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260522.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 22, 2026, Vol. 30, No. 142 Headlines 10 SHEPHERDS: Claims to be Paid from Replacement Loan Proceeds 286 GRAND AVENUE: Files Amendment to Disclosure Statement 486 K EQUITIES: Voluntary Chapter 11 Case Summary ACPRODUCTS INC: S&P Downgrades ICR to 'SD' on Distressed Exchanges ADIRONDACK STORE: Gets OK to Use Cash Collateral Until June 18 ADT INC: Faces Class Action Lawsuit Over April 2026 Data Breach ADVANCION HOLDINGS: S&P Downgrades ICR to 'CCC', Outlook Negative AIP RD BUYER: S&P Downgrades ICR to 'B-', Outlook Stable ALEXCO-USA INC: Gets Interim OK to Use Cash Collateral ALFASPIRE INC: Case Summary & 20 Largest Unsecured Creditors ALIXPARTNERS LLP: To Acquire Canadian Restructuring Boutique KSV ALL IN GRADING: Unsecureds to Get Share of Incom for 3 Years ALLBOUND CARRIER: Gets Interim OK to Use Cash Collateral ALLSPRING BUYER: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable ALLTECH INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable AMERICAN AIRLINES: S&P Rates Proposed Sr. Secured Term Loan 'BB' AMERICAN TRASH: $849K Unsecureds Claims to Recover 50% in 5 Years ANGIE'S MOBILE: Case Summary & 14 Unsecured Creditors ARCADIAN RESOURCES: Must Pay Administrative Claims by June 12 ARTICON HOTEL: Amends Unsecured Claims Pay Details AVEANNA HEALTHCARE: S&P Rates Proposed Senior Secured Debt 'B-' AVENGER FLIGHT: Emerges from Chapter 11 as AFG Newco LLC B&R ENGINEERING: Case Summary & Four Unsecured Creditors BARTRAM LOGISTICS: Gets Extension to Access Cash Collateral BITCOIN DEPOT: Case Summary & 30 Largest Unsecured Creditors BLOSSOM APARTMENTS: Derek A. Henderson Appointed as Receiver BROADWAY FORD: Case Summary & 20 Largest Unsecured Creditors BW HOMECARE: S&P Lowers ICR to 'SD' on Missed Principal Payment C.Y. GOLD: Voluntary Chapter 11 Case Summary CHICAGO RIVET & MACHINE: Q1 2026 Swings to $362,015 Net Loss CLAY STREET: Wins Interim Cash Collateral Access CLEARWATER PAPER: S&P Downgrades ICR to 'CCC+', Outlook Negative COMMUNITY AUTOMOTIVE: Gets Final OK to Use Cash Collateral COMPLEMAR PARTNERS: Gets Extension to Access Cash Collateral COMPONENT FABRICATORS: Files Emergency Bid to Use Cash Collateral CRYSTAL DOWNS: M. Shapiro Real Estate Appointed as Receiver CSG SYSTEMS: S&P Withdraws 'BB+' ICR Following Acquisition by NEC CUSTOMBILT FIREARMS: Unsecureds Will Get 100% over 36 Months DBJ US CORP: Updates Unsecured Claims Pay Details DOCKSIDE ASSOCIATION: Gets Extension to Access Cash Collateral DOTDASH MEREDITH: S&P Alters Outlook to Positive, Affirms 'BB-' ICR DVM PROPERTIES: Gets Final OK to Use Cash Collateral E.W. SCRIPPS: Q1 2026 Net Loss Narrows to $1.8M on $516.9M Revenue E.Z. LOR REALTY: Voluntary Chapter 11 Case Summary EMPIRE CORE: Court Extends Cash Collateral Access to June 10 FIRST CHOICE: Posts $1.4MM Net Loss in Q1 2026, Going Concern Stays FO&O INC: Gets Extension to Access Cash Collateral FORWARD AIR: S&P Alters Outlook to Stable, Affirms 'B' ICR FRANCISCAN FRIARS: Unsecureds to Get Share of $43K in Joint Plan GENESIS HEALTHCARE: Plan Contemplates Two Scenarios GETTY IMAGES: S&P Downgrades ICR to 'B', On CreditWatch Negative GILL RANCH: Claims to be Paid from Litigation & Sale Proceeds GOSSAMER BIO: Launches Exchange Offer to Eliminate $120M in Debt GRIFFIN GLOBAL: S&P Alters Outlook to Positive, Affirms 'BB' ICR GROFF TRACTOR: Plan Exclusivity Period Extended to June 12 H. BAKER'S: $100K Sale to Sunset Hill to Fund Plan Payments HANDLOS FINISHING: Unsecureds to be Paid in Full in Plan HARVEST SHERWOOD: Unsecureds to Recover Up to 100% of Claims HEARTLAND DENTAL: S&P Upgrades ICR to 'B', Outlook Stable HOMESTEAD VILLAGE: Claims to be Paid from Asset Sale Proceeds HRZN INC: Updates Unsecured Claims Pay Details INTERACTIVE GOVERNMENT: Gets Interim OK to Use Cash Collateral JAMESBRIDGE 2017: Fannie Mae Wants Receiver for Apartment Complex JAY4 INC: Gets Final OK to Use Cash Collateral JENNIFER EMERSON: Claims to be Paid from Property Sale Proceeds JOSHUA TOURS: Gets Final OK to Use Cash Collateral LOWELL MARTIN: Gets Final OK to Use Cash Collateral MACQ ILLINOIS: S&P Lowers 2022 Lease Revenue Bonds Rating to 'B-' MAISEL-HINSON MAINLAND: Unsecureds Will Get 100% of Claims in Plan MARS INTERMEDIATE: S&P Downgrades ICR to 'CCC', Outlook Negative MEGA KYON: Gets Extension to Access Cash Collateral MIL-TEK USA: Case Summary & 11 Unsecured Creditors NERFIES MANAGEMENT: Amends Unsecureds & Comerica Secured Claims NEW FORTRESS: Wins Court Approval to Convene Plan Meetings NMR ENTERPRISES: Seeks to Extend Plan Exclusivity to Oct. 5 PATRIOT DSP: Gets Final OK to Use Cash Collateral PHCV4 HOMES: Secured Creditor Files Liquidating Plan PINT & BEAN: Gets Final OK to Use Cash Collateral PRECIOUS GEMS: Unsecureds Will Get 5% of Claims over 5 Years PRO ATHLETICS: Gets Interim OK to Use Cash Collateral Until June 19 PURSE LADIES: Unsecured Creditors to Split $27K over 36 Months RIBBIT ROOFING: Case Summary & 10 Unsecured Creditors SHAMOKIN AREA SCHOOL DISTRICT: S&P Affirms 'BB' Rating on GO Debt SHREE OF MEMPHIS: Gets Interim OK to Use Cash Collateral SILVERROCK DEVELOPMENT: Includes Several Secured Claims Pay SK INDUSTRIES: Gets Final OK to Use Cash Collateral SKYE A. SMITH: Files Emergency Bid to Use Cash Collateral SPANISH BROADCASTING: Court OKs DIP Loan, Cash Collateral Access SPANISH BROADCASTING: Unsecureds "Unimpaired" in Prepackaged Plan SPIRIT AVIATION: Seeks $275 MM DIP Loan From Wilmington SQA MAHADEV: Gets Interim OK to Use Cash Collateral STAGG EQUITIES: Voluntary Chapter 11 Case Summary STG LOGISTICS: Receives Court Approval for Reorganization Plan TBN MURRAY: Unsecured Creditors Will Get 39.98% over 60 Months TEADS HOLDING: Posts $38.8MM Loss in Q1, Maintains Strong Liquidity TOTAL FIBER: Moglia Advisors' Alex Moglia Appointed as Receiver TRINKINTRINKIN REST: Case Summary & 19 Unsecured Creditors TRIWAYS INC: Gets Court Nod to Use Cash Collateral TRM NRE: Gets Interim OK for DIP Financing From TRM Equity Fund TSUNAMI RESTAURANTS: Court Denies Bid for Substantive Consolidation UGLYDUCKLINGRENO LLC: Claims to be Paid from Property Sale Proceeds UMZU LLC: Case Summary & 20 Largest Unsecured Creditors UNION FLATIRON: Case Summary & Three Unsecured Creditors WARREN'S READY-MIX: Gets Final OK to Use Cash Collateral WEST MARINE: Files Chapter 11 to Strengthen Financial Foundation WESTLAKE SENIOR: Gets Extension to Access Cash Collateral WHITE ROCK: Unsecureds to Get Share of GUC Distribution Pool ZD SAND: Persimmon Wins Bid to Quash Subpoena to Jim Newell [] Sean Wilson Joins Shannon Lee Beatty LLP as Bankruptcy Partner [] U.S. Foreclosure Activity Rises 18% Year Over Year in April [^] BOOK REVIEW: A History of the New York Stock Market ********* 10 SHEPHERDS: Claims to be Paid from Replacement Loan Proceeds -------------------------------------------------------------- 10 Shepherds LN Map LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Combiend Plan of Reorganization and Disclosure Statement dated May 11, 2026. The Debtor is a Delaware limited liability company formed in or about June 2023 for the express and exclusive purpose of holding record title to the Property as a condition imposed by the original mortgage lender, Secure Bridge Fund 1, LLC. The Debtor's registered office for purposes of notices and legal process is 838 Walker Road, Suite 21-2, Dover, Delaware 19904. The sole member of the Debtor is Thomas Themistoklis Makkos. Mr. Makkos is an individual residing in the State of New York. The Property is, and at all relevant times has been, the principal residence of Mr. Makkos and his family. On or about June 30, 2023, the Debtor executed in favor of Secure Bridge Fund 1, LLC two promissory notes: (i) a Promissory Note in the original principal amount of $4,100,000.00, and (ii) a Building Loan Promissory Note in the original principal amount of $200,000.00. The aggregate stated loan amount was $4,300,000.00 (the "SBF Loan"). On April 29, 2025, Secure Bridge Fund 1 commenced the Foreclosure Action. On November 5, 2025, Justice Conrad D. Singer, J.S.C., entered the Foreclosure Judgment, awarding the Lender (i) $4,796,344.58 plus default-rate interest from August 22, 2025, (ii) costs and disbursements of $2,452.67, (iii) a CPLR Article 83 additional allowance of $300.00, and (iv) attorneys' fees of $31,193.22. The Referee scheduled a public foreclosure sale of the Property for January 27, 2026 at 3:00 p.m. On the morning of January 27, 2026, the very day the foreclosure sale was scheduled, the Debtor filed its voluntary petition for relief under chapter 11 of the Bankruptcy Code. The automatic stay of section 362(a) immediately stayed the scheduled foreclosure sale. The Debtor retained Dahiya Law Offices LLC as its counsel. By Order entered February 17, 2026, the Bankruptcy Court fixed March 31, 2026 as the general Bar Date for proofs of claim and July 27, 2026 as the Governmental Bar Date. Notice of the Bar Date was duly served on February 23, 2026. As of the Bar Date and as of the date hereof, only one (1) proof of claim has been filed against the Debtor — the SBF Claim in the amount of $5,136,413.69. No claims have been filed by any other party. No tax claims have been filed. No utility, vendor, or trade claims have been filed. There are no unsecured creditors of record. Operating expenses of the Property (real estate taxes, utilities, insurance, ordinary household services) are paid by Mr. Makkos in his personal name, as the Property is his family home, and any unpaid obligations attributable to such operating expenses are personal obligations of Mr. Makkos and are not claims against the Debtor's estate. Class 3 consists of General Unsecured Claims. As of the Bar Date, no general unsecured claims have been filed. To the extent any Allowed Class 3 Claim exists or hereafter becomes Allowed, such Claim shall be paid in full in Cash, with applicable post-petition interest at the Federal Judgment Rate in effect on the Petition Date or such other rate as the Bankruptcy Court may determine, on the later of the Effective Date and the date the Claim becomes Allowed. Class 3 is unimpaired and is deemed to accept the Plan. Class 4 consists of Equity Interests. Thomas Themistoklis Makkos shall retain his membership interest in the Debtor unaltered. Class 4 is unimpaired. On or before the Effective Date, Mr. Makkos shall cause the closing of the Replacement Loan with Rok Lending LLC (or a successor lender) in accordance with the Rok Commitment. The Debtor (or, if required by the Replacement Lender, a successor single-purpose entity acceptable to the Replacement Lender to which the Property will be conveyed) shall execute such loan documents, mortgages, security agreements, and assignments as the Replacement Lender requires. Mr. Makkos shall pledge the Florida Property and the West 37th Street Property to the Replacement Lender as additional cross collateral. None of the additional collateral is property of this bankruptcy estate. The proceeds of the Replacement Loan, together with any necessary contribution from Mr. Makkos personally, shall be applied at the Effective Date in the following order of priority: * First, to the payment in full of all closing costs, title insurance premiums, recording taxes and fees, broker fees, and the Replacement Lender's underwriting, processing, origination and exit fees; * Second, to the payment in full in Cash of the Allowed SBF Claim (Class 1); * Third, to the payment in full in Cash of all Allowed Administrative Expense Claims (including Professional Fee Claims subject to Bankruptcy Court approval) and all accrued U.S. Trustee quarterly fees; * Fourth, to the payment in full in Cash of all Allowed Priority Tax Claims and Other Priority NonTax Claims (Class 2), if any; * Fifth, to the payment in full in Cash of all Allowed General Unsecured Claims (Class 3), if any; * Sixth, the balance, if any, to the Reorganized Debtor for working-capital and Property-operating purposes. A full-text copy of the Combined Plan and Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=0JtF4U from PacerMonitor.com at no charge. Counsel to the Debtor: Karamvir Dahiya, Esq. Dahiya Law Offices, LLC 111 John Street Suite 1860 New York, NY 10038 Tel: (212) 766 8000 Email: karam@dahiya.law About 10 Shepherds LN Map LLC 10 Shepherds LN MAP LLC owns a residential real estate property in Port Washington, New York, and is classified under NAICS 5313 for activities related to real estate. 10 Shepherds LN Map LLC in Port Washington, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.Y. Case No. 26-70355) on Jan. 27, 2026, listing $0 to $50,000 in assets and $1 million to $10 million in liabilities. Thomas T Makkos as operating member, signed the petition. Judge Louis A Scarcella oversees the case. DAHIYA LAW OFFICES LLC serves as the Debtor's legal counsel. 286 GRAND AVENUE: Files Amendment to Disclosure Statement --------------------------------------------------------- 286 Grand Avenue LLC submitted an Amended Disclosure Statement pertaining to Plan of Reorganization dated May 7, 2026. The Plan is a liquidating plan designed to maximize value through a controlled marketing and sale process for the remaining units, while paying operating expenses and servicing oversecured secured claims pending sale. The Debtor anticipates that all allowed secured, priority, and unsecured claims will be paid in full no later than twenty four months after confirmation, subject to market conditions and other risks. The Debtor also possesses an unencumbered option will liquidate in support of confirmation. The option is on commercial unit in the Casino Wharf which the Debtor sold in 2024 (the "Option Asset"). The Option Asset relates to a Purchase Agreement executed on January 29, 2024 (the "Purchase Agreement") by and between the Debtor and Mr. Alexander Kahn ("Mr. Kahn"), related to the purchase and sale of a commercial condominium unit (the "Commercial Unit") at the "Casino Wharf Condominium," together with various appurtenant rights in and to the common areas and facilities of such condominium. Under the contractual provisions of the Purchase Agreement, Mr. Kahn is required to redevelop the Commercial Unit "into two separate condominium units" which are referred to as Commercial Unit 9A and Commercial Unit 9B (the "Subdivision") with the Commercial Unit Owner anticipated to operate a new restaurant business in the retained "Commercial Unit 9A." Pursuant to the terms of the Purchase Agreement, Mr. Khan is required to complete the Subdivision by no later than December 4, 2026 based on the termination of the prior Commercial Unit occupant's lease on December 5, 2025. Section 16.3 of the Purchase Agreement grants the Debtor, as part of its consideration for selling the Commercial Unit for a purchase price of $2,500,000.00, an option to repurchase the to-be-created "Commercial Unit 9B" from Mr. Khan for the nominal sum of One Dollar, exercisable within twelve months after Mr. Khan's written notice of substantial completion of the Subdivision. The Purchase Agreement states that Mr. Khan is obligated to pay the Debtor $2,500,000 if he fails to timely complete the Subdivision due to his own lack of required commercial best efforts or other default under the Purchase Agreement. If, however, the Subdivision is not completed by December 4, 2026 despite Mr. Khan's commercial best efforts to obtain certain required approvals, Mr. Khan "shall have the option" to pay the Debtor $2,250,000 to buy out the Debtor's right to repurchase Commercial Unit 9B, which payment would release and terminate the Debtor's option rights. Therefore, even if the Subdivision is not completed by December 4, 2026, the Debtor is not automatically entitled to a payment of $2,500,000. Instead, Mr. Khan must only pay $2,500,000 to the Debtor in the event that he fails to use "best efforts" to secure the necessary approvals for the Subdivision. The Debtor and Mr. Kahn are in active discussions on a potential resolution of this dispute and/or buyout of the Option Asset. The parties otherwise reserve all rights with respect to this dispute. The Debtor has been ordered to pay certain administrative claims in the amount of $91838.94, without prejudice, to the Casin Wharf Condominium related to special assessments and condominium fees. The Debtor will pay these prior to confirmation and is in negotiations with the holder of this claim regarding the amount and timing of the payment. The Debtor disputes these amounts are due and owing and the Court has scheduled an evidentiary hearing on this issue for June 30, 2026. Like in the prior iteration of the Plan, Class 7 General Unsecured Non Insider Claims shall be paid in full upon sale of the last of the remaining four units, or earlier as cash flow allows. The allowed unsecured claims total $2,662,848. This Class is impaired. The Plan will be implemented through the continued ownership, maintenance, marketing, and sale of Units 4, 5, 6, and 8. The Debtor will use net proceeds and available cash flow to pay operating expenses and to make the payments required under the Plan. The Debtor expects to begin marketing the remaining units immediately and to complete sales such that all allowed claims are paid in full within twenty four months after confirmation, subject to market conditions. A full-text copy of the Amended Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=UTsnZH from PacerMonitor.com at no charge. Counsel to the Debtor: Peter N. Tamposi, Esq. Tamposi Law Group PC 159 Main Street Nashua, NH 03060 Telephone: (603) 204-5513 Facsimile: (603) 204-5515 E-mail: peter@thetamposilawgroup.com About 286 Grand Avenue 286 Grand Avenue LLC is a real estate holding company with properties in Boston and Falmouth, Massachusetts. 286 Grand Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11722) on Aug. 20, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million. The Debtor is represented by Peter N. Tamposi, at THE TAMPOSI LAW GROUP, P.C. 486 K EQUITIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 486 K Equities LLC 320 Roebling Street Suite 518 Brooklyn, NY 11211 Business Description: 486 K Equities LLC is a real estate company that owns and manages a nine-unit apartment building at 486 Kosciuszko Street in Brooklyn, New York. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42396 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mayer Kohn as member. 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/FHCWUCY/486_K_Equities_LLC__nyebke-26-42396__0001.0.pdf?mcid=tGE4TAMA ACPRODUCTS INC: S&P Downgrades ICR to 'SD' on Distressed Exchanges ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on U.S. based cabinetmaker ACProducts Inc. to 'SD' (selective default) from 'CCC+'. At the same time, S&P lowered its issue-level ratings on the existing first-lien term loan due May 2028 to 'D' from 'CCC+' and the existing unsecured notes due May 2029 to 'D' from 'CCC-'. S&P expects to reassess the long-term issuer credit rating, issue-level ratings, and recovery ratings in the near term. ACProducts announced it exchanged its existing $1.334 billion first-lien term loan due May 2028 and over 99% of its $498.5 million 6.375% unsecured notes due May 2029 for a $1.289 billion new first-lien, second-out term loan due November 2031 and a first-lien, third-out note tranche due May 2032, respectively. ACProducts also reached an agreement with existing term loan and noteholders to issue a $100 million new super senior first-lien, first-out new money term loan due November 2031. The company also amended and extended its current (nonrated) $275 million asset-based lending (ABL) facility due May 2028. The (nonrated) $250 million amended and extended facility is due May 2031. S&P believes both the term loan and unsecured note transactions are distressed based on our view that investors will receive less value than the promise of the original securities. S&P views the term loan and note transactions as distressed exchanges. The term loan transaction included the exchange of ACProducts' existing first-lien term loan due May 2028 for a first-lien, second-out term loan with an extended maturity date (2031). It is subordinate to its $100 million super senior first-lien, first-out new money term loan due November 2031. In addition, existing term loan lenders exchanged into the first-lien, second-out term loan at approximately $0.946 versus the original $1 principal. The note transaction included the exchange of over 99% of ACProducts' existing $498.5 million 6.375% unsecured notes due May 2029 for $494.7 million first-lien, third-out notes due May 2032. The new notes have an extended maturity date compared to the existing notes and are also subordinate to the $100 million new super senior first-lien, first-out new money term loan. In addition, the 6.375% interest rate on the new notes includes 25% total interest paid-in-kind and 75% of the interest paid in cash (4.781%). Based on that, S&P views both exchanges as distressed and tantamount to default. In our opinion, the term loan lenders and noteholders do not receive adequate compensation to offset maturity extensions and other changes in terms. S&P expects to reassess the long-term ratings shortly. It will review ACProducts' credit profile and reassess our recovery ratings based on the company's new capital structure. ADIRONDACK STORE: Gets OK to Use Cash Collateral Until June 18 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of New York, Albany Division, entered an interim order authorizing Adirondack Store & Gallery, Inc. to use cash collateral from secured creditors KeyBank National Association, Newtek Bank, Shopify, and Parkview Advance LLC. Under the interim order, the Debtor is authorized to use cash collateral through June 18 in accordance with an approved operating budget. The Debtor cannot exceed budgeted line-item expenses by more than 15%, though unused amounts may carry forward. As adequate protection, secured creditors received valid and perfected replacement liens on the Debtor's present and after-acquired property, effective retroactively to the order for relief date and preserving the same priority and extent as prepetition liens. The replacement liens exclude Chapter 5 avoidance actions and proceeds, Chapter 7 trustee fees up to $5,000, and statutory payments due to the U.S. Trustee and Bankruptcy Court clerk. KeyBank and Newtek are also entitled to monthly adequate protection payments under the budget, while Shopify continues receiving payments under existing loan arrangements tied to inventory sales. If replacement liens prove inadequate, secured creditors may receive superpriority administrative claims for actual collateral value deterioration. The order also establishes default and termination provisions. Events of default include failure to make adequate protection payments, breach of order terms, conversion to Chapter 7, appointment of a trustee or examiner, dismissal of the case, or lifting of the automatic stay. Following notice and a five-business-day cure period, the Debtor's authority to use cash collateral may automatically terminate. A final hearing on the motion is scheduled for June 18. About Adirondack Store & Gallery Inc. Adirondack Store & Gallery, Inc. operates two long-established retail stores in Lake Placid and Tupper Lake, specializing in home furnishings, gifts, and Adirondack-style furniture. On March 18, 2026, creditors Geoffrey Robillard, Jean Hoffman, Richard Rodzinski, Danielle Ostiguy, and James Dodd filed an involuntary Chapter 7 petition (Bankr. N.D. N.Y. Case No. 26-10275) on March 18, 2026. Judge Patrick G. Radel oversees the case. Robert F. Franciscovich, Esq., at Arnold & Porter Kay School, represents the Debtor as legal counsel. ADT INC: Faces Class Action Lawsuit Over April 2026 Data Breach --------------------------------------------------------------- Tracy Bagdonas of ClassAction.org reports that a proposed class action lawsuit alleges that ADT failed to implement adequate cybersecurity safeguards to protect sensitive customer information from an April 2026 data breach. The 35-page lawsuit contends that ADT was targeted in a cyberattack on or around April 20, 2026, during which network servers were accessed without authorization. Per the suit, the data breach exposed private information belonging to customers and prospective customers of the company, including names, phone numbers, addresses, dates of birth, partial Social Security numbers and tax IDs. According to the complaint, ShinyHunters, a cybercriminal group, claimed responsibility for the data breach and posted online that it had accessed over 10 million records containing personally identifiable information and internal corporate data. The lawsuit argues that ADT, as a major provider of residential and commercial security services, knew or should have known that it was a unique target for cybercriminals due to the volume and sensitivity of information it collects from customers and others associated with the company. As such, the suit alleges ADT had an obligation to implement robust cybersecurity measures to protect that data, as consumers expected when they paid for its services and handed their data over to the company. "Despite these duties, ADT failed to implement reasonable data security measures to protect Plaintiff's and Class Members' Private Information and ultimately allowed threat actors to breach its computer systems and exfiltrate Plaintiff's and Class Members' Private Information stored therein," the complaint asserts. The suit claims that the breach was a "direct result" of ADT's alleged cybersecurity failures, including its failure to follow publicly available guidelines from the Federal Trade Commission on how companies can best protect sensitive data. As a result of the breach, the lawsuit alleges, victims may face ongoing risk of fraud and identity theft "for years to come." The complaint stresses that the exposure of Social Security information could enable cybercriminals to fraudulently open financial accounts, apply for credit, obtain government benefits or commit medical identity theft. The suit argues that even a limited amount of personal information can be valuable to cybercriminals, who may combine stolen data with other available information to conduct phishing attacks or list it for sale on the dark web. Additionally, the suit argues that ADT's response to the breach has been "wholly inadequate" in that the company has failed to provide timely, specific notice to affected individuals and deliver on its publicly stated promise to offer "complimentary identity protection services as appropriate." According to the complaint, ADT's only public acknowledgment of the breach came through a statement on its website issued four days after the breach occurred. However, the lawsuit alleges that consumers still "remain in the dark" regarding what specific pieces of their information were stolen, how the breach happened and what cybersecurity measures ADT has taken in response. The ADT data breach class action lawsuit looks to represent all individuals in the United States whose private information was compromised in the data breach. [GN] ADVANCION HOLDINGS: S&P Downgrades ICR to 'CCC', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Advancion Holdings LLC to 'CCC' from 'CCC+'. At the same time, S&P revised the recovery rating on the company's first-lien secured debt to '2' from '3'; the issue-level rating remains 'CCC+'. S&P also lowered the issue-level ratings on its second-lien secured debt and deeply subordinated debt (TopCo payment-in-kind toggle notes) to 'CC' from 'CCC-'. The recovery rating remains '6'. The negative outlook reflects the heightened default risk should Advancion be unable to tap the capital markets and successfully address its 2026 debt maturities. Advancion has substantial debt maturities that it must address over the next several months while its liquidity is weak and its credit metrics are stretched. The downgrade reflects Advancion's heightened refinancing risk given the forthcoming maturities of its $125 million revolver (September 2026) and senior payment-in-kind (PIK) toggle notes (November 2026). There's currently $255 million still owed on the notes, and they're PIKing at 10% per year. As of March 31, 2026, $93 million was outstanding under the revolver, and the company had about $13 million in cash. S&P said, "Given the minimal cash on hand and our forecast for negligible free cash flow generation, we believe the company will need external funds to either extend upcoming maturities or recapitalize its entire capital structure. As a result, the company remains reliant on supportive credit markets while its credit metrics are stretched. In addition, even if it's able to address these maturities, its credit measures could be stretched further if the refinancing is at less-favorable terms than it has now. "In our leverage calculations, we consider the PIK notes issued by Advancion Sciences Inc. as debt, and so any stagnation in EBITDA growth will lead to higher leverage. The company's S&P Global Ratings-adjusted debt to EBITDA exceeded 10x for the 12 months through March 2026, and we expect it will remain around 10x in 2026-2027, which we view as unsustainable." Moreover, despite an ongoing effort to reduce capital expenditures, a modest year-over-year EBITDA decline and high interest expenses have continued to lead to modestly negative free cash flow generation, and EBITDA interest coverage remains around 1x. The EBITDA decline stemmed primarily from subdued demand for residential paints and coatings, industrial coatings, and metalworking fluids, which hurt the company's Personal Care and Consumer and Performance Ingredients segments. Advancion continues to benefit from its leading market position in the niche nitroalkane specialty chemicals industry. Because of this, the company has above-average profitability, having maintained EBITDA margins that are among the highest in the specialty chemical industry across various macroeconomic environments. The company delivers its key products to a wide range of end markets, including life sciences, paints and coatings, and pharmaceutical products. Its industry's high barriers to entry, customer stickiness, and the high performance of its products relative to their cost continue to support its leading market positions and overall margin profile. Advancion also benefits from the desirable location of its facilities for key customers and the lack of direct competition for most of its specialty chemical products. Specifically, it's the only manufacturer of some of the chemicals it offers, which are critical inputs for many of its customers' products. Offsetting some of its business strengths are the limited size and scale of its operations and its concentrated operating footprint, including a significant concentration at its Sterlington, Louisiana, plant. In addition, there is some key product risk around 2-amino-2-methylpropanol (AMP). Earnings growth could partially be hindered by the unsuccessful [Successful?] adoption of replacement products, particularly in locations that are conducting undergoing regulatory reviews of AMP, such as the EU. The negative outlook reflects Advancion's heightened refinancing risk. Its revolving credit facility (RCF) matures in September 2026, and its PIK notes mature in November 2026. The outlook also reflects the company's weak liquidity, which is insufficient to address these maturities without tapping capital markets or external funding sources. S&P said, "We expect that the company's debt leverage will remain unsustainable over the next 12 months. Specifically, we expect weighted-average S&P Global Ratings-adjusted debt to EBITDA will remain above 10x and FFO to debt will only be marginally positive. In addition, we forecast that 2026 S&P Global Ratings-adjusted free cash flow will be modestly negative and that EBITDA interest coverage will remain around 1x." S&P could lower the ratings