loan, and a 'C'/'RR6' for the HoldCo notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to successfully refinance upcoming maturities in a timely manner, or completion of a refinancing transaction that meets Fitch's criteria for a distressed debt exchange; - Entering into a grace or cure period following non-payment, or announcement of a debt restructuring process or other transaction that Fitch considers as a distressed debt exchange; - Sustained negative FCF generation and/or high utilization under the revolver, signaling highly constrained liquidity. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful extension of upcoming debt maturities, in a manner that does not trigger a distressed debt exchange; - EBITDA interest coverage approaching 1.5x; - Progress to consistently positive FCF generation. Liquidity and Debt Structure Advancion's liquidity is constrained, standing at $46 million as of Dec. 31, 2025. Its liquidity comprises roughly $9 million of cash and $37 million of availability under the senior secured revolver. Considering high revolver utilization and the impending revolver maturity, Fitch believes current available funding is sufficient only to postpone, but not avoid, a liquidity crisis. Any shortfall in near-term performance against current expectations may further pressure the company's liquidity position. Advancion's first lien revolver matures in September 2026, followed by the secured term loans (approximately $1.0 billion currently outstanding) in 2027, before the $345 million second lien secured term loan matures in 2028. Although Fitch believes a timely refinancing is a possibility, supported by Advancion's recent operational stabilization and defensive competitive positioning, the company's high leverage, tight coverage, and constrained liquidity materially elevate refinancing risk. The HoldCo notes, which are structurally outside of the OpCo's perimeter and lack a guarantee, mature in November 2026. Fitch believes consistent shareholder control over transactions at both the OpCo and HoldCo provides some incentive for redemption prior to maturity. Issuer Profile Advancion is a global specialty chemicals producer operating in life sciences, personal care and industrial specialties. It is the only manufacturer in the world to use propane nitration technology and is privately owned by Ardian and Golden Gate Capital. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Advancion Holdings, LLC. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Advancion Sciences, Inc. LT IDR CCC- Downgrade CCC+ senior unsecured LT C Downgrade RR6 CCC- Advancion Holdings, LLC LT IDR CCC Downgrade B- senior secured LT B- Downgrade RR2 B+ Senior Secured 2nd Lien LT CC Downgrade RR6 CCC ALL SPA SERVICES: Hires Rosenbaum Sobel Weinrub as Tax Accountant ----------------------------------------------------------------- All Spa Services Incorporated seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Rosenbaum Sobel Weinrub & Burns as tax accountants. The firm will render these services: (i) prepare and assist in filing the Debtor's federal income tax returns for the tax periods of 2020 through and including 2025; (ii) communicate with the Internal Revenue Service and other taxing authorities, as necessary, in coordination with the Debtor and its bankruptcy counsel; (iii) advise the Debtor concerning tax compliance matters arising in connection with the Chapter 11 Case; and (iv) provide such other tax accounting services as the Debtor may reasonably request and the Court may permit. The firm will be paid at these rates: Jason Weinrub, CPA $475 per hour Steve Rosenbaum, CPA $425 per hour Other Partners $325 to $400 per hour Staff Accountants $100 to $325 per hour The firm received an advanced fee retainer of $10,000. Rosenbaum Sobel Weinrub & Burns and its employees are "disinterested persons" as that term is defined in Section 101(14) of the Bankruptcy Code and do not represent or hold any interest adverse to the Debtor's estate, according to court filings. The firm can be reached through: Jason Weinrub, CPA Rosenbaum Sobel Weinrub & Burns 600 North Pine Island Road, Suite 350 Plantation, FL 33324 Phone: (954) 744-8440 About All Spa Services Incorporated All Spa Services Incorporated, doing business as The Pool Spa Billiard Store, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11636) on February 10, 2026, with up to $50,000 in both assets and liabilities. Judge Corali Lopez-Castro presides over the case. Brett D. Lieberman, Esq., represents the Debtor as legal counsel. AMBIPAR EMERGENCY: White & Case Advises Ad Hoc Lenders Group ------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Ambipar Emergency Response and its debtor-affiliates, White & Case LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, an amended Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents an ad hoc group of lenders and financing providers under debentures, working capital loans, and other financial instruments with debtor-affiliates that are also joint debtors (the RJ Debtors) in the jointly administered plenary judicial reorganization proceeding under Brazilian Federal Law No. 11.101/2005 pending before the 3rd Business Court of Rio de Janeiro. The RJ Debtors have been substantively consolidated, pursuant to their request submitted before the filing of this chapter 11 case, by order of the RJ Court, and are jointly liable for all claims against any RJ Debtor under Brazilian law. Each member of the Ad Hoc Group of Financial Creditors has indicated to Counsel that it holds disclosable economic interests, or acts as investment manager, advisor, or affiliate to funds and/or accounts that hold disclosable economic interests, in relation to the Debtor. Nothing contained in this Statement is intended or shall be construed to constitute: (i) a waiver or release of any claims against or equity interests in the Debtor by any of the members of the Ad Hoc Group of Financial Creditors or any of their respective affiliates, (ii) an admission with respect to any fact or legal theory, or (iii) a limitation or waiver of any rights of any members of the Ad Hoc Group of Financial Creditors or any of their respective affiliates to assert, file, and/or amend any claim or proof of claim in accordance with applicable law and any orders entered in this Chapter 11 Case. The information contained in this Statement is provided only for the purposes of complying with Bankruptcy Rule 2019 and is not intended for any other use or purpose. Counsel reserves the right to amend or supplement this Statement as may be necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature, and amount of all disclosable economic interests of each present member of the Ad Hoc Group of Financial Creditors in relation to the Debtor, are: 1. Banco ABC Brasil S.A. São Paulo, SP, Avenida Cidade Jardim, No. 803, 2nd floor, 01453-000 Name and Amount of Claims Loan Agreement No. LA-35.0007/25: US$ 651,857.94 Cash Flow SWAP Agreement No. 16616425: US$$ 93,650.86 Loan Agreement No. LA-35.0029/25: US$ 365,635.77 Cash Flow SWAP Agreement No. 16801625: US$32,191.10 Loan Agreement No. LA-35.0163/24: US$1,345,846.83 Cash Flow Swap Agreement No. 16166024: US$85,534.82 Loan Agreement No. LA-35.0164/24: US$1,656,426.88 Cash Flow Swap Agreement No. 16166124: US$ 105,273.63 Loan Agreement No. LA-35.0174/24: US$ 593,017.85 Cash Flow Swap Agreement No. 16246524: US$ 58,855.98 Loan Agreement No. LA-35.0177/24: US$ 8,084,073.36 Cash Flow Swap Agreement No. 16266324: US$ 889,047.31 2. Banco Bradesco S/A Osasco, SP, Cidade de Deus, s/n, Vila Yara, 06029-900 Name and Amount of Claims Bradesco Debentures: US$ 40,774,678.98 CCB 16716957: US$ 1,816,794.23 Stock Bookkeeping Service: US$ 6,417.52 Stock Bookkeeping Service: US$ 327.82 CCB 15963687: US$ 40,726.69 CCB 16158213: US$ 11,341.70 CCB 16158212: US$ 9,419.08 CCB 16205190: US$ 623,791.75 Visa Credit Card Statement: US$ 36,242.84 Elo Credit Card Statement: US$10,145.74 3. Banco Sumitomo Mitsui Brasileiro S/A São Paulo, SP, Avenida Paulista, No. 37, 11th and 12th Floors, 01311-902 Name and Amount of Claims EESG13 Debentures: US$ 95,911,619.33 4. Banco do Brasil S.A. Brasilia, Setor de Autarquias Norte, Quadra 5, Bloco B, Asa Norte, Brasilia-DF, 70.040-912 Name and Amount of Claims BB Digital Working Capital Credit Facility 340604200: US$ 1,063,334.68 BB Corporate Financing Loan 251329767: US$ 21,804.73 BB Digital Working Capital Bank Credit Note 251331046: US$ 171,129.21 BB Digital Working Capital Bank Credit Note 251331567: US$ 149,867.16 BB FCO Commercial Development Credit 328312210: US$ 6,842.59 BB Auto Consortium 3585603: US$ 926.66 BB Export Credit 250010396: US$ 2,904,095.64 Ourocard Business Visa 172302492: US$ 7,250.29 CETIP-Registered Debentures 2385: US$ 65,743,513.81 BB Working Capital Credit Facility 191101476: US$ 65,702,692.30 BB Digital Working Capital Credit Facility 191101489: US$ 153,139.20 Import Financing Buyer's Credit 250017247: US$ 1,182,016.00 BB Digital Working Capital Bank Credit Note 808404607: US$ 158,787.65 Business Card Charges: US$ 1,598.25 BB Corporate Financing 2122278: US$ 20,173.86 BB Auto Consortium 2780595: US$ 2,981.22 BB Auto Consortium 2780634: US$ 2,981.22 BB Digital Working Capital Bank Credit Note 002.122.758: US$ 249,406.35 BB FCO Commercial Development (Banker's Acceptance): US$ 8,784.62 BB FCO Commercial Development Credit Facility 336003971: US$ 54,216.68 Checking Account Fee 316887: US$ 47.48 BB Guaranteed Account Bank Credit Note 808.405.196: US$ 194,739.06 BB Digital Working Capital Credit Facility 808405424: US$ 154,423.33 BB Digital Working Capital Credit Facility 808406261: US$ 544,901.36 BB Corporate Financing 2122089: US$ 37,270.76 Conventional Corporate Leasing (Aircraft Financing) 239751: US$ 33,969,652.58 Counsel to the Ad Hoc Group of Financial Creditors: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, TX 77002 Tel: (713) 496-9700 Email: charles.koster@whitecase.com – and - Richard S. Kebrdle, Esq. WHITE & CASE LLP 200 South Biscayne Boulevard, Suite 4900 Miami, FLA 33131 Tel: (305) 371-2700 Email: rkebrdle@whitecase.com – and - John K. Cunningham, Esq. Ricardo Pasianotto, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, NY 10022 Tel: (212) 819-8200 Email: jcunningham@whitecase.com ricardo.pasianotto@whitecase.com About Ambipar Emergency Response Ambipar Emergency Response (OTCMKTS: AMBWQ) is a global environmental and emergency response firm. Ambipar Emergency Response is a holding company incorporated under the laws of the Cayman Islands. Ambipar Emergency Response became a public company through a de-SPAC transaction, which closed on March 3, 2023. Ambipar Emergency Response sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90524) on October 20, 2025. In its petition, the Debtor reports more than $1 billion in assets and $328.2 million in liabilities. The Honorable Bankruptcy Judge Alfredo R. Perez oversees the Chapter 11 case. The Debtor is represented by Simpson Thacher & Bartlett LLP and Gray Reed & McGraw LLP. Quinn Emanuel Urquhart & Sullivan, LLP serves as counsel to the Independent Special Committee of the Board of Directors of the Debtor. Kurtzman Carson Consultants, LLC DBA Verita Global serves as the Debtors' noticing agent. White & Case LLP represents an ad hoc group of lenders and financing providers. AMERICAN DREAM RENOVATIONS: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------------------ On May 15, 2026, American Dream Renovations LLC commenced a voluntary Chapter 7 case in the Eastern District of New York bankruptcy court. Court documents indicate the company reports liabilities ranging from $100,001 to $1,000,000 and between 1 and 49 creditors. About American Dream Renovations LLC American Dream Renovations LLC operates as a renovation and contracting business focused on remodeling and construction-related services. The company filed for protection under Chapter 7 of the Bankruptcy Code on May 15, 2026, under Case No. 26-71976. Bankruptcy filings list estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Sheryl P. Giugliano presides over the proceeding. AMERICAN SIGNATURE: Plan Exclusivity Period Extended to July 21 --------------------------------------------------------------- Judge J. Kate Stickles of the U.S. Bankruptcy Court for the District of Delaware extended American Signature, Inc., and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to July 21 and Sept. 18, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they satisfy the various factors that courts rely on in connection with granting extensions of the Exclusive Periods as set forth in section 1121(d) of the Bankruptcy Code. * The Debtors Have Made Good-Faith Progress. The Debtors have obtained first day relief to ensure a smooth transition into chapter 11 and filed their schedules of assets and liabilities and statements of financial affairs, among other tasks. The Debtors have also conducted a sale process that resulted in entry of the Sale Order approving the Sale, with the sale closing on February 9, 2026. * The Store Liquidation Sales Continue. Pursuant to the Sale Order, APA, and the Agency Agreement, the Purchaser is currently conducting liquidation sales at the Debtors' former retail locations and exercising certain contract designation rights. The Purchaser remains obligated to deliver additional proceeds from the Sale to the estates in accordance with the terms of the Sale Order and the associated Sale transaction documents. * Extending the Exclusivity Periods Will Not Prejudice Creditors. Among other activities, the Debtors are requesting an extension of the Exclusive Periods to focus on working with the Committee and other key stakeholders to negotiate and develop a consensual chapter 11 plan. Continued exclusivity will permit the Debtors to maintain flexibility so that a competing plan by another third party does not derail the parties' efforts towards a plan process. All stakeholders will benefit from such continued stability and predictability. The Debtors assert that termination of the Exclusive Periods would adversely impact the substantial progress made by the Debtors in the chapter 11 cases to date. The Debtors have thus far been able to focus their efforts upon maximizing value and obtaining approval of the sale of the Debtors' assets through the Sale Order. Counsel to the Debtors: Laura Davis Jones, Esq. David M. Bertenthal, Esq. Pachulski Stang Ziehl & Jones LLP 919 North Market Street, 17th Floor P.O. Box 8705 Wilmington, DE 19899-8705 Telephone: (302) 652-4100 Facsimile: (302) 652-4400 Email: ljones@pszjlaw.com dbertenthal@pszjlaw.com About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12105) on Nov. 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC, serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC d/b/a Verbita Global is claims and noticing agent to the Debtors. AMERICAN TOOL: Case Summary & Largest Unsecured Creditors --------------------------------------------------------- Six affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- American Tool & Mold, Inc. 26-04159 1700 Sunshine Drive Clearwater, FL 33765 USA Manufacturing Solutions, LLC 26-04149 2035 Calumet Street Clearwater, FL 33765 ATM Investment Property 1700, LLC 26-04148 1700 Sunshine Drive Clearwater, FL 33765 American Tool & Mold, LLC 26-04147 1700 Sunshine Drive Clearwater, FL 33765 American Technical Molding, Inc. 26-04146 1700 Sunshine Drive Clearwater, FL 33765 American Tech Medical, Inc. 26-04161 1700 Sunshine Drive Clearwater, FL 33765 Business Description: American Tool & Mold, Inc. is a Clearwater, Florida-based company that provides mold manufacturing, engineering services, and tooling supply. The company's capabilities include mold engineering, quality assurance, mold management, design and fabrication, Design for Manufacturing, Failure Mode Effect Analysis, mold flow analysis, and conformal cooling. American Tool & Mold serves clients worldwide across industries including aerospace, medical, consumer products, and electronics. The company is woman-owned, ISO 9001:2015 certified, ISO 13485:2016 certified, and ITAR registered. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Luis Ernesto Rivera II Debtors' Counsel: Daniel A DeMarco, Esq. HAHN LOESER AND PARKS LLP 200 Public Square - Suite 2800 Cleveland, OH 44114 Email: dademarco@hahnlaw.com ATM Investment Property's Estimated Assets: $10 million to $50 million ATM Investment Property's Estimated Liabilities: $10 million to $50 million American Tool & Mold, Inc.'s Estimated Assets: $1 million to $10 million American Tool & Mold, Inc.'s Estimated Liabilities: $1 million to $10 million USA Manufacturing Solutions' Estimated Assets: $0 to $50,000 USA Manufacturing Solutions' Estimated Liabilities: $0 to $50,000 American Tool & Mold's Estimated Assets: $1 million to $10 million American Tool & Mold's Estimated Liabilities: $1 million to $10 million American Technical Molding's Estimated Assets: $1 million to $10 million American Technical Molding's Estimated Liabilities: $1 million to $10 million American Tech Medical's Estimated Assets: $0 to $50,000 American Tech Medical's Estimated Liabilities: $1 million to $10 million The petitions were signed by Emilia Giannakopoulos as CEO. Full-text copies of the petitions, which include lists of the Debtors' largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/TSRDLCY/American_Tool__Mold_Inc__flmbke-26-04159__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LPYLN3Q/USA_Manufacturing_Solutions_LLC__flmbke-26-04149__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/K4EPYRA/American_Tool__Mold_LLC__flmbke-26-04147__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/WNTKCIQ/American_Technical_Molding_Inc__flmbke-26-04146__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/XSZHEAI/American_Tech_Medical_Inc__flmbke-26-04161__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LHIIU3A/ATM_Investment_Property_1700_LLC__flmbke-26-04148__0001.0.pdf?mcid=tGE4TAMA AMERICAN TOOL: Seeks Ch.11 Bankruptcy, Demands Receivership Removal ------------------------------------------------------------------- Christina Georgacopoulos of Tampa Bay Business Journal reports that Clearwater company, American Tool & Mold, has filed for Chapter 11 bankruptcy protection while asking a federal court to terminate a state-court receivership tied to its operations and assets. The filing, which lists roughly $24.5 million in liabilities, argues that the bankruptcy process should replace the receiver’s oversight and centralize creditor disputes in federal court. In its filing, the debtor said the receiver's continued involvement could complicate efforts to reorganize and maximize recoveries for creditors. Company officials argued that Chapter 11 offers a clearer framework for managing liabilities, negotiating with creditors, and preserving enterprise value. The bankruptcy petition indicates the business intends to continue operating while developing a reorganization strategy. The debtor also asked the court to return control of business operations and financial accounts from the receiver, asserting that centralized oversight under bankruptcy protection is more efficient. The dispute highlights tensions that can arise when distressed companies enter bankruptcy while already subject to receivership proceedings. The outcome could determine how quickly the company regains operational authority and advances its restructuring efforts, the report states. About American Tool & Mold Inc. American Tool & Mold Inc. is a manufacturing company specializing in precision tooling, mold design, and custom machining solutions for industrial and commercial clients. The company provides services related to tool-and-die production, injection molds, metal fabrication, and engineered manufacturing components. American Tool & Mold Inc. supports a range of industries, including automotive, aerospace, consumer products, and industrial equipment manufacturing. American Tool & Mold Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04159) on May 15, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Luis Ernesto Rivera II, Esq. handles the case. The Debtor is represented by Daniel A. DeMarco, Esq. of Hahn Loeser & Parks, LLP. AMN HEALTHCARE: Fitch Alters Outlook on 'BB' LongTerm IDR to Stable ------------------------------------------------------------------- Fitch Ratings has affirmed AMN Healthcare Services, Inc.'s (AMN) and subsidiary borrower AMN Healthcare, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB'. Fitch also affirmed AMN's $450 million revolver due October 2030 at 'BBB-' with a Recovery Rating of 'RR1' and senior unsecured notes due in 2029 and 2031 at 'BB'/'RR4'. The Rating Outlook is revised to Stable from Negative. Fitch has chosen to withdraw the ratings for AMN Healthcare Services, Inc. and AMN Healthcare, Inc. for commercial reasons. The 'BB' IDR reflects AMN's leading position in U.S. healthcare staffing, moderate leverage, strong FCF and commitment to deleveraging. This is offset by cyclicality, industry competition and limited diversification. The Stable Outlook reflects improved visibility into stabilization in revenue and margins after 4Q25 and 1Q26, with leverage now likely to remain in the 'BB' IDR leverage sensitivity range of 2.5x-3.5x near term. AMN's two largest business lines, travel nurse staffing and allied nurse staffing, returned to growth in 1Q26, supporting a Stable Outlook. Key Rating Drivers Healthcare Staffing Solutions Leader: AMN is one of the largest U.S. staffing providers of travel nurses, temporary nurses, locum tenens, and allied healthcare staff. Over the past decade, AMN has more than doubled revenue from about $1.0 billion and EBITDA from below $100 million, despite some market share erosion in recent years. Most of AMN's EBITDA comes from its Nurse & Allied Solutions (NAS) and Technology & Workforce Solutions (TWS) segments. TWS's higher margins offset NAS generating about 4.0x as much revenue. Outlook Reflects Rebasing of Demand: AMN benefited significantly when the pandemic disrupted the nursing labor market in 2021 and 2022, driving a surge in demand for temporary hospital nurse staffing. Hospitals have since significantly improved full-time nurse hiring and retention, and some health systems have insourced temporary nurse staffing operations. Fitch considers this a deeper-than-expected reset in temporary staffing demand, as declines in billable hours and bill rates were key factors in EBITDA falling by over 70% from its 2022 peak by YE 2025 Revenue from the travel nurse staffing and allied staffing businesses flattened in 4Q25 and turned positive in 1Q26. This suggests revenue is stabilizing and led Fitch to revise the Outlook to Stable from Negative. Adjusting for an unusual uptick in labor disruption services revenue in 1Q26, Fitch now expects revenue in the key NAS segment to increase slightly in 2026 rather than stabilize by early 2027, as previously expected. However, other challenges persist, as revenue from locum tenens staffing and language services was flat in 2025 and fell 7%-8% in 1Q26, while high-margin vendor management systems revenue fell 18% in 1Q26 after declining 31% in 2025. Free Cash Flow Remains Solid: AMN's 'BB' IDR is supported by its history of positive FCF through the economic cycle, with FCF rising from slightly positive levels a decade ago to average nearly $250 million in 2023-2025. Fitch expects staffing companies with well-managed balance sheets can sustain positive FCF through the cycle by passing along costs and flexing labor costs amid cyclical challenges. While growth in recurring EBITDA may be limited in the near term, Fitch still sees FCF besting $200 million in 2026 and averaging 5% of revenue for the rest of its forecast. Leverage Likely Within Sensitivities: Fitch considers AMN's commitment to net leverage below 2.5x supportive. After adjusting estimates for extraordinary labor disruption revenue that boosted 2026 EBITDA by over $100 million, Fitch expects EBITDA leverage to fall to 2.2x at YE 2026 from 3.3x at YE 2025. As this benefit normalizes, Fitch expects leverage to return to 3.3x by YE 2027, then improve to 3.0x by YE 2028. Fitch's projections assume no debt-funded M&A or share purchases and reflect its expectation that the structural U.S. nursing shortage will support a return to normalized EBITDA growth by 2027. Parent and Subsidiary Share IDR: AMN, which provides the company's consolidated financials, and its subsidiary AMN Healthcare, the borrower under the revolving credit agreement and the issuer of the bonds, have the same IDR. This is because the parent has no material assets or liabilities other than those of the subsidiary, and no material impediments restrict AMN's access to the assets of the operating subsidiaries generating all revenue and EBITDA. Peer Analysis AMN's 'BB' IDR reflects its leading market position, meaningful positive FCF, and moderate EBITDA leverage. Relative to Team Health Holdings (B-/Stable), whose outsourced hospital physician staffing operations focus on emergency department medicine and anesthesiology, AMN has much lower leverage and much higher FCF margins and interest coverage. Relative to Tenet Healthcare (BB/Stable) and Universal Health Services (BB+/Stable), which operate hospital systems that are actual or potential customers, AMN has similar FCF margins, comparable leverage, much lower EBITDA margins and inferior market position and diversification. Fitch’s Key Rating-Case Assumptions - Excluding the extraordinary contribution from labor disruption services in 1Q26, Fitch sees revenue declining by 3% in 2026 and 1% in 2027, then returning to growth of 3% in 2028. This recovery reflects elevated post-pandemic healthcare staffing demand reaching normalized levels by YE 2026, albeit with competition still pressuring bill rates and volumes. - Fitch sees EBITDA margins increasing from 8.6% in 2025 to 10.3% in 2026, due primarily to the extraordinary contribution from labor disruption services in 1Q26. Fitch sees margins normalizing thereafter, declining to 8.5% in 2027 (essentially flat vs. 2025), then increasing to 9.3% in 2028 with revenue returning to growth. - Fitch expects capex totaling 1.5% of revenue in 2026, 2.0% of revenue in 2027 (just below the average for 2022-2025), and 2.5% of revenue in 2028. - After boosting FCF by about $60 million-$80 million annually in 2024-2025, Fitch expects working capital to use cash totaling nearly $30 million in 2026, $10 million in 2027, and about $5 million in 2028. - Fitch sees EBITDA leverage declining from 3.3x at YE 2025 to 2.2x at YE 2026, due to the extraordinary contribution from labor disruption services in 1Q26. After normalization of that contribution and EBITDA rebasing, Fitch sees EBITDA leverage returning to 3.3x by YE 2027, then declining to 3.0x by YE 2028 as EBITDA growth resumes, with FCF (totaling over $200 million in 2026, then $100 million-$140 million annually) and cash on hand funding $150 million of acquisitions annually in 2026 and 2027. - Fitch expects no share buybacks or dividends, with other cash outflows for restructuring, litigation, and other matters limited to $5 million to $10 million annually in 2026-2028. Corporate Rating Tool Inputs and Scores Using its Corporate Rating Tool (CRT), Fitch scored AMN as follows to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Lower), sector characteristics ('bb-', Moderate), market and competitive positioning ('bb', Higher), diversification and asset quality ('bb-', Moderate), company operational characteristics ('b', Moderate), profitability ('bb', Higher), financial structure ('bbb', Moderate), and financial flexibility ('bb+', Lower). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Rating sensitivities are not applicable as the ratings have been withdrawn. Liquidity and Debt Structure At March 31, 2026, liquidity totaled nearly $1.0 billion, including $561 million in unrestricted cash and $430 million available under AMN's $450 million revolver (with nothing drawn and net of $20 million of letters of credit). Fitch expects AMN to abstain from share buybacks and limit near term M&A to that funded from FCF and cash on hand. The capital structure as of March 31, 2026 consisted of a $450 million senior secured revolver due October 2030, $350 million of 4.000% senior unsecured notes due April 2029, and $400 million of 6.500% senior unsecured notes due January 2031. AMN thus has no debt maturities until the $350 million of 4.000% senior unsecured notes mature in April 2029. Issuer Profile AMN, a healthcare staffing and talent solutions provider, is one of the largest U.S. providers of travel nursing and locum tenens services for hospitals and other healthcare facilities, and also offers technology-enabled staffing solutions for the healthcare industry. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate.VS for AMN for 2035 is 20 out of 100, suggesting low exposure to climate-related risks in that year. For more detailed, sector-specific information on how Fitch perceives climate-related transition risks, see Climate Vulnerability Signals for Non-Financial Corporate Sectors. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- AMN Healthcare Services, Inc. LT IDR BB Affirmed BB LT IDR WD Withdrawn AMN Healthcare, Inc. LT IDR BB Affirmed BB LT IDR WD Withdrawn senior secured LT BBB- Affirmed RR1 BBB- senior secured LT WD Withdrawn senior unsecured LT BB Affirmed RR4 BB senior unsecured LT WD Withdrawn ARCHDIOCESE OF BALTIMORE: Clashes With Creditors on Ch. 11 Plans ---------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the bankruptcy case of the Archdiocese of Baltimore has taken a new turn after both the archdiocese and a group of child sexual abuse claimants filed competing Chapter 11 plans. The proposals diverge significantly, particularly on the creation and funding of trusts intended to compensate survivors. One plan envisions establishing abuse claim trusts with minimum guaranteed funding levels, while the alternative plan submitted by claimants proposes a different distribution mechanism for resolving liability claims. The competing filings highlight disagreements over valuation, funding sources, and control of settlement administration, the report states. The court will consider both proposals during the confirmation process, where it will assess feasibility, fairness to creditors, and compliance with bankruptcy law before determining a final restructuring framework, according to Law360. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ATLAS LAND: Seeks to Hire R3M Law as General Bankruptcy Counsel --------------------------------------------------------------- Atlas Land Holdings, LLC and Goodbear Property LLC seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ R3M Law, LLP as counsel. The firm's services include: (a) advise the Debtors of their rights, powers and duties under Chapter 11 of the Bankruptcy Code; (b) prepare motions, applications, schedules and statements of financial affairs and any amendments, complaints, answers, orders, reports and documents necessary to the administration of the estates; (c) advise the Debtors in reviewing, estimating, and resolving claims asserted against the estates; (d) attend meetings and negotiate with representatives of creditors and other parties in interest; (e) advise the Debtors in connection with any potential refinancing of secured debt and any potential sale of the business; (f) represent the Debtors in connection with obtaining post-petition financing; (g) prepare and file a Chapter 11 plan and disclosure statement; (h) appear before this Court and any appellate courts to protect the interests of the Debtors and their estates; (i) advise and assist the Debtors with the preparation and filing of monthly operating reports; (j) take necessary action to protect and preserve the Debtors' estates; and (k) perform other necessary legal services and provide other necessary advice to the Debtors in connection with their Chapter 11 cases. The firm's counsel will be paid at these hourly rates: Attorneys $580 - $900 Paralegals $395 Legal Assistants $300 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer from Jaclyn Iarossi, the Debtors' managing member, in the amount of $50,000, plus filing fees. Howard Magaliff, Esq., a partner at R3M Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Howard P. Magaliff, Esq. R3M Law, LLP 437 Madison Avenue, 24th Floor New York, NY 10022 Telephone: (646) 453-7851 Facsimile: (212) 913-9642 Email: hmagaliff@r3mlaw.com About Atlas Land Holdings LLC Atlas Land Holdings, LLC is a real estate holding company engaged in the ownership, management, and development of land and property assets. The company oversees investment and operational activities related to commercial and real estate holdings. Atlas Land Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10493) on May 1, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Patrick G. Radel handles the case. The Debtor is represented by Howard P. Magaliff, Esq., at R3M Law, LLP. AXIP ENERGY: Unsecured Creditors to Recover 40% in Liquidating Plan ------------------------------------------------------------------- Axip Energy Services, LP, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Plan of Liquidation dated May 6, 2026. As of the Petition Date and prior to the Closing of the 363 Asset Sale, the Company was a leading provider of natural gas compression services to upstream and midstream customers in major natural gas producing basins in the United States and offshore in the Gulf of Mexico, with a primary focus on the Permian Basin. The Company operated a network of seven facilities across Texas, New Mexico, and North Dakota to service the seven states and offshore regions in which it provides compression services. Through its network of facilities, the Company deployed approximately 940 compression units generating a total of approximately 326,070 horsepower ("HP") to provide customers with state of-the-art gas lift and gathering compression services. In early September 2025, the Debtors began the Sales Process. After evaluating all the bids, the Debtors, together with their Advisors and the Prepetition Senior Secured Parties, determined that Service Compression, LLC ("SC") had the highest, most actionable, and, therefore, best bid. It was clear, however, that SC's bid could not be implemented out-of-court and would require a process within a chapter 11 case. As a result, the Debtors determined to select SC as a stalking-horse bidder for a sale process, which the Debtors would implement through the Chapter 11 Cases to "market check" the SC bid. On March 5, 2026, the Bankruptcy Court entered the Bidding Procedures Order, approving the Debtors' Bidding Procedures to continue the Sales Process after the Petition Date and approving the designation of SC as the Stalking Horse Bidder. On April 1, 2026, after receiving no other Qualified Bid, the Debtors selected the Stalking Horse Bidder as the Winning Bidder. On April 7, 2026, the Bankruptcy Court entered the Sale Order, approving the Debtors' entry into the 363 Sale Documents and consummation of the 363 Asset Sale. The 363 Asset Sale closed on April 15, 2026. Following the closing of the 363 Asset Sale, the Net Sale Proceeds were used to irrevocably repay in full all remaining DIP Claims and irrevocably pay certain of the Prepetition ABL Claims in accordance with the Sale Order. In accordance with the Sale Order, the Post-Sale Estates retained approximately $8,600,000 in cash proceeds from the 363 Asset Sale in order to make distributions under the Combined Disclosure Statement and Plan and fund the Wind Down. On the Effective Date, the Debtors or the Plan Administrator on behalf of the Post-Sale Estates will (a) fund the Claims Reserve in the Claims Reserve Amount and (b) fund the Professional Fee Escrow Account in the Professional Fee Reserve Amount to satisfy certain estimated Claims. The Debtors or the Plan Administrator on behalf of the Post-Sale Estates will then distribute any remaining proceeds in accordance with the terms of the Combined Disclosure Statement and Plan and Confirmation Order. Class 5 consists of all General Unsecured Claims. In exchange for and in full and final satisfaction, compromise, settlement, release, and discharge of each Allowed General Unsecured Claim not assumed by the Purchaser pursuant to the 363 Asset Sale each Holder of an Allowed General Unsecured Claim not assumed by the Purchaser pursuant to the 363 Asset Sale shall receive: its (i) Pro Rata share of the GUC Recovery, payable on the Effective Date or as soon as reasonably practicable thereafter, but in no event later than 150 days following the Effective Date, or (ii) such other treatment as agreed by the Debtors and the applicable Holder of an Allowed General Unsecured Claim. For the avoidance of doubt, to the extent not waived, each Holder of an Allowed Deficiency Claim shall not be entitled to any distribution from the GUC Recovery. Further, for the avoidance of doubt, each Holder of an Allowed Prepetition Sponsor Claim shall receive the same treatment as each Holder of any other Allowed General Unsecured Claim that is not an Allowed Deficiency Claim, subject in all respects to the Agreed Prepetition Sponsor Claim Reduction. Class 5 is Impaired. The allowed unsecured claims total $1.2 million. This Class will receive a distribution of 40% of their allowed claims. Class 8 consists of all Intercompany Interests. Holders of Intercompany Interests will not receive any distribution on account of such Interests and shall be canceled, released, and extinguished as of the Effective Date, and shall be of no further force or effect. Unless otherwise specified in this Combined Disclosure Statement and Plan, all Assets (other than the Non-Vesting Assets) not sold pursuant to the 363 Asset Sale or otherwise prior to the Effective Date will vest in the Post-Sale Estates for the purpose of winding down the Estates pursuant to this Combined Disclosure Statement and Plan. A full-text copy of the Combined Disclosure Statement and Plan dated May 6, 2026 is available at https://urlcurt.com/u?l=QZ2OMC from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: Paul E. Heath, Esq. Matthew J. Pyeatt, Esq. Trevor G. Spears, Esq. VINSON & ELKINS LLP 845 Texas Avenue, Suite 4700 Houston, TX 77002 Tel: 713.758.2222 Fax: 713.758.2346 Email: pheath@velaw.com mpyeatt@velaw.com tspears@velaw.com - and - David S. Meyer, Esq. Jessica C. Peet, Esq. 1114 Avenue of the Americas, 32nd Floor New York, NY 10036 Tel: 212.237.0000 Fax: 212.237.0100 Email: dmeyer@velaw.com jpeet@velaw About Axip Energy Services Axip Energy Services, LP, is a provider of natural gas contract compression services. Axip Energy Services and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on Feb. 22, 2026. In the petition signed by Ben Chesters, chief restructuring officer, Axip disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Vinson & Elkins LLP, led by Paul E. Heath,is serving as the Debtors' counsel. Evercore Group , L.L.C., is the Debtors' investment banker, and Ankura Consulting Group, LLC, is the restructuring advisor. Epiq Corporate Restructuring, LLC, is the Debtors' claims, noticing, and solicitation agent. Pachulski Stang Ziehl & Jones LLP has been retained as counsel to the Official Committee of Unsecured Creditors. Berkeley Research Group, LLC, is the Committee's financial advisor. B&A CHILDCARE: Seeks to Tap Paul Reece Marr as Bankruptcy Counsel ----------------------------------------------------------------- B&A Childcare Services of Atlanta, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Paul Reece Marr, PC as counsel. The firm's services include: (a) provide the Debtor with legal advice regarding its powers and duties in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's counsel and staff will be paid at these hourly rates: Paul Reece Marr, Attorney $500 Paralegal $295 In addition, the firm will seek reimbursement for expenses incurred. Mr. Reece Marr disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Reece Marr, Esq. Paul Reece Marr, PC 6075 Barfield Rd, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Email: paul.marr@marrlegal.com About B&A Childcare Services of Atlanta Inc. B&A Childcare Services of Atlanta, Inc. operates a childcare facility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-55321) on April 22, 2026. In the petition signed by Angelia Rembert, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Barbara Ellis-Monro oversees the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. BB RESTAURANT: Gets Final OK to Use Cash Collateral --------------------------------------------------- BB Restaurant Group, LLC received final approval from the U.S. Bankruptcy Court for the District of Arizona for authority to use cash collateral. The order authorized the Debtor to use cash collateral in accordance with a court-approved budget, subject to a 15% variance. The Debtor must only use the funds for ordinary-course business purposes consistent with the approved budget. As protection for any diminution in value of their collateral, the pre-petition secured creditors were granted replacement liens on the Debtor’s prepetition collateral with the same validity and priority that existed before the bankruptcy filing. These liens became effective automatically as of the petition date without the need for additional financing statements, control agreements, or other filings. The final order preserves all rights and remedies of the secured creditors under the Bankruptcy Code and applicable non bankruptcy law, including the ability to seek stay relief, dismissal, conversion of the bankruptcy case, appointment of a trustee, or additional relief in the future. A copy of the Debtor's budget is available at https://shorturl.at/yj5Qg from PacerMonitor.com. BB Restaurant Group, a holding company formed in Arizona, primarily derives its income from rents and fees paid by affiliated entities operating at its Phoenix premises, including a breakfast restaurant and an oyster bar. At the time of filing, the Debtor had minimal liquidity -- less than $50 in cash -- along with a modest security deposit and accounts receivable, making access to cash collateral essential for paying obligations such as rent to its landlord. The Debtor identifies two purported secured creditors: CSC (believed to represent a merchant cash advance lender) and U.S. Foods, both of whom assert liens on substantially all of the Debtor's assets, though the Debtor disputes certain aspects of these claims. About BB Restaurant Group LLC BB Restaurant Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01014) on February 2, 2026, listing assets of up to $50,000 and liabilities of between $100,001 and $500,000. Judge Brenda K. Martin presides over the case. Patrick F. Keery, Esq., at Keery Mccue, PLLC represents the Debtor as legal counsel. BEACON LIGHT: Seeks to Tap Graham Law & Associates as Legal Counsel ------------------------------------------------------------------- Beacon Light Missionary Baptist Church, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Graham Law & Associates to handle its Chapter 11 case. The firm will be paid at these hourly rates: Attorneys $450 Paralegals $150 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $5,238 for pre-petition fees. James Graham, Esq., an attorney at Graham Law & Associates, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Graham, Jr., Esq. Graham Law & Associates, LLC 1615 Poydras Street, Suite 1320 New Orleans, LA 70112 Telephone: (504) 777-3625 Facsimile: (504) 324-0507 Email: jgraham@jamesgrahamlaw.com About Beacon Light Missionary Baptist Church Inc. Beacon Light Missionary Baptist Church Inc. is a Christian church providing worship services and community programs from its location at 1937 Mirabeau Avenue in New Orleans, Louisiana. Beacon Light sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10789) on April 1, 2026. In its petition, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by James A. Graham, Jr., Esq., at Graham Law & Associates, LLC. BEASLEY MEZZANINE: Moody's Appends 'LD' Designation to 'Ca-PD' PDR ------------------------------------------------------------------ Moody's Ratings affirmed and appended a limited default (LD) designation to Beasley Mezzanine Holdings, LLC's (Beasley) Probably of Default Rating, revising it to Ca-PD/LD to reflect Moody's views that the debt exchange is considered a distressed exchange, which is a default under Moody's definitions. Moody's affirmed the Ca Corporate Family Rating and Caa1 rating on the outstanding $15 million of existing 11% backed senior secured first lien notes due August 2028. Concurrently, Moody's downgraded the rating on the outstanding $0.866 million of existing 9.2% backed senior unsecured second lien notes (formerly secured) due August 2028 to C from Ca. Beasley's Speculative Grade Liquidity (SGL) Rating remains unchanged at SGL-4. The outlook remains stable. Subsequent to this rating action, all of Beasley's ratings, including its Ca Corporate Family Rating, the Ca-PD/LD Probability of Default Rating, as well as Caa1 rating on the senior secured first lien notes and C rating on the senior unsecured notes will be withdrawn. RATINGS RATIONALE In May 2026, Beasley announced that it closed on a debt exchange with creditors representing approximately 98.7% of the outstanding $30.9 million of 11% notes due 2028 and 76.5% of the outstanding $184.9 million of 9.2% notes due 2028. Under the transaction support agreement (TSA), Beasley exchanged $184 of the senior secured second lien notes due 2028 into $98.5 million principal amount of 10% senior secured second lien PIK notes due December 2027 at a 50% discount to par. In connection with the exchange offer, Beasley solicited consent from notes holders to eliminate substantially all covenants and release all the collateral securing the second lien debt. As a result, debt holders who did not participate in the exchange offer were subordinated to the new debt. In addition, the company tendered $15.9 million in principal amount of the 11% senior secured first lien notes at par. Beasley Mezzanine Holdings, LLC owns and operates 49 radio stations and related websites and mobile applications across 12 markets. The company's station portfolio is located mainly across the eastern seaboard of the United States, with major contributions to revenue from the Boston, Detroit and Philadelphia markets. The company is publicly traded but controlled by the Beasley family through a dual-class share structure. Beasley generated approximately $206 million for fiscal 2025. The principal methodology used in these ratings was Media 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. BETHUNE SUITES: Seeks to Tap Shafferman & Feldman as Legal Counsel ------------------------------------------------------------------ Bethune Suites, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Shafferman & Feldman LLP as counsel. The firm will render these services: (a) provide advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; (b) negotiate with creditors of the Debtor, prepare a plan of reorganization and take the necessary legal steps to consummate a plan; (c) appear before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) prepare, on the Debtor's behalf, necessary legal reports other pleadings and legal documents; (e) appear before this Court to protect the interests of the Debtor and its estate, and represent it in all matters pending before this Court; and (f) perform all other legal services for the Debtor that may be necessary herein. Joel Shafferman, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500. In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $15,000, inclusive of filing fee, from the Debtor. Mr. Shafferman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel M. Shafferman, Esq. Shafferman & Feldman LLP 137 Fifth Avenue, 9th Floor New York, NY 10017 Telephone: (212) 509-1802 About Bethune Suites LLC Bethune Suites, LLC is a New York-based real estate company focused on the ownership and management of residential and hospitality-style properties. The company provides leasing, property management, and tenant accommodation services. Bethune Suites, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22323) on March 31, 2026. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor tapped Joel Shafferman, Esq., at Shafferman & Feldman, LLP as counsel and FIA Capital Partners, LLC as restructuring advisor. BETHUNE SUITES: Taps FIA Capital Partners as Restructuring Advisor ------------------------------------------------------------------ Bethune Suites, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ FIA Capital Partners, LLC as restructuring advisor. The firm will provide Mark Taub as chief restructuring officer and certain additional personnel to the Debtor. The CRO and additional personnel will provide these services: (a) provide analysis and valuation of the property; (b) prepare operating reports, assure compliance with all U.S. Trustee guidelines; and (c) render such other general services consult or other such assistance as the Debtor or its counsel may deem necessary. The firm will be paid at these hourly rates: David Goldwasser, CRO $800 Mark Taub, Senior Managing Director $500 CFO/CPA $500 Managing Director $450 Paralegal $330 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtor. Mr. Taub disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark Taub FIA Capital Partners, LLC 295 Front Street Brooklyn, NY 11201 About Bethune Suites LLC Bethune Suites, LLC is a New York-based real estate company focused on the ownership and management of residential and hospitality-style properties. The company provides leasing, property management, and tenant accommodation services. Bethune Suites, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-22323) on March 31, 2026. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. The Debtor tapped Joel Shafferman, Esq., at Shafferman & Feldman, LLP as counsel and FIA Capital Partners, LLC as restructuring advisor. BIOADAPTIVES INC: 1Q Net Loss Narrows to $111K ---------------------------------------------- BioAdaptives, Inc., reported a first-quarter net loss of $111,086, compared with a net loss of $197,136 a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. Revenue was $5,514 for the three months ended March 31, 2026, compared with no revenue a year earlier. Gross profit was $4,113, operating expenses fell to $202,331 from $249,148 and loss from operations narrowed to $198,218 from $249,148. As of March 31, 2026, the company reported total assets of $135,949, total liabilities of $2.27 million and total stockholders' deficit of $2.14 million. Cash was $73,606, current assets were $123,449, current liabilities were $2.27 million and accumulated deficit was $10.83 million. The filing said the company had insufficient cash to operate at the current level for the next 12 months and insufficient cash to achieve its business goals. Management said the success of the business plan beyond the next 12 months is contingent upon obtaining additional financing, and that matters raise substantial doubt about the company's ability to continue as a going concern. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1575142/000164033426000911/bdpt_10q.htm About BioAdaptives BioAdaptives, Inc. is a Las Vegas-based company that investigates, markets and distributes natural plant, fungi and algal based products and medical devices for humans and animals. The company emphasizes products related to pain relief, anti-viral function and anti-aging properties. It was incorporated in Delaware in 2013 under the name Apex 8, Inc. In an audit report dated April 14, 2026, Boladale Lawal & Co. included a going concern qualification, stating that the company had an accumulated deficit of $10.72 million and net loss of $1.56 million. The conditions raised substantial doubt about the company's ability to continue as a going concern. BIONEXUS GENE: 1st Quarter Net Loss Narrows to $544K ---------------------------------------------------- BioNexus Gene Lab Corp. reported a first-quarter net loss attributable to common shareholders of $543,575, compared with a net loss of $623,327 a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. Revenue fell to $22,842 for the three months ended March 31, 2026, from $2.14 million a year earlier. The company reported a gross loss of $790, compared with gross profit of $343,493, while operating expenses declined to $597,386 from $1.05 million. As of March 31, 2026, the company reported total assets of $9.04 million, total liabilities of $946,877 and total stockholders' equity of $8.09 million. Cash and bank balances were $1.34 million, working capital was $4.40 million and accumulated deficit was $6.97 million. The company recorded a net loss, negative operating cash flows of $147,671 and an accumulated deficit. Those conditions raised substantial doubt about its ability to continue as a going concern within one year of the financial statements' issuance, according to the filing. Management said existing cash balance and positive working capital would provide sufficient liquidity for at least the next 12 months, and that the company may seek external financing or fundraising opportunities. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1737523/000147793226003242/bglc_10q.htm About BioNexus Gene BioNexus Gene Lab Corp. is a Wyoming corporation with two principal operating subsidiaries in Malaysia, Chemrex Corporation Sdn. Bhd. and MRNA Scientific Sdn. Bhd. Chemrex distributes chemical raw materials, primarily fibre re-enforced polymers, to manufacturers in Southeast Asia. MRNA Scientific develops and provides blood-based genomic screening services intended to support early disease risk assessment and health management. In an audit report dated April 14, 2026, JP Centurion & Partners PLT included a going concern qualification, stating that the company incurred a continuous loss of $2.98 million, negative operating cash outflow of $1.84 million and accumulated deficit of $6.43 million as of Dec. 31, 2025. The conditions raised substantial doubt about the company's ability to continue as a going concern. BITCOIN DEPOT: Seeks Chapter 11 Bankruptcy Citing Crypto Crackdown ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that Bitcoin Depot filed for Chapter 11 bankruptcy protection in Texas, disclosing nearly $27 million in liabilities and plans to shut down its business through a court-supervised wind-down process. The company operates a network of bitcoin ATMs across the United States. Court documents indicate the debtor plans to liquidate remaining assets and use proceeds to satisfy creditor claims. The filing comes after the company struggled with financial pressures and broader weakness in segments of the cryptocurrency industry. The bankruptcy reflects ongoing turbulence in digital asset markets, where companies tied to crypto trading and infrastructure have faced liquidity challenges and declining revenues. Bitcoin Depot will continue working through the restructuring process under Chapter 11 supervision, the report states. About Bitcoin Depot Bitcoin Depot is a financial technology company focused on cryptocurrency transaction services and bitcoin ATM operations. The company manages a broad network of self-service kiosks that facilitate digital currency purchases for consumers. Bitcoin Depot sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90528) on May 18, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Debtor is represented by Paul E. Heath, Esq. of Vinson & Elkins. BKR LLC: Files Emergency Bid to Use Cash Collateral --------------------------------------------------- BKR LLC asks the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division, for authority to use cash collateral. The Debtor requests permission to use approximately $86,000 in hotel revenues in order to continue operations and avoid immediate and irreparable harm to the business. The request includes projected cash flow estimates showing beginning cash balances, anticipated hotel revenue collections of roughly $150,000 over three weeks, and operating expenses necessary to keep the hotel functioning. Major expenses include payroll, utilities, insurance, franchise fees, taxes, maintenance, internet and television services, booking commissions to Expedia and Booking.com, elevator service, trash removal, and debt service obligations. The Debtor projects that, despite these expenses, it will maintain positive cash flow and increase available cash on hand during the requested period. The Debtor's hotel employs 15 non-insider employees and is managed by Luminous Hotel Management, LLC under a management agreement that began January 1, 2026. The Debtor states that neither it nor its insiders have any ownership interest in the management company. The business faces normal hospitality industry risks such as fluctuating occupancy rates, seasonal demand, labor costs, and regional competition. The Debtor estimates total assets of approximately $7.13 million, including $31,000 in cash, $100,000 in accounts receivable, and a hotel property valued at approximately $7 million. The hotel property was purchased in November 2020 for approximately $6.825 million using financing from New Omni Bank. The Debtor identifies three major secured creditors: New Omni Bank with a claim of approximately $4.4 million secured by the hotel property, furniture, fixtures, and rents; AmPac Tri State CDC with a claim of approximately $2.19 million secured by similar collateral; and the City of Bakersfield, which holds judgment liens totaling approximately $411,155 related to transient occupancy taxes. The debtor disputes whether the city’s liens attach to future hotel rents. The Debtor argues that use of cash collateral is essential to preserve the hotel as a going concern and maximize value for creditors. It states that without immediate authority to use hotel revenues, it would be unable to pay ordinary operating expenses such as payroll, taxes, insurance, utilities, and vendor obligations, resulting in a shutdown of operations and destruction of the business’s going-concern value. The Debtor seeks flexibility to deviate up to 15% from budgeted expense categories without further court approval due to potential unforeseen operating costs. The motion further notes that no insider compensation has been paid for at least one year. To satisfy the bankruptcy requirement of adequate protection for secured creditors, the Debtor contends that the hotel property contains substantial equity cushion protecting the lenders' interests. It states that New Omni Bank's approximately $4.3 million secured claim is backed by property worth between $6.5 million and $7.5 million. The Debtor also proposes monthly adequate protection payments of approximately $32,000 to New Omni beginning June 1, 2026. Secured creditors are additionally protected by continuing hotel revenues, increasing cash balances, and preservation of the property's ongoing business value. A copy of the motion is available at https://urlcurt.com/u?l=M4kzAK from PacerMonitor.com. About BKR LLC BKR LLC, doing business as the Ramada Bakersfield North hotel, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-10969) on May 5, 2026. In the petition signed by Michael P. Crane, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Martin R. Barash oversees the case. Matthew D. Resnik, Esq., at RHM Law LLP, represents the Debtor as legal counsel. BLEND COFFEE: Gets Approval to Hire Moecker Auction as Appraiser ---------------------------------------------------------------- The Blend Coffee 1 LLC and its affiliates received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Moecker Auctions, Inc. as appraiser and valuation professional. The firm's services include: (a) desktop appraisal of client-provided inventory list and documentation; (b) research/analysis; (c) data entry; and (d) administrative and postage for bound copy of the appraisal report. The firm will be paid at a rate of $200 per hour for research, valuation and data entry. If expert testimony is needed, Moecker will charge an hourly rate of $250, plus travel expenses as necessary. David Dybas, a personal property appraiser at Moecker Auctions, disclosed in a court filing that the firm is a "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David D. Dybas Moecker Auctions, Inc. 1885 Marina Mile Blvd., Suite 103 Fort Lauderdale, FL 33315 About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1 and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BLEU NOVO: $84K Unsecured Claims to Recover 25% over 3 Years ------------------------------------------------------------ Bleu Novo LLC f/k/a Home Team Medical Clinic, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a First Plan of Reorganization for Small Business dated May 6, 2026. The Debtor is in the business of providing medical services for skin care and weight loss. The Debtor derives its income from performing various services and from sale of product relating to skin car and vitamins. The 100% member and owner of the Debtor is licensed nurse practitioner, Savannaha Murray. In addition to herself, the Debtor employs eight W-2 employees and three W-9 employees. The Debtor has four employees in its retirement plan. The Debtor's bankruptcy filing was caused by its execution of various equipment leases that failed to generate sufficient new income to pay for the lease obligations. Since the filing date, the Debtor rebranded its name from Home Team Medical to the name Bleu Novo LLC. The Debtor must also show that it will have enough cash over the life of the Plan to make the required monthly Plan Payments of $568.00. The Debtor's financial projection shows that it has projected disposable income (as defined by Section 1191(d) of the Bankruptcy Code) for the 36-month period required in Section 1191(c)(2) of $20,448.00, which will be used to fund the Plan. Class 5 consists of Convenience Class of General Unsecured Claims. The Convenience Class creditors consist of general unsecured claimants with claims totaling less than $6,000.00. This includes Proof of Claim No.4 filed by Marlin Leasing Corporation dba PEAC Solutions for $5,415.07; Proof of Claim No. 6 filed by American Express for $2,925.55; and Proof of Claim No. 7 filed by American Express for $2,925.90. The three Class Five claims total $11,266.52. The Class Five Claimants shall be paid its pro rata share of 50% of the claims (for a total payout of $5,633.26) in a single lump sum payment on the Plan Effective Date from funds in the DIP account. Debtor will act as its own disbursement agent. Class 6 consists of General Unsecured Claims. General Unsecured Creditors total $84,348.35 based upon the Claims filed and scheduled as undisputed. This total Class dollar amount may increase depending upon the filing of deficiency claims by Classes 2 and 4 if the deficiency claims are filed within 60 days of the Effective Date of the Plan. Class 6 Claimants will receive a pro rata share of $21,088.00 payable over 36 months, in quarterly payments of $1,704.00 ($568.00 per month). Based upon the current Class dollar amount of $84,3487.35, this is a distribution equal to 25% of each holder's claim. This payment will begin on the 15th day of the fourth month following the Plan Effective Date and will continue thereafter every three months for a total of 4 payments per year over 3 years (12 quarterly payments). The Debtor will act as its own disbursement agent. Class 4 consists of Equity Interests. Savannah Murray, the sole equity interest holder of the Debtor, shall retain her ownership interest herein and become the sole member of the Reorganized Debtor. This Plan will be funded by the post-petition disposable income earned by the Debtor. Funds held by the Debtor in its DIP account will be used to satisfy outstanding Administrative Expenses and the Class 5 Convenience Class Lump Sum payment. Debtor estimates that the balance in the Debtor in Possession Operating account will be $25,000.00 as of the Confirmation Hearing. A full-text copy of the Plan of Reorganization dated May 6, 2026 is available at https://urlcurt.com/u?l=yntSEn from PacerMonitor.com at no charge. Counsel to the Debtor: Robin R. De Leo, Esq. THE DE LEO LAW FIRM, LLC 800 Ramon Street Mandeville, LA 70448 Telephone: (985) 727-1664 E-mail: elaine@northshoreattorney.com About Home Team Medical Clinic Home Team Medical Clinic, LLC, is in the business of providing medical services for skin care and weight loss. Home Team Medical Clinic filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 26-10240) on February 2, 2026, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Meredith S. Grabill presides over the case. Robin R. DeLeo, Esq., represents the Debtor as legal counsel. BORJOMI 1: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------ On May 14, 2026, Borjomi 1, Inc. 