on Advancion over the next couple of months if: -- It's unable to extend upcoming maturities, resulting in a default; -- The company generated persistent negative free operating cash flow that further weakens its liquidity; -- It pursued a debt exchange or debt repurchase that we view as distressed; -- S&P believes a financial covenant breach on the RCF is likely; -- EBITDA is materially weaker than projected due to unexpected end-market weakness, a loss in market share, or operating disruptions at its key Sterlington plant; or -- Financial policies become more aggressive than S&P's current assumption, such as undertaking large debt-funded dividends or acquisitions. S&P could take a positive rating action over the next 12 months if: -- The company is able to extend its debt-maturity profile at favorable terms and we believe EBITDA interest coverage will remain moderately above 1x and free cash flow generation will turn positive; -- Advancion is able to meaningfully reduce its adjusted debt balances such that debt to EBITDA trends below 10x; -- Stronger-than-expected volumes, pricing, or both lead to EBITDA outperforming our expectations; and -- S&P's confident the company's financial policies will support the maintenance of the aforementioned credit measures. AIP RD BUYER: S&P Downgrades ICR to 'B-', Outlook Stable -------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on AIP RD Buyer Corp. (dba RelaDyne) and its issue-level rating on its senior secured first-lien credit facility to 'B-' from 'B'. The recovery rating remains '3'. The stable outlook reflects S&P's view that leverage will improve to the low-6x area in 2026 with free operating cash flow (FOCF) to debt in the low-single-digit percents as operating performance improves from volume growth. Weaker demand in RelaDyne's reliability services and weather-related volatility raised S&P Global Ratings-adjusted leverage above 7x for the 12 months ended March 31, 2026. Higher capital expenditure (capex) and working capital volatility resulted in cash flow deficits. S&P said, "Although we expect increased sales volumes due to higher oil prices in 2026, leverage will remain above 6x and cash flow will be muted. "We lowered our rating because weak earnings and a debt-funded acquisitive strategy raise leverage. RelaDyne faced headwinds last year largely driven by lower emergency services activity, lower freight services, and weaker demand stemming from lower natural gas and crude prices and resultant soft oil field market. Leverage ticked up to 7.4x in 2025 and remained above 7x for the 12 months ended March 31. While we forecast leverage to improve to 6.3x by the end of this year, we anticipate continued weaker demand in reliability services and leverage above our 6x upgrade threshold. We anticipate growth in volumes from higher fuel prices, but the higher cost of fuel will increase operating expenses." RelaDyne's emergency services segment benefits from storms and natural disasters, which is highly unpredictable and adds to earnings volatility. In 2025, gross profit from emergency services declined about 85%. RelaDyne also has an acquisitive expansion strategy, and S&P expects the company to pursue debt-funded acquisitions and incur integration-related expenses that stall material deleveraging. Higher capex and working capital volatility will stress FOCF. S&P said, "We forecast capex will remain above historical levels from higher oil prices and continued investment in fleet and equipment. We expect larger working capital outflow if oil prices remain high; the company makes fuel purchases before getting paid by customers and its payment terms with suppliers are tighter than those with customers. We forecast this will mute cash flow in the next year resulting in FOCF to debt in the low-single-digit percent area in the next two years." RelaDyne has sufficient liquidity to fund working capital outflow. As of March 31, the company held $53.8 million cash and had about $260 million availability on its $425 million asset-based lending (ABL) facility. S&P said, "We believe this liquidity position is sufficient to cover capex and working capital outflow even if fuel prices continue to rise. While unforeseen events such as a substantial acquisition could necessitate additional borrowings, we anticipate modestly positive cash flow in the next year." The stable outlook on RelaDyne reflects S&P's view that leverage will improve to the low-6x area in 2026 with FOCF to debt in the low-single-digit percents as operating performance improves from volume growth. S&P could lower its ratings if liquidity significantly tightens, FOCF deficits persist, and we believe the capital structure becomes unsustainable. This could occur if: -- RelaDyne adopts a more aggressive financial policy that prioritizes debt-funded dividends or share repurchases; -- It has difficulty integrating acquisitions; -- Volumes decrease due to a rapid decline in demand or increasing price-based competition; or -- Material working capital outflow, labor, or other costs materially increase. S&P could raise its ratings if it expects debt to EBITDA to remain below 6x and FOCF to debt in the mid-single-digit percent area through business cycles. This could occur if RelaDyne: -- Increases its customer and revenue base and expands its profit margin to absorb potential oil price volatility; and -- Adopts a more conservative financial policy from its private equity owner. ALEXCO-USA INC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Alexco-USA Inc. received interim approval from the U.S. Bankruptcy Court for the Southern District of California to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through July 3 to pay operating expenses in accordance with an approved budget. The Debtor is permitted to deviate from individual budget line items by up to 10% during each calendar month without further court approval. Any unused amount from a budget category may be carried forward and applied to future periods. Multiple merchant cash advance and secured lenders claim interests in the cash collateral through various UCC filings. As adequate protection for the Debtor's use of cash collateral, the court granted these lenders replacement liens on all post-petition assets, maintaining the same validity, priority and extent as their pre-petition liens. The court also directed banks and other entities holding the debtor's funds to immediately release any account holds and disregard any prepetition instructions from secured lenders requiring payment of debtor funds to those lenders. A further hearing is set for June 29, with objections due by June 15 and replies due by June 22. The order is available at http://bankrupt.com/misc/Alexco-USA_ICCOrder.pdf Alexco-USA owns a restaurant, which faced financial distress, including damage from Hurricane Hilary in 2023, a temporary closure and alleged salmonella outbreak in 2025, resulting revenue losses, negative publicity, and reliance on high-cost financing. There were also delays in obtaining an SBA loan for $1.6 million intended to refinance debts and fund repairs. The Debtor asserts that, after 33 years of operations, it remains a viable business capable of successfully reorganizing if permitted to continue operating. About Alexco-USA Inc. Alexco-USA Inc. is a privately held company with limited publicly available information, potentially engaged in commercial or industrial operations. Alexco-USA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 26-01810) on April 30, 2026. In its petition, the Debtor reported assets of up to $50,000 and liabilities of between $1 million and $10 million. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. ALFASPIRE INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Alfaspire, Inc. DBA ServPro of Doral 3186 West 81st Street Hialeah, FL 33018 Business Description: Alfaspire Inc., doing business as ServPro of Doral, provides restoration and remediation services from Hialeah, Florida. The company, incorporated in 2014, serves customers needing property-restoration support, including remediation and disaster-recovery services. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-16267 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Christina Vilaboa-Abel, Esq. CAVA LAW, LLC 1390 S Dixie Hwy Ste 1110 Coral Gables, FL 33146-2936 Tel: +1(786) 675-6830 Email: eservice@cavalegal.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Bresly Jaramillo as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TNXZE3A/Alfaspire_Inc__flsbke-26-16267__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TBXDJAY/Alfaspire_Inc__flsbke-26-16267__0001.0.pdf?mcid=tGE4TAMA ALIXPARTNERS LLP: To Acquire Canadian Restructuring Boutique KSV ---------------------------------------------------------------- AlixPartners, the global consulting firm, announced on May 20, 2026, that it has entered into a definitive agreement to acquire one of Canada's leading restructuring advisory boutiques, KSV Advisory (KSV). This exciting transaction is AlixPartners' first investment in the wider Canadian market and further strengthens the firm's position as a global leader in the provision of Turnaround & Restructuring Services (TRS). Founded in 2015 and led by Bobby Kofman, David Sieradzki, Mitch Vininsky and Noah Goldstein, KSV provides a range of restructuring advisory and formal insolvency services to both companies and their stakeholders. KSV operates under the names KSV Advisory Inc. and KSV Restructuring Inc. in Canada. It has worked on numerous high profile Canadian and cross-border mandates, including LoyaltyOne, Sandvine, Eddie Bauer, Claire's and Discovery Air. Upon the closing of the transaction, all members of the KSV restructuring practice in both Toronto and Calgary are expected to join the AlixPartners TRS Americas practice, including David Sieradzki, Mitch Vininsky and Noah Goldstein as Partners & Managing Directors. Additionally, KSV Co-Founder Bobby Kofman will join AlixPartners in the role of Senior Advisor with responsibilities including leading restructuring roles, business development and wider AlixPartners brand-building activities in the Canadian market. The closing of the transaction is anticipated to occur on or around June 1, 2026, subject to the satisfaction of certain closing conditions, with the KSV team operating under the AlixPartners brand immediately upon closing. Bobby Kofman, KSV Co-Founder commented: "We are immensely proud of the business and market position we built up over many years as KSV. The variety and high-profile nature of the many local and cross-border cases we have worked on is testament to the excellent quality of our people. This exciting transaction affords us the opportunity to take this high-performing team to a new level and to further augment our offerings to clients by joining what is undoubtedly one of the world's most highly regarded and successful turnaround and restructuring practices." Jim Mesterharm, Global Co-Head of AlixPartners TRS practice said: "We have long admired from afar KSV's work, their in-market excellence and the immense quality of their people. Combining with KSV brings many benefits for our people and our clients, including enhanced career opportunities, greater geographic reach and further technical and operational strength and depth." Eric Koza, Global Co-Head of AlixPartners TRS practice said: "We are delighted to welcome our new colleagues from KSV to AlixPartners. At a time of immense disruption and with increasing volatility in global markets, this is a timely and highly effective addition to our already globally recognised capabilities in the TRS arena." David Garfield, AlixPartners Co-Chief Executive Officer commented: "Our firm's M&A strategy has long focused on top-tier firms which enhance the depth and breadth of our client offering. The acquisition of KSV perfectly embodies this strategy by not only strengthening an existing core capability but also giving us the opportunity to establish a presence in the Canadian marketplace. As client demand grows in the face of unprecedented disruption, we continue to look for similarly high-quality opportunities across all of our core service areas." The transaction was led for AlixPartners by the firm's in-house M&A team with supporting advice from Stikeman Elliott LLP, Willkie Farr & Gallagher LLP and PWC. KSV was supported throughout the process by Wildeboer Dellelce LLP and EY. Terms of the deal are not being disclosed. About KSV Founded in 2015, KSV is Canada's leading boutique financial and restructuring advisory firm. Serving corporates, law firms, lenders, creditor groups and other key stakeholders, the firm provides a broad range of turnaround and restructuring services. Regularly appointed as Court Officers under Canadian restructuring legislation, KSV's expert professionals have deep cross border experience gained on assignments delivered throughout North America and beyond. About AlixPartners AlixPartners is a results-driven global consulting firm that specializes in helping businesses successfully capitalize on opportunity and address critical challenges. Our clients include companies, corporate boards, law firms, investment banks, private equity firms and others. Founded in 1981, AlixPartners is headquartered in New York and has offices in more than 20 cities around the world. For more information, visit alixpartners.com. ALL IN GRADING: Unsecureds to Get Share of Incom for 3 Years ------------------------------------------------------------ All In Grading LLC filed with the U.S. Bankruptcy Court for the Western District of North Carolina a Plan of Reorganization dated May 7, 2026. The Debtor is a grading and site work company and was created in 2020. The Debtor financed the purchase of heavy equipment from various lenders. Due to a slowdown in the industry, the Debtor began to struggle with cash flow. The Debtor began exploring its bankruptcy options after falling into default on loans to creditors holding liens on its equipment as well as federal and state taxes. On or about February 4, 2026, the Internal Revenue Service filed a tax lien against the Debtor's assets. The Debtor did not discover the existence of this tax lien until mid-March 2026. The Debtor filed for relief under Chapter 11, Subchapter V of the Bankruptcy Code on February 6, 2026, to restructure its secured debt, repay its tax obligations in full, and commit its disposable income to unsecured creditors for the duration of the plan term. Class 18 consists of Holders of Allowed General Unsecured Claims (which includes Allowed Unsecured Deficiency Claims). Allowed General Unsecured Creditors shall be paid a Pro Rata share of the Reorganized Debtor's projected "disposable income" less Claims of higher priority, if any, for three full years (i.e. 2026, 2027, and 2028) with payments being made on or before June 1 of 2027, 2028, and 2029. This Class is impaired. In the Financial Projections, the Debtor has provided its best estimate of the claims with a priority higher than Class 18 Claims that will be owing so that holders of Allowed Class 18 Claims may reasonably calculate the projected amount they will be paid pursuant to this Plan. That said, to the extent claims with a priority higher than Class 18 Claims are less than projected, holders of Allowed Class 18 Claims will receive a higher distribution than shown in the Financial Projections. However, to the extent claims with a priority higher than Class 18 Claims are more than projected, holders of Allowed Class 18 Claims will receive a lower distribution than shown in the Financial Projections. Class 19 consists of Equity Interests in the Debtor. All Equity Interests held prior to the Petition Date shall be retained. The Plan contemplates that distributions will be funded by revenues generated during the Debtor's post-petition earnings. A full-text copy of the Plan of Reorganization dated May 7, 2026 is available at https://urlcurt.com/u?l=83pvGk from PacerMonitor.com at no charge. Counsel to the Debtor: Cole Hayes, Esq. COLE HAYES LAW 601 S. Kings Drive, Suite F PMB #411 Charlotte, NC 28204 Phone: (980) 416-4266 E-mail: info@colehayeslaw.com About All In Grading LLC All In Grading LLC provides excavation and site preparation services, including land grading, land clearing, and demolition work for residential and commercial projects, and operates in the construction and earthwork contracting industry. The company is based in Kings Mountain, North Carolina, and serves customers in surrounding areas within the state. All In Grading LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-40037) on February 6, 2026, listing $1 million to $10 million in both assets and liabilities. Judge Ashley Austin Edwards presides over the case. Cole Hayes, Esq. serves as the Debtor's counsel. ALLBOUND CARRIER: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered an interim order authorizing Allbound Carrier, Inc. to use the cash collateral of the U.S. Small Business Administration. Under the interim order, the Debtor is authorized to use cash collateral in accordance with its budget from the petition date through May 31. The order permits spending flexibility through a variance allowance of up to 15% on individual budget line items and up to 20% on a cumulative basis for the interim period, allowing the Debtor some operational flexibility while maintaining court oversight. As part of the adequate protection package, the Debtor must continue making ordinary-course monthly payments on the SBA loan in the approximate amount of $731 per month, as required under the SBA note. In addition, the SBA received replacement liens on all post-petition property of the same type as its prepetition collateral to protect against any decline in collateral value resulting from the Debtor's use of cash collateral. These replacement liens are automatically perfected without the need for additional filings. Unless extended by further order, the Debtor's authority to use cash collateral and the interim protections granted under the order will terminate on May 31. A further hearing has been scheduled for May 29. Allbound Carrier Inc. Allbound Carrier, Inc. is an Illinois-based trucking company operating through independent owner-operators. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06532) on April 15, 2026. In the petition signed by Blagoj Srbinov, president, the Debtor disclosed up to $1 million in assets and up to $500,000 in liabilities. David P Leibowitz, Esq., at Law Offices of David P Leibowitz, LLC, represents the Debtor as legal counsel. ALLSPRING BUYER: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' long-term issuer credit and issue ratings on Allspring Buyer LLC. The recovery rating on the company's senior secured debt is '3' (rounded estimate: 55%), indicating its expectation for meaningful recovery in the event of default. The stable outlook reflects S&P's expectation that Allspring will operate with S&P Global Ratings-adjusted leverage in the high-4x to low-5x area over the next 12 months, while maintaining assets under advisement (AUA) near current levels and healthy investment performance despite market volatility and geopolitical uncertainty. S&P said, "We expect resilient operating performance in 2026 despite market volatility and redemption risk. Allspring's AUA remains sizable relative to similarly rated peers despite modest net outflows. As of March 31, 2026, AUA reached $625 billion, a 4% year-over-year increase, which supported steady revenue growth. Although the company had several quarters of net outflows--primarily owing to industrywide pressures on active equity and rate-driven weakness in stable value strategies--we think these are largely a reaction to broader industry trends rather than company-specific issues." Allspring's core strength in fixed income has held up, with outflows in late 2025 reverting to net inflows by the first quarter of 2026. Allspring's exposure to market volatility is further mitigated by a well-diversified asset base, with equities accounting for only 21% of AUA of first-quarter 2026. S&P expects Allspring to pursue growth by expanding its offerings into high-investor-interest areas such as exchanged-traded funds, while maintaining the solid performance of certain of its legacy products. S&P said, "We expect Allspring to benefit from substantial cost savings achieved over the past year. This should result in S&P Global Ratings-adjusted margins improving to around 24% by 2027. We believe the $75 million in annual run-rate expenses eliminated provides a strong foundation for healthier EBITDA margins, which should enhance financial flexibility. "Supporting the cost savings is the company's multiyear focus on operating efficiency, including modernizing technology platforms, streamlining the office footprint, and integrating AI to support business objectives. Over time, we expect these initiatives to lead to gradual improvement in revenue and EBITDA generation, leading to improved yet still average margins (which we view as 20% to 35% for the sector), fueled by a growing asset base and sustained cost discipline. "We expect Allspring to operate with S&P Global Ratings-adjusted credit protection measures within the threshold for the current rating. Despite a macroeconomic backdrop characterized by modest U.S. GDP growth and a 30% recession probability, we believe Allspring will demonstrate resilience, with projected debt to EBITDA in the high-4x to low-5x area and EBITDA interest coverage remaining steady in the low-to-mid-2x area. While we previously adjusted for restructuring expenses associated with the company's 2021 spin off from Wells Fargo, we stopped adding back company-defined one-time items in fiscal year 2025, as we now view them as part of the normal course of business for an asset manager, rather than transformative. "As a result of the inclusion of costs Allspring spent in 2025 to support operational efficiencies (combined with the $300 million in incremental debt issued in September 2025), Allspring's S&P Global Ratings-adjusted leverage was 5.4x at year-end 2025. But if we excluded these one-time costs from 2025, leverage would be approximately 4.6x. We expect the company to operate around this level once its costs normalize, provided debt levels remain steady, supported by broadening EBITDA and improved margins. This strengthening profile is already reflected in the rising EBITDA interest coverage, to 2.5x in 2025 from 2.3x in 2024. "We expect financial policy to remain somewhat aggressive because of financial sponsorship. If Allspring adopts a more aggressive financial policy, such that we expect the company to operate with S&P Global Ratings-adjusted EBITDA well above 5x, perhaps due to significant volatility in operating performance leading to weaker EBITDA margins or additional debt-financed distributions/acquisitions, we could consider revising the outlook on the company to negative. "That said, our base-case expectation is that the company will remain within our ratings threshold, provided interest rates decrease modestly, the debt level holds steady, and distributions are manageable. Allspring upsized its term loan by $300 million in 2025 to finance distributions, which totaled approximately $425 million in 2025. "The stable outlook reflects our expectation that Allspring will operate with S&P Global Ratings-adjusted debt to EBITDA in the high-4x to low-5x area with EBITDA interest coverage above 2x over the next 12 months, while maintaining or expanding its AUA and achieving healthy investment performance despite the potential for elevated market volatility and geopolitical uncertainty over the next year." S&P could lower its ratings on Allspring if: -- S&P Global Ratings-adjusted debt to EBITDA rises and remains well above 5.5x on a sustained basis while EBITDA interest coverage declines below 2x, perhaps due to debt-financed distributions or acquisitions beyond our expectations; or -- The business deteriorates, as demonstrated by a meaningful decline in earnings, AUA, or investment performance. While unlikely, S&P could raise its ratings on Allspring if: -- The company demonstrates commitment to a more conservative financial policy, such that S&P Global Ratings-adjusted debt to EBITDA declines toward and remains in the low-4x area with EBITDA interest coverage increasing toward 3x; and -- Operating performance and AUA improve and compare favorably with those of higher-rated peers, with consistently positive netflows, investments outperforming benchmarks, greater scale, and improving margins, resulting in solid EBITDA growth. ALLTECH INC: S&P Affirms 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Kentucky-based animal feed and nutritional products producer Alltech Inc., including the 'B' issuer credit rating and its 'B' issue-level rating on the company's term loan B (TLB). S&P's '3' recovery rating on the TLB is unchanged, though it revised its rounded recovery estimate to 60% from 55%. The stable outlook reflects S&P's expectation that the company will generate a positive operating performance and continue to improve its funds from operations (FFO) cash interest coverage toward the 3x area. Alltech's recent TLB add-on and launch of the Akralos Nutrition JV have not materially affected its leverage. S&P said, "We estimate the company's leverage pro forma for this transaction is 6.5x, which is unchanged from its leverage as of Mar. 31, 2026, because it used the proceeds to redeem a portion of its preferred equity and pay related accrued interest. We treat Alltech's preferred equity as debt because we do not view it as permanent capital. This reflects, in part, that the instrument's high payment-in-kid (PIK) dividend rates may incentivize the company to raise debt to redeem it. In addition, Alltech used $28 million of cash from its balance sheet to cover fees and expenses and complete a $25 million shareholder distribution." The JV launched on Feb. 1, 2026, and was formed through the company's contribution of its U.S.-based Hubbard Feeds and Canada-based Masterfeeds businesses and ADM's contribution of its U.S. feed business in exchange for a 51% economic interest for Alltech and 49% for ADM. The JV is primarily capitalized with partner equity but also includes a $50 million term loan, resulting in pro forma debt to EBITDA of 1x. The company does not consolidate the JV in its financial statements and accounts for it under the equity method of accounting because Alltech does not control board decisions, which is equally shared with ADM. S&P said, "As such, we will include any dividends received from the JV as EBITDA and exclude the equity earnings from EBITDA. We do not proportionally consolidate the JV and, therefore, have not incorporated the associated debt in our credit metrics. The $50 million term loan is currently not material to Alltech's overall debt balances and would not lead to a material change in Alltech's leverage, given that the JV's leverage is lower than that of Alltech." S&P said, "We estimate leverage will remain above 6x, given our expectation for ongoing PIK accretion on its preferred equity. We estimate the company has about $407 million of preferred equity that will continue to accrete at a 15% PIK rate. Although Alltech has an established track record of periodically repaying its minority preferred equity capital, such reductions are opportunistic and typically done concurrent with a refinancing, thus we do not include them in our base-case projections. Alltech's cash balances have grown quarter-over-quarter over the past two years—even after accounting for its ongoing capital expenditure (capex) and recent acquisitions—this growth has occurred alongside relatively flat net debt. In 2025, the company spent $24.2 million on the Fennoaqua and Agolin JVs; coupled with capex spending of 3% of sales to fund facility upgrades and growth projects. We expect annual discretionary cash flow to revert closer to historical levels of $50 million in fiscal 2026 and beyond, which will likely support further cash accumulation. Still, as the company has not committed to a specific debt repayment schedule and may prioritize growth-related capex or JVs, our base case does not assume debt reduction. We therefore expect leverage to remain in the low 6x area, though we recognize the potential for deleveraging if the company chooses to redeem additional preferred equity." FFO cash interest coverage will steadily improve along with EBITDA expansion. S&P said, "Given the company's large preferred equity burden that features noncash PIK interest, we also consider its FFO cash interest coverage when assessing its financial risk profile. Alltech's FFO cash interest coverage declined to 2.2x as of the end of fiscal year 2025 from 2.4x a year earlier. Because the company's recent refinancings have reduced the interest of its term debt and we forecast ongoing operational profitability and a reduction in operational expenses, we project it will improve its FFO cash interest coverage to 2.8x over the next year." S&P said, "Alltech Inc. continues to outperform our expectations. The company's revenue growth accelerated to 13% in the first quarter ending March 31, 2026, sustaining the momentum seen in 2025 when revenues grew 9.7% (surpassing our 9% forecast) due to volume increases across all its segments, a positive shift in its sales mix, and higher prices. Although Alltech's S&P Global Ratings-adjusted EBITDA margin was 70 basis points lower than we expected in 2025 due to higher-than-anticipated selling, general, and administrative costs primarily because of higher pricing, gross margins remained at 30% last year and the company was able to increase its S&P Global Ratings-adjusted EBITDA by 6% compared with end of fiscal year 2024. The EBITDA growth reflected improved unit margins from higher volumes, a reduction in raw material costs, higher pricing, a favorable sales mix, and cost optimization. We expect Alltech will maintain the pace of the expansion in its consolidated top-line revenue and margin, enabling it to increase its S&P Global Ratings-adjusted EBITDA by 11% in fiscal 2026. We anticipate this will be supported by a continued strong performance in its specialty ingredients segment, where higher prices and increased volumes of high-margin new products in minerals and mycotoxins are expected to drive results, as well as a rebound in its nutrition segment as high-nutrition products continue to gain market share. "The stable outlook on Alltech reflects our expectation for FFO cash interest coverage approaching 3x as it continues to increase its revenue and EBITDA by the low-single-digit percent area in fiscal 2026." S&P could lower its ratings on Alltech if its FFO cash interest coverage declines below 2x. This could occur if: -- The company underperforms our expectations, potentially due to feed-cost inflation, a negative shift in its product mix that pressures its margin, or unforeseen supply chain disruptions; -- Interest rates rise beyond our base-case assumptions; or -- Its financial policy becomes more aggressive, potentially because it undertakes debt-funded acquisitions or shareholder returns. S&P could raise its ratings on Alltech if it sustains FFO cash interest coverage of above 3x. This could occur if: -- The company performs in-line with our expectations; -- It does not undertake additional debt-funded shareholder returns or acquisitions before improving its credit metrics; and -- The interest rate environment remains favorable. AMERICAN AIRLINES: S&P Rates Proposed Sr. Secured Term Loan 'BB' ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '1' recovery rating to the proposed senior secured term loan B due in 2033 issued by U.S.-based global airline company American Airlines Group Inc.'s (American) wholly owned subsidiary, American Airlines Inc. The '1' recovery rating indicates its expectation for very high (90%-100%; rounded estimate: 90%) recovery in a simulated default scenario, which supports a two-notch uplift relative to its long-term issuer credit rating. The proposed term loan B will be secured by American's slot, gates, and routes (SGR) at London Heathrow and other European airports (Atlantic SGRs) and rank pari passu with the company's Atlantic SGR revolver. American will use the proceeds from the proposed term loan to repay its $1.1 billion term loan B due in January 2027 (secured by the same collateral). S&P said, "Our 'B+' issuer credit rating on American and our issue-level ratings on its other debt are unchanged. High jet fuel prices will likely subdue credit measures, which were already weak for the rating in 2025, for another year. However, strong demand for passenger travel supports higher airfares that we assume will materially mitigate the pressure on American's earnings and cash flow. There is high operating leverage associated with airfares, which stagnated for the past several years but have steadily increased since the outset of the war with Iran. "We assume favorable supply/demand fundamentals will persist in 2027, with continuing above-average growth in the company's higher-margin premium and loyalty sales. Moreover, we forecast fuel prices will ease well below current levels (in the high-$3 per gallon area) and contribute to a reduction in American's leverage next year. That said, we are mindful of the inherent volatility in fuel prices, and the potential for demand to unexpectedly soften amid sustained fare and consumer-price inflation." AMERICAN TRASH: $849K Unsecureds Claims to Recover 50% in 5 Years ----------------------------------------------------------------- American Trash Management, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Chapter 11 Plan and Disclosure Statement dated May 8, 2026. Founded in 1990, the company has been continuously operating since then. Located in Emeryville, ATM's mission is to reduce the costs and problems of trash for trash-generating businesses and institutions, using smart design, smart systems, and smart technology. Shortly after filing the bankruptcy case, the Debtor successfully obtained orders from the Court authorizing, among other things, the use of cash collateral, payment of pre-petition wage claims, maintenance of its cash management system, appointment of Scott Brown as its responsible individual and the retention of Finestone Hayes LLP as its bankruptcy counsel. The Debtor will continue to operate its business, which is now being operated profitably. The Debtor will pay creditors from future operations and a capital infusion of $125,000 from its equity ownership. In general terms, Debtor will pay off the secured debt of Fremont Bank within one year from confirmation, will pay of the automobile lenders pursuant to the terms of the contracts, will pay off the priority debts within five years of the petition date in compliance with Section 1129(a)(9)(c), and will make payments to the general unsecured creditors of 50% of their claims, other than the alternate treatments proposed for Class 2.1 and 2.2. Class 2 General Unsecured Claims Class 2.1 The Claim of WHR Holdings, LLC. WHR filed a claim of $3,819,645.46. The Debtor disputes the amount of the WHR claim and to the extent it has not already done so, it will file an objection to the WHR claim within 30 days from the Effective Date. Under the Plan, Debtor proposes alternate treatments of the WHR claim. * Option One: Debtor will pay WHR a total of $1,400,000 by making equal quarterly payments of $70,000 for five years from the Effective Date. Payments will be due on the first day of the month that falls in the fourth month from the month in which the Effective Date falls. Payments shall be late if not paid within 10 days from the due date. The claim shall not accrue interest. In addition to making these payments, Debtor will be deemed to have released WHR of any claims the Debtor may have against WHR as of the Effective Date. * Option Two: Debtor will pay WHR 50% of the amount determined by the Court as the allowed claim of WHR by making equal quarterly payments for five years from the date the claim becomes an allowed claim. Payments will be due on the first day of the month that falls in the fourth month from the month in which the Effective Date falls. Payments shall be late if not paid within 10 days from the due date. The claim shall not accrue interest. When voting to accept or reject the Plan, WHR shall also indicate whether it elects Option One or Option Two. If WHR fails to select an option, then Option One shall apply. This class is impaired and is entitled to vote on confirmation of the Plan. Class 2.2 consists of the two disputed claims filed by Oscar and Margarita Barbosa, claims 16 and 17. First, Debtor believes the claims are duplicates of one another. Second, the claims are disputed personal injury claims arising out of an automobile accident alleged to have been caused by an employee of the Debtor during the course and scope of his employment. Third, Debtor understands the claims are covered by applicable insurance policies. Debtor provides two options for the Class 2.2 creditor as follows: * Option One: To the extent the claims are covered by applicable insurance policies, as of the Effective Date, the automatic stay or any plan-related injunction will lift, and the Class 2.2 claimants shall be free to proceed in state court with the claims against Debtor, provided that they will not seek to enforce the claims against Debtor’s estate and will look solely to insurance for any recovery. * Option Two: If the Class 2.2 claimants reject option one, then to the extent the claimants have an allowed claim against the Debtor, which is not covered by an insurance policy, they will receive the same treatment as the general unsecured creditors. When voting to accept or reject the Plan, the Class 2 claimants shall also indicate whether they elect Option One or Option Two. If the Class 2 claimants fail to select an option, then Option One shall apply. This class is impaired and is entitled to vote on confirmation of the Plan. The Class 2.3 claimant, Ruben Martinez, filed a claim against the Debtor in front of the Workers' Compensation Appeals Board for the State of California for injuries allegedly incurred in the course and scope of his employment with the Debtor. Debtor believes the case was pending at the time it filed this bankruptcy. As of the Effective Date, the automatic stay or any plan-related injunction will be lifted, and the Class 2.3 claimant shall be free to proceed in front of the Workers' Compensation Appeals Board. As the claim is covered by Debtor's workers' compensation insurance and state law provides that proceeding against the insurance is the sole remedy, the Class 2.3 claimant will not have a claim against the Debtor's estate. This class is not impaired. Class 2.4 consists of claims that are $1,000 or less, or those creditors who are willing to reduce their claims to $1,000 for purposes of being in the Convenience Class. Debtor estimates the total claims of Class 2.4 are $8,628. Creditors in Class 2.4 shall be paid 50% of their claim 30 days after the Effective Date. Any creditor that has a claim in excess of $1,000 can elect to reduce its claim to $1,000 by notifying Debtor's counsel via email (sfinestone@fhlawllp.com) no later than the date by which ballots are due. The Class 2.5 claims consist of all allowed general unsecured non priority claims, other than those of WHR, Classes 2.2 and 2.3 (unless they elect the option to be included in Class 2.5) and 2.4. The Debtor estimates the amount of the claims in Class 2.5 are $849,460, as set forth below. Debtor will pay 50% of the allowed amounts of the Class 2.5 creditors by making equal quarterly payments for five years from the later of the Effective Date or the date the claim becomes an allowed claim. Payments will be due on the first day of the month that falls in the fourth month from the month in which the Effective Date falls. This class is impaired. Class 3 consists of all holders of equity interests in the Debtor. Such holders will not receive any distributions under the Plan on account of their interests, which will not be cancelled. The holders will retain their interests and the legal, equitable, and contractual rights provided by their interests. The Reorganized Debtor shall be come into being upon entry of the order confirming the Plan. On the Effective Date, the Reorganized Debtor shall take possession, custody, and control of all books, records, and files of the Debtor and its estate, and shall provide for the retention and storage of such materials until the Reorganized Debtor determines that retention is no longer necessary or required. The Reorganized Debtor shall be responsible for reconciling and paying all claims in accordance with the Plan. The Reorganized Debtor shall make all distributions required under the Plan and shall have full authority to act on behalf of the Debtor to carry out such responsibilities, including the authority to open and maintain accounts, sign checks, and take all actions necessary to effectuate the Plan. On the Effective Date, pursuant to Section 1141(b) of the Bankruptcy Code, all of the Debtor's assets shall vest in the Reorganized Debtor; provided, however, that (i) the Reorganized Debtor may abandon any assets that it believes have no meaningful value. Moreover, the Reorganized Debtor shall be authorized to sell or otherwise liquidate any assets in the manner it believes is commercially reasonable, without further order of the Court. A full-text copy of the Combined Plan and Disclosure Statement dated May 8, 2026 is available at https://urlcurt.com/u?l=Wx241X from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen D. Finestone Finestone Hayes LLP 456 Montgomery Street, Suite 1300 San Francisco, CA 94104 Tel: (415) 481-5481 Fax: (415) 398-2820 Email: sfinestone@fhlawllp.com About American Trash Management American Trash Management, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30743) on Sept. 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Stephen Finestone, at Finestone Hayes, LLP, is the Debtor's legal counsel. ANGIE'S MOBILE: Case Summary & 14 Unsecured Creditors ----------------------------------------------------- Debtor: Angie's Mobile Pet Styling, LLC 318 Deer Cove Lane Lutz, FL 33548 Business Description: Angie's Mobile Pet Styling provides mobile pet grooming services in Palm Harbor, Florida, and surrounding areas. The company offers cat grooming, pet nail trimming, fur trimming, pet baths, and hair dematting. Angie's Mobile Pet Styling has more than 30 years of industry experience and a team of more than 15 people. Chapter 11 Petition Date: May 15, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04130 Judge: Hon. Caryl E Delano Debtor's Counsel: Buddy D. Ford, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Tel: (813) 877-4669 Fax: (813) 877-5543 Email: All@tampaesq.com Total Assets: $133,721 Total Liabilities: $1,198,530 The petition was signed by Angela Landis as owner. A full-text copy of the petition, which includes a list of the Debtor's 14 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZG4W2HI/Angies_Mobile_Pet_Styling_LLC__flmbke-26-04130__0001.0.pdf?mcid=tGE4TAMA ARCADIAN RESOURCES: Must Pay Administrative Claims by June 12 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas granted the emergency motion to compel payment of allowed administrative expense claims and enforce the confirmation order filed by Nextgen Energy Service, LLC, and Rogue Industrial, LLC, creditors in the bankruptcy case of Arcadian Resources, LLC. The Debtor shall, by no later than June 12, 2026, pay the Allowed Administrative Claims of Rogue and Nextgen in full, specifically: $66,174.74 to Rogue and $43,380.00 to NexGen. If the Debtor fails to timely make the payments, the Debtor shall file a motion to modify the Plan pursuant to section 1127 of the Bankruptcy Code by June 12. The entry of this Order shall be without prejudice to either Rogue or Nextgen to seek alternative relief, including but not limited to a motion to dismiss or a motion to convert the case to chapter 7. A copy of the Court's Order dated May 12, 2026, is available at https://urlcurt.com/u?l=NdA8KE from PacerMonitor.com. About Arcadian Resources Arcadian Resources LLC is part of the oil and gas extraction industry. Founded in 2015, Arcadian is a private exploration and production company operating in the Denver-Julesburg (DJ) Basin, Hugoton Basin, Las Animas Arch Basin, and Salina/Sedgwick Basins. Previously, Arcadian operated 31 producing wells in connection with 30 oil and gas leases throughout Texas, Kansas, and Nebraska. With the exception of the oil and gas leases associated with the Saratoga Well all remaining oil and gas leases, however, expired according to their own terms during the bankruptcy case. Arcadian Resources, LLC, based in Glen Elder, Kansas, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Case No. 24-10158) on Sept. 1, 2024, listing as much as $1 million to $10 million in both assets and liabilities. James P. Deverman, sole member, signed the petition. The Debtor tapped Tittle Law Group, PLLC as bankruptcy counsel and Jeter Law Firm as special counsel. The Debtor won confirmation of its bankruptcy-exit Plan on Jan. 16, 2026. As reported by Troubled Company Reporter, Arcadian Resources filed with the Court its Second Amended Plan of Reorganization dated Oct. 21, 2025. The allowed unsecured claims total 3,674,477.90. Class 2 is scheduled to receive a distribution of $120,000.00 or 3% of their allowed claims. The assets acquired by the Plan Funder via purchase of New Equity shall include all assets necessary or related to the business including cash, receivables, equipment, and the Saratoga Well. The Plan Payment is equivalent to the fair market value of the Equity Interests in the Debtor. In the event the value of the New Equity is contested, the Debtor agreed to auction the New Equity at the Confirmation Hearing. A full-text copy of the Disclosure Statement dated Oct. 21, 2025 is available at https://urlcurt.com/u?l=H3bW7R from PacerMonitor.com at no charge. ARTICON HOTEL: Amends Unsecured Claims Pay Details -------------------------------------------------- Articon Hotel Services LLC submitted a First Amended Disclosure Statement describing First Plan of Reorganization dated may 7, 2026. The Debtor's Chapter 11 case was filed due to long standing litigation with Baldwin Enterprises in the Circuit Court of Illinois in Jefferson County, Illinois. The Debtor has successfully lifted the automatic restraining provisions of section 362 of the Bankruptcy Code to appeal the Judgment obtained by Baldwin in the Circuit Court. During the Debtor's Chapter 11 case, the Debtor has entered into four interim cash collateral orders with the Small Business Administration, the Debtor's secured creditor. During the Debtor's Chapter 11 case, its cash has grown to in excess of $600,000, and its receivables in excess of $900,000. In addition, the Debtor and Baldwin have been involved in litigation concerning lifting of the automatic stay, Subchapter V eligibility and Baldwin's pending motion to dismiss the Debtor's Chapter 11 case. The Debtor has experienced positive cash flow during its Chapter 11 case. The Debtor's Plan contains one category of Administrative Claims, two categories of secured claims, two categories of unsecured creditors, and one class of membership interests. Class 3 consists of General Unsecured Non-Baldwin Litigation Claims. General Unsecured Creditors other than those related to the Baldwin litigation, amounting to approximately $416,000, will be paid their pro-rata share of 1% of their claims semi-annually for a period of five years. It is estimated that the total amount paid to Class 3 Claimants semi-annually will be $4,155.67, and payments will begin 30 days after the Effective Date. Class 3 is impaired. Class 4 consists of General Unsecured Litigation Claims. No distributions will be made to Class 4 Claimants until resolution of the Debtor's Appeal of the Judgment entered in the Baldwin Litigation. In the interim, the Debtor will escrow 1% of the amount of Class 4 Claims semi-annually, with said funds to be placed in the trust account of Debtor's counsel, CSCG. Class 4 is impaired. Payments to creditors pursuant to the Plan will be made from funds generated by the Debtor's operations. A full-text copy of the First Amended Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=1bOtYp from PacerMonitor.com at no charge. Counsel to the Debtor: Scott R. Clar, Esq. Crane, Simon, Clar & Goodman 135 South LaSalle Street, Suite 3950 Chicago, IL 60603 Telephone: (312) 641-6777 Email: sclar@cranesimon.com About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on Sept. 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. AVEANNA HEALTHCARE: S&P Rates Proposed Senior Secured Debt 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to Aveanna Healthcare LLC's proposed first-lien senior secured term loan due 2032 and revolving credit facility due 2030. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. S&P considers the proposed transaction to be credit neutral because the company is not increasing the size of the facility and will not benefit from a material improvement in its interest expense. AVENGER FLIGHT: Emerges from Chapter 11 as AFG Newco LLC -------------------------------------------------------- Avenger Flight Group, a leading global provider of advanced flight simulation training solutions for commercial airlines, announced on May 14, 2026, that it has successfully completed its restructuring process and emerged from Chapter 11, which it and certain affiliates commenced in February 2026 to implement a comprehensive restructuring and sale process, as AFG Newco, LLC , a well-capitalized platform positioned to execute on its next phase of growth and expansion and continue to do business as Avenger Flight Group. The transaction follows a court-supervised sale process supported by the Company's secured lenders and conducted under Section 363 of the U.S. Bankruptcy Code and approved by the U.S. Bankruptcy Court for the District of Delaware. The sale resulted in the transfer of substantially all of the Company's assets to AFG Newco, LLC, enabling the business to continue operations on a strengthened financial foundation. The Company's existing lenders supported the process and are now equity stakeholders aligned in supporting Avenger Flight Group's long-term strategy and growth initiatives. In connection with its emergence, Avenger closed on an exit financing facility providing the Company with a capital structure to support ongoing operations and future growth. A Stronger Foundation for the Future Through the restructuring, Avenger emerges with: * A materially deleveraged capital structure * New financing providing enhanced capital structure and financial flexibility * A focused operational footprint aligned with customer demand * Continuity of operations across its global training network * Positioned to scale capacity in response to accelerating global pilot demand "Today marks an important milestone for Avenger Flight Group," said Eduardo Carrasco. "With a strengthened balance sheet, and the support of our ownership group, Avenger is well-positioned to continue serving airline customers worldwide while investing in expanded training capacity to meet the growing global demand for pilot training." Continuity for Customers and Employees Avenger will continue to operate the Company's global flight simulator training platforms, providing critical training services to airline partners across North America, Latin America, and Europe. Throughout the restructuring process, the Company maintained uninterrupted operations. "Our priority throughout this process has been--and remains--our customers and partners," said Eduardo Carrasco. "We are proud to emerge as a stronger company, with access to capital and a platform that supports long-term stability and growth." About New Avenger Avenger is a global provider of aviation training solutions, specializing in full-flight simulator training and advanced pilot instruction for commercial airlines. The Company operates a network of training centers and simulator platforms supporting airline clients worldwide. About Avenger Flight Group LLC Avenger Flight Group LLC provide low-cost training solutions for clients while preserving value, a high degree of quality and customer service at all times. It has tailor-made its services toward rapidly growing Low Cost Carriers (LCC) which had been neglected in many occasions by other training providers. AFG has become the preferred training center for many US and international airlines, especially LCCs. Avenger Flight sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bank.D.Dela. Case No. 26-10183) on February 11, 2026. Steven W. Golden at Pachulski Stang Ziehl & Jones LLP represents the Debtor as legal counsel. B&R ENGINEERING: Case Summary & Four Unsecured Creditors -------------------------------------------------------- Debtor: B&R Engineering Corporation 13271 S.W. 124th Street Miami, FL 33186 Business Description: B&R Engineering Corp is a Miami, Florida- based HVAC contractor founded in 1994. The company provides commercial and residential HVAC installation, including complete HVAC systems installation, garage ventilation and CO systems, smoke control integrated with BMS, test and balance, and building commissioning. It has performed HVAC work for residential units, schools, high-rises, and commercial buildings in South Florida. B&R Engineering was founded by Ricardo E. Fernandez, P.E. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-16436 Judge: TBD Debtor's Counsel: Robert Reynolds, Esq. LORIUM LAW 101 NE 3rd Avenue Suite 1800 Fort Lauderdale, FL 33301 Tel: 954-462-8000 E-mail: rreynolds@loriumlaw.com Total Assets: $3,787,372 Total Liabilities: $562,334 The petition was signed by Ricardo E. Fernandez as president. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DZ3AY3A/BR_Engineering_Corporation__flsbke-26-16436__0001.0.pdf?mcid=tGE4TAMA BARTRAM LOGISTICS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Bartram Logistics, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court issued its ninth interim order authorizing the Debtor to use cash collateral until the next hearing scheduled for June 9. Use of such collateral must be in accordance with previous interim cash collateral orders and the latest budget, subject to a 10% variance. To protect the interests of pre-bankruptcy secured creditors, the court granted them replacement liens on post-petition cash collateral, which are automatically perfected without additional filings. The order also required all parties holding funds owed to the Debtor to immediately transfer them to the Debtor. The order is available at https://shorturl.at/8rYQ6 from PacerMonitor.com. Bartram Logistics' assets include cash accounts, accounts receivable, and inventory, which may constitute cash collateral. Studio Bank asserts a secured claim of approximately $530,000, claiming an interest in the Debtor's accounts receivable and other assets via a UCC-1 filed in 2024. First Chatham Bank (also known as Cadence Bank) asserts a secured claim of approximately $2.3 million, claiming similar interests via a UCC-1 filed on April 28. All other creditors with UCC-1 filings, per the Tennessee Secretary of State, are merchant cash advance lenders. Studio Bank, as secured creditor, is represented by: David M. Anthony, Esq. Exo Legal PLLC P.O. Box 121616 Nashville, TN 37212 Telephone: (615) 869-0634 Facsimile: (615) 307-6076 david@exolegal.com First Chatham Bank, as secured creditor, is represented by: Bryan J. Sisto, Esq. Frost Brown Todd LLP 400 W. Market Street, Suite 3200 Louisville, KY 40202 Telephone: (502) 589-5400 Facsimile: (502) 581-1087 bsisto@fbtlaw.com About Bartram Logistics LLC Bartram Logistics, LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq., at Bradley Arant Boult Cummings, LLP. BITCOIN DEPOT: Case Summary & 30 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Bitcoin Depot Inc. f/k/a GSR II Meteora Acquisition Corp. 8601 Dunwoody Place, Suite 308 Sandy Springs, GA 30350 Business Description: Bitcoin Depot Inc. operates Bitcoin kiosks and provides consumers with cash-to-Bitcoin conversion services. The Company also sells cryptocurrency through its BDCheckout product and website, with BDCheckout enabling users to load cash into accounts at checkout counters and use those funds to purchase Bitcoin. Bitcoin Depot is headquartered in Sandy Springs, Georgia, with additional corporate offices in Ottawa, Ontario, Canada, and operates kiosks in retailer locations across the United States, Canada, and Australia. Court: United States Bankruptcy Court Southern District of Texas Affiliates that filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on May 17, 2026 Debtor Case No. ------ -------- Express Vending Inc. 26-90526 Bitcoin Depot Operating LLC 26-90527 Affiliates that filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on May 18, 2028 Debtor Case No. ------ -------- Bitcoin Depot Inc. (Lead Case) 26-90528 BCD Merger Sub LLC 26-90529 BT HoldCo LLC 26-90530 BTM International Holdings 1 LLC 26-90531 BTM International Holdings II LLC 26-90532 Cash Ramp LLC 26-90533 Digital Gold Ventures Inc. 26-90534 Intuitive Software LLC 26-90535 Kiosk Holdco LLC 26-90536 Kiosk Technicians, LLC 26-90537 Kutt, Inc. 26-90538 Lux Vending Kiosk, LLC 26-90539 MCA Services Group, LLC 26-90540 Mintz Assets Inc. 26-90541 Debtors' General Bankruptcy Counsel: Paul E. Heath, Esq. Sara Zoglman, Esq. VINSON & ELKINS LLP 845 Texas Avenue, Suite 4700 Houston, Texas 77002 Tel: 713-758-2222 Fax: 713-758-2346 Email: pheath@velaw.com szoglman@velaw.com AND David S. Meyer, Esq. Jessica C. Peet, Esq. 1114 Avenue of the Americas, 32nd Floor New York, New York 10036 Tel: 212-237-0000 Fax: 212-237-0100 Email: dmeyer@velaw.com jpeet@velaw.com Debtors' Financial Advisor: TRIPLE P TRS, LLC AND TRIPLE P SECURITIES, LLC Debtors' Notice, Claims & Solicitation Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Bitcoin Depot's Total Assets as of March 31, 2026: $11,334,000 Bitcoin Depot's Total Debts as of March 31, 2026: $26,876,000 The petitions were signed by W. Alexander Holmes as director. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4VMTX2I/Bitcoin_Depot_Inc__txsbke-26-90528__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. CashCloud Legal $18,470,000 Attn: Thomas Conway Judgment 400-411 Roosevelt Avenue Ottawa, ON K2A 3X9, Canada Email: tconway@conwaylitigation.ca Phone: 613-780-2011 2. WPS Kiosk Partners LLC Profit $5,000,000 Attn: William Sirignano Share 135 W 50th St, Suite 200 Agreement New York, NY 10020 Email: w@wpscapitalpartners.com 3. Legacy Vending LLC Profit $3,760,000 Attn: Ansur Ahmed Share 7633 Grand Ridge Road Agreement Columbus, GA 31904 Email: ansur.ahmed@outlook.com 4. Sopris-Bitcoin Depot Profit $2,000,000 Investors LLC Share Attn: Dan Wedman Agreement 409 Aspen Airport Business Center Suite B Aspen, CO 81612 Email: dwedman@sopriscapital.com 5. Kirkland & Ellis LLP Legal $1,939,141 Attn: Thomas Laughlin Services 333 W Wolf Point Plaza Chicago, IL 60654 Email: thomas.laughlin@kirkland.com Phone: +1 214 972 1663; M +1 214 926 5353 6. Latham & Watkins LLP Legal $1,000,000 Attn: Steven Stokdyk Services 555 West Fifth St, Suite 300 Los Angeles, CA 90013-1020 Email: steven.stokdyk@lw.com Phone: D +1-213-891-7421; M +1-310-993-9093 7. Bibbeo Ltd. Installation $892,023 Attn: Miles Power 24340 E Glasgow Dr Aurora, CO 80016 Email: power.m@bibbeo.com Phone: 269-903-1309 8. Google LLC Other $715,334 Attn: Killy Winz Operating 1600 Amphitheatre Pkwy Expenses Mountain View, CA 94043 Email: killyw@google.com Phone: 720-289-9910 9. Greenberg Traurig LLC Legal $611,019 Attn: Jena Valdetero Services 8400 NW 36th Street Suite 400 Doral, FL 33166 Email: jena.valdetero@gtlaw.com Phone: T +1 312-456-1025; C 2024310288 10. Secretariat Advisors LLC Legal $261,550 Attn: Chris McKay Services 1175 Peachtree St NE, 100 Colony Sq, Suite 400, Atlanta, GA 30361 Email: cmckay@secretariat-intl.com Phone: +1 818 307 3314 11. Consilio Inc. Legal $235,920 Attn: Matt Simmons Services Dept CH 17174 Palatine, IL 60055 Email: matt.simmons@consilio.com 12. Loomis Armored $223,231 Attn: Steve Morris Transport 2500 Citywest Blvd. Ste. 2300 Houston, TX 77042 Email: steve.morris@us.loomis.com Phone: 901-463-0827 13. OptConnect Wireless $222,157 Attn: Matt Warner 854 West 450 North #4 Kaysville, UT 84037 Email: matt.warner@optconnect.com Phone: 801-645-3254 14. Cobra Capital Partners LLC Profit $212,000 Attn: Hamzee Kaddoura Sharing 442 Kingsbury Ave Agreement Dearborn, MI 48128 Email: hamzee47@gmail.com 15. Dentons Canada LLP Legal $201,638 Attn: Greg McNab Services 77 King Street West Toronto-Dominion Centre Suite 400 Toronto, ON M5K 0A1, Canada Email: greg.mcnab@dentons.com Phone: +1 416 863 4492 16. ATM Token Group Services Ltd. Installation $182,988 Attn: Shelvin Prasad & Maintenance 1285 West Broadway Suite 600 Vancouver, BC V6H 3X8, Canada Email: shelvin@atmtoken.com Phone: 403-830-0710 17. GardaWorld Armored $181,767 Attn: Darren Garbutt Transport 2000 NW Corporate Blvd Boca Raton, FL 33431 Email: darren.garbutt@garda.com 18. Burroughs Maintenance $175,679 Attn: Chris Adamson P.O. Box 72409 Cleveland, OH 44192 Email: chris.adamson@burroughs.com Phone: 647-982-6158 19. Elliptic Inc. Information $173,250 Attn: Dave Homanko Technology 1632 1st Avenue #23346 New York, NY 10128 Email: dave.homanko@elliptic.co 20. Troutman Pepper Locke LLP Legal $157,626 Attn: Dominic Cervoni Services 600 Peachtree Street NE Suite 3000 Atlanta, GA 30308 Email: dominic.cervoni@troutman.com Phone: 212-912-2722 21. Deel Inc. PEO $128,038 Attn: Joey Asamoah 425 1st Street San Francisco, CA 94105-4621 Email: joey.asamoah@deel.com 22. Wolf & Company, P.C. Accounting $123,000 Attn: Marissa A. Scicchitano & Auditing 255 State Street Boston, MA 02109 Email: mscicchitano@wolfandco.com 23. Brinks Canada Limited Armored $122,335 Attn: Ty Burch Transport 95 Brown's Line Etobicoke, ON M8W 3S2, Canada Email: tynan.burch@brinks.com Phone: 289-440-0476 24. Donnelley Financial LLC Other $105,895 Attn: Ryan Ward Operating 35 W. Wacker Drive Expenses Chicago, IL 60601 Email: ryan.t.ward@dfinsolutions.com Phone: 508-728-9960 25. Garrison Management Group, LLC Legal $100,000 DBA AXAdvocacy, LLC Services Attn: Nick Maddux 800 W 47th St, Ste 200 Kansas City, MO 64112 Email: nmaddux@axiomstrategies.com Phone: 417-594-0029 26. Professionals World LLC Other $98,010 Attn: Yousef Azzam Operating 1072 Madison Chase #7 Expenses West Palm Beach, FL 33411 Email: yousef@pros-world.com 27. DAC Group / Chicago, Inc. Marketing $93,906 Attn: Gemma Gibson P.O. Box 842862 Boston, MA 02284-2870 Email: ggibson@dacgroup.com Phone: 872-270-0964 28. Lalchandani Simon PL Legal $91,105 Attn: Kubs Lalchandani Services 25 SE 2nd Ave Suite 1020, Miami, FL 33131 Email: kubs@lslawpl.com 29. BPO Hive LLC Marketing $78,237 Attn: Abdullah M. 7 Street 2, El Waha Nasr City, Cairo, 11577, Egypt Email: abdullah@bpohive.com Phone: (+20)114 190 8557 30. Cummins-Allison Corp Other $78,208 Attn: James Reeves Operating 852 Feehanville Expenses Mt Prospect, IL 60056 Email: james.reeves@cranepi.com BLOSSOM APARTMENTS: Derek A. Henderson Appointed as Receiver ------------------------------------------------------------ The Hon. Henry T. Wingate of the U.S. District Court for the Southern District of Mississippi, Northern Division, entered an agreed order directing the appointment of Derek A. Henderson as receiver for Blossom Apartments, LLC, et al. Relyance Bank requested the appointment of a receiver. The Court ruled that Derek A. Henderson is appointed, pursuant to Mississippi Code and the general equitable powers of the Court, as the Receiver for the real property located at 3100 Woodbine Street, Jackson, Hinds County, Mississippi 39212, including all buildings, improvements, and fixtures on such property, easements, and appurtenances of any