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 12:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 1165157. The deadline to file Chapter 11 small business disclosure statement set for November 10, 2026. About Borjomi 1, Inc. Borjomi 1, Inc. is a business enterprise engaged in commercial and retail-related operations. Borjomi 1, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42347) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Alla Kachan, Esq. of Law Offices of Alla Kachan P.C. BRACHIO LLC: Seeks to Hire Spencer Fane LLP as Bankruptcy Counsel ----------------------------------------------------------------- Brachio, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Spencer Fane LLP as bankruptcy counsel. The firm's services include: a. assisting the Debtor with preparation of all applications, motions, answers, orders, reports, and other legal papers necessary to the administration of the Debtor's estate; b. negotiating, drafting, pursuing, and assisting the Debtor in the preparation of all documents, reports, and papers necessary for the administration of this Case; c. providing legal advice with respect to the powers and duties of the Debtor as debtor in possession in this Case in the continued operation of its business and management of its property, including with respect to a potential sale of the Debtor's assets; d. appearing in court and protecting the interests of the Debtor before the Court in its capacity as bankruptcy counsel; e. attending meetings and negotiating with representatives of creditors, the U.S. Trustee, and other parties in interest; f. performing all other legal services for the Debtor which may be necessary and proper in this proceeding including, but not limited to, advice in areas such as bankruptcy law, corporate law, corporate governance, employment, transactional, litigation, intellectual property, and other issues to the Debtor in connection with the Debtor's ongoing business operations; and g. performing all other services as may be required or deemed necessary and in the best interests of the Debtor and its estate in this Case. The firm will be paid at these rates: Lauren F. McKelvey, Partner $850 per hour Camber Jones, Of Counsel $640 per hour Brandi Collins, Paralegal $290 per hour Attorneys $640 to $850 per hour Paraprofessionals $290 to $300 per hour Spencer Fane received a retainer in the amount of $25,000. As disclosed in the court filings, Spencer Fane is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lauren Friend McKelvey, Esq. Spence Fane LLP 1233 Twentieth Street NW, Suite 600 Washington, D.C. 20036 Tel: (202) 207-1185 Fax: (202) 293-0445 Email: lmckelvey@spencerfane.com About Brachio, LLC Brachio, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Va. Case No. 26-10972) on April 24, 2026, listing $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Edward J. Grass, Esq. at The Grass Law Firm, LLC serves as the Debtor's counsel. BROWNIE'S MARINE: Posts $493K 1Q Net Income ------------------------------------------- Brownie's Marine Group, Inc., reported first-quarter net income of $493,030, compared with a net loss of $54,468 a year earlier, according to a Form 10-Q filed with the Securities and Exchange Commission. Total revenue was $2.12 million for the three months ended March 31, 2026, up from $1.53 million in the prior-year period. Gross profit was $982,129, while total operating expenses were $1.03 million and loss from operations was $44,434. Cash-flow information showed net cash provided by operating activities of $686,637 for the three months ended March 31, 2026, compared with net cash used in operating activities of $115,729 a year earlier. As of March 31, 2026, Brownie's Marine reported cash of $849,620, total assets of $5.80 million, total liabilities of $3.35 million and total stockholders' equity of $2.44 million. The company disclosed that historical losses and cash used in operations raise substantial doubt about its ability to continue as a going concern. Brownie's Marine said continuation depends on increasing revenue, controlling expenses, raising capital and sustaining adequate working capital. The filing said the company is continuing discussions with potential sources of additional capital. It said that if it cannot raise funds when needed or generate sufficient cash flow from sales, it may need to scale back, delay or cease operations, liquidate assets or possibly seek bankruptcy protection. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1166708/000149315226023503/form10-q.htm About Brownie's Marine Brownie's Marine Group, Inc. is a Davie, Florida, marine technology company that operates subsidiaries focused on portable air, underwater breathing, safety and marine technologies. Its operations include surface-supplied air systems, battery-powered diving systems, miniature and emergency breathing devices, high-pressure compressor distribution and service, and consumer-facing training and experiential programs. In an audit report dated April 10, 2026, Bush and Associates CPA LLC included a going concern qualification, stating that Brownie's Marine had a net loss of about $105,149 and cash used in operating activities of about $109,794 for the year ended Dec. 31, 2025, as well as an accumulated deficit of about $18.03 million as of Dec. 31, 2025. Those factors raised substantial doubt about the company's ability to continue as a going concern. C.Y. GOLD: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------ On May 18, 2026, C.Y. Gold 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 $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors filed by the Office of the United States Trustee under 341(a) to be held on June 15, 2026 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 6982178. The deadline to file Chapter 11 plan is on September 15, 2026. Disclosure Statement due date is September 15, 2026. About C.Y. Gold LLC C.Y. Gold LLC is a single asset real estate company. C.Y. Gold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42395) on May 18, 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 Jil Mazer-Marino handles the case. The Debtor is represented by J. Ted Donovan, Esq. of Goldberg Weprin Finkel Goldstein LLP. CARE ONE: Court Extends Cash Collateral Access to June 10 --------------------------------------------------------- Care One Home Health Services, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through June 10 according to an approved budget covering May 16 to June 10. The Debtor is not allowed to make payments outside the listed expenses without written consent from secured lender Byzfunder or further court approval. Byzfunder holds a blanket lien on the Debtor's assets securing at least $93,000 in debt, with Specialty Capital, LLC as a subordinate lienholder. As adequate protection, Byzfunder and Specialty Capital will be granted replacement liens on substantially all assets of the Debtor, with the same priority and extent as their pre-petition liens. These liens maintain the same priority and validity as the lenders pre-petition liens. The order also required the Debtor to maintain insurance coverage, preserve and properly manage collateral, and allow the secured lender access to books, records, and collateral. The next hearing is scheduled for June 9. The order is available at https://shorturl.at/iEegY from PacerMonitor.com. About Care One Home Health Services Inc. Care One Home Health Services, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-01443) on January 27, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jacqueline P. Cox presides over the case. Richard G. Larsen, Esq., at Springer Larsen, LLC represents the Debtor as legal counsel. CASI PHARMACEUTICALS: 2025 Net Loss Widens to $48.06 Million ------------------------------------------------------------ CASI Pharmaceuticals, Inc. reported net loss attributable to the company of $48.06 million for 2025, compared with $39.26 million in 2024 in its 20-F for the year ended Dec. 31, 2025, according to a filing with the Securities and Exchange Commission. The filing showed revenue of $20.71 million, compared with $28.54 million in 2024. The company reported research and development, general and administrative and selling and marketing costs contributed to the operating loss. As of Dec. 31, 2025, the company reported total assets of $25.65 million, total liabilities of $62.93 million and total shareholders' deficit of $37.28 million. In an audit report dated May 15, 2026, KPMG Huazhen LLP included a going concern paragraph, stating that CASI had incurred recurring operating losses that raised substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 20-F is available for free at: https://www.sec.gov/Archives/edgar/data/1962738/000110465926061632/casif-20251231x20f.htm About CASI CASI Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapeutics and pharmaceutical products in China, the United States and other markets. The company focuses on products for hematology oncology, autoimmune and organ transplant rejection therapeutic areas, and its operations and activities are conducted primarily through CASI China and CASI Wuxi. CASI launched EVOMELA in China in August 2019 for use as a conditioning treatment before stem cell transplantation and as a palliative treatment for patients with multiple myeloma. CERA TILE: Seeks Approval to Hire Rosenfeld CPA PLLC as Accountant ------------------------------------------------------------------ Cera Tile, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Rosenfeld CPA PLLC as accountant. The firm will perform accounting services for the Debtor. The firm will charge the Debtor $1,000 per month for its services. David Rosenfeld, a certified public accountant at Rosenfeld CPA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Rosenfeld Rosenfeld CPA PLLC 1778 East 28th Street Brooklyn, NY 11229 About Cera Tile Inc. Cera Tile, Inc. is a privately owned wholesale tile distribution company headquartered in Middletown, New York. The firm sources and distributes ceramic, porcelain, and design-oriented tile products through partnerships with international manufacturers, supplying a range of contemporary flooring and wall tiles to retail partners across the residential and commercial building sectors. Cera Tile operates from a substantial distribution center and focuses on timely fulfillment and trend-driven product offerings for its wholesale customer base. Cera Tile sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-35243) on March 8, 2026, with up to $50,000 in assets and up to $50 million in liabilities. Steven Wecera, president of Cera Tile, signed the petition. Judge Kyu Young Paek oversees the case. The Debtor tapped Michael D. Pinsky, Esq., at the Law Office of Michael D. Pinsky, PC as counsel and David Rosenfeld at Rosenfeld CPA PLLC as accountant. CHAPIN HOLDINGS: Hires Baker Monroe Huston LLC as Special Counsel ----------------------------------------------------------------- Chapin Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Baker Monroe Huston, LLC as special counsel. The Debtor seeks to engage the firm to advise and to represent the Debtor as special counsel as a real estate transactional lawyer. Currently Baker Monroe is representing Debtor regarding negotiations, structuring and drafting of Debtor's real estate holdings and transactions The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The Debtor has a current pre-petition balance due of $7,250. C.J. de Vilder, Jr., a partner at Baker Monroe Huston, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: C.J. de Vilder, Jr., Esq. Wieser Taylor, PLLC 1612 Summit Ave. Fort Worth, TX 76102 Tel: (817) 632-6366 Fax: (817) 900-8585 About Chapin Holdings, LLC Chapin Holdings, LLC, a single-asset real entity, owns and manages one income-producing property. Chapin Holdings, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41580) on April 7, 2026, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. The petition was signed by Corey Waldrop as manager. Weldon L. Moore, III, Esq. at SUSSMAN & MOORE, LLP serves as the Debtor's counsel. CHAPIN HOLDINGS: Seeks to Hire Sussman & Moore as General Counsel ----------------------------------------------------------------- Chapin Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Sussman & Moore, LLP as counsel. The firm's services include: (a) assist the Debtor in compliance with Title 11 of the United States Code and assist in the formulation; and (b) confirm and consummate plan of reorganization, together with such representation as the Debtor may require in any and all litigation at issue herein. The firm received a retainer of $2,000 from Corey Waldrop, the Debtor's manager, plus the filing fee of $1,738. Weldon Moore, III, Esq., an attorney at Sussman & Moore, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Weldon L. Moore, III, Esq. Sussan & Moore, LLP 2911 Turtle Creek Blvd., Ste. 1100 Dallas, TX 75219 Telephone: (214) 378-8270 Facsimile: (214) 378-8290 About Chapin Holdings LLC Chapin Holdings, LLC a single-asset real entity, owns and manages one income-producing property. Chapin Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41580) on April 7, 2026. In the petition signed by Corey Waldrop, manager, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Weldon L. Moore, III, Esq., at Sussan & Moore, LLP represents the Debtor as counsel. CHINO CENTRAL: Taps Howard Grobstein of Grobstein Teeple as CRO --------------------------------------------------------------- Chino Central Group, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Grobstein Teeple LLP to provide support and financial advisory services, and designate Howard Grobstein as chief restructuring officer. The firm will render these services: (a) provide Mr. Grobstein as the Debtor's chief restructuring officer and manager; (b) provide support services to Mr. Grobstein, including the preparation of budgets and ensuring that the Debtor fulfills all of its compliance obligations, (c) analyze the value of the Property and whether a sale or refinance is in the best interests of the estate (d) review corporate, financial, and loan documents; (e) provide tax return preparation for the Debtor for the duration of this chapter 11 case; and (f) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm's current hourly rates are: Mr. Grobstein $780 Dimple Mehra $485 Paraprofessionals $90 Howard B. Grobstein, Esq., a partner at Grobstein Teeple, LLP, assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Howard B. Grobstein Grobstein Teeple, LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills CA 91367 Phone: (818) 532-1020 About Chino Central Group LLC Chino Central Group LLC is a single asset real estate company. Chino Central Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10925) on March 24, 2026, with between $10 million and $50 million in both assets and liabilities. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Kyra E. Andrassy, Esq., at Raines Feldman Littrell, LLP. COCOBOWLZ LLC: Hires Pohl Bankruptcy LLC as Bankruptcy Counsel -------------------------------------------------------------- Cocobowlz, LLC seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Robert A. Pohl of Pohl Bankruptcy, LLC to serve as bankruptcy counsel. The firm's services include: a. providing the Debtor-in-Possession with legal advice with respect to its powers and duties as Debtor-in-Possession in the continued management and control of its ass responsibilities regarding its liabilities to its creditors; b. providing legal advice to the Debtor-in-Possession regarding its responsibility to provide insurance and bank account information, to file monthly operating reports to pay Trustee fees, to seek and receive through its attorney consent of this Co debt or sell property, to file a Plan of Reorganization within 90 days of filing of the petition, and to file a Final Report, Accounting and Request for Final Decree as soon after Confirmation of the Plan as is feasible, but no later than 120 days after Confirmation of the Plan; and c. preparing the Petition, Schedules, Statement of Financial Affairs, Plan of Reorganization, Disclosure Statement, Final Report, Final Accounting, Final Decree, as well as necessary applications, answers, orders, reports, or legal documents relative to the Chapter 11 case. The firm will be paid as follows: Attorneys $425 per hour Legal Assistants $75 per hour The firm will seek reimbursement of out-of-pocket expenses. Pohl Bankruptcy, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and has no material conflicts of interest with the Debtor or related parties. The firm can be reached at: Robert A. Pohl, Esq. POHL BANKRUPTCY, LLC P.O. Box 27290 Greenville, SC 29616 Telephone: (864) 233-6294 Facsimile: (864) 558-5291 About Cocobowlz LLC Cocobowlz, LLC 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 assets and liabilities. Robert A. Pohl, Esq., at Pohl, P.A. represents the Debtor as legal counsel. COMPASS COFFEE: Hires Barry Strickland & Company as Tax Advisor --------------------------------------------------------------- Compass Coffee, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Barry Strickland & Company as tax advisor. The firm will render these services: (a) prepare the final tax return and assist with all related wind-down tax filings; (b) advise the Debtor on income tax matters as specifically requested; and (c) perform all other necessary and appropriate tax services to the Debtor in connection with the Wind-down Tax Filings as required or requested. The firm will be paid at a flat fee of $20,000 from the Debtor. Barry Strickland, a certified public accountant at Barry Strickland & Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Barry Strickland, CPA Barry Strickland & Company 9410 Atlee Commerce Blvd., Suite 1 Ashland, VA 23005 Telephone: (804) 550-8500 Facsimile: (804) 550-8505 About Compass Coffee Compass Coffee is a Washington, D.C.-based coffee roaster and café chain founded in 2014 by former U.S. Marines Michael Haft and Harrison Suarez. The company focuses on specialty coffee, emphasizing in-house roasting, ethical sourcing, and community-driven branding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00005) on January 6, 2026. In the petition signed by Michael Haft, chief executive officer, the Debtor disclosed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Jennifer W. Wuebker, Esq., at Hunton Andrews Kurth LLP as counsel and TKR Advisors, LLC and Barry Strickland & Company as tax advisors. COMPASS COFFEE: Seeks Approval to Hire TKR Advisors as Tax Advisor ------------------------------------------------------------------ Compass Coffee, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ TKR Advisors, LLC as tax advisor. The firm's services include: (a) prepare the federal and state limited liability company tax returns for the Debtor for the year ended December 31, 2025; (b) advise the Debtor on income tax matters as specifically requested; and (c) perform all other necessary and appropriate tax services to the Debtor in connection with the 2025 Tax Returns as required or requested. The firm will be paid at a flat fee of $15,600 from the Debtor for the preparation of the 2025 Tax Returns. Any additional services shall be billed at TKR's standard hourly rates then in effect. The firm's current hourly rates are as follows: Partners $525 - $775 Manager - Director $395 - $595 Associate – Senior Associate $250 - $374 In addition, the firm will seek reimbursement for expenses incurred. Ashley Gates, Esq., a partner at TKR Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ashley Gates, Esq. TKR Advisors, LLC 1110 North Globe Road, Suite 650 Arlington, VA 22201 Telephone: (703) 248-9200 Facsimile: (703) 783-4005 About Compass Coffee Compass Coffee is a Washington, D.C.-based coffee roaster and café chain founded in 2014 by former U.S. Marines Michael Haft and Harrison Suarez. The company focuses on specialty coffee, emphasizing in-house roasting, ethical sourcing, and community-driven branding. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 26-00005) on January 6, 2026. In the petition signed by Michael Haft, chief executive officer, the Debtor disclosed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Elizabeth L. Gunn oversees the case. The Debtor tapped Jennifer W. Wuebker, Esq., at Hunton Andrews Kurth LLP as counsel and TKR Advisors, LLC and Barry Strickland & Company as tax advisors. COPPERLEAF SERVICES: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a second interim order authorizing Copperleaf Services, Inc. to use the cash collateral of First Internet Bank of Indiana. Under the second interim order, the Debtor is authorized to use cash collateral to pay court-authorized amounts, necessary operating expenses listed in the approved budget, and additional amounts approved in writing by the secured creditor. The Debtor may exceed individual budget line items by up to 10%, but compensation to insiders or professionals requires separate court approval. Any unauthorized or excessive spending may still result in remedies for the secured creditor. To protect the lender, the Court granted the secured creditor perfected post-petition replacement liens with the same validity and priority as its prepetition liens. Copperleaf must also maintain insurance, comply with all debtor-in-possession duties, provide updated budgets, compare actual results to projections, and give the lender access to records, premises, and financial reports upon request. The order preserves the rights of other parties, including the U.S. Trustee and any future creditors' committee, to challenge liens or seek modified protections. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hPGTJ from PacerMonitor.com. About Copperleaf Services, Inc. Copperleaf Services, Inc., doing business as Copperleaf Cabinets, a family-owned company based in Sarasota, Florida, provides custom kitchen cabinetry and remodeling services, including Amish-crafted solid-wood cabinets, cabinet refacing, and countertop replacement, to homeowners in Sun City Center, Lakewood Ranch, Tampa, Bradenton, Largo, Clearwater, Riverview, and St. Petersburg. Founded on a focus on personalized service and craftsmanship, the company provides design consultations, materials, and installation services for kitchens that balance functionality and design. Copperleaf Services, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Fla. Case No. 8:26-bk-02723-LER) on April 2, 2026. At the time of the filing, Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $1,000,001 and $10 million. Judge Luis Ernesto Rivera II oversees the case. FORD & SEMACH, P.A. is Debtor's legal counsel. COSTAL DEVELOPMENT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division issued a third interim order allowing Costal Development Group, LLC to continue using cash collateral through June 24. Under the third interim order, the Debtor is authorized to use cash collateral for court-approved expenses and necessary operating costs outlined in an approved budget, with flexibility of up to 10% per line item. Additional expenditures may be made with written consent from Libertas Funding, LLC, the secured creditor. This authorization is limited to a four-week period but may be extended by agreement of the parties and court approval. As protection, Libertas will be granted replacement liens on post-petition cash collateral with the same validity and priority as its prepetition liens. Additionally, the Debtor must provide detailed reporting, including the status of construction projects, payment obligations to subcontractors, and information about potential or pending new projects; comply with all duties of a debtor-in-possession, including U.S. Trustee reporting requirements; and maintain proper insurance coverage. The order preserves the rights of all parties to seek further protections or challenge liens, and the Court retains jurisdiction. A continued hearing is scheduled for June 24. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/T8lHS from PacerMonitor.com. About Costal Development Group LLC dba Covenant Development Group Costal Development Group LLC dba Covenant Development Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-01353-TPG) on February 27, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. LATHAM, LUNA, EDEN & BEAUDINE, LLP is Debtor's legal counsel. DA NOI: Claims to be Paid from Continued Operations --------------------------------------------------- Da Noi Hospitality, LLC, doing business as I’m Eddie Cano, filed with the U.S. Bankruptcy Court for the District of Columbia a Disclosure Statement describing Plan of Reorganization dated May 6, 2026. In September of 2018, the Debtor proudly busted open the doors to a family-run Italian restaurant on Connecticut Avenue in the upper northwest. At 10 pm on March 25, 2020, DC mandated a shutdown of dining at all its restaurants. The Debtor navigated the impacts and the personal losses created by COVID. The Debtor enlisted the Starship Robots to deliver food to neighbor's homes. The Debtor adjusted its liquor license to be permit the sale of wine with take-out orders. The Debtor converted its former communal table into a wine store and expanded sales this way as well. Despite the positive actions undertaken by the Debtor to increase profitability, it had accumulated a substantial unpaid debt for the rent of its restaurant premised. Pursuant to the terms of the Debtor's lease, its landlord filed a Complaint for possession of the premises and a judgment of almost $200,000. On September 8, 2025, the Debtor filed this bankruptcy proceeding to stay the eviction proceedings and to provide the Debtor with the time to continue to restructure its debt. Since the filing of the Chapter 11 petition, the Debtor has continued to manage its affairs as Debtor-in-Possession, and it has taken significant steps to restructure its business obligations. The Debtor has reduced staff and other overhead, and undertaken an aggressive marketing campaign. As evidenced by the monthly operating reports filed by the Debtor, the Debtor has satisfied all post-petition obligations and is now operating at a profit. Most significantly, the Debtor held a large fund-raiser which included an auction of items such as wine-tasting event, and chef prepared meals. In addition, the Debtor solicited donations through gofundme.com. All together the Debtor's fund-raising efforts resulted in raising in excess of $90,000.00. The Plan is based upon the belief that the reorganization of the Debtor, through its continued operations will generate significantly more funds for repayment of creditors than if the bankruptcy case were converted to a Chapter 7 liquidation. Class 5 is comprised of all general unsecured claims, including all general unsecured claims of insiders. The Debtor believes that the general unsecured claims total $136,863. The holders of Allowed Claims of this class shall share, pro rata, in quarterly payments of $4,500. Payments shall commence on the Effective Date and continue over the three years following the Effective Date. Payments shall be made from the proceeds of the Debtor's operations. The holders of the Class 5 Claims may agree in writing, in their discretion, to less favorable treatment. The Class 5 is an impaired class under the Plan. Class 6 consists of the equity interests of the Debtor, all of which is owned by Carolyn and Massimo Papetti. Class 6 shall receive no payments from the Debtor but shall retain its equity interests in the reorganized Debtor in the same percentage as existed on the Petition Date. The funds necessary to implement the Plan shall be generated from the Debtor's operations. In addition, the principals of the Debtor have obtained a soft commitment for a loan in a sum necessary to satisfy Class 4 claims, which the principals would, in turn, lend to the Debtor. Such loan would bear interest at the rate of 8% per annum, significantly less than the 18% interest accruing on the Class 4 claims. The membership interests in the Debtor as of the Effective Date shall be retained in such proportions as the existing prepetition interests. A full-text copy of the Disclosure Statement dated May 6, 2026 is available at https://urlcurt.com/u?l=p80UQr from PacerMonitor.com at no charge. Counsel to the Debtor: Steven H. Greenfeld, Esq. Law Office of Steven H. Greenfeld, LLC 325 Ellington Boulevard, A#620 Gaithersburg, MD 20878 Telephone: (301) 881-8300 Email: Steveng@cohenbaldinger.com About Da Noi Hospitality Da Noi Hospitality, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 25-00371) on Sept. 8, 2025, listing under $1 million in both assets and liabilities. Judge Elizabeth L. Gunn oversees the case. The Law Office of Steven H. Greenfeld, LLC serves as the Debtor's counsel. DAVIS KITCHEN: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Davis Kitchen & Tile, LLC 831 Venture Drive Morgantown, WV 26508 Business Description: Davis Kitchen & Tile, LLC is a Morgantown, West Virginia-based remodeling company that provides kitchen and bathroom design, renovation and installation services. The company, founded in 1911, offers cabinetry, tile, flooring, countertops, backsplashes, plumbing fixtures and related building-finishing services for residential remodeling customers. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Northern District of West Virginia Case No.: 26-00343 Judge: Hon. David L Bissett Debtor's Counsel: Ryan W. Johnson, Esq. JOHNSON LEGAL SERVICES, PLLC 1049 Market Street Wheeling, WV 26003 Tel: (304) 212-4950x102 Fax: (304) 212-4496 E-mail: ryanjohnson@johnsonlegalservicespllc.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher Collins as CEO 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/FU32WOQ/Davis_Kitchen__Tile_LLC__wvnbke-26-00343__0001.0.pdf?mcid=tGE4TAMA DEL MONTE: Judge Confirms Ch.11 Wind-Down Over Creditor Pushback ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge on Monday, May 18, 2026, approved Del Monte Foods’ Chapter 11 wind-down plan, overruling opposition from minority lenders challenging aspects of the restructuring. The ruling clears the way for the company to continue liquidating assets and distributing recoveries through the bankruptcy process. The objecting lenders contended the plan did not adequately protect their interests and questioned treatment of certain secured obligations. Despite those concerns, the court found the plan satisfied bankruptcy requirements and had sufficient creditor backing to move forward, the report cites. The confirmed plan establishes procedures for winding down the company's remaining business affairs and resolving outstanding liabilities. Del Monte's bankruptcy proceedings have drawn attention as legacy food manufacturers face mounting operational and financial pressures, the report relays. About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DENTALHUB OF WYLIE: Taps Velie Global Law as Bankruptcy Counsel --------------------------------------------------------------- Dentalhub of Wylie PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to employ Velie Global Law Firm as bankruptcy counsel. The firm will provide legal services to represent and assist the Debtor in obtaining Chapter 11 confirmation of the case and carrying out its duties as Chapter 11 debtor-in-possession. The firm will charge $350 per hour for the services rendered by attorneys. The attorneys are holding 1,750 of the Debtor's funds in trust. As disclosed in the court filings, the attorneys are disinterested and do not represent any interest adverse to the estate. The firm can be reached through: Kurt Elieson, Esq. Velie Law Firm, PLLC 401 W Main Ste 300 Norman, OK 73069-1319 Phone: (940) 300-3801 Email: kurt@eliesonlaw.com About Dentalhub of Wylie PLLC DentalHub of Wylie PLLC is a private professional limited liability company operating in the United States. DentalHub of Wylie PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43819) on December 17, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. The Debtor is represented by Kurt S. Elieson, Esq. DENTISTAR P.C.: Court Extends Cash Collateral Access to June 2 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois entered a second interim order extending Dentistar P.C.'s authority to use cash collateral until June 2. The Debtor was initially allowed to access cash collateral through May 12 under the court's May 7 interim order. The initial order allowed the Debtor to pay $16,181.10 in cash collateral for expenses, including payroll taxes, rent and insurance payments. Under the second interim order, the Debtor is authorized to use the cash collateral of its secured creditors including Hanmi Bank, Huntington National Bank, Ready Capital and the U.S. Small Business Administration to pay the expenses set forth in its budget. As protection for the Debtor's use of their cash collateral, Hanmi Bank, Ready Capital and Huntington will receive monthly payments of $3,086.03, $5,826.67 and $11,759.29, respectively. Payments start on June 15. Other forms of protection include granting the secured creditors access to the Debtor's books and records; proper maintenance of collateral; and replacement liens on the Debtor's property, with the same priority, validity and extent as their pre-petition liens. The order is available at http://bankrupt.com/misc/Dentistar_2ICCOrder.pdf The next hearing is set for June 2. The Debtor's secured creditors claim liens on substantially all of its business assets, including inventory, cash, bank deposits, and accounts receivable. The largest claim is expected from the SBA, which allegedly holds a first-priority lien securing at least $700,000. Huntington is expected to assert a second-position lien securing more than $1 million. Meanwhile, Hanmi Bank and Ready Capital each holds junior liens totaling several hundred thousand dollars. About Dentistar P.C. Dentistar, P.C. is a dental practice located in Glenview, Illinois. Founded in 2013, the practice provides general, cosmetic, pediatric, orthodontic, implant, denture, and emergency dental services. Its offerings include exams, cleanings, X-rays, treatment planning, veneers, tooth whitening, braces, retainers, pain relief, broken tooth care, and denture repair. Dentistar sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-07914) on May 6, 2026, with up to $50,000 in assets and up to $10 million in liabilities. Sam Shin, president of Dentistar, signed the petition. Ben Schneider, Esq., at The Law Offices of Schneider & Stone, represents the Debtor as bankruptcy counsel. DETROIT DUMPSTER: Seeks to Hire B.O.C. Law Group as Legal Counsel ----------------------------------------------------------------- Detroit Dumpster Depot, LLC and Dexter Ave Development, LLC seek approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ B.O.C. Law Group, PC as counsel. The firm's services include: (a) examine other parties as to the acts, conduct, and property of the Debtors; (b) prepare records and reports as required by the Bankruptcy Rules, Interim Bankruptcy Rules and the Local Bankruptcy Rules; (c) prepare applications and proposed orders to be submitted to the Court; (d) identify and prosecute claims and cause of action assertable by the Debtors on behalf of the estate herein; (e) examine proofs of claim to be filed herein and the possible prosecution of objections to certain of such claims; (f) advise the Debtors and prepare documents in connection with the ongoing operation of their business; (g) assist and advise the Debtors in performing their other official functions as set forth in Section 704 of Bankruptcy Code; and (h) assist and advise the Debtors with respect to the preparation of a Disclosure Statement and Plan and the implementation thereof. The firm's counsel and staff will be paid at these hourly rates: William Orlow, Attorney $500 C. Jason Cardasis, Attorney $500 Brittania Simmons, Paralegal $80 Michael Yoskovich, Paralegal $80 Sue Urbin, Paralegal $80 In addition, the firm will seek reimbursement for expenses incurred. The firm received a pre-petition retainer of $25,000 from the Debtors. Mr. Cardasis disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: C. Jason Cardasis, Esq. B.O.C. Law Group, PC 24100 Woodward Avenue, Suite B Pleasant Ridge, MI 48069 Telephone: (248) 584-2100 Email: bocecf@boclaw.com About Detroit Dumpster Depot LLC Detroit Dumpster Depot, LLC is a Detroit, Michigan-based company founded in 2018 that provides dumpster rental and non-hazardous waste transportation and disposal services across Michigan. It serves residential, commercial, industrial and construction-related customers, and also offers dumpster delivery, pickup a debris removal for clean-outs, board-ups and site cleanup. The company owns and operates rubber wheel dumpster trailers and leases and rents equipment to other contractors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44476) on April 21, 2026, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Raymond Canty, managing member, signed the petition. Judge Thomas J. Tucker presides over the case. C. Jason Cardasis, Esq. at the B.O.C. LAW GROUP, PC represents the Debtor as counsel. DISCOVERY WOODS: Seeks to Tap Emmett L. Goodman as General Counsel ------------------------------------------------------------------ Discovery Woods Farms, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Georgia to employ the Law Offices of Emmett L. Goodman, Jr. LLC as counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) prepare on behalf of the Debtor necessary legal papers; (c) prepare motions, pleadings and applications and conduct examinations incidental to the administration of the Debtor's estate; (d) take any and all necessary action instant to the proper preservation and administration of the estate; (e) assist the Debtor with preparation and filing of supplemental Schedules and Lists as are appropriate; (f) take whatever action is necessary with reference to the use by the Debtor of its property pledged as collateral; (g) assert, as directed by the Debtor, all claims it has against others; and (h) perform all other necessary legal services for the Debtor. Daniel Wilder, Esq., the primary attorney in this representation, will be paid at his hourly rate of $375. The firm received a pre-petition retainer of $3,000, including the filing fee. Mr. Wilder disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel L. Wilder, Esq. Law Offices of Emmett L. Goodman, Jr., LLC 544 Mulberry Street, Suite 800 Macon, GA 31201 Email: dwilder@goodmanlaw.org About Discovery Woods Farms LLC Discovery Woods Farms LLC is an agricultural business based in Georgia. Discovery Woods Farms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-30138) on October 6, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities up to $100,000. Honorable Bankruptcy Judge Susan D. Barrett handles the case. The Debtor is represented by Daniel L. Wilder, Esq. of Emmett L. Goodman, Jr., LLC. DOCUMENTS BY VISH: Seeks Chapter 7 Bankruptcy in New York --------------------------------------------------------- On May 13, 2026, Documents By Vish 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 $0 and $100,000 in debt owed to between 1 and 49 creditors. About Documents By Vish Inc. Documents By Vish Inc. is a business services company involved in document preparation, administrative support, and related commercial operations. Documents By Vish Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42327) on May 13, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. DWAYNE A. JONES: Seeks to Hire Toni Campbell Parker as Counsel -------------------------------------------------------------- Dwayne A. Jones Construction Company LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire Toni Campbell Parker, Esq., an attorney practicing in Memphis, Tenn., to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $7,562. Mr. Parker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Toni Campbell Parker, Esq. 45 North Bb King Blvd., Ste. 201 Memphis, TN 38103 Tel: (901) 483-1020 Email: Tparker002@att.net About Dwayne A. Jones Construction Company LLC Dwayne A. Jones Construction Company LLC, led by founder Dwayne A. Jones, provides residential construction and development services, specializing in tiny homes, studio apartments, and community-focused projects, including affordable housing and mission-driven builds, with additional ventures in media and educational outreach. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21534) on March 17, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Dwayne A. Jones, managing member, signed the petition. Judge M Ruthie Hagan presides over the case. Toni Campbell Parker, Esq., at the Law Firm of Toni Campbell Parker represents the Debtor as legal counsel. EDGED COMPUTE: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Edged Compute LLC's Long-Term Issuer Default Rating (IDR) and its issuance of $1.3 billion senior secured notes a final 'BB-' rating. The Rating Outlook is Stable. The rating reflects contracted revenue from CoreWeave Inc.'s (BB-/Positive) 16-year lease for the Chicago facility and Alibaba Cloud LLC's (not rated) 15-year lease for the Atlanta facility. Based on Fitch's rating case assumptions, the initial lease term is sufficient to fully amortize debt post-refinancing, minimizing reliance on lease renewals. The financial profile is commensurate with the rating; however, if the project issues more debt than currently considered in Fitch's base case, this could affect the rating. The project also faces completion risk. Its straightforward scope and the involvement of an experienced contractor partly mitigate this risk. The rating is capped by CoreWeave's credit profile because Fitch does not treat CoreWeave as replaceable, given insufficient liquidity under a tenant bankruptcy scenario. Fitch's analysis relies on Alibaba Cloud LLC's lease performance. It also considers event risk from potential U.S. sanctions on Alibaba Group. This risk has a low to medium likelihood and a moderate effect. It is likely to constrain the rating at 'BB-' unless Fitch deems it as extremely low. The IDR is equalized with the debt facilities' ratings. KEY RATING DRIVERS Completion Risk - Stronger Simple Construction, Experienced Contractor Completion risk is supported by the relatively straightforward construction scope for both facilities. The general contractors, Brasfield & Gorrie (Atlanta) and FCL Builders (Chicago), and the developer have relevant experience delivering data centers on time and on budget. Cost escalation risk is substantially mitigated by fixed-price guaranteed maximum price contracts and 90% of owner-furnished equipment has been procured. The Chicago lease includes a yield-on-cost mechanism allowing certain cost increases to be recovered through rent, subject to a cap. All phases include two to three months of scheduled headroom relative to lease-required dates, with the lender's technical advisor considering the timeline reasonable. The Atlanta lease provides no tenant termination rights for late delivery. The Chicago lease includes rent credits after a 30-day grace period, although delay risk is mitigated by a longer-than-typical 270-day outside termination date, with further extensions for permitting, supply chain or utility delays. A fully funded six-month debt service reserve account (DSRA) also mitigates completion delays. Supply Risk - Weaker Substations Construction Risk The project faces utility power supply risk because both facilities rely on new substations. The Atlanta substation is substantially complete and expected to be energized by May 2026, well ahead of commissioning. Supply risk is further mitigated by an executed energy services agreement (ESA) with Georgia Power Company (A-/Stable), while re-pricing risk is mitigated by the ability to pass power costs to the tenant. For Chicago, the contribution-in-aid of construction agreement with ComEd (not rated) is nearly finalized, though a separate agreement has allowed substation construction to commence. Energization is expected well in advance of the first ready-for-service date and long-lead equipment is confirmed to be on schedule. However, timely completion of the substation remains a risk due to limited visibility into ComEd's construction program and any potential impact that design changes can have on transmission upgrades. While no ESA has been executed, the project can procure power directly from ComEd at higher retail prices passed on to the tenant. Revenue Risk - Stronger No Revenue Risk The project benefits from contracted revenue under a 16-year triple-net (NNN) lease with CoreWeave for the 72 MW Chicago facility and a 15-year modified gross plus electricity (MG+E) lease with Alibaba Cloud LLC for the 42 MW Atlanta facility, each with two five-year renewal options. Both assets are in Tier 1 markets with strong demand, low latency and low vacancy. The Alibaba lease is unconditionally guaranteed by Alibaba Group Services Limited (not rated). Under Fitch's rating case, combined initial lease term cash flows fully amortize debt post-refinancing, minimizing reliance on lease renewals. Operation Risk - Midrange Operator Execution Risk The Chicago facility (60% of total IT capacity) is contracted under an NNN lease (passing on essentially all operating costs to the tenant), while the Atlanta facility (40% of total IT capacity) operates under an MG+E lease. The largest cost is for power and in both cases is passed on to tenants. Leases include performance standards under which tenants may receive outage/service credits offset against rent. The Atlanta lease provides tenant termination rights in the event of sustained critical deficiencies. The Chicago lease limits service level agreement-linked termination to the operations agreement. Edged's limited operating history increases execution risk in meeting performance requirements. Infrastructure Development & Obsolescence Risk - Neutral New Buildings, Limited Capex Since debt can fully amortize within the initial lease terms under Fitch's rating case, exposure to technological obsolescence is limited. As newly built facilities, core systems have useful lives extending beyond the lease terms. Fitch expects capex to remain modest, mainly for battery replacement in Atlanta. Debt Structure - 1 - Weaker Refinancing Risk, Relaxed Provisions The notes mature in 2031 and create refinancing risk, particularly given the sponsors' limited refinancing track record. This risk is partially mitigated by the ability to fully amortize the remaining debt over the residual initial lease term under Fitch's rating case, thereby reducing reliance on lease renewals. The DSRA is funded at closing at six months of debt service. The structure features debt incurrence limits, separateness requirements, and special purpose entity (SPE) covenants preventing commingling or guaranteeing parent obligations. The borrower must operate as an SPE limited to developing and operating these data centers and shared facilities infrastructure. Fitch views certain provisions as atypical and weaker than standard project finance structures. Financing documents permit additional debt without rating confirmation, including a basket equal to a loan-to-cost (LTC) ratio of 85% on a pari passu basis and 95% on a non-pari passu basis — significantly above expected LTC at financial close. Prior to incurrence, the issuer must determine in good faith that estimated future NOI covers pro forma debt service. After the final commencement, a separate basket allows the issuer to incur additional debt up to the contributed equity. Fitch will monitor this debt incurrence. The issuer may also undertake mergers or consolidations without a rating confirmation, use asset or casualty event net proceeds in similar businesses, or enter joint ventures, although additional debt beyond permitted levels is prohibited. If a lease is terminated, including due to a sanctions event, the terms allow replacement with a qualified tenant which can be an unrated counterparty with a market cap of more than $50 billion. This may increase counterparty risk. This risk is partially mitigated by a requirement for rating confirmation from any two rating agencies. Potential Sanctions Risk Fitch's analysis considers event risk from potential U.S. sanctions on Alibaba Group, which is highly relevant to the rating. This rating is likely to be constrained at 'BB-' because the sanctions risk is low to moderate and the potential effect is moderate, unless Fitch deems the risk extremely low. Peer Analysis Edged Compute's closest peers are Cipher Compute LLC (BB-/Stable) and WULF Compute LLC (BB/Stable), both of which are constrained by elevated completion risk. In comparison to these peers, Edged Compute faces low completion risk and benefits from contracted cash flows from two projects, one with a 15-year initial lease term and the other with a 16-year initial lease term. The company's financial profile reflects a project life coverage ratio (PLCR) at refinancing of 1.14x, high dependence on CoreWeave Inc., potential for sanctions on Alibaba Cloud LLC, and weaker-than-standard project financing debt structure. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade in CoreWeave's credit quality below 'BB-'; - Construction delays that exceed allowable times as indicated in the lease terms, leading to potential tenant rent credits or lease termination as applicable, or significant construction delay costs not covered by contingencies or reserves; - Degradation of the financial performance, leading to sustained debt service coverage ratio (DSCR) or PLCR below 1.10x — for example, driven by the designation of Alibaba LLC, Alibaba Group Services Limited, and/or Alibaba Cloud LLC as a restricted party in the U.S. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade in CoreWeave's credit quality above 'BB-' and a PLCR above 1.15x, along with Fitch's assessment that the likelihood of any potential sanctions event risk relating to the Alibaba lease is extremely low. This compares with a current PLCR of 1.14x. Financial Profile Fitch's base case and rating case assess project cash flows over the initial lease terms (15 and 16 years, respectively), fixed annual lease escalations, and an additional debt allowance of $319 million in 2031 (assuming additional debt is raised in line with the 85% LTC allowance bucket). The base case does not assume opex or capex stresses for the Chicago lease given the NNN lease, but it assumes a 5% stress to opex and includes some lifecycle costs largely relating to batteries, allocated evenly across years eight to 10, for Atlanta's MG+E lease. Fitch has also considered an 8% refinance rate. Under these assumptions, the PLCR at refinancing (year five/2031) is 1.18x and the average DSCR is 1.43x over 2027-2031. The rating case is identical to the base case, except that it assumes an 8.5% refinance rate in year five. For the Atlanta lease, it also assumes a 10% stress on life cycle costs and a 10% stress on opex. Under these assumptions, the PLCR at refinancing (year five/2031) is 1.14x and the average DSCR is 1.42x over 2027-2031. For the amortization years only (2030-2031), the average DSCR is 1.11x. The financial profile, as reflected in the PLCR, is consistent with the rating. Fitch also ran a scenario to capture the event risk of Alibaba becoming a sanctioned entity and being unable to operate in the U.S. This case retains the same assumptions as the rating case, with two exceptions: (i) beginning in January 2028, Fitch applies a 12-month vacancy stress, and (ii) from January 2029 onward, Fitch assumes a re-leasing rate of $125/kW per month, consistent with comparable MG+E leases in the Atlanta market. Under these assumptions, the PLCR at refinancing (year five/2031) is 1.03x. Average DSCR is 1.18x over 2027-2031. For the amortization years only (2030-2031), the average DSCR would be close to 1.00x. TRANSACTION SUMMARY Edged Compute plans to issue $1.3 billion of senior secured notes to partially fund the development of two hyperscale data centers: ATL01-3 in Atlanta, GA (42 MW IT load under contract; tenant: Alibaba; 15-year modified gross lease) and ORD01-2 in Chicago, IL (72 MW IT load under contract; tenant: CoreWeave; 16-year NNN lease plus operating agreement). Total project costs are $1.63 billion, implying a 71% loan to cost for the proposed notes. The notes have a five-year tenor and are secured by a first lien on all assets, contracts, and cash flows of the issuer and its subsidiaries (subject to excluded assets). SECURITY The notes are secured by a first lien on all assets, contracts and collection rights of Edged Compute and its subsidiaries. While Fitch has received the executed financing and security documents, the mortgage has not been delivered. The indenture permits the issuer up to 180 days following closing to deliver the mortgage and related real estate deliverables. Date of Relevant Committee April 9, 2026 PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS Ratings are directly linked with CoreWeave's credit quality but are constrained by potential for sanctions risk. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Edged Compute. ESG Considerations Edged Compute LLC has an ESG Relevance Score of '5' for Exposure to Social Impacts due to the potential of sanctions from the U.S. on the Alibaba Group, which has a negative impact on the credit profile and is highly relevant to the rating. This risk has a low to medium likelihood and a moderate impact, and it is likely to constrain the rating at the existing level unless Fitch deems it as extremely low. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Edged Compute LLC LT IDR BB- New Rating BB-(EXP) Edged Compute LLC/Senior Secured Debt/1 LT LT ELEVATE TEXTILES: Great Elm Capital Marks $2.5MM Loan at 22% Off ---------------------------------------------------------------- Great Elm Capital Corp. has marked its $2,594,000 loan extended to Elevate Textiles, Inc. to market at $2,015,000 or 78% of the outstanding amount, according to Great Elm's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Great Elm Capital Corp. is a participant in a loan extended to Elevate Textiles, Inc. The 1L Loan accrues interest at a rate of 3M SOFR + 6.50 % ( 4.81 % Cash + 5.50 % PIK) per annum. The 1L Loan matures on Sept. 30, 2027. Great Elm Capital Corp. is a corporate issuer in the leveraged finance market. The Fund can be reached at: The Corporate Secretary Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603 Palm Beach Gardens, FL 33410 Telephone: (617) 375-3006 About ELEVATE TEXTILES, INC. Elevate Textiles, Inc. operates in the textiles industry, producing fabric and related textile products for a range of end markets. EMMERICH NEWSPAPERS: Hires Huffman & Company, CPA as Accountant --------------------------------------------------------------- Emmerich Newspapers Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to hire Huffman & Company, CPA, PA to provide accounting services. The firm will render these services: a. assume primary responsibility for the filing of necessary tax returns; b. prepare financial statements in accordance with the tax basis of accounting and apply accounting and financial reporting expertise to assist the Debtor in the presentation of financial statements; and c. provide other general accountant serviced as the Debtor may require from time to time. The firm's current hourly rates range between $275 and $450, plus reasonable travel and other out-of-pocket costs incurred. As disclosed in the court filings, Huffman & Company, CPA, PA is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Anthony L. Huffman, CPA Huffman & Company, CPA, PA 497A Keywood Circle Flowood, MS 39232 Telephone: (601) 933-1986 Email: huffman@huffmanandcompanycpa.com About Emmerich Newspapers Inc. Emmerich Newspapers, Inc. is a newspaper publisher based in Jackson, Mississippi, that owns and operates local publications, including The Northside Sun, covering local news, features, and regional issues across the Metro Jackson area. Founded in 1967, the company distributes print editions alongside digital offerings, including e-editions, newsletters, and website content. Emmerich Newspapers Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 26-00793) on March 20, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jamie A. Wilson oversees the case. The Law Offices of Geno and Steiskal PLLC is the Debtor's legal counsel. ENNIS I-45: Court Extends Cash Collateral Access to Aug. 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas approved a second stipulation granting Ennis I-45 11 Acre, LLC a three-month extension to use cash collateral. Under the agreed order, the Debtor is authorized to use cash collateral from June 1 through Aug. 31 in accordance with an updated budget. All terms of adequate protection previously granted under the final cash collateral order remain in effect during this extended period. The Debtor must provide weekly financial reporting to secured parties, including revenue, expenses, occupancy, and deposit estimates. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sDgTf from PacerMonitor.com. About Ennis I-45 11 Acre Ennis I-45 11 Acre, LLC (doing business as Ennis Luxury RV Resort) is an upscale RV park located just outside of Dallas, Texas, in Ennis. Ennis I-45 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31219) on April 1, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. The petition was signed by John McGaugh as manager. Kyung S. Lee, Esq., at Shannon and Lee, LLP is the Debtor's legal counsel. Real Estate Holdings, LLC, as secured creditor, is represented by: Marc W. Taubenfeld, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Suite 4000 Dallas TX 75201 Telephone: (214) 855-7523 Facsimile: (214) 855-7585 mtaubenfeld@munsch.com Bay Point Capital Partners II, LP, as secured creditor, is represented by: Jeff P. Prostok, Esq. Emily S. Chou, Esq. J. Blake Glatstein, Esq. Vartabedian Hester & Haynes, LLP 301 Commerce St., Suite 3635 Fort Worth, TX 76102 Telephone: (817)214-4990 Facsimile: (214)817) 214-4988 Jeff.prostok@vhh.law Emily.chou@vhh.law Blake.glatstein@vhh.law EQUITECS: Gets Final OK to Use Cash Collateral ---------------------------------------------- EQUITECs received final approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay court-authorized expenses, Subchapter V Trustee payments, and necessary operating expenses included in the approved budget. The Debtor may exceed individual budget line items by up to 10% and may also use additional funds if expressly approved in writing by Integrity Bank and Trust. The authorization remains effective until further order of the court. As part of the adequate protection package, each creditor holding a security interest in the cash collateral received 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 under non-bankruptcy law. The Debtor must also maintain insurance coverage consistent with its loan and security agreements with Integrity Bank and Trust; comply with all obligations imposed on a debtor-in-possession under the Bankruptcy Code and court orders; and grant the bank access to its business records and premises for inspection, provided such access does not unreasonably interfere with operations. The order also preserves the rights of lenders and other parties in interest to seek additional adequate protection or restrictions on the use of cash collateral in the future. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ibkbr from PacerMonitor.com. About EQUITECs EQUITECs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-30281-KKS) on March 18, 2026, listing up to $500,000 in both assets and liabilities. Rebecca Haddock, president of EQUITECs, signed the petition. Judge Karen K. Specie oversees the case. Michael A. Wynn, Esq., at Stichter, Riedel, Blain & Postler, P.A., represents the Debtor as legal counsel. ESOLUTIONS FURNITURE: Files WARN Notice As It Enters Receivership ----------------------------------------------------------------- Larry Adams of Woodworking Network reports that Bush Industries Inc. filed a WARN notice advising Pennsylvania officials that its eSolutions Furniture Group operation near Erie has ceased manufacturing activities and laid off 51 employees. The layoffs occurred April 30, 2026 after the company shut down its Summit Township facility. A court-approved receiver has been appointed to oversee the company's wind-down, with a small number of employees retained to assist with operational closure and asset disposition. The company stated that management and lenders spent months pursuing alternatives, including restructuring plans and efforts to sell the business, but no transaction materialized that would permit continued operations. The receiver will now manage the liquidation process as the company seeks to preserve remaining asset value for creditors and stakeholders. The eSolutions Group, whose brands include Bush Business Furniture, Bush Furniture, and Bestar, filed for Chapter 15 bankruptcy protection in Delaware earlier this month. The company said its financial performance has steadily weakened since 2021 due to declining demand, higher costs associated with tariffs, competitive pressure from foreign manufacturers, and persistent liquidity constraints. Reports indicate the business has more than 500 creditors and approximately $89.8 million in estimated assets. The company also faces obligations connected to a $4 million settlement with the CPSC related to defective Bestar wall beds linked to dozens of injury reports and one fatality. Court records further show the company defaulted on major lending agreements years ago and operated under lender forbearance arrangements for an extended period. About eSolutions Furniture Founded in 2021 and headquartered in Sherbrooke, Quebec, eSolutions Furniture is a North American e-commerce solution for residential and commercial furniture. The Company's family of brands includes Bestar, Bush Furniture and Bush Business Furniture (BBF), bringing together the legacy of Bestar, founded in 1948, and Bush Industries, founded in 1959. Through its portfolio of established furniture brands, eSolutions Furniture offers residential and commercial furniture designed to support customers from online shopping through delivery, assembly and product enjoyment. For more information, visit esolutionsfurniture.com. Bush Industries Inc. placed its eSolutions Furniture Group operations into a court-supervised receivership as part of efforts to wind down the business and maximize value for creditors. The receiver was appointed to oversee the orderly liquidation of assets after the company concluded that restructuring and sale efforts were unsuccessful. FAMILY OFFICE: Reports $264K First Quarter Net Profit ----------------------------------------------------- Family Office of America Inc. posted net profit of $263,789 for the three months ended March 31, 2026, compared with a net loss of $103,321 a year earlier, according to a 10-Q filing with the Securities and Exchange Commission. Revenue totaled $783,126 for the quarter, while operating expenses were $508,254. Net cash provided by operating activities was $225,707, compared with net cash used in operating activities of $23,364 in the prior-year period. As of March 31, 2026, the company had total assets of $2.26 million, total liabilities of $1.29 million and stockholders' equity of $966,111. Family Office of America had an accumulated deficit of $4.76 million and a working capital deficit of $118,603 as of March 31, 2026. The company cautioned that its cash position may not be sufficient to support daily operations as it works to expand operations and increase revenue. Management plans to raise additional funds through a private offering. Family Office of America said its efforts to implement its business plan and increase revenue could allow it to continue as a going concern. However, the company gave no assurance that its strategy will succeed or that it will be able to raise additional funds or complete an asset sale on acceptable terms. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1871181/000149315226023873/form10-q.htm About Family Office Family Office of America, Inc., formerly known as Qualis Innovations, Inc., is a Nevada company incorporated March 23, 2006. The company provides family office services through a platform that includes CPA services, tax planning and preparation, wealth management, asset management, estate planning, asset protection, insurance consulting and investment banking. Its Family Office of Maryland LLC subsidiary provides financial planning, investment management, tax preparation, bookkeeping and related non-attest accounting services, primarily in Maryland. In an audit report dated April 16, 2026, Victor Mokuolu, CPA PLLC included a going concern qualification, stating that Family Office of America had suffered recurring losses, had a working capital deficit of $308,174 as of Dec. 31, 2025, and had accumulated deficits of $5.02 million as of Dec. 31, 2025, and $4.53 million as of Dec. 31, 2024. The auditor said those factors raised substantial doubt about the company's ability to continue as a going concern. FAT BRANDS: Moves to Undo $20MM Prepetition Refinancing Deal ------------------------------------------------------------ Vince Sullivan of Law360 Bankruptcy Authority reports that restaurant chain owner FAT Brands is attempting to unwind a prebankruptcy refinancing transaction through an adversary complaint filed in Texas bankruptcy court. The debtor alleges the deal constituted a fraudulent transfer of company assets ahead of its Chapter 11 filing. The lawsuit claims the refinancing improperly converted undersecured debt into secured obligations tied to subsidiary assets, benefiting select lenders at the expense of the broader creditor body. FAT Brands argues the transaction stripped value from the estate during a period of financial distress, the report states. The company is asking the court to avoid the refinancing transaction and restore assets or value to the bankruptcy estate. The action forms part of ongoing legal battles surrounding the company's restructuring and efforts to maximize recoveries for creditors, according to Law360. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAT BRANDS: Reaches Deal with Creditors to Get Chapter 11 Confirmed ------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Fat Brands has struck settlement agreements with three separate creditor constituencies in its Chapter 11 case, telling a Texas bankruptcy court the deals clear the way for confirmation of its restructuring plan. The restaurant company said the settlements eliminate major barriers that could have delayed the bankruptcy process. The agreements reportedly resolve litigation and objections concerning debt arrangements, creditor claims, and distributions under the proposed plan. Fat Brands maintained that the settlements will help preserve value for stakeholders while allowing the company to continue reorganizing its business, according to report. The company now plans to proceed with the next phase of the confirmation process as it seeks court approval of the Chapter 11 plan. The restructuring is aimed at reducing financial pressures and positioning the restaurant operator for long-term stability, Law360 reports. About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) -- http://www.fatbrands.com/-- is a global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses. FAT Brands franchises and owns over 2,200 units worldwide. Fat Brands Inc. and 181 subsidiaries sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90126) on Jan. 26, 2026. In its petition, Fat Brands listed estimated assets and liabilities more than $1 billion. The Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as legal counsel to the Company. GLC Advisors & Co., LLC is serving as investment banker, and Huron Consulting Services LLC is serving as financial advisor. Omni Agent Solutions, Inc., is serving as claims, noticing and solicitation agent. White & Case LLP is representing the Ad Hoc Group of Securitization Noteholders. Greenberg Traurig, LLP represents UMB Bank, National Association, solely in its capacity as Trustee to certain series of notes. FAXON ENTERPRISES: TSC Logistic Default Sale to Maurice Bailey OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Janet S. Northrup, Chapter 77 Trustee of Faxon Enterprises Inc. d/b/a Henderson Fabrication, to sell TSC Logistics Default Judgment, free and clear of liens, claims, interests, and encumbrances. The Trustee seeks to sell the default judgement against TSC Logistics LLC (TSC Logistics Default Judgment). On December 2, 2025, the Trustee commenced an Adversary Proceeding against TSC Logistics LLC, TSC Logistics failed to file an answer, or otherwise defend the suit. On February 18, 2026, the Court entered a Default Judgment against TSC Logistics in the amount of $28,7780,000, court costs, and post judgement interest accrued on the judgment amount at the rate allowed by law. The Court has authorized the Trustee to sell the TSC Logistics Default Judgment to Maurice Bailey of 2095 Highway 211 NW, Suite 2F-146, Braselton, GA 30517. The Trustee and the Buyer have acted in good faith The Buyer is a good faith purchaser. The Buyer will pay to the Trustee the amount of $4,100.00, in certified funds, for the TSC Logistics Default Judgment. The Buyer will purchase the TSC Logistics Default Judgment by Non-Recourse Assignment, on an "as is, where is" basis, without recourse and with no representations or warranties of any kind by the Trustee. About Faxon Enterprises Faxon Enterprises, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 24-80075) on March 24, 2024. In the petition signed by James E. Faxon, owner, the Debtor disclosed up to $10 million in both asset and liabilities. Judge Jeffrey P. Norman oversees the case. The Debtor tapped Nicholas Zugaro, Esq., at Dykema Gossett, PLLC and McGinnis Lochridge, LLP, as legal counsels, and Quinn & Associates, LLC, as financial advisor. FINCH THERAPEUTICS: Hires BDO USA PC as Tax Services Provider ------------------------------------------------------------- Finch Therapeutics Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ BDO USA, P.C. as tax advisory services provider. BDO will render these services: a. preliminary survey equity activity to identify the Client's potential section 382 ownership changes from September 1, 2017 through March 22, 2026. b. estimate potential high-level base annual limitations pursuant to section 382(b) for potential ownership changes determined. c. estimate of the potential net unrealized built-in gain, as well as the potential benefit recognized to the annual limitation associated with such changes. d. deliver findings including Hypothetical Limitation Calculations and Built-in Gain Analyses for applicable ownership dates. e. review the Client's equity activity to identify 5-percent shareholders, first-tier, and higher-tier entities within the Analysis Period. f. compute and provide a report of the section 382 owner shifts within the Analysis Period, including all testing dates and applicable testing periods. g. provide a summary document that sets forth the conclusions of BDO's analysis, the statement of facts and assumptions upon which it is based, and the sources of information used in BDO's analysis. h. compute and provide a report of the Client's base annual limitations pursuant to section 382(b) as determined in the aforementioned owner shift analysis. i. provide an estimate of the potential net unrealized built-in gain or loss, as well as the potential benefit or detriment recognized to the annual limitation associated with such changes. j. provide a utilization schedule which displays the Client's historical federal tax attributes and applicable limitations, as well as a projection of future utilization against any applicable section 382 limitations. k. any related services requested by the Debtors and agreed to by BDO. BDO's standard hourly rates are: Principals/ Managing Director $950 to $1,200 Senior Manager $800 to $950 Manager $625 to $800 Seniors $380 to $625 Associates $175 to $380 BDO is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Kevin Wilkes, JD, LL.M BDO USA, P.C. 330 N Wabash Avenue, Suite 3200 Chicago, IL 60611 Phone: (312) 856-9100 About Finch Therapeutics Group Finch Therapeutics Group Inc. is a microbiome therapeutics company founded in 2014 that focused on technologies designed to restore the human microbiome and address diseases linked to microbial imbalances. The company built an intellectual property portfolio of more than 160 U.S. and international patents and applications covering donor-derived and donor-independent therapies for conditions such as ulcerative colitis, Crohn's disease and autism spectrum disorder. After discontinuing its Phase III CP101 trial for recurrent Clostridioides difficile infection in January 2023, Finch ceased development activities and shifted its focus to monetizing its intellectual property through licensing and enforcement, and as of March 22, 2026, is non-operating with no consistent revenue or positive cash flow, with its primary assets consisting of its intellectual property and related research portfolio. Finch Therapeutics Group and its affiliates filed their voluntary petitions for Chapter 11 protection (Bankr. D. Del. Lead Case No. 26-10409) on Mar. 22, 2026. In the petitions signed by Matthew P. Blischak, chief executive officer, Finch Therapeutics Group disclosed up to $10 million in assets and up to $50,000 in liabilities. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Chipman Brown Cicero & Cole, LLP and Ropes & Gray LLP as counsel and Rock Creek Advisors as investment banker and financial advisor. Omni Agent Solutions, Inc. is the Debtors' claims and noticing agent. FIRSTCASH INC: Moody's Affirms 'Ba2' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings has affirmed FirstCash, Inc.'s (FirstCash) Ba2 corporate family rating and Ba2 senior unsecured rating. FirstCash's outlook is stable. RATINGS RATIONALE The affirmation of FirstCash's ratings reflects the company's scaled franchise in the fragmented pawn industry, resulting in its track record of strong and consistent profitability. FirstCash's profitability, as measured by net income to average managed assets (NI/AMA), was a high 7.4% for the past 12 months, supported by elevated demand for pawn loans as non-prime consumers face affordability issues amid tighter underwriting standards at traditional unsecured credit providers. Additionally, the acquisition of H&T Group plc (H&T) late last year has been accretive to the company's earnings profile by expanding its operations into the United Kingdom. FirstCash's credit profile is constrained by its weak capitalization, as measured by tangible common equity to tangible managed assets (TCE/TMA), which was approximately 7.6% as of March 31, 2026. FirstCash's capital position weakened moderately following its debt-funded acquisition of H&T. Moody's expects the company's capital position to improve gradually over the next 12-18 months through continued strong profitability partially offset by opportunistic share repurchases and the company's propensity to periodically reduce capital through debt-funded acquisitions. The ratings affirmation also reflects the company's sound funding and liquidity profile. In April 2026, FirstCash issued $750 million of new senior unsecured notes due 2034, with net proceeds primarily used to repay outstanding borrowings under several of the company's credit facilities and term loans, resulting in a leverage neutral transaction. Following the transaction, FirstCash maintains solid back-up liquidity via its $700 million committed unsecured revolving credit facility. It holds no secured debt apart from operating lease liabilities, and its term debt maturities are well laddered. Together, these factors support solid financial flexibility in times of stress. The Ba2 senior unsecured rating is equal to FirstCash's Ba2 CFR, reflecting the debt's ranking and size in the company's capital structure. The stable outlook reflects Moody's expectations that FirstCash's strong profitability will persist, without a material weakening of its liquidity or risk appetite over the next 12-18 months. Additionally, Moody's expects any improvement in the company's capital position will be realized gradually. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if FirstCash achieves and maintains capitalization, as measured by TCE/TMA, of 15% or higher without a material weakening of its profitability or liquidity. FirstCash's ratings could be downgraded if the company's financial performance materially deteriorates; for example, if profitability weakens whereby NI/AMA declines and Moody's expects it to remain below 4% for an extended period of time, if TCE/TMA declines and Moody's expects it to remain below 4%, or if the company's asset quality or liquidity materially weakens. The ratings also could be downgraded in the event that regulatory action or litigation materially restricts the company's financial profile or business activities, or harms its franchise and reputation. The principal methodology used in these ratings was Finance Companies published in July 2024. FirstCash's "Assigned Standalone Assessment" adjusted score of ba2 is set three notches below the "Financial Profile Score" score of Baa2 to reflect the company's weak capitalization and heightened regulatory scrutiny of the pawn and consumer finance industry. FLEXSYS CAYMAN: Great Elm Virtually Writes Off $5.9MM Loan ---------------------------------------------------------- Great Elm Capital Corp. has marked its $5,992,000 loan extended to Flexsys Cayman Holdings, LP to market at $365,000 or 6% of the outstanding amount, according to Great Elm's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Great Elm Capital Corp. is a participant in a loan extended to Flexsys Cayman Holdings, LP. The 1L Loan accrues interest at a rate of 3M SOFR + 5.25 % ( 9.17 %) per annum. The 1L Loan matures on Aug. 1, 2029. Great Elm Capital Corp. is a corporate issuer in the leveraged finance market. The Fund can be reached at: The Corporate Secretary Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603 Palm Beach Gardens, FL 33410 Telephone: (617) 375-3006 About FLEXSYS CAYMAN HOLDINGS, LP Flexsys Cayman Holdings, LP operates in the chemicals industry, providing chemical products and solutions used in industrial and manufacturing applications. FLORIDA KEYS: Seeks to Hire Bishop Rosasco & Co. as Accountant -------------------------------------------------------------- Florida Keys Lobster House, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Bishop, Rosasco & Co. as accountant. The firm will provide ordinary-course accounting services in this case, including monthly bookkeeping and accounting services, preparation and maintenance of the general ledger, bank and credit card reconciliations, payroll processing, preparation, processing, and payment of federal and state payroll taxes, preparation and filing of monthly sales tax returns and related payments, preparation of standard monthly financial statements, and other ongoing accounting support necessary for the Debtor's business operations. The firm will be paid at these rates: CPA $195 $375 Tax Preparer $125 to $230 Bookkeeper $90 to $115 Administrative Assistant/Clerical $70 to $90 The accountant shall apply for compensation and reimbursement of costs, pursuant to 11 U.S.C. Secs. 330 and 331, at its ordinary rates, as they may be adjusted from time to time, for services rendered and costs incurred on behalf of the Debtor. As disclosed in the court filings, Bishop, Rosasco & Co. does not hold or represent any interest adverse to the Debtor or its estate. The accountant can be reached through: Peter L. Rosasco, CPA Bishop, Rosasco & Co. 8085 Overseas Hwy Marathon, FL 33050 Phone: (305) 743-6586 Email: info@keyscpa.com About Florida Keys Lobster House, Inc. Florida Keys Lobster House, Inc. is a hospitality company engaged in restaurant operations, specializing in seafood dining and related food service offerings. Florida Keys Lobster House, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14233) on April 3, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The Debtor is represented by Chad T. Van Horn, Esq. FO&O INC: Seeks to Hire Wallace Law PLLC as Attorney ---------------------------------------------------- FO&O Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Wallace Law, PLLC as attorneys. The firm will render these services: a. give advise to the Debtors with respect to its powers and duties as the debtor-in-possession and the continued management of its business operations; b. advise the Debtors with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of court; c. prepare petitions, motions, pleadings, orders, applications, plans adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the court; and e. represent the Debtor in negotiation with creditors in the preparation of a plan. The firm has received a retainer in the amount of $15,000, plus $1,738 filing fee. Attorney Steven E Wallace, Esq. has a standard hourly rate of $500. Mr. Wallace assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Steven E Wallace, Esq. Wallace Law, PLLC 13747 Montfort Drive, Suite 350 Dallas, TX 75240 Phone: (214) 706-9191 Email: wallacelaw1@me.com About FO&O Inc. FO&O Inc. provides utility and telecommunication construction services from Midlothian, Texas. The company's work includes cabling, digging, boring, right-of-way utility work and fiber-related construction services, with permit records tied to telecommunications infrastructure projects in Texas. FO&O Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31941) on May 3, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Martin Derrick Norwood Jr. as president. Judge Scott W Everett presides over the case. Steven E. Wallace, Esq. at WALLACE LAW, PLLC serves as the Debtor's counsel. FOOD52 INC: Gets Court Confirmation for Chap. 11 Liquidation Plans ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that on Tuesday, May 19, 2026, a Delaware bankruptcy judge has agreed to confirm company's Chapter 11 liquidation plan, while making limited modifications to its structure, including narrowing certain release provisions. The court’s ruling clears the way for the company to proceed with an orderly wind-down under court supervision. The confirmed plan outlines the liquidation of Food52's remaining assets and distribution of proceeds to creditors, following its decision to exit operations. The judge reduced or adjusted certain third-party and debtor release features after reviewing objections raised during the confirmation process, the report states. With confirmation granted, the case moves into implementation, where the liquidation process will be carried out in accordance with the revised plan terms and bankruptcy requirements, Law360 reports. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company. Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Laurie Selber Silverstein handles the case. The Debtor tapped Young Conaway Stargatt & Taylor as bankruptcy counsel; Meru, LLC as financial advisor; and Core Advisors, LLC asinvestment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the administrative advisor and claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Robinson & Cole LLP as counsel. FORK FOOD: Hires Bernstein Shur Sawyer as Bankruptcy Counsel ------------------------------------------------------------ Fork Food Lab seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Bernstein, Shur, Sawyer & Nelson, P.A. as general bankruptcy counsel. The firm's services include: (a) advising the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, 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 the bankruptcy estate and rights, claims, and interests of creditors and bringing such claims as the Debtor, in its business judgment, decides to pursue; (c) representing the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) 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 BSSN's expertise); (e) reviewing and analyzing various claims of the Debtor's creditors and treatment of such claims and preparing, filing, or prosecuting any objections thereto or initiating appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) preparing and assisting the Debtor with the preparation of reports, applications, pleadings, motions, and orders, including, but not limited to, applications to employ professionals, interim statements and operating reports, initial filing requirements, schedules and statements of financial affairs, cash collateral motion papers, and motions with respect to the Debtor's use of estate property (to the extent necessary); (g) assisting the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of the Debtor's assets, as appropriate; (h) assisting the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) performing any other services that may be appropriate in BSSN's representation of the Debtor as general bankruptcy counsel in the case. The firm will be paid at these 2026 hourly rates: Adam R. Prescott, Attorney (Shareholder) $545 Kenny Laughton, Attorney (Associate) $320 Evelyn Kitchen, Paralegal $275 Katherine Flynn, Paralegal $180 Laura Unfricht, Paralegal $235 BSSN 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: Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street, PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: aprescott@bernsteinshur.com About Fork Food Lab Fork Food Lab sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 26-20104) on April 21, 2026. In the petition signed by Jason Mills, chief restructuring officer, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Peter G. Cary oversees the case. Adam R. Prescott, Esq., at Bernstein Shur Sawyer & Nelson, P.A., represents the Debtor as legal counsel. Fork Food Incubator, as DIP lender, is represented by Kellie W. Fisher, Esq. at Drummond Woodsum. FORTUNE CIRCLE: Gets Extension to Access Cash Collateral -------------------------------------------------------- Fortune Circle Hotels, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court entered its fifth order authorizing Fortune Circle Hotels, an affiliate of Fortune Circle, LLC, to use cash collateral through July 25 to pay the expenses set forth in its budget. The Debtor may exceed budgeted amounts by up to 110%, on a weekly basis, either per line item or in the aggregate. Moreover, the budget may be modified with the prior written consent of Rapid Finance. As adequate protection for any diminution in the value of its interest, Rapid Finance will be granted a post-petition replacement lien on the same type of collateral securing its pre-bankruptcy claims. The replacement lien will retain the priority, validity, and enforceability it held as of the petition date. The order also provides protections for Millennium Bank regarding monthly interest payments of $19,500 due in June and July 2026 under the approved budget. A further hearing is scheduled for July 21. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/n71at from PacerMonitor.com. Fortune Circle Hotels operates a 75-room Hawthorn Extended Stay by Wyndham hotel in St. Robert, Missouri, under a lease from Fortune Hotel, LLC, which is also in Chapter 11. In 2023, the Debtor obtained a $227,000 business loan from Rapid Finance, which claims a security interest in revenue streams and various personal property. However, the Debtor questions whether Rapid Finance's lien is perfected. About Fortune Circle LLC Fortune Circle, LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Fortune Circle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17508) on November 12, 2025, listing up to $10 million in both assets and liabilities. Syed Hussain, sole member, signed the petition. Judge Timothy A. Barnes oversees the case. William Factor, Esq., at The Law Office of William J. Factor, Ltd., represents the Debtor as bankruptcy counsel. FRANCESCA'S ACQUISITION: Creditors Claim Bankruptcy Favors Lenders ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that Francesca's has been accused by its unsecured creditors committee of operating a Chapter 11 case designed to protect secured lenders while harming junior creditors. In a partially redacted filing before the U.S. Bankruptcy Court in New Jersey, the committee said the bankruptcy process is consuming cash at an unsustainable pace. The creditors argued that the retailer and its lender group have structured the case in a manner that may leave inadequate funding for priority claims owed to vendors and other creditors. They urged the court to restrict Francesca’s ability to continue drawing on available cash until the company adopts a more disciplined budget. The filing asserted that estate funds are being depleted without sufficient safeguards for unsecured stakeholders. Creditors warned that unless tighter controls are imposed, the bankruptcy could fail to preserve enough value to satisfy obligations outside the secured debt structure, the report states. The dispute reflects broader concerns among unsecured creditors about the allocation of bankruptcy resources and the influence of secured lenders in restructuring negotiations. The committee's objections could lead to increased scrutiny of the company's financial management during the Chapter 11 proceedings, according to Bloomberg. About Francesca's Acquisition LLC Francesca's Acquisition LLC is a privately held retail enterprise that operates the francesca's and franki by francesca's boutique chains, headquartered in Houston, Texas. The company's boutiques offer a curated mix of women's fashion, accessories, jewelry, and lifestyle products, combining a boutique shopping experience with e‑commerce convenience. The business was relaunched under this entity after the francesca’s brand was sold out of bankruptcy proceedings in 2021. Francesca's Acquisition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-11312) on February 5, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Vincent J. Roldan, Esq., of Mandelbaum Salsburg PC. FREE SPEECH: Judge Denies Jones Bid to Appeal Infowars Order ------------------------------------------------------------ Cora Neas of KXAN reports that on Friday, May 15, 2026, a federal judge has ruled that Alex Jones cannot appeal an order placing Free Speech Systems into receivership, finding the Infowars founder has no legal standing in the dispute. U.S. District Judge Lee Rosenthal said Jones relinquished control of the company's equity interests through his personal bankruptcy case. The ruling stems from the fallout of lawsuits brought by families of Sandy Hook Elementary School victims, who won substantial judgments against Jones and Free Speech Systems for spreading false claims about the 2012 school shooting. The damages ultimately forced both into bankruptcy, the report states. As part of the proceedings, Global Tetrahedron, owner of satirical publication The Onion, secured a bid to acquire Free Speech Systems assets, including Infowars. Funds from the transaction are intended to help compensate Sandy Hook creditors, KXAN relays. Rosenthal wrote that Jones' financial condition leaves him without a path to reclaim company assets through bankruptcy. Calling his estate "hopelessly insolvent," the judge stated that any equity value now belongs to creditors and not to Jones personally. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. GACH LLC: Seeks to Hire McManimon Scotland & Baumann as Counsel --------------------------------------------------------------- GACH, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ McManimon, Scotland & Baumann, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its affairs and property; (b) represent the Debtor before the Bankruptcy Court and advise it on pending litigation, hearings, motions, and decisions of the Bankruptcy Court; (c) review and advise the Debtor regarding applications, orders, and motions filed with the Bankruptcy Court by other parties in this proceeding; (d) communicate with creditors and other parties in interest; (e) assist the Debtor in preparing all motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; (f) confer with other professionals retained by the Debtor and other parties in interest; (g) negotiate and prepare the Debtor's Chapter 11 plan, related disclosure statement, and all related agreements and documents and take any necessary actions on its behalf to obtain confirmation of the plan; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm will be paid at these hourly rates: Anthony Sodono, III, Member $775 Sari Placona, Partner $550 Partners $325 - $775 Associates $210 - $495 Law Clerks $145 - $195 Paralegals and Support Staff $145 - $275 Ms. Placona disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sari Placona, Esq. McManimon, Scotland & Baumann, LLC 75 Livingston Avenue Roseland, NJ 07068 Telephone: (973) 622-1800 Facsimile: (973) 622-7333 About GACH LLC GACH LLC owns commercial real estate at 43-51 East 25th Street, Unit C6, New York, NY 10010, in the building known as The Stanford. The property comprises approximately 4,800 square feet of office and medical space, including patient waiting areas, an x-ray suite, examination rooms, kitchen space, and offices, with an appraised value of $4.8 million. The Company is classified as a single-asset real estate entity. GACH LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11800 on August 18, 2025. In its petition, the Debtor reports total assets of $4,829,200 and total liabilities of $3,210,885. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Sari Placona, Esq., at McManimon, Scotland & Baumann, LLC. GLACIER CAR: Taps Wadsworth Garber Warner Conrardy as Legal Counsel ------------------------------------------------------------------- Glacier Car and Dog Wash, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Wadsworth Garber Warner Conrardy, PC as counsel. The firm's services include: (a) provide the Debtor with legal advice with respect to its powers and duties; (b) aid the Debtor in the development of a plan of reorganization under Chapter 11; (c) file the necessary petitions, pleadings, reports, and actions which may be required under Chapter 11; (d) take necessary actions to enjoin and stay until final decree herein continuation of pending proceedings and to enjoin and stay until final decree herein commencement of lien foreclosure proceedings and all matters as may be provided under 11 U.S.C. section 362; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm's counsel and staff will be paid at these hourly rates: David Wadsworth, Attorney $500 Aaron Garber, Attorney $500 David Warner, Attorney $425 Aaron Conrardy, Attorney $425 Hallie Cooper, Attorney $225 Paralegals $125 The firm received a retainer of $23,119.50 from the Debtor. Mr. Garber disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, PC 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Facsimile: (303) 296-7600 Email: agarber@wgwc-law.com About Glacier Car and Dog Wash Glacier Car and Dog Wash LLC operates a car and dog wash in Thornton, Colorado. The company provides touchless automatic car washes, self-serve wash bays, and dog wash services, as well as related offerings such as wash packages, gift cards, family plans, fleet services, fundraising programs, and a mobile app. Glacier Car and Dog Wash LLC is a minority-owned, family-operated business with more than 30 years of professional vehicle cleaning experience. Glacier Car and Dog Wash sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10599) on February 27, 2026. In the petition signed by Philip Kaestle, designated officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Kimberley H. Tyson oversees the case. The Debtor tapped Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, PC. GOLIATH VENTURES: Hires GlassRatner Advisory as Financial Advisor ----------------------------------------------------------------- Goliath Ventures Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire GlassRatner Advisory & Capital Group, LLC as financial advisor. The firm will render these services: a) prepare cash and financial activity reconstruction to identify avoidable transfers, fraudulent transfers, and preferences; b) assist the Debtors and counsel in investigating and (if brought) pursuing actions and recovering assets for the benefit of the estates; c) prepare the appropriate periodic reports to comply with the reporting standard of the U.S. Trustee's office; and d) assist the Debtors and counsel in negotiations with its creditors and other parties in interest, and in the preparation of a plan; and e) prepare the appropriate tax filings to remain in compliance with all local, state, and federal taxing authorities. The firm will be paid at these hourly rates: Steven Wolf $750 Jonathan Eargle $450 Managing Directors $525 to $795 Directors & Associates Directors $425 to $495 Associates and Senior Associates $275 to $475 GlassRatner Advisory & Capital Group, LLC neither holds nor represents any interest adverse to the Debtors and is a "disinterested person" within the scope and meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Steven A. Wolf, CPA GlassRatner Advisory & Capital Group, LLC 1675 N. Military Trail, Suite 650 Boca Raton, FL 33486 Telephone: (954) 612-3595 Email: swolf@glassratner.com About Goliath Ventures Inc. Goliath Ventures Inc., formerly known as Gen-Z Venture Firm Inc., incorporated in Florida, was a cryptocurrency investment firm offering high-yield digital asset programs and liquidity pool investments to institutional and retail investors. A Florida court appointed Michael S. Budwick as receiver to secure remaining assets and records. Goliath Ventures and affiliate Goliath Ventures Inc., formerly known as Goliath Ventures Inc., a FL corporation, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-13174) on March 16, 2026. Michael S. Budwick, receiver of Goliath Ventures, signed the petition. At the time of the filing, Goliath Ventures reported $1 million to $10 million in assets and $100 million to $500 million in liabilities. Judge Laurel M. Isicoff presides over the cases. The Debtors are represented by: Solomon B. Genet, Esq. Meland Budwick, P.A. 200 South Biscayne Boulevard, Suite 3200 Miami, FL 33131 Telephone: (305) 358-6363 Email: sgenet@melandbudwick.com GRANDE ISLE: Seeks to Hire Merlin Law Group as Special Counsel -------------------------------------------------------------- Grande Isle Towers I & II Condominium Association Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Merlin Law Group, PA as special counsel. The firm's services include: (a) analyze and render advice and assistance to the Debtor in matters relating to its counterclaim against Steadfast Insurance Company and its defenses to Steadfast's claims against it; (b) prepare and file motions and responses to motions in the pending litigation with Steadfast; (c) represent the Debtor at depositions in the matter and take depositions on its behalf; (d) provide legal advice to the Debtor regarding its rights, duties and responsibilities as related to its claims against Steadfast; (e) interpret the Debtor's contract with Steadfast; (f) protect the Debtor’s interests in its claims against Steadfast; (g) prepare for representation of the Debtor at trial in the matter against Steadfast. (h) prepare necessary motions, pleadings, and any other legal papers and appear in Court on the Debtor's behalf; (i) represent the Debtor in any negotiations regarding potential settlement of its claims in the matter against Steadfast; and (j) evaluate and represent in connection with claims available pursuant to Fla. Stat. section 624.155 and related provisions of Florida law, as and when ripe for presentation. The firm will be paid on a contingency basis not to exceed 25 percent of insurance benefits recovered after the initial date of Merlin Law Group's representation. Additionally, its employment terms provide for advancement of expenses related to its representation. Christopher Mammel, Esq., and Michael Duffy, Esq., attorneys at Merlin Law Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher N. Mammel, Esq. Michael W. Duffy, Esq. Merlin Law Group, PA 777 S. Harbour Island Blvd., Ste. 950 Tampa, FL 33602 About Grande Isle Towers I & II Condominium Association, Inc. Grande Isle Towers I & II Condominium Association, Inc. is a residential condominium association responsible for the management, maintenance, and administration of a multi-unit residential property, including common areas, building operations, and community services for unit owners. Grande Isle Towers I & II Condominium Association, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00951) on April 27, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge handles the case The Debtor is represented by Kristopher E. Aungst, Esq., at Paragon Law, LLC. GRANDE ISLE: Seeks to Tap Paragon Law as General Bankruptcy Counsel ------------------------------------------------------------------- Grande Isle Towers I & II Condominium Association Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Paragon Law, LLC as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business and properties; (b) attend meetings and negotiate with representatives of creditors and other parties-in-interest and advise and consult on the conduct of the cases; (c) advise the Debtor on matters relating to the evaluation of the assumption, rejection or assignment of unexpired leases and executory contracts; (d) provide advice to the Debtor with respect to legal issues arising in or relating to its ordinary course of business; (e) take all necessary action to protect and preserve the Debtor's estates; (f) prepare on behalf of the Debtor all legal papers necessary to the administration of the estates; (g) negotiate and prepare on the Debtor's behalf a plan of reorganization and all related agreements and/or documents, and take any necessary action on behalf of the Debtor to obtain confirmation of such plan; (h) attend meetings with third parties and participate in negotiations with respect to the above matters; (i) appear before this Court and the U.S. Trustee to protect the interests of the Debtor's estates before such courts and the U.S. Trustee; (k) perform all other necessary legal services and provide all other necessary legal advice to the Debtor in connection with this Chapter 11 case. The firm will receive $10,000 per month from the Debtor, plus reimbursement for expenses incurred. The firm received a retainer of $4,262 from the Debtor. Kristopher Aungst, Esq., an attorney at Paragon Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kristopher Aungst, Esq. Paragon Law, LLC 2665 S Bayshore Dr., Suite 220-10 Miami, FL 33133 Telephone: (305) 812-5443 Email: ka@paragonlaw.miami About Grande Isle Towers I & II Condominium Association, Inc. Grande Isle Towers I & II Condominium Association, Inc. is a residential condominium association responsible for the management, maintenance, and administration of a multi-unit residential property, including common areas, building operations, and community services for unit owners. Grande Isle Towers I & II Condominium Association, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00951) on April 27, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge handles the case The Debtor is represented by Kristopher E. Aungst, Esq., at Paragon Law, LLC. GREEN LEASING: Seeks Approval to Tap James M. Joyce as Counsel -------------------------------------------------------------- Green Leasing and Management, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to hire James M. Joyce, Esq., a professional practicing law in New York, to serve as legal counsel. Mr. Joyce 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 petitions, schedules, statements, plans, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary; and (d) represent the Debtor at all hearings, meetings of creditors, trials, conferences, and other proceedings in connection with the Chapter 11 case. Mr. Joyce shall receive an hourly rate of $250, and an hourly rate of $90 is for paralegals. James M. Joyce, Esq. 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: James M. Joyce, Esq. 4733 Transit Road Buffalo, NY 14043 Telephone: (716) 656-0600 E-mail: jamesjoyce@lawoffice.com About Green Leasing and Management, Inc. Green Leasing and Management, Inc. is a property leasing and management company engaged in overseeing commercial and residential real estate operations. The company provides leasing, tenant management, and property administration services. Green Leasing and Management, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10553) on May 3, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities within the same range. The case is pending in the Western District of New York bankruptcy court. The Debtor is represented by James M. Joyce, Esq. GURU HOLDING: Court OKs Deal to Use Cash Collateral --------------------------------------------------- Guru Holding, LLC entered into a stipulation with Wilmington Trust, N.A., acting for the benefit of a secured noteholder, and Webster Bank regarding its use of cash collateral. Under the stipulation approved by the U.S. Bankruptcy Court for the Southern District of New York, the Debtor is authorized to use cash collateral in accordance with an approved operating budget. The Debtor may use funds for ordinary property operations but is prohibited from making distributions to insiders or affiliates, except for a limited management fee to Beck Street Management, LLC equal to 3% of gross rents collected. The Debtor is also barred from using cash collateral to pay bankruptcy counsel fees or make capital expenditures without prior consent from the secured parties. Budget variances are limited to 20% both overall and per line item, and the Debtor must provide monthly variance reports to the secured creditors. As adequate protection, the secured noteholder and Webster Bank were granted replacement liens on substantially all post-petition assets and proceeds of the Debtor, including cash, receivables, rents, accounts, and other property acquired after the bankruptcy filing. The replacement liens are deemed automatically perfected without further filings and maintain the same priority that existed before the bankruptcy filing. The Debtor must also make monthly adequate protection payments, including daily accrual payments to the secured noteholder, monthly tax and insurance escrow payments, and monthly payments of $1,500 to Webster Bank. If the replacement liens prove insufficient, the secured creditors will be granted a superpriority administrative claim under Bankruptcy Code section 507(b). Events of default include payment defaults, dismissal or conversion of the Debtor's bankruptcy case, appointment of a trustee, or violations of the stipulation's terms. Upon default and expiration of a five-business-day cure period, the Debtor's authority to use cash collateral automatically terminates unless emergency relief is obtained from the court. The agreement preserves all rights of the secured creditors to seek stay relief, dismissal, appointment of a trustee, or other remedies, while also reserving the Debtor's rights to dispute claims or assert defenses in future proceedings. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wlW2V from PacerMonitor.com. About Guru Holding Guru Holding LLC is a New York-based real estate holding company that owns and leases a 76-unit mid-rise residential apartment building at 942-960 Avenue Saint John in the Bronx, NY, with the property estimated at $17 million. Guru Holding LLC in Bronx, 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. 26-10346) on Feb. 18, 2026, listing $18,099,311 in assets and $10,754,139 in liabilities. Emmanuel Ku as managing member, signed the petition. Judge John P. Mastando, III oversees the case. Backenroth, Frankel & Krinsky, LLP serves as the Debtor's legal counsel. HARLING INC: Cash Collateral Hearing Set for June 16 ---------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, is set to hold a hearing on June 16 to consider granting Harling, Inc. another extension to use cash collateral. The Debtor was previously authorized to access cash collateral through May 22 under the court's May 11 interim order. The May 11 interim order granted Byline Bank a first-priority lien on post-petition property of the Debtor, with the same priority and extent as the bank's pre-bankruptcy lien. The interim order is available at https://shorturl.at/BFrsb from PacerMonitor.com. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. The bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HAWAII MOLD: Gets Four-Month Extension to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Hawaii entered a second stipulated order granting Hawaii Mold and Flood, LLC a four-month extension to use the cash collateral of Central Pacific Bank. Under the second stipulated order, the Debtor is authorized to use cash collateral from June 1 to September 30 to pay its operating expenses in accordance with an agreed budget. The Debtor is also allowed flexibility to exceed the budget by up to 20% on a cumulative basis during the interim period, providing additional operational leeway. The Debtor projects total operational expenses of $207,740.27 for June; $257,387.87 for July; $213,959.17 for August; and $207,740.27 for September. As adequate protection for Central Pacific Bank, the Debtor will continue making payments under the original loan agreement, and the bank will be granted replacement liens on the Debtor's collateral, including cash collateral. The court scheduled a final hearing for September 22. The Debtor must file an amended budget by September 8, and Central Pacific Bank may respond by September 15. About Hawaii Mold and Flood LLC Hawaii Mold and Flood, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 26-00144) on February 20, 2026. In the petition signed by Glen Kelsey, sole member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. HIGHLAND SPRINGS: Hires Turoci Firm as General Bankruptcy Counsel ----------------------------------------------------------------- Highland Springs #2, LLC filed seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Turoci Firm as general bankruptcy counsel. The firm will provide these services: (a) assist the Debtor with respect to compliance with the requirements of the U.S. Trustee; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent the Debtor in any court proceedings or hearings; (d) conduct examinations of witnesses, claimants or adverse parties, and prepare legal papers; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules; (f) advise the Debtor regarding its powers and duties in the continued operation of its business and management of the property of the estate; (g) assist the Debtor in the administration of the estate's assets and liabilities; (h) prepare a disclosure statement and assist the Debtor in the negotiation, formulation and implementation of a Chapter 11 plan of reorganization; and (i) take such other actions and perform such other services as may be required in the Debtor's Chapter 11 case. The firm will be paid at these rates: Todd Turoci $795 per hour Dana Carmey $230 per hour Moreover, the firm will be reimbursed for out-of-pocket expenses. The firm received a retainer in the amount of $25,000 from the Debtor. Todd Turoci, Esq., at Turoci Firm, disclosed in court filings that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Todd Turoci, Esq. The Turoci Firm, Inc. 3845 Tenth Street Riverside, CA 92501 Tel: (951) 784-1678 Fax: (866) 762-0618 About Highland Springs #2, LLC Highland Springs #2, LLC is a real estate holding and property management entity involved in the ownership and operation of commercial or residential assets. Highland Springs #2, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13050) on April 20, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Tamar Terzian, Esq. of Terzian Law Group, APC. HIGHLAND SPRINGS: Seeks to Hire The Turoci Firm as Legal Counsel ---------------------------------------------------------------- Highland Springs #2, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Turoci Firm as counsel. The firm's services include: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (b) advise the Debtor regarding matters of bankruptcy law; (c) represent or assist the Debtor in all proceeding or hearings in the bankruptcy court and in any action in any other court where its rights under the Bankruptcy Code may be litigated or affected; (d) conduct examinations of witnesses, claimants, or adverse parties and assist in the preparation of legal papers, and pleadings related to this Chapter 11 case; (e) advise the Debtor concerning the requirements of the Bankruptcy Code and applicable rules; (f) advise and assist the Debtor with respect to its powers and duties in the continued operation of its business and management of property of the estate; (g) advise and assist the Debtor in the administration of the estate's assets and liabilities; (h) represent the Debtor regarding the preparation of a disclosure statement if required and the negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization; and (i) take such other actions and perform such other services as may be required in this Chapter 11 case. The firm will be paid at these hourly rates: Todd Turoci, Attorney $795 Dana Cormey, Law Clerk $230 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from Rancho Pasco Medical Group, owned by Frederick J. Lloyd, the Debtor's managing member. Mr. Turoci disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Todd Turoci, Esq. The Turoci Firm 3732 12th Street Riverside, CA 92501 Telephone: (951) 784-1678 Facsimile: (866) 762-0618 Email: mail@theturocifirm.com About Highland Springs #2 LLC Highland Springs #2, LLC is a real estate holding and property management entity involved in the ownership and operation of commercial or residential assets. Highland Springs #2 sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13050) on April 20, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Todd Turoci, Esq., at The Turoci Firm. HRONIS INC: Committee Hires Raines Feldman Littrell LLP as Counsel ------------------------------------------------------------------ The official committee of unsecured creditors of Hronis, Inc. and its affiliates seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Raines Feldman Littrell LLP as its counsel. The firm will render these services: a. provide legal advice with respect to the Committee's powers and duties in the context of these Cases; b. assist and advise the Committee in its consultation with the Debtors and others regarding the administration of these Cases; c. attend meetings and negotiate with the Debtors, the Debtors' lender, and other creditors and parties in interest; d. appear, as appropriate, before the Court, relevant appellate courts, and in other appropriate forums, and to represent the interests of the Committee before said Courts and in said forums; e. advise the Committee in connection with proposals and pleadings submitted by the Debtors or others to this Court; f. generally prepare on behalf of the Committee all necessary applications, motions, answers, orders, reports, and other legal papers in support of positions taken by the Committee; g. assist and advise the Committee with respect to the Debtors' post-petition financing and the Debtors' process to sell their assets; h. take all necessary action to protect and preserve the interests of unsecured creditors represented by the Committee, including: (i) assessing the validity, priority and scope of liens and claims; (ii) to investigate and prosecute actions on the Committee's behalf, and (iii) to conduct negotiations concerning all litigation in which the Debtor, the estate or the Committee is or maybe involved; i. assist the Committee in the review, analysis, negotiation, and preparation of any plan(s) and to assist the Committee in the review, analysis, negotiation, and preparation of the disclosure statement accompanying any plan(s); j. advise the Committee on the retention of other professionals and experts to assist in the engagement, as needed; k. retain expert professional assistance and witnesses, as necessary; and l. perform all other necessary legal services for the Committee in connection with these Cases. The firm's hourly rates are: Partners and Of Counsel $635 to $1,575 Associates $460 to $795 Paraprofessionals $250 to $495 The firm has agreed to a blended attorney rate of $600/hour. Raines Feldman Littrell LLP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Robert S. Martice, Esq. Raines Feldman Littrell LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 Email: rmarticello@raineslaw.com About Hronis Inc. Hronis, Inc. is an agricultural company based in Delano, California, that grows, harvests and markets table grapes in California's San Joaquin Valley, with operations dating to 1945. The business cultivates grapes on about 6,000 acres of owned and leased land in Kern and Tulare counties and produces more than 80 million pounds of table grapes annually, supplying major retailers, supermarket chains and other commercial customers through a vertically integrated operation that includes hand harvesting, packing, cold storage and distribution. The company also grows citrus and has begun planting pistachios, which are in early-stage development. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Lead Case 26-10978) on March 6, 2026, with between $50 million and $100 million in both assets and liabilities. Judge Rene Lastreto II oversees the cases. The Debtors tapped Zev M. Schectman, Esq., and Steven F. Werth, Esq., Mariam Khoudari, Esq., at Saul Ewing, LLP as bankruptcy counsel and Donlin, Recano and Co. as claims and noticing agent. HYPHA LABS: Posts $521K 2nd Quarter Net Loss -------------------------------------------- Hypha Labs, Inc. reported a second-quarter net loss of $521,114, compared with a net loss of $641,822 a year earlier, according to a Form 10-Q filed with the Securities and Exchange Commission. The company reported no revenue or cost of sales for the three months ended March 31, 2026. Operating expenses were $420,393, including $114,389 in general and administrative expenses and $306,004 in professional fees. For the six months ended March 31, 2026, net loss was $1.04 million, compared with $1.98 million a year earlier. Net cash used in operating activities was $200,902 for the six-month period, compared with $41,611 a year earlier. As of March 31, 2026, Hypha Labs reported cash of $82,200, total assets of $159,819, total liabilities of $2.94 million and total stockholders' deficit of $3.12 million. The company also reported negative working capital of $1.34 million and an accumulated deficit of $24.69 million. The company said its cash on hand may not be sufficient to sustain operations and that negative working capital, accumulated recurring losses and limited cash raise substantial doubt about its ability to continue as a going concern. Hypha added it is seeking capital to fund short-term operations, complete development and testing of its bioreactor over the next six to 12 months and fund the initial launch of commercial sales. It said it intends to raise funds through equity or debt securities, including a Regulation A offering, and is evaluating potential acquisition targets. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1502966/000149315226023548/form10-q.htm About Hypha Labs Hypha Labs, Inc., is a Las Vegas company incorporated in Nevada in 2010. Through Hypha Products Inc., the company is developing the Hypha Micropearl accelerator, a home appliance designed to accelerate production of nutritionally beneficial mushrooms for human consumption, with replacement cartridges that produce functional mushroom Micropearls. In an audit report dated Jan. 15, 2026, Fruci & Associates II, PLLC included a going concern qualification, stating that Hypha Labs had incurred recurring losses from operations resulting in a significant accumulated deficit and believed cash on hand was not sufficient to sustain operations. Those factors raised substantial doubt about the company's ability to continue as a going concern. INGLES PRODUCE: Gets OK to Use Cash Collateral Until May 27 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered a fourth interim order granting Ingles Produce, Inc. approval to use cash collateral through May 27. Under the fourth interim order, the Debtor is authorized to use cash that may be encumbered by a lien held by Credibly of Arizona, LLC, Vox Funding and the U.S. Small Business Administration. As adequate protection, each of the three lenders is granted a post-petition lien on cash collateral, limited to the same extent and priority as their respective valid prepetition liens. These liens are deemed automatically perfected without further documentation. Additionally, the Debtor must make monthly payments of $2,500 to the Subchapter V trustee, which will be held in trust and used for administrative expenses if necessary. Creditors' rights are fully preserved, and they may seek further relief. Overall, the order ensures short-term operational continuity while protecting creditor interests until the final hearing. The next hearing is scheduled for May 27. The interim order is available at https://shorturl.at/fuHjg from PacerMonitor.com. Ingles Produce's books and records indicate that Credibly of Arizona, a merchant cash advance lender, and the SBA hold a blanket lien for which a UCC-1 was filed against the Debtor's assets. The UCC-1 covers all assets of the Debtor including cash. As of the petition date, the Debtor owed Credibly of Arizona and the SBA $30,000 and $150,000, respectively. Meanwhile, Vox Funding, another merchant cash advance lender, holds a lien covering the Debtor's future receipts and is owed approximately $110,000 as of the petition date. About Ingles Produce Inc. Ingles Produce, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-25031) on December 19, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Tarek Kiem, Esq., at Kiem Law, PLLC serves as Subchapter V trustee. Aaron A. Wernick, Esq., at Wernick Law, PLLC represents the Debtor as bankruptcy counsel. J &ST DEV: Court Extends Cash Collateral Access to June 9 --------------------------------------------------------- J &ST Dev, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Michigan to use cash collateral. The court entered an interim order granting the Debtor approval to use cash collateral through June 9 to pay its expenses in accordance with an approved budget. The Debtor intends to use available cash collateral as working capital to maintain business operations, including payroll, staffing, inventory purchases, and general operating expenses. No accounts receivable existed at the time of filing. The State of Michigan holds a secured interest in cash collateral related to a debt of approximately $600,000, while Web Bank has a lien on accounts receivable. As adequate protection, the State of Michigan will be granted replacement liens on all prost-petition assets of the Debtor except Chapter 5 causes of action. Additionally, the Debtor will pay the State of Michigan $3,500 per month starting June 1 and continuing on the first day of each month through plan confirmation. The Debtor's authority to use cash collateral ends upon its failure to make the monthly "adequate protection" payments or to timely pay its post-petition tax obligations to the State of Michigan; appointment of a trustee; dismissal or conversion of its Chapter 11 case; termination of its authority to operate; or cessation of operations. The order is available at http://bankrupt.com/misc/JandSTDev_ICCOrder.pdf The court scheduled a final hearing for June 9; however, if no timely objections are filed, the interim order will become final and the hearing will be canceled. About J &ST Dev. LLC J &ST Dev., LLC operates as Tony M's Restaurant & Banquet Center and Tony M's Party Store & Del in Lansing, Michigan. Founded by the Migaldi family and operating since 1981, the company provides Italian-American restaurant dining, pre-ordering, pickup, delivery, catering, banquet room services, event venue space, and deli and party store services. Its menu includes items such as pizza, pasta, subs, salads, burgers, breakfast items, desserts, and beverages, and its facilities support meetings, parties, family celebrations, corporate events, live music, trivia nights, and community events. J &ST Dev. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Mich. Case No. 26-01366) on April 28, 2026. At the time of the filing, the Debtor had estimated assets of between $50,001 to $100,000 and liabilities of between $1,000,001 to $10 million. Judge John T. Gregg oversees the case. Bankruptcy Law Office serves as the Debtor's bankruptcy counsel. J.F.M. 6090: Hires Trenk Isabel Siddiqi as Bankruptcy Counsel ------------------------------------------------------------- J.F.M. 6090, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Trenk Isabel Siddiqi & Shahdanian P.C. as counsel. The firm's services include: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of the financial affairs as a debtor, including the rights and remedies of the debtor-in-possession with respect to its assets and with respect to the claims of creditors; b. advising the Debtor with respect to preparing and obtaining approval of a Disclosure Statement and Plan of Reorganization; c. preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answers, orders, reports and other pleadings and documents; d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state and foreign jurisdictions and administrative proceedings; e. negotiating and preparing documents relating to the use, reorganization and disposition of assets, as requested by the Debtor; f. negotiating and formulating a Disclosure Statement and Plan of Reorganization; g. advising the Debtor concerning the administration of its estate as a debtor-in-possession; and h. performing such other legal services for the Debtor, as may be necessary and appropriate. The firm's hourly rates are: Richard D. Trenk (Shareholder) $750 Robert S. Roglieri (Partner) $500 Stephen M. Gengaro (Associate) $350 Partners $450 to $750 Associates $310 to $350 Law Clerks $225 Paralegals $225 to $300 As disclosed in the court filings, Trenk Isabel Siddiqi & Shahdanian P.C. is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Richard D. Trenk, Esq. TRENK ISABEL SIDDIQI & SHAHDA 290 W Mount Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Facsimile: (973) 216-7000 Email: rtrenk@tisslaw.com About J.F.M. 6090, Inc. J.F.M. 6090, Inc., based in Paterson, New Jersey, operates a Burger King restaurant in Paterson, serving customers through the fast-food chain's hamburger-focused menu, including its flame-grilled Whopper sandwiches and related quick-service restaurant offerings. J.F.M. 6090, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-15123) on May 5, 2026, listing $11,500 in assets and $4,327,288 in liabilities. The petition was signed by Ranjana Jethwa as president. Richard D. Trenk, Esq. at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. serves as the Debtor's counsel. JACQUELINE D MOORE: Hires Tyler Bartl & Ramsdell as Legal Counsel ----------------------------------------------------------------- Jacqueline D Moore PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Tyler, Bartl & Ramsdell, PLC as counsel. The firm's services include: (a) assist with required schedules and related forms, represent the Debtor at creditors' meetings; (b) advise the Debtor of its duties and responsibilities under the Bankruptcy Code; (c) assist in preparing monthly financial forms, analyzing cash flow and financial matters; (d) assist and advise the Debtor in connection with executory contracts; (e) draft documents to reflect agreements with creditors, resolve motions for relief from stay and adequate protection; (f) negotiate obtaining financing and use of cash collateral, as necessary; (g) determine whether reorganization, dismissal, or conversion is in the best interests of the Debtor and its creditors; (h) work with creditors' committee and other counsel, if any; (i) work on any disclosure statement and plan of reorganization; and (j) handle other matters that arise in the normal course of administration of this bankruptcy estate. The firm will be paid at these hourly rates: Attorneys $490 Paralegal $250 The firm received a total prepetition retainer of $30,582.25, including the filing fee, from the Debtor. Steven Ramsdell, Esq., an attorney at Tyler, Bartl & Ramsdell, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven B. Ramsdell, Esq. Tyler, Bartl & Ramsdell, PLC 300 N. Washington St., Suite 310 Alexandria, VA 22314 Telephone: (703) 549-5003 About Jacqueline D Moore PLLC Jacqueline D Moore PLLC, doing business as Comprehensive Surgery Specialists and Comprehensive Surgical Specialists of Stone Ridge, is a surgical practice located in Aldie, Virginia. The practice provides minimally invasive surgical procedures and robotic surgery, including colon, breast cancer, acid reflux, hernia, gallbladder, and abdominal cancer procedures. It also treats conditions including appendix pain, cysts, diverticulitis, hemorrhoids, hidradenitis suppurativa, lipomas, moles, painful leg veins, skin cancer, and skin tags. The practice serves communities including Aldie, Fairfax, Chantilly, Ashburn, South Riding, Dulles, Annandale, Springfield, and Burke. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11018) on April 29, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Jacqueline D. Moore, MD, sole member, signed the petition. Steven B. Ramsdell, Esq., at Tyler, Bartl & Ramsdell, PLC represents the Debtor as legal counsel. JEWELRY ARTISANS: Unsecureds Will Get 25% over 60 Months -------------------------------------------------------- Jewelry Artisans of Orlando, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement in support of Plan of Reorganization dated May 6, 2026. The Debtor, a Florida corporation, was founded in May 2000 by Alberto Lopez, the father of the current principal, Victor Lopez, the current 100% owner and president of the Debtor. The Debtor operates a jewelry and precious-metals business engaged in the purchase and sale of jewelry, gold, and related items. The Debtor operates out of Suit A at 106 Broadway, Kissimmee, Florida 34741. This property is owned by 13 E Darlington Road Land Trust, in which the Debtor has a beneficial ownership interest. The Debtor filed Chapter 11 due to mounting obligations to multiple trade creditors, lenders, and government agencies, which collectively created significant financial strain and reduced available cash flow. Continued creditor pressure and collection activity made it difficult for the Debtor to maintain normal operations, making reorganization necessary to stabilize the business and address its liabilities in an orderly manner. The Plan consists of five classes. All five classes are impaired and four classes (Classes 1-4) are secured. Classes 1 and 2 are secured through UCC liens; Classes 3 and 4 through judgments perfected through Judgment Lien Certificates filed with the Florida Secretary of State. The Debtor directly owns no real property. It has a beneficial ownership interest in a land trust that owns the Debtor's business premises. The secured claims are fully secured by the business personal property of the Debtor, who has operated a jewelry and precious-metals business in Kissimmee, Florida since 2000. The unsecured class (Class 5) consists of seventeen claims, held by 13 creditors, totaling $668,391.59. They will be paid pro rata, 25% of their claims through a two-step plan payment scheme over 60 months in 20 quarterly payments of 4 for year 1 in the amount of $825.00 each and then 16 quarterly payments of $10,237.38 over the next 4 years, for a total of $167,098.08. The liquidation analysis, calculated as of March 31, 2026, shows that the unsecured creditors would share a total distribution of $144,166.71 in a hypothetical Chapter 7. The Debtor operates a jewelry and precious-metals business engaged in the purchase and sale of jewelry, gold, and related items. The assets of the bankruptcy estate primarily consisted, at the time of filing, of over $1.7 million in inventory, scheduled at retail prices. Additionally, the Debtor had in its possession for sale some $455,736.33 of various items of jewelry on "memo" or consignment from three consignors: Pawn Brokers of Florida; EEC Holdings LLC and Borinquen Metal Refining. No payment to the consignor is due until a sale of the specific item is made. The Debtor's goal is to reduce repayment obligations to a manageable and realistic amount that the Debtor can afford, while extending the required time for payment. Debtor's five-year projections reflect a sufficient total average monthly net available to fund all proposed plan obligations. Class 5 consists of General Unsecured Claims. The amount of Class 5 Allowed Unsecured Claims totals $688,391.99 and consists of 17 claims. The unsecured class will be paid pro rata, 25% of their claims through a two step plan payment scheme over 60 months in 20 quarterly payments of 4 for year 1 in the amount of $825.00 each and then 16 quarterly payments of $10,237.38 over the next 4 years for a total of $167,098.08. This class is impaired. Payments and distributions under the Plan will be funded by income generated from the revenues received from the operation of Debtor's business. A full-text copy of the Disclosure Statement dated May 6, 2026 is available at https://urlcurt.com/u?l=7q9aQz from PacerMonitor.com at no charge. Counsel for the Debtor: Chad Van Horn, Esq. VAN HORN LAW GROUP, P.A. 500 N.E. 4th Street, Suite 200 Fort Lauderdale, FL 33301 Telephone: (954) 765-3166 Facsimile: (954) 756-7103 Email: Chad@cvhlawgroup.com About Jewelry Artisans of Orlando Inc Jewelry Artisans of Orlando, Inc. operates a jewelry and precious metals business engaged in the purchase and sale of jewelry, gold, and related items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla Case No. 25-07766) on November 28, 2025, listing up to $1 million in both assets and liabilities. Victor Lopez, vice-president of Jewelry Artisans of Orlando, signed the petition. Judge Grace E. Robson oversees the case. Chad Van Horn, at Van Horn Law Group, P.A., is serving as the Debtor's legal counsel. JEWELRY DESIGNER: Seeks to Hire Hirsch & Hirsch CPA as Accountant ----------------------------------------------------------------- Jewelry Designer Showcase Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Hirsch & Hirsch Certified Public Accountants, PLLC as accountants. The firm's services include: a. performing general tax consulting services, including routine tax advice concerning federal, state and local tax matters related to the preparation of federal, state and local tax returns; b. providing routine tax advice concerning federal, state and local tax matters related to the computation of the Debtor’s taxable income for the current year or future year(s); c. preparing monthly operating reports, variance reports, financial statements and other relevant financial documents; and d. furnishing such other services that the Debtor may request from time to time. Hirsch Firm's hourly rates are: Partners/Principals $400 Paraprofessionals $275 The firm received an initial retainer in the amount of $10,000. Warren Hirsch, principal of the Hirsch Firm, assured the court that his firm is "disinterested" within the meaning of sections 101(14) and 327(a) of the Bankruptcy Code. The firm can be reached through: Warren Hirsch, CPA Hirsch & Hirsch Certified Public Accountants, PLLC 273 Merrick Road Lynbrook, NY 11563 Tel: (516) 791-5280 Fax: (516) 791-5283 About Jewelry Designer Showcase Jewelry Designer Showcase Inc. is a jewelry designer in Staten Island, N.Y. It conducts business under the name Dannunzio Designed. Jewelry Designer Showcase filed Chapter 11 petition (Bankr. E.D.N.Y. Case No. 25-40076) on January 9, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge Elizabeth S. Stong handles the case. Avrum J. Rosen, Esq., at the Law Offices of Avrum J. Rosen, PLLC, is the Debtor's bankruptcy counsel. JOHN FITZGIBBON: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- John Fitzgibbon Memorial Hospital, Inc. and Fitzgibbon Health Services received second interim approval from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. Under the second interim order, the Debtors are authorized to use cash collateral in accordance with an approved budget, subject to a variance of 15% on an aggregate, carry-forward basis. As adequate protection, the court granted prepetition secured parties continuing replacement liens on substantially all post-petition assets, including accounts receivable, inventory, deposit accounts, general intangibles, proceeds, and post-petition cash collateral, while excluding Chapter 5 avoidance actions and related proceeds. The replacement liens automatically maintain the same validity, enforceability, and priority as the secured parties' prepetition liens. The order also preserves the rights of UMB Bank, N.A., acting as successor to The Bank of New York Mellon Trust Company, N.A. as master trustee, and Community Bank of Marshall to seek additional adequate protection or object to final cash collateral relief. The order further requires the debtors to maintain insurance on collateral, preserve collateral value, and make monthly adequate protection interest payments of $5,620.20 to Community Bank of Marshall until the related collateral is transferred, sold, or stay relief is granted. A third interim hearing on the motion is scheduled for May 27, with objections due by May 22. The order is available at https://shorturl.at/eze8p from PacerMonitor.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. JOSHUA MASSINGILL: Seeks Approval to Hire CPN Legal as Bookkeeper ----------------------------------------------------------------- Joshua Massingill, Attorney at Law, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ CPN2 LLC, doing business as, CPN Legal as, bookkeeper. CPN Legal will perform various bookkeeping services for the Debtor. The firm will be paid at an hourly rate of $90. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged for the Debtor. The firm can be reached at: CPN Legal 9624 Cincinnati Columbus Rd, Ste 318 Cincinnati, OH 45241 About Joshua Massingill, Attorney at Law, PLLC Joshua Massingill, Attorney at Law, PLLC provides services in business, estate planning, and probate law. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10460) on March 17, 2026. In the petition signed by Joshua Massingill, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Shad M. Robinson oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm as counsel; CPN2 LLC, doing business as, CPN Legal as, bookkeeper; and Cormier & Rea, Inc. as accountant. JOSHUA MASSINGILL: Seeks to Hire Cormier & Rea as Accountant ------------------------------------------------------------ Joshua Massingill, Attorney at Law, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to employ Cormier & Rea, Inc. as accountant. The Debtor needs an accountant to handle its annual federal tax returns. The firm will be paid at a flat fee of $1,500. John Craite, CPA at Cormier & Rea, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John Craite, CPA Cormier & Rea, Inc. 4413 Spicewood Springs Rd, Ste 301 Austin, TX 78759 About Joshua Massingill, Attorney at Law, PLLC Joshua Massingill, Attorney at Law, PLLC provides services in business, estate planning, and probate law. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-10460) on March 17, 2026. In the petition signed by Joshua Massingill, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Shad M. Robinson oversees the case. The Debtor tapped Robert C. Lane, Esq., at The Lane Law Firm as counsel; CPN2 LLC, doing business as, CPN Legal as, bookkeeper; and Cormier & Rea, Inc. as accountant. JTD ENTERPRISES: Seeks to Tap Ahlgren Law Office as Legal Counsel ----------------------------------------------------------------- JTD Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the District of North Dakota to employ Ahlgren Law Office, PLLC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Sarah Duffy, Attorney $300 Attorneys $225 - $350 Paralegal $200 Ms. Duffy disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sarah C. Duffy, Esq. Ahlgren Law Office, PLLC 220 West Washington Ave., Suite 105 Fergus Falls, MN 56537 Telephone: (218) 998-2775 Email: jill@ahlgrenlawoffice.net About JTD Enterprises LLC JTD Enterprises LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.D. Case No. 26-30337) on April 30, 2026, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Sarah Catherine Duffy, Esq., at Ahlgren Law Office represents the Debtor as bankruptcy counsel. JW COLE INVESTMENTS: Seeks to Use Cash Collateral ------------------------------------------------- JW Cole Investments, LLC and affiliates ask the U.S. Bankruptcy Court for the Eastern District of Arkansas for authority to use cash collateral and provide adequate protection. The Debtors' primary source of revenue comes from operating funeral homes and crematory businesses. The Debtors state that they intend to reorganize their obligations and eventually propose a plan of reorganization for the benefit of both secured and unsecured creditors. Live Oak Banking Company is the principal creditor holding a secured interest in that collateral. Because the accounts receivable and post-petition revenues are subject to preexisting security agreements, the Debtors cannot legally use those funds without either the lender's consent or court authorization under 11 U.S.C. Section 363. The Debtors explain that access to cash collateral is essential to maintaining business continuity. They state that the businesses need the funds to pay employees, utilities, administrative expenses, payroll taxes, vendor obligations, and other routine operating costs. The Debtors currently have no unencumbered cash available and have been unable to secure alternative financing or post-petition credit. The Debtors agree not to use any of the collateral to pay pre-petition debts unless specifically authorized by court order. They further propose to provide transparency and accountability through monthly operating reports filed with the United States Trustee, documenting all collections and expenditures of cash collateral. Any unused cash collateral would remain in the Debtors' operational accounts and ultimately be distributed according to a confirmed reorganization plan or future court order. The authorization to use the collateral would automatically terminate if the Chapter 11 cases were converted to Chapter 7 liquidation, if a final reorganization plan were confirmed, or if the court later ordered otherwise. A court hearing is scheduled for July 16. A copy of the motion is available at https://urlcurt.com/u?l=oaXN7S from PacerMonitor.com. About JW Cole Investments LLC JW Cole Investments, LLC, a company based in Kensett, Arkansas, provides funeral home and crematory services under the names Ascension Crematory, Sullivan Funeral Care, and Cole Funeral Home & Crematory, LLC. The company offers burial and cremation services, immediate-need arrangements, and veteran services. It serves families in White County and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 26-11591) on April 21, 2026, with $1 million to $10 million in assets and liabilities. James Wesley Cole, member, signed the petition. Judge Bianca M. Rucker presides over the case. Vanessa Cash Adams, Esq., at the Law Office of Vanessa Cash Adams, Inc., represents the Debtor as bankruptcy counsel. KAISA GROUP: Secures Court Recognition for Chapter 15 Bankruptcy ---------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that Chinese developer Kaisa Group has secured U.S. court recognition of its Hong Kong insolvency case as the company works to restructure more than $15 billion in debt tied to its property business. The order was entered under Chapter 15, the section of U.S. bankruptcy law governing cross-border insolvencies. The recognition proceeding is designed to assist Kaisa's restructuring by extending certain protections to the company in the United States and promoting coordination among global creditors. Kaisa, once one of China's largest developers, has been grappling with mounting debt burdens during the prolonged crisis affecting the country's real estate market, the report relays. Court approval allows the company to continue pursuing its restructuring strategy through the Hong Kong process while limiting the risk of competing litigation or enforcement actions in the U.S. The company said the coordinated process is critical to resolving claims and preserving value for stakeholders, Law360 reports. About Kaisa Group Holdings Ltd. Kaisa Group is a Hong Kong investment firm. Kaisa Group sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10818) on April 10, 2026. Honorable Bankruptcy Judge John P. Mastando III. The Debtor is represented by Anthony Grossi, Esq., of Sidley Austin LLP. KB3 2275 CENTURY: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------ KB3 2275 Century LLC submitted a Third Amended Disclosure Statement describing Chapter 11 Plan dated May 6, 2026. The Plan proposes to restructure the financial affairs of the Debtor. The Plan proponent believes it is feasible because, both on the Effective Date and for the duration of the Plan, the proponent estimates that Debtor will have sufficient cash to make all distributions. Classes 1 and 2 Secured Claims (divided into subclasses 1A, 1B, 2A, 2B, etc.) consist of claims secured by Collateral (such as a mortgage/deed of trust secured by a house, a car loan secured by the car, or any other claim secured by a lien on property of the bankruptcy estate), which generally are entitled to be paid in full, over time, with interest. Class 1 is reserved for claims secured only by real estate that is an individual Debtor's principal residence. Class 2 contains all other secured claims. Class 4 consists of General Unsecured Claims (claims that are not entitled to "priority" under the Bankruptcy Code and that are not secured by Collateral), which will receive, over time, the following estimated percentage of their claims (or fixed percentage, if the Plan so provides): 100%. Exception: the Plan may designate a subclass of small "convenience class" claims which will be paid in full on the Effective Date, and in rare situations the Plan may designate additional unsecured subclasses. This Plan will be funded as explained in the exhibits to the Disclosure Statement. All transfers of property under this Plan shall be made in accordance with any applicable provisions of non bankruptcy law to the extent required by Section 1129(a)(16) of the Bankruptcy Code. On the Effective Date, all property of the bankruptcy estate will vest in the reorganized Debtor pursuant to Section 1141(b) & (c) of the Bankruptcy Code, free and clear of all claims and interests except as otherwise provided in this Plan. A full-text copy of the Third Amended Disclosure Statement dated May 6, 2026 is available at https://urlcurt.com/u?l=Bss3Tr from PacerMonitor.com at no charge. Counsel to the Debtor: Onyinye N. Anyama, Esq. Anyama Law Firm, A Professional Corporation 18000 Studebaker Road, Suite 325 Cerritos, CA 90703 Telephone: (562) 645-4500 Facsimile: (562) 645-4494 E-mail: info@anyamalaw.com About KB3 2275 Century LLC KB3 2275 Century, LLC a Los Angeles-based real estate company operating from Avalon Boulevard. KB3 2275 Century filed Chapter 11 petition (Bankr. C.D. Cal. Case No. 25-10237) on January 14, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Neil W. Bason handles the case. The Debtor is represented by Onyinye N. Anyama, at Anyama Law Firm. KIITOS BREWING: Gets OK to Use Cash Collateral ---------------------------------------------- Kiitos Brewing, LLC received approval from the U.S. Bankruptcy Court for the District of Utah, Central Division, to use cash collateral. Under the terms of this order, Kiitos Brewing is authorized to use its cash collateral according to an approved budget, subject to a 15% variance. The Debtor is also permitted to accumulate funds set forth in the budget to pay items as they become due if not used or paid in a particular month. The Debtor's cash collateral consists of operating cash primarily derived from credit card receipts, checks, and direct deposits, subject to liens held by secured creditors, Mountain West Bank and the U.S. Small Business Administration. The Debtor offers to protect both creditors through regular monthly payments and replacement liens on post-petition assets and their proceeds, with the same validity, priority, and extent as their pre-petition liens, subject only to any superior pre-petition liens. The order remains in effect through July 31. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/HuLep from PacerMonitor.com. About Kiitos Brewing LLC Kiitos Brewing, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Utah Case No. 26-22348) on April 24, 2025. In the petition signed by Andrew Dasenbrock, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Michael F. Thomson oversees the case. Andres Diaz, Esq., at Diaz & Larsen, represents the Debtor as legal counsel. KIM ENGINEERING: Court Extends Cash Collateral Access to May 31 --------------------------------------------------------------- Kim Engineering, Inc. received another extension from the U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, to use cash collateral to fund operations. The court's interim order extended the Debtor's authority to use cash collateral through May 31 in accordance with its monthly budget (subject to a 10% variance), which projects total operational expenses of $493,624. As adequate protection, secured creditors -- the Internal Revenue Service and the Maryland Tax Department -- will receive monthly payments of $30,000 and $5,000, respectively. The IRS will also be granted a replacement lien on the Debtor's after-acquired property. Meanwhile, the Debtor was ordered to fully pay Prince George's County, Maryland, on its secured tax claims, including all accrued interest and penalties, upon confirmation of a Chapter 11 plan. Prince George's County holds a statutory first-priority lien on the Debtor's personal property. The order is available at https://shorturl.at/2fKlB Kim Engineering's cash collateral consists of monthly operating income of approximately $574,361, recovered funds from a previously frozen PNC account ($145,200), post-petition receivables mistakenly deposited into an owner's personal account ($19,200.90), potential recoveries from UCC lien creditors' preference payments ($150,802), and withheld funds from Block, Inc. ($11,548). The only secured creditors identified are the IRS and the Comptroller of Maryland, with total outstanding tax liens exceeding $11 million, secured by virtually all of the Debtor's assets. However, because the total asset value is only approximately $6.2 million, these tax creditors are undersecured. Several other creditors have filed UCC-1 financing statements but due to their junior position, they are considered unsecured. About Kim Engineering Inc. Kim Engineering Inc. is a professional engineering services firm based in Laurel, Maryland. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-16453) on July 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $50 million and estimated liabilities between $10 million and $50 million. Judge Lori S. Simpson oversees the case. The Debtor is represented by Weon G. Kim, Esq., at Weon G. Kim Law Office. KINGDOM LAND: Seeks to Hire Bach Law Offices as Bankruptcy Counsel ------------------------------------------------------------------ Kingdom Land Investment Group Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Bach Law Offices, Inc. as its attorneys. The firm will render these services: (a) negotiate with creditors; (b) prepare a plan and disclosures statement; (c) examine and resolve claims filed against the estate, preparation and prosecution of adversary matters; and (d) represent the Debtor in matters before this Court. The firm's attorneys will be paid at these hourly rates: Paul Bach, Esq. $425 Penelope Bach, Esq. $425 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $10,000, plus the filing fee of $1,738. Mr. Bach disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul M. Bach, Esq. Bach Law Offices, Inc. P.O. Box 1285 Northbrook, IL 60062 Telephone: (847) 564-0808 About Kingdom Land Investment Group Inc. Kingdom Land Investment Group Inc, headquartered in Riverside, Illinois, is a real estate investment firm that owns and operates residential properties in the Chicago metropolitan area. Its holdings include a multi-family property at 5426 W. Flournoy Street, Chicago, IL 60644, maintained as a rental income asset. The company focuses on multi-unit residential investments, catering primarily to tenants while pursuing long term asset growth and income generation. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-05529) on March 29, 2026, with $1 million to $10 million in assets and liabilities. Lamar D. Johnson, managing member, signed the petition. Judge Michael B. Slade presides over the case. Penelope Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. KUKUIULA VISTAS: Commences Chapter 11 Bankruptcy in Georgia ----------------------------------------------------------- On May 14, 2026, Kukuiula Vistas, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 18, 2026 at 11:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About Kukuiula Vistas, LLC Kukuiula Vistas, LLC is a limited liability company. Kukuiula Vistas, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20770) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. LAFEYETTE PHYSICAL: Seeks to Hire Belvedere Legal as Legal Counsel ------------------------------------------------------------------ Lafeyette Physical Therapy, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Belvedere Legal, a Professional Corporation, as counsel. The firm will provide these services: (a) advise and represent the Debtor to all matters and proceedings within this Chapter 11 case, other than those particular areas that may be assigned to special counsel; (b) assist, advise and represent the Debtor in any manner relevant to a review of its debts, obligations, maximization of its assets and where appropriate, disposition thereof; (c) assist, advise and represent to the Debtor in the operation, reorganization, and/or liquidation of its business, if appropriate; (d) assist, advise and represent the Debtor in the performance of all of its duties and powers under the Bankruptcy Code and Bankruptcy Rules, and in the performance of such other services as are in the interests of the estate; and (e) assist, advise and represent the Debtor in dealing with its creditors and other constituencies, analyzing the claims in this case and formulating and seeking approval of a Plan of Reorganization. Matthew Metzger, Esq., the primary attorney in this representation, will be paid at his hourly rate of $695. On October 31, 2025, the Debtor paid the firm an initial retainer of $5,000. The firm received another retainer of $65,000 on January 15, 2026. Ms. Metzger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew D. Metzger, Esq. Belvedere Legal, PC 1777 Borel Place, Suite 314 San Mateo, CA 94402 Telephone: (415) 513-5980 Facsimile: (415) 513-5985 Email: mmetzger@bevederelegal.com About Lafeyette Physical Therapy Inc. Lafeyette Physical Therapy, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40819) on April 20, 2026, listing under $1 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. The Debtor is represented by Matthew D. Metzger, Esq., at Belvedere Legal, PC. LEXORA INC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New Dork entered an order authorizing Lexora Inc. to enter into a post-petition factoring arrangement with SouthStar Financial, LLC and to continue using cash collateral belonging to SouthStar, Dime Community Bank and Libertas Funding, LLC. Under the order, the Debtor may sell up to $150,000 in accounts receivable to SouthStar through May 28, at 5:00 p.m. The receivables sold under the post-petition factoring arrangement become the sole property of SouthStar and are transferred free and clear of liens and claims pursuant to Section 363(f) of the Bankruptcy Code. The Debtor is also authorized to continue using proceeds from the factoring arrangement and other cash collateral in accordance with either the approved factoring budget or non-factoring budget, subject to a 10% variance. As protection for SouthStar's obligations under the factoring arrangement, the court granted SouthStar first-priority post-petition liens and security interests in substantially all prepetition and post-petition assets of the Debtor, excluding certain carve-outs such as U.S. Trustee fees, limited Chapter 7 trustee fees, avoidance actions, and assets subject to purchase money security interests. The court further granted SouthStar superpriority administrative expense status under Section 364(c)(1) of the Bankruptcy Code, giving its claims priority over most other administrative expenses. In addition, the court granted replacement liens to SouthStar, Dime, and Libertas to protect against any diminution in the value of their collateral resulting from the Debtor's use of cash collateral. The order also modifies the automatic stay to permit SouthStar to collect directly on accounts receivable sold before and after the bankruptcy filing, file financing statements, enforce remedies upon default, and recover fees and expenses under the factoring arrangement. The Debtor must maintain insurance coverage, file detailed monthly operating reports, and comply with the approved budgets. The Debtor's authority to use cash collateral will terminate upon specified default events, including dismissal or conversion of the Chapter 11 case, confirmation of a plan, uncured defaults, or cessation of operations. Objections to final approval are due by May 29, and the court scheduled a final hearing for June 4. A copy of the court's order is available at https://shorturl.at/ypgNE from PacerMonitor.com. About Lexora Inc. Lexora Inc., founded in 2009 and headquartered in New York, sells bathroom and kitchen products through online and showroom channels. The company offers vanities, bathtubs, faucets, mirrors, lighting, and related accessories, and it also works with factories in Asia to develop and source its product lines. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-10751) on April 6, 2026, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Andrey Bogan, in his capacity as president, signed the petition. Robert L. Rattet, Esq., at avidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. LIBERTY CARRIERS: Seeks to Hire Ryan C. Wood as Bankruptcy Counsel ------------------------------------------------------------------ Liberty Carriers, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ the Law Offices of Ryan C. Wood, Inc. to handle its Chapter 11 case. Ryan Wood, Esq., the primary attorney in this representation, will be paid at his hourly rate of $475, plus expenses. The firm received a pre-petition retainer of $10,000 and the court filing fee of $1,738 from the Debtor. Mr. Wood disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd., Ste. 218 Redwood City, CA 94063 Telephone: (650) 366-4858 Facsimile: (650) 366-4875 About Liberty Carriers Inc. Liberty Carriers, Inc. is a dump truck service business based in Livermore, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-40730) on April 8, 2026. In the petition signed by Gurmit Singh, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Charles Novak oversees the case. Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc., represents the Debtor as counsel. LOBO INVESTMENTS: Seeks to Hire Century 21 as Real Estate Broker ---------------------------------------------------------------- Lobo Investments, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Century 21 Allstar as real estate broker. The Debtor needs a real estate agent to market and sell its property located at 2111 S. Bronson Avenue, Los Angeles, California. The firm will receive a commission of 4 percent of the property's gross sales price. Carlos Nogales, a real estate agent at Century 21 Allstar, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Carlos Nogales Century 21 Allstar 9155 Telegraph Rd. Pico Rivera, CA 90660 Telephone: (626) 391-7318 Email: carlos.nogales@c21allstars.com About Lobo Investments LLC Lobo Investments, LLC filed a Chapter 11 bankruptcy petition (Bankr. C.D. Cal. Case No. 26-11450) on Feb. 17, 2026, listing up to $10 million in both assets and liabilities. Judge Sheri Bluebond oversees the case. The Debtor tapped Anyama Law Firm, A Professional Law Corporation as counsel. LUCKY BUCKS: Phenixfin Corp Marks $2.19MM Loan at 20% Off --------------------------------------------------------- Phenixfin Corp has marked its $2,193,456 loan extended to Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC) to market at $1,754,765 or 80% of the outstanding amount, according to Phenixfin's 10-Q for the quarter ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Phenixfin Corp is a participant in a loan extended to Lucky Bucks, LLC (dba Arc Gaming & Technologies LLC). The Loan accrues interest at a rate of SOFR + CSA + 7.50 %, 5.00 % PIK, 1.00 % Floor per annum. The Loan matures on Oct. 2, 2029. PhenixFIN Corp is a closed-end, externally managed, non-diversified investment company that operates as a business development company, providing debt and equity financing to middle-market companies. The Fund is led by David Lorber as Chief Executive Officer (Principal Executive Officer) and Ellida McMillan as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: The Corporate Secretary PHENIXFIN CORPORATION 445 Park Avenue, 10th Floor New York, NY 10022 Telephone: (212) 859-0390 About LUCKY BUCKS Lucky Bucks, LLC, doing business as Arc Gaming & Technologies LLC, operates in the consumer discretionary sector, providing gaming and related entertainment technology services. M2I GLOBAL: Posts 1Q Net Loss of $1.89 Million ---------------------------------------------- M2i Global, Inc. reported a first-quarter net loss of $1.89 million, compared with a net loss of $1.06 million a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. The company reported no revenue for the three months ended March 31, 2026, unchanged from the prior-year period. Operating expenses rose to $2.01 million from $1.05 million, driven by higher professional fees, and loss from operations widened to $2.01 million from $1.05 million. As of March 31, 2026, the company reported total assets of $170,196, total liabilities of $8.28 million and total stockholders' deficit of $8.11 million. Cash was $67,283, down from $515,438 at Dec. 31, 2025, and accumulated deficit was $15.50 million as of March 31, 2026. The company said it had no revenue, incurred recurring losses and accumulated deficit, and that those conditions raise substantial doubt about its ability to continue as a going concern. Management added the company may be dependent on additional investment capital to fund operating expenses and anticipates the requirement to raise significant debt or equity capital to fund future operations. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1753373/000149315226023620/form10-q.htm About M2i Global M2i Global, Inc. is an Incline Village, Nevada-based company focused on developing and executing a global value supply chain for critical minerals for the U.S. government and U.S. free trade partners. The company, formerly known as Inky Inc., became the sole shareholder of U.S. Minerals and Metals Corp. in 2023 and shifted its business to critical minerals. Its planned business units include mining, processing and refining; scrap and recycling; and government and defense industrial base activities. In an audit report dated Jan. 28, 2026, TAAD LLP included a going concern qualification, stating that the company had limited revenues and recurring losses. The conditions raised substantial doubt about the company's ability to continue as a going concern. MAJORDRIVE HOLDINGS: Great Elm Marks $2MM Bond at 26% Off --------------------------------------------------------- Great Elm Capital Corp. has marked its $2,000,000 bond issued by MajorDrive Holdings IV, LLC to market at $1,481,000 or 74% of the outstanding amount, according to Great Elm's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Great Elm Capital Corp. owns a bond issued by MajorDrive Holdings IV, LLC. The Bond accrues interest at a rate of 6.38 % per annum. The Bond matures on June 1, 2029. Great Elm Capital Corp. is a corporate issuer in the leveraged finance market. The Fund can be reached at: The Corporate Secretary Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603 Palm Beach Gardens, FL 33410 Telephone: (617) 375-3006 About MAJORDRIVE HOLDINGS IV, LLC MajorDrive Holdings IV, LLC operates in the consumer products sector, offering branded goods to retail and end-user markets. MANDS ELECTRIC: Hires Richard P. Cook PLLC as Special Counsel ------------------------------------------------------------- Mands Electric NC LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Richard P. Cook, PLLC as special counsel. The firm will represent the bankruptcy estate in the investigation and prosecution of causes of action under Chapter 5 of the Bankruptcy Code, and all other matters related thereto. The firm shall be entitled to one-third (1/3 or 33.33%) of the gross proceeds of any recovery by the estate. As disclosed in the court filings, Richard P. Cook, PLLC is a disinterested person who does not hold or represent an interest adverse to the estate, has no connection or relationship to or with the Debtor, its creditors, or any other party in interest, or their respective attorneys or accountants with respect to the matter in which it is employed. The firm can be reached through: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28409 Tel: (910) 399-3458 Email: richard@capefeardebtrelief.com About MANDS Electric NC LLC MANDS Electric NC LLC is a North Carolina-based electrical contracting company specializing in wiring new residential construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-01997) on May 1, 2026. In the petition signed by Mark Anthony McGarity, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. Ciara L. Rogers, Esq., at Waldrep Wall Babcock & Bailey PLLC, represents the Debtor as legal counsel. MANDS ELECTRIC: Hires Waldrep Wall Babcock & Bailey as Counsel -------------------------------------------------------------- MANDS Electric NC, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carlina to employ Waldrep Wall Babcock & Bailey PLLC as counsel. The firm will provide these services: (a) advise the Debtor of its rights, powers, and duties; (b) advise the Debtor on all general bankruptcy matters; (c) prepare all necessary legal papers in connection with the administration of the Debtor's bankruptcy estate on its behalf; (d) assist other professionals retained by the Debtor in the investigation of the acts, conduct, assets, liabilities, and its financial condition, and any other matters relevant to this bankruptcy case or to the formulation of a plan of reorganization or liquidation; (e) represent the Debtor at all hearings on matters relating to its affairs and interests before this Court and any appellate courts, and protect its interests; (f) prosecute and defend any litigated matters that may arise during this bankruptcy case; (g) investigate the validity, extent, and priority of any secured claims against the Debtor's bankruptcy estate, and investigate the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; (h) prepare, file, negotiate, present, and implement a plan of reorganization or liquidation, as appropriate; (i) represent the Debtor on matters relating to the assumption or rejection of executory contracts and unexpired leases; and (j) perform other necessary legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case. The firm's counsel and staff will be paid at these hourly rates: Ciara Rogers, Partner $450 Jennifer Lyday, Partner $450 Robert Decker, Associate $300 Katharine Hayden, Paralegal $250 Marybeth Ford, Paralegal $250 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 and the filing fee of $1,738 from the Debtor. Ms. Rogers disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Telephone: (984) 480-2005 Email: crogers@waldrepwall.com About MANDS Electric NC LLC MANDS Electric NC LLC is a North Carolina-based electrical contracting company specializing in wiring new residential construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01997) on May 1, 2026. In the petition signed by Mark Anthony McGarity, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. Ciara L. Rogers, Esq., at Waldrep Wall Babcock & Bailey PLLC represents the Debtor as counsel. MAR ENTERPRISES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- MAR Enterprises, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, to use the cash collateral of the U.S. Small Business Administration. The court authorized the Debtor to use up to $178,183.46 in cash collateral during the 21-day period following entry of the order. The funds may only be used in accordance with the operating budget. The 21-day operating budget projects generating approximately $30,000 in gross revenue from current logistics contracts and collecting about $152,346 from accounts receivable and new billings, for total expected income of $182,346. The expenses over the same period total approximately $178,183. Based on these projections, the Debtor anticipates a modest positive net cash flow of roughly $4,162 over the three-week period. The U.S. Small Business Administration and Gass Automotive, Inc. may claim rights in the Debtor's cash and receivables. The SBA holds a blanket lien on all assets of the Debtor while Gass Automotive is identified as a judgment creditor. As protection, the SBA will be granted replacement liens on the Debtor's post-petition assets similar to its pre-petition collateral. J.P. Morgan Chase Bank was directed to release its administrative hold on the Debtor's primary operating account at the bank so the Debtor could make authorized disbursements. Although bankruptcy rules generally require a separate debtor-in-possession (DIP) account, the court temporarily waived that requirement, allowing the Debtor to continue using the existing account while a formal DIP account is being established. The Debtor's operating bank account at JPMorgan was placed under an administrative hold totaling approximately $374,708. The hold resulted from a pre-petition judgment collection effort by a creditor. This freeze has already disrupted ordinary business operations. A final hearing is scheduled for June 4. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/dOUQH from PacerMonitor.com. About MAR Enterprises LLC MAR Enterprises, LLC operates a logistics and trucking business. MAR Enterprises filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 26-70123) on May 4, 2026, with up to $500,000 in assets and up to $1 million in liabilities. Melissa Haselden, Esq., at Haselden Farrow, PLLC serves as Subchapter V trustee. Judge Eduardo V. Rodriguez oversees the case. Marcos Demetrio Oliva, Esq., at Marcos D. Oliva, PC, represents the Debtor as legal counsel. MARLIN CONSTRUCTION: Gets OK to Tap Millennial Law as Legal Counsel ------------------------------------------------------------------- Marlin Construction Group, LLC received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Millennial Law, Inc. as counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties; (b) 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; (c) prepare documents necessary for the efficient administration of this case; (d) protect the interests of the Debtor in all matters pending before the Court; (e) represent the Debtor in negotiations with its creditors and in the preparation of a plan; and (f) perform all other legal services that may be necessary for the proper preservation and administration of this Chapter 11 case. The firm will be paid at these hourly rates: Attorneys $450 - $550 Paralegals $250 In addition, the firm will seek reimbursement for expenses incurred. Prior to the petition date, the Debtor paid the firm $21,738 as retainer. Andrew Wit, Esq., a member at Millennial Law, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Andrew J. Wit, Esq. Millennial Law, Inc. 6421 N. Florida Avenue, Suite D-1058 Tampa, FL 33604 Telephone: (813) 522-6069 About Marlin Construction Group LLC Marlin Construction Group LLC is a construction company based in St. Petersburg, Florida. Marlin Construction Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04985) on July 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000 each. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Andrew J. Wit, Esq. at Jennis Morse. MAVERICK GAMING: Great Elm Marks $1.6MM Loan at 39% Off ------------------------------------------------------- Great Elm Capital Corp. has marked its $1,603,000 million loan extended to Maverick Gaming LLC to market at $970,000 or 61% of the outstanding amount, according to Great Elm's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Great Elm Capital Corp. is a participant in a loan extended to Maverick Gaming LLC. The Loan is on non-accrual status. The Loan matures on April 16, 2026. Great Elm Capital Corp. is a corporate issuer in the leveraged finance market. The Fund can be reached at: The Corporate Secretary Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603 Palm Beach Gardens, FL 33410 Telephone: (617) 375-3006 About MAVERICK GAMING LLC Maverick Gaming LLC operates in the casinos and gaming industry, running gaming facilities and related entertainment properties. MEGA KYON: Hires Lipton Law Group LLC as Bankruptcy Counsel ----------------------------------------------------------- Mega Kyon, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Lipton Law Group, LLC as counsel. The firm's services include: (i) advising the Debtor with respect to its duties as a debtor-in-possession; (ii) advising the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan of reorganization; (iii) representing the Debtors at all hearings in this matter; (iv) preparing all necessary and appropriate applications, schedules, statements, motions, answers, proposed orders, reports, pleadings and other documents, and review all financial and other reports to be filed in the Chapter 11 proceeding; (v) reviewing and analyzing the nature and validity of any liens asserted against the Debtors' property; (vi) reviewing and analyzing claims against the Debtor, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; and (viii) performing all other legal services as may be necessary or appropriate during the course of the Debtors' bankruptcy proceeding. The firm will be paid at these rates: Marques C. Lipton $375 per hour The firm was paid a retainer in the amount of $15,000, and the Chapter 11 filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Lipton disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Marques C. Lipton, Esq. Lipton Law Group, LLC 945 Concord Street Framingham, MA 01701 Telephone: (508) 202-0681 Email: marques@liptonlg.com About Mega Kyon, Inc. Mega Kyon, Inc., doing business as Pet Supplies Plus, operates a pet supplies retail store at 1150 Newport Ave. in Attleboro, Massachusetts. The company sells pet food, supplies, and related products for dogs, cats, reptiles, small animals, wild birds, and other pets. It also provides grooming, dog wash, veterinary clinic access, online ordering, curbside pickup, and same-day delivery services. Mega Kyon, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-40523) on May 4, 2026, listing $262,309 in assets and $1,840,224 in liabilities. The petition was signed by John Barris as president. Judge Elizabeth D Katz presides over the case. Marques Lipton, Esq. at LIPTON LAW GROUP, LLC serves as the Debtor's counsel. MERIDIAN ARC: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has assigned Meridian Arc HoldCo (Meridian Arc) a Long-Term Issuer Default Rating (IDR) of 'BB'. Fitch has also assigned Meridian Arc's $5.7 billion senior secured notes a rating of 'BB'. The Rating Outlook is Stable. The 'BB' rating reflects high completion risk on 430 MW data centers. The sponsor and contractor have limited data center experience, the construction schedule is aggressive, and there is no guaranteed maximum price (GMP) contract. Key mitigants include rentalization of cost through yield-on-cost mechanism and the lender's technical advisor's (LTA) view that the schedule is achievable using modular construction. The project also faces power supply risk. Revenue downside risk is reduced by Google's lease guarantee. Cash flow during the initial lease term is sufficient to repay debt under Fitch's rating case assumptions, while financing terms are weaker than typical project finance protections. The IDR matches the debt ratings, reflecting senior ranking and no material subordinated liabilities. KEY RATING DRIVERS Completion Risk - Weaker Simple Construction, No GMP Yet The assessment reflects relatively straightforward data center construction but is constrained by the sponsors' and contractor's modest data center track record, the absence of a GMP contract, and a tight implementation schedule. The LTA considers the contingency adequate and the budget reasonable to mitigate cost escalation risks. Another key mitigant is the lease's tiered yield-on-cost mechanism, which is subject to a construction cost cap and provides rentalization capacity above current costs. Fitch expects a final GMP to be signed by June 2026, lowering cost overrun risk. The schedule is aggressive, with 9.5 months to target floor access for Building 1's first data hall and 10.5 months for Building 2. However, the LTA believes it is achievable, supported by modular construction. There is no lease termination for completion delays, and delay risk is heightened by stringent rent credits tied to both target floor access and target commencement dates. A fully funded six-month debt service reserve account (DSRA) and phased completion provide partial mitigation for a delay up to four months. Supply Risk - Midrange Power Infrastructure Yet to be Constructed The project is exposed to power supply risk because it depends on a new customer substation that is still under development. Management expects the substation to be energized well before the first 65 MW data hall starts in July 2027, with 300 MW available by December 2026 and the remaining 320 MW by March 2027. The utility substation is complete, while the connecting transmission line is being developed by Hoosier Energy and has a limited scope. An affiliate of Meridian Arc has executed a Multi Party Service Agreement (MPSA) with Hoosier Energy and WIN Energy, which will be assigned to the tenant at financial close. Power costs are fully passed through to the tenant, but the tenant may terminate the lease if the power contract ends and critical power is not restored within 60 days. Revenue Risk - Stronger No Lease Renewal Risk; Google Lease Guarantee The project's cash flow is contracted under a 15-year initial lease, with three five-year extensions. The key primary tenant, Fluidstack USA V Inc., is unrated by Fitch. However, this is mitigated by Google's lease guarantee, which requires Google to assume the lease or pay termination amounts covering outstanding debt under specified circumstances. Base rent is calculated on a tiered yield-on-cost rate with a construction cost cap. Both are lower if Google assumes the lease. Fitch's rating case assumes initial lease term cash flow is sufficient to fully amortize debt post refinancing, which eliminates reliance on lease renewal. Operation Risk - Stronger Triple Net Lease, Operator's Limited Track Record The triple-net lease passes operating costs, including electricity, taxes, and insurance, to the tenant, limiting exposure to cost inflation. The landlord remains responsible for repair, maintenance of building and mechanical, electrical and plumbing infrastructure, but there are no service level agreements, reducing performance risk. Project-level electrical, mechanical, and cooling redundancies also support operations. This is partly offset by the sponsor's limited operating history. The tenant has termination rights if a landlord default causes 10% or more of gross power or tenant space to become inoperable and this is not cured within 30 days. Infrastructure Development & Obsolescence Risk - Neutral Newly Built Data Center, Low Maintenance Exposure to technological obsolescence is limited, as debt can fully amortize within the lease term under Fitch's rating case. Fitch expects the useful life of the newly built facilities, the data centers' core mechanical and electrical systems to extend beyond the initial lease term, which reduces the likelihood of large capital needs. Any capex requirement is also mitigated by full reimbursement from the tenant within the lease term. Debt Structure - 1 - Weaker Refinance Risk, Additional Debt Allowance The fixed-rate senior secured notes mature in 2031, creating refinancing risk, particularly given the sponsors' limited refinancing track record. This risk is partly mitigated by the absence of reliance on lease renewals to repay debt and by liquidity support, including an upfront fully funded DSRA covering about six months of debt service plus funded interest during construction. Debt provisions are weaker than typical project finance structures. The issuer may undertake mergers or consolidations without rating affirmation, reinvest certain proceeds in the project or similar businesses, or enter JVs. However, it cannot issue additional debt beyond permitted allowance. Special purpose entity restrictions partly offset these features. Post commencement, the project may regear up to an amount equal to equity contributions net of the DSRA. This would increase loan to cost to 95% from 92% currently. Fitch views this risk as partially mitigated. Even if Google assumes the lease, resulting in rent step down, cash flows from the initial lease term and available liquidity would be sufficient to fully amortize the debt. Peer Analysis The closest peers are Cipher Compute LLC (BB-/Stable) and WULF Compute LLC (BB/Stable). Like these peers, Meridian Arc faces elevated completion risk from early construction and the absence of a GMP and benefits from a lease supported by a Google lease guarantee. Meridian Arc and WULF Compute have tighter restrictions on additional debt while Cipher Compute has more flexibility to raise additional debt for expansion. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant delay in finalizing a GMP or construction delays that result in unavoidable costs not covered by contingencies or the debt service reserve; - Degradation in financial performance leading to sustained DSCR below 1.10x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Satisfactory commissioning of all tranches in line with lease terms, together with sustained operational and financial performance with DSCR above 1.15x. Financial Profile Fitch's base and rating cases assess cash flow over the initial 15-year lease term and assume the maximum additional debt allowance. Although opex and maintenance costs are passed through under the triple-net lease, Fitch applies a capex stress to test liquidity before reimbursement. The rating case also includes stress to the refinancing rate, resulting in an 8% rate in year five. Fitch forecasts strong post-commencement performance, with a 1.38x project life coverage ratio (PLCR) at refinancing in 2031 under the rating case. The ratio is consistent with an investment-grade rating, but the expected rating factors in the weaker completion risk assessment. TRANSACTION SUMMARY Meridian Arc HoldCo is indirectly owned by Fluidstack Indiana Inc. and Frontier Holdings Indiana LLC. It is issuing $5.7 billion of senior secured notes to build a data center with critical IT capacity of 430MW in Indiana. Proceeds will fund the project with around 92% debt-to-cost ratio, together with $505 million equity funded at close. While Fitch has received the executed financing and security documents, the mortgage has not yet been delivered. The indenture permits the issuer up to 180 days following closing to deliver the mortgage and related real estate deliverables. SECURITY First-priority liens on substantially all Meridian Arc HoldCo and subsidiary guarantor assets, contracts, and cash flows, together with a pledge of issuer equity by its direct parent. Date of Relevant Committee 16-Apr-2026 Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Meridian Arc HoldCo. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Meridian Arc HoldCo LT IDR BB New Rating BB(EXP) Meridian Arc HoldCo/Senior Secured Notes/1 LT LT METATIEDOT BIDCO: Golub Capital BDC Marks $826,000 Loan at 19% Off ------------------------------------------------------------------ Golub Capital BDC Inc. has marked its $826,000 loan extended to Metatiedot Bidco Oy & Metatiedot US, LLC to market at $671,000 or 81% of the outstanding amount, according to Golub Capital BDC's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Golub Capital BDC Inc. is a participant in a one stop loan extended to Metatiedot Bidco Oy & Metatiedot US, LLC. The loan accrues interest at a rate of E + 5.00 % (c) 7.16 % per annum. The loan matures on November 2030. Golub Capital BDC, Inc. is a business development company that provides financing solutions to middle-market companies. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital BDC, Inc. 