kind benefiting the property, and shall, as necessary, take immediate possession and control of the Property upon entry of this Order. The purpose of the receivership is to secure, preserve, and stabilize the Property to prevent further loss or waste. The receiver is granted all powers necessary and usual in such cases for the possession, security, protection, control, management, lease, operation, and possible sale of the Property during the pendency of this action, and otherwise authorized to perform all duties appropriate to a receiver: A. If the receiver determines remediation and repairs are needed to protect the Bank's legitimate interests in the Property, subject to the Bank's consent, to select and execute appropriate contracts with a general contractor to perform necessary remediation and repairs to the Property to prevent further loss, waste and diminution of the Bank's Collateral and to preserve the Bank's interest in the Collateral and priority shall be given to expenditures necessary to secure the Property against theft, vandalism, and further deterioration, including but not limited to securing access points, restoring essential utilities, and stabilizing structures; B. To demand, collect, and receive all debts, rents, revenues, receivables and profits now or hereafter due and in connection therewith be authorized to endorse checks payable to the Borrower; C. To hire, employ, retain and terminate consultants, brokers, attorneys, professionals, independent contracts and any other personnel or employees, D. To pay all outstanding utility and sewer expense obligations, and any other outstanding obligations to suppliers, E. To manage, maintain, protect, secure, and preserve any or all of the Property as the Receiver deems prudent in his discretion throughout this litigation; provided that the Receiver provide to this Court and all parties of record during the period of the receivership, periodic reports providing a full accounting of the receipts and disbursements about the maintenance, protection, and security of the Property for the prior month; however, the Receiver shall obtain the Bank's approval before making capital expenditures in excess of $5,000.00 per expenditure or payments other than those ordinarily and necessarily incurred in the operation of the Property; provided, however, the Receiver shall not be required to obtain the Bank's approval before making payments incurred in the ordinary course of operating the Property and expenditures for emergency or safety repairs to the Property; F. To negotiate, extend, terminate, modify, ratify, or enter into leases or contracts, including, without limitation, contracts to provide security, janitorial, leasing, utility, or other services, including the hiring and terminating of staff and full-time and part-time employees related to the Property and to pay for those services as an expense of the Property; G. To defend against any legal action brought against him in its capacity as Receiver or against or about the Property; H. To take such other actions as may be necessary or incidental to the foregoing specific powers, directions, and general authorities relating to the Property; and I. To seek further clarification, instructions, and/or additional authority from this Court in written correspondence. If the Property is sold, and with the consent of the Court and the Bank, the Receiver is authorized to transfer possession and control of the Property to the new purchaser and be directed to file a final report of its activities with respect to the Property within 45 business days of the transfer, and to otherwise comply with Mississippi law; The Receiver shall post bond, issued by a recognized surety company in favor of the Clerk of Court to assure the Receiver's faithful performance of this Order, for $100,000.00. The Receiver shall post such bond by or before 4:00 p.m. CST within five business days after the Court's entry of this Order; The Receiver shall be compensated for the performance of his duties as Receiver, including court appearances, at: $400 per hour for services by Mr. Henderson, $250 for associates, $200 per hour for senior consultants, and $75 per hour for administrative personnel, and be reimbursed for reasonable out of pocket expenses for travel and other expenses incurred in the performance of the permitted and required activities as Receiver. In the event of the Receiver's resignation, or upon this Court's termination of the receivership, the Receiver shall be fully and forever released and discharged from any liability as Receiver, which said release and discharge shall include, without limitation, all claims, cross-claims, counterclaims, causes, damages, and actions of every kind and character, and all suits, costs, damages, expenses, compensation, and liabilities of every kind, character, and description, whether direct or indirect, known or unknown, disclosed or hidden, in law or in equity. Nothing in this Order shall prohibit or prevent Defendants from seeking court intervention related to the Receiver's and/or Bank's actions or inactions, including, but not limited to, any motions or requests for relief deemed necessary to address the administration or management of the receivership estate. Notwithstanding any other provision of this Order, nothing shall be construed to impair, limit, or otherwise affect the authority, duties, or obligations of the federal receiver appointed over the City of Jackson's water and sewer systems, pursuant to the federal receivership established in November 2022, including but not limited to obligations imposed by the Interim Stipulated Order entered in United States v. City of Jackson; the Order Amending Interim Stipulated Order, and the Stipulated Order in United States v. City of Jackson. Receivables accumulated based on JXN Water's provision of, and a customer's use of, water and sewer services constitute property of the federal receivership estate. Nothing in this Order shall be construed to waive, discharge, stay, or otherwise interfere with the federal receiver's rights to collect those receivables. The Receiver or Parties may seek instructions and additional authority from the Court upon written notice. The Court shall retain the exclusive jurisdiction and supervision of all matters concerning the receivership and the Property and any actions which affect the Receiver and/or the Property shall be brought and maintained in this Court. About Blossom Apartments, LLC Blossom Apartments, LLC owns a real property located at 3100 Woodbine Street, Jackson, Hinds County, Mississippi 39212. Blossom is facing a receivership case captioned as JXN Water, LLC v. Blossom Apartments, LLC, Case No. 3:25-cv-00660 (S.D. Miss.), before the Hon. Henry T. Wingate. The case was filed on Aug. 29, 2025. Attorneys for Relyance Bank: Brian C. Kimball, Esq. Lott Warren, Esq. Keri E. Herrington, Esq. BUTLER SNOW LLP Renaissance at Colony Park 1020 Highland Colony Parkway, Suite 1400 Ridgeland, MS 39157 Tel: (601)948-5711 E-mail: brian.kimball@butlersnow.com lott.warren@butlersnow.com keri.herrington@butlersnow.com Attorney for Blossom Apartments, LLC and Tausha Sanders: Scherrie L. Prince, Esq. PRINCE & ASSOCIATES, PLLC P.O. Box 320937 Flowood, MS 39232 Tel: (601) 206-0284 E-mail: scherrie@princelawassociates.com Attorneys for ITPM & JXN Water, Inc.: Charles Mitchell McGuffey, Esq. Malissa Wilson, Esq. Damonta D. Morgan, Esq. FORMAN WATKINS & KRUTZ LLP 210 East Capitol Street, Suite 2200 Jackson, MS 39201 Tel: (601) 690-8600 E-mail: mitch.mcguffey@formanwatkins.com malissa.wilson@formanwatkins.com damonta.morgan@formanwatkins.com BROADWAY FORD: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Broadway Ford Truck Sales, Inc. 812 E. Taylor Saint Louis MO 63147 Business Description: Broadway Ford Truck Sales, Inc is a Ford dealership based in St. Louis, Missouri. The company sells new and used vehicles, including work trucks, and provides financing, vehicle service, mobile service, pickup and delivery, parts sales, RV service, shuttle bus-related offerings, fleet solutions, and telematics. Its parts department sells OEM parts and provides parts for Ford, GM, Mopar, Toyota, and Honda vehicles. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Eastern District of Missouri Case No.: 26-42179 Judge: Hon. Bonnie L Clair Debtor's Counsel: Thomas H. Riske, Esq. CARMODY MACDONALD P.C. 120 South Central Ave., Ste. 1800 Saint Louis MO 63105 Tel: (314) 854-8600 Email: thr@carmodymacdonald.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Dennis N. Phillips as owner. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/D6OP6LA/Broadway_Ford_Truck_Sales_Inc__moebke-26-42179__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Saint Louis Bank Loan $8,099,473 9811 South Forty Drive Saint Louis, MO 63124 Email: kking@stlouisbank.com 2. CapMax LLC $2,950,000 Missouri Registered Agent LLC 117 South Lexington St., Ste. 100 Harrisonville, MO 64701 3. District No. 9 International $2,200,000 Association of Machinists and Aerospace Workers Pension Trust 12365 St. Charles Rock Road Bridgeton, MO 63044 4. Central States S.E. and S.W. $1,400,000 Areas Pension Fund 8647 W. Higgins Rd. Chicago, IL 60631 5. CSTK St. Louis $1,022,165 10983 Granada Lane #210 Kansas City, KS 66211 6. Moneywell Group, LLC $635,581 323 Sunny Isles Blvd. North Miami Beach, FL 33160 Email: uw@moneywellgroup.com 7. Ocean Funding Corp. $328,275 2941 NW 62nd St., Ste. 101 Fort Lauderdale, FL 33309 Email: admin@ocean-funding.com 8. Great America Financial $176,526 Services P.O. Box 660831 Dallas, TX 75266 9. American Express Company $171,802 P.O. Box 650448 Dallas, TX 75265 10. AER Technologies, Inc. $169,776 P.O. Box 8558 Pasadena, CA 91109 11. Knapheide Truck Equipment Co. $158,125 10101 Mid Rivers Mall Drive Saint Peters, MO 63376 12. Kranz Body Co LLC $144,081 300 Russell Blvd St. Louis, MO 63104 13. Four Sevens Company LLC $97,655 205 Howell Rd. Defiance, MO 63341 14. Honda of Frontenac $75,953 885 Lindbergh Blvd St Louis, MO 63131 15. BMG Fleet Installations & Signs $73,389 1082 Cool Springs Industrial Drive O'Fallon, MO 63366 16. Bo Beuckman Quality Ford $66,041 15675 Manchester Rd. Ballwin, MO 63011 17. Enterprise Fleet $64,999 Management, Inc. 29 Hunter Ave. St. Louis, MO 63124 18. Joe Sind $64,435 7360 Stream Valley Ct. St. Louis, MO 63129 19. Cummins Inc. $60,939 P.O. Box 772639 Detroit, MI 48277 20. UnitedHealthcare Inc. $60,000 P.O. Box 94017 Palatine, IL 60094 BW HOMECARE: S&P Lowers ICR to 'SD' on Missed Principal Payment --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on BW Homecare Holdings LLC (dba Elara Caring) to 'SD' (selective default) from 'CCC-' and our issue-level rating on its second-lien term loan to 'D' from 'C'. The downgrade to 'SD' reflects Elara's failure to make its principal payment on time. The downgrade reflects that Elara has defaulted on its second-lien term loan due May 15, 2026. The issue-level rating of 'D' reflects the company's breach of an imputed promise to provide timely and full repayment of principal at maturity. S&P said, "We continue to monitor Elara's pending transaction. On Feb. 2, 2026, Elara announced that it entered into an agreement for a strategic investment from Ares' Private Equity Group and DaVita Inc. We continue to monitor progress toward the transaction's close, which is expected to occur later in 2026." C.Y. GOLD: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: C.Y. Gold LLC 320 Roebling Street Suite 518 Brooklyn, NY 11206-1121 Business Description: C.Y. Gold LLC owns a six-unit apartment building located at 179 Russell Street in Brooklyn, New York. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42395 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mayer Kohn as member. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/E6KMPMI/CY_Gold_LLC__nyebke-26-42395__0001.0.pdf?mcid=tGE4TAMA CHICAGO RIVET & MACHINE: Q1 2026 Swings to $362,015 Net Loss ------------------------------------------------------------ Chicago Rivet & Machine Co. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $362,015 for the three months ended March 31, 2026, compared to a net income of $401,022 for the same period in the prior year. Net sales for the three months ended March 31, 2026 were $6,851,517, compared to $7,245,635 in the prior-year period. Liquidity and Capital Resources Working capital was $9,480,063 as of March 31, 2026, compared to $9,894,317 at the beginning of the year, a decrease of $414,254, or 4.2%. On March 6, 2025, the Company entered into a one-year $3,000,000 operating credit agreement, renewable annually, and consisting of a: (a) $2,500,000 revolving line of credit, and (b) $500,000 non-revolving line of credit. The non-revolving line of credit expired on December 31, 2025 and was not renewed. Borrowings under the March 2025 Credit Agreement bear interest at a fluctuating rate per annum equal to 1% plus the applicable prime rate subject to a 7% floor. The agreement can be early terminated and amounts due repaid, at the Company's discretion, without prepayment penalties. As of March 31, 2026, there was $1,000,000 in borrowings outstanding under the revolving line of credit and no borrowings under the non-revolving line of credit. The March 2025 Credit Agreement maturity date is August 31, 2026. The March 2025 Credit Agreement includes certain financial covenants such as minimum profitability for the twelve months ended December 31, 2025, and minimum tangible net worth. As of December 31, 2025 and March 31, 2026, the Company was not in compliance with all such financial covenants. Specifically, the Company was not in compliance with the minimum annual profitability covenant, however, the Company was in compliance with the other financial covenants contained in the credit agreement. On February 27, 2026, the lender waived this covenant violation, and no new covenants were added to the credit agreement. As of March 31, 2026, the Company was not in compliance with the minimum net worth covenant, and the lender waived this covenant violation on May 6, 2026. As of March 31, 2026, the Company has made all required principal and interest payments under the March 2025 Credit Agreement. The Company also had outstanding total operating lease obligations of $404,395 of which $104,333 were classified as current within Other current liabilities in the Condensed Consolidated Balance Sheets at March 31, 2026. The Company has incurred significant recurring operating losses over the last two years, primarily driven by a continuous decline in revenues, recurring negative cash flows from operations and continued reduction in liquidity. The Company reported operating loss of $381,591 and operating income of $409,694 for the three months ended March 31, 2026 and 2025, respectively. The Company's liquid assets at March 31, 2026 consisted of cash and cash equivalents totaling $1,446,794. The Company's declining revenues, recurring operating losses and negative cash flows, and continued reduction in liquidity, raise substantial doubt about the Company's ability to continue as a going concern within one year after the issuance date of these financial statements. In response, the Company has taken various strategic actions including: (a) taking action to sell in the first half of 2026 certain H&L assets and in connection with such anticipated sale, the Company classified these assets in the amount of $179,254 as Assets held for sale in the Consolidated Balance Sheets at December 31, 2025, (b) renewal of the March 2025 Credit Agreement revolving line of credit with a borrowing capacity of $2,500,000 to continue to finance operations, (c) leveraging the Company's sales team to identify and execute on new sales opportunities and increase revenue; and (d) evaluation of other financing sources in addition to the March 2025 Credit Agreement, including exploring the potential for a real estate sale leaseback or similar transaction, or seeking to potentially raise additional capital. The Company will continue to seek to enhance its sales efforts to further improve revenue, improve operating efficiency and enhance liquidity. The Company believes that if it successfully implements the foregoing strategic actions, it will mitigate the factors giving rise to substantial doubt, however, there is no guarantee that the Company will successfully implement these strategic actions. As a result, there remains substantial doubt regarding the Company's ability to continue as a going concern. Outlook for the Remainder of 2026 Fiscal 2026 guidance remains subject to ongoing macroeconomic uncertainty. The Company expects production volumes in the segments it serves to increase slightly with the added benefit of new customer awards ramping up in the second half of 2026. Order volume is showing improvement in the first quarter of 2026 compared to the fourth quarter of 2025 but is not yet back to the levels experienced in the past. Significant uncertainty remains in the manufacturing sector as companies continue to navigate the potential impacts of tariffs and numerous market factors and geopolitical events that may impact the business in the coming year. The Company believes all of the actions to reduce costs in 2025 continue to better position it to manage this uncertainty, and the Company will continue to push efficiency improvements in the operations as well as seek appropriate price adjustments from customers and aggressively pursue new sales opportunities to drive volume back to historic levels. In addition, the Company will actively monitor and analyze potential impacts from tariffs and other external factors, including both challenges and opportunities resulting from tariffs and external factors, so that it is positioned to take actions promptly and as necessary to address such potential impacts. The Company believes its continued focus on efficiency improvements and driving new sales, as well as its long term operating experience, quality products, and customer service in a very competitive global marketplace will provide the foundation for improved operating results in the future. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/3sajd5yk About Chicago Rivet & Machine Co. Warrenville, Ill.-based Chicago Rivet & Machine Co. operates in the fastener industry in North America. It operates through Fasteners and Assembly Equipment. The Fastener segment manufactures and sells rivets, cold-formed fasteners and parts, and screw machine products.The Assembly Equipment segment engages in the manufacture and sale of automatic rivet setting machines, as well as parts and tools for related machines. It sells its products to automotive industry through independent sales representatives. Chicago, Illinois-based Cherry Bekaert LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated March 24, 2026, citing that the Company has incurred declining revenues, recurring operating losses, recurring negative cash flows from operations, and a continued reduction in liquidity that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $23,869,377 in total assets, $5,427,074 million in total liabilities, and $18,442,303 in total stockholders' equity. CLAY STREET: Wins Interim Cash Collateral Access ------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Tennessee, Nashville Division, entered an agreed interim order authorizing Clay Street Commons, LLC to use cash collateral. Under the order, the Debtor may use cash collateral in accordance with the latest budget, including a permitted variance of up to 10%, pending further proceedings. The order allows the budget to be amended before a final hearing. As interim adequate protection, Bank of Labor was granted replacement liens on the Debtor's post-petition property and proceeds, excluding avoidance actions under Bankruptcy Code sections 544–550. These replacement liens maintain the same extent and priority as the bank's asserted prepetition security interests. The replacement liens are deemed automatically perfected upon entry of the order without requiring additional filings or possession of collateral. The order also requires the Debtor to make adequate protection payments to the bank to compensate for any post-petition decline in collateral value. The court scheduled the next hearing for June 16, with objections due by June 12. Bank of Labor, as secured creditor, is represented by: Sam J. McAllester III, Esq. Spencer Fane, LLP 511 Union Street, Suite 1000 Nashville, TN 37219 Phone: (615) 238-6320 smcallester@spencerfane.com About Clay Street Commons LLC Clay Street Commons, LLC owns and manages a residential property at 1919 Ninth Avenue North in Nashville, Tennessee. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-00026) on January 6, 2026. In the petition signed by Scott Woosley as the authorized individual, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Randal S. Mashburn oversees the case. Austin McMullen, Esq., at Bradley Arant Boult Cummings, LLP, represents the Debtor as legal counsel. CLEARWATER PAPER: S&P Downgrades ICR to 'CCC+', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Clearwater Paper Corp. to 'CCC+' from 'B+' because it expects continued material free operating cash flow (FOCF) deficits and S&P Global Ratings-adjusted leverage to be elevated above 10x. S&P also lowered its issue-level rating on the company's $275 million unsecured notes to 'CCC-' from 'B-'. The '6' recovery rating is unchanged. The negative outlook reflects the likelihood of a lower rating if Clearwater's operating performance continues to deteriorate. Sharply weaker forecasted earnings will dampen Clearwater Paper Corp.'s credit metrics ahead of upcoming maturities. S&P Global Ratings lowered its issuer credit rating on Clearwater to 'CCC+' from 'B+' because S&P expects continued material free operating cash flow (FOCF) deficits and S&P Global Ratings-adjusted leverage to be elevated above 10x. Clearwater's 2026 S&P Global Ratings-adjusted EBITDA will be less than 50% of its 2025 EBITDA. Adverse weather conditions in the first quarter hurt earnings. Scheduled plant outages in the fiscal year will further erode S&P Global Ratings-adjusted EBITDA, as pricing pressure persists and input costs, mainly wood, chemical, and diesel, increase year over year. Other inflationary costs during the year will constrain earnings. Material unplanned downtime in the coming quarters could weaken S&P Global Ratings-adjusted EBITDA further. Weak solid bleached sulfate (SBS) paperboard pricing remains a risk to the company's earnings and cash flows ahead of its 2027 and 2028 maturities. S&P does not anticipate earnings to recover in 2027, even after incorporating the impact of adverse weather conditions experienced in 2026. Weak expected earnings will result in cash flow deficits in the near to medium term. S&P said, "We view the capital structure as unsustainable. Without SBS price recovery, earnings at current utilization rates are largely insufficient to satisfy working capital needs and maintain operating assets. North America SBS paperboard capacity is oversupplied and will not improve until capacity is permanently shuttered. As a result, we do not anticipate positive FOCF generation during this period of sluggish demand, weak pricing, and rising costs." Any likely benefit from managing working capital in 2026 will be offset by maintenance capital expenditure (capex) of about $70 million and modest interest expense, driven mainly by expected draws on the company's asset-based lending ABL revolving facility. This will be Clearwater's second year of FOCF deficits following its portfolio rebalancing in 2024. S&P said, "Our cash flow forecast for 2026 does not include additional benefits from insurance claims of up to $50 million Clearwater is pursuing, nor does it include the additional $23 million of tax refunds expected. If received, these would be incremental benefits to the company's cash position. "We now expect leverage to peak above 10x. Deteriorating operating performance will cause the company's S&P Global Ratings-adjusted debt leverage to spike as S&P Global Ratings-adjusted EBITDA contracts significantly from our previous earnings forecast. Sustained high leverage and weak FOCF places Clearwater's capital structure under pressure ahead of its 2027 ABL and 2028 $275 million unsecured notes maturity. "Available sources of liquidity provide a narrow cushion over the next two years. We do not foresee a liquidity crisis this year. Effective availability (March 31, 2026) of about $410 million across balance sheet cash, the ABL, and cash flow revolving facilities should be sufficient to satisfy operating needs and other fixed charges over the next 12 months. While the ABL revolver comes current in November 2026 ($79 million drawn), we expect Clearwater would be able to successfully address the maturity. The cash flow revolver matures in 2029 (undrawn). If Clearwater is unable to refinance its unsecured notes by August 2027, the 2028 maturity will greatly reduce its liquidity cushion. The negative outlook reflects the likelihood of a lower rating if Clearwater's operating performance continues to deteriorate, causing us to believe a liquidity crisis or debt restructuring is likely. "We could lower our ratings on Clearwater over the next six to 12 months if operating trends weaken beyond our forecast and we believe a liquidity crisis or debt restructuring is likely. "We could also lower our ratings if we believe the company will not be able to refinance its 2028 maturity by August 2027." S&P could raise its ratings on Clearwater if it no longer view its capital structure as unsustainable. This could occur if: -- FOCF improves meaningfully toward neutral or slightly positive; and -- It successfully addresses its upcoming maturities in a timely manner. COMMUNITY AUTOMOTIVE: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington At Seattle, entered a final order authorizing Community Automotive Repair, LLC to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral through June 8 to fund operations in accordance with its latest budget. The Debtor's cash collateral consists primarily of operating funds in its bank accounts. Community Automotive Repair identifies multiple secured creditors with interests in its cash collateral, primarily merchant cash advance lenders and similar financing entities. These include Kalamata Capital, OnDeck Capital, Funding Metrics LLC, Velocity Capital Group, and Stripe Capital, each holding UCC-1 security interests in future receivables or substantially all assets. The Debtor estimates total outstanding secured claims at $177,902 and available cash collateral of $24,988 as of the petition date. The Debtor acknowledges that these lenders may hold liens on future receipts, but notes that it does not maintain significant accounts receivable or inventory beyond its cash deposits. A final hearing is scheduled for June 5, with objections due by May 29. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/SeOJ9 from PacerMonitor.com. About Community Automotive Repair LLC Community Automotive Repair, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-10953) on March 27, 2026. In the petition signed by Gregory Hulse, owner, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Timothy W. Dore oversees the case. Karen E. Richmond, Esq., at Richmond Hill, PLLC, represents the Debtor as legal counsel. COMPLEMAR PARTNERS: Gets Extension to Access Cash Collateral ------------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of New York entered a sixth stipulated order authorizing Complemar Partners, Inc. and its affiliates to continue using cash collateral. Under the sixth stipulated order, the Debtors are authorized to use cash collateral including accounts receivable, inventory, and proceeds, strictly in accordance with a 13-week cash flow budget, subject to a 10% monthly variance. The Debtors acknowledge secured debt of $409,904.56 to Five Star Bank, a pre-bankruptcy senior secured lender, which holds a first-priority blanket lien; and $5,859,826.08 to the Series D noteholders, which hold a subordinate lien. As adequate protection, the court granted roll-over and replacement liens on all post-petition assets of the Debtors, maintaining the lenders' respective pre-bankruptcy priorities, subject to a limited carveout. Five Star will continue to receive monthly payments of $5,500. Failure to make the monthly payments or satisfy the Five Star debt by May 1 constitutes a default that terminates the Debtor's authority to use cash collateral. Additional protections include regular financial reporting. The replacement liens are subject to a carveout covering U.S. Trustee, Clerk, Chapter 7 trustee fees, and up to $90,000 in approved Debtors' counsel fees prior to an event of default. Parties in interest retain the right to challenge the validity or amount of secured claims for 60 days following entry of the court order. The next hearing is scheduled for June 8, with objections due by June 4. The order is available at https://shorturl.at/hIC7n from PacerMonitor.com. About Complemar Partners Complemar Partners, Inc., provides fulfillment, co-packing and kitting, and returns management services, leveraging technology and integrated solutions to support supply chain operations. Headquartered in Rochester, New York, the Debtor operates over 400,000 square feet of warehouse space, handling more than 680 million items annually and serving over 1,000 customers across more than 30 countries. It serves clients in e-commerce, health and beauty, subscription boxes, telecom, and wine and spirits industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20610) on August 28, 2025, listing between $10 million and $50 million in assets and liabilities. David Van Rossum, chief executive officer, signed the petition. Judge Warren oversees the case. Sara C. Temes, at Bond, Schoeneck & King PLLC, is the Debtor's legal counsel. COMPONENT FABRICATORS: Files Emergency Bid to Use Cash Collateral ----------------------------------------------------------------- Component Fabricators, Inc. asks the U.S. Bankruptcy Court for the Eastern District of Tennessee for authority to use approximately $23,433 in cash collateral for essential operating expenses through May and provide adequate protection. Before the bankruptcy filing, the Debtor allegedly granted a security interest to Regions Bank covering substantially all of its assets, including inventory, equipment, accounts receivable, and proceeds. At the time of filing, the Debtor believed little to no revenue would be received because accounts receivable were limited and it expected a proposed asset sale to be approved quickly. However, on May 1, 2026, the Debtor unexpectedly received a payment of $29,790 from Calhoun City Schools. Because the proposed sale had not yet been finalized, the Debtor states that it urgently needs permission to use those funds to pay critical vendors and maintain operations necessary both for the pending sale and for administration of the Chapter 11 case. The requested cash collateral would be used to pay several necessary expenses. These include over $11,000 owed to KUB Utilities to prevent termination of electrical service, monthly fees for Intuit QuickBooks to maintain access to accounting records, AT&T phone service charges, Comcast internet expenses, property and vehicle insurance premiums, and payroll for two employees, Stef Garvin and Todd Harris, covering two pay periods. The Debtor argues that failure to pay these obligations would cause immediate and irreparable harm by disrupting operations, impairing the proposed sale process, and reducing the value of the bankruptcy estate. The Debtor contends that creditors are adequately protected because there is a significant equity cushion in the equipment securing the liens and because all existing liens will remain intact and unimpaired to the extent required by law. The Debtor further asserts that using the cash collateral will preserve rather than diminish the value of the estate and the secured creditors' collateral. Additionally, the Debtor agrees to comply with employment tax obligations, timely file monthly operating reports, and provide documentation of payroll tax deposits to the United States Trustee. A copy of the motion is available at https://urlcurt.com/u?l=F3uq13 from PacerMonitor.com. About Component Fabricators Inc. Component Fabricators, Inc., doing business as Legend Fitness, is a precision metal fabrication and commercial fitness equipment manufacturer headquartered in Knoxville, Tennessee, with roots in a fabrication workshop at 5901 Middlebrook Pike. Founded in 1992, it produces American-made strength and athletic training equipment, including racks, cages, plate-loaded machines, and free-weight systems, under the Legend Fitness brand, serving gyms, athletic centers, professional teams, educational institutions, and other commercial customers worldwide. Its in-house capabilities include custom design engineering, CNC bending, welding, routing, plasma cutting, assembly, and finishing, which support both bespoke projects and build-to-order fitness product lines. Component Fabricators, Inc., doing business as Legend Fitness, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-30565) on March 27, 2026, listing $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Suzanne H Bauknight oversees the case. Tarpy, Cox, Fleishman & Leveille, PLLC is Debtor's legal counsel. Regions Bank, as lender, is represented by Walter N. Winchester, Esq. CRYSTAL DOWNS: M. Shapiro Real Estate Appointed as Receiver ----------------------------------------------------------- The Hon. Pail L. Maloney of the U.S. District Court for the Western District of Michigan, Southern Division, entered an agreed order directing the appointment of Mark S. Kassab of M. Shapiro Real Estate Group, as receiver for Crystal Downs MHC – Michigan, LLC. Federal National Mortgage Association requested the appointment of a receiver. The Court ruled that Mark S. Kassab of M. Shapiro Real Estate Group is appointed as receiver for all the real property located at 2701 Crystal Lake Road, Whitehall, Muskegon County, Michigan 49461, to protect the parties' respective interests together with all buildings, structures, and improvements on the Receivership Property, which means; A. All of the collateral and assets of Crystal Downs MHC – Michigan, LLC, including, but not limited to, all machinery, apparatus and equipment, materials, supplies, articles of personal property used in connection with or with the operation of the Receivership Property; B. All of the cash, rent, royalties, issues, revenues, income, profits, insurance proceeds and other benefits, including tax appeal refunds, of the Receivership Property and the facilities thereon as more particularly described in the Mortgage filed with the Complaint, under present or future contracts, occupancy agreements, agreements for reimbursement, or otherwise, together with all accounts due or to become due as income in connection with the operations of the Receivership Property; C. All bank accounts maintained by Borrower or other defendants concerning the Receivership Property, including any operating accounts, escrow accounts, insurance-proceeds accounts, cash management accounts, and/or security deposit accounts. Borrower and its officers, directors, employees, partners, trustees, agents, representatives and/or any entity controlled by Borrower or any other defendant are directed to cooperate with the Receiver in the transition of the management of the Receivership Property and shall make immediately available to the Receiver the paper and electronic records required by this Order, provided that Borrower may retain copies, including, but not limited to, all: A. Leases, including communication/correspondence files and any insurance certificates; B. Tenant contact names, email addresses and telephone numbers; C. Copies of all on-site employee payroll records and employee files and applications to include the number of employees on health or dental programs by coverage (single, single plus, or family coverage), gender and age of each employee; D. All security deposits, security deposit accounts and an accounting for all security deposits; E. All information relating to tax appeals, including files, attorney retainer agreements and pleadings; and F. Borrower's EIN. Defendant shall provide the Receiver with copies of all existing insurance policies for the property within three business days. The Receiver, the retained professional property manager, FHFA, and the Plaintiff shall each be named as an additional insured or as mortgagee, as their interest may appear, on all existing coverages, including property damage and general liability policies for the Property; The Defendant may not amend, modify, or cancel any existing insurance policy without the written consent of the Receiver, Plaintiff and/or FHFA. Furthermore, the Receiver is required to obtain written consent from the Plaintiff before any such amendment, modification or cancellation of any existing insurance policy. Receiver shall, at its sole cost and expense, obtain and carry in full force and effect for Receiver and its employees insurance coverages for professional liability/errors and omissions and fidelity/crime. Such professional liability/errors and omissions coverage will have a minimum per claim coverage amount of $5 million and fidelity/crime coverage will have a minimum per claim coverage amount equal to the greater of $1 million per claim or four months of revenue using the agreed budget for the property. The maximum deductible or self-insured retention or any combination thereof for each coverage shall be no more than $25,000. The premiums for insurance policies and deductibles for all Receiver Business Insurance shall not be expenses of the Receivership estate. The Receiver is authorized to initiate, defend, negotiate, settle, or otherwise dispose of any claim or litigation that concerns the Property or the Receivership Estate, subject to Fannie Mae's approval to the extent such settlement shall affect Fannie Mae’s security interests in the Property and all related Fannie Mae interests thereto. The Receiver shall be vested with all the powers and responsibilities of a receiver as provided in this Order, subject to the rights, titles, powers, privileges, and functions of the Federal Housing Finance Agency ("FHFA") under the Housing and Economic Recovery Act of 2008 ("HERA"). FHFA retains all its federal powers and functions, including the right to assert such powers and protections to preclude the Receiver and the receivership from restraining or affecting the Conservator's powers or functions as to Plaintiff's interests at issue. Fannie Mae and FHFA, as Conservator of Fannie Mae, retain and may exercise without further Court approval any of their rights under the Loan Documents and HERA. The Receiver's powers as outlined in this Order do not in any way diminish Fannie Mae’s rights under the Loan Documents or FHFA's rights, powers, and functions as Fannie Mae's Conservator and successor under HERA. Any Receiver's certificates or Receiver's liens shall be subordinate to any interests of Fannie Mae under the Loan Documents. That nothing in this Order is intended to interfere with, or adversely affect, any trustee's sale or other exercise of Plaintiff's or FHFA's rights, nor is the Order intended to constitute a waiver of, or election not to proceed with, any commissioner’s sale. Borrower, the other defendants, and all persons, other than the Receiver or those acting in furtherance of a direction from the Receiver, who receive actual notice of this Order by personal service or otherwise are hereby restrained and enjoined from doing any act that would interfere with the Receiver's taking custody, control, possession, or management of the Receivership Property; would harass or interfere with the Receiver in any way; would interfere in any manner with the exclusive jurisdiction of this Court over the Receivership Property; or would constitute a refusal to cooperate with the Receiver or the Receiver's duly authorized agents in the exercise of their duties or authority under any Order of this Court. Subject to Fannie Mae and FHFA's rights and powers under this Order and HERA, the Receiver is hereby vested with all authority necessary or appropriate to carry out the intent and purpose of this Order, and to operate and maintain the Property and the Receivership Estate. Notwithstanding anything to the contrary contained in this Order, the Receiver shall not have the authority to file a petition for relief under Title 11 United States Code for Borrower, any other defendant, or the Receivership Property. The Receiver shall receive payment every month, without further Court order, provided no objections are filed by the parties to the Receiver's monthly reports, within seven business days, such reports are emailed to the parties to this action, through their respective counsel. In the event any objections are timely filed, the Receiver or any other party may file a motion with the Court to determine the propriety of the fees sought or of the objection(s). Such payment shall also include ordinary operating expenses of the Receiver shall also be reimbursed for out-of-pocket costs advanced by Receiver to the extent such costs directly relate to Receiver's duties hereunder; provided, however, that the Receiver must obtain written approval from Fannie Mae before incurring any single cost or expense in excess of $5,000, unless such cost or expense is deemed by Receiver to be an emergency, in which case Receiver shall promptly provide Plaintiff with notice and full explanation of such emergency cost or expense. Should the Receiver have funds in excess of the anticipated operating expenses and fees incurred pursuant to this Order, including an appropriate reserve in an amount to be approved by Fannie Mae, for the Receivership Property, the Receiver shall deliver to Fannie Mae all such funds upon demand by Fannie Mae and/or monthly. Should the Receiver not have sufficient funds to pay all of the Operating Expenses for the Receivership Property, Fannie Mae may, in its sole discretion and subject to further order of this Court, advance its own funds to pay such Operating Expenses as Fannie Mae may elect to have paid. Neither Fannie Mae nor the Receiver shall be liable for any claim, obligation, liability, action, cause of action, cost or expense of Borrower, any other defendant, or the Receivership Property arising out of or relating to events or circumstances occurring before this Order, including without limitation, any contingent or unliquidated obligations and any liability from the performance of services rendered by third parties on behalf of Borrower or any other defendant, and any liability to which Borrower or any other defendant is currently or may ultimately be exposed under any applicable laws on the ownership, use or operation of the Receivership Property and operation of Borrower’s business. The Receiver shall post a surety bond for not less than $10,000.00, and the cost of the Receiver's Bond and any renewals or extensions thereof shall not be an expense of the Receivership Property paid from Receivership Property funds. The Receiver is authorized, in its discretion, to operate the Receivership Property under all existing agreements that are currently in place between Borrower, any other defendant, and any third party, as well as any Borrower's or other defendants' plans and specifications, cost estimates, reports, permits, licenses, certificates of occupancy, development rights, warranties, guaranties, telephone exchanges, and trademarks. The Receiver's actions at all times shall be commercially reasonable, and the Receiver is subject to the personal jurisdiction of this Court. This Order may be amended for cause, either upon the stipulation of the Receiver and the parties, or for cause, after a motion and hearing. About Crystal Downs MHC – Michigan, LLC Crystal Downs MHC – Michigan, LLC. owns a real property located at 2701 Crystal Lake Road, Whitehall, Muskegon County, Michigan 49461. Crystal is facing a receivership case captioned as Federal National Mortgage Association v. Crystal Downs MHC – Michigan, LLC, Case No. 1:26-cv-01584 (W.D. Mich.), before the Hon. Paul L. Maloney. The case was filed on May 13, 2026. Federal National Mortgage Association, aka Fannie Mae, is represented by: Ann Marie Uetz, Esq. Foley & Lardner Llp (Detroit) Tel: 313-234-7100 E-mail: auetz@foley.com CSG SYSTEMS: S&P Withdraws 'BB+' ICR Following Acquisition by NEC ----------------------------------------------------------------- S&P Global Ratings withdrew its 'BB+' issuer credit rating (ICR) on CSG Systems International Inc. following its acquisition by NEC. At the time of the withdrawal, S&P's ICR on the company was on CreditWatch with positive implications. CUSTOMBILT FIREARMS: Unsecureds Will Get 100% over 36 Months ------------------------------------------------------------ Custombilt Firearms Manufacturing, LLC, filed with the U.S. Bankruptcy Court for the District of Kansas an Initial Plan of Reorganization under Subchapter V dated May 7, 2026. The Debtor operates a firearms retail store, indoor shooting range, and gunsmithing/manufacturing business doing business as "The Bullet Hole" located at 6201 Robinson Street, Overland Park, Kansas 66202. The current ownership purchased the business in July 2018. Following the purchase, the business operated successfully for several years as a full-service firearms retailer, indoor shooting range, and gunsmithing operation. The Debtor's Federal Firearms License ("FFL") permitted it to engage in the manufacture, importation, and sale of firearms in the ordinary course of its business. The principal cause of the Debtor's financial distress was the loss of its Federal Firearms License in August 2023 and the resulting two-year period of materially reduced revenue. During this period, the Debtor fell behind on its lease payments to its affiliated landlord and on its obligations to Wells Fargo Bank, N.A. (which is the principal secured lender to both the Debtor and the affiliated landlord on a single enterprise loan). The Debtor's FFL was reinstated in October 2025, but the Debtor was unable to cure the accumulated arrears in the limited time between FFL reinstatement and the Petition Date, particularly given that those four months span the slowest part of the Debtor's seasonal business cycle. The Debtor filed this Chapter 11 Case to obtain the benefit of the automatic stay, restructure its obligations to Wells Fargo Bank, N.A., and reorganize its operations on a sustainable basis. The Debtor proposes the following treatment of claims under this Plan, which has been coordinated with a separate plan filed by the Debtor's affiliated landlord, 6201 Robinson Street, LLC, in its own Chapter 11 case (Case No. 26-20161) (the "Robinson Case"). The two plans together provide one coordinated treatment of the Wells Fargo claim, which is owed jointly and severally by the Debtor and 6201 Robinson Street, LLC. * Wells Fargo Bank, N.A. (Class 1) — Secured. Wells Fargo will receive interest-only payments at the contract non-default rate for the first twelve months following the Effective Date, after which regular monthly principal and interest payments of $13,955.86 will resume and continue through an extended maturity date. The pre-petition arrears of $92,561.41 will be capitalized into the principal balance. The Debtor will make all payments to Wells Fargo directly, on behalf of itself and 6201 Robinson Street, LLC as joint and several borrowers; such payments shall satisfy 6201 Robinson Street, LLC's obligations to Wells Fargo dollar-for dollar. * Kansas Department of Revenue (Class 2) — Priority unsecured. KDOR's sales tax claim of $3,679.70 will be paid in full over sixty months at 8% interest. * General Unsecured Creditors (Class 3) — Paid in full (100%) pro rata in equal monthly installments over thirty-six months, paid from operating cash flow. Customer deposits and unredeemed gift certificates are not included in Class 3 and will instead be honored in the ordinary course of the Debtor's business. * Affiliate Lease Claim of 6201 Robinson Street, LLC (Class 4) — The pre-petition lease arrears claim of the affiliated landlord shall be deemed waived in full on the Effective Date. * Equity Interests (Class 5) — James Anderson (50%) and Ronda Anderson (50%) shall retain their ownership interests. Class 3 consists of general unsecured Claims against the Debtor. Class 3 includes the claims of FedEx Freight and Kansas Gas Service. Customer deposits and unredeemed gift certificates are not classified under the Plan and are not Class 3 Claims; such obligations will be honored in the ordinary course of the Debtor's business and are unaffected by the Plan. Class 3 shall receive equal monthly installments of approximately $201.65 over thirty-six months, disbursed pro rata, commencing on the first day of the first full calendar month following the Effective Date, until each Class 3 Allowed Claim is paid in full. No interest. The Debtor reserves the right to make annual rather than monthly distributions to any creditor whose pro rata share of monthly payments would total $50.00 or less per month. The allowed unsecured claims total $7,259.22. This Class will receive a distribution of $7,259.22 (100% of allowed Class 3 Claims). This Class is impaired. Class 5 consists of Equity Interest Holders. James Anderson (50%) and Ronda Anderson (50%) shall retain their membership interests in the Debtor. The Debtor's Chapter 11 Plan will be implemented from ongoing business operations, collection on accounts receivable, and any other proceeds of property of the estate. A full-text copy of the Initial Plan dated May 7, 2026 is available at https://urlcurt.com/u?l=CvS3vW from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan M. Graham, Esq. WM Law, PC 15095 West 116th Street Olathe, KS 66062 (913) 422-0909 (913) 428-8549 (fax) Email: graham@wagonergroup.com About Custombilt Firearms Manufacturing Custombilt Firearms Manufacturing, LLC, is a firearms manufacturing and retail business. Custombilt sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 26-20160) on Feb. 6, 2026, listing up to $500,000 in assets and up to $10 million in liabilities. James Anderson, president of Custombilt, signed the petition. Judge Dale L. Somers oversees the case. Ryan M. Graham, Esq., at WM Law, PC, is the Debtor's bankruptcy counsel. DBJ US CORP: Updates Unsecured Claims Pay Details ------------------------------------------------- DBJ US CORP., d/b/a Denny's, d/b/a Denny's America's Diner submitted a First Amended Plan of Reorganization dated May 7, 2026. Since entering Chapter 11, the Debtor has continued operations with the goal of stabilizing and increasing sales, reducing expenses, and positioning the business for long-term viability. This Plan proposes to pay Allowed Claims no less than the value of Debtor's Projected Net Disposable Income for a period of 36 months. The Plan provides for 5 Classes of creditor claims (including priority, secured, and unsecured) and one Class of Equity interests. Class 3 consists of Allowed General Unsecured Claims. Only unsecured creditors with Allowed Priority Claims and Allowed Secured Claims will receive a pro rata distribution under the Plan comprised of the estimated disposable income during the life of the plan in the gross distribution sum of $147,041.16 unless the Debtor makes from Retained Causes of Action. In the event that the Debtor or Reorganized Debtor achieves a recovery from Retained Causes of Action, the Reorganized Debtor will earmark said recoveries for Class 3, after payment in full of fees and costs associated with said recoveries. The Reorganized Debtor will have insufficient revenue to make a 100% distribution to Class 3. therefore, Class 3 is impaired and entitled to vote. Class 4 consists of Equity Interests of Javier and Maria Saavedra (husband and wife). On the Effective Date, the Equity Interests will be retained in the same amounts and character as they were held prior to the Petition, and or reissued and assigned to Brenda Saavedra (in-part or whole) or a DFO approved party. Class 4 is deemed to accept and not entitled to vote. Javier and Maria Saavedra will also return to work at the premises of the Debtor given the needs of the business and missing managerial positions. Class 5 consists of the Allowed Claim of Debtor's Landlord, Giumel Kodesh, LLC (the "Landlord"). The Landlord has not filed a proof of claim; however, the Debtor is assuming the Lease subject of the rental premises with the Landlord and will cure the pre-petition arrearage in full on or before the Effective Date, and the underlying lease for the business premises is assumed by the cure payment thereon of $20,523.94, with the subsequent regular monthly rent under the Lease continuing to be paid during the 36-month term of the Plan and thereafter, as Debtor further intends to exercise its option to renew thereunder. Class 5 is unimpaired and not entitled to vote. On the Effective Date, all property of the Debtor not otherwise disposed of under the Plan, shall vest with the Reorganized Debtor. The Plan proposes to pay Allowed Claims to be paid under the Plan from Projected Net Disposable Income and any net recoveries from Retained Causes of Action. The term "Debtor's Projected Net Disposable Income" has the meaning ascribed to the term under Section 1191(d) of the Bankruptcy Code. The Debtor has committed no less than 100% of its Projected Net Disposable Income for a period of 36 months. A full-text copy of the First Amended Plan dated May 7, 2026 is available at https://urlcurt.com/u?l=aMM0tD from PacerMonitor.com at no charge. Counsel to the Debtor: James B. Miller, Esq. JAMES B. MILLER, P.A. 19 West Flagler St., Suite 416 Miami, FL 33130 Telephone: (305) 374-0200 Facsimile: (305) 374-0250 E-mail: BKCMIAMI@GMAIL.COM About DBJ US Corp. DB USA Corporation operates as a bank holding company. The company, through its subsidiaries, offers commercial banking services including checking accounts, commercial loans, equipment financing, investment services, foreign exchange services, and other financial services to customers in the United States. DBJ US Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-11015) on Jan. 27, 2026. In its petition, the Debtor estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. The case is being handled by Bankruptcy Judge Robert A. Mark. The Debtor is represented by James B. Miller, Esq. DOCKSIDE ASSOCIATION: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Dockside Association, Inc. received another extension from the U.S. Bankruptcy Court for the District of South Carolina for authority to use cash collateral pursuant to a consent agreement with First Citizens Bank. The Debtor and FCB agreed to extend access to the cash collateral through May 31. The extension is subject to a revised budget and continues under the same terms and conditions established in the original cash collateral order. First Citizens Bank retains the same adequate protection rights and replacement liens previously granted under the original cash collateral order. The order is available at http://bankrupt.com/misc/DocksideAssoc_ICCOrder.pdf About Dockside Association Inc. Dockside Association, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-05115) on December 29, 2025, listing assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. Judge Elisabetta Gm Gasparini presides over the case. Michael M. Beal, Esq., at Beal, LLC and Clement Rivers, LLP serve as the Debtor's bankruptcy counsel and special counsel, respectively. DOTDASH MEREDITH: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Dotdash Meredith Inc. (doing business as People) to positive from stable and affirmed all ratings, including its 'BB-' issuer credit rating. The positive outlook reflects S&P's expectation that People will reduce leverage to about 3.5x over the next 12 months with FOCF to debt of at least 10% annually. S&P expects People will reduce S&P Global Ratings-adjusted net leverage to 3.6x in 2026 and 2.9x in 2027, behind 6%-8% digital revenue growth coupled with solid free operating cash flow (FOCF). S&P said, "We revised the outlook to positive on expected leverage reduction in 2026 and 2027. We expect S&P Global Ratings-adjusted net leverage of 3.6x by the end of 2026 and 2.9x by the end of 2027, down from about 3.8x as of March 31, 2026. We forecast a decline below our 3.5x upside threshold in early 2027 with 6%-8% digital revenue growth in 2026 and 2027." This will be somewhat offset by continued declines in print revenue, improving annual revenue in the low-single-digit percent area. Despite Google search referrals declining 63% over the past two years, People's digital business has remained resilient and continued to expand at a high-single-digit percent pace. Non-session-based revenue increases, including advertising revenue from social media, events, email, and D/Cipher (People's proprietary cookieless ad targeting technology), involves partnerships with Open AI, Meta, Walmart, and Apple News along with performance marketing revenue. People has outperformed its peers over the last year, overcoming AI-related headwinds, due to the strength of its brands. The company is beginning to explore new products and services to monetize its brands, which could reduce exposure to advertising revenue over time. S&P expects about $115 million of FOCF in 2026 and $150 million in 2027 will contribute to deleveraging. S&P said, "We reduced our EBITDA forecast in 2026 about $15 million on litigation expense related to People's antitrust lawsuit against Google, adding about 0.2x to our leverage forecast. The lawsuit follows the ruling that Google illegally monopolized key advertising technology. We expect litigation expenses will roll off in 2027. While we have not factored any potential proceeds into our base case forecast, they could be material." People is exposed to economic cyclicality. Management on its most recent earnings call noted no impact yet from rising gas prices stemming from the conflict in the Middle East, and there is a high degree of macroeconomic uncertainty. If conditions deteriorate or stagnate beyond our expectations, People's revenue and EBITDA will likely be weaker than we forecast. People's performance remains strongest amid favorable economic conditions and expansion because its pay-for-performance revenue somewhat depends on consumer discretionary spending and advertising budgets. Owner IAC Inc. will likely provide moderate credit support in a stress scenario. S&P said, "We consider People moderately strategic to IAC because it is wholly owned. Following the spin-off of Angi last year and the sale of Care.com in early 2026, People constitutes nearly all of IAC's revenue, EBITDA and underlying business operations. IAC has historically encouraged its investments to be profitable over time on a stand-alone basis. Therefore, we believe IAC would provide support to People because of an economic incentive to preserve its credit strength. Since People's consolidated net leverage ratio (calculated per its credit agreement) is less than 4x, IAC can upstream cash from People. However, we think it's more likely IAC will keep the cash at People as it continues to focus on deleveraging." S&P said, "Given that we rate People one notch below IAC (BB/Stable), we do not apply additional uplift to the stand-alone credit profile (SACP) of People. If we upgrade People to 'BB', its rating would be capped at the rating on IAC even if the SACP would indicate a higher rating. "The positive outlook reflects our expectation that People will reduce leverage to about 3.5x over the next 12 months, with FOCF to debt of at least 10% annually. "We could revise the outlook to stable if we expect People will sustain leverage above 3.5x through 2027." This could occur if: -- Macroeconomic conditions worsen, such that digital revenue growth cannot outpace declines in the print business, reducing total revenue and EBITDA; or -- The company pursues a more aggressive financial policy, such as distributions to IAC or debt-financed acquisitions that are not immediately accretive. S&P could raise the rating if: -- Leverage declines and remains below 3.5x on a sustained basis; -- The company generates at least 10% FOCF to debt; and -- S&P's rating on IAC remains at least 'BB'. DVM PROPERTIES: Gets Final OK to Use Cash Collateral ---------------------------------------------------- DVM Properties, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral during the bankruptcy case and until further court order, but only according to the approved operating budget. The order permits line-item spending deviations of up to 10% in aggregate over any rolling four-week period, with unused variance amounts carrying over to later periods. The Debtor projects 13-weeks total operational expenses of $374,706.64. As partial adequate protection, Live Oak Banking Company received automatically perfected replacement liens effective as of the petition date. These liens extend to cash, accounts receivable, and deposit accounts to the same extent and priority as Live Oak's pre-petition liens, excluding Chapter 5 avoidance claims. In addition, if Live Oak experiences a diminution in collateral value, it may assert a superpriority claim ranking ahead of most other claims in the bankruptcy case. The order also established reporting obligations requiring the Debtor to provide Live Oak and the United States Trustee with operating reports and budget reconciliation statements. A carve-out was approved for court-authorized professional fees and U.S. Trustee fees, while reserving the possibility of additional carve-out requests for an unsecured creditors' committee. The Debtor's authority to use cash collateral expires on July 13 upon an uncured default after notice, or upon a later court order terminating such authority. The order is available at https://shorturl.at/R48oj from PacerMonitor.com. The Debtor runs a veterinary clinic and pet resort in Edmond, Oklahoma, employing about 22 people and projecting approximately $1.6 million in annual revenue. To maintain operations and pursue reorganization, the Debtor intends to use cash collateral primarily proceeds from its accounts receivable which may be subject to a secured lender's interest. About DVM Properties LLC DVM Properties, LLC, doing business as Pampered Pets Veterinary Clinic, operates a veterinary clinic and pet resort in Edmonton, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11154) on April 10, 2026. In the petition signed by J. Brian Ledger, member/owner, the Debtor disclosed up to $10 million in both assets and liabilities. Stephen J. Moriarty, Esq., at Fellers Snider, et al, represents the Debtor as legal counsel. E.W. SCRIPPS: Q1 2026 Net Loss Narrows to $1.8M on $516.9M Revenue ------------------------------------------------------------------ The E.W. Scripps Company has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $1.8 million for the three months ended March 31, 2026, compared to a net loss of $3.5 million for the same period in the prior year. Total operating revenues for the three months ended March 31, 2026 were $516.9 million, compared to $524.4 million in the prior-year period. Liquidity and Capital Resources At March 31, 2026, the Company had a $208 million revolving credit facility, which matures on July 7, 2027, and an accounts receivable securitization facility, scheduled to terminate on April 10, 2028, with aggregate commitments of up to $450 million. The maximum availability allowed for the securitization facility is limited by the Company's eligible accounts receivable balances. On April 30, 2026, the Company entered into an amendment to its credit agreement that extends the July 7, 2027 maturity date of its revolving credit facility. Under the terms of the amendment, the Company has a revolving credit facility with commitments of up to $200 million, maturing on July 7, 2029, and a non-extended revolving credit facility with commitments of up to $8 million, maturing on July 7, 2027. The Company's primary source of liquidity is its available cash and borrowing capacity under its revolving credit facilities and securitization facility. The Company's primary source of cash is generated from its ongoing operations and can be affected by various risk and uncertainties. As of March 31, 2026, the Company had $83.7 million of unrestricted cash on hand and $179 million of additional borrowing capacity under its revolving credit facility and securitization facility. As of March 31, 2026, the Company had $20 million outstanding under its credit facility and the maximum availability allowed and amount outstanding under the securitization facility was $322 million. Based on its current business plan, the Company believes its cash flow from operations will provide sufficient liquidity to meet the Company's operating needs for the next 12 months. From Scripps President and CEO Adam Symson: "We're moving through the second quarter with real momentum, fueled by progress toward our transformation goals, the ongoing successes with our Scripps Sports strategy and meaningful reductions in our leverage ratio. We are on track in the execution of our ambitious plans to improve company EBITDA by at least 30% over the next two years. Hundreds of colleagues from every area of the company have come together to identify more than 1,000 cost savings and revenue growth initiatives. Our execution plans leverage AI, automation and other technology to fundamentally improve how we operate. "The magnitude of our transformation is evident in the early changes to our leverage ratio and the improvement we'll continue to see on our balance sheet. We plan to use proceeds from midterm political advertising revenue to make meaningful further progress. "We're also capitalizing on live sports across both divisions' portfolios. Tomorrow night, the WNBA regular season tips off with a double-header on our ION network and tremendous excitement about the return of Caitlin Clark and this year's class of draft picks. We'll once again broadcast the most WNBA games of any network, bringing a double-header every Friday night to fans nationwide. We're also seeing continued strong advertiser demand for our broadcasts of women's professional soccer, hockey, volleyball, track, pro cheer, rodeo and college basketball. We recognized early that Americans were embracing the quality and professionalism of women's sports, and we're pleased to have become the go-to source for brands that want to connect with fans. "We continue to expand on our opportunity, having recently announced a new partnership with the NHL's Nashville Predators for local broadcast, and with the PBR for Premier Women's Rodeo, which we'll bring to Grit, ION and our new streaming channel, Scripps Sports Network. In March, we launched the network to build on our leadership in sports and leverage our existing sports rights. Through this network, we're delivering more than 100 live games a year, original sports programming, documentaries and sports talk shows. "This is shaping up to be a pivotal year for our company. We're using the word transformation to describe how all of us at Scripps are questioning what we do, how we do it and why, with a goal of forming the optimal organizational structure to position us to grow, inside our current businesses and beyond. Through that growth, we will continue to serve our audiences, advertisers, sports fans and communities with objective journalism, meaningful personal connection, live sports and quality entertainment – and at the same time, create new shareholder value." A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/52rzfkhj About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of March 31, 2026, the Company had $4.9 billion in total assets, $422.3 million in total liabilities (current), $365.6 million in other liabilities (noncurrent), and $1.2 billion in total equity. * * * In May 2026, S&P Global Ratings revised its outlook on Scripps to positive from negative. At the same time, S&P affirmed all ratings including the 'CCC+' issuer credit rating. The positive outlook reflects S&P's expectation for improving cash flow over the next 12 months, driven by strong political advertising revenue, cost-saving initiatives, and recent M&A transactions, which will support deleveraging. Scripps recently began a multi-year transformation program that's targeting $125 million-$150 million of annualized EBITDA growth by 2028. It also recently completed a series of asset sales and extended the maturity of its revolving credit facility. If the company can successfully execute its transformation plan, EBITDA and cash flow will significantly improve over the next few years and accelerate deleveraging. E.Z. LOR REALTY: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: E.Z. Lor Realty LLC 305 Broadway, Suite 700 New York, NY 10007 Business Description: E.Z. Lor Realty LLC owns and manages condominium units at 382 Central Park West and 392 Central Park West in New York, New York. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Southern District of New York Case No.: 26-11173 Debtor's Counsel: John C. Kim, Esq. THE LAW OFFICE OF JOHN C. KIM, P.C. 50 Court Street, Suite 708 Brooklyn, NY 11201 Tel: (718) 539-1100 Fax: (718) 539-1717 E-mail: John@jcklaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Eyal Zvion as sole member. The Debtor has confirmed in the petition that it has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HN6NQNQ/EZ_LOR_REALTY_LLC__nysbke-26-11173__0001.0.pdf?mcid=tGE4TAMA EMPIRE CORE: Court Extends Cash Collateral Access to June 10 ------------------------------------------------------------ Empire Core Group, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court extended the Debtor's authority to use cash collateral through June 10 in line with its budget, subject to a 15% variance. The court recognized that the U.S. Small Business Administration holds a first-priority lien on all of the Debtor's assets, securing a debt of approximately $150,020, and Orange Bank & Trust Company holds subordinate liens, securing debts totaling roughly $1.78 million across two loan agreements. Several other creditors, including Bondex Insurance Company and International Fidelity Insurance Company, also claimed liens on the Debtor's assets, pending further investigation. The Debtor's officers, CEO Florim Lajqi and CFO Justin Kerker, affirmed that they receive compensation solely from the Debtor and that all budgeted expenses relate exclusively to the Debtor's operations. As adequate protection, the court granted replacement liens to the secured creditors, with the same priority as their pre-bankruptcy liens, excluding any recovery from Chapter 5 avoidance actions. These liens are automatically perfected as of the petition date and subordinate only to court-approved carveouts, including trustee and professional fees. The Debtor must also make monthly interest payments of $469 to the SBA. The Debtor's authority to use cash collateral terminates upon conversion or dismissal of its Chapter 11 case; confirmation of a bankruptcy plan, or modification of the interim order without the secured creditors' consent. The final hearing is scheduled for June 10. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/rAgNi from PacerMonitor.com. Orange Bank & Trust Company is represented by: Robert B. Hunter, Esq. 212 Dolson Avenue Middletown, NY 10940 Office: (845) 341-5000 Direct: (845) 341-5163 bhunter@orangebanktrust.com About Empire Core Group LLC Empire Core Group LLC formed in September 2014, is a construction management and general contracting firm that specializes in redeveloping existing properties and building new projects across the New York metropolitan area. The Company has worked with major real estate owners and operators including Blackstone Group, Rockpoint, Compass Rock, Graystar, AIMCO, Brooksville Company, CW Capital, Fortress, and The Dermot Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22894) on September 22, 2025. In the petition signed by Florim Lajqi, CEO and member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sean H. Lane oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. FIRST CHOICE: Posts $1.4MM Net Loss in Q1 2026, Going Concern Stays ------------------------------------------------------------------- First Choice Healthcare Solutions, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss from operations for the three months ended March 31, 2026 of $1,435,869, which compared to a loss from operations of $1,397,892 for the three months ended March 31, 2025. Total revenue was $141 for the three months ended March 31, 2026, decreasing from $4,033 in the prior year. The Company has a working capital deficit as of March 31, 2026, and has generated recurring net losses since its emergence from bankruptcy in April 2022. During the three months ending March 31, 2026, the Company experienced operating losses of approximately $.731 million and corresponding cash outflows from operations of approximately $0.33 million. This performance reflected challenges in operating and restructuring the Company because of the previous issues that confronted the Company in the healthcare market, such as growing referral bases and negotiating favorable contract rates with third party payors for services rendered, as well as the negative impact of the CEO indictment in November 2018 and the bankruptcy from June 2020. As a result of the former CEO's actions the Company has been subject to litigation as well as incurring damage to its relationships with its employees and referral sources. The Company's ability to continue as a going concern is dependent upon the success of its continuing efforts to acquire profitable companies, grow its revenue base, reduce operating costs, especially as related to provider services, and access additional sources of capital, and/or sell assets. The Company believes that it will be successful in repairing its relationships with employees and referral sources, generating growth and improved profitability resulting in improved cash flow from operations. Additionally, headcount was reduced in October 2021 and again in January 2023 to generate reductions in operating costs while the Company focused on developing and executing its future business strategy. However, in order to execute the Company's business development plan, which there can be no assurance we will achieve, the Company may need to raise additional funds through public or private equity offerings, debt financing, corporate collaborations or other means and potentially reduce operating expenditures. If the Company is unable to secure additional capital, it may have to curtail its business development initiatives and take additional measures to reduce costs in order to conserve its cash, thus raising substantial doubt about its ability to continue as a going concern more than one year from the date of issuance of the 2025 financial statements included in the filing. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/737dep42 About First Choice Healthcare Melbourne, Fla.-based First Choice Healthcare Solutions, Inc. provides rehabilitative services, such as physical therapy. Bush & Associates CPA LLC, the Company's independent registered public accounting firm since 2024 and headquartered in Las Vegas, Nevada, included an explanatory paragraph in its audit report dated March 11, 2026, expressing substantial doubt about the Company's ability to continue as a going concern. The auditor cited that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $4.1 million in total assets, $45 million in total liabilities, and $41 million in total stockholders' stockholders' deficit. FO&O INC: Gets Extension to Access Cash Collateral -------------------------------------------------- F O & O Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Texas to use cash collateral to fund operations. The court entered a second interim order authorizing the Debtor's use of cash collateral under its budget from May 19 through the final hearing on June 23, unless the order is stayed, expires, or the Debtor materially breaches its terms. The Debtor claimed multiple secured creditors may have interests in its cash, accounts receivable, bank accounts, and related assets, with Citizens National Bank of Texas identified as a likely senior secured lender. Other potential secured parties include Forest Capital, Oakwood, Stage/Slate, and Highland Hill Omega Recovery. To protect secured creditors, the court granted them replacement liens on post-petition cash collateral, with the same validity, extent, and priority as their pre-petition liens. The order does not determine the ultimate validity, priority, extent of liens, or the amount of any creditor claims, preserving all rights and defenses for the Debtor and other interested parties. The order is available at http://bankrupt.com/misc/FOandO_2ICCOrder.pdf About F O & O Inc. F O & O, Inc. is a Texas-based utility contractor operating in fiber optics. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31941) on May 3, 2026. In the petition signed by Martin Derrick Norwood Jr, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Scott W. Everett oversees the case. Steven E. Wallace, Esq., at Wallace Law, PLLC, represents the Debtor as legal counsel. FORWARD AIR: S&P Alters Outlook to Stable, Affirms 'B' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on Forward Air Corp. to stable from negative. S&P also affirmed its 'B' issuer credit rating and issue-level rating on the senior secured debt. The stable outlook reflects S&P's expectation that Forward Air will maintain FFO to debt above 6% over the next 12 months, supported by relatively stable margins amid a soft demand environment. Forward Air's operating performance has improved over the past year despite a persistently soft demand environment, supported by strategic pricing rationalization and cost management. Funds from operations (FFO) to debt was about 9% as of the first quarter of 2026, up from 5.7% a year ago. S&P projects modest growth this year and expect steady profitability and free cash flow to enable Forward Air to maintain credit metrics commensurate with its current rating. Pricing rationalization and cost management have supported steady operating improvement despite prolonged softness in freight markets. In the twelve months ended March 31, 2026, revenue declined 3% while EBITDA margins improved to 15.5% from 14% a year ago. The revenue decline was largely attributable to a 5% decline in expedited freight, as the company implemented corrective pricing actions to shed unprofitable freight from the network. Coupled with rightsizing the cost structure with less volume, reported segment EBITDA improved about 300 basis points (bps) over the last twelve months. S&P expects expedited freight to return to growth in 2026 as Forward Air laps the pricing actions, with incremental operating leverage as volume declines moderate. While S&P's base case does not anticipate a meaningful uptick in freight demand this year, recent key indicators (e.g. truckload spot rates, tender rejections, PMI) have indicated early signs of a recovery. However, the ongoing Middle East war and fuel price volatility remain key macroeconomic risks. Sustained higher energy costs could weigh on demand and offset recent greenshoots in the industrial backdrop and further delay recovery in the freight environment. Growth in the Omni segment has been supported by strength in contract logistics and platforms cross-selling. Mix shift toward higher-margin contract logistics, while lower-margin air and ocean volumes remain soft, contributed to segment EBITDA improving about 120 bps over the same period. Forward Air is currently in contract negotiations with one of its largest contract logistics customers, estimated to account for about $250 million of 2025 revenue. The magnitude of any resulting volume reduction remains uncertain, and no impact is anticipated until early 2027. The potential loss could weigh on performance considerably next year, but S&P currently does not expect it will preclude the company from maintaining metrics commensurate with the current rating. The intermodal segment continues to be affected by international trade volatility and port activity softness, and we expect revenue declines and margin compression to continue through the remainder of the year. Forward Air recently announced its intention to sell the intermodal business by year-end, with proceeds used toward deleveraging the balance sheet. The company has concluded the strategic review initiated in January 2025, with no actionable proposals. As a result, management is now pivoting toward a sale of noncore assets, including two small legacy Omni businesses, with combined 2025 revenue of about $160 million, in addition to the aforementioned intermodal business. While management expects all three divestments to close before end of this year, we have not incorporated the transactions in our forecast due to uncertainty around sale proceeds. S&P said, "We expect Forward Air to improve free cash flow in 2026 and maintain adequate liquidity, supported by revolver availability, with sufficient covenant headroom. It generated $38 million in reported free operating cash flow (FOCF) in the twelve months ended March 31, 2026, compared to a deficit of $26 million a year ago. We project FOCF of about $55 million for the full year, representing S&P Global Ratings-adjusted FOCF to debt of about 8%." Liquidity as of March 31, 2026, consisted of $115 million of accessible cash and $261 million revolver availability. As of the end of the first quarter, Forward Air's credit agreement-adjusted net leverage of 5.4x provided roughly $40 million of cushion relative to the current 6.25x covenant. However, the covenant is scheduled to tighten 25 bps each quarter, declining to 5.5x by year-end. Despite the step-downs, S&P expects the company can sustain EBITDA levels to remain in compliance and maintain revolver access over the next 12 months. S&P said, "The stable outlook reflects our expectation that Forward Air can maintain metrics in line with the rating over the next 12 months, including S&P Global Ratings-adjusted FFO to debt above 6%. We expect relatively steady operating performance, driven by stable margins across its segments, despite a prolonged soft demand environment." S&P could lower its ratings if metrics weaken such that it no longer expect FFO to debt to remain above 6%. This could occur if: -- Operating performance weakens due to softer-than-expected macroeconomic conditions; -- Planned divestments result in significant operational disruptions; or -- The recently announced customer transition affects overall metrics beyond our expectations in 2027. S&P could raise its ratings on Forward Air if it sustains FFO to debt above 10%. This could occur if the demand environment improves or if the company is able to repay debt through business unit divestitures. FRANCISCAN FRIARS: Unsecureds to Get Share of $43K in Joint Plan ---------------------------------------------------------------- Franciscan Friars of California, Inc. ("FFCI") and the Official Committee of Unsecured Creditors filed with the U.S. Bankruptcy Court for the Northern District of California a Disclosure Statement in support of First Amended Joint Plan of Reorganization dated May 7, 2026. FFCI was incorporated on April 11, 1900. The Province of Saint Barbara was formally established as an entity 15 years later, on December 4, 1915. FFCI is the civil embodiment of the Province for the friars' temporal affairs and is the most commonly named defendant for legal actions against the Province. Since the Petition Date, the Debtor has continued to operate. The Debtor's expenses are projected to decrease to approximately $81,000 monthly by October, 2026. The Debtor does not receive regular income from operations. Its cash inflow result from gifts and bequests and the contributed salaries of the friars who are employed. After extensive arm's-length negotiations and mediation among (i) the Debtor, (ii) the Associated Ministries, Franciscan Charities, and Franciscan Ministries (collectively, the "NonDebtor Affiliates") and (iii) the Committee, the parties reached a global settlement, the terms of which are memorialized in the Corrected Term Sheet Setting Forth Certain Material Terms of a Global Settlement Agreement by and Among The Debtor, Its Non-Debtor Affiliates and the Official Committee of Unsecured Creditors, entered into among the parties on January 29, 2026 and memorialized in the Joint Plan. Under the global settlement and through the Joint Plan, a trust (the "Trust") will be established for Survivors, funded with $25.025 million, by: (i) the Debtor in the amount of $5.8 million (the "Debtor Cash Contribution"); (ii) the Non-Debtor Affiliates in the amount of $14.2 million (the "Non-Debtor Affiliates Cash Contribution") and (iii) certain Settling Insurers in the amount of $5.025 million. The Plan Proponents believe that the Joint Plan provides the best alternative to compensate Abuse Claimants for their Abuse Claims. The combined $25.025 million contribution from the Debtor ($5.8 million), the Non-Debtor Affiliates ($14.2 million) and the Settling Insurer Contribution ($5.025 million) exceeds the value of the Debtor's current assets. The Non-Debtor Affiliates' contribution represents a compromise of the direct Abuse Claims against the NonDebtor Affiliates and any and all claims and causes of action, including involuntary equitable subordination and alter ego claims, that the Estate and Consenting Class 5 and Class 6 Claimants have against the Debtor and any of the Non-Debtor Affiliates. Abuse Claimants have the ability to exempt themselves from the releases and channeling injunction provisions of the Joint Plan relating to the Non-Debtor Affiliates by affirmatively withholding consent to such releases and injunctions on the Abuse Claim Ballot. By indicating a withholding of consent, however, such Abuse Claimant will be considered a NonConsenting Class 5 Claimant. A Non-Consenting Class 5 Claimant will only receive a distribution from that portion of the Trust Assets funded by the Debtor Cash Contribution Amount, which is only $5.8 million of the $25.025 million in Trust Assets. A Consenting Class 5 Claimant will receive its share of all of the Trust Assets. A Consenting Class 5 Claimant means any holder of a Class 5 Claim who has consented to the Channeling Injunction and release provisions of the Joint Plan. Class 2 is comprised of General Unsecured Claims. Unless a Holder of an Allowed General Unsecured Claim and the Debtor agree in writing to different treatment, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction of such Claim, its pro rata share of $43,408.00, without interest, in an amount equal to such Allowed General Unsecured Claim as soon as reasonably practicable after the later of (a) the Effective Date and (b) the date when such General Unsecured Claim becomes an Allowed General Unsecured Claim. Class 5 is comprised of Abuse Claims Other Than Unknown Abuse Claims. The Joint Plan authorizes and directs the creation of a Trust to fund payments to Holders of Allowed Class 5 Claims. The specific treatment of an Allowed Class 5 Claim depends on whether the Class 5 Claimant is a Consenting Class 5 Claimant, a Consenting Class 5 Litigation Claimant or a Non-Consenting Class 5 Claimant. * Consenting Class 5 Claimants. On or after the Effective Date, Consenting Class 5 Claimants holding an Allowed Abuse Claim shall receive, except to the extent that a Consenting Class 5 Claimant agrees to less favorable treatment of such Claim, a Distribution from the Trust Assets calculated in accordance with, and as authorized by, the Joint Plan, the Trust Distribution Plan, and all other Trust Documents; provided that Consenting Class 5 Claimants may only receive a Distribution from the Trust after he or she executes a Consenting Class 5 Claim Release Agreement and delivers such agreement to counsel for the Debtor and the Trust Administrator. * Consenting Class 5 Litigation Claimants. At any time prior to the earlier to occur of the first anniversary of the Effective Date or the applicable Abuse Claim Discharge Date, a Consenting Class 5 Claimant may elect, at such Claimant's sole expense, to proceed as a Consenting Class 5 Litigation Claimant such that the Class 5 Claimant may commence (or resume prosecution of) an action in any court of competent jurisdiction solely for the purpose of determining any liability that the Debtor and/or any Protected Party may have with respect to their Consenting Class 5 Litigation Claim, the amount of that liability, and to pursue Coverage Claims against Non-Settling Insurers. To be a Consenting Class 5 Litigation Claimant, a Class 5 Claimant shall first execute a Consenting Class 5 Litigation Claim Agreement and deliver it to the Trust Administrator. * Non-Consenting Class 5 Claimants. On or after the Effective Date, NonConsenting Class 5 Claimants holding an Allowed Abuse Claim shall (i) receive a Distribution from that portion of the Trust Assets funded by the Debtor Cash Contribution Amount calculated in accordance with, and as authorized by, the Joint Plan, the Trust Distribution Plan, and all other Trust Documents and (ii) retain the right to assert any Claim they may have against any Protected Party and NonSettling Insurers in accordance with, and subject to, the terms and provisions of the Joint Plan. Holders of Non-Consenting Class 5 Claims may only receive a Distribution from that portion of the Trust Assets funded by the Debtor Cash Contribution Amount and shall not be entitled to receive any Distribution from any other Trust Assets, including, without limitation, any Trust Assets funded by (a) the Non-Debtor Affiliates' Cash Contribution and (b) settlement proceeds from Insurance Settlement Agreements. Effective as of the date the Confirmation Order is entered, the Trust shall be established in accordance with this Plan and the Trust Documents for the purposes of (a) assuming the liability of the Released Parties for Channeled Claims and Barred Claims, and (b) receiving, liquidating and distributing Trust Assets in accordance with this Plan and the Trust Distribution Plan. The Trust Documents, including the Trust Agreement. The Trust Administrator shall commence serving as the Trust Administrator effective as of the date the Confirmation Order is entered and be permitted to act in accordance with the terms of the Trust Agreement from such date, as authorized jointly by the Plan Proponents. Such actions may include opening bank accounts and taking all further actions necessary to establish the Trust prior to the Effective Date in accordance with his or her duties under the Trust Agreement, for which the Trust Administrator shall be entitled to seek compensation in accordance with the terms of the Trust Agreement and this Plan. A full-text copy of the Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=Yg6I2i from Donlin, Recano & Company, Inc., claims agent. Franciscan Friars of California, Inc., is represented by: Robert G. Harris, Esq. Julie H. Rome-Banks, Esq. Wendy W. Smith, Esq. Reno Fernandez, Esq. BINDER MALTER HARRIS & ROME-BANKS LLP 2775 Park Avenue Santa Clara, CA 95050 Tel: (408) 295-1700 Fax: (408) 295-1531 Email: rob@bindermalter.com julie@bindermalter.com wendy@bindermalter.com reno@bindermalter.com Attorneys for Official Committee of Unsecured Creditors: LOWENSTEIN SANDLER LLP Jeffrey D. Prol, Esq. Brent Weisenberg, Esq. One Lowenstein Drive Roseland, NJ 07068 Tel: (973) 597-2500 Email: jprol@lowenstein.com Email: bweisenberg@lowenstein.com KELLER BENVENUTTI KIM LLP Tobias S. Keller, Esq. Jane Kim, Esq. Gabrielle L. Albert, Esq. 101 Market St., Suite 1950 San Francisco, CA 94104 Tel: (415) 496-6723 Email: tkeller@kbkllp.com Email: jkim@kbkllp.com Email: galbert@kbkllp.com BURNS BAIR LLP Timothy W. Burns, Esq. Jesse J. Bair, Esq. 10 East Doty Street, Suite 600 Madison, WI 53703-3392 Tel: (608) 286-2808 Email: tburns@burnsbair.com Email: jbair@burnsbair.com About Franciscan Friars of California Franciscan Friars of California, Inc., is a tax-exempt religious organization in Oakland, Calif. The Debtor was formed to provide religious, charitable, and educational acts, ministry, and service to the poor. Franciscan Friars of California, Inc., filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Cal. Case No. 23-41723) on Dec. 31, 2023, listing $1 million to $10 million in assets and $10 million to $50 million in liabilities. David Gaa, OFM, president of the Debtor, signed the petition. Judge William J. Lafferty oversees the case. The Debtor tapped Binder Malter Harris & Rome-Banks LLP as bankruptcy counsel; Hanson Bridgett LLP, Weintraub Tobin Chediak Coleman Grodin Law Corporation, and Bledsoe, Diestel, Treppa & Crane LLP as special counsel; and GlassRatner Advisory & Capital Group LLC, doing business as B. Riley Advisory Services, as financial advisor. Donlin, Recano & Company, Inc. is the Debtor's administrative advisor. The U.S. Trustee appointed an official committee of unsecured creditors. The committee selected Lowenstein Sandler LLP and Keller Benvenutti Kim LLP as counsel and Berkeley Research Group, LLC as its financial advisor. GENESIS HEALTHCARE: Plan Contemplates Two Scenarios --------------------------------------------------- Genesis Healthcare, Inc., and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement describing Joint Chapter 11 Plan dated May 11, 2026. Genesis is an operator of 168 licensed skilled nursing facilities and independent living facilities across 16 states that care for more than 16,000 residents on a daily basis, with over 25,000 employees. Though its corporate history dates back to 1985, Genesis was formed in 2015 following a series of mergers and acquisitions. In the years following its formation, the Debtors continued to expand and, at the height of its operations, was the largest operator of skilled nursing and independent living facilities in the United States, operating more than 500 skilled nursing centers in 34 states. Since then, the Debtors have divested or closed many of their former facilities. As a result of these divestitures, the Debtors' portfolio consisted of approximately 175 facilities as of the commencement of the Chapter 11 Cases. On August 28, 2025, after a contested three-day hearing, the Bankruptcy Court entered the Order (I) Approving Bidding Procedures and Expense Reimbursement, (II) Approving the Debtors' Entry Into the Stalking Horse APA with Stalking Horse Bidder and Subject to Higher or Otherwise Better Offers at the Auction in Accordance with the Bidding Procedures, (III) Scheduling Certain Dates and Deadlines, (IV) Approving the Form and Manner of Notice Thereof, and (V) Establishing Notice and Procedures for the Assumption and Assignment of Contracts and Leases (the "Original Bidding Procedures Order"), which approved the Debtors' original bid procedures (the "Original Bidding Procedures") and a marketing and sale process culminating in a bid deadline on November 7, 2025 (the "Initial Bid Deadline"). The Original Bidding Procedures Order also authorized CPE as the Original Stalking Horse Bidder and approved the Debtors' entry into the Original Stalking Horse APA. On January 13, 2026, the Second Auction was held, and based on the results of the Second Auction following five rounds of bidding and more than $100 million in additional consideration as compared to the bid submitted by the Replacement Stalking Horse Bidder, the Estate Broker, acting at the joint direction of the Debtors and the Creditors' Committee and in consultation with the Consultation Parties, designated 101 W. State Street Holdings, LLC ("State Street") as the "Successful Bidder" and Genie 3 as the "Back-Up Bidder" (each as defined in the Amended Bidding Procedures). On January 26, 2026, the Bankruptcy Court entered the Order (I) Approving the Asset Purchase Agreement Between the Debtors and 101 W State Street Holdings LLC; (II) Authorizing the Sale of Substantially All of the Debtors' Assets Free and Clear of Liens, Claims, Interests, and Encumbrances; (III) Authorizing the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases in Connection Therewith; and (IV) Granting Related Relief (the "Sale Order"), which included the executed version of the WSSH APA. The Plan contemplates two scenarios: (a) consummation of the Court-approved sale of substantially all of the Debtors' assets, followed by a liquidation of the Debtors and their Estates pursuant to the terms of the Plan, or (b) only if the APA is terminated and the Sale Transaction is not consummated, a Restructuring Transaction whereby the Debtors reorganize and the PostRestructuring Debtors continue to operate the business in the ordinary course following the Effective Date. While the Debtors believe that the Sale Transaction will be consummated as contemplated in the APA, in the unlikely event that the APA is terminated and the Sale Transaction is not consummated, the Plan, consistent with the Debtors' fiduciary duties, provides for the ability for the Debtors to toggle to the Restructuring Transaction. In the event that the Debtors contemplate pivoting to the Restructuring Transaction, the Debtors intend to file and serve a notice apprising parties of the Debtors' intention to implement a Restructuring Transaction no later than ten days prior to the Voting Deadline. If no such notice is filed, the Debtors intend to implement the Plan through the Sale Transaction. Class 6-A consists of all General Unsecured Claims in GUC Distribution Group 1, which includes Holders of Allowed General Unsecured Claims against the Debtors involved with the operation of the Facilities. Following consummation of either the Sale Transaction or the Restructuring Transaction, commencing on the Effective Date, each Holder of an Allowed General Unsecured Claim in GUC Distribution Group 1 shall be entitled to receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim in GUC Distribution Group 1, Distributions from the Liquidation Trust in an aggregate amount equal to such Holder's Pro Rata Share of (i) the GUC Distribution Assets and the GUC Distribution Interests attributable to such GUC Distribution Group and (ii) such amounts of Cash as may be allocated to a Holder of an Allowed General Unsecured Claim in such GUC Distribution Group; provided, however, that such Distributions shall be made subject to the GUC Distribution Model. For the avoidance of doubt, any General Unsecured Claim in GUC Distribution Group 1 assumed or otherwise satisfied by the Buyer following consummation of the Sale Transaction pursuant to terms and provisions of the Sale Order or the Sale Transaction Documents shall be deemed satisfied in full under the Plan, shall not be an obligation of the Debtors, the Post-Restructuring Debtors, the WindDown Trust, or the Liquidation Trust, and shall not be entitled to any Distributions under the Plan on account thereof. Class 6-A is Impaired. Class 6-B consists of all General Unsecured Claims in GUC Distribution Group 2, which includes Holders of Allowed General Unsecured Claims against the Debtors that (i) operate the Powerback and AlignMed businesses, (ii) administer the Debtors’ in-house accountable care organization, or (iii) hold membership interests either directly or indirectly in the JVs. Following consummation of either the Sale Transaction or the Restructuring Transaction, commencing on the Effective Date, each Holder of an Allowed General Unsecured Claim in GUC Distribution Group 2 shall be entitled to receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim in GUC Distribution Group 2, Distributions from the Liquidation Trust in an aggregate amount equal to such Holder's Pro Rata Share of (i) the GUC Distribution Assets and the GUC Distribution Interests attributable to such GUC Distribution Group and (ii) such amounts of Cash as may be allocated to a Holder of an Allowed General Unsecured Claim in such GUC Distribution Group; provided, however, that such Distributions shall be made subject to the GUC Distribution Model. Class 6-B is Impaired. Class 6-C consists of all General Unsecured Claims in GUC Distribution Group 3, which includes Holders of Allowed General Unsecured Claims against the Debtors that (i) constitute operating holding companies, (ii) provide administrative support to the Debtors, or (iii) provide various back-office and miscellaneous services to the Debtors. Following consummation of either the Sale Transaction or the Restructuring Transaction, commencing on the Effective Date, each Holder of an Allowed General Unsecured Claim in GUC Distribution Group 3 shall be entitled to receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim in GUC Distribution Group 3, Distributions from the Liquidation Trust in an aggregate amount equal to such Holder's Pro Rata Share of (i) the GUC Distribution Assets and the GUC Distribution Interests attributable to such GUC Distribution Group and (ii) such amounts of Cash as may be allocated to a Holder of an Allowed General Unsecured Claim in such GUC Distribution Group; provided, however, that such Distributions shall be made subject to the GUC Distribution Model. Class 6-C is Impaired. Class 6-D consists of all General Unsecured Claims in GUC Distribution Group 4, which includes Holders of Allowed General Unsecured Claims against the Debtors that constitute non- operating entities or were involved with the operations of Facilities previously divested by the Debtors, including, among others, former operators, former JV partners, and former master tenants. Following consummation of either the Sale Transaction or the Restructuring Transaction, commencing on the Effective Date, each Holder of an Allowed General Unsecured Claim in GUC Distribution Group 4 shall be entitled to receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim in GUC Distribution Group 4, Distributions from the Liquidation Trust in an aggregate amount equal to such Holder's Pro Rata Share of (i) the GUC Distribution Assets and the GUC Distribution Interests attributable to such GUC Distribution Group and (ii) such amounts of Cash as may be allocated to a Holder of an Allowed General Unsecured Claim in such GUC Distribution Group; provided, however, that such Distributions shall be made subject to the GUC Distribution Model. Class 6-E consists of all General Unsecured Claims that constitute Cross-Debtor Claims. Following consummation of either the Sale Transaction or the Restructuring Transaction, commencing on the Effective Date, each Holder of an Allowed General Unsecured Claim in GUC Distribution Group 5 shall be entitled to receive, in full satisfaction, settlement, release, and discharge of, and in exchange for, such Allowed General Unsecured Claim in GUC Distribution Group 5, Distributions from the Liquidation Trust in an aggregate amount equal to such Holder's Pro Rata Share of (i) the GUC Distribution Assets and the GUC Distribution Interests attributable to such GUC Distribution Group and (ii) such amounts of Cash as may be allocated to a Holder of an Allowed General Unsecured Claim in such GUC Distribution Group; provided, however, that such Distributions shall be made subject to the GUC Distribution Model. Class 6-E is Impaired. The allowed unsecured claims total $933.9 million to $1,024.7 million. As set forth in Article IV.A of the Plan, pursuant to Bankruptcy Code section 1123(b)(2) and Bankruptcy Rule 9019, and in consideration for the classification, distribution, releases, and other benefits provided under the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that Holders of Claims or Interests may have with respect to any Allowed Claim or Interest or any Distribution to be made on account of such Allowed Claim or Interest, including pursuant to all Corporate Transactions implemented in accordance with the Plan. Following consummation of the Sale Transaction, subject to the provisions of the Plan concerning the Professional Fee Escrow Account and the Wind-Down Reserve, the Liquidation Trustee shall fund distributions under the Plan from (a) Liquidation Trust Assets, (b) the Liquidation Trust Proceeds, and (c) the Debtors' Cash on hand. Following consummation of the Restructuring Transaction, subject to the provisions of the Plan concerning the Professional Fee Escrow Account, the Liquidation Trustee shall fund distributions under the Plan from (a) Liquidation Trust Assets and (b) the Liquidation Trust Proceeds. A full-text copy of the Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=5iBgnG from Epiq Corporate Restructuring, LLC, claims agent. Counsel for the Debtors: Marcus A. Helt, Esq. Jack G. Haake, Esq. Grayson Williams, Esq. MCDERMOTT WILL & EMERY LLP 2801 N. Harwood Street, Suite 2600 Dallas, Texas 75201-1574 Tel: (214) 295-8000 Fax: (972) 232-3098 Email: mhelt@mwe.com jhaake@mwe.com gwilliams@mwe.com - and - Daniel M. Simon, Esq. Emily C. Keil, Esq. William A. Guerrieri, Esq. MCDERMOTT WILL & EMERY LLP 444 West Lake Street, Suite 4000 Chicago, Illinois 60606 Tel: (312) 372-2000 Fax: (312) 984-7700 Email: dsimon@mwe.com ekeil@mwe.com wguerrieri@mwe.com About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. GETTY IMAGES: S&P Downgrades ICR to 'B', On CreditWatch Negative ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Getty Images Inc. to 'B' from 'B+' and its issue-level rating on the senior secured debt to 'B+' from 'BB-'. S&P placed the ratings on CreditWatch with negative implications. The CreditWatch negative placement indicates the possibility that S&P could lower the rating by at least one notch if the merger does not close or if it expects weaker operating performance and liquidity following merger close. Getty Images Inc. has faced significant headwinds from merger-related and litigation costs over the last 12 months, which has stressed credit metrics, resulting in leverage above 7x and negligible cashflow generation. Liquidity is pressured, as the company drew on its revolver to partially fund litigation payments totaling about $110 million. Additionally, it will make $60 million in payments for its senior unsecured notes and about $25 million in amortization payments for its EUR Term Loan. While the CMA (Competition and Markets Authority) have conditionally approved the merger and we believe completion of merger would improve operating performance and liquidity, downside risks remain as Shutterstock may not be able to complete the requirements outlined by the CMA. Liquidity will be further hindered if the merger doesn't close. Credit metrics will be weaker than initially expected even with the merger. S&P anticipates operating performance will be muted for the year for both companies. Shutterstock's revenues declined 18% in the first quarter of 2026, and Getty Images' mid-point revenue guidance for the year is a decline of about 2%. Both companies have been pressured by merger-related costs, litigation expenses, and other one-time related items. S&P said, "While we expect material synergies in the future, we forecast credit metrics will be pressured in the next 12 months such that leverage will be elevated above 4x and free operating cash flow (FOCF) to debt will be in the mid-single-digit percent area. Future performance hinges on the company realizing the synergies it outlined, which would strengthen leverage to below 4x. However, given the transformative nature of the acquisition and uncertainty surrounding litigation payouts, we believe there's execution risks in quickly deleveraging and improving cash flow metrics after close." A sizable litigation payout and mandatory debt servicing costs pressure liquidity. The company withdrew $120 million of its revolver as of the first quarter to cover a sizable litigation payout and interest totaling $110 million. Additionally, it has $60 million in amortization payments due for its senior unsecured term loan, with $30 million due in June and the remainder in December, coupled with debt amortization of about $25 million on the Euro Term Loan. This has materially reduced the company's liquidity, leaving revolver availability of $30 million and cash on hand of about $97 million. Merger-related costs, higher interest expense, and other one-time costs have also resulted in cash flow materially deteriorating. The company also has ongoing litigations that may result in other material payments. While Getty Images has received insurance proceeds of $30 million, we believe it would need external debt or equity to stave off a potential liquidity crisis if the merger is not completed. S&P said, "Our base-case scenario assumes the merger is completed, bolstering liquidity. The CMA authorities have conditionally approved the merger. If successful, the company would receive Shutterstock's cash balance, which was about $162 million as of the first quarter. Merger closure also hinges on Shutterstock divesting its editorial business ($32.7 million). While this modestly lowers revenue and EBITDA and Shutterstock would receive proceeds from this divestment, it is unclear how much cash the combined company would receive. If the merger closes successfully, we will review the operating performance and liquidity position of the combined company. This could result in an affirmation of the rating or a downgrade. "The CreditWatch negative placement reflects the possibility that we could lower the rating by at least one notch if the merger does not close, as this will strain liquidity and jeopardize Getty Images' ability to meet its financial obligations. We could also lower the rating if the merger closes, but we negatively reassess our operating performance and liquidity expectations for the combined company. Conversely, we could affirm the rating if we expect adequate liquidity to support future possible litigation payments and routine operational needs. To affirm the rating, we would also expect leverage below 5x and FOCF to debt of at least 5%." GILL RANCH: Claims to be Paid from Litigation & Sale Proceeds ------------------------------------------------------------- Environmental Stewardship Foundation, a California nonprofit public benefit corporation (“ESF” or “Plan Proponent”), submitted a Disclosure Statement describing Plan of Reorganization for Gill Ranch, LLC dated May 7, 2026. The Debtor was formed in connection with the acquisition of a 10,400-acre tract of land in Sacramento County known as the "Gill Ranch". Prior to the bankruptcy filing in 2024, the Debtor had two lines of business: (a) ownership of approximately 525 acres of real property from and on which it grew, harvested and sold crops (the "Vineyard Business"); and (b) ownership of approximately 6508 acres of real property in Sacramento County for use and monetization as a conservation and mitigation bank to provide high-quality and sustainable mitigation alternatives for developers that are required to mitigate the environmental impacts of development as a condition of approval for their permitted activity (the "Mitigation Bank Business"). ESF was formed by Chris Vrame (who is also ultimately the manager of Gill Ranch, LLC by virtue of his role as manager of PCCP/Vrame Resources, LLC, the sole equity holder in and manager of Gill Ranch, LLC) in 2000. ESF holds, maintains, and manages conservation easements on real property in order to preserve and protect it for public charitable purposes. On and after October 18, 2013, ESF's Board of Directors first began to discover that Gill Ranch, LLC and other related entities owned/controlled by Chris Vrame (whose staff, all employed by Chris Vrame and those entities) had secretly been taking ESF's charitable endowment and other funds from ESF's investment and bank accounts and using for their own for-profit purposes. Much of this endowment money was taken and used by Gill Ranch, LLC to pay the hefty mortgage on its primary asset, a very large (originally 10,000-acre) preserve property (sometimes called a "mitigation bank") located in Sacramento County. During the Chapter 11 case Debtor negotiated three related transactions. First, Debtor negotiated a sale of its remaining environmental mitigation rights to Ecosystem Investment Partners V, LLC. Second, the Debtor sold approximately 500 acres, including certain vineyard property, to PCCP Acquisition Holdings, LLC. Third, in exchange for a release of ESF's liens on the property sold in the first two transactions, Debtor entered into a settlement agreement with ESF. Under the settlement agreement, Debtor granted ESF the right to pursue the Tsakopolous Litigation, and granted Debtor additional liens on the proceeds of that litigation. As of March 31, 2026 Debtor had cash balances totaling $122,758. Debtor also held accounts receivable reported on Debtor's Schedules of Assets and Liabilities worth $0.00. Finally, Debtor is submitting an application for disaster relief seeking approximately $500,000. Collection of this amount is uncertain at this time. Finally, Debtor owns approximately 1,773 acres of land in Sacramento County, subject to a lease disputed in the Tsakopoulos Litigation. As set forth in the Plan, Debtor and ESF have agreed that the value of this property is $675,000. ESF holds a secured claim in the amount of $25,9219,789.38, secured by all assets of the Debtor. ESF has agreed to a "carveout" from its non-litigation assets to pay administrative expenses of Debtor's professionals. ESF has also agreed, under the Plan, to release its liens on 3% of the net assets of the Debtor, after payment of all pre-confirmation administrative expenses and all postconfirmation expenses of the Debtor, to fund payments to holders of Class 3 general unsecured claims. Class 3 general unsecured claims, not including the undersecured portion of ESF's claim, total from $671,047.46 to $912,547.46, depending on potential claim objections. Class 3 consists of General Unsecured Claims. Holders of Allowed Class 3 general unsecured claims shall receive distributions as set forth in Article VII.F of the Plan. In order to facilitate payments to Class 3 general unsecured claims, ESF has voluntarily agreed to release its liens on 3% of Debtor's remaining assets after payment of all pre-confirmation administrative expenses and all post-confirmation expenses of the Debtor. Class 4 consists of Equity Interest Holders. Holders of Class 4 Equity Interests shall retain their interests, but, as set forth more fully in Section VII.A of the Plan, will have no management rights or other rights other than the retention of economic interests in the Debtor. Payments and distributions under the Plan will be funded as follows. Plan Administrator shall collect all assets of the Debtor, and shall sell any such non-cash assets in the time frame and manner that Plan Administrator deems appropriate, after consultation with ESF. ESF, on behalf of the Debtor, shall prosecute the Tsakopolous Litigation. To the extent the Tsakopolous Litigation generates proceeds, the proceeds will be treated as set forth in Section VI.D of the Plan. In general, cash proceeds of any such litigation will be deposited in the trust account of ESF's counsel and net proceeds, after withholding of ESF's fees, will be distributed to the Plan Administrator for distribution to creditors. Non-cash proceeds of the Tsakopolous Litigation will be sold or otherwise liquidated by the Plan Administrator, with proceeds of the disposition used first to reimburse ESF's litigation expenses, and the remainder distributed to creditors. ESF believes that no funds will be available for distribution on account of Class 2(c) or Class 3 claims unless ESF is successful in the Tsakopolous Litigation. A full-text copy of the Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=nUQQ1H from PacerMonitor.com at no charge. Counsel to Environmental Stewardship Foundation: Wilke Fleury LLP Daniel L. Egan, Esq. Steve Williamson, Esq. Jason G. Eldred, Esq. 621 Capitol Mall, Suite 900 Sacramento, California 95814 Telephone: (916) 441-2430 Facsimile: (916) 442-6664 About Gill Ranch Gill Ranch, LLC, is a limited liability company in San Francisco, Calif. Gill Ranch sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 24-30886) on Nov. 25, 2024, with $10 million to $50 million in both assets and liabilities. Andrew De Camara, chief restructuring officer of Gill Ranch, signed the petition. Judge Hannah L. Blumenstiel oversees the case. The Debtor is represented by Ori Katz, Esq., at Sheppard Mulllin Richter & Hampton, LLP. GOSSAMER BIO: Launches Exchange Offer to Eliminate $120M in Debt ---------------------------------------------------------------- Gossamer Bio, Inc., a biopharmaceutical company focused on the development and commercialization of seralutinib for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), announced on May 18, 2026, that it has commenced an exchange offer to exchange any and all of its 5.00% Convertible Senior Notes due 2027 for a pro rata portion of: (i) up to $72.0 million in aggregate principal amount of its new 7.50% Convertible Senior Secured First Lien Notes due 2030, (ii) up to 317,647,058 shares of its common stock or, in lieu of issuing shares of Common Stock to the extent such shares would cause any Eligible Holder to beneficially own greater than 9.99% of the outstanding Common Stock, prefunded warrants to purchase shares of Common Stock and (iii) with respect to Eligible Holders who tender prior to the Early Tender Date, warrants to purchase shares of Common Stock. Simultaneously with the Exchange Offer, the Company is soliciting consents from holders of the Existing Convertible Notes to adopt certain proposed amendments to the indenture governing the Existing Convertible Notes. The Proposed Amendments would eliminate substantially all of the restrictive covenants in the Existing Convertible Notes Indenture as well as certain events of default and related provisions applicable to the Existing Convertible Notes. On the date hereof, holders of approximately 75.2% of the Existing Convertible Notes have entered into a transaction support agreement with the Company to support the Exchange Offer and Consent Solicitation, including by tendering all of their Existing Convertible Notes in the Exchange Offer. The Transaction Support Agreement is subject to certain customary conditions, including a condition that the Company will not consummate the Exchange Offer unless the holders of 98% of the aggregate principal amount of Existing Convertible Notes tender their Existing Convertible Notes in the Exchange Offer. The New Convertible Notes will be secured, first lien obligations of the Company. The New Convertible Notes will mature on July 1, 2030, unless earlier converted or repurchased in accordance with the terms of the New Convertible Notes, provided that the New Convertible Notes shall have a springing maturity date of March 2, 2027 (91 days prior to the stated maturity of the Existing Convertible Notes) if more than $4.0 million of the Existing Convertible Notes remain outstanding at such time. The New Convertible Notes will bear interest at a rate of 7.50% per annum from the initial settlement date of such New Convertible Notes, which interest will be payable in cash semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2027. The conversion rate for the New Convertible Notes will initially be the number of shares of Common Stock per $1,000 principal amount of New Convertible Notes equal to the quotient of $1,000 divided by a 10% premium to the Reference Price, rounded to the nearest 1/10,000th of a share. The "Reference Price" will equal the greater of (i) $0.17 and (ii) the lower of (x) $0.34 and (y) the average of the daily volume-weighted average prices for the seven (7) consecutive VWAP trading days beginning on, and including, the VWAP trading day immediately following the final settlement date. The Purchase Warrants will be exercisable with a cash exercise price equal to the greater of (i) $0.34 and (ii) a 25% premium to the Reference Price, subject to adjustments. Prior to obtaining stockholder approval of certain proposals that will allow the issuance of Common Stock pursuant to the terms of the New Convertible Notes and Purchase Warrants, the Company will be permitted to satisfy its obligations upon conversion of the New Convertible Notes, and upon exercise of the Purchase Warrants, only in the form of cash settlement. Following such stockholder approval, the Company will be permitted to satisfy its obligations under the New Convertible Notes and Purchase Warrants with any settlement method it is otherwise permitted to elect, including by physical settlement of shares of Common Stock. A holder of New Convertible Notes will not be permitted to convert its New Convertible Notes at any time prior to the later of (i) the date the conversion rate has been determined and (ii) the earlier of (a) the date of the first special meeting at which the Company seeks stockholder approval of such proposals, whether or not such approvals are obtained, and (b) the date that is 61 calendar days following the initial settlement date of the New Convertible Notes. A "make whole" premium will be payable on the New Convertible Notes through an increase to the conversion rate in certain circumstances to compensate converting holders for interest that would have been payable to the maturity date. The New Convertible Notes will be convertible at any time following such date and prior to the close of business on the second trading day immediately preceding the maturity date. The Purchase Warrants will be exercisable at any time beginning on December 3, 2026 and ending on June 3, 2031. The Exchange Offer and Consent Solicitation will expire at 5:00 p.m., New York City time, on June 16, 2026, unless extended or earlier terminated. Rights to withdraw tendered Existing Convertible Notes and revoke consents terminate at 5:00 p.m., New York City time, on June 1, 2026, unless extended. The Company may, subject to the terms of the Transaction Support Agreement, accept for exchange any Existing Convertible Notes validly tendered (and not validly withdrawn) in the Exchange Offer at or prior to 5:00 p.m., New York City time, on June 1, 2026, if all conditions to the Exchange Offer have been or are concurrently satisfied or waived prior to the Early Tender Date. Whether or not the Early Settlement occurs, if, at or prior to the Expiration Deadline, unless extended, all conditions to the Exchange Offer have been or are concurrently satisfied or waived, the Company will accept for exchange all Existing Convertible Notes validly tendered in the Exchange Offer at or prior to the Expiration Deadline, and not validly withdrawn at or prior to the Withdrawal Deadline. The Final Settlement Date will be promptly after the Expiration Deadline and is currently expected to occur on June 18, 2026, the second business day immediately following the Expiration Deadline. The Company's ability to amend, extend, terminate, or waive the conditions of the Exchange Offer are subject to the terms of the Transaction Support Agreement. Eligible Holders whose Existing Convertible Notes are accepted for exchange will also receive accrued and unpaid interest on such Existing Convertible Notes from, and including, the most recent interest payment date to, but excluding, the applicable Settlement Date, payable in cash on the applicable Settlement Date. Interest will cease to accrue on the applicable Settlement Date for all Existing Convertible Notes accepted for exchange in the Exchange Offer. The Exchange Offer and Consent Solicitation may each be amended or extended at any time prior to the Expiration Deadline and for any reason, and may be terminated or withdrawn if any of the conditions of the Exchange Offer and Consent Solicitation are not satisfied or waived by the Expiration Deadline (as it may be extended), subject to applicable law and the terms of the Transaction Support Agreement. Tenders of Existing Convertible Notes tendered in the Exchange Offer may be validly withdrawn at any time at or prior to the Withdrawal Deadline, unless extended by the Company, but will thereafter be irrevocable. Subject to applicable law and the terms of the Transaction Support Agreement, the Company may extend the Expiration Deadline at any time, which may or may not have the effect of extending the Withdrawal Deadline. The Company's obligation to accept for exchange Existing Convertible Notes validly tendered (and not validly withdrawn) pursuant to the Exchange Offer is subject to the satisfaction or waiver of certain conditions, including without limitation, that a minimum of 98% of the aggregate principal amount of Existing Convertible Notes shall have been validly tendered (and, if applicable, not validly withdrawn) pursuant to the Exchange Offer. The New Convertible Notes, Purchase Warrants, Prefunded Warrants and shares of Common Stock offered in the Exchange Offer are being offered only to holders of Existing Convertible Notes that are "qualified institutional buyers" as defined in Rule 144A under the Securities Act. Eligible Holders who validly tender (and do not validly withdraw) their Existing Convertible Notes and deliver their related consents at or prior to the Early Tender Date will be eligible to receive for each $1,000 in aggregate principal amount of Existing Convertible Notes validly tendered for exchange, $360 in aggregate principal amount of New Convertible Notes and 1,588.2353 shares of Common Stock (or Prefunded Warrants) and 750 Purchase Warrants. Upon the terms and subject to the conditions of the Exchange Offer and Consent Solicitation, Eligible Holders who validly tender Existing Convertible Notes after the Early Tender Date but at or prior to the Expiration Deadline, and whose Existing Convertible Notes are accepted for exchange by the Company, will receive for each $1,000 in aggregate principal amount of Existing Convertible Notes validly tendered for exchange, $360 in aggregate principal amount of New Convertible Notes and 1,588.2353 shares of Common Stock (or Prefunded Warrants), but will not receive any Purchase Warrants, as described below: Title of Existing Convertible Notes: 5.00% Convertible Senior Notes due 2027 CUSIP Number(1): 38341P AA0 Principal Amount Outstanding: $200,000,000 Consideration per $1,000 Principal Amount of Existing Convertible Notes(2): (1) $360 of New Convertible Notes and (2) 1,588.2353 shares of Common Stock (or Prefunded Warrants) Early Exchange Premium per $1,000 Principal Amount of Existing Convertible Notes(3): 750 Purchase Warrants (the "Early Exchange Premium") Total Consideration per $1,000 Principal Amount of Existing Convertible Notes(4): (1) $360 of New Convertible Notes, (2) 1,588.2353 shares of Common Stock (or Prefunded Warrants) and (3) 750 Purchase Warrants ---------------------------- (1) No representation is made as to the correctness or accuracy of the CUSIP number listed in this communication or printed on the Existing Convertible Notes. CUSIPs are provided solely for convenience. (2) Consideration per $1,000 principal amount of Existing Convertible Notes that are validly tendered (and are not validly withdrawn) and accepted for exchange, subject to any rounding as described herein. (3) Additional consideration per $1,000 principal amount of Existing Convertible Notes that are validly tendered (and are not validly withdrawn) and accepted for exchange at or prior to the Early Tender Date, subject to any rounding. For the avoidance of doubt, Eligible Holders who validly tender and do not validly withdraw their Existing Convertible Notes after the Early Tender Date and prior to the Expiration Deadline will not be eligible to receive the Early Exchange Premium. (4) For the Eligible Holders who validly tender prior to the Early Tender Date. Cantor Fitzgerald & Co. is acting as exclusive capital markets and financial advisor, sole dealer manager and sole solicitation agent to the Company in connection with the Exchange Offer and Consent Solicitation. D.F. King & Co., Inc. is acting as the exchange agent and the information agent in connection with the Exchange Offer and Consent Solicitation. Questions concerning the Exchange Offer and Consent Solicitation may be directed to the Dealer Manager at 110 East 59th Street, New York, NY 10022, email: elcm@cantor.com or to the Exchange Agent at 28 Liberty Street, 53rd Floor, New York, NY 10005, tel: (866) 620-9554 or (646) 582-7109, e-mail: goss@dfking.com. The eligibility letter is available electronically at: www.dfking.com/goss. Eligible Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Exchange Offer and Consent Solicitation. Latham & Watkins LLP is acting as legal counsel to the Company in connection with the Exchange Offer and Consent Solicitation. Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel to certain holders of Existing Convertible Notes that are party to the Transaction Support Agreement. DLA Piper LLP (US) is acting as legal counsel to the Dealer Manager in connection with the Exchange Offer and Consent Solicitation. Only Eligible Holders may receive a copy of the offering memorandum relating to the Exchange Offer and Consent Solicitation and participate in the Exchange Offer and Consent Solicitation. None of the Company, the Dealer Manager, the Exchange Agent, any trustee or collateral agent for the Existing Convertible Notes or New Convertible Notes, or any affiliate of any of them makes any recommendation as to whether any Eligible Holder of Existing Convertible Notes should exchange or refrain from exchanging the principal amount of such Eligible Holder's Existing Convertible Notes in the Exchange Offer or submit consents in the Consent Solicitation. No one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision whether to tender Existing Convertible Notes in the Exchange Offer or submit consents in the Consent Solicitation. No Eligible Holder may tender less than all of its Existing Convertible Notes in the Exchange Offer. The offering, issuance and sale of the Offered Securities has not been registered under the Securities Act of 1933, as amended, or any other securities laws. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the New Convertible Notes, shares of Common Stock (or Prefunded Warrants) and Purchase Warrants offered in the Exchange Offer, the shares of Common Stock issuable upon conversion of the New Convertible Notes, Prefunded Warrants or Purchase Warrants, the Existing Convertible Notes or any other securities, nor will there be any sale of such securities or any other securities, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Gossamer Bio Gossamer Bio is a biopharmaceutical company focused on the development of treatments for pulmonary hypertension. Its goal is to be an industry leader in, and to enhance the lives of patients living with, pulmonary hypertension. GRIFFIN GLOBAL: S&P Alters Outlook to Positive, Affirms 'BB' ICR ---------------------------------------------------------------- S&P Global Ratings revised its rating outlook on Griffin Global Asset Management Holdings Ltd. to positive from stable and affirmed the 'BB' issuer credit rating and issue rating. The positive outlook indicates S&P could raise its rating if GGAM continues to execute its fleet strategy while maintaining strong profitability. GGAM reported improved earnings in 2025 and the first quarter of 2026, benefiting from sizable gains on sale of assets and lower interest and other expenses. S&P said, "We expect GGAM will continue to grow its fleet and market presence over the next few years as global aircraft delivery volumes increase, while also continuing to sell older aircraft assets to maintain its fleet's attractiveness. "While the airline industry faces elevated near-term uncertainties around the war in the Middle East, we believe GGAM, like most other rated lessors, is generally well positioned to manage the volatility, given its young fleet and good financial flexibility. "We expect GGAM's performance through 2027 to benefit from active fleet management and lower interest expenses. In 2025, GGAM generated about $1 billion in proceeds from asset sales, driven in large part by its sale of aircraft to a related party, aircraft asset securitization master trust GGAM Master Trust (GGAM-MT; GGAM and GGAM-MT are both externally managed and serviced by the same management team). As a result, the company generated an approximate $187 million gain on sale of assets, resulting in EBIT interest coverage of about 2.0x (compared with 1.0x in 2024). We view the asset sales as consistent with management's previously outlined plans to pursue an active trading strategy." While the asset sales propelled strong profitability, they also resulted in a somewhat smaller fleet. The company incurred some capital spending during the year, but it didn't fully offset the impact of the asset sales. As of March 31, 2026, GGAM's aircraft portfolio comprised 52 owned aircraft with a total net book value of $3.2 billion, down from 62 aircraft as of March 31, 2025. Despite the smaller size, S&P expects GGAM will benefit from being part of the larger Griffin aviation platform (comprising GGAM and GGAM-MT as well as smaller interests in engines and the Japanese market), which, under the common equity ownership of Bain Griffin funds, manages about $6.9 billion in aviation assets (as of March 31, 2026). Nevertheless, the platform has a relatively short operating track record and will need to efficiently scale its operations as the asset base expands. S&P said, "We also expect GGAM will continue to expand its fleet, with an additional $584 million in assets committed for delivery as of March 31, 2026 (and an additional sizable transaction finalized in April). "We expect GGAM's fleet to remain attractive, although its customer concentration remains somewhat high. As of March 31, 2026, GGAM's fleet had a weighted average age of 3.1 years (based on net book value), the lowest within its rated peer group, where fleets average five to eight years. The average remaining lease term of GGAM's fleet is also the highest within its peer group at 8.2 years, compared with a peer average of four to eight years, providing enhanced earnings visibility. In addition, its fleet consists entirely of new technology aircraft, distinguishing the company from other rated aircraft lessors. "Nevertheless, the company remains among the smaller aircraft lessors we rate. Customer concentrations are somewhat higher than among larger rated aircraft leasing companies, with the top five lessees--British Airways (14%), Air India (14%), Air France (13%), JetSmart (11%), and ITA Airways (7%)--accounting for about 60% of the company's total net book value as of March 31, 2026. This compares with an average of 15%-35% across larger, investment-grade-rated leasing companies. "Still, much of the company's customer base consists of airlines with relatively strong credit quality and in lower-risk jurisdictions. We also expect the concentrations to gradually decline over the next few years as the company adds to its fleet. "While geopolitical uncertainties are elevated, we believe GGAM, like most other lessors, is generally well positioned to navigate near-term challenges." The aviation sector is subject to significant geopolitical uncertainty as the war in the Middle East and the effective closure of the Strait of Hormuz have led to rising fuel prices and meaningful disruptions in global airline operations. Jet fuel prices have increased sharply in the past few weeks. If prices stay high, they would severely strain airline profitability and could lead to more bankruptcies or elevated lease deferral requests or lease restructurings. Additionally, if the conflict causes a longer-term shift in air travel demand, that could also pressure aircraft values and lease rates. A prolonged war also could disrupt capital markets, affecting lessors' ability to raise cost-efficient capital and weighing on profitability. However, GGAM's portfolio, like that of most aircraft lessors, benefits from long-term contracts and a fully unencumbered aircraft pool, which positions it well to navigate the near-term impact of the war. In addition, sustained higher jet fuel prices could increase demand for the fuel-efficient, new technology aircraft that form 100% of GGAM's fleet. S&P also doesn't expect a significant decline in longer-term aircraft demand, particularly for new technology aircraft, given airlines will likely hesitate to revise their long-term fleet strategies in response to near-term uncertainties, particularly amid supply constraints. S&P said, "We expect the company will maintain solid financial flexibility and benefit from lower financing costs over the next few years. GGAM has a fully unencumbered asset base, representing significant progress from May 2023, when close to 67% of its assets were encumbered. We think this transition enhances the company's financial flexibility, given unencumbered assets can be pledged for secured financing if access to unsecured borrowing becomes unavailable. We also view this as a relative credit positive for GGAM in comparison with peers of similar size, which generally depend more on secured financing." As of March 31, 2026, GGAM's total debt was about $2.4 billion, of which $1.3 billion was in the form of unsecured notes bearing a high coupon of 8%, due for refinancing in 2027 and 2028. Depending on capital market conditions at the time, we believe the company should be able to refinance these facilities at meaningfully lower rates (the most recent issue in March 2025 bore a coupon of 5.875%), which should support a meaningful improvement in profitability. S&P said, "We expect GGAM's credit metrics through 2027 will benefit from its improving profitability, somewhat offset by the higher debt associated with its fleet expansion plans. We think the company will continue focusing on expanding its fleet and growing in scale through 2027, while periodically selling assets to maintain the low average fleet age. Our forecast includes capital expenditure of $1 billion-$2 billion in 2026 and $1.5 billion-$2.5 billion in 2027, alongside asset sales of $0.5 billion-$1.5 billion annually through 2027. "We forecast EBIT interest coverage of 1.5x-2.0x through 2027, compared with 2.0x in 2025. We think EBIT interest coverage could vary based on the timing of asset sales. Nevertheless, we also expect the company's core profitability to improve gradually, supported by relatively steady lease yields and lower finance costs. We forecast debt to capital at 70%-75% and funds from operations (FFO) to debt at 4%-8% through 2027." The company's financial sponsor ownership designation doesn't preclude a higher rating, as long as Bain's ownership policies support GGAM's longer-term operating strategy and leverage targets. GGAM is equity financed by Bain Capital Griffin Topco L.P., which has contributed and committed equity to the company since its formation, along with some affiliates. While S&P views Bain as a financial sponsor, our FS-4 assessment is the least aggressive assessment of financial sponsor ownership, and in this case, it incorporates GGAM's position as a long-term investment platform for various Bain funds. S&P said, "We also view positively the presence of equity distribution restrictions, such that leverage (debt to equity) remains below 2.75x. The FS-4 designation allows us to assign a significant financial risk profile assessment, which is comparable to that of most other aircraft lessors, including all the investment-grade lessors. As such, we don't view the financial sponsor designation as an impediment to GGAM receiving a higher rating as it executes its growth strategy. "The positive outlook indicates we could raise our rating if GGAM continues to execute on its fleet strategy--supported by fleet growth amid increasing new aircraft deliveries and asset sales via various channels, including to GGAM-MT--while maintaining strong profitability. "We could revise the outlook to stable if we no longer expect the company to execute its fleet strategy while maintaining EBIT interest coverage above 1.3x and debt to capital below 75%. This could occur if progress on fleet expansion stalls, demand conditions weaken, or capital markets become less favorable, resulting in limited improvement in profitability, or if the company's financial policy becomes more aggressive than we currently expect. "We could raise the rating over the next year if GGAM continues to grow its fleet and executes its asset sales strategy while maintaining steady credit metrics, such that EBIT interest coverage remains well above 1.3x and debt to capital remains below 75%. We would also expect GGAM's owners to show that they will maintain conservative leverage and financial policies." GROFF TRACTOR: Plan Exclusivity Period Extended to June 12 ---------------------------------------------------------- Judge Edward L. Morris of the U.S. Bankruptcy Court for the Northern District of Texas extended Groff Tractor Mid Atlantic, LLC, and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to June 12 and Aug. 11, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that until the closing of the Sale, the Debtors (a) operated eight heavy equipment dealerships, (b) in four states, (c) with employee membership in multiple labor unions, (d) with business-to-business and business-to-consumer retail strategies, (e) funded by more than a half-dozen secured financing facilities with contractual and state-law intercreditor relationships, (f) all amidst the backdrop of a free-fall chapter 11 filing without any negotiated sale process or postpetition financing or cash collateral usage. Since the Petition Date, significant progress has been made, including the iterative negotiation of cash collateral usage, the consensual use of other lenders' collateral, the negotiation of a postpetition financing facility with at least two financing sources, and the approval of bidding, auction, and sale procedures ultimately resulting in a successful going concern Sale. The Debtors claim that they are substantially current on postpetition liabilities, which pave the way to a possible successful chapter 11 plan. These developments, milestones, and accomplishments support a finding of cause for granting this Motion. Additionally, the Debtors' purpose in seeking an extension of the Exclusivity Period is a good-faith effort to continue the reorganization efforts they have initiated without the distraction and costs of a competing plan process. The relief requested in the Motion is not intended for the purpose of coercing or strong arming any creditor, but rather to benefit all of the Estates' stakeholders as a whole. Counsel to the Debtors: Joshua N. Eppich, Esq. Eric T. Haitz, Esq. BONDS ELLIS EPPICH SCHAFER JONES LLP 420 Throckmorton Street, Suite 1000 Fort Worth, TX 76102 Phone: (817) 405-6900 Fax: (817) 405-6902 Email: joshua@bondsellis.com Email: eric.haitz@bondsellis.com - and - Ken Green, Esq. 402 Heights Boulevard Houston, Texas 77007 Tel: (713) 335-4990 Fax: (713) 335-4991 E-mail: ken.green@bondsellis.com About Groff Tractor Mid Atlantic Groff Tractor Mid Atlantic LLC and subsidiaries operates a network of construction equipment dealerships serving the Mid-Atlantic region of the United States. The Company sells, rents, and services heavy and compact construction machinery, offering parts and attachments for brands such as Wirtgen, Hamm, Vogele, Transtech, Thunder Creek, John Deere Equipment, and TopCon. Groff Tractor Mid Atlantic LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-90010) on Oct. 14, 2025. In its petition, the Debtor listed assets and liabilities between $100 million and $500 million. Bankruptcy Judge Edward L. Morris handles the case. The Debtor tapped Bonds Ellis Eppich Schafer Jones, LLP as legal counsel; Michael Juniper of CR3 Partners, LLC as chief restructuring officer; and TM Capital as investment banker. Epiq Corporate Restructuring, LLC is the Debtor's claims and noticing agent. The official committee appointed to represent unsecured creditors in the Debtors' Chapter 11 cases retained Pachulski Stang Ziehl & Jones LLP as counsel, and Province, LLC, as financial advisor. H. BAKER'S: $100K Sale to Sunset Hill to Fund Plan Payments ----------------------------------------------------------- H. Baker's LLC filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated May 7, 2026. The business was formed in 2018 and operates as a restaurant-style cocktail bar under the name Baker’s. Like others, the business was affected by the COVID-19 pandemic and experienced a decrease in overall business revenue during the shutdown. Following the COVID19 pandemic, the business continued to experience several significant challenges which affected the overall financial stability of the business, including rising costs of labor and food and decrease in sales. In an effort to retain employees and pay regular operating expenses, the Debtor obtained several short-term merchant cash advance loans with high interest. The payments quickly became difficult to maintain, and the Debtor was severely limited in its cash flow. Unfortunately, once the Debtor was in the cycle of merchant cash advance loans, it became impossible to operate without additional loans to fund operating expenses while still maintaining the high payments to the lenders. Facing mounting collection pressure, including aggressive collections efforts from the merchant cash advance lenders, a Petition under Chapter 11, Subchapter V was filed on February 6, 2026 to reorganize the outstanding debt and to allow the Debtor to continue operating. The Debtor is operating its business and managing its affairs as a debtor-in-possession under Section 1184 of the Bankruptcy Code. Brian Smith served as manager of the Debtor prior to the Petition Date and is providing services to the Debtor until a potential sale of assets is final and closed. This Plan provides for Unclassified Administrative Claims, Unclassified Priority Claims, one Class of Secured Claims, and One Class of Unsecured Claims, and One Class of Equity Security Holders. Class 2 consists of General Unsecured Claims. No funds will be available for distribution to Class 2 Claims. This Class is impaired. The Plan will be funded with the proceeds from the sale of assets to Sunset Hill Group, LLC ("Buyer") for the sum of $100,000.00 pursuant to the terms of a Purchase and Sale Agreement ("Agreement") and cash on hand 30 days following the Effective Date in the anticipated amount of $12,000.00. A full-text copy of the Plan of Reorganization dated May 7, 2026 is available at https://urlcurt.com/u?l=EytkPs from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. Neeleman Law Group, PC 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 Email: jennifer@neelemanlaw.com About H. Baker's LLC H. Baker's LLC, doing business as Baker's, is a privately owned restaurant and cocktail bar in Seattle, Washington, offering craft cocktails, small-batch natural wines, local beers on tap, and Pacific Northwest-inspired cuisine. The establishment operates Wednesday through Sunday without reservations. H. Baker's LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wa. Case No. 26-10388) on February 6, 2026, listing $72,502 in assets and $1,064,831 in liabilities. The petition was signed by Brian Smith as managing member. Judge Timothy W Dore presides over the case. Thomas D. Neeleman, at NEELEMAN LAW GROUP, P.C., serves as the Debtor's counsel. HANDLOS FINISHING: Unsecureds to be Paid in Full in Plan -------------------------------------------------------- Handlos Finishing, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Iowa a Joint Disclosure Statement describing Joint Plan of Reorganization dated May 7, 2026. The Handlos Family Farms are among the largest independent family owned and operated hog operations in the State of Iowa. The Debtors' operations began in 1966, when Lawrence F. Handlos and Doris P. Handlos, who were married on September 9, 1961, commenced farming in Audubon County, Iowa. The Debtors' business operations encompass several interrelated agricultural enterprises. The Debtors' core operations involve hog finishing and farrowing. Handlos Farrowing – Jacksonville, LLC, and Handlos Farrowing – South, LLC, operate farrowing facilities that produce approximately 6,000 pigs per week. The family farming operations raise and sell on average approximately 320,000 hogs per year, taking approximately 5,100 hogs per week to market. Over the course of several years, the Debtors worked collaboratively and in good faith with the Farm Credit Associations to reorganize and refinance their operations. Beginning in or about August 2024, and through the filing of these Chapter 11 cases, and with the advice and counsel of their lawyers, accountants, financial advisors, and investment bankers, the Debtors have been actively involved in good-faith discussions with the Farm Credit Associations to reorganize both their financial and business operations. Throughout these cases, the Debtors have worked with their financial advisors to evaluate alternative strategies across the Debtor entities. The Debtors have been actively pursuing a comprehensive plan of reorganization with three main components: (i) the sale of the two Waspy's truck stops; (ii) the sale and leaseback of approximately 3,000 acres of farmland; and (iii) the securing of exit financing. On July 14, 2025, the Debtors filed a motion seeking court approval to sell the two Waspy's Truck Stop locations and related assets to Casey's Marketing Company for a purchase price of $10,000,000. The sale to Casey's was approved by the Bankruptcy Court on August 4, 2025. In connection with that sale, the Debtors resolved disputes with Parkland USA Corporation related to motor fuels supply agreements, pursuant to a stipulation and consent order entered February 3, 2026. The Debtors have also made and continue to make changes to their business operations that have resulted and will result in substantially more efficient business operations and lower overhead costs. The Debtors have been in discussions with various commercial and specialized lenders regarding exit financing since at least September 2024. The Debtors estimate they will make approximately $60,000,000 in distributions on the Effective Date of the Plan, to be funded through a combination of proceeds from asset sales, cash on hand, and exit financing. Class 5 consists of all Allowed General Unsecured Claims against the Debtors. Except to the extent that the Holder of an Allowed General Unsecured Claim agrees to different and/or less favorable treatment, each Holder of an Allowed Class 5 General Unsecured Claim shall receive payment in full, in Cash, of the unpaid amount of such Allowed General Unsecured Claim, without interest, within sixty days of the Effective Date. Class 5 Claims are Impaired by this Plan. Each Holder of an Allowed Class 5 Claim is entitled to vote. Class 6 consists of the Equity Interests in Handlos Finishing, LLC; Handlos Custom Farming, LLC; Handlos Family Farms, LLC; Handlos Farrowing – Jacksonville, LLC; Handlos Farrowing – South, LLC; Handlos Farrowing, LLC; Handlos Feed Mill, LLC; Handlos Manure Hauling, LLC; Multi Pig, Inc.; and Waspy's— Templeton, LLC (the "Debtor Entities"). The Debtor Entities are owned by Doris P. Handlos, who is the sole Holder and owns all of the Equity Interests in the Debtor Entities as of the Petition Date. On the Effective Date, Doris P. Handlos shall retain all of her Interests in the Debtor Entities. The Equity Interests of Doris P. Handlos in each of the Debtor Entities shall not be cancelled, modified, or otherwise affected by this Plan, and shall continue in full force and effect following the Effective Date. After confirmation of the Debtors' Plan, the Debtors and the Reorganized Debtors will continue the same general business activities the Debtors were engaged in both pre- and postpetition, with the Debtors and Reorganized Debtors maintaining their existing business forms. The Debtors and Reorganized Debtors will remain current on all of their post-Confirmation Date obligations while using profits, retained earnings, liquid estate property, and the proceeds from business operations to treat and retire Creditors' Claims as described and as they may arise in the future. In addition, implementation of the Plan shall be facilitated by Debtors securing exit financing. The Reorganized Debtors shall pay all Allowed Unclassified Claims, and all Allowed Class 2 and 5 Claims in full on or about the Effective Date. A full-text copy of the Joint Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=OWshZt from PacerMonitor.com at no charge. Counsel to the Debtors: Jeffrey D. Goetz, Esq. Brennan B. Eddie, Esq. Dickinson, Bradshaw, Fowler & Hagen, P.C. 801 Grand, Suite 3700 Des Moines, IA 50309-8004 Tel: (515) 246-5817 Fax: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Handlos Finishing Handlos Finishing, LLC is part of a family-owned pork producer in Audubon, Iowa, that raises hogs from farrowing through finishing and provides custom manure-handling services. The vertically integrated operation also farms grain and feed crops that support its swine units. Handlos Finishing and nine affiliates filed Chapter 11 petitions (Bankr. S.D. Iowa Lead Case No. 25-00669) on April 23, 2025. In its petition, Handlos Finishing reported assets between $1 million and $10 million and liabilities between $50 million and $100 million. Judge Lee M. Jackwig oversees the cases. The Debtors are represented by Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen, P.C. HARVEST SHERWOOD: Unsecureds to Recover Up to 100% of Claims ------------------------------------------------------------ Harvest Sherwood Food Distributors, Inc. and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan dated May 7, 2026. Harvest Sherwood Food Distributors, Inc. was a national food distribution operator primarily comprised of two regional operators that were formerly separately-owned, Sherwood Food Distributors and Harvest Food Distributors. Together, they provided food distribution services across the United States. In 2017, Harvest Food Distributors and Sherwood Food Distributors merged to form a nationwide protein and perishable food distribution network, servicing independent food retailers, regional retail chains, national retail chains, cruise lines, and foodservice distributors nationwide. The merger brought together two family-owned companies to serve as a single, trusted partner for producers and customers. Both companies retained their individual identities while leveraging their shared network of distribution routes and warehouses throughout the United States to meet local needs reliably and frequently, while providing a platform for customer expansion and growth. Faced with operational pressures, the failure of the Marketing Process, and the sudden withholding of tens of millions of the Company's operating revenue by Sprouts, the Company determined that no going concern transaction would be viable on the timeline dictated by the Company's liquidity situation. In mid-February 2025, the Company, with the support of its ABL Lenders, commenced an orderly winddown process to liquidate its remaining inventory, collect on its accounts receivable, and transition certain of its national distribution centers to new operators (collectively, the "Winddown Process"). In connection with the Debtors' difficult decision to shut down their operations, the Debtors executed the Second Amendment on March 18, 2025, which provided for a waiver of all applicable events of default under the Prepetition Credit Agreement and finalized commitments for the Company's orderly Winddown Process. After determining to commence its Winddown Process, the Company worked with Hilco Global14 to monetize the Company's existing inventory and collection of accounts receivable. Over an eight-week period, the Company monetized substantially all of its inventory to recover approximately $140 million on account of such inventory, which had a face value cost of approximately $154 million (i.e., an approximately 91% recovery rate). Prior to the Petition Date, the Debtors began a comprehensive winddown of their operations, including an exit for all of their 18 leases, comprised of 14 lease distribution centers and 4 other commercial properties (the "Real Property Leases"). The Bankruptcy Court approved Debtors' rejection of the Real Property Leases. Class 4 consists of General Unsecured Claims against the Debtors. On the Effective Date, except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, in full and final satisfaction, settlement, release, and discharge of such Allowed General Unsecured Claim, each Holder of an Allowed General Unsecured Claim shall receive: * if such Holder makes the Convenience Class Election, treatment in accordance therewith in lieu of the treatment such Holder would otherwise receive pursuant to Class 4 (General Unsecured Claims) as detailed in the Plan; * if such Holder does not make the Convenience Class Election, (i) if such Holder is a Qualified Holder, its Pro Rata share of the Series B-1 Liquidating Trust Interests or (ii) if such Holder is a Non-Qualified Holder, its Pro Rata share of the Series B-2 Liquidating Trust Interests, each of which will receive distributions pursuant to the Distribution Schedule. Class 4 is Impaired, and Holders of General Unsecured Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $280,775,000. This Class will receive a distribution of 0% to 100% of their allowed claims. Class 6 consists of the Convenience Class Claims against the Debtors. On the Effective Date, except to the extent that a Holder of an Allowed Convenience Class Claim agrees to less favorable treatment, in full and final satisfaction, settlement, release, and discharge of such Allowed Convenience Class Claim, each Holder of an Allowed Convenience Class Claim shall receive an amount of Cash equal to its Pro Rata share of the Convenience Class Cash Pool; provided, however, that, if Class 6 votes to reject the Plan, each Holder of an Allowed Convenience Class Claim shall receive the same treatment as if its Allowed Convenience Class Claims were Allowed General Unsecured Claims in Class 4. Class 10 consists of all Intercompany Interests in the Debtors. On the Effective Date, or as soon as reasonably practicable thereafter, all Allowed Intercompany Interests shall either be, in the discretion of the Liquidating Trustee and subject to the majority consent of the Liquidating Trust Advisory Board, (x) cancelled, released, extinguished, and otherwise eliminated and Holders of such Intercompany Interests shall not receive any Plan Distributions or retain any interest in property on account of such Intercompany Claims or (y) Reinstated Pursuant to section 1123(b)(2) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration for the distributions, releases, and other benefits provided pursuant to the Plan, upon the Effective Date, the provisions of the Plan shall constitute a good faith compromise and settlement of all Claims, Interests, Causes of Action, and controversies relating to the contractual, legal, and subordination rights that a Holder may have with respect to any Allowed Claim or Allowed Interest or any distribution to be made on account of such Allowed Claim or Allowed Interest. Following the Effective Date and subject to the Post-Effective Budget and the Plan, the Liquidating Trustee shall administer the Wind-Down, including winding down the affairs of the Post Effective Date Debtors and their Estates. The Post-Effective Budget (a) prior the Effective Date, shall be in substance and form acceptable to the Debtors, the Plan Sponsors, and the