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Metatiedot Bidco Oy & Metatiedot US, LLC Metatiedot Bidco Oy & Metatiedot US, LLC appears to be a privately held corporate borrower utilizing one-stop private credit financing for its business operations. MIDWEST ENGINEERED: Court Overrules Objections to Plan Confirmation ------------------------------------------------------------------- Judge William J. Fisher of the U.S. Bankruptcy Court for the District of Minnesota overruled the objections of Bonfiglioli USA, Inc. and the U.S. Trustee to the confirmation of Midwest Engineered Components, Inc.'s Fourth Modified Chapter 11 Small Business Subchapter V Plan. The Debtor's schedules show $279,897.47 in assets and $358,390.61 in liabilities. The largest scheduled asset is a $250,000.00 claim against Bonfiglioli. The Debtor has not succeeded in recovering on that claim against Bonfiglioli. Only three unsecured creditors filed a proof of claim: Bonfiglioli for $280,001.00; JPMorgan Chase Bank, N.A. for $2,935.47; and the IRS for $68.47. Bonfiglioli's disputed claim is based on a $280,001.00 judgment obtained against the Debtor following a jury trial in Case No. 23-cv-14 in the United States District Court for the Eastern District of Kentucky. On November 14, 2025, the Debtor filed its First Modified Chapter 11 Small Business Subchapter V Plan. The First Modified Plan projected $290,000.00 in revenue for 2026, $360,000.00 in revenue for 2027, and $400,000.00 in revenue for 2028. On December 1, 2025, Regal Beloit America, Inc. entered into a representative agreement with Technical Partners Group Inc. ("TPG"). Under the agreement, TPG will be promoting and selling certain Regal products. The Debtor is handling technical support and customer service between TPG and Regal so that TPG can focus on sales. TPG and the Debtor signed a contract covering that arrangement. TPG is paying the Debtor $5,000.00 per month in exchange for that technical support and customer service work. On March 28, 2026, the Debtor filed its Fourth Modified Chapter 11 Small Business Subchapter V Plan. The Fourth Modified Plan projects $258,000.00 in revenue for 2026, $283,000.00 in revenue for 2027, and $320,000.00 in revenue for 2028. The Fourth Modified Plan proposes to pay unsecured creditors $180,000.00 over 36 months, which is $5,000.00 per month. The Debtor estimates that general unsecured creditors would receive a total of $16,235.63 in a Chapter 7 liquidation. Every six months after the plan's effective date, each holder of an undisputed general unsecured claim will receive its pro-rata share of the escrowed funds. A holder of a disputed general unsecured claim will not receive any distribution until its claim has been allowed by a final, non-appealable order. Bonfiglioli's claim is the only disputed claim. Objections Bonfiglioli and the U.S. Trustee object to the Debtor's Fourth Modified Plan on three grounds. First, Bonfiglioli argues the plan is proposed in bad faith. Second, Bonfiglioli and the U.S. Trustee argue the plan is not feasible. Third, Bonfiglioli and the U.S. Trustee argue the plan is not fair and equitable. All these objections are overruled. The Debtor and the Subchapter V Trustee argue that plan confirmation will preserve estate value and that liquidation would not benefit anyone -- including Bonfiglioli. Both the Debtor and the Subchapter V Trustee also emphasize that the Debtor has employees and subreps to whom the business is crucial. The Subchapter V Trustee also notes that there are other creditors in the case. The Court agrees with the Debtor and the Subchapter V Trustee that the Fourth Modified Plan has been proposed in good faith. It is true that Bonfiglioli is the main creditor in this case and will receive less than the full judgment amount. However, denying confirmation would only further diminish Bonfiglioli's recovery. The Court finds the totality of the circumstances establishes that the Fourth Modified Plan has been proposed in good faith. Bonfiglioli and the U.S. Trustee correctly note that the Debtor's projections under the Fourth Modified Plan differ from the Debtor's previous projections. Both projected revenue and projected expenses have decreased. Bonfiglioli and the U.S. Trustee argue this makes the Debtor's projections unreliable because the reductions have been significant, yet the Debtor still projects the same $60,000.00 of annual profits. The Debtor argues the projections have changed because more performance data allows the Debtor to make more accurate projections over time. The Court finds the Fourth Modified Plan's projections to be reasonable. The plan requires $5,000.00 monthly payments. The Debtor's monthly operating reports show modest, positive net cash flows each month from June 2025 to December 2025. Now, the Debtor has secured a new contract (which is in the record) that the Debtor expects will increase monthly revenue by $5,000.00. Bonfiglioli and the U.S. Trustee argue the Fourth Modified Plan is not fair and equitable because it does not commit all the Debtor's projected disposable income to plan payments. Bonfiglioli asserts that the Debtor should be proposing to pay $120,000.00 annually because prior plans proposed $60,000.00 in annual payments but did not include the TPG contract. The U.S. Trustee contends the annual payments should be no less than $75,000.00 annually based on recent operating statements, the TPG contract, and accounting costs. According to the Court, there simply is no evidence for Bonfiglioli's suggestion that the Debtor has $120,000.00 in annual disposable income. Therefore, the Fourth Modified Plan is fair and equitable. The Court finds Bonfiglioli and the U.S. Trustee have failed to rebut the Debtor's showing that the Fourth Modified Plan is proposed in good faith, feasible, fair and equitable, and otherwise confirmable. A copy of the Court's Order dated May 12, 2026, is available at http://urlcurt.com/u?l=hfTcQVfrom PacerMonitor.com. About Midwest Engineered Components Midwest Engineered Components Inc. is a professional services company based in Burnsville, Minn. Midwest Engineered Components sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-31318) on April 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,000 and $500,000. The Debtor is represented by John D. Lamey, III, Esq. at Lamey Law Firm, P.A. MILE HIGH: Gets Final OK to Use Cash Collateral ----------------------------------------------- Mile High Recovery Center, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its budget. In addition to approved budget amounts, the order authorized the Debtor to make "adequate protection" payment of $2,885.06 per month to the Colorado Department of Revenue and $5,000 per month to JPMorgan Chase Bank starting June 1. The Debtor may also pay any retainer requested by the Subchapter V trustee, subject to court approval. As protection for any diminution in the value of their interests in the cash collateral, the Colorado Department of Revenue, JPMorgan and the U.S. Small Business Administration were granted replacement liens on all post-petition accounts receivable. The replacement liens became effective immediately upon entry of the order. Additional protection includes adequate insurance, proper maintenance of the collateral, payment of post-petition taxes, and submission of financial reports and monthly budget-to-actual variance reports to JPMorgan. Events of default include conversion or dismissal of the Debtor's Chapter 11 case, relief from stay against JPMorgan's collateral, or failure to comply with the order or budget terms. If a default is alleged, the Debtor has 14 days to cure or dispute it before its authority to use cash collateral terminates. The order is available at https://shorturl.at/lZ2Da from PacerMonitor.com. About Mile High Recovery Center LLC Mile High Recovery Center, LLC provides drug and alcohol rehabilitation services and expanded to multiple residential facilities and a treatment center offering inpatient and outpatient care. Mile High Recovery Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-12796) on April 23, 2026, with up to $500,000 in assets and up to $10 million in liabilities. Brice Hancock, president of Mile High Recovery Center, signed the petition. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., represents the Debtor as legal counsel. MILNER SPORTS: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado entered an interim order authorizing Milner Sports, LLC to use cash collateral. Under the order, the Debtor is authorized to use cash collateral in accordance with the budget, together with payment of any fees owed to the United States Trustee. The authority to use cash collateral remains in effect through the date of the final hearing on the motion. The Debtor is also permitted reasonable flexibility in operating expenses, with individual budget line items allowed to fluctuate by up to 15% per month. As adequate protection for any creditor holding a properly perfected security interest in the cash collateral, the court granted replacement liens on the debtor's post-petition accounts receivable to the extent the use of cash collateral diminishes the value of the creditor's collateral interest. The Debtor is additionally required to maintain adequate insurance coverage on its personal property assets, preserve collateral in good repair, pay all post-petition taxes, and provide creditors with periodic financial reports and debtor-in-possession reports filed with the bankruptcy court. A final hearing is scheduled for June 12. About Milner Sports, LLC Milner Sports, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 26-13150) with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. The petition was signed by Rebecca Milner as manager. Judge Hon. Kimberley H Tyson oversees the case. The Debtor is represented by: Aaron A Garber, Esq. Tel: 303-296-1999 Email: agarber@wgwc-law.com MINISTERIOS UNA: Seeks to Hire Somos Group LLC as Consultant ------------------------------------------------------------ Ministerios Una Voz Profetica En Las Naciones Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Somos Group, LLC as consultant. The firm will render these services: a. make an introduction to organizations that support the remediation and cleanup of former industrial properties and explore potential funding opportunities by such organizations for the purpose of regulatory agency consultation and clean up assessment; b. work with Debtor to select the most appropriate environmental consultant to be the primary advocate with the agencies that are likely to have jurisdiction over the oversight and remediation determination; discuss with Debtor the possibility of working with state and local agencies including DTSC or the local office of the Regional Board; c. develop a concrete plan for obtaining a comfort letter or no further action determination in coordination with the environmental engineering firm to be selected. Please note that that firm would be the subject of additional environmental costs to be approved by Debtor and the Bankruptcy Court; and d. support with the evaluation of the site and the existing landscape concerning litigation and environmental conditions to present the project to several financial institutions. For this limited scope, the firm can commit to two introductions and continued engagement associated with potential refinancing. The firm will be compensated on a monthly retainer basis of $12,500, increasing to $15,000 effective June 1, 2026. To the extent services are provided outside the scope of the monthly retainer, such services shall be billed at the firm's standard hourly rates, currently ranging from $360 to $870 per hour. As disclosed in the court filings, Somos Group, LLC is a "disinterested person" under section 101(14) of the Bankruptcy Code. The firm can be reached through: Alfred Fraijo Jr. Somos Group, LLC 304 South Broadway, Suite 350 Los Angeles, CA 90013 Tel: (213) 592-2966 Email: alfred@somosgroup.org About Ministerios Una Voz Profetica En Las Naciones Inc. Ministerios Una Voz Profetica En Las Naciones Inc. is a nonprofit religious corporation that provides faith-based services and religious education programs Ministerios Una Voz Profetica En Las Naciones Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20769) on December 1, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Sheila Esmaili, Esq. of LAW OFFICES OF SHEILA ESMAILI. MNH ENTERPRISE: Hires SBC Accountancy Corporation as Accountant --------------------------------------------------------------- MNH Enterprise, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ SBC Accountancy Corporation as accountant. The firm will prepare and provide financial reporting to be made in connection with this case, including income and expense reports, financial statements, tax returns, monthly operating reports and providing data necessary for interim statements and operating reports, or bookkeeping, payroll, tax return preparation, Monthly Operating Report preparation and audit defense. The fee to represent the Debtor in its CDTFA audit is a flat fee of $6,000. The fee for preparation of the Debtor's Monthly Operating Reports is a flat fee of $675 per month, and $300 per month for general accounting and bookkeeping services, payroll processing and reporting, and sales tax return. Sung Bum Cho, CPA, owner of SBC Accountancy Corporation, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Sung Bum Cho, CPA SBC Accountancy Corporation 512 S. Wilton Place Los Angeles, CA 90020 Phone: (213) 382-6789 Email: sungbumchocpa@gmail.com About MNH Enterprise Inc. MNH Enterprise, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10408) on February 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Andrew S. Cho, Esq., represents the Debtor as counsel. MNH ENTERPRISE: Seeks to Tap SBC Accountancy Corp. as Accountant ---------------------------------------------------------------- MNH Enterprise, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ SBC Accountancy Corp. as accountant. The firm will provide these services: (a) review audit notices, information requests, and audit findings; (b) assist in the preparation and submission of requested documentation; (c) communicate with the taxing authority on the Debtor's behalf; (d) analyze audit issues and provide recommendations; and (e) assist with audit negotiations, adjustments, and closing procedures. In addition to the audit representation, the firm will provide ongoing services consisting of: (a) general accounting and bookkeeping support, payroll processing and reporting, sales tax return; (b) prepare monthly operating reports; and (c) related reporting requirements in connection with the Debtor's Chapter 11 bankruptcy case. The firm will be paid at a flat fee of $6,000 for its sales tax audit engagement from the Debtor. The firm will charge $300 per month for general accounting and bookkeeping services, payroll processing and reporting, sales tax return; and $675 per month for preparation of monthly operating reports (MOR) and related Chapter 11 reporting support. Sung Bum Cho, CPA at SBC Accountancy Corporation, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sung Bum Cho, CPA SBC Accountancy Corporation 512 S. Wilton Place Los Angeles, CA 90020 About MNH Enterprise Inc. MNH Enterprise, Inc., doing business as Yes Appliance, is a wholesale and distribution company headquartered in Buena Park, California. MNH Enterprise, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10408) on February 10, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities ranging from $1 million to $10 million. Judge Mark D. Houle oversees the case. The Debtor tapped Andrew S. Cho, Esq., at Andrew S. Cho, A Law Corp. as counsel and Sung Bum Cho, CPA, at SBC Accountancy Corporation as accountant. MOBIQUITY TECHNOLOGIES: 1Q Net Loss Widens to $2.54 Million ----------------------------------------------------------- Mobiquity Technologies, Inc., reported a first-quarter net loss of $2.54 million, compared with a net loss of $2.30 million a year earlier, according to a Form 10-Q filing with the Securities and Exchange Commission. Revenue rose to $18,440 for the three months ended March 31, 2026, from $12,613 a year earlier. Gross profit was $14,086 for the period, compared with a gross loss of $18,855 for the three months ended March 31, 2025, while operating expenses fell to $2.00 million from $2.13 million. As of March 31, 2026, the company reported total assets of $4.69 million, total liabilities of $4.56 million and total stockholders' equity of $134,901. Cash was $137,933, debt, net was $2.00 million and accumulated deficit was $238.61 million as of March 31, 2026. Management said substantial doubt exists about the company's ability to continue as a going concern within one year after issuance of the financial statements. The company disclosed cash used in operating activities of $1.25 million for the quarter and said it has relied on equity financing and borrowings from outside investors and expects this to continue in 2026 and beyond until cash flow from proximity marketing operations becomes substantial. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1084267/000168316826004026/mobiquity_i10q-033126.htm About Mobiquity Technologies Mobiquity Technologies, Inc. is a Shoreham, New York-based advertising technology and data intelligence company. The company develops and operates proprietary software platforms designed to help advertisers, publishers and enterprise clients manage and analyze digital advertising campaigns and consumer data across digital media channels. Its platforms include ATOS, a programmatic advertising platform, and CMOne, an AI-enabled marketing and analytics platform. In an audit report dated April 8, 2026, Stephano Slack LLC included a going concern qualification, stating that the company had a working capital deficit of $3.12 million, accumulated deficit of $236.07 million and net loss of $10.43 million for the year ended Dec. 31, 2025. The conditions raised substantial doubt about the company's ability to continue as a going concern. MODIVCARE INC: Challenges White & Case's Bankruptcy Contempt Motion ------------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that Modivcare pushed back against a civil contempt motion filed by White & Case LLP in connection with a Chapter 11 fee dispute, telling the bankruptcy court the allegations are unsupported and legally insufficient. The reorganized debtor argued that the motion is based on assumptions rather than demonstrable violations of court directives. Court filings state that Modivcare believes the dispute concerns contractual and procedural disagreements tied to bankruptcy compensation matters, not contemptuous behavior. The company argued that White & Case failed to present evidence showing intentional disregard of any explicit court order governing payments or fee arrangements. Modivcare urged the judge to reject the request for sanctions, emphasizing that civil contempt requires a high evidentiary standard and proof of clear noncompliance. The company maintained that the law firm's arguments fall well short of the legal threshold necessary to justify contempt findings in the Chapter 11 proceedings, the report states. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MOVEIX INC: First Quarter Net Loss Widens to $26K ------------------------------------------------- OVEIX reported net loss of $26,076 for the three months ended March 31, 2026, compared with a net loss of $16,576 a year earlier in its 10-Q for the quarterly period ended March 31, 2026, according to a filing with the Securities and Exchange Commission. The filing showed revenue of $0. The company reported loss from operations of $26,076, compared with $16,576 a year earlier. As of March 31, 2026, the company reported total assets of $1,082, total liabilities of $259,512 and total stockholders' deficit of $258,431. The company had no cash on hand as of March 31, 2026, and will depend on loans from its new principal shareholder to remain operational. The company said existing operating cash flow is not expected to be sufficient to fund anticipated operations, raising substantial doubt about its ability to continue as a going concern. MOVEIX said may seek financing through private placements, securities sales and short-term loans, and may use stock-based payments for consulting services where feasible. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1685766/000182912626005344/moveixinc_10q.htm#a_002 About MOVEIX MOVEIX Inc., a Nevada company incorporated in 2016, was organized to develop an online business selling electric transportation products, including hoverboards, electric bikes and Segways, sourced from Chinese manufacturers. The company had no operations or revenue as of April 16, 2026, and said it was developing a business plan that could include opportunities in the United States or a possible reverse merger. In an audit report dated April 16, 2026, Bush & Associates CPA LLC included a going concern qualification, stating that MOVEIX had suffered recurring losses from operations and had a significant accumulated deficit. The auditor said those factors raised substantial doubt about the company's ability to continue as a going concern. MP ELKO: Section 341(a) Meeting of Creditors on June 18 ------------------------------------------------------- On May 14, 2026, MP Elko II LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. 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 18, 2026 at 11:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. Chapter 11 Plan deadline set for September 11, 2026. About MP Elko II LLC MP Elko II LLC is a real estate entity whose property holdings include a residential property at 2839 KeAlaula Street in Koloa, Hawaii. MP Elko II LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20769) on May 14, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. MP KAUAI HH: Commences Chapter 11 Bankruptcy in Georgia ------------------------------------------------------- On May 14, 2026, Mp Kauai Hh Development Fund LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. 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 under Section 341(a) to be held on June 18, 2026 at 09:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About Mp Kauai Hh Development Fund LLC Mp Kauai Hh Development Fund LLC is a real estate and development investment entity focused on hospitality and property-related projects. Mp Kauai Hh Development Fund LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20763) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge oversees the case. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. MUNAWAR LAW: Trustee Seeks to Tap Prager Metis CPAs as Accountant ----------------------------------------------------------------- Lori Lapin Jones, the trustee appointed in the Chapter 11 case of Munawar Law Group PLLC, formerly known as Munawar & Hashmat LLP, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Prager Metis CPAs LLC as accountant. The firm's services include: (a) advise and assist the trustee in the operation of the Debtor's business; (b) advise and assist the trustee with payroll and related matters; (c) advise and assist the trustee with accounts reconciliation; (d) advise and assist the trustee in the preparation of monthly operating reports, as required by the local rules of the Court, and the United States Trustee's guidelines; (e) as may be required, prepare Federal and New York State tax returns and/or tax documents for the estate; (f) provide discrete accounting and tax advice to the trustee as may be requested; (g) analyze accounting and tax issues relating to a plan or other exit strategy and proposed transactions as may be requested by the trustee; and (h) perform such other responsibilities as may be requested by the trustee in connection with her statutory duties. The firm will be paid at these hourly rates: Partners and Principals $540 Managers $385 Staff Accountants $350 In addition, the firm will seek reimbursement for expenses incurred. Corey Neubauer, CPA, a partner at Prager Metis, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Corey H. Neubauer, CPA Prager Metis CPAs LLC 510 Haight Avenue Poughkeepsie, NY 12603 About Munawar Law Group PLLC Munawar Law Group PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as counsel and MI Tax LLC as accountants. On April 26, 2026, Lori Lapin Jones, Esq., was appointed by the U.S. Trustee as Chapter 11 trustee of the Debtor's estate. The trustee tapped LaMonica Herbst & Maniscalco, LLP as counsel and Prager Metis CPAs LLC as accountant. MUNAWAR LAW: Trustee Taps LaMonica Herbst & Maniscalco as Counsel ----------------------------------------------------------------- Lori Lapin Jones, the trustee appointed in the Chapter 11 case of Munawar Law Group PLLC, formerly known as Munawar & Hashmat LLP, seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ LaMonica Herbst & Maniscalco, LLP as counsel. The firm's services include: (a) advise and assist the trustee in the operation of the Debtor's business; (b) advise the trustee on an exit strategy for this case; (c) prepare, as may be necessary, a Chapter 11 plan (or plans) and related documents; (d) advise and assist the trustee with an investigation into the Debtor's financial and business affairs; (e) advise and assist the trustee in the pursuit and recovery of any avoidable transfers of the Debtor's assets under, inter alia, sections 544, 546, 547, 548, 549 and 550 of the Bankruptcy Code and New York State Debtor Creditor law; (f) prepare, file and prosecute motions objecting to claims, as directed by the trustee, that may be necessary to complete the administration of the Debtor's estate; and (g) advise the trustee and perform legal services. The firm will be paid at these hourly rates: Partners $725 Associates $475 Paraprofessionals $225 In addition, the firm will seek reimbursement for expenses incurred. Holly Holecek, Esq., a partner at LaMonica Herbst & Maniscalco, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Holly R. Holecek, Esq. LaMonica Herbst & Maniscalco, LLP 3305 Jerusalem Avenue Wantagh, NY 11793 Telephone: (516) 826-6500 Facsimile: (516) 826-0222 Email: info@lhmlawfirm.com. About Munawar Law Group PLLC Munawar Law Group PLLC is operating as a legal services firm with offices in New York City and Jericho, New York. Munawar Law Group PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10020) on January 7, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor tapped Ronald D. Weiss, Esq., as counsel and MI Tax LLC as accountants. On April 26, 2026, Lori Lapin Jones, Esq., was appointed by the U.S. Trustee as Chapter 11 trustee of the Debtor's estate. The trustee tapped LaMonica Herbst & Maniscalco, LLP as counsel and Prager Metis CPAs LLC as accountant. NATHAN SPENCER: Gets OK to Use Cash Collateral Until June 27 ------------------------------------------------------------ Nathan Spencer Home, LLC received another extension from the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division to use cash collateral. The court authorized the Debtor to continue using cash collateral through June 27 to pay operating expenses in accordance with the approved budget. The Debtor is permitted to deviate from projected budget expenses by up to 10% in the ordinary course of business without seeking further court approval. The authorization is intended to support the Debtor's ongoing operations while the Chapter 11 proceedings continue. As protection, the Debtor must continue making monthly payments of $465 to creditor Maria Bartolet, successor in interest to The Agoura Antique Mart, Inc. The order also grants Ms. Bartolet a replacement lien on substantially all post-petition assets and proceeds of the estate, excluding avoidance actions. The replacement lien is effective as of the petition date and automatically perfected without the need for additional filings or agreements. The court further directed the Debtor to prepare and file a variance report comparing actual income and expenses against the approved budget through May 31. The report must be attached to the Debtor's next status conference report due by June 3. The Debtor is also required to file an updated cash collateral motion as the case progresses. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KVnNo from PacerMonitor.com. About Nathan Spencer Home LLC Nathan Spencer Home, LLC owns the antique retail business, The Agoura Antique Mart, located in Agoura Hills, California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10422) on February 27, 2026. In the petition signed by Spencer L. Howard, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michael J. Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. NATIONWIDE TREE: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida entered a fifth interim order authorizing Nationwide Tree Service, LLC to use cash collateral. The court authorized the Debtor to use the cash collateral of the U.S. Small Business Administration, Financial Pacific Leasing, LLC, Corporation Service Company (as representative), and Quaint Oak Bank, subject to a court-approved budget. The Debtor may pay ordinary and necessary operating expenses within the budget, with up to a 10% variance per line item, but may not pay insider or professional compensation without further court approval. The budget shows total operational expenses of $381,558 for May; $386,641 for June; and $363,761 for July. As adequate protection, the secured creditors will be granted post-petition replacement liens on cash collateral with the same validity, priority, and extent as their pre-bankruptcy liens, without the need for additional filings. Additionally, the Debtor must continue its monthly payments of $731 to the SBA. Nationwide Tree Service must also comply with all debtor-in-possession duties, maintain required insurance, provide financial reporting upon request, and allow reasonable access to business records and premises. The order is entered without prejudice to future challenges to lien validity or requests for modified adequate protection, including by any creditors' committee that may be appointed. The next hearing is scheduled for June 10. The order is available at https://shorturl.at/ySWjb from PacerMonitor.com. About Nationwide Tree Service Nationwide Tree Service, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00450) on January 21, 2026, listing up to $50,000 in assets and liabilities. Buddy D. Ford, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. NEW WILKIE ENERGY: Great Elm Marks $1.2MM Loan at 78% Off --------------------------------------------------------- Great Elm Capital Corp. has marked its $1,268,000 loan extended to New Wilkie Energy Pty Limited to market at $279,000 or 22% of the outstanding amount, according to Great Elm's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Great Elm Capital Corp. is a participant in a loan extended to New Wilkie Energy Pty Limited. The 1L Loan is on non-accrual status. The 1L Loan matures on Feb. 20, 2027. Great Elm Capital Corp. is a corporate issuer in the leveraged finance market. The Fund can be reached at: The Corporate Secretary Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603 Palm Beach Gardens, FL 33410 Telephone: (617) 375-3006 About NEW WILKIE ENERGY PTY LIMITED New Wilkie Energy Pty Limited operates in the metals and mining sector, focusing on the exploration and production of mineral and energy resources. NEW WILKIE ENERGY: Great Elm Marks $114,000 Loan at 81% Off ----------------------------------------------------------- Great Elm Capital Corp. has marked its $114,000 loan extended to New Wilkie Energy Pty Limited to market at $92,000 or 19% of the outstanding amount, according to Great Elm's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Great Elm Capital Corp. is a participant in a loan extended to New Wilkie Energy Pty Limited. The 1L Loan is on non-accrual status. The 1L Loan matures on Feb. 20, 2027. Great Elm Capital Corp. is a corporate issuer in the leveraged finance market. The Fund can be reached at: The Corporate Secretary Great Elm Capital Corp. 3801 PGA Boulevard, Suite 603 Palm Beach Gardens, FL 33410 Telephone: (617) 375-3006 About NEW WILKIE ENERGY PTY LIMITED New Wilkie Energy Pty Limited operates in the metals and mining sector, focusing on the exploration and production of mineral and energy resources. NIAFA INC: Starts Chapter 11 Bankruptcy in New York --------------------------------------------------- On May 14, 2026, Niafa Inc. 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. The deadline for filing Chapter 11 plan is set for September 11, 2026. Disclosure statement due by September 11, 2026. About Niafa Inc. Niafa Inc. is a corporate entity engaged in commercial and business-related operations. Niafa Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42373) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor’s attorney was not listed in the filing. NIKOLA CORP: Founder Accused of Skirting $2.5MM Settlement Share ---------------------------------------------------------------- Lauren Berg of Law360 Bankruptcy Authority reports that Nikola Corp. founder Trevor Milton has allegedly failed to contribute his $2.5 million portion of an eight-figure settlement linked to shareholder litigation over a disputed SPAC merger, with filings stating he “has not paid a dime.” The settlement arose from claims tied to alleged misrepresentations surrounding the company’s early public offering process. According to court records, the agreement was designed to resolve multiple investor lawsuits connected to the merger structure and disclosures. Parties involved say Milton’s nonpayment threatens to disrupt the finalization of the settlement framework. The dispute is now before the court as stakeholders seek enforcement of the payment obligations and clarification on Milton’s compliance with the settlement agreement, the report states. About Nikola Corp. Nikola Corporation and affiliates specialize in the design and manufacture of zero-emissions commercial vehicles, including battery-electric and hydrogen fuel cell trucks. The companies operate in two business units: Truck and Energy. The Truck business unit is commercializing heavy-duty commercial hydrogen-electric (FCEV) and battery-electric (BEV) Class 8 trucks that provide environmentally friendly, cost-effective solutions to the short, medium and long-haul trucking sectors. The Energy business unit is developing hydrogen fueling infrastructure to support FCEV trucks covering supply, distribution and dispensing. Founded in 2015, Nikola is headquartered in Phoenix, Ariz. Nikola and nine of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-10258) on February 19, 2025. In the petitions, the Debtors reported total assets as of Jan. 31, 2025 of $878,094,000 and total debts as of Jan. 31, 2025 of $468,961,000. Bankruptcy Judge Thomas M. Horan handles the cases. Potter Anderson & Corroon LLP serves as general bankruptcy counsel to the Debtors, and Pillsbury Winthrop Shaw Pittman LLP serves as bankruptcy co-counsel. Houlihan Lokey Capital, Inc. acts as investment banker to the Debtors; M3 Advisory Partners LP acts as financial advisor to the Debtors; while EPIQ Corporate Restructuring LLC is the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Morrison & Foerster LLP and Morris James, LLP as legal counsels; Ducera Securities, LLC as investment banker; and FTI Consulting, Inc. as financial advisor. NVTN LLC: Phenixfin Corp Marks $17.5MM Loan at 45% Off ------------------------------------------------------ Phenixfin Corp has marked its $17,552,420 loan extended to NVTN LLC to market at $9,741,593 or 55% of the outstanding amount, according to Phenixfin's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Phenixfin Corp is a participant in a Senior Secured First Lien Term Loan B extended to NVTN LLC. The 1L Loan accrues interest at a rate of SOFR + CSA + 4.75%, 0.50% floor per annum. The 1L Loan matures on December 31, 2029. PhenixFIN Corp is a closed-end, externally managed, non-diversified investment company that operates as a business development company, providing debt and equity financing to middle-market companies. The Fund is led by David Lorber as Chief Executive Officer (Principal Executive Officer) and Ellida McMillan as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: The Corporate Secretary PHENIXFIN CORPORATION 445 Park Avenue, 10th Floor New York, NY 10022 Telephone: (212) 859-0390 About NVTN LLC Nvtn LLC, doing business as Dicks, operates chain of restaurant. The Company offers salads, burgers, sandwiches, entrees, and desserts. Dicks serves customers in the United States. ONYX PORTFOLIO: Business Operations & Sale Proceeds to Fund Plan ---------------------------------------------------------------- Onyx Portfolio LLC filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Chapter 11 Plan dated May 6, 2026. The Debtor is a Texas limited liability company and is currently managed by Lynnel Vaughn Ramcharitar. The Debtor is a real estate holding company that owns a portfolio of 42 residential homes in the Houston, Texas area (individually a "Property" and collectively, the "Properties") through a series limited liability company (the "Series"). The Debtor and the Series initially financed the purchase of properties through ICE Lender Holdings, LLC in the original principal amount of $6,000,000 (the "Loan") which was subsequently assigned to Amerant Bank. On May 2, 2025 Amerant bank issued Onyx Portfolio a Notice of Default and Demand based on erroneous data, asking for full payment with 18% interest rate being charged retroactively. On June 26, 2025 the Loan was assigned to HFC Holdings I, LLC. On November 15, 2025, fulfilling all the terms under the forbearance agreement, the Debtor was at closing table with a buyer for all the Properties. HFC manufactured a default and increased interest rate to 18% as to the payoff, interfering with and stopping the sale of the Properties. On December 12, 2025 Onyx Portfolio LLC received notice for foreclosure from HFC Holdings I carded for January 6, 2026. To avoid foreclosure of the Properties, the Debtor sought bankruptcy relief on January 5, 2026. On April 3, 2026, the Bankruptcy Court authorized the sale of one of the Properties located at 10014 Autumn Harvest Dr., Houston, Texas, 77064 which closed on May 1, 2026. The Bankruptcy Court authorized the sale of the two other Properties located at 19218 Enchanted Oaks Drive, Spring, Texas, 77388 and 2134 Hilton Head, Missouri City, Texas, 77459 on April 17, 2026. On April 17, 2026, the Debtor filed an Agreed Motion for Authority to Set Sales Procedures and Sell Real Properties requesting the authorizing to enter into sales procedures for the Debtor's remaining Properties, which is currently set for hearing for May 19, 2026. The Debtor filed a Motion to Sell Real Property of the Estate Located at 10318 Crescent Moon Drive Free and Clear of Liens as Described in Section 363(f) which is currently set for hearing on June 2, 2026. Class 5 consists of General Unsecured Claims. Class 5 Claimants include Reliant Energy ($184.39); Reliant Energy ($60.33); and Reliant Energy ($429.00). In full satisfaction, on or before twelve (12) months after the Effective Date, Claimants in Class 5 shall receive payment in Cash of their Allowed General Unsecured Claim. In the event of failure of the Reorganized Debtor to timely make its payments, which shall constitute an event of default as to the specific Claimant in Class 5, such Claimant shall send Notice of Default to the Reorganized Debtor. If Default is not cured within thirty days of the date of such notice, Claimant(s) may proceed to collect all amounts owed pursuant to state law without further recourse to the Bankruptcy Court. Claimant(s) is only required to send two Notices of Default, and upon the third event of default, Claimant(s) may proceed to collect all amounts owed under state law without further notice. Class 5 is impaired under the Plan and are entitled to vote to accept or reject the Plan. The equity interest holders of this Plan shall retain their equity interests. The payments contemplated in this Plan shall be funded from Cash received from the ordinary course of the Debtor's operations and the sale of the Properties. Upon confirmation of the Plan, the Debtor is authorized to sell the Properties, as further described in Table 1 of Section 1.1 of the Plan without further approval of the Bankruptcy Court. Lynnel Vaughn Ramcharitar, on behalf of the Debtor, is authorized to execute any documents necessary for the closing of the sale of the Properties. Capital Title, located at 24345 Gosling Road, Suite 150, Spring, Texas, 77389 is authorized to close the sale of the Properties. Capital Title is authorized to disburse at closing (i) ordinary and usual closing expenses, including the cost of a title policy and (ii) all related Ad Valorem Claims identified in Class 1, and any applicable homeowner's association payments identified in Class 3 and any prorated homeowners association payments for the current year, and net proceeds to be provided to HFC Holdings 1, LLC. A full-text copy of the Combined Disclosure Statement and Plan dated May 6, 2026 is available at https://urlcurt.com/u?l=c2BRAu from PacerMonitor.com at no charge. Counsel to the Debtor: Susan Tran Adams, Esq. Brendon Singh, Esq. TRAN SINGH LLP 2502 La Branch Street Houston, TX 77004 Telephone: (832) 975-7300 Facsimile: (832) 975-7301 E-mail: stran@ts-llp.com bsingh@ts-llp.com About Onyx Portfolio Onyx Portfolio LLC is a real estate holding company that owns a portfolio of 42 residential homes in the Houston, Texas area (the "Properties"). The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is the Debtor's legal counsel. OROVILLE HOSPITAL: Court Tossed Creditors' Suit Against UMB Bank ---------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a California bankruptcy court has thrown out an adversary complaint filed by unsecured creditors of Oroville Hospital against UMB Bank, holding that the complaint failed to state a legally sufficient claim. The judge found the pleadings deficient under applicable bankruptcy and civil procedure standards. The creditors had sought to pursue claims related to UMB Bank's conduct during the hospital's restructuring process, but the court concluded the allegations were too conclusory to proceed. The dismissal effectively halts the adversary action unless further amended, the report states. The decision reflects the strict pleading requirements in bankruptcy litigation, where courts require detailed factual support before allowing claims against secured financial institutions to move forward, the report states. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. OUTLOOK THERAPEUTICS: 2Q Net Loss Narrows to $4.45 Million ---------------------------------------------------------- Outlook Therapeutics, Inc. reported a second-quarter net loss of $4.45 million, compared with a net loss of $46.36 million a year earlier, according to a Form 10-Q filed with the Securities and Exchange Commission. Revenue was $127,439 for the three months ended March 31, 2026, compared with no revenue in the prior-year period. The company reported a loss from operations of $14.03 million, compared with $12.39 million a year earlier. For the six months ended March 31, 2026, net loss was $27.51 million, compared with $28.98 million in the prior-year period. The company reported research and development expenses of $4.50 million and selling, general and administrative expenses of $9.50 million for the quarter. As of March 31, 2026, Outlook Therapeutics reported total assets of $21.89 million, total liabilities of $50.89 million and total stockholders' deficit of $28.99 million. The filing listed total current assets of $20.90 million and total current liabilities of $38.88 million. The company disclosed substantial doubt about its ability to continue as a going concern. Outlook said existing cash and cash equivalents as of March 31, 2026, were not sufficient to fund operations through one year from the quarterly report date. Outlook said it will need additional financing to fund operations, fully commercialize ONS-5010/LYTENAVA, develop other product candidates and continue as a going concern. Management said it is evaluating strategic opportunities to obtain required funding. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1649989/000110465926062632/otlk-20260331x10q.htm About Outlook Therapeutics Outlook Therapeutics, Inc. is an Iselin, New Jersey, biopharmaceutical company that has developed ONS-5010/LYTENAVA, an ophthalmic formulation of bevacizumab for wet age-related macular degeneration. The product has been approved in the European Union and the United Kingdom, and the company launched directly into initial markets in Germany and the UK in June 2025. In an audit report dated Dec. 19, 2025, KPMG LLP included a going concern qualification, stating that Outlook Therapeutics had incurred recurring losses from operations, negative cash flows from operations and an accumulated deficit. Those conditions raised substantial doubt about the company's ability to continue as a going concern. OUTLOOK THERAPEUTICS: Sets up $100M At-The-Market Stock Program --------------------------------------------------------------- Outlook Therapeutics Inc. entered an at-the-market offering agreement with H.C. Wainwright & Co. LLC to sell up to $100 million of common stock from time to time, according to an SEC filing. Shares may be sold through or to H.C. Wainwright as sales agent or principal, including on The Nasdaq Capital Market, through other markets, in negotiated transactions or other agreed methods. The company has no obligation to sell shares under the agreement, and H.C. Wainwright is entitled to a 3% commission on gross sales. Outlook Therapeutics terminated its prior at-the-market offering agreement with BTIG LLC effective May 12 and will no longer sell shares under that program. The company also announced that it held about $7.7 million in cash and cash equivalents as of March 31, 2026, excluding $4.5 million in net proceeds from an April 2026 registered direct offering, and the cash amount is preliminary and unaudited. About Outlook Therapeutics Outlook Therapeutics Inc. is a biopharmaceutical company focused on ONS-5010, also known as LYTENAVA, an ophthalmic formulation of bevacizumab for retinal diseases. The product has been approved by the European Commission in the European Union and by the U.K. Medicines and Healthcare products Regulatory Agency for the treatment of wet age-related macular degeneration, and the company launched it in Germany and the United Kingdom in June 2025. Outlook Therapeutics is also seeking U.S. approval for ONS-5010 for wet age-related macular degeneration. The company is based in Iselin, New Jersey. In an audit report dated Dec. 19, 2025, KPMG LLP included a going concern qualification, citing Outlook Therapeutics' recurring losses from operations, negative cash flows from operations and accumulated deficit. Those conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $18.24 million, total liabilities of $56.79 million and total stockholders' deficit of $38.55 million. PALOMAR HEALTH: Moody's Puts Ba1 GOULT Rating on Review for Upgrade ------------------------------------------------------------------- Moody's Ratings has placed Palomar Health, CA's (Palomar) revenue bond ratings of Caa1 and general obligation unlimited tax (GOULT) ratings of Ba1 under review for upgrade. Previously the outlooks were negative. Palomar has approximately $1.3 billion of outstanding reveue bonds and general obligation bonds. The ratings are under review for upgrade reflecting the anticipated credit benefits associated with Palomar's pending Joint Exercise of Powers Agreement (JPA) with UC San Diego Health (UCSD); the upgrade to both ratings could be multiple notches. The review will assess whether successful execution and closing of the transaction results in sustained improvement in liquidity, operating stability, and governance, while also considering the elevated execution, regulatory, and third party consent risks that remain prior to closing. RATINGS RATIONALE The placement of the ratings under review for upgrade is primarily anchored to the potential credit uplift associated with the proposed formation of the Palomar UCSD Health Authority (the Authority), which would shift operational control of Palomar's hospitals and related assets to the Authority, which would increase and expand the partnership and integration opportunities with UCSD, a substantially larger academic health system with greater financial and managerial capacity. UCSD is a part of the University of California system (Aa2 stable). If finalized, Moody's expects the transaction will materially strengthen Palomar's credit profile through enhanced governance, improved access to capital, and ongoing third party financial support. Key anticipated benefits include meaningful liquidity support, evidenced by approximately $40 million of loans, a $50 million revolving line of credit, and a commitment of at least $160 million for capital investment and strategic initiatives, as well as the Authority's assumption of operational responsibility for Palomar's acute care facilities. In Moody's views, these elements, if sustained, could reduce default and acceleration risk, which has been the primary driver of the current Caa1 rating. However, the current rating still reflects the risk that the transaction does not close as contemplated. Execution risk remains elevated given the need for multiple regulatory approvals, thirdparty consents, bondholder considerations, and a required voter referendum for full asset transfer. Until closing occurs and the new operating structure demonstrates stability, Palomar's standalone financial profile remains very weak, characterized by thin liquidity, negative operating performance, and continued reliance on external support. The successful execution of the JPA would also materially reduce the significant operating and competitive enterprise risk that has constrained the credit quality of the district's unlimited tax debt despite the district's large and growing tax base and favorable structural characteristics. RATING OUTLOOK The ratings are under review for upgrade, with the review focused primarily on whether the JPA transaction is successfully consummated and the implications for Palomar's credit profile moving forward. Moody's will assess: completion of the Palomar UCSD Health Authority transaction within the expected timeframe, evidence that UCSD's financial support and governance control are durable and ongoing, the ability to stabilize liquidity at levels consistent with reduced nearterm default risk, and a demonstrated reduction in operating and governance risk under the new structure. Failure to close the transaction or renewed liquidity deterioration could result in the ratings remaining unchanged or being downgraded. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS Revenue Bonds: -- Moody's assessment that the postclosing structure is sufficient to stabilize operating performance and liquidity, based on UCSD's governance control, financial support, and operating oversight, even if improvement has not yet been fully evidenced. -- A clear and credible path to operating stabilization under the new structure, including alignment of management, service line strategy, and cost controls, consistent with UCSD's operating platform. GOULT Bonds: -- Upgrade of the revenue bond rating, reflecting improved enterprise risk and operating stability. FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS Revenue Bonds: -- Failure to consummate the JPA transaction, or material delays that further erode liquidity and increase default risk. -- Further deterioration in liquidity, including reliance on extraordinary or shortterm measures to meet obligations. -- Default, bankruptcy filing, or liquidation. GOULT Bonds: -- Downgrade of the revenue bond rating or material weakening of the district's tax base or structural protections. PROFILE Palomar Health is the largest public health care district in the State of California. The district operates acute care facilities in the towns of Escondido and Poway. METHODOLOGY The principal methodology used in the general obligation ratings was US Public Finance General Obligation Debt published in December 2025. PARA-MED MEDICAL: Hires Offit Kurman P.A. as Bankruptcy Counsel --------------------------------------------------------------- Para-Med Medical Transportation, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to hire Offit Kurman, P.A., as its bankruptcy counsel. The firm will render these services: a. provide the Debtor with legal advice with respect to its powers and duties pursuant to the Bankruptcy Code; b. prepare on behalf of the Debtor all necessary applications, answers, orders, reports and other legal papers; c. assist in analyses and representation with respect to lawsuits to which the Debtor is or may be a party; d. negotiate, prepare, file and seek confirmation of a plan of reorganization; e. represent the Debtor at all hearings, meetings of creditors and other proceedings; and f. perform all other legal services for the Debtor which may be necessary to serve the best interests of the Debtor and its bankruptcy estate in this proceeding. Such services may include, at the Debtor's request, legal representation with respect to litigation, securities, transactional, tax and other matters. The firm received a retainer in the amount of $15,000 and $1,738 for the filing fee on March 25, 2026. As disclosed in the court filing, Offit Kurman is a disinterested party, as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen A. Metz, Esq. OFFIT KURMAN, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, MD 20814 Tel: (240) 507-1723 Fax: (240) 507-1735 Email: smetz@offitkurman.com About Para-Med Medical Transportation, Inc. Para-Med Medical Transportation, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-14795) on May 4, 2026, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Lori S Simpson presides over the case. Stephen A. Metz, Esq. at Offit Kurman, PA serves as the Debtor's counsel. PARAMOUNT SKYDANCE: S&P Affirms 'BB+' ICR, On CreditWatch Negative ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' issuer credit rating on New York-based global media company Paramount Skydance Corp. (PSKY) and it remains on CreditWatch negative. S&P said, "We assigned preliminary issue-level and recovery ratings of 'BB' and '4' to PSKY's proposed second-lien secured notes. "If PSKY's acquisition of WBD closes as proposed, we will lower the issuer credit rating on PSKY by one notch to 'BB' and take several rating actions on its debt, including assigning a 'BBB-' issue-level ratings to first lien secured debt." PSKY, ahead of its proposed acquisition of Warner Bros. Discovery Inc. (WBD), has offered to exchange WBD's junior-lien exchange notes for second-lien PSKY notes. S&P said, "We will lower the issuer credit rating on PSKY to 'BB' when its acquisition of WBD closes, assuming no material changes to the structure or terms of the transaction due to regulatory considerations, our view of the media ecosystem, or the company's competitive position due to geopolitical factors or secular pressures. We base our decision to lower the ratings by one notch on the commitment by the Ellison family to delever below 3.75x on a net debt basis (the company's definition and not S&P's) by 2028 and to 3.0x by 2029 and to take all steps necessary to deliver on those deleveraging targets." S&P would consider the following in its ratings decision: -- Leverage will remain elevated for the next two years and will only begin to improve in 2028. S&P said, "We don't expect its S&P Global Ratings-adjusted leverage to drop below 5x (the current downgrade threshold is 4.25x), until 2029. We believe there is risk that deleveraging could be slower than forecast due to missteps in integrating and transforming the new company, an acceleration in secular trends, and geopolitical or macroeconomic factors." The history of the media and entertainment sector is fraught with large mergers that did not realize the anticipated benefits or took longer than expected to achieve synergies and integration. -- S&P said, "We believe the combined company can eventually be a significantly stronger business than stand-alone PSKY. However, we would maintaining our current view of PSKY's business given the immensely complicated endeavor of combining two of the largest global media companies and the limited track record of PSKY's management team in integrating and transforming such companies." -- The company has broadly laid out its proposed capital structure. S&P said, "If there are no changes to the final terms or amount, when the company issues the additional debt to fund the transaction, we expect to assign a 'BBB-' issue level rating (with a '1' recovery rating) to PSKY's first lien secured debt and to assign 'BB' issue level ratings (with a '4' recovery rating) to all second lien secured debt. In addition, we expect to lower our issue level ratings on PSKY's legacy unsecured debt from 'BB+' (with a '3' recovery rating) to 'B+' (with a '6' recovery rating) and on PSKY's junior subordinated debt from 'B+' (with a '6' recovery rating) to 'B' (with a '6' recovery rating). Finally, we expect to lower our issue level ratings on WBD's legacy unsecured notes from 'BB' (with a '5' recovery rating) to 'BB-' (with a '5' recovery rating)." S&P said, "We expect PSKY's leverage will be elevated and cash flow will be weak for several years. We forecast its S&P Global Ratings-adjusted leverage will start at about 7.6x and remain at that level in 2027. We forecast a significant improvement to about 5.1x in 2028 as PSKY achieves synergies the costs run off. Leverage could decline further into 2029 and 2030 (3.1x on an adjusted basis) but we do not consider this currently given the uncertainty in the media ecosystem. "We forecast minimal free operating cash flow (FOCF) in 2026 and over $4 billion in 2027 (FOCF to debt of 3.4%). Similar to leverage, we forecast significant growth in FOCF in 2028 and beyond with FOCF to debt improving to over 17% in 2030. Our leverage calculation, which is net of cash and adjustments for the present value of operating leases. We also include synergies only when achieved and the cost of achieving those synergies." Key metrics 2026f 2027e 2028e 2029e 2030 Leverage (x) 7.6 7.6 5.1 3.7 3.1 FOCF to debt (%) 0.5 3.4 8.2 13.4 17.3 Both metrics are S&P Global Ratings-adjusted. FOCF--Free operating cash flow. Source: S&P Global Ratings S&P operating assumptions for the combined business include: -- The company expects to generate revenue growth primarily from reinvigorating the Paramount studio and the launch of a combined DTC streaming service globally (in particular, the inclusion of Paramount+ into HBO Max in markets where Paramount+ has not yet launched). S&P said, "We expect most of this starts in 2028 when we expect a single DTC service to be launched and management can finally realize its revamped film strategy. We do not give credit for the 2028 studio growth as it's based on a very preliminary film and TV slate." -- Linear TV declines at a modestly slower rate than as the rate of cord cutting in the U.S. will likely moderate to 5% from 7%. S&P said, "We believe TV impressions will continue falling as customers migrate to streaming platforms, with advertisers increasingly following suit. We believe the company will manage the linear TV business for margins, cutting content costs on an ongoing basis. We factor in a significant step up in NFL programming rights but also factor in a corresponding reduction in other programming costs mitigating the negative impact to segment EBITDA." -- S&P forecasts the company will pay a modest dividend and will use all FOCF after that dividend to pay down debt. A successful merger integration and transformation could significantly improve our view of the business. S&P would likely view the pro forma company more positively and would consider revising our business risk profile to strong if PSKY successfully completes the merger and integration of Skydance, Paramount, and WBD, culturally and operationally. This would depend on the growth trajectory of the streaming business relative to the declining trajectory of linear TV. S&P believes the combination of PSKY and WBD could create a global media and entertainment giant with significant assets and capabilities. The combined film and TV studios would have a deep and broad well of IP and by far the world's largest video content library. The global portfolio of over-the-air and cable TV networks (in over 200 countries and territories) would have significant distribution scale, albeit in a sector that faces worsening secular headwinds, and a combined direct-to-consumer video streaming platform that can rival global peers. WBD's linear TV business remains important because it will provide PSKY with cash flow to invest in both its content and technology and expand its streaming service globally. However, there are significant risks in achieving this integration. Integration and transformation: S&P said, "We view management's plans to transform the company, reimagining processes and operations as quite compelling but also incredibly ambitious. The company has already begun reimagining Paramount, just nine months after closing on the merger of Paramount and Skydance, though it is still early and the company has yet to achieve many of its transformational goals. Given the still developing track record, and the massive global scale of WBD, we attach significant execution risk to a successful transaction/integration of the combined company." Exposure to linear TV: S&P said, "We estimate the pro forma company will initially generate 48% of revenues and 89% of EBITDA from its linear TV portfolio. The combination would be the clear leader in U.S. domestic TV. We estimate an over 30% share of viewing audiences and 20% share of TV advertising revenues. While this share would give the combined company significant leverage in negotiating carriage agreements with distributors and in charging advertising inventory prices, it's unlikely the merged company could slow the U.S. pay-TV ecosystem decline. The company would simply be a larger part of that deterioration." A rapidly changing ecosystem: All PSKY's key sectors face seismic challenges and an increasingly uncertain future. Consumers' media consumption has become so fragmented that media's cultural impact is weakened. And AI is accelerating the shrinking of the quality difference between certain professionally produced and user-generated content. S&P said, "We forecast the company will achieve over $6 billion in cost synergies. We would include these synergies only when they are realized and the costs to achieve them in our analysis, which will depress the company's EBITDA and free cash flow primarily in 2026 and 2027." The combined company includes six separate companies, Time Warner, Discovery Communications, Scripps Networks, CBS, Viacom, and Skydance, many of which have only been partially integrated. These synergies will eliminate redundancies and make process improvements. Layoffs will come largely from consolidation of the linear TV operations and the elimination of corporate overhead. S&P said, "We believe a significant portion of synergies will come from real estate rationalization, process improvements, and the merger of the DTC streaming tech stack. Management has expressed the need to modernize operations, including installing an enterprise risk management (ERM) system. "The CreditWatch negative placement reflects our view that the merger will increase PSKY's leverage well above our 4.25x downgrade threshold for the 'BB+' rating. Based on the company's proposed capital structure and our expectations for the pace of deleveraging, we will lower our issuer credit rating to 'BB' from 'BB+' when the transaction closes." PENNSYLVANIA BREWING: Taps Calaiaro Valencik as Bankruptcy Counsel ------------------------------------------------------------------ Pennsylvania Brewing Company Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Calaiaro Valencik as counsel. The firm's services include: (a) prepare the bankruptcy petition and attendance at the Initial Debtor Interview and 341 Meeting of Creditors; (b) represent the Debtor in relation to negotiating an agreement on cash collateral; (c) represent the Debtor in relation to acceptance or rejection of executory contracts; (d) advise the Debtor with regard to its rights and obligations during the Chapter 11 case; (e) represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; (f) represent the Debtor in relation to any motions for relief from stay filed by any creditors; (g) prepare the Chapter 11 Plan and Disclosure Statement, or equivalents; (h) prepare any objection to claims in the Chapter 11; and (i) otherwise, represent the Debtor in general. The firm's counsel and staff will be paid at these hourly rates: Donald Calaiaro, Partner $550 David Valencik, Partner $450 Andrew Pratt, Partner $375 Daniel White, Partner $350 Paralegals $130 In addition, the firm will seek reimbursement for expenses incurred. Mr. Valencik disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David Z. Valencik, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dvalencik@c-vlaw.com About Pennsylvania Brewing Company Inc. Pennsylvania Brewing Company Inc. is a Pittsburgh-based craft brewery engaged in the production and sale of beer, particularly German-style lagers. The company positions itself as one of the city's oldest brewing institutions, with a focus on preserving traditional brewing methods. Pennsylvania Brewing Company Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-20914) on March 31, 2026. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Donald R. Calaiaro, Esq. of Calaiaro Valencik. PLURALSIGHT LLC: Golub Capital BDC Marks $7.2MM Loan at 74% Off --------------------------------------------------------------- Golub Capital BDC Inc. has marked its $7,212,000 loan extended to Pluralsight, LLC to market at $1,875,000 million or 26% of the outstanding amount, according to Golub Capital BDC's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Golub Capital BDC Inc. is a participant in a one stop loan extended to Pluralsight, LLC. The loan accrues interest at a rate of SF + 7.50 % (i) 11.17 % PIK per annum. The loan matures on August 2029. Golub Capital BDC, Inc. is a business development company that provides financing solutions to middle-market companies. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital BDC, Inc. 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Pluralsight, LLC Pluralsight, LLC is a technology and education company that provides online software development and IT training, financed in part through a large one-stop private credit facility. POWER STOP: Phenixfin Corp Marks $9.7MM Loan at 15% Off ------------------------------------------------------- Phenixfin Corp has marked its $9,653,266 loan extended to Power Stop LLC to market at $8,229,410 or 85% of the outstanding amount, according to Phenixfin's 10-Q for the period ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Phenixfin Corp is a participant in a loan extended to Power Stop LLC. The 1L Loan accrues interest at a rate of SOFR + CSA + 4.75%, 0.50% floor per annum. The 1L Loan matures on Jan. 26, 2029. PhenixFIN Corp is a closed-end, externally managed, non-diversified investment company that operates as a business development company, providing debt and equity financing to middle-market companies. The Fund is led by David Lorber as Chief Executive Officer (Principal Executive Officer) and Ellida McMillan as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: The Corporate Secretary PHENIXFIN CORPORATION 445 Park Avenue, 10th Floor New York, NY 10022 Telephone: (212) 859-0390 About POWER STOP LLC Power Stop LLC is an automotive company, likely focused on manufacturing or distributing vehicle-related products and components. PRECISION MEDICINE: Moody's Alters Outlook on 'B2' CFR to Stable ---------------------------------------------------------------- Moody's Ratings affirmed Precision Medicine Group, LLC's ("PMG") B2 corporate family rating and B2-PD probability of default rating. Concurrently, Moody's affirmed B2 ratings of PMG's backed senior secured first lien revolving credit facility and term loan. At the same time, Moody's revised PMG's outlook to stable from negative. The rating affirmation reflects Moody's expectations that PMG will benefit from growing demand in both clinical and commercial businesses, which along with ongoing cost saving efficiencies, lay path to strengthening profitability margins. Moody's believes financial leverage will remain high, but will modestly improve, over the next 12-18 months. The ratings affirmation also reflects Moody's expectations for reduction in EBITDA addbacks related to workforce and operational cost savings. The stable outlook reflects Moody's expectations for low single-digit revenue growth, along with improvement in profitability margins, reduction in EBITDA addbacks and sustained positive free cash flow, over the next 12 to 18 months. RATINGS RATIONALE PMG's B2 corporate family rating is constrained by its modest size relative to peers with around $907 million in revenue and its high financial leverage. Moody's estimates adjusted debt/EBITDA was about 6.2x, for the twelve months ended December 31, 2025. Moody's expects financial leverage will remain high in the 5.5x to 6.0x range, over the next 12-18 months. PMG rating is also constrained by its high customer concentration in the fragmented and competitive market. The rating also reflects the risks inherent in the CRO industry, which is highly competitive and is subject to cancellation risk. PMG's rating is supported by its niche service offering, focused on earlier-stage clinical development that uses biomarkers. Business diversity is good with solid demand drivers in both contract research and commercialization services. CROs have good long-term growth prospects as the biopharmaceutical industry continues to outsource R&D functions and innovation in personalized medicine continues to expand. Moody's expects PMG to maintain good liquidity over the next 12 months. PMG's reported cash and cash equivalents were approximately $116 million as of December 31, 2025. Moody's expects PMG will generate positive free cash flow over the next 12 months, which excludes mandatory first lien term loan amortization. PMG's liquidity will be constrained by contingent earnout payments for multiple acquisitions completed over the last few years. PMG's liquidity is bolstered by access to an $80.75 million senior secured revolving credit facility expiring in 2028, which was undrawn as of December 31, 2025. Moody's anticipates sufficient cushion under the springing leverage covenant on the revolving credit facility, if triggered. The first lien lenders have a pledge on all of the company's assets, restricting sources of alternate liquidity. The first lien senior secured credit facilities including an $80.75 million revolving credit facility expiring in 2028, and $800 million term loan are rated B2, same as the CFR, as the instruments make up the preponderance of the debt in PMG's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if PMG's backlog and new business awards are weak on a sustained basis, resulting in material decline in operating margins and profitability. Aggressive financial policies, including additional debt-financed shareholder distributions or acquisitions such that debt/EBITDA is sustained above 6.0x, could also result in a downgrade. Additionally, weakening in liquidity, partially reflected in sustained negative free cash flow could support a downgrade. The ratings could be upgraded if PMG demonstrates consistent profitable growth along with a meaningful increase in scale. In addition, the ratings could be upgraded if the company manages its internal strategic initiatives and external growth opportunities (i.e., acquisitions), under conservative financial policies. Quantitatively, debt/EBITDA sustained below 4.5 times, along with strong liquidity would support an upgrade. Headquartered in Bethesda, Maryland, Precision Medicine Group, LLC is a biopharmaceutical services company providing clinical research and commercialization services for the pharmaceutical and biotechnology industries. Revenues were approximately $907 million based on the twelve months ended December 31, 2025. PMG is majority owned by private equity sponsor Blackstone. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PRESTIGE HEALTHCARE: Seeks to Extend Plan Exclusivity to Sept. 28 ----------------------------------------------------------------- Prestige Healthcare Resources Inc. asked the U.S. Bankruptcy Court for the District of Maryland to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 1 and June 30, 2026, respectively. The Debtor explains that throughout the first three months of the bankruptcy case, the Debtor has expended significant time and resources addressing complexities and immediate concerns unique to its business operations and financial condition, which have prevented the Debtor from having the necessary: i) time and staff to focus on restructuring issues or ii) information to be able to formulate a plan of reorganization and projections. In addition, soon after the Petition Date, the Office of the United States Trustee requested a substantial amount of information and documents from the Debtor regarding its financials. As a result, the Debtor was required to spend a voluminous amount of time and resources to respond to the requests which prevented the Debtor from focusing on any restructuring issues. As a result of non-payment in the months prior to the Petition Date, the Debtor's accounting software company shut the Debtor out of its system and the Debtor had no access to its own financials for an extended period of time. The Debtor believes that if it is given the extension requested herein, it will be able to focus on formulating a plan and projections and soliciting acceptances of such plan. Termination of the Debtor's exclusivity to file a plan on May 29, 2026, would no doubt have an adverse impact on the Debtor's ability to maximize a return to creditors and would potentially jeopardize the Debtor's ability to maintain its current employees and staff. The Debtor claims that it is now making a monthly profit and is saving up these profits to pay i) taxes, ii) monetary cure obligations required as part of any assumption of contracts or leases, and iii) administrative claims that would be owed as of the effective date under any plan of reorganization. While the Debtor has not yet had the opportunity to begin formulating a plan of reorganization and projections, the Debtor has demonstrated reasonable prospects to fund a viable Chapter 11 plan. As such, this factor weighs in favor of extending the Exclusivity Periods. The Debtor states that its case has been pending for a mere three and a half months. Further, this is the Debtor's first request for an extension of the Exclusive Periods. From the Debtor's perspective, it has simply not been feasible to both address the challenges currently pending in this case and set forth a viable plan of reorganization. As such, this factor weighs in favor of extending the Exclusive Periods. The Debtor asserts that its request for an extension of the Exclusivity Periods is based solely upon the variety of obstacles it has faced since the Petition Date and its well-founded projection that it simply cannot formulate a plan of reorganization prior to the expiration of the Exclusivity Periods. By obtaining an extension, the Debtor wishes to utilize the additional time to communicate and negotiate with creditors and work closely with counsel to formulate a viable plan rather than using such extension to stall or frustrate creditors. As such, this factor weights in favor of the Debtor. The Debtor further asserts that there are several unresolved accounting matters that will continue to impact the formulation of a reorganization plan. The Debtor will need to wait until LPS completes its financial investigation and is able to make a determination of the amount of the Debtor’s accounts receivables as of the Petition Date. In addition, the Debtor is working with its landlord, 1525 Good Hope LLC, to obtain post-petition financing to open up its new facility located at 1525 Marion Barry Avenue, Washington, DC. The opening of these new operations have been in the works for several years. Once these operations commence, the Debtor will be able to add additional funding to its plan of reorganization to pay its creditors. Prestige Healthcare Resources Inc. is represented by: Mary Fran Ebersole, Esq. Tydings & Rosenberg LLP One East Pratt Street, Suite 901 Baltimore, MA 21202 Telephone: (410) 752-9700 Email: mebersole@tydings.com About Prestige Healthcare Resources Prestige Healthcare Resources Inc., incorporated in Maryland in 2009, operates as a behavioral health core service agency providing mental health and related support services to individuals in Washington, D.C., Prince George's County, and Baltimore City, Maryland, and is recognized as a certified provider in the behavioral health sector, offering therapy, mental health rehabilitative services, substance use disorder programs, elderly and persons with physical disabilities waiver case management, non-medical respite, problem gambling assistance, and assertive community treatment team services. Prestige Healthcare Resources Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Md. Case No. 26-10955) on January 29, 2026, listing $1 million to $10 million in both assets and liabilities. The petition was signed by John S. Smith, Jr. as president. Joseph Selba, at Tydings Rosenberg, LLP, serves as the Debtor's legal counsel. PRO QUIP: Seeks to Hire Harry P. Stampler Inc. as Appraiser ----------------------------------------------------------- Pro Quip LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Harry P. Stampler, Inc. as appraiser of personal property. The Debtor seeks to employ the appraiser to determine the Fair Market Value and Orderly Liquidation Value of the Debtor's personal property located at 361 NorthEast 6 Terrace, Pompano Beach, Florida 33064 and 7241 NorthWest 47th Street, Miami, Florida 33166. Harry Stampler, a partner at Harry P. Stampler, Inc., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Harry Stampler Harry P. Stampler, Inc. 5412 Stirling Road Davie, FL 33314 Tel: (954) 921-8888 About Pro Quip LLC Pro Quip, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20194) on August 29, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Peter D. Russin presides over the case. Chad T. Van Horn, Esq., represents the Debtor as legal counsel. PRO TEMECULA: Hires Raines Feldman Littrell as Bankruptcy Counsel ----------------------------------------------------------------- Pro Temecula Town Center, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of Pennsylvania to hire Raines Feldman Littrell LLP as its general bankruptcy counsel. The firm's services include: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect it; (b) assist the Debtor in preparing and filing its schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the Chapter 11 case; (c) assist the Debtor with the identification and recovery of property of the estate; (d) assist the Debtor with any refinance of the loans against the property or a sale of the property; (e) assist the Debtor in the preparation of a disclosure statement and formulation of a Chapter 11 plan of reorganization; (f) advise the Debtor concerning the rights and remedies of the estate and the Debtor in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtor may be litigated or affected; and (h) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm will be paid at these hourly rates: Kyra Andrassy, Partner $850 Robert Yan, Counsel $795 Stephen Mott, Associate $595 Bambi Clark, Paralegal $325 - $495 Connie-Marie Santiago, Paralegal $325 - $495 Ms. Andrassy disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kyra E. Andrassy, Esq. Raines Feldman Littrell LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 About Pro Temecula Town Center Pro Temecula Town Center, LLC is a single-asset real estate company (as defined in 11 U.S.C. Section 101(51B)). Pro Temecula Town Center filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-10694) on March 3, 2026, listed assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Scott C. Clarkson oversees the case. The Debtor is represented by: William J. Wall, Esq. Wall Law Office 26895 Aliso Creek Rd # B-110 Aliso Viejo, CA 92656-5301 Telephone: (949) 387-4300 x105 Email: wwall@wall-law.com PRO TEMECULA: Taps Howard Grobstein of Grobstein Teeple as CRO -------------------------------------------------------------- Pro Temecula Town Center, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple LLP to provide support and financial advisory services, and designate Howard Grobstein as chief restructuring officer. The firm will render these services: (a) provide Mr. Grobstein as the Debtor's chief restructuring officer and manager; (b) provide support services to Mr. Grobstein, including the preparation of budgets and ensuring that the Debtor fulfills all of its compliance obligations, (c) analyze the value of the Property and whether a sale or refinance is in the best interests of the estate (d) review corporate, financial, and loan documents; (e) provide tax return preparation for the Debtor for the duration of this chapter 11 case; and (f) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm's current hourly rates are: Mr. Grobstein $780 Dimple Mehra $485 Paraprofessionals $90 Howard B. Grobstein, Esq., a partner at Grobstein Teeple, LLP, assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Howard B. Grobstein Grobstein Teeple, LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills CA 91367 Phone: (818) 532-1020 About Pro Temecula Town Center Pro Temecula Town Center, LLC is a single-asset real estate company (as defined in 11 U.S.C. Section 101(51B)). Pro Temecula Town Center filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-10694) on March 3, 2026, listed assets of up to $50,000 and liabilities of between $1 million and $10 million. Judge Scott C. Clarkson oversees the case. The Debtor is represented by William J. Wall, Esq. at Wall Law Office. PROSPECT MEDICAL: Judge Restricts Buyer's Malpractice Claims Risk ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that on Friday, May 15, 2026, a Texas bankruptcy court has ruled that the purchaser of Prospect Medical's California operations will not inherit broad malpractice liabilities tied to the healthcare provider's prebankruptcy conduct. Instead, the buyer’s assumed exposure is limited to unknown malpractice claims arising after the Chapter 11 filing date. The dispute centered on how much legal responsibility the buyer would take on through the bankruptcy asset sale. Parties opposing the limitation had argued that some prepetition malpractice claims should follow the assets, but the judge concluded those liabilities remain with the debtor's estate, the report cites. The ruling clears a key issue surrounding the transaction and may help facilitate the sale process by reducing uncertainty for the buyer. Prospect Medical has been pursuing asset dispositions in bankruptcy as it works through operational and financial challenges tied to its healthcare network, according to Law360. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. PVP KREWSTOWN: Court Won't Exclude Expert Opinions, Testimony ------------------------------------------------------------- Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern District of Florida denied the motions in limine filed by FI 135 Baltimore, LLC, FI 135 Battle Creek LLC, FI 135 Hines, LLC, FI 135 Philadelphia-Castor, LLC, FI 135 Philadelphia-Krewstown, LLC, FI 135 Troy, LLC, and FI 135 Waynesboro, LLC, and ICA Acquisition Baltimore, LLC, ICA Acquisition Battle Creek, LLC, ICA Acquisition Castor, LLC, ICA Acquisition Hines, LLC, ICA Acquisition Krewstown, LLC, ICA Acquisition Troy, LLC, and ICA Acquisition Waynesboro, LLC to exclude the opinions and testimony of PVP Krewstown, LLC's experts, Steven L. Schwarz and Geoffrey L. Berman. The motions in limine was considered in connection with a nine-day evidentiary hearing to adjudicate movants' motion to dismiss the Chapter 11 bankruptcy case of PVP Krewstown, LLC as an alleged bad faith filing. The Court previously entered an oral ruling denying the motions in limine on January 29, 2025. Judge Mora holds, "Dismissal under 11 U.S.C. Sec. 1112 is a fact-intensive inquiry. That means that to the extent that there is any question of whether facts might apply and be relevant to the Court's decision-making, the facts should be introduced into evidence. So, after reviewing the motions, response, transcript, and briefing, I have decided not to exclude the testimony of Mr. Berman or Professor Schwarcz. I prefer to have available all documents and testimony that might aid the Court's consideration of the motion to dismiss. The motions in limine filed are again denied." A copy of the Court's Order dated May 18, 2026, is available at https://urlcurt.com/u?l=FDdyiT from PacerMonitor.com. About PVP Krewstown PVP Krewstown, LLC filed voluntary Chapter 11 petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 23-16198) on Aug. 4, 2023, with $10 million to $50 million in both assets and liabilities. Richard Sabella, manager, signed the petition. Judge Mindy A. Mora oversees the case. Thomas M. Messana, Esq., at Underwood Murray, PA, serves as the Debtor's bankruptcy counsel. PYRAMID CONCRETE: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Tennessee, Western Division entered a final order authorizing Pyramid Concrete Pumping, LLC's conditional use of cash collateral. Under the final order, the Debtor is authorized to use Bank3's claimed cash collateral solely for ordinary operating expenses and only within the amounts projected in the approved financial projections. As adequate protection, Bank3 retained its pre-petition liens and received replacement liens on cash collateral, including post-petition accounts receivable. The replacement liens attached automatically, remained perfected without further filings, and secured any post-petition decline in the value of Bank3’s collateral, subject to later court determination of actual diminution in value. Termination events include dismissal or conversion of the bankruptcy case, appointment of a trustee, or cessation of business operations without Bank3's consent. If the Debtor fails to make required payments, Bank3 may file a notice of default, after which the Debtor has 14 days to cure. If the default is not cured, the Debtor's authority to use cash collateral will terminate, unless Bank3 elects instead to require weekly financial reporting. The order further preserves Bank3's rights to seek additional remedies, including stay relief or dismissal. The final order is available at http://bankrupt.com/misc/PyramidConcrete_FCCORder.pdf Bank3 is represented by: Douglas M. Alrutz, Esq. Wyatt, Tarrant & Combs, LLP 6070 Poplar Ave., Suite 300 Memphis, TN 38119 Phone (901) 537-1000 Fax: (901)537-1010 About Pyramid Concrete Pumping Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Pyramid Concrete Pumping sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq., at Luxman Law Firm. QVC GROUP: Secures Final Court Ok for $300MM DIP Financing ---------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that QVC received final court approval for a $300 million Chapter 11 financing package after a Texas bankruptcy judge signed off on the debtor-in-possession loan arrangement. The funding will support the home shopping company's ongoing operations and restructuring initiatives during bankruptcy. According to court filings, the financing is designed to provide working capital, cover administrative expenses, and preserve business continuity while the company reorganizes. The judge had previously approved interim access to a portion of the facility earlier in the case. The approval gives QVC broader access to the funds as it seeks to navigate financial challenges and restructure its balance sheet. The bankruptcy proceedings come amid continued pressure on retail and media-driven commerce businesses facing shifting consumer spending patterns, the report states. About QVC Group QVC Group, Inc., formerly known as Qurate Retail, Inc. -- https://www.qvcgrp.com/ -- owns interests in subsidiaries and other companies which are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the Company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Jason S. Brookner, Esq. and Lydia R. Webb of Gray Reed & McGraw LLP. RAMANUJAN GROUP: Seeks to Tap Grobstein Teeple as Financial Advisor ------------------------------------------------------------------- Ramanujan Group LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Grobstein Teeple LLP as financial advisor. The firm will provide supporting and financial advisory services. The firm will be paid at these hourly rates: Partners $425 - $780 Howard Grobstein, Partner $780 Managers & Directors $330 - $495 Dmple Mehra, Manager $485 Staff & Senior Accountants $175 - $375 Paraprofessionals $95 In addition, the firm will seek reimbursement for expenses incurred. Mr. Grobstein disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Howard B. Grobstein, Esq. Grobstein Teeple LLP 6300 Canoga Ave., Suite 1500W Woodland Hills, CA 91367 Telephone: (818) 532-1020 About Ramanujan Group LLC Ramanujan Group LLC is a Newport Beach, California-based real estate investment firm that owns Blackhawk Plaza, an open-air shopping center in Danville, California. Ramanujan Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10832) on March 18, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor tapped Kyra E. Andrassy, Esq., at Raines Feldman Littrell LLP as counsel and Grobstein Teeple LLP as financial advisor. RAPID TEST: Gets Interim OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona entered a third interim order authorizing Rapid Test Laboratories LLC to continue using cash collateral pursuant to a stipulation with secured creditor First Fidelity Bank. The order permits the Debtor to use cash collateral, including cash, deposit accounts, accounts receivable, and rental revenue, solely for expenses identified in the approved operating budget. Under the order, the Debtor may use up to $52,360 in cash collateral through June 1. The court specifically prohibited the use of cash collateral for payments related to a 2021 Mercedes-Benz AMG GLE 53 currently used by the Debtor's principal, Wendy Bryant. The order also requires the Debtor to segregate any funds exceeding the approved budget into a separate "Surplus Reserve" account, which may be used to pay additional quarterly U.S. Trustee fees. As adequate protection, First Fidelity Bank received a post-petition replacement lien on the Debtor's inventory, chattel paper, accounts, equipment, and general intangibles. The Debtor must also continue making adequate protection payments, including a $28,000 payment due this month. The court further ruled that failure to make the required rent payment to Winter Desert Holdings LLC, which then forwards the adequate protection payment to First Fidelity Bank, would constitute an event of default and immediately terminate the Debtor's authority to use cash collateral absent further court order or lender consent. The order preserves all parties' rights to challenge liens and claims and clarifies that the replacement lien granted to First Fidelity Bank does not prime the perfected security interests held by TFF in two leased TSQ Quantif Plus Triple Quadrupole Mass Spectrometers. About Rapid Test Laboratories LLC Rapid Test Laboratories, LLC is a multi-state clinical diagnostic laboratory company established in 2020 that specializes in rapid-turnaround and high-complexity laboratory testing services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:26-bk-02210-PS) on March 10, 2026. In the petition signed by Wendy Bryant, manager, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Paul Sala oversees the case. Joseph Gregory Urtuzuastegui, III, Esq., at The Real Estate Investors Law Firm, represents the Debtor as legal counsel. RAS DATA: Unsecureds Will Get 37% of Claims in Liquidating Plan --------------------------------------------------------------- RAS Data Services, Inc. and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement with respect to First Amended Joint Plan of Liquidation dated May 6, 2026. Before the commencement of the Case, the Debtor was one of the leading railcar-management companies in the United States. Founded in 2002, the Debtor essentially served as a knowledge based, skilled intermediary between owners of freight railcars (inclusive of both the Owners and Infinity, the "Customers"), on the one hand, and parties with whom the Customers did business or incur obligations (including railroads, repair shops, railcar lessees, and taxing authorities), on the other. The Debtor proposed a novel sale procedure that included several "off-ramps" allowing the process to be terminated if it appeared unlikely to succeed. After a robust marketing process, the submission of nonbinding letters of intent containing offers in the millions of dollars, and a public auction (that was continued once to attempt to garner further interest from potential purchasers), the Sale resulted in a purchase price of $525,000 (plus additional consideration). While the ultimate purchase price was a disappointing result, it did generate a modest net recovery for the Debtor's estate, and also allowed for the orderly transition of most of the Debtor's customers to a new provider, thereby avoiding the chaos and wind down expenses that might have ensued if the Debtor had merely ceased doing business. The purchaser, AllTranstek, L.L.C., and the Debtor closed on the Sale on January 16, 2026. The Plan effectuates a distribution of the assets of the Estate to creditors in accordance with the priorities set forth in the Bankruptcy Code. The Plan provides that on the Effective Date, the Debtor's assets, to the extent they have not already been liquidated, will be liquidated and the proceeds of the liquidation of the assets will be utilized according to the terms of the Plan, to pay Allowed Claims, and to fund the Liquidating Trust and pay for its expenses. The assets comprising the Liquidating Trust, regardless of when such assets are transferred into the Liquidating Trust, are defined in the Plan as the "Liquidating Trust Assets." All Cash remaining in the Estate on the Effective Date that is reserved under the Plan for payment of particular kinds of claims (specifically, payment of Allowed Claims, Allowed Priority Tax Claims, the Infinity Fixed Payment, Allowed Erroneous Payment Claims, Disputed Claims, and estimated fees, costs, and expenses of the Liquidating Trust and its professionals) is defined in the Plan as the "Reserved Cash." All Reserved Cash will be transferred to the Liquidating Trust and held in trust for the benefit of the applicable Holders or Persons pending adjudication of their asserted Claims. Holders of Allowed Administrative Claims and Class 1 Allowed Priority Claims will be paid in full on the Effective Date, or upon allowance of their claims. Holders of Allowed Priority Tax Claims will either be paid in full within 45 days of the Effective Date, or in installments over a longer period. Holders of Class 2 Allowed Infinity Claims will receive two payments totaling $5,600,000, and retain the balance of their claims (i.e., the Infinity Remaining Claims), solely for purposes of participating in Pro Rata distributions of: (a) funds reserved for Erroneous Payment Claims but later determined to be property of the Estate, and (b) Victim Recovery Funds. The timing and amounts of payments of Holders of Class 3 Allowed Erroneous Payment Claims will depend on whether each Holder's allegedly erroneously paid funds are deemed, in a Final Order, to constitute property of the Estate. If the funds are deemed to be property of the Estate, then the Holder will receive a Pro Rata portion of the Liquidating Trust Assets (after payment of certain other Allowed Claims and appropriate reserves) in accordance with the Liquidating Trust Agreement and the Plan. If the funds are deemed to be property of the Holder, then the Holder's Claim will be paid in full. The Holders of Allowed Class 4 General Unsecured Claims will receive Pro Rata portions of the Liquidating Trust Assets (after payment of certain other Allowed Claims and appropriate reserves) in accordance with the Liquidating Trust Agreement and the Plan. Holders of Allowed Class 5 Interests are not expected to receive a distribution of any amounts, and all such interests will be deemed canceled as of the Effective Date of the Plan. Class 4 consists of General Unsecured Claims against the Debtor. Allowed Class 4 Claims will be paid Pro Rata, pari passu with the Infinity Contingent Payment (if any) and Allowed Class 3 Claims receiving "Treatment A," from the Net Trust Proceeds, after satisfaction of Allowed Administrative Claims, Allowed Priority Tax Claims, Allowed Class 1 Claims, the Infinity Fixed Payment, and Allowed Class 3 Claims receiving "Treatment B." Each Holder of an Allowed Class 4 Claim is entitled to vote to accept or reject the Plan. The allowed unsecured claims total $32,062,135. This Class will receive a distribution of 37% of their allowed claims. Holders of Class 5 Interests will not receive a distribution under the Plan, and their Interests will be canceled and extinguished as of the Effective Date. Each Holder of an Allowed Class 5 Interest is conclusively deemed to have rejected the Plan and is not entitled to vote on the Plan. The primary objective of the Plan is to distribute the proceeds of the Debtor's assets to creditors as fairly and efficiently as possible. Section 1.58 of the Plan provides that the Liquidating Trust Assets consist of the assets to be transferred to and vested in the Liquidating Trust pursuant to the Plan and the Confirmation Order, plus all proceeds, earnings and replacements arising from or relating to these assets and all other assets acquired by the Liquidating Trust at any time. The Liquidating Trust Assets include, without limitation: (i) all Cash held by the Debtor; (ii) the Debtor's remaining property, including accounts or any other tangible or intangible personal property and any and all proceeds thereof; (iii) the Debtor's right, title and interest in and to all Causes of Action and any proceeds therefrom, except those expressly released by this Plan or by Order of the Bankruptcy Court; and (iv) all books and records related to the Debtor or its Estate not otherwise sold to the Buyer. A full-text copy of the Disclosure Statement dated May 6, 2026 is available at https://urlcurt.com/u?l=8qcuZJ from PacerMonitor.com at no charge. RAS Data Services Inc. is represented by: Howard L. Adelman, Esq. Adam P. Silverman, Esq. Steven B. Chaiken, Esq. Alexander F. Brougham, Esq. Nicholas R. Dwayne, Esq. Tevin D. Bowens, Esq. Adelman & Gettleman, Ltd. 53 West Jackson Boulevard, Suite 1050 Chicago, IL 60604 Tel: (312) 435-1050 Email: hadelman@ag-ltd.com asilverman@ag-ltd.com schaiken@ag-ltd.com abrougham@ag-ltd.com ndwayne@ag-ltd.com tbowens@ag-ltd.com Counsel to the Official Committee of Unsecured Creditors: Brian J. Jackiw, Esq. Thomas R. Fawkes Esq. Jason J. Ben Esq. Tucker Ellis LLP 233 S. Wacker Drive, Suite 6950 Chicago, IL 60606 Telephone: (312) 256-9425 Facsimile: (312) 624-6309 Email: Brian.jackiw@tuckerellis.com Thomas.fawkes@tuckerellis.com Jason.ben@tuckerellis.com About RAS Data Services Inc. RAS Data Services Inc. provides railcar management services across the United States, integrating mechanical and accounting functions with internet-based applications and 24/7 support to optimize maintenance costs and fleet utilization. Founded in 2002, the Company manages approximately 500,000 railcars for shippers, operating lessors, utilities and short-line railroads. RAS Data Services Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-11837) on Aug. 1, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million each. Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by Adam P. Silverman, Esq. at ADELMAN & GETTLEMAN, LTD. RAYMOND GROUP: Taps Howard Grobstein of Grobstein Teeple as CRO --------------------------------------------------------------- Raymond Group, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Grobstein Teeple LLP to provide support and financial advisory services, and designate Howard Grobstein as chief restructuring officer. The firm will render these services: (a) provide Mr. Grobstein as the Debtor's chief restructuring officer and manager; (b) provide support services to Mr. Grobstein, including the preparation of budgets and ensuring that the Debtor fulfills all of its compliance obligations, (c) analyze the value of the Property and whether a sale or refinance is in the best interests of the estate (d) review corporate, financial, and loan documents; (e) provide tax return preparation for the Debtor for the duration of this chapter 11 case; and (f) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm's current hourly rates are: Mr. Grobstein $780 Dimple Mehra $485 Paraprofessionals $90 Howard B. Grobstein, Esq., a partner at Grobstein Teeple, LLP, assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Howard B. Grobstein Grobstein Teeple, LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills CA 91367 Phone: (818) 532-1020 About Raymond Group LLC Raymond Group, LLC owns and leases real property at 104-172 North Raymond Avenue in Fullerton, California. Raymond Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10834) on March 18, 2026. In the petition signed by Ioannis Xilikakis, manager, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Kyra E. Andrassy, Esq., at Raines Feldman Littrell LLP serves as the Debtor's counsel. REDDIRT ROAD: Creditors to Get Proceeds From Liquidation -------------------------------------------------------- Reddirt Road Partners, LLC d/b/a Reddirt Outdoor Equipment filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement with respect to Plan of Liquidation dated May 6, 2026. The Debtor formerly operated an outdoor equipment dealership, selling and repairing tractors, commercial lawn mowers, and other related equipment. Prepetition, the Debtor's office manager allegedly stole at least $200,000.00 which lead to cash flow issues and the filing of this case. This Chapter 11 case was filed in an effort to capture any remaining goodwill and intangible value that the Debtor had to maximize recovery for the estate and its creditors. The Debtor filed this case because it discovered its former office manager had stolen at least $200,000.00, leading to cash flow issues. The Debtor filed this case in hopes of preserving the business, but ultimately decided to sell all its assets to provide the biggest possible recovery to creditors. The Debtor filed this bankruptcy case on March 12, 2025. On July 23, 2025, this Court approved the proposed sale of substantially all of Debtor's assets. The closing of that sale occurred on August 13, 2025. After the closing of the sale, Debtor's counsel held the net sale proceeds in trust to distribute to creditors. On November 17, 2025, the Debtor filed a motion to approve compromise and settlement, which was later granted by the Court. Pursuant to that motion, the Debtor distributed funds to three of the Debtor's creditors: Wells Fargo Bank, Truist Bank, and Kioti. Wells Fargo Bank and Truist Bank were paid in full, while Kioti agreed to a payment of $60,000.00 toward its claim. The Debtor will now pursue causes of action against the one former employee and investigative any other causes of action (whether under Chapter 5 or otherwise). Any recovery from those actions will provide a greater distribution to unsecured creditors. The Class 12 general unsecured claims listed will be paid pro-rata from funds on hand within ninety days of the Effective Date. The amounts below are not the amount that each creditor can expect to receive. The amounts listed next to each creditor is what the Debtor has determined their remaining claim(s) to be. If any funds are received from avoidance actions or any other causes of action the Debtor may have, then these creditors will receive additional pro-rata distributions from funds recovered, less administrative expenses approved by the Court. Kioti: $164,890.57 Florida Outdoor Equipment: $45,415.16 Northpoint Commercial Finance, LLC: $22,186.48 Regions Bank: $150,000.00 Stellantis Financial: $$32,000 U.S. Small Business Administration: $157,366.80 Daedong-USA, Inc.: $224,890.57 Cintas Corporation: $46,334.26 Federated Mutual Insurance Company: 12,101.44 Agri-Sure, LLC: $15,000 Ariens: $25,000.00 Truist Bank: $39,490.56 Caliber Trailer: $1,505.00 Implement Sales, LLC: $7,402.00 Prospex Digital, LLC: $1,434.00 Roberts Supply: $0.00 SPW & Associates, LLC: $8,915.00 Taylor Pittsburgh Manufacturing: $5,658.00 Tri-State Office Supplies: $891.00 Class 13 consists of Equity Interest Holders. Michael and Vicki Cooper will receive no distributions via the Plan. Payments and distributions under the Plan will be funded by funds on hand. Additional funds will be distributed on a pro-rata basis in the event monies are recovered from avoidance actions or any other cause(s) of action. The Plan Proponent believes that the Debtor will have enough cash on hand on the effective date of the Plan to pay the priority tax claims, administrative expenses, United States Trustee Fees, and at least a small dividend will be available to pay unsecured creditors. This is a liquidation Plan. The Debtor does not operate. A full-text copy of the Disclosure Statement dated May 6, 2026 is available at https://urlcurt.com/u?l=bkEBx2 from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Remington Green Circle, Suite B Tallahassee, FL 32308 Telephone: (850) 385-0342 Facsimile: (850) 270-2441 Email: twright@brunerwright.com About Reddirt Road Partners Reddirt Road Partners, LLC, operated an outdoor equipment dealership, selling and repairing tractors, commercial lawn mowers, and other related equipment. The Debtor filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-50049) on March 12, 2025, listing between $500,001 and $1 million in both assets and liabilities. Judge Karen K. Specie oversees the case. The Debtor is represented by Byron Wright, III at Bruner Wright, P.A. REEL TRIMS: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Reel Trims, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, to use cash collateral. The Debtor intends to use cash collateral in accordance with a projected operating budget, allowing for up to a 10% variance per expense category. It argued that such use is necessary given its inability to access funds that may force the business to cease operations and significantly diminish the value of its assets. The Debtor projects total operational expenses of $69,355 for the period from May 3 to May 30. The Debtor identifies multiple creditors with potential secured interests based on UCC financing statements, including lenders such as the U.S. Small Business Administration and various funding companies, though it notes uncertainty regarding the exact alignment of certain filings with specific creditors and reserves the right to challenge the validity, perfection, and value of those liens at a later stage. Importantly, none of these creditors currently control the Debtor's bank accounts, which the Debtor wishes to access freely. To address creditor concerns, the Debtor offers adequate protection through the preservation of the business as a going concern and by granting replacement liens on post-petition assets equivalent in scope and priority to pre-petition liens. While the Debtor has not yet presented evidence of an equity cushion, it reserves the right to do so later. A copy of the order is available at https://shorturl.at/utyPR from PacerMonitor.com. The next hearing is set for May 27. About Reel Trims, LLC Reel Trims, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-14072-EPK) on March 31, 2026. In the petition signed by Ronald Turba, owner, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Erik P. Kimball oversees the case. Steven E. Wallace, Esq., at Steven E. Wallace, PL, represents the Debtor as legal counsel. RELIZ TECHNOLOGY: Gets Extension to Use Cash Collateral ------------------------------------------------------- Reliz Technology Group Holdings, Inc. and affiliates received fifth interim approval from the U.S. Bankruptcy Court for the District of Delaware for authority to use cash collateral. Under the fifth interim order, the Debtors are authorized to use up to $15 million in cash collateral to support ongoing business operations, including vendor payments and administrative expenses. The Debtors' right to use cash collateral terminates at 11:59 p.m. (New York time) on May 29, unless extended by order or consent of Celsius Network Ltd., the Debtors' pre-bankruptcy secured lender; or upon entry of a court order terminating use due to noncompliance. As protection for any diminution in the value of its collateral, Celsius will receive valid, perfected replacement liens on the Debtors' assets, including pre-petition collateral and its proceeds, subject only to prior senior liens on the pre-petition collateral. The replacement liens do not apply to any Chapter 5 claims or causes of action. Celsius is also entitled to a superpriority administrative claim. The order additionally imposes extensive reporting obligations on the Debtors, including weekly disclosures regarding cash balances, cryptocurrency holdings, asset sales, intercompany transactions exceeding $100,000, and litigation involving digital assets. Separate professional fee escrows must also be maintained for estate professionals and committee professionals. The court scheduled a final hearing for May 28. The order is available at https://shorturl.at/t8Dit from PacerMonitor.com. About Reliz Technology Group Holdings Inc. Reliz Technology Group Holdings Inc. together with affiliates Reliz Ltd., Reliz Technologies LLC, and Reliz CI Ltd., operates the BlockFills digital-asset trading and liquidity platform, offering institutional clients spot and derivatives trading, collateralized lending, and mining solutions. Founded in 2017, the group aggregates liquidity from a global network of exchanges and market makers, integrating smart order routing, trade reconciliation, and risk management through a multi-asset technology platform with FIX API connectivity and white-label software. Headquartered in Chicago, Illinois, it also maintains offices in London, Dubai, Sao Paulo, and the Cayman Islands. Reliz and three affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10371) on March 15, 2026. In the petition signed by Joseph Perry, interim chief executive officer, Reliz disclosed assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. Judge Thomas M Horan oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Katten Muchin Rosenman, LLP as bankruptcy-co-counsel; Berkeley Research Group, LLC as financial advisor; and Verita Global, LLC as claims agent. REVOCAR 2023-1: DBRS Confirms 'BB(high)' Rating on Cl. D Notes -------------------------------------------------------------- DBRS Ratings GmbH (Morningstar DBRS) confirmed its credit ratings on the bonds issued by RevoCar 2023-1 UG (haftungsbeschränkt) (the Issuer) as follows: -- Class A Notes at AAA (sf) -- Class B Notes at AA (sf) -- Class C Notes at A (sf) -- Class D Notes at BB (high) (sf) CREDIT RATING RATIONALE The confirmations follow an annual review of the transaction and are based on the following analytical considerations: -- Portfolio performance, in terms of delinquencies, defaults, and losses, as of the April 2026 payment date; -- Updated probability of default (PD), loss given default (LGD), and expected loss assumptions for the aggregate collateral pool; and -- Current available credit enhancement to the rated notes to cover the expected losses at their respective credit rating levels. The transaction is a securitisation of German auto loan receivables originated and serviced by Bank11 für Privatkunden und Handel GmbH (Bank11) and granted primarily to private clients for the purchase of both new and used vehicles. The transaction closed in May 2023 with an initial portfolio of EUR 500.0 million. PORTFOLIO PERFORMANCE As of the March 2026 cut-off date, loans that were one to two months and two to three months in arrears represented 0.9% and 0.3% of the outstanding portfolio balance, respectively, while loans that were more than three months in arrears represented 1.4%. Gross cumulative defaults amounted to 2.1% of the aggregate initial collateral balance, with cumulative recoveries of 31.8% to date. PORTFOLIO ASSUMPTIONS AND KEY DRIVERS Given the performance of the transaction, Morningstar DBRS updated its base case PD and LGD assumptions to 2.2% and 63.3%, respectively, up from 1.8% and 58.8%. CREDIT ENHANCEMENT The subordination of the respective junior obligations provides credit enhancement to the rated notes. As of the April 2026 payment date, credit enhancement to the Class A, Class B, Class C, and Class D Notes increased to 28.3%, 14.9%, 10.7%, and 5.6%, respectively, up from 16.4%, 8.6%, 6.2%, and 3.2%, respectively, as of the April 2025 payment date. The transaction benefits from an amortising liquidity reserve, available to cover senior fees and expenses, swap payments, and interest payments on Class A Notes only. The reserve has a target balance equal to 1.0% of the outstanding collateral balance, subject to a floor of EUR 1.0 million. As of the April 2026 payment date, the reserve was at its target balance of EUR 1.6 million. Additionally, the transaction benefits from a commingling reserve, funded by Bank11 at closing for EUR 5.0 million. The reserve is maintained at a balance equal to 1.0% of the outstanding collateral balance as long as the Class D Notes are outstanding. As of the April 2026 payment date, the commingling reserve was at its target balance of EUR 1.6 million. BNP Paribas S.A., Niederlassung Frankfurt am Main (BNPP Frankfurt) acts as the account bank for the transaction. Based on Morningstar DBRS' private credit rating of BNPP Frankfurt, the downgrade provisions outlined in the transaction documents, and structural mitigants inherent in the transaction structure, Morningstar DBRS considers the risk arising from the exposure to the account bank to be consistent with the credit ratings assigned to the notes, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. UniCredit Bank GmbH (UniCredit) acts as swap counterparty. Morningstar DBRS' private credit rating on UniCredit is consistent with the first rating threshold, as described in Morningstar DBRS' "Legal and Derivative Criteria for European and Asia-Pacific Structured Finance Transactions" methodology. Morningstar DBRS' credit ratings on the applicable classes address the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. Where applicable, a description of these financial obligations can be found in the transactions' respective press releases at issuance. Morningstar DBRS' long-term credit ratings provide opinions on risk of default. Morningstar DBRS considers risk of default to be the risk that an issuer will fail to satisfy the financial obligations in accordance with the terms under which a long-term obligation has been issued. Notes: All figures are in euros unless otherwise noted. RHINOGRAM INC: Seeks to Hire Tom Bible Law as Bankruptcy Counsel ---------------------------------------------------------------- Rhinogram, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee to employ the Law Office of W. Thomas Bible, Jr., doing business as Tom Bible Law, as counsel. The firm will render these services: (a) advise the Debtor as to its rights, duties, and powers; (b) investigate and if necessary, institute legal action on behalf of the Debtor to collect and recover assets of its estate; (c) prepare and file the statements, schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this case; (d) assist and counsel the Debtor in the preparation, presentation and confirmation of their disclosure statement and plan of reorganization; (e) represent the Debtor at all hearings, meetings of creditors, conferences, trials, and other proceedings in this case; and (f) perform such other legal services as may be necessary in connection with this case. The hourly rates of the firm's counsel and staff are as follows: Attorneys $475 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a prepetition retainer of $25,000, including the filing fee of $1,738. W. Thomas Bible, Jr., Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: W. Thomas Bible, Jr., Esq. Tom Bible Law 6112 Shallowford Road Chattanooga, TN 37421 Telephone: (423) 424-3116 Facsimile: (423) 553-0639 Email: tom@tombiblelaw.com About Rhinogram Inc. Rhinogram, Inc., based in Chattanooga, Tennessee, provides a cloud-based patient engagement and virtual care platform that enables health-care providers, patients and office administrators to communicate through HIPAA-compliant SMS/MMS messaging, video interactions, encrypted phone calls, e-forms, appointment reminders and contactless payment tools. Founded in 2017 by Dr. Keith Dressler, the company serves medical, dental, behavioral health, community health, specialty care and health-system customers, with its platform integrating with EHR and practice-management systems to support patient communications and clinical workflows. Rhinogram, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11199) on May 5, 2026. In the petition signed by Keith Dressler, chairman, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. Judge Nicholas W. Whittenburg handles the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. RK PARISI: Seeks Approval to Hire Daniel G. Weaver as Appraiser --------------------------------------------------------------- RK Parisi Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Daniel G. Weaver, a realtor at Lyndeborough, New Hampshire, as appraiser. The Debtor needs an agent to value its property located at 104 Emeral Street, Keene, New Hampshire. Mr. Weaver is not and will not be paid from estate funds. A friend of the Debtor's principal has agreed to pay Mr. Weaver for his services. Mr. Weaver disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The appraiser can be reached at: Daniel G. Weaver 149 Dutton Rd. Lyndeborough, NH 03082 About RK Parisi Enterprises Inc. RK Parisi Enterprises, Inc., operating as PoshHaus, sells home improvement and home-furnishing products, including kitchen and bathroom fixtures, cabinetry, lighting, appliances, and flooring, through an online platform and a physical showroom in Keene, New Hampshire. The company targets homeowners, builders, and interior designers homeowners, builders, and interior designers homeowners, builders, and interior designers seeking products for residential renovations. RK Parisi Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10842) on December 1, 2025, with $1 million to $10 million in assets and liabilities. Robert M. Parisi, Jr., president and owner of RK Parisi Enterprises, signed the petition. Judge Kimberly Bacher presides over the case. William J. Amann, Esq., at Amann Burnett, PLLC represents the Debtor as legal counsel. RQM+ CORP: SLR Investment Marks $25.9MM Loan at 20% Off ------------------------------------------------------- Slr Investment Corp. has marked its $25,988,000 loan extended to Rqm+ Corp. to market at $22,790,000 or 80% of the outstanding amount, according to SLR's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Slr Investment Corp. is a participant in a loan extended to Rqm+ Corp. The Loan accrues interest at a rate of S + 725 (11), 1.00%, 11.21% per annum. The Loan matures on Aug. 1, 2029. SLR Investment Corp. is a business development company that provides financing solutions to middle-market companies. The Fund is led by Michael S. Gross as Co-Chief Executive Officer (Principal Executive Officer) and Bruce J. Spohler as Co-Chief Executive Officer (Principal Executive Officer). The Fund can be reached at: The Corporate Secretary SLR INVESTMENT CORP. 500 Park Avenue New York, N.Y. 10022 Telephone: (212) 993-1670 About RQM+ CORP. RQM+ Corp. is a life sciences tools and services company that provides specialized solutions and support to organizations operating in the medical and scientific sectors. S&J DATA TECHNOLOGIES: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- S&J Data Technologies, Inc. received approval from the U.S. Bankruptcy Court for the Eastern District of New York to use M&T Bank's cash collateral on a final basis in its Chapter 11 case. Under the order, the Debtor may use cash collateral, excluding trust funds governed by Article 3A of the New York Lien Law, to fund post-petition operating expenses pursuant to an approved budget. Authorized expenses include payroll, rent, insurance, utilities, and the purchase of supplies necessary to maintain ongoing business operations. The Debtor is permitted to continue using the cash collateral through the earlier of August 31, 2026 or confirmation of a Chapter 11 plan, subject to court approval for any extension. The Debtor projects total operational expenses of $175,172.64 for May. As adequate protection, M&T Bank received rollover and replacement liens on the Debtor's post-petition assets, maintaining the same priority and collateral scope as existed prepetition. The Debtor must also make monthly adequate protection payments of approximately $1,200 beginning April 2, 2026, representing interest-only payments on M&T Bank's obligations, and the bank is authorized to deduct those amounts directly from the Debtor's accounts. The order also preserves the rights of creditors and parties in interest to investigate or challenge M&T Bank's claims and liens within specified deadlines. The automatic stay was modified only as needed to implement the order, M&T Bank was granted inspection and audit rights upon notice, events of default from the motion were incorporated, and the order became effective immediately. The final order is available at https://shorturl.at/ixXYV from PacerMonitor.com. S&J is a New York based data technology installation company employing fourteen people and operating from its Bohemia, New York facility. Its principal assets include approximately $125,000 in cash, $450,000 in accounts receivable, and inventory and equipment. M&T Bank, the primary secured creditor, is owed about $167,000 under a drawn line of credit secured by assets valued at roughly $600,000. About S&J Data Technologies Inc. S&J Data Technologies, Inc. is a New York based data technology installation company employing fourteen people and operating from its Bohemia, New York facility. S&J sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 8-26-70046-spg) on January 5, 2026, listing up to $1 million in both assets and liabilities. Joseph Morgan, president of S&J, signed the petition. Judge Sheryl P. Giugliano oversees the case. Fred S. Kantrow, Esq., The Kantrow Law Group, PLLC, represents the Debtor as bankruptcy counsel. SALLY BEAUTY: S&P Affirms 'BB' Rating on Senior Unsecured Notes --------------------------------------------------------------- S&P Global Ratings affirmed its 'BBB-' issue-level rating on Sally Beauty Holdings Inc.'s (SBH) first-lien debt and 'BB' issue-level rating on the company's unsecured notes. At the same time, S&P revised the recovery rating on the company's unsecured notes to '3' from '4'. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. The improved recovery prospects for the unsecured notes are primarily driven by the decline in first-lien debt claims after a voluntary payment, which results in greater collateral available to unsecured creditors in a hypothetical default. In the first six months of fiscal 2026, the company made a voluntary payment of $38 million on its outstanding term loan debt. As of March 31, 2026, outstanding borrowings under the term loan B (TLB) were $235.0 million, reflecting this voluntary debt reduction. S&P's 'BB' issuer credit rating on Sally Beauty Holdings, Inc. and stable outlook are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- SBH's $235 million TLB due 2030 is rated 'BBB-'; the '1' recovery rating indicates our expectation of very high (90%–100%; rounded estimate: 95%) recovery for lenders. -- The company's $600 million senior unsecured notes due 2032 are rated 'BB'; the '3' recovery rating indicates S&P's expectation of meaningful (50%–70%; rounded estimate: 60%) recovery for lenders. -- S&P's simulated default scenario considers a hypothetical default in 2031 driven by a combination of factors, including reduced consumer spending, increased competitive pressure, and the failure of SBH's merchandising strategies and store initiatives. This would substantially erode revenue and earnings. -- The scenario also assumes SBH would reorganize as a going concern to maximize recovery prospects for lenders. S&P said, "We apply a 5.5x multiple to our projected emergence-level EBITDA. This multiple is higher than the 5x multiple we typically apply to SBH's retail peers, reflecting the company's unique market position as the largest beauty supply retailer and distributor with a sizable private-label offering." Simulated default assumptions -- Simulated year of default: 2031 -- EBITDA at emergence: $183 million -- Implied enterprise value multiple: 5.5x -- Gross enterprise value at emergence: $1 billion Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $957million -- Asset-based lending revolver claims*: $288 million -- Collateral available to secured claims: $669 million -- Senior secured TLB claims*: $245 million -- Recovery expectations: 90%-100% (rounded estimate: 95%) -- Collateral available to unsecured claims: $386 million -- Senior unsecured note and other unsecured claims*: $673 million -- Recovery expectations: 50%-70% (rounded estimate: 60%) *All debt claims include six months of prepetition interest. SANTA PAULA: Seeks to Hire Tax Law Firm as Special Tax Counsel -------------------------------------------------------------- Santa Paula Hay & Grain and Ranches seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Tax Help Law Firm as special tax counsel. The firm will render these services: (a) file and negotiate property tax decline in value proposition for the Debtor; (b) negotiate and dispute assessed tax rates for the Debtor's real properties with the related property tax assessors; (c) represent the Debtor in connection with the negotiations and resolution of tax claims with the Internal Revenue Service, the Employment Development Department, various counties, and other taxing agencies; (d) represent the Debtor in relation to tax resolution for back taxes owed to various taxing agencies; and (e) represent the Debtor and assist its general tax strategy during bankruptcy and in connection with a plan of reorganization. The firm will be paid at these hourly rates: Rassa Ebrahim, Attorney $400 Staff $150 In addition, the firm will seek reimbursement for expenses incurred. Ms. Ibrahim disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rassa Ebrahim, Esq. Tax Help Law Firm 9301 Wilshire Blvd., #311 Beverly Hills, CA 90210 Telephone: (310) 994-8330 About Santa Paula Hay & Grain and Ranches Santa Paula Hay & Grain and Ranches specializes in providing a variety of hay and grain products to meet the needs of farmers and animal owners. The Company offers high-quality feed options for livestock and pets. Santa Paula Hay & Grain and Ranches sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10314) on March 12, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Reed Olmstead, Esq. SEPI REALTY: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: Sepi Realty LLC 501 5th Ave New York, NY 10017 Business Description: Sepi Realty LLC is a New York-based single- asset real estate entity (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11120 Judge: Hon. Lisa G Beckerman Debtor's Counsel: Julio E. Portilla, Esq. JULIO E. PORTILLA 380 Lexington Ave. 4th Floor New York, NY 10168 Tel: (212) 365-0292 Fax: (212) 365-4417 E-mail: jp@julioportillalaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Sandra Piedrabuena as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WSTMJFY/Sepi_Realty_LLC__nysbke-26-11120__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 11 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Besnik Malecaj $1,500,000 2455 Cruger Avenue Bronx, NY 10467 2. Department of Housing & $0 Preservation & Dev (HPD) 100 Gold Street New York, NY 10038 3. Department of Taxation $0 and Finance Civil Enforment Div Albany, NY 12227 4. Environmental Control Board City Of $0 New Environmental Control Board City Of New York New York, NY 10038 5. Internal Revenue Service $0 PO Box 7346 Philadelphia, PA 19114 6. Marcus Abrams and $0 Lisa Abrams Marcus Abrams and Lisa Abrams in her capacity as Trustee for the Lisa Marie Abrams Revocable Trust 39 Hunting Ridge Road Greenwich Greenwich, CT 06831 7. NYC Department of Finance $139,549 59 Maiden Lane New York, NY 10038 8. NYC Department of Transportation $0 40 Worth New York, NY 10013 9. NYC Enviromental $600 Control Board 66 John Street, 10th Floor, New York, NY New York, NY 10038 10. Sapphireedg $0 Holdings Limited c/o Becker Glynn LP 299 Park Avenue New York, NY 10171 11. The Tax Commission $0 of the City of NY 1 Centre Street, Room 2400 New York, NY 10007 SEPI REALTY: Seeks Chapter 11 Bankruptcy in New York ---------------------------------------------------- On May 15, 2026, Sepi Realty 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 $10 million and $50 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 5, 2026 at 02:30 PM at Zoom.us - USTrustee 12: Meeting ID 160 9665 4500, Passcode 9871234560, Phone 1 (202) 796-9507. About Sepi Realty LLC Sepi Realty LLC is a real estate company engaged in property ownership, investment, and management activities. Sepi Realty LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11120) on May 15, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Julio E. Portilla, Esq. of Law Office Julio E. Portilla, P.C. SINTX TECHNOLOGIES: Posts $2.82 Million 1Q Net Loss --------------------------------------------------- SINTX Technologies, Inc. reported a first-quarter net loss of $2.82 million, compared with a net loss of $2.29 million a year earlier, according to a Form 10-Q filed with the Securities and Exchange Commission. Revenue was $380,000 for the three months ended March 31, 2026, compared with $369,000 in the prior-year period. The company reported gross profit of $144,000, total operating expenses of $3.35 million and a loss from operations of $3.21 million. The filing showed net cash used in operating activities of $2.49 million, compared with $1.30 million a year earlier. As of March 31, 2026, SINTX had cash and cash equivalents of $1.89 million, total assets of $7.81 million, total liabilities of $6.91 million and total stockholders' equity of $904,000. Management said it expects continued operating losses and cash use, and concluded that substantial doubt remains about the company's ability to continue as a going concern for at least 12 months from the issuance of the financial statements. SINTX said its ability to continue depends on increasing sales, decreasing expenses, obtaining additional financing and executing strategic objectives. The company continues to seek equity or debt financing, but funding is not guaranteed and may not be available on favorable terms. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1269026/000149315226023919/form10-q.htm About SINTX SINTX Technologies, Inc. is a Salt Lake City advanced ceramics company formed in December 1996. The company develops, manufactures and commercializes silicon nitride biomaterials, composites, devices and related technologies for medical and other high-value applications, including biomedical products for musculoskeletal and antipathogenic uses and silicon nitride parts for electrical, aerospace and industrial customers. In an audit report dated March 20, 2026, Tanner LLP included a going concern qualification, stating that SINTX had recurring losses from operations, negative operating cash flows and a need to obtain additional financing to finance operations. Those issues raised substantial doubt about the company's ability to continue as a going concern. SMART COMMUNCIATIONS: Gets OK to Hire Vogt Law as Special Counsel ----------------------------------------------------------------- Smart Communications Holding, Inc. and Smart Communications Collier, Inc. received approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Vogt Law as special counsel. The firm will render these services: (a) prosecute and defend the pending Appraisal Action styled Smart Communications US, Inc. v. Melvin Engelke, III, which was consolidated with Case No. 16-CA-000491 on behalf of the Debtors' affiliate Smart US; (b) prosecute and defend any appeals which arise from the Appraisal Action; (c) prosecute and defend the Dec Action Melvin W. Engelke, III v. James Logan, et al., in Hillsborough County, Florida bearing Case No. 19-CA-002628 on behalf of the Debtors' affiliates, pursue an award of attorneys' fees and costs upon final judgment, and represent its interests therein; (d) prosecute and defend the Dec Action Appeal on behalf of the Debtors and/or its affiliates; and (e) assist the Debtors in defending the Proof of Interest and the Engelke Claims in these proceedings, which appear to be based on assertions Engelke has made in the Engelke Actions. Shane Vogt, Esq., the primary attorney in this representation, will be billed at his hourly rate of $600, plus expenses. Mr. Vogt disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached through: Shane Vogt, Esq. Vogt Law 625 E. Twiggs Street, Suite 1090 Tampa, FL 33602 About Smart Communications Holding Inc. Smart Communications Holding, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09473) on December 16, 2025, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. The Debtor tapped Eric D. Jacobs, Esq., at Venable LLP as bankruptcy counsel and Saul Ewing LLP and Vogt Law as special litigation counsel. SMART COMMUNICATIONS: Plan Exclusivity Period Extended to Aug. 6 ---------------------------------------------------------------- Judge Roberta A. Colton of the U.S. Bankruptcy Court for the Middle District of Florida extended Smart Communications Holding, Inc. and Smart Communications Collier, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to Aug. 6 and Oct. 5, 2026, respectively. In a court filing, the Debtors explain that the Chapter 11 Cases are complex due to the interplay between these proceedings and the ongoing State Court Litigation involving the Debtors' largest interested party, the Trust. Accordingly, the Debtors require additional time within the exclusivity period to evaluate the impact of the Final Judgment, negotiate with key stakeholders, and incorporate these developments into a comprehensive restructuring framework. The Debtors note that they have retained a Chief Restructuring Officer (CRO) to assist in managing the business and evaluating restructuring alternatives. The retention of a CRO is a clear indicator of the Debtors' good faith and commitment to transparency, operational discipline, and maximizing value for all stakeholders. The CRO is actively working with the Debtors to assess strategic options, improve operational efficiency, and lay the groundwork for a confirmable plan. In addition, the Debtors are actively working to implement critical operational initiatives necessary to stabilize the business and support plan formulation, including establishing appropriate management compensation, negotiating a lease with Loco and finalizing a licensing agreement with HLFIP governing essential intellectual property and critical services. This is the Debtors' first request to extend the Exclusive Periods. The requested extension is modest and will not prejudice creditors. The extension requested herein will allow for the advancement of many of the Next Phase Proceedings which will have a direct impact on the structure and terms of any plan to be proposed by the Debtors. The Debtors are not seeking to extend exclusivity to pressure creditors, but rather to complete Court supervised, value-maximizing steps that will benefit all legitimate stakeholders. Counsel to the Debtors: VENABLE LLP Paul J. Battista, Esq. Mariaelena Gayo-Guitian, Esq. 801 Brickell Avenue, Suite 1500 Miami, Florida 33131 Phone: 305.349.2300 Email: pjbattista@Venable.com Email: mguitian@Venable.com - and – Eric D. Jacobs, Esq. 100 N. Tampa Street, Suite 2600 Tampa, Florida 33602 Phone: 813.439.3100 Email: ejacobs@Venable.com About Smart Communications Holding Smart Communications Holding, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09473) on Dec. 16, 2025, with up to to $50,000 in assets and $1 million to $10 million in liabilities. Judge Roberta A. Colton presides over the case. The Debtor tapped Eric D. Jacobs, at Venable LLP, as bankruptcy counsel and Matthew M. Haar, Esq., at Saul Ewing LLP as special litigation counsel. SOTERA HEALTH: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised the outlook on Sotera Health Holdings LLC to positive from stable and affirmed all its ratings, including its 'BB-' issuer credit rating and 'BB-' issue-level rating on its first-lien debt. The positive outlook indicates S&P could raise its ratings on Sotera over the next 12-18 months if S&P gains more confidence that S&P Global Ratings-adjusted leverage will remain comfortably under 4x, FOCF to debt will approach 10%, and Sotera will maintain these ratios over the longer term despite potential litigation-related payments. Sotera Health Holdings LLC outperformed our forecast in 2025 and the first quarter of 2026, and S&P expects continued solid performance in the next few years. Combined with the company's 2x-3x net leverage target, this underpins its expectation that S&P Global Ratings-adjusted leverage will decline to about 3.3x in 2026 and 3.0x in 2027. Furthermore, S&P believes recent favorable court decisions relating to ethylene oxide (EtO) emissions increase the likelihood that future litigation-related payments will be manageable, particularly given Sotera's decreasing leverage. S&P also expects after its current capacity expansion phase, Sotera's S&P Global Ratings-adjusted free operating cash flow (FOCF) to debt will improve, reaching about 10% in 2027. The positive outlook reflects Sotera's steady growth and increasing capacity to absorb litigation-related payments, while sustaining leverage below 4x. S&P said, "We expect mid-single-digit percent revenue growth and modest margin expansion in 2026-2027 will support deleveraging in the next couple of years. Absent large litigation-related payments, we expect S&P Global Ratings-adjusted leverage will improve to 3.3x by the end of 2026. This compares with 4.2x in 2025, inclusive of a $64.9 million litigation settlement charge, or 3.7x pro forma, excluding the settlement cost." Sotera's revenue grew 5.7% in 2025 and approximately 10% in first-quarter 2026 due to strength in the sterilization services business line provided by Sterigenics, its main segment. S&P said, "We believe sterilization outsourcing by Sotera's medical devices and pharmaceutical clients will continue to expand, supporting solid mid- to high-single-digit percent growth in Sterigenics. While Sotera's consulting services arm within Nelson Labs is facing modest headwinds, and revenue from the Nordion business, which correlates with cobalt-60 harvesting schedules, could be somewhat lumpy, we forecast aggregate annual revenue growth of 6.0%-6.5% over the next few years." S&P forecasts S&P Global Ratings-adjusted EBITDA margins of 46.5%-47.0% in 2026-2027, similar to prior years, as Sotera offsets input inflation with price increases and drives operating leverage through expanding sales volumes. Sotera targets adjusted net leverage of 2x-3x. Leverage was 3.2x in the first quarter of 2026, which correlates with S&P Global Ratings-adjusted leverage of 3.6x excluding the 2025 litigation charges. S&P believes this target supports further deleveraging, and our forecast assumes Sotera will reach it in 2026. S&P said, "As EBITDA expands, Sotera's cushion to absorb future litigation-related payments improves, and we see lower likelihood that S&P Global Ratings-adjusted leverage will exceed 4x in coming years, even with these potential payments. We estimate Sotera has a cushion to absorb a payout of up to $400 million in 2026 relative to our 4x upgrade threshold. "We believe environmental litigation risk is subsiding. We believe recent court decisions for Sotera's EtO litigation in Cobb County, Georgia, were favorable. The court granted summary judgment for Sterigenics in five personal injury cases after excluding the plaintiffs' three general causation experts. It concluded the plaintiffs failed to establish general causation between EtO emissions from Sterigenics' Atlanta facility and plaintiffs' alleged harm, and without admissible expert causation testimony, their claims could not proceed. "Although the plaintiffs are appealing the decision, we believe the ruling creates higher hurdles for the plaintiffs, increasing the probability for more favorable outcomes and reducing the risk of future large litigation-related payments. "We expect Sotera's free cash flow to increase in 2027. In 2026, we expect Sotera to increase its investments in capacity expansion and compliance with EtO regulations, with capital expenditure (capex) increasing to over $200 million from $138 million in 2025. Although this will constrain cash flow in the near term, we believe these investments will position the company for future growth and allow it to meet more stringent EtO emissions controls." Recently, the Environmental Protection Agency (EPA) proposed to reconsider portions of its National Emission Standards for Hazardous Air Pollutants (NESHAP) EtO regulations for commercial sterilizers. S&P said, "While we view this as favorable for the company, we expect Sterigenics will continue to invest in compliance with higher emissions control standards. We expect the EPA's final regulations and those of California's Proposed Amended Rule 1405 will not be overly burdensome for Sterigenics and may help differentiate Sotera and peer STERIS from smaller, less well-resourced providers of sterilization services." S&P said, "We expect investments to subside in 2027-2028 as Sotera finalizes its current expansion phase and forecast S&P Global Ratings-adjusted FOCF to debt reaching over 10%, which could support a higher rating. "The positive outlook indicates that we could raise our ratings on Sotera over the next 12-18 months if we gain more confidence that S&P Global Ratings-adjusted leverage will remain comfortably under 4x, FOCF to debt will approach 10%, and Sotera will maintain these ratios over the longer term even with potential litigation-related payments. "We could change the outlook to stable if we expect Sotera to sustain S&P Global Ratings-adjusted leverage above 4x and FOCF to debt under 10%." This could occur if: -- Sotera faces additional legal or environmental setbacks that increase legal liabilities or weaken operational or financial performance; -- It deviates from its financial policy and pursues significant debt-financed acquisitions; or -- Demand or pricing for contract sterilization and testing materially weakens. S&P said, "We could raise our ratings on Sotera over the next 12-18 months, once we have better visibility on the EtO litigation, if its S&P Global Ratings-adjusted leverage remains comfortably under 4x, FOCF to debt approaches 10%, and we believe Sotera will maintain these ratios over the longer term." SOUND VISION: Court Extends Cash Collateral Access to June 12 ------------------------------------------------------------- Sound Vision Care, Inc. and its affiliates received ninth interim approval from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral through June 12. The ninth interim order authorized the Debtors to use cash collateral to pay the expenses set forth in the approved budget, subject to a 10% variance. As adequate protection, the Debtors will continue its monthly payments of $45,457.76 to U.S. Eagle Federal Credit Union, $1,822 to Bank of America, N.A., and $4,331.40 to Flushing National Bank. In addition, the secured creditors will be granted automatically perfected replacement liens on all assets of the Debtors, with the same validity, priority and order as their pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 avoidance actions and the proceeds thereof. In case the replacement liens prove inadequate, the secured creditors will receive superpriority administrative expense claims., according to the order. The order also provides for a carveout for U.S. trustee fees and hypothetical Chapter 7 trustee fees (capped at $10,000). The Debtors' right to use cash collateral terminates upon occurrence of certain events such as case dismissal or conversion, plan confirmation, uncured defaults, unauthorized modifications to the order, or cessation of business operations. A final hearing is scheduled for June 11, with objections due by June 4. A copy of the Debtor's budget is available at https://shorturl.at/9Tnql from PacerMonitor.com. About Sound Vision Care Inc. Sound Vision Care, Inc. provides comprehensive eye care services, including eye exams, treatment for various eye conditions, and personalized fittings for eyeglasses and contact lenses. Operating in Riverhead, Southold, and Southampton, New York, the practice serves patients of all ages and needs. The clinic is staffed by trained professionals and led by Dr. Jeffrey Williams, who offers referrals to ophthalmologists for surgical care. Sound Vision Care and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Lead Case No. 25-72421) on June 23, 2025. In its petition, Sound Vision Care reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtors are represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. START TO FINISH: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Start To Finish Installations, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral to fund operations. The court authorized the Debtor to continue using cash collateral to fund ordinary post-petition business operations and expenses. This includes payment of routine operating costs, fees owed to the Office of the U.S. Trustee, and approved professional fees and expenses incurred during the bankruptcy case. As adequate protection, lenders were granted replacement liens on the Debtor's post-petition receivables, cash, inventory, and related proceeds to the same extent and priority as their pre-petition liens. These liens automatically remain perfected without additional filings and survive any future conversion of the case or appointment of a trustee. If the collateral becomes insufficient to cover any decline in value, the lenders will be granted a superpriority administrative claim under Bankruptcy Code section 364(c)(1), subordinate only to approved professional fees and U.S. Trustee fees. Additionally, any party holding the Debtor's funds was ordered to release those funds to the Debtor upon request, ensuring continued access to operating cash during the Chapter 11 proceedings. The order is available at http://bankrupt.com/misc/StarttoFinish_FCCOrder.pdf About Start To Finish Installations LLC Start To Finish Installations LLC is a Pennsylvania-based playground installation and construction company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 26-01055) on April 17, 2026. In the petition signed by Jeromy Snyder, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky PC, represents the Debtor as legal counsel. STG LOGISTICS: Court Confirms Joint Plan of Reorganization ---------------------------------------------------------- The Hon. Mark E. Hall of the U.S. Bankruptcy Court for the District of New Jersey approved the Disclosure Statement on a final basis and confirmed the Second Amended Joint Plan of Reorganization of STG Logistics, Inc. and its debtor-affiliates pursuant to Chapter 11 of the Bankruptcy Code. The Disclosure Statement contains (a) sufficient information of a kind necessary to satisfy the disclosure requirements of all applicable non-bankruptcy laws, rules, and regulations, and (b) "adequate information" (as such term is defined in section 1125(a) of the Bankruptcy Code and used in section 1126(b)(2) of the Bankruptcy Code) with respect to the Debtors, the Plan, and the transactions contemplated therein. The Debtors’ use of the Disclosure Statement to solicit votes to accept or reject the Plan was authorized by the Conditional Disclosure Statement Order. As set forth in the Plan, Holders of Claims in the Voting Classes were eligible to vote on the Plan in accordance with the Solicitation and Voting Procedures. Holders of Claims in Class 1 and Class 2 (collectively, the "Presumed Accepting Classes") are Unimpaired and conclusively presumed to accept the Plan and, therefore, did not vote to accept or reject the Plan. Holders of Intercompany Claims in Class 8 and Holders of Intercompany Interests in Class 9 are either Unimpaired and conclusively presumed to have accepted the Plan or Impaired and conclusively deemed to reject the Plan and, therefore, are not entitled to vote to accept or reject the Plan. Holders of Claims in Classes 5, 7A, and 10 and Holders of Equity Interests in Class 11(collectively, the "Deemed Rejecting Classes") are Impaired and entitled to no recovery under the Plan and are, therefore, deemed to have rejected the Plan. As evidenced by the Voting Report, Class 3A, Class 3B, Class 3C, Class 4, and Class 7B each voted to accept the Plan in accordance with section 1126 of the Bankruptcy Code. The Plan complies with all applicable provisions of the Bankruptcy Code, including sections 1122 and 1123, as required by section 1129(a)(1) of the Bankruptcy Code. All objections, responses, reservations, statements, and comments in opposition to the Plan or the Disclosure Statement, including objections to the assumption and assumption and assignment of any Executory Contracts or Unexpired Leases, other than those resolved, adjourned, or withdrawn with prejudice prior to, or on the record at, the Confirmation Hearing, or timely filed pursuant to Article V.D of the Plan, are overruled on the merits in all respects. All withdrawn objections, if any, are deemed withdrawn with prejudice. This Confirmation Order confirms the Plan in its entirety. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated May 18, 2026, is available at https://urlcurt.com/u?l=MyQ2ON from PacerMonitor.com. About STG Logistics STG Logistics and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the cases. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Cole Schotz P.C. as local bankruptcy counsel; AlixPartners, LLP as financial advisor; PJT Partners, LP as investment banker; KPMG, LLC as tax service provider; Gordon Brothers Realty Services, LLC as real estate consultant and advisor; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent and administrative advisor. White & Case, LLP serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser, LLC, acting at the direction of each of the special committees. Wilmington Savings Fund Society, FSB serves as agent for the DIP lenders and is advised by ArentFox Schiff. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher, LLP as legal counsel and Evercore Group, LLC as financial advisor. White & Case, LLP serves as counsel to the special committee of STG Logistics' board of managers. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Schulte, LLP and Kelley Drye & Warren, LLP as legal counsel; and Province, LLC as financial advisor. STG LOGISTICS: Court OKs Chap. 11 Plan After Settling Debt Dispute ------------------------------------------------------------------ Alex Wittenberg of Law360 Bankruptcy Authority reports that a New Jersey bankruptcy judge approved STG's Chapter 11 plan on Monday, May 18, 2026, allowing the freight and logistics company to shed more than $1 billion in liabilities through its restructuring process. The ruling marks a major milestone in the company's effort to stabilize its finances and continue operations. Court filings indicate the plan received broad creditor support after the debtor resolved litigation and objections connected to prior debt arrangements. STG argued the restructuring would strengthen the business by reducing leverage and improving operational flexibility. Following confirmation, the company can begin carrying out the plan's terms and work toward emerging from bankruptcy protection. The restructuring reflects broader economic pressure facing transportation and supply-chain businesses navigating volatile market conditions, the report relays. About STG Logistics STG Logistics Inc. is a North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics and several affiliated entities sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-10258) on January 12, 2026. In its petition, STG Logistics listed up to $10 billion in both assets and liabilities. The Honorable Bankruptcy Judge Mark Edward Hall handles the cases. The Debtors tapped Kirkland & Ellis LLP as general bankruptcy counsel; Cole Schotz P.C. as local bankruptcy counsel; AlixPartners, LLP as financial advisor; PJT Partners, LP as investment banker; KPMG, LLC as tax service provider; Gordon Brothers Realty Services, LLC as real estate consultant and advisor; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent and administrative advisor. White & Case, LLP serves as independent counsel to Reception Holdings, L.P., Reception Mezzanine Holdings, LLC, and Reception Purchaser, LLC, acting at the direction of each of the special committees. Wilmington Savings Fund Society, FSB serves as agent for the DIP lenders and is advised by ArentFox Schiff. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher, LLP as legal counsel and Evercore Group, LLC as financial advisor. White & Case, LLP serves as counsel to the special committee of STG Logistics' board of managers. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped McDermott Will & Schulte, LLP and Kelley Drye & Warren, LLP as legal counsel; and Province, LLC as financial advisor. STOMATCARE DSO: Unsecureds to Get Share of Monetary Contribution ---------------------------------------------------------------- StomatCare DSO, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Florida a Subchapter V Plan of Reorganization dated May 6, 2026. The Debtor is a Delaware limited liability company that provides management services for twenty-two dental practice entities. The non-debtor dental practice entities operate primarily in New York and Florida shopping centers and malls; however, the Debtor's principal place of business is Miami, Florida. The Debtor's revenue derives from the management fees that it earns from such non-debtor dental practices under the Management Service Agreements. On December 19, 2025, the Superior Court of New Jersey, Law Division, Hudson County (Case No. HU-L-1200-24) entered the New Jersey Judgment in the amount $323,030.63 against the Debtor in consequence of a real property lease signed by Newport Centre Dental, P.A., a nondebtor dental practice, and partially guaranteed by the Debtor. MEPT is the landlord of the real property in question, with Newport Centre Dental, P.A. being the primary obligor. Prior to the Petition Date and throughout this Case, MEPT has attempted and continues to attempt to hold the Debtor liable on the primary obligor's judgment via a veil piercing theory in the amount $2,305,728.88. Class 3 consists of the Allowed General Unsecured Claims. Such Claims include Claims that are Unsecured and not entitled to priority status under Section 507. Such Claims also include Claims stemming from the Debtor's rejection of leases and Executory Contracts, as well as portions of Priority Claims that are not entitled to Priority status. Pursuant to the Plan Claim Waiver Contribution, such Class excludes the $1,920,901.67 in total General Unsecured Claims against the Debtor held by the Officers. Without prejudice, the Debtor estimates that Class 3 may consist of Allowed General Unsecured Claims in the approximate total amount of $350,938.20, with an additional $2,959,339.01 in filed Claims that the Debtor will dispute. Except to the extent that a holder of an Allowed Class 3 Claim has been paid prior to the Effective Date or agrees to a different treatment, in full satisfaction, settlement, release, extinguishment and discharge of such Claim, each holder of an Allowed Class 3 Claim shall receive a Pro Rata Distribution from a sum equal to the Plan GUC Monetary Contribution, which shall be paid on the 45th day following the Effective Date. The Allowed Class 3 Claims are Impaired. Accordingly, each holder of an Allowed Class 3 Claim is entitled to vote to accept or reject the Plan. Class 4 consists of the Allowed Equity Interest in the Debtor owed 100% by StomatCare Holdings, LLC. Upon the Effective Date, the Allowed Equity Interest in the Debtor shall be retained by StomatCare Holdings, LLC. The Allowed Class 4 Equity Interest is Unimpaired. Upon confirmation of the Plan, and in accordance with the Confirmation Order, the Debtor or Reorganized Debtor will be authorized to take all necessary steps, and perform all necessary acts, to consummate the terms and conditions of the Plan. In addition to the provisions set forth elsewhere in the Plan, the following shall constitute the means for implementation of the Plan. Except as otherwise provided in the Plan, StomatCare DSO, LLC as the Reorganized Debtor, shall continue to exist after the Effective Date, with all powers of a Delaware limited liability company, pursuant to the applicable Delaware law and pursuant to the operating agreement and other organization documents in effect prior to the Effective Date. Following the Effective Date, the Reorganized Debtor may operate its business free of any restrictions imposed by the Code, the Rules or by the Court, subject only to the terms and conditions of this Plan and Confirmation Order. The sources of consideration for Distributions under the Plan are: (a) the Debtor's cash on hand; (b) the Debtor's operating income; (c) the Plan Admin and Priority Monetary Contribution; (d) the Plan Class 1 Monetary Contribution; and (e) the Plan GUC Monetary Contribution. A full-text copy of the Plan of Reorganization dated May 6, 2026 is available at https://urlcurt.com/u?l=7GuFqc from PacerMonitor.com at no charge. Counsel to the Debtor: John E. Page, Esq. Hannah J. Lief, Esq. Eric Pendergraft, 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: jpage@slp.law About StomatCare DSO, LLC StomatCare DSO, LLC, is a Florida-based dental service organization providing administrative, operational, and financial support to dental practices. The company helps streamline practice management, billing, staffing, and other business operations for its network of dental offices. StomatCare DSO, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11476) on February 5, 2026. In its petition, the debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Corali Lopez-Castro handles the case. The debtor is represented by John E. Page, Esq. of Shraiberg Page, P.A. SUGARBUSH ARMORY: Hires Scouler Advisors as Financial Advisor ------------------------------------------------------------- Sugarbush Armory, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Western District of New York to employ Scouler Advisors, LLC as financial advisor. The firm's services include: (a) work with the Debtors' management to perform a financial review; (b) develop possible restructuring plans or other strategic alternatives designed to maximize the Debtors' value. (c) develop and implement any strategic plan adopted by the Debtors; (d) conduct ongoing, routine communications with the Debtors' lenders and other creditors; and (e) provide such other similar services as may be necessary to maximize enterprise value. The firm's professionals will be paid at these hourly rates: Daniel Scouler $595 Jonathan Scouler $275 In addition, the firm will seek reimbursement for expenses incurred. During the one-year period prior to the Petition Date, the firm received an aggregate amount of $42,500 from the Debtor. Mr. Scouler disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Scouler Scouler Advisors, LLC 3 Franklin Square, Suite 4 Saratoga Springs, NY 12866 Telephone: (518) 633-7700 About Sugarbush Armory LLC Sugarbush Armory, LLC, founded in 2016, is a Federally Licensed Firearms Dealer based in Attica, New York. The company operates a retail store, specialized gunsmith services, and a shooting range from its 18,000-square-foot Clinton Street facility under a leasehold interest from Handgun Headquarters LLC, which owns the property. Sugarbush Armory engages in the sale of firearms, ammunition, and related accessories and participates in community fundraising activities across western New York. Sugarbush Armory sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.Y. Lead Case No. 26-10348) on March 24, 2026. The petitions were signed by Kimo Ward Brandon as managing member and sole member. Sugarbush Armory disclosed total assets of $1,828,636 and total liabilities of $2,325,205. Judge Carl L. Bucki handles the case. The Debtor tapped Scott J. Bogucki, Esq., at Gleichenhaus, Marchese & Weishaar, PC as counsel and Scouler Advisors, LLC as financial advisor. SUMMIT ACCESS: Gets Final OK to Use Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, entered a final order authorizing Summit Access, LLC's continued use of cash collateral of KDM Summit View, LLC. Under the final order, the Debtor is authorized to use cash collateral through August 31, unless modified earlier by court order or terminated upon confirmation of a reorganization plan. The Debtor must operate within the approved budget and may not exceed expense categories by more than 10% without lender consent or further court approval. The Debtor is prohibited from paying insiders during the interim period absent lender approval or court authorization. To ensure transparency, the Debtor must provide monthly variance reports and weekly transaction reports showing all banking activity and account disbursements to the lender. However, disputes concerning the amount of the lender's pre-petition claim remain unresolved because the Debtor filed a formal objection to the lender's proof of claim. The order further grants the lender inspection rights for the property upon two business days' notice and establishes a default process under which the Debtor's authority to use cash collateral may terminate automatically if defaults are not cured within five calendar days after notice. As adequate protection for the lender's interests, the court granted KDM Summit View, LLC replacement liens on post-petition assets similar in nature to the lender's prepetition collateral, excluding chapter 5 avoidance actions and related proceeds. The Debtor must also make monthly adequate protection payments of $27,738.33 at the nondefault contract interest rate. Additionally, the Debtor must establish separate debtor-in-possession accounts, including one dedicated exclusively to property tax payments, and may not pay prepetition debts without prior court approval. KDM Summit Access, as lender, is represented by: Sean C. Kulka, Esq. Arnall Golden Gregory, LLP 171 17th Street NW, Suite 2100 Atlanta, GA 30363-1031 Telephone: (404) 873-8682 Fax: (404) 873-8121 sean.kulka@agg.com About Summit Access LLC Summit Access, LLC owns the apartment property at 2510â€“2540 Peachtree Circle, NE, Atlanta, with 19 of 28 units currently occupied and all units move-in ready. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-51439) on February 2, 2026. In the petition signed by Romaia Karlsen, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Will Geer, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. TALKING ROCK: Gets OK to Use Cash Collateral Until Aug. 29 ---------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a fifth stipulated order extending Talking Rock Land, LLC's authority to use cash collateral. The court order authorized the Debtor to continue using cash collateral through August 29 to cover ordinary and necessary post-petition operating expenses in accordance with its latest budget. The Debtor may reimburse out-of-pocket costs and expenses incurred by its affiliated management company, Symmetry Companies, LLC, consistent with the budget but is prohibited from paying Symmetry any management fees during the interim period. The Debtor may not make any payments to Principal Resources, LLC during the period. All secured creditors retain their rights to seek additional protection or seek a claim under section 507(b) for any diminution in the value of their collateral resulting from the Debtor's use of their cash collateral. The Debtor's authority to use cash collateral may be extended beyond August 29 without further court order upon agreement by the parties. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/j2Sm6 from PacerMonitor.com. About Talking Rock Land Talking Rock Land, LLC develops and manages Talking Rock, a private residential community in Prescott, Ariz. The development includes luxury homes, a golf course, and club amenities. Talking Rock Land filed Chapter 11 petition (Bankr. D. Ariz. Case No. 25-03438) on April 18, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $1 million and $10 million in liabilities. Judge Daniel P. Collins handles the case. The Debtor is represented by: Scott B. Cohen, Esq. Engelman Berger, P.C. Email: 602-271-9090 Email: sbc@eblawyers.com TERWILLIGER PLAZA: Fitch Alters Outlook on 'BB+' IDR to Positive ---------------------------------------------------------------- Fitch Ratings has revised Terwilliger Plaza, OR's Rating Outlook to Positive from Stable. Fitch also affirmed the 'BB+' long-term rating on the various outstanding bonds issued by the Hospital Facilities Authority of Multnomah County, OR on behalf of Terwilliger Plaza, and Terwilliger's Issuer Default Rating (IDR) at 'BB+'. Entity/Debt Rating Prior ----------- ------ ----- Terwilliger Plaza (OR) LT IDR BB+ Affirmed BB+ Terwilliger Plaza (OR) /General Revenues/1 LT LT BB+ Affirmed BB+ The 'BB+' rating reflects Terwilliger's strong market position supported by solid demand for its independent living units, including the Parkview expansion project. The Outlook revision to Positive reflects improved operations in fiscal 2025 and through 1Q26. It also reflects Fitch's expectation that operating performance and leverage will remain closer to improved levels. The Parkview project, which is nearly at capacity, historically pressured operations but is now contributing to operations and will support further improvement. SECURITY The bonds are a joint and several obligations of the obligated group (OG) and are secured by a first mortgage lien on all properties and a gross revenue pledge of the OG. A fully-funded debt service reserve fund provides additional security. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Strong Demand Terwilliger has maintained strong occupancy in its Independent Living Units (ILUs), which is a credit strength. Independent living occupancy averaged 88% in fiscal 2025. The 127-unit Parkview ILU expansion is at about 89% occupancy as of March 31, 2026, with full occupancy expected in 2026. ILU occupancy improved to 91.2% at FYE, with 1Q26 ending occupancy at 93.0%. Assisted living occupancy was also favorable at 95% in fiscal 2025. Terwilliger operates in a competitive market with several primary competitors within a nine-mile radius. However, this has not materially affected Terwilliger's demand. Terwilliger benefits from its long operating history, downtown location on the west side of the Willamette River, flexible meal plan, and on-site home health services. Fitch expects market position to remain strong. The community does not maintain a waitlist; demand is generated through active marketing. The organization is somewhat concentrated in the Portland housing market with most residents originating within the primary market area (PMA). Fitch believes entrance fee pricing remains affordable relative to Portland home values. Operating Risk - 'bb' Improving Operations Terwilliger is a type- B life plan community with a weak operating risk profile. Results improved meaningfully in fiscal 2025 and remained favorable through 1Q26. Net operating margins were negative from fiscal 2021 to fiscal 2024, then improved to 7.1% in fiscal 2025, then further to 13.3% for 1Q26. NOMA is strong at 36% in fiscal 2025, which is a credit positive. Revenue growth primarily from the completion and Parkview fill-up is expected to support improved operations going forward. The operating ratio remained weak at 109% in fiscal 2025, though it improved from 122% in fiscal 2024. Fitch's view remains constrained by the organization's limited history of sustained core profitability. Fitch expects Terwilliger to narrow core operating losses and move closer to breakeven on a more consistent basis. Capital needs are currently low with average age of plant at 8.7 years reflecting the Parkview expansion project and capex to depreciation spending at an average of approximately 750% over the past five fiscal years. With the recent completion of the Parkview project, Fitch expects modest capital spending for now, which should support gradual improvement in the currently high debt burden, a key credit consideration. Financial Profile - 'bb' Thin Financial Cushion Terwilliger Plaza's financial profile is weak, though recent results indicate improvement from still-limited balance sheet resources relative to debt. As of FYE 2025, unrestricted cash and investments were $49.3 million resulting in improved, but still thin, cash-to-adjusted debt of 44%. As of 1Q26, cash-to-adjusted debt was 51%. MADS coverage in fiscal 2025 is 2.5x indicating adequate debt service capacity. Fitch's base case assumes continued occupancy stabilization, recurring entrance fee activity, and modest revenue growth, resulting in unrestricted cash and investments growing from current levels and debt continuing to moderate. The base case supports the weaker financial profile as leverage remains high for the current rating level. Fitch's stress case incorporates weaker investment performance, lower operating margins, and a reduced but still ongoing capital program, while assuming management preserves liquidity through moderated spending and continued amortization of debt. Cash-to-adjusted debt falls to the mid-to-high 40% range. The organizations liquidity cushion from recent growth supports some near-term flexibility. Barring any significant additional debt, leverage should improve over time. Asymmetric Additional Risk Considerations Terwilliger's resident-heavy board structure is unusual for the sector and presents a potential governance risk. Fitch views this risk as mitigated by the organization's long history under this model and by board actions that have remained consistent with sector norms, including rate increases and strategic capital investment. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in operating performance from current levels that negatively impact the organization's already thin cash-to-adjusted debt position to consistently below 50% - Additional debt that is not met with commensurate liquidity and revenue resources would be viewed negatively. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Consistent operating performance, with breakeven or better profitability and an operating ratio consistently around 100%; - Cash-to-adjusted debt consistently exceeding a minimum of 50% in Fitch's stress case scenario could give the rating positive momentum over time; - Continued positive rating action will be informed by management long-term capital plan. PROFILE Terwilliger Plaza, in Portland OR, is an LPC with 432 units including independent living and assisted living. Terwilliger does not offer skilled nursing facility units. Terwilliger generated about $35 million of operating revenue in FY25. Sources of Information In addition to the sources of information identified in Fitch's applicable criteria specified below, this action was informed by data from DIVER by Solve. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Terwilliger Plaza (OR). ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. TOBIN'S TOWING: Gets Final OK to Use Cash Collateral ---------------------------------------------------- Tobin's Towing & Recovery, Inc. received final approval from the U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral in the ordinary course of business strictly in accordance with a court-approved budget. Spending is subject to a 10% variance per category, and overall cash flow must remain at least 90% of projected levels. Financial institutions were directed to release to the Debtor funds constituting cash collateral. Tobin's relied on revenue from operations and financing from lenders, with German American Bank identified as a primary secured creditor holding a lien on substantially all of its assets, securing a debt of approximately $1.73 million. The Debtor believes the value of its assets is less than the secured debt, meaning junior creditors likely have no interest in the cash collateral. As protection, the court granted German American Bank replacement liens on post-petition assets to the same extent and priority as its pre-petition liens. However, the court did not make a final determination on the validity or priority of those liens, preserving all parties' rights to challenge them later. The order also establishes default provisions and operational safeguards. Events of default include conversion or dismissal of the Chapter 11 case, appointment of a trustee or examiner, unauthorized spending outside the approved budget, or failure to comply with reporting and adequate protection requirements. If a default occurs and is not cured within five business days after notice, the Debtor's authority to use cash collateral terminates. The Debtor must also maintain insurance, preserve assets, cooperate with creditors and the U.S. Trustee, and continue providing financial reports and disclosures throughout the bankruptcy proceedings. The order is available at https://shorturl.at/uCkxJ from PacerMonitor.com. Tobin's' financial distress arose primarily from issues with trucking insurance in 2025, which disrupted client contracts and reduced cash flow, making it difficult to service existing debt obligations tied to its fleet financing. Despite these challenges, the Debtor's core operations remain profitable and capable of supporting a successful reorganization. About Tobin's Towing & Recovery Inc. Tobin's Towing & Recovery, Inc. based in Waldron, Indiana, provides towing, recovery, and transport services across the region, specializing in both standard and heavy-duty vehicle recovery. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 26-02057) on April 3, 2026. In the petition signed by Shawn Tobin, owner, the Debtor disclosed $1,168,375 in assets and $2,447,238 in liabilities. Judge James M. Carr oversees the case. Jacob Troxell, Esq., at Allen Wellman Harvey Keyes Cooley, LLP, represents the Debtor as legal counsel. TOGETHER GOOD: Plan Exclusivity Period Extended to May 19 --------------------------------------------------------- Judge Scott W. Everett of the U.S. Bankruptcy Court for the Northern District of Texas extended Together Good Deeds IV, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 19 and July 18, 2026, respectively. As shared by Troubled Company Reporter, the Debtor requests a second extension of the exclusive period to file and confirm a plan of reorganization up to and including May 19, and July 18, 2026, respectively. This is an extension of approximately 60 days from the current deadlines and is necessary to allow the Debtor the time to file a confirmable plan to pay its creditors. The Debtor explains that given the current business matters, the company is investigating and analyzing additional options for exiting this Chapter 11 Case. The Debtor will continue to work diligently on a proposed plan. Therefore, the Debtor respectfully requests an extension of the exclusive period to file and confirm a plan of reorganization through May 19, 2026, and July 18, 2026, respectively. The Debtor submits that the requested extension is not sought for delay or to prejudice any party and is of a minimal amount of time necessary to file and confirm its plan. Together Good Deeds IV LLC is represented by: Vickie L. Driver, Esq. Christina W. Stephenson, Esq. Driver Stephenson, PLLC 13155 Noel Road, Ste. 900 Dallas, TX 75240 Telephone: (214) 910-9558 Email: vickie@driversteplaw.com Email: crissie@driversteplaw.com About Together Good Deeds IV LLC Together Good Deeds IV LLC, based in Texas, provides professional architectural, engineering, and related consulting services under NAICS code 5413. Together Good Deeds IV sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33215) on Aug. 22, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor tapped Vickie L. Driver, Esq., at Driver Stephenson, PLLC, as counsel and Andre + Associates PC as accountant. Capitol Indemnity Corporation, as lender, is represented by: Emory G. Allen, Esq. Troy T. Kramer, Esq. CLARK HILL PLC 2600 Dallas Parkway, Suite 600 Frisco, TX 75034 Telephone: 214.651.2185 Facsimile: 469.227.6575 eallen@clarkhill.com tkramer@clarkhill.com TOGETHERWORK HOLDINGS: Golub Capital Marks $254,000 Loan at 23% Off ------------------------------------------------------------------- Golub Capital BDC Inc. has marked its $254,000 loan extended to Togetherwork Holdings, LLC to market at $195,000 or 77% of the outstanding amount, according to Golub Capital's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Golub Capital BDC Inc. is a participant in a one stop loan extended to Togetherwork Holdings, LLC. The Loan accrues interest at a rate of SF + 5.00 % (i) 8.67 % per annum. The Loan matures on May 2031. Golub Capital BDC, Inc. is a business development company that provides financing solutions to middle-market companies. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital BDC, Inc. 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Togetherwork Holdings, LLC Togetherwork Holdings, LLC operates as a one-stop software and services provider, likely offering integrated payment and management solutions for member-based or community-focused organizations. TOGETHERWORK HOLDINGS: Golub Capital Marks $691,000 Loan at 17% Off ------------------------------------------------------------------- Golub Capital BDC Inc. has marked its $691,000 loan extended to Togetherwork Holdings, LLC to market at $574,000 or 83% of the outstanding amount, according to Golub Capital BDC's 10-Q for the fiscal year ended March 31, 2026, filed with the U.S. Securities and Exchange Commission. Golub Capital BDC Inc. is a participant in a loan extended to Togetherwork Holdings, LLC. The Loan accrues interest at a rate of SF + 5.00 % (i) 8.67 % per annum. The Loan matures on May 2031. Golub Capital BDC, Inc. is a business development company that provides financing solutions to middle-market companies. The Fund is led by David B. Golub as Chief Executive Officer (Principal Executive Officer) and Christopher C. Ericson as Chief Financial Officer (Principal Accounting and Financial Officer). The Fund can be reached at: David B. Golub Golub Capital BDC, Inc. 200 Park Avenue, 25th Floor New York, NY 10166 Telephone: (212) 750-6060 About Togetherwork Holdings, LLC Togetherwork Holdings, LLC operates as a one-stop software and services provider, likely offering integrated payment and management solutions for member-based or community-focused organizations. TPG RE FINANCE: Fitch Rates $400MM Term Loan B 'BB' --------------------------------------------------- Fitch Ratings has assigned a final rating of 'BB' to TPG RE Finance Trust, Inc.'s (TRTX) $400 million senior secured Term Loan B due May 2033 at SOFR plus 2.75%. The transaction is leverage neutral. Proceeds from the issuance will be used for general corporate purposes, including the redemption of its CRE CLO TRTX 2022-FL5 notes. The transaction also includes a new $100 million revolving line of credit and an incremental $350 million upsize of an existing secured credit facility. The assignment of the final debt rating follows the receipt of documents conforming to the information already received. The final rating is the same as the expected rating assigned on April 30, 2026; please see "Fitch Rates TPG RE Finance Trust 'BB'; Outlook Stable". Key Rating Drivers Platform Affiliation Benefits: TRTX's rating reflects its affiliation with TPG Inc. (TPG; A-/Stable) and its external manager, TPG RE Finance Trust Management, L.P. This relationship provides TRTX with investment and asset management resources, risk management tools, and bank relationships as part of one of the largest global real estate platforms. The rating also reflects TRTX's solid asset quality, appropriate leverage, adequate liquidity, and well-laddered maturity profile. Secured Funding Profile: TRTX's rating is constrained by its fully secured funding profile and narrow focus on the cyclical U.S. commercial real estate market. The rating is also constrained by its real estate investment trust distribution requirements that limit its ability to retain capital. Stable Outlook: The Stable Outlook reflects Fitch's view that TRTX's leverage will be managed in a manner consistent with the company's risk profile, earnings will continue to trend positively, and asset quality issues will remain limited. Fitch also expects TRTX to appropriately manage its debt maturity profile, sustain diversified, largely non-mark-to-market (MTM) funding, maintain solid liquidity and achieve full dividend coverage. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in credit performance, resulting in increased impairments, meaningful provision expenses and higher potential credit losses; - A sustained increase in Fitch-calculated leverage above 5.0x; - A sustained reduction in pretax ROAA; - An inability to maintain sufficient liquidity relative to covenants, debt maturities, and unfunded commitments; - A sustained inability to cover dividend distributions with cash earnings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Addition of an unsecured funding component approaching 25% of total debt; - Maintenance of a strong liquidity profile relative to near-term debt maturities and unfunded commitments; - Continued stable credit performance that differentiates the firm from peers by its impaired loan levels and realized credit losses; - Improved loan portfolio granularity; - Sustained maintenance of Fitch-calculated leverage at or below 3.5x; - Enhanced consistency of pretax ROAA; - Enhanced consistency of cash earnings coverage of the dividend at or above 100%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The rating on the secured debt is equalized with TRTX's Long-Term IDR, reflecting the fully secured funding profile and Fitch's expectation for average recovery prospects. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is sensitive to changes in the Long-Term IDR as well as changes in the firm's funding mix and collateral coverage for secured debt. The addition of an unsecured funding component that enhances collateral coverage and recovery prospects for secured debtholders could result in a one-notch upgrade of the secured debt ratings relative to TRTX's Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Asset Quality score has been assigned below the implied score due to the following adjustment reasons: Concentrations; asset performance (negative). The Earnings & Profitability score has been assigned above the implied score due to the following adjustment reason: Historical and future metrics (positive). Date of Relevant Committee 28-Apr-2026 ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- TPG RE Finance Trust, Inc. senior secured LT BB New Rating BB(EXP) TPI COMPOSITES: Trustee Objects to Chapter 11 Plan Releases ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office objected to TPI Composites' Chapter 11 reorganization plan, telling a Texas bankruptcy judge that portions of the proposal violate Supreme Court limits on third-party releases in bankruptcy cases. The objection focuses on provisions designed to protect nondebtors from liability. According to the objection, the plan seeks to release nondebtor parties from certain claims without securing proper creditor consent. The trustee argued that such provisions are inconsistent with limits established by the high court regarding nonconsensual releases in bankruptcy reorganizations. The challenge could complicate confirmation of TPI Composites' restructuring plan as the company works to emerge from Chapter 11. The trustee requested that the court deny approval of the plan unless the contested release language is revised or removed, the report states. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TREEO'S TREE: Seeks to Tap Swanson Sweet LLP as Bankruptcy Counsel ------------------------------------------------------------------ Treeo's Tree Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Swanson Sweet LLP as its general bankruptcy counsel. The firm's services include: (a) advising the Debtors with respect to their powers and duties as a debtor in possession and the continued management and operation of their business and property; (b) assisting the Debtors with the commencement of post-petition operations, including the initial debtor interview, Section 341 meeting of creditors, and monthly reporting requirements; (c) advising the Debtors and taking all necessary action to protect and preserve the Debtors' estate, including prosecuting actions on behalf of the Debtors, defending any action commenced against the Debtors, and representing the Debtors' interests in negotiations concerning litigation in which the Debtors are involved; (d) preparing bankruptcy schedules, statements of financial affairs, and all related documents; (e) assisting with the preparation of a disclosure statement (if necessary) and plan of reorganization and the related negotiations and hearings; (f) preparing pleadings in connection with the Chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtors' estate; (g) analyzing executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; (h) advising the Debtors in connection with any potential sale of assets; (i) appearing at and being involved in various proceedings before this Court; and (j) analyzing claims and prosecuting any meritorious claim objections. The firm will be paid at these rates: John W. Menn, Partner $495 per hour Peter T. Nowak, Associate $385 per hour Cynthia Krutke, Paralegal $195 per hour Swanson Sweet's hourly rates for other attorneys and paraprofessionals fall within the range of $160 to $675 per hour. Swanson Sweet received a retainer in the amount of $38,629.46. As disclosed in the court filings, Swanson Sweet does not hold or represent any interest adverse to the Debtors or their estates, their creditors, or any other party in interest and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: John W. Menn, Esq. Swanson Sweet LLP 107 Church Ave Oshkosh, WI 54901 Phone: (920) 385-1909 About Treeo's Tree Service, Inc. Treeo's Tree Service, Inc. provides outdoor property services including tree trimming, tree removal, stump grinding, lawn care, landscaping, and commercial snow removal. The company has operated since 2007 and is based in Menasha, Wisconsin. It serves Northeast Wisconsin, including commercial properties and municipalities, and provides 24/7 emergency services for storm and hazardous tree removal. Treeo's Tree Service, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 26-22563) on May 5, 2026, listing $1,750,589 in assets and $1,213,608 in liabilities. The petition was signed by Mark Caswell as president. Judge Rachel M Blise presides over the case. John W. Menn, Esq. at SWANSON SWEET LLP serves as the Debtor's counsel. TREEO'S TREE: Taps Professional Accounting Services as Accountant ----------------------------------------------------------------- Treeo's Tree Service, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Sonia Sasman d/b/a Professional Accounting Services as accountant. The firm will render these services: a. prepare and file W2s and the corporate and personal tax returns for the Debtors (2025 W2s were sent out pre-petition but the 2025 tax returns are on an extension, needing to be filed); b. assist the Debtors' bookkeeper as needed with bookkeeping maintenance and answers to accounting questions; and c. assist as needed with monthly operating reports and other issues specific to the Chapter 11 cases. The hourly rate for said professional services shall be $1,000 for the corporate returns, $800 for the personal returns plus any additional hourly work related to the Debtor's LLC information in the personal return, handling miscellaneous questions, and assisting with bookkeeping and operating report / chapter 11 issues, with all hourly work charged at $100 per hour. As disclosed in the court filings, Professional Accounting Services does not hold any interest adverse to the Debtor and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sonia Sasman Professional Accounting Services 1932 Sky Drive Clearwater, FL 33755 Phone: (920) 538-0265 About Treeo's Tree Service, Inc. Treeo's Tree Service, Inc. provides outdoor property services including tree trimming, tree removal, stump grinding, lawn care, landscaping, and commercial snow removal. The company has operated since 2007 and is based in Menasha, Wisconsin. It serves Northeast Wisconsin, including commercial properties and municipalities, and provides 24/7 emergency services for storm and hazardous tree removal. Treeo's Tree Service, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 26-22563) on May 5, 2026, listing $1,750,589 in assets and $1,213,608 in liabilities. The petition was signed by Mark Caswell as president. Judge Rachel M Blise presides over the case. John W. Menn, Esq. at SWANSON SWEET LLP serves as the Debtor's counsel. TRINITY POOLS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Trinity Pools LLC 225 S. Kramer Path Clayton, NC 27527 Business Description: Trinity Pools is an Apex, North Carolina- based swimming pool contractor that provides pool design, in-ground pool installation, and pool maintenance services. The company installs concrete, fiberglass, vinyl, and container pools and also provides related work including decking, hardscaping, tile, coping, and interior finish installation. Trinity Pools & Spas offers maintenance services such as pool openings and closings, winterization, spa maintenance, one-time cleaning, water chemistry balancing, debris removal, and equipment inspection. The company serves communities in the greater Raleigh area, including Apex, Cary, Clayton, Durham, Garner, Morrisville, and Raleigh. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 26-02193 Judge: Hon. David M Warren Debtor's Counsel: George Mason Oliver, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC PO Box 1548 New Bern, NC 28563 Tel: 252-633-1930 Fax: 252-633-1950 Email: george@georgeoliverlaw.com Total Assets: $165,750 Total Liabilities: $1,161,799 The petition was signed by David Nelms as 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/HCE5UEI/Trinity_Pools_LLC__ncebke-26-02193__0001.0.pdf?mcid=tGE4TAMA TRONOX HOLDINGS: Moody's Cuts CFR to B3, Outlook Remains Negative ----------------------------------------------------------------- Moody's Ratings has downgraded Tronox Holdings Plc's ("Tronox") Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, as well as the ratings on the backed senior secured bank credit facilities issued by Tronox Finance LLC to B2 from B1, the rating on the backed senior unsecured notes issued by Tronox Incorporated to Caa2 from Caa1 and the backed senior secured notes to B2 from B1. The ratings outlook for Tronox and its two debt issuing subsidiaries, Tronox Finance LLC and Tronox Incorporated, remains negative. Tronox's Speculative Grade Liquidity Rating is downgraded to SGL-4 from SGL-3. RATINGS RATIONALE The rating downgrade reflects Tronox's weakened financial flexibility as a result of earnings weakness, negative cash flow and increased debt level. Although Tronox has recently improved sales volumes and announced price increases on the back of reduced TiO2 supply from competitors, the company is facing new headwinds including higher energy and shipping costs caused by the Middle East conflict and turnaround activities at its production facilities in Q2 2026. Reported EBITDA fell to $286 million for the last twelve months ended March 31 and will remain at the similar level by the end of June 30, 2026. With the increasing sales volumes and prices, additional cost savings and normalized production levels after Q2, Moody's expects earnings to gradually improve from the trough and adjusted debt/EBITDA to decline from over 10x to about 8x-9x over the next 12-18 months. However, a more significant improvement beyond that looks challenging primarily due to the company's energy-intensive, back-integrated business model and continued weak consumer and business sentiment amid the Middle East conflict. Large cash outlays including $190 million in net interest expense and $260 million in capex will weigh on cash flow generation in 2026. A large portion of the capital spending is required for mining operations and cost efficiency projects to sustain feedstock cost advantage against peers. Tronox's high debt leverage has a negative impact on its liquidity, as reflected in the SGL-4. The company's access to its $350 million revolving credit facility was effectively restricted to 35% of the total commitment, or approximately $62.5 million, after accounting for $60 million in outstanding borrowings as of March 31. This limitation arises because the revolver's springing covenant—first lien leverage ratio cannot exceed 4.75x, if quarter-end outstanding balance surpasses 35% of the total commitment. Moody's estimated available liquidity at about $260 million as of March 31, 2026, including $126 million in cash, $62.5 million under the $350 million cash flow revolver due Aug 2029 and $67 million Emirates revolver which will expire in June 2026. However, in-period liquidity including the fully available $350 million cash flow revolver is much larger than quarter end when the springing covenant applies. The company's short-term debt included $70 million RMB revolver which will mature in Aug 2027. The term loan and bonds do not have any financial covenants. The company has an unrated $275 million accounts receivable securitization program due in March 2028. As of March 31, 2026, the securitization program was fully drawn. Despite its weakened financial profile, Moody's expects Tronox to maintain its strong market position through its feedstock cost advantage, business restructuring, critical investments and mainly chloride-based TiO2 production. Tronox benefits from the rationalization of high-cost TiO2 capacity, antidumping measures against Chinese exports and reduced sulfate-based TiO2 supply following recent sulfur price hikes. The company has cost advantaged TiO2 production thanks to its 90% integration into TiO2 feedstock and its leading market position as one of the world's largest TiO2 producers. About 90% of its TiO2 production utilizes the chloride process. The recent idling of its Botlet and Fuzhou facilities will reduce cost and inventory. The negative outlook reflects the company's reduced financial buffer and depressed credit metrics relative to the rating requirements due to a prolonged downturn in the TiO2 business. ESG CONSIDERATIONS Tronox's Credit Impact Score of CIS-4 indicates that its rating would be higher without considering environmental, social and governance factors. Although the company had a track record of reducing debt during the periods of strong earnings, its debt level is expected to increase due to weak earnings and business investments. The company is exposed to risks in waste and pollution as well as risks in health and safety, water management and responsible production associated with its mining operations in South Africa and Australia, and its nine pigment facilities worldwide. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The outlook could return to stable if Tronox improves its earnings aided by a recovery in construction activities, removal of high-cost TiO2 capacity and tariffs against Chinese imports. An improved cost position through business investments and a reduction in reported total debt towards $2.7 billion could support a higher rating. An upgrade would require the company to improve profit margins, generate free cash flow and improve liquidity. Downgrade could be triggered, if the company fails to improve its earnings and make meaningful progress to reduce adjusted financial leverage below 7.0x, or if free cash flow stays negative and liquidity continues to weaken. Tronox Holdings Plc ("Tronox") is one of the world's largest producers of titanium dioxide (TiO2) and is the most backward integrated among the leading western pigment producers into the production of titanium ore feedstocks. It also co-produces zircon, pig iron and other products. The company operates seven pigment plants and eight mineral sands facilities globally. Tronox's revenues were roughly $2.9 billion for the twelve months ended March 31, 2026. The principal methodology used in these ratings was Chemicals published in February 2026. UNION FLATIRON: Starts Chapter 11 Bankruptcy in Wyoming ------------------------------------------------------- On May 14, 2026, Union Flatiron LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Wyoming. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 23, 2026 at 11:00 AM via Chapter 11 Telephone Conference: Dial-in number is 888-330-1716 and the Access Code is 9525780#. Disclosure statement filing deadline scheduled for September 11, 2026 About Union Flatiron LLC Union Flatiron LLC is a real estate and investment holding company engaged in property-related development and management activities. Union Flatiron LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20222) on May 14, 2026. In its petition, the Debtor reports estimated assets between $1,000,001 and $10,000,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. The Debtor is represented by Aaron J. Conrardy, Esq. of Wadsworth Garber Warner Conrardy PC. V-RED INC: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: V-Red, Inc. 20401 Lanark St. Winnetka, California 91306 Business Description: V-Red, Inc., is a Los Angeles-based real estate company with assets located at 613–615 S. Grand Ave. in downtown Los Angeles. Chapter 11 Petition Date: May 13, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-11039 Judge: Hon. Victoria S Kaufman Debtor's Counsel: Michael Kwasigroch, Esq. LAW OFFICES OF MICHAEL D. KWASIGROCH 1975 Royal Ave Suite 4 Simi Valley CA 93065 Tel: 805-522-1800 Email: attorneyforlife@aol.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Tatiana Vershinina as president. The Debtor submitted a list of its 20 largest unsecured creditors; however, the list was empty. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/NJEBUNI/V-Red_Inc__cacbke-26-11039__0001.0.pdf?mcid=tGE4TAMA VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Victoria's Kitchen, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The court issued its fifth interim order authorizing the Debtor to use cash collateral through July 31 in accordance with its monthly budget, subject to a 10% variance. The Debtor is not permitted to make payment to any bankruptcy professional or to the Subchapter V trustee. The U.S. Small Business Administration asserts a lien on the Debtor's personal property based on a UCC-1 financing statement. As adequate protection, the SBA will continue to receive a monthly payment of $500 payable on the first day of each month for which the use of cash collateral is authorized. The order is available at https://shorturl.at/zkMF6 from PacerMonitor.com. About Victoria's Kitchen LLC Victoria's Kitchen, LLC is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025, listing between $1 million and $10 million in assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker oversees the case. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VIPER ENERGY: Moody's Alters Outlook on 'Ba1' CFR to Positive ------------------------------------------------------------- Moody's Ratings changed Viper Energy, Inc.'s (Viper) and its wholly owned subsidiary Viper Energy Partners LP's (Viper Energy) rating outlook to positive from stable. Moody's also affirmed Viper's ratings, including its Ba1 Corporate Family Rating and Ba1-PD Probability of Default Rating. Concurrently, Moody's affirmed Viper Energy's Ba1 backed senior unsecured notes rating. Viper's SGL-1 Speculative Grade Liquidity (SGL) rating remains unchanged. RATINGS RATIONALE Viper's positive outlook reflects the company's enhanced scale driven by acquisitions, and the company's stronger balance sheet following debt repayment with improving credit metrics. The company reduced its debt balances by roughly $600 million in the first quarter using asset divestiture proceeds. In early May, the company agreed to acquire all of the equity interests of Riverbend Oil & Gas IX, L.L.C. for $337 million in cash and approximately 3.7 million shares of Viper stock, and pro forma debt balances will likely increase by the cash portion of the acquisition funding. The company's positive outlook is also aligned with the positive outlook of its controlling owner, Diamondback Energy, Inc. (Diamondback, Baa2 positive). Viper's Ba1 CFR is supported by its significant mineral and royalty interests that produce strong margins and free cash flow; low operating costs and no capital expenditure requirements; oil-weighted assets in the Permian Basin operated by financially strong E&P companies; and its successful acquisition-led growth history. The company's credit profile also reflects management's track-record of conservative financial policies, including maintaining low leverage, adjusting shareholder distributions as warranted, funding acquisitions with considerable amount of equity and reducing debt following leveraging acquisitions. Additionally, the company's ratings benefit from substantial uplift from its operating and strategic importance to Diamondback, who controls and manages Viper and consolidates Viper for financial reporting. Diamondback operated approximately 38% of Viper's net royalty acreage and owned about 39% of Viper at March 31. Viper's stand-alone credit profile is restrained by its smaller production and cash flow base compared to similarly rated E&Ps; dependence on E&P operators for its non-operated passive mineral and royalty interests while lacking control over drilling and development decisions; the need to make periodic acquisitions to maintain production and reserves, which introduces valuation and financing risks; and a high distribution business model. Viper should maintain very good liquidity through 2027, which is reflected in the SGL-1 rating. Moody's expects solid free cash flow generation even if oil prices weaken considerably from current levels. Viper keeps minimal cash in hand and has a policy to distribute at least 75% of free cash flow (before dividends) to shareholders. The company will likely use any remaining free cash to make additional acquisitions or reduce debt. As of May 01, 2026, the company had a $1.75 billion Board authorized share repurchase program of which over $1.1 billion remained available for future repurchases. Viper hedges a portion of its oil production and generally buys put options to retain unconstrained upside. Viper Energy had $20 million outstanding under its $1.5 billion revolving credit facility at March 31. The revolver expires in June 2030, and it should have ample headroom under the credit facility's financial covenants. Viper Energy's notes are rated Ba1, consistent with Viper's Ba1 CFR. Viper Energy's notes and its revolving credit facility are both unsecured and pari passu, with a downstream guarantee from its parent Viper. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Viper's ratings could be upgraded if Diamondback's rating were upgraded and Viper remains core to Diamondback's operations supporting continued rating uplift. Viper's continued increase in production scale while maintaining prudent financial policies and strong leverage metrics, including debt to EBITDA around 1x and debt to proved developed (PD) reserves approaching $5/boe, would also be supportive of an upgrade. A downgrade could occur if Viper executes a large debt funded acquisition or experiences a sharp and sustained decline in production. The ratings could be downgraded if financial policies become aggressive, debt to EBITDA exceeds 2x or debt to PD reserves rises significantly. The ratings could also be downgraded if Diamondback's rating were downgraded. Viper Energy, Inc. is a publicly traded company based in Midland, Texas, which is engaged in owning and acquiring mineral and royalty interests in oil and natural gas properties. Viper Energy Partners LP is its wholly owned principal operating subsidiary. The principal methodology used in these ratings was Independent Exploration and Production published in February 2026. For Viper Energy, Inc., the Ba1 CFR is two notches above the scorecard-indicated outcome of Ba3 reflecting benefit from its operating and strategic importance to Diamondback Energy, Inc. WABEEK RIDGE: Seeks to Tap Robert N. Bassel as General Counsel -------------------------------------------------------------- Wabeek Ridge Homeowners Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Robert N. Bassel, Esq., an attorney practicing in Clinton, Mich., to handle its Chapter 11 case. The attorney will be billed at his hourly rate of $350, plus expenses. Mr. Bassel received a retainer of $25,000 from the Debtor. Mr. Bassel disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Robert N. Bassel, Esq. P.O. Box T. Clinton, MI 49236 Telephone: (248) 677-1234 Email: bbassel@gmail.com About Wabeek Ridge Homeowners Association Wabeek Ridge Homeowners Association sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44803) on April 27, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Mark A. Randon presides over the case. Robert N. Bassel, Esq., represents the Debtor as counsel. WAIPAHU LLC: Initiates Chapter 11 Bankruptcy Proceeding in Georgia ------------------------------------------------------------------ On May 14, 2026, Waipahu, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $1,000,001 and $10,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(aa) to be held on June 18, 2026 at 10:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About Waipahu, LLC Waipahu, LLC is a real estate and investment entity engaged in property development and related business activities. Waipahu, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20767) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1,000,001 and $10,000,000. Honorable Bankruptcy Judge handles the case. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. WAIPAHU PROPERTIES: Seeks Chapter 11 Bankruptcy in Georgia ---------------------------------------------------------- On May 14, 2026, Waipahu Properties, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 18, 2026 at 10:00 AM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About Waipahu Properties, LLC Waipahu Properties, LLC is a limited liability company. Waipahu Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20768) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. WASH BIDCO: S&P Lowers Term Loan Rating to 'B+' on Add-on --------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on North American outsourced laundry services provider Wash BidCo Inc. (dba WASH), while concurrently lowering its issue-level ratings on its term loan due to the increase in its debt. The stable outlook reflects our expectation that WASH will continue to accelerate its fleet digitization initiatives while its cost-management efforts support an expansion in its profit margin, leading to a modest improvement in its credit metrics. WASH is planning to issue a $100 million fungible add-on to its term loan B (TLB) to fund a dividend to its shareholders. S&P had previously expected the company's sponsors would reinvest the funds into the business and prioritize debt reduction. S&P said, "We revised our financial policy and management and governance assessments to reflect the debt-financed dividend, which is the type of behavior we typically associate with sponsor-owned entities. While we view the size of the $100 million fungible add-on as moderate, given that it will only increase WASH's leverage by about 0.4x, the issuance of a debt-funded dividend reflects that it prioritizes the interests of its controlling owners above those of its debtholders. We will continue to monitor Northleaf and AVALT's financial policy positions to determine if the company's leverage will remain within management's 3x target range (on a company-calculated basis). "WASH's credit metrics remain supportive of the 'B+' rating despite the additional debt issuance. We continue to expect the company's pricing increases and operational efficiency initiatives will support a further expansion in its EBITDA. We also estimate the improvement in the company's profitability, along with roll-off of one-time costs related to the change in its ownership, will likely enable it to improve its free operating cash flow (FOCF) generation to about $50 million in 2026, which compares with about $15 million in 2025. Our base-case forecast assumes WASH reduces its leverage to about 3.4x by the end of 2026. "The stable outlook reflects our expectation that WASH will continue to accelerate its fleet digitization initiatives while its cost-management efforts support an expansion in its profit margin, leading to a modest improvement in its credit metrics." S&P could lower its rating on WASH if it expects it will increase its leverage above 4.5x and maintain it at that level. This could occur if: -- Its sponsors demonstrate more-aggressive financial policies than S&P expects; or -- Competitive pressures or execution issues related to its operational efficiency initiatives lead to deteriorating profit margins and weakening cash flow. WASH's modest scale, high capital expenditure (capex) requirements, and limited cash flow generation limit the potential for a higher rating. Still, S&P could raise its rating on the company if: -- It significantly expands its scale, perhaps through acquisitions that also diversify the scope of its offerings; -- It improves its cash generation profile on a sustained expansion in its profit margin stemming from its successful fleet digitization; and -- S&P believes it will maintain leverage of about 3x or below. WEST MARINE: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: West Marine, Inc. 1 East Broward Blvd., Suite 200 Fort Lauderdale, FL 33301 Business Description: West Marine is a Sunnyvale, California- founded marine aftermarket retailer and distributor established in 1968. The Company sells boating, fishing, sailing, watersports, paddlesports, apparel, electronics, and related marine products through retail stores, wholesale operations, and eCommerce websites. West Marine also provides fulfillment options including delivery, buy online pick up in store, ship from store, and ship to store. It serves consumers, professional boaters, industry professionals, and government agencies across more than 34 states and Puerto Rico. Chapter 11 Petition Date: May 17, 2026 Court: United States Bankruptcy Court District of Delaware Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- West Marine, Inc. (Lead Case) 26-10794 Marine One Holdco, LLC 26-10795 Marine One Parent, Inc. 26-10796 Rising Tide Holdings Inc. 26-10797 Rising Tide Parent Inc. 26-10798 Seascapes, Inc. 26-10799 W Marine Management Company, Inc. 26-10800 West Marine Products, Inc. 26-10801 Debtors' Co-Bankruptcy Counsel: Michael R. Nestor, Esq. Kara Hammond Coyle, Esq. Shella Borovinskaya, Esq. Kristin L. Cardoza, Esq. YOUNG CONAWAY STARGATT TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: mnestor@ycst.com kcoyle@ycst.com sborovinskaya@ycst.com kcardoza@ycst.com Debtors' Restructuring Counsel: Joshua A. Sussberg, P.C. Matthew C. Fagen, P.C. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: matthew.fagen@kirkland.com AND Brian J. Nakhaimousa, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 830 Brickell Plaza Miami, Florida 33131 Tel: (305) 432-5600 Email: brian.nakhaimousa@kirkland.com Debtors' Investment Banker: TRIPLE P SECURITIES, LLC Debtors' Restructuring Advisor: FTI CONSULTING, INC. Debtors' Claims & Noticing Agent: KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL Debtors' Real Estate Advisor & Liquidator: HILCO MECHANT RESOURCE, LLC AND HILCO REAL ESTATE, LLC Estimated Assets (on a consolidated basis): $500 million to $1 billion Estimated Liabilities (on a consolidated basis): $500 million to $1 billion The petitions were signed by Paulee Day as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QOFKCOQ/West_Marine_Inc__debke-26-10794__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Garmin International, Inc. Trade Vendor $8,565,896 Jessica Owens 1100 E 151st Street Building 5 Olathe, KS 66062 Phone: 913-440-6412 Email: jessica.owens@garmin.com 2. Virtual Supply, Inc. Trade Vendor $5,784,282 Carin Schroeder 5825 SW Arctic Drive Beaverton, OR 97005 Phone: 503-213-1685 Email: cschroeder@virtualsupply.com 3. Sierra International, Inc. Trade Vendor $4,653,016 Doug Spitzer 2672 Collection Center Drive Chicago, IL 60693 Phone: 217-441-8367 Email: doug.spitzer@dometic.com 4. East Penn Manufacturing Co., Trade Vendor $4,429,055 Inc. Chris Pedersen P.O. Box 147 Deka Road Lyon Station, PA 19536-0147 Phone: 336-771-7006 Ext 217 Email: cpedersen@dekabatteries.com 5. Modern Recreational Trade Vendor $4,234,384 Technologies, Inc. Jack Brown 2220 US Highway 70 SE Suite 100 Hickory, NC 28602 Phone: 828-319-2693 Email: jbrown@rpmspg.com 6. Facility Solutions Group, Inc. Contract $4,126,714 Chris Wemmert Counterparty 4401 Westgate Blvd Suite 310 Austin, TX 78745 Phone: 512-440-7985x12098 Email: chris.wemmert@fsgi.com 7. Lippert Components Trade Vendor $3,578,940 Manufacturing, Inc. Sara Nidiffer 408 S Byrkit Ave Mishawaka, IN 46544 Phone: 574-312-6279 Email: snidiffer@lci1.com 8. Lumitec, LLC Trade Vendor $2,175,430 Tamara Miller 1405 Poinsettia Drive Suite 10 Delray Beach, FL 33444 Phone: 561.272.9840 Ext 115 Email: tmiller@lumiteclighting.com 9. Pure Fishing, Inc. Trade Vendor $2,111,885 Marcus Raven 1489 Paysphere Circle Chicago, IL 60674 Phone: 803-451-347 Email: marcus.raven@purefishing.com 10. 3M Company Trade Vendor $2,020,518 Eylin Lobo 6023 S.Garfield Ave P.O. Box 54019 Los Angeles, CA 90040 Phone: 844-265-9323 Opt 2 Email: 3m.cbgcustomercollections.us@mmm.com 11. Akzo Nobel Inc. Trade Vendor $1,907,209 Ligia Miyoshi 6001 Antoine Drive Houston, TX 77091 Phone: 484-331-3003 Email: ligia.miyoshi@akzonobel.com 12. ACR Electronics, Inc. Trade Vendor $1,900,401 Linnea Green 5757 Ravenswood Road Fort Lauderdale, FL 33312-5247 Phone: 954-862-2134 Email: linnea.green@acrartex.com 13. Raymarine, Inc. Trade Vendor $1,897,763 Karen Root 110 Lowell Road Hudson, NH 03051 Phone: 603-324-7934 Email: karen.root@teledyne.com 14. New Nautical Coatings, Inc. Trade Vendor $1,695,899 Adam Alloway 14805 49th Street North Clearwater, Fl 33762 Phone: 727-523-8053 Email: adam.alloway@akzonobel.com 15. Gross Mechanical Trade Vendor $1,554,847 Laboratories, Inc. Beth Chavez 450 Marion Quimby Drive Stevensville, MD 21666 Phone: 410.604.3800 Email: bchavez@groco.net 16. Pan Jack Industrial Co., Ltd. Trade Vendor $1,358,907 Cody Adams Bvdg.C,9f-3,No.202,Sec.3 Da-Tong Rd Hsi-Chih Cheng Taipei Hsien, R.O.C. Taiwan Phone: 22-647-1778 Email: cody@panjack.com 17. Xylem Inc. Trade Vendor $1,349,926 John Morin 100 Cummings Center Suite 535N Beverly, MA 01915 Phone: 831-801-3545 Email: jmorin@derema.com 18. Seaflo Marine & RV Trade Vendor $1,273,151 North America Llc Marc Swiatek 3602 West Sample Street South Bend, IN 46619 Phone: 844-473-2356 Email: sales@seaflousa.com 19. Kent Water Sports, LLC Trade Vendor $1,167,841 Brian Zaletel 330 Hwy 10 South Suite 4 St. Cloud, MN 56304 Phone: 320-252-2056 Email: ar@kentoutdoors.com 20. Rocky Brands US, LLC Trade Vendor $1,078,156 Cassidy Washington 39 East Canal Street Nelsonville, OH 45764 Phone: 800-848-9452 Ext 2101 Email: cassidy.washington@rockybrands.com 21. CMP Group Ltd. Trade Vendor $969,671 Thea Page 7733 Progress Way Delta, BC V4G1A3 Canada Thea Page Phone: 604-952-2656 Email: tpage@cmpgroup.net 22. Navico, Inc. Trade Vendor $931,847 Brad Crossman 4500 S 129th East Avenue Suite 200 Tulsa, OK 74134 Phone: 920-929-5120 Email: brad.crossman@mercmarine.com 23. Luxottica Of America Inc. Trade Vendor $910,174 Ofelia Roth 12 Harbor Park Drive Port Washington, NY 11050 Phone: 516-918-3133 Email: oroth@us.luxottica.com 24. Magma Products, LLC Trade Vendor $836,259 Ashunti Powell 3940 Pixie Ave Lakewood, CA 90712 Phone: 972-448-3528 Email: apowell@axiombanking.com 25. Yaesu USA, Inc. Trade Vendor $834,124 Lucy Vunileva 6125 Phyllis Drive Cypress, CA 90630 Phone: 714-827-7600 Ext 2794 Email: l.vunileva@yaesu-us.com 26. Star Brite, Inc. Trade Vendor $788,402 Meghan Douglass 2780 Gunter Park Drive East Montgomery, AL 36109 Phone: 954-587-6280 Ext 134 Email: mdouglass@starbrite.com 27. Pentair Flow Technologies, LLC Trade Vendor $761,137 Aubrey Asmund 5900 Katella Avenue Ste A, B, Or C Cypress, CA 90630 Phone: 800-854-3218 Email: aubrey.asmund@pentair.com 28. Enersys Energy Products Inc. Trade Vendor $745,253 Tom Distefano 617 North Ridgeview Drive Warrensburg, MO 64093 Phone: 1660-429-2165 Email: tom.distefano@enersys.com 29. Pelagic Inc. Trade Vendor $741,465 Beth Kawaja 1660 Placentia Avenue Costa Mesa, CA 92627 Phone: 949-642-0646 Email: beth@pelagicgear.com 30. Teufelberger Fiber Trade Vendor $697,081 Rope Corporation Peter Phelan 848 Airport Road Fall River, MA 02720 Phone: 800-333-6679 Email: peter.phelan@teufelberger.com WEST TECHNOLOGY: S&P Lowers ICR to 'SD' on Missed Interest Payment ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on Islandia, N.Y.-based global technology service provider West Technology Group LLC to 'SD' (selective default) from 'CCC+' and removed all of our ratings from CreditWatch, where S&P placed them with negative implications on April 17, 2026. At the same time, S&P lowered its issue-level rating on the company's second-lien debt to 'D' from 'CCC-'. The downgrade follows West electing not to make the $19.0 million interest payment on its 8.5% second-priority senior secured notes due in 2027. The company has sufficient liquidity to make the payment, with about $148 million of balance-sheet cash and $23 million of revolver availability as of Dec. 31, 2025. However, S&P expects the company to forgo making interests payments on its second-lien notes and first-lien term loan under its recently announced forbearance agreement. The forbearance agreement is part of the transaction support agreement (TSA) it recently entered into with its equity sponsor, Apollo Global Management, and several of its largest lenders. S&P said, "West is exploring alternatives to its strategy, given its elevated leverage above 10x, which we view as unsustainable. We expect the TSA period and forbearance to be in effect until it approves a strategic transaction, which likely will be a restructuring." S&P said, "We intend to review our ratings over the coming days to incorporate recent developments and our forward-looking opinion of West's creditworthiness. We will most likely raise our issuer credit rating on West to 'CCC-', reflecting our expectation that a restructuring is likely within the next six months." WILLIAMSBRIDGE RISING: Commences Chapter 7 Bankruptcy in New York ----------------------------------------------------------------- On May 15, 2026, Williamsbridge Rising Management Corp. 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 $0 and $100,000 in debt owed to between 1 and 49 creditors. About Williamsbridge Rising Management Corp. Williamsbridge Rising Management Corp. is a management and business services company involved in corporate and operational activities. Williamsbridge Rising Management Corp. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42386) on May 15, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. WINE COUNTRY: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Washington granted Wine Country Store, LLC final approval to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in accordance with a court-approved operating budget. The funds may only be used for purposes permitted by the Bankruptcy Code, the approved budget, and the final order. Amounts allocated for Subchapter V trustee fees must be held in a segregated account maintained by the Debtor's counsel pending further court order. The Debtor is also permitted limited flexibility to exceed certain budget categories within specified percentage thresholds without needing a formal amendment. As adequate protection for the use of cash collateral, secured lender Banner Bank will be granted post-petition replacement liens on the Debtor's assets, including proceeds and after-acquired property, maintaining the same priority and validity as its pre-petition liens. These liens are automatically perfected without further filings but are limited to the extent of cash collateral used or any decline in value of the original collateral. The Debtor must also maintain insurance coverage on its assets and make monthly adequate protection payments of $2,000 to the secured lender beginning this month. The order preserves all rights of the secured lender, including the ability to seek additional protection or assert claims under the Bankruptcy Code. The protections granted to the lender, including any superpriority claims and replacement liens, survive confirmation of a plan, dismissal, or conversion of the Debtor's bankruptcy case. As of the petition date, the Debtor owes the lender $1,755,134.96, inclusive of fees and costs assessed by the U.S. Department of Treasury. The order is available at https://shorturl.at/pnRha from PacerMonitor.com. About Wine Country Store LLC Wine Country Store, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Was. Case No. 26-00697) on April 21, 2026, with $500,001 to $1 million in assets and $1 million to $10 million in liabilities. The petition was signed by Benjamin Kleban as manager. Judge Hon. Whitman L. Holt oversees the case. The Debtor is represented by: Shane E. Creason, Esq. Bush Kornfeld, LLP Tel: 913-534-4960 Email: screason@bskd.com WOODLINE PROPERTIES: Seeks to Tap Bonita Hadox as Office Manager ---------------------------------------------------------------- Woodline Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Bonita Hadox, a professional based in Fairmont, West Virginia, as office manager. The professional services include: (a) bookkeeping tasks; (b) prepare of leases, accounts payable for all monthly bills/utilities; (c) communicate with tenants; (d) file of evictions; (e) attend at eviction hearings; (f) collect rental applications; (g) maintain records; and (h) communicate with agencies. Ms. Hadox will be paid at a gross monthly salary of $900. Ms. Hadox disclosed in a court filing that she is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The professional can be reached at: Bonita Hadox 55 Woodline Dr. Fairmont, WV 26554 About Woodline Properties LLC Woodline Properties, LLC owns and leases multifamily apartment properties in Morgantown, West Virginia. Its portfolio includes residential buildings and apartment units located at 1445, 1447, and 1448 Van Voorhis Road. Woodline Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W. Va. Case No. 26-00327) on May 4, 2026. In the petition signed by Robert Hadox, member, the Debtor disclosed $4,323,825 of total assets and $2,159,168 of total liabilities. Judge David L. Bissett handles the case. The Debtor is represented by Paul W. Roop, II, Esq., at Roop Law Office, LC. WOODTOWN SPORTS: Seeks to Tap Finestone Hayes as Bankruptcy Counsel ------------------------------------------------------------------- Woodtown Sports, LLC, doing business as Splitrock Tap & Wheel, seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ Finestone Hayes LLP to handle its Chapter 11 case. The firm provide the following services: (a) assist with plan formulation; (b) prepare the schedules and the statement of financial affairs; (c) review monthly operating reports; (d) respond to creditor inquiries; and (e) evaluate claims and all services usually performed by such counsel. The firm's hourly rates are as follows: Steve Finestone $710 Jennifer Hayes $710 Brent D. Meyer $575 Ryan Witthans $520 Of Counsel and Associates $450 - $635 Prior to the petition date, the firm received a retainer of $40,000 from the Debtor. Brent Meyer, Esq., an attorney at Finestone Hayes, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brent D. Meyer, Esq. Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Telephone: (415) 765-1588 Facsimile: (415) 762-5277 Email: bmeyer@fhlawllp.com About Woodtown Sports LLC Woodtown Sports, LLC is a sports and recreation-focused business entity involved in operating athletic facilities, sporting programs, and related recreational services. Woodtown Sports, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30316) on April 13, 2026. In its petition, the Debtor reports total assets of $138,727 and total liabilities of $1,685,299. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by Brent D. Meyer, Esq., at Finestone Hayes LLP. YNEZ SHOPS: Seeks to Tap Raines Feldman Littrell as Counsel ----------------------------------------------------------- Ynez Shops LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Central District of California to hire Raines Feldman Littrell LLP as its general bankruptcy counsel The firm's services include: (a) advise the Debtor with respect to the requirements and provisions of the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, Local Bankruptcy Rules, U.S. Trustee Guidelines, and other applicable requirements that may affect it; (b) assist the Debtor in preparing and filing its schedules and statement of financial affairs, complying with and fulfilling U.S. Trustee requirements, and preparing other documents as may be required after the initial filing of the Chapter 11 case; (c) assist the Debtor with the identification and recovery of property of the estate; (d) assist the Debtor with refinance of the loans or a sale of the property; (e) assist the Debtor in the preparation of a disclosure statement and formulation of a Chapter 11 plan of reorganization or, if appropriate, seek a structured dismissal of the case; (f) advise the Debtor concerning its rights and remedies and the estate in regard to adversary proceedings that may be removed to, or initiated in, the Bankruptcy Court; (g) represent the Debtor in any proceeding or hearing in the Bankruptcy Court in any action where the rights of the estates or the Debtor may be litigated or affected; and (h) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm will be paid at these hourly rates: Kyra Andrassy, Attorney $850 Robert Yan, Attorney $795 Stephen Mott, Associate $595 Bambi Clark, Paralegal $495 Connie-Marie Santiago, Paralegal $325 Ms. Andrassy disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Kyra E. Andrassy, Esq. Raines Feldman Littrell LLP 4675 MacArthur Court, Suite 1550 Newport Beach, CA 92660 Telephone: (310) 440-4100 Facsimile: (310) 691-1943 Email: kandrassy@raineslaw.com About Ynez Shops LLC Ynez Shops, LLC, classified as a single-asset real estate company, owns property located at 29640 Rancho California Road in Temecula, California, and its operations are focused on managing this real estate asset. Ynez Shops filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-10693) on March 3, 2026, with between $10 million and $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. The Debtor is represented by William J. Wall, Esq. at Wall Law Office. YNEZ SHOPS: Taps Howard Grobstein of Grobstein Teeple as CRO ------------------------------------------------------------ Ynez Shops LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Grobstein Teeple LLP to provide support and financial advisory services, and designate Howard Grobstein as chief restructuring officer. The firm will render these services: (a) provide Mr. Grobstein as the Debtor's chief restructuring officer and manager; (b) provide support services to Mr. Grobstein, including the preparation of budgets and ensuring that the Debtor fulfills all of its compliance obligations, (c) analyze the value of the Property and whether a sale or refinance is in the best interests of the estate (d) review corporate, financial, and loan documents; (e) provide tax return preparation for the Debtor for the duration of this chapter 11 case; and (f) provide such other services as may be necessary or otherwise arise during the pendency of this case. The firm's current hourly rates are: Mr. Grobstein $780 Dimple Mehra $485 Paraprofessionals $90 Howard B. Grobstein, Esq., a partner at Grobstein Teeple, LLP, assured the court that he and his firm are "disinterested persons" within the meaning of Bankruptcy Code Sec. 101(14). The firm can be reached through: Howard B. Grobstein Grobstein Teeple, LLP 6300 Canoga Avenue, Suite 1500W Woodland Hills CA 91367 Phone: (818) 532-1020 About Ynez Shops LLC Ynez Shops, LLC, classified as a single-asset real estate company, owns property located at 29640 Rancho California Road in Temecula, California, and its operations are focused on managing this real estate asset. Ynez Shops filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 26-10693) on March 3, 2026, with between $10 million and $50 million in both assets and liabilities. Judge Scott C. Clarkson oversees the case. The Debtor is represented by William J. Wall, Esq. at Wall Law Office. ZIPRECRUITER INC: Fitch Affirms B- LongTerm IDR, Outlook Negative ----------------------------------------------------------------- Fitch Ratings has affirmed ZipRecruiter Inc.'s (ZIP) Long-Term Issuer Default Rating (IDR) at 'B-' and upgraded its unsecured notes to 'B' with a Recovery Rating of 'RR3' from 'CCC+'/'RR5'. The Rating Outlook is Negative. The upgrade of ZIP's unsecured notes reflects improved recovery prospects after the company's $290 million secured revolving credit facility, which previously ranked ahead of the notes in the recovery waterfall, matured on April 30, 2026. ZIP's ratings reflect Fitch's expectation that its revenue and EBITDA will remain pressured due to weak hiring amid a more competitive environment and deteriorating macroeconomic landscape, resulting in high leverage. The Negative Outlook reflects continued uncertainty about the timing and pace of a demand recovery, the risk of AI substitution and the possibility that EBITDA generation could remain pressured for an extended period. Key Rating Drivers Pressured Financial Performance: ZIP's growth profile remains hampered by steep declines in demand for recruiting services, likely to persist under the pressured macroeconomic environment. The sharp drop suggests higher earnings volatility than peers in recruiting and broader staffing. Fitch expects revenue to remain flat in 2026 from 2025 and below the 2022 peak of $900 million. Fitch expects EBITDA margins to improve gradually to the low- to mid-teens compared to a previous peak in the high-20% range. The current environment is likely to pressure revenue, EBITDA, and potentially FCF during weak demand. ZIP's exposure to small- and medium-sized businesses adds to this volatility. Risk of AI Substitution: AI may significantly disrupt the recruiting industry by automating key functions such as resume screening, applicant ranking, and preliminary interviews, enabling companies to bring hiring processes in-house and reduce reliance on external recruiters. This technological shift is compounding challenges from the current low-hire environment, pressuring margins and likely leading to recruiter layoffs as clients cancel contracts or demand lower fees. Fitch believes AI's effect on the company's performance will be a key rating sensitivity over the medium term. High Leverage: Fitch forecasts EBITDA leverage to remain in the high-single-digit range for 2026. The (CFO-capex)/debt ratio is expected to remain in the low-single-digit range, mainly driven by the interest income from ZIP's large cash balance, rather than from intrinsic FCF generation. Leverage metrics could improve if hiring increases, bringing paid employers back to ZIP's platforms. However, the timing and extent of recovery are uncertain, with the company facing challenges due to a potentially volatile macroeconomic landscape, the risk of AI substitution and intense competition. Solid Liquidity: Fitch expects ZIP to generate low-mid-single digit FCF over the next two years despite depressed hiring conditions. The company's liquidity is further supported by its cash and marketable securities balance of around $393 million as of March 31, 2026. ZIP increased share buybacks to $101.9 million in 2025 from $40.3 million in 2024. However, Fitch expects the company to protect its financial position by maintaining low buyback activity in a scenario of continued weak financial performance. The company will need to see a material improvement in operations over the next few years to minimize refinancing risk from the 2030 notes. Competitive Landscape: The U.S. job recruitment marketplace is highly competitive and fragmented. ZIP has established itself as a familiar online job search resource, showcasing strong execution capabilities, but it faces competitive threats. Other online marketplace operators like Monster Worldwide, Inc. and CareerBuilder faced execution challenges and lost share after establishing a strong presence. ZIP also competes with alternative solutions such as recruiters, vertical-focused job sites, employers' own sites, LinkedIn, Indeed and others. Peer Analysis ZIP competes in a large and fragmented online job search industry. The company's rating is constrained to the 'B-' category due to its small EBITDA scale, risks pertaining to AI substitution and the recruiting industry's inherent cyclicality. Many of ZIP's primary peers, including LinkedIn, Indeed, Monster, CareerBuilder and others are private or divisions of larger companies and are not rated by Fitch. Staffing companies derive revenue from a pass-through spread for employees that are assigned to temporary roles, while ZIP derives its revenue from online platform fees for subscription services and performance-based job postings. Fitch’s Key Rating-Case Assumptions - Fitch assumes average paid employers and quarterly revenue per paid employer to remain in line with 2025 performance; - EBITDA margins to gradually improve to low-mid-teens driven by cost saving initiatives; - Neutral to low-single digits positive FCF to revenue through the forecast due to limited working capital, cash taxes and capex requirements; - Capital allocation priorities are likely weighted toward balance sheet preservation in this scenario with moderate share buybacks. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), sector characteristics ('b+', Moderate), market and competitive positioning ('b', Moderate), diversification and asset quality ('b+', Lower), company operational characteristics ('b-', Higher), profitability ('ccc+', Moderate), financial structure ('ccc+', Higher), and financial flexibility ('b', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and has no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Recovery Analysis For entities rated 'B+' and below, where default is closer and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV); (ii) estimating creditor claims; and (iii) distribution of value. Fitch assumed ZIP would emerge from a default scenario under the going concern (GC) approach versus liquidation. Key assumptions used in the recovery analysis are as follows: - A $66 million GC EBITDA, which is a depressed, yet realistic estimate driven by macro issues, mis-execution and/or share loss followed by corrective action. - Fitch assumes an EV/EBITDA multiple of 6.0x upon emergence from bankruptcy. This multiple is validated based upon comparable public trading multiples (current and historical), industry M&A and comparable reorganization multiples Fitch has witnessed in the past. - 10% administrative claim. This results in a senior unsecured notes recovery of 'RR3' and a 'B' issue-level rating. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectations of sustained weakness in revenue and EBITDA; - Significant decrease in cash or deterioration in cash flow generation; - Mid-cycle EBITDA leverage sustained above 6.5x; - Expectations of sustained neutral or negative FCF; - Interest coverage sustained below 2.0x. Factors That Could Lead to an Outlook Revision to Stable - Revival of business reflected in sustained growth in revenue and EBITDA. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Mid-cycle EBITDA leverage sustained below 5.5x; - Expectations of reduced earnings volatility due to increased scale and/or strong brand recognition, leading to a more stable revenue and leverage profile throughout economic cycles. Liquidity and Debt Structure ZIP has a solid liquidity position, supported by around $393 million of cash and investments at March 31, 2026. The company has a relatively simple debt capital structure, with $550 million of senior unsecured notes outstanding that mature in 2030, which bear interest at 5% per year. ZIP previously held a $290 million senior secured revolving facility; however, it matured on April 30, 2026 Issuer Profile ZipRecruiter is a two-sided online job marketplace. It generates revenue from employers largely via flat-rate pricing, but also through performance-based pricing terms. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for ZipRecruiter, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- ZipRecruiter, Inc. LT IDR B- Affirmed B- senior unsecured LT B Upgrade RR3 CCC+ [] Buffey Klein Joins Blank Rome' Bankruptcy Group as Partner ------------------------------------------------------------- Blank Rome LLP announced that Buffey E. Klein has joined the firm as a partner in the Finance, Restructuring, and Bankruptcy group and the Financial Services industry team in the Dallas office. A Chambers-ranked bankruptcy and restructuring practitioner with more than 25 years of experience, Buffey represents national and regional financial institutions, creditors, lenders, and landlords in complex commercial bankruptcy, insolvency, and commercial litigation matters. She joins Blank Rome from Husch Blackwell LLP, where she most recently served as Dallas Office Managing Partner. "We are thrilled to welcome Buffey to our growing Dallas office and our national Finance, Restructuring, and Bankruptcy group," said Lawrence F. Flick II, Blank Rome's Vice Chair and Chair of the Financial Services industry team. "Buffey's arrival reflects our continued strategic investment in North Texas at a time when the Dallas market is seeing significant growth in financial services, lending, and restructuring activity. She brings an impressive combination of restructuring and commercial litigation experience that will benefit our clients navigating distressed situations. Buffey's strong relationships with national lenders and her proven ability to guide creditors through complex workouts and contested matters make her an outstanding addition to the team." Ms. Buffey brings to Blank Rome a broad and highly regarded national restructuring and bankruptcy practice, representing creditors, lenders, debtors, trustees, and other stakeholders in complex Chapter 11 cases, contested matters, and distressed-asset situations across multiple jurisdictions. Her practice encompasses commercial loan workouts, out-of-court restructurings, creditors' rights, receiverships, asset sales, and related commercial litigation with a strong finance-driven component. She regularly appears in courts in the Northern and Southern Districts of Texas and maintains a vibrant bankruptcy practice in Florida, while also managing large, multi-jurisdictional matters and coordinating strategy across state and federal courts on a national and international scale. Ms. Buffey has particular depth in several highly regulated sectors. She regularly represents clients in the healthcare industry, including senior housing operators, skilled nursing facilities, and assisted living communities, in bankruptcy proceedings, distressed situations, and the structuring of acquisitions and sales of distressed assets. She also brings meaningful experience in the aviation and transportation sectors, having served as part of the team representing a major commercial airline in connection with aircraft and engine transactions and comprehensive long-term engine maintenance agreements, as well as advising clients on fixed-base operator facilities and related aviation transactions. In addition, Ms. Buffey has a strong international focus, assisting companies confronting international trade disruptions, including tariff and anti-dumping liabilities, and developing out-of-court strategies to help clients navigate evolving cross-border exposure in the current trade environment. "Buffey is one of the most accomplished creditor-side practitioners in the country, and her arrival is a significant addition to our team," said Heather Sonnenberg, partner and co-chair of the Finance, Restructuring, and Bankruptcy group. "As Dallas continues to serve as a key center for financial decision-making and distressed-asset activity, Buffey's ability to lead complex, nationwide restructuring and workout matters from this market is a significant advantage for our clients. Her experience representing major lenders makes her an invaluable resource not only for clients based in or doing business in North Texas, but also for those operating across the country." Ms. Buffey has also represented major commercial lenders in connection with complex financial institution litigation, including multimillion-dollar arbitration proceedings, contested receiverships, and emergency injunctive relief. Complementing her restructuring and litigation work, Ms. Buffey brings experience in traditional bank financing and corporate transactions, enabling her to deliver pragmatic, business-oriented counsel on matters that intersect restructuring, finance, and operational strategy. "What drew me to Blank Rome is the depth and breadth of the platform and the collaborative culture, and I look forward to leveraging these resources to deliver even greater value to my clients," said Ms. Buffey. "The Dallas market is undergoing a significant transformation whereby financial institutions are establishing and expanding their presence here at a remarkable pace and I believe Blank Rome's practice mix will allow me to grow my representation of financial institutions and other creditors in exactly the ways that market demands. I look forward to working alongside my new partners to deliver the highest level of service to our clients." Ms. Buffey is recognized in Chambers USA for Bankruptcy/Restructuring and is listed in BL Rankings' The Best Lawyers in America® for Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law (2024–2026). She is a Fellow of the Dallas Bar Foundation and serves on the board of IWIRC (International Women's Insolvency & Restructuring Confederation). She is actively involved in the Northwest Texas Legal Aid effort and is a patron of the Aging Mind Foundation. She supports numerous Dallas-area organizations, including Dallas CASA, Christ's Haven for Children, and the Humane Society of Dallas County. Her family has been rooted in the Dallas-Fort Worth manufacturing community for more than 50 years. She earned her J.D. from South Texas College of Law and her M.S. and B.A. in Journalism from Texas A&M University. Ms. Buffey is admitted to practice in Texas and Florida. [] Gerard Martin Joins Greenberg Traurig's Restructuring Practice ----------------------------------------------------------------- Global law firm Greenberg Traurig has added secured finance attorney Gerard C. Martin to its Chicago office as a shareholder in the firm's restructuring and special situations practice. He joins the firm from Reed Smith. Mr. Martin brings deep experience across the full spectrum of financing transactions and debt restructurings. He represents lenders, borrowers, sponsors and investors in a broad range of U.S. and international financing transactions, including cash flow and asset-based loans, leveraged loans, acquisition financings, bridge facilities, recapitalizations and complex intercreditor arrangements, including unitranche and multitranche structures. He regularly advises on large, syndicated credit facilities and cross-border and multicurrency financings. Mr. Martin also maintains an active equipment and aviation finance practice, representing parties in aircraft and engine financings, leveraged leases, rolling stock transactions and project finance matters. He works with clients across a wide range of industries, including manufacturing, energy, aviation, technology, health care and financial services, among others. A significant portion of Mr. Martin's practice involves financial restructurings and workouts. He advises secured creditors and debtors in both in-court and out-of-court restructuring transactions and has extensive experience with debtor-in-possession financings, exit financings, and distressed investing and special situations. "Greenberg Traurig is an ideal fit for my practice," Mr. Martin said. "My work spans a broad range of financing transactions -- from front-end secured lending and equipment finance to restructurings and workouts -- and cuts across multiple structures, industries and credit situations. The firm's platform is well suited to that breadth of work, and the depth of the finance and restructuring and special situations teams means clients can be served seamlessly at every stage of the credit cycle. I look forward to contributing to an already-exceptional team." Shari L. Heyen and Oscar N. Pinkas, co-chairs of Greenberg Traurig's restructuring and special situations practice, added, "Gerard is exactly the kind of practitioner who amplifies what we already do exceptionally well. We already have a formidable team, and Gerard makes it stronger. He brings deep, sophisticated financing capability across the full deal spectrum -- from large, syndicated credit facilities to complex workouts and distressed situations and equipment and aviation finance -- and that directly strengthens an already-high-performing platform. Our clients benefit from a team that can advise seamlessly from initial financing through the most challenging restructuring scenarios, and Gerard's arrival makes us even better at doing that." [] Joshua Feltman Joins Kirkland & Ellis as Partner --------------------------------------------------- Kirkland & Ellis announced that Joshua Feltman has joined the Firm as a partner. "Josh is a unique talent in the finance, restructuring and liability management space, and we're beyond thrilled that he decided to join our firm," said Jon A. Ballis, Chairman of Kirkland's Executive Committee. "His arrival will significantly enhance our already market-leading finance, restructuring and liability management practices." Mr. Feltman's cross-disciplinary practice sits at the intersection of finance and restructuring. He is a leader in the field of liability management, having designed some of the largest and most innovative transactions in the space. "We have known Josh for our entire careers and have long been hoping he'd join Kirkland. Not only is he universally recognized as a leading talent, but he's a terrific person and will fit seamlessly into our team-focused and collaborative culture," said Edward Sassower and Joshua Sussberg, Kirkland restructuring partners and members of the Firm's Executive Committee. "Josh possesses a deep understanding of complex capital structures and the full range of solutions for distressed companies ranging from traditional financing markets to structured finance to liability management to bankruptcy." "Josh also has extensive experience in leading complex financings for healthy companies," added Melissa Hutson, a Kirkland debt finance partner and member of the Firm's Executive Committee. "We feel incredibly fortunate to now have him on our team." Mr. Feltman is widely recognized as a top restructuring lawyer. Law360 named him a Bankruptcy MVP in 2020 and Chambers USA, IFLR, LawDragon and Super Lawyers have also recognized him as a leading attorney. He joins Kirkland from Wachtell, Lipton, Rosen & Katz, where he was a partner and led their finance and restructuring practices. "I have been lucky in my colleagues and my clients throughout my career and I'm excited to join the premier finance, restructuring and liability management practices in the world. I have known the leaders of the Kirkland team for two decades, and they are some of my closest friends in the industry. It's a thrill to join forces," said Mr. Feltman. Earlier in his career, Mr. Feltman worked as a consultant and economist on regulatory and antitrust matters for Price Waterhouse and National Economic Research Associates. He holds degrees from Harvard College, Cambridge University and Harvard Law School, where he was an editor of the Harvard Law Review and a recipient of Harvard Law School's Sears Prize. [] Matthew Roose Joins Gibson Dunn's Restructuring Practice ----------------------------------------------------------- Gibson Dunn announced that Matthew Roose will join the firm's New York office as a partner in its Business Restructuring and Reorganization Practice Group. A leading restructuring lawyer, Matt brings extensive experience representing ad hoc groups of creditors in Chapter 11 cases and out-of-court restructurings. "Matt combines exceptional creditor-side fluency with extensive liability management experience and strong credibility with our existing client base," said Scott J. Greenberg, Global Chair of Gibson Dunn's Business Restructuring and Reorganization Practice Group. "As liability management activity continues at pace and capital structures become more complex, clients are confronting increasingly high-stakes situations. Matt further deepens our bench of senior restructuring talent and strengthens our ability to lead on the most critical situations in the market." Gibson Dunn's industry-leading Business Restructuring and Reorganization Practice Group advises on the largest and most complex restructurings globally, dominating the market in the U.S. and Europe. The group is widely recognized for its leadership in liability management transactions and other market-defining engagements. For the past several years, the practice has consistently led the league tables in both Debtwire and Octus for creditor-side engagements and restructuring advisory mandates. The team has continued to expand its global offering in recent years. Mr. Roose's arrival follows the additions of partners Leo Plank, Eugene Park, Andrew Cheng, Chris Howard, and Presley Warner. About Matthew Roose Mr. Roose represents ad hoc groups of creditors and investors of publicly and privately held debtors in special situations and liability management exercises (LMEs), out-of-court restructurings, and distressed acquisitions, as well as in-court Chapter 11 processes. On the debtor side, he represents publicly and privately held debtors in LMEs and special situations, out-of-court restructurings, distressed acquisitions, and in-court Chapter 11 proceedings. His practice also encompasses a broad range of litigation and transactional matters across several industries and restructuring processes. Previously, Mr. Roose served as a partner at another international law firm. [] Two Restructuring Lawyers Join Willkie's Finance Department -------------------------------------------------------------- Willkie Farr & Gallagher LLP announced that leading finance and restructuring lawyers Gregory Gartland and April Doxey have joined the Firm as partners in the Chicago office. They are members of the Firm's Finance Department. Craig C. Martin, Chairman, Americas commented: "We are thrilled to welcome Greg and April to Willkie. Greg and April are first-rate finance lawyers with deep roots in the industry and experience leading complex finance, liability management and distressed transactions for clients worldwide. Their additions deepen Willkie Chicago's ability to extend the Firm's world-class transactional capabilities and restructuring and liability management experience to our clients across the country and around the world." For nearly 25 years, Mr. Gartland has advised clients across numerous industries in finance and insolvency related matters. He focuses on lending transactions, out-of-court workouts and recapitalizations, in-court restructurings, remedies exercises and distressed mergers and acquisitions. Greg regularly steers private credit lenders, lenders, borrowers, agents and other stakeholders through distressed transactions and special situations, such as change of control restructurings, proxy exercises, foreclosures and Chapter 11 bankruptcy cases. A nationally recognized leader in private credit, Ms. Doxey serves as lead counsel for private credit funds, special situation and opportunistic funds and other investment advisors, leading financial institutions and borrowers across the full spectrum of credit transactions -- including leveraged buyouts, recapitalizations, rescues, exits, out-of-court restructurings and broadly syndicated financings. Her practices span both performing credit and the finance dimensions of in-court and out-of-court workouts and restructurings. Mr. Gartland and Ms. Doxey join from Winston & Strawn, where Greg served as co-chair of the Financial Restructuring Practice, and April served as co-chair of the Private Credit Practice. "Greg and April are both talented finance lawyers who bring substantial experience advising sophisticated lenders and borrowers on large-scale domestic and cross-border financings, with a strong focus on liability management and distressed transactions," said Viktor Okasmaa, Global Chair of Willkie's Finance Department. "We are pleased to welcome them to our growing global team." Mr. Gartland commented: "I'm thrilled to join Willkie's market-leading transactional team and its dynamic Chicago office. I have long admired the talented, collaborative culture in Chicago and across the Firm, and look forward to working with colleagues to deepen the high-quality legal services we deliver to clients. Additionally, Willkie's growing restructuring practice, led from Chicago and New York in the U.S., is a big plus for me and my practice." Ms. Doxey commented: "Willkie is one of few firms with both the broad capabilities and cross-disciplinary strengths to excel at complex finance and restructuring transactions, including those involving private credit financing alternatives, which has grown tremendously in recent years. I'm excited to contribute to the Firm's innovative work in this space." The Willkie Chicago office opened in March 2020 with six partners and now is home to more than 130 lawyers. Willkie's Finance team provides comprehensive counsel to global clients in their most sophisticated financing transactions. With nearly 100 dedicated finance lawyers, the team possesses the experience and in-depth knowledge of the markets in which our diverse clients operate to provide creative, business-focused legal advice. Willkie Farr & Gallagher LLP -- http://www.willkie.com/-- provides leading-edge legal solutions on complex, business critical issues spanning markets and industries. Our approximately 1,300 attorneys across 16 offices worldwide deliver innovative, pragmatic and sophisticated legal services across approximately 45 practice areas. ********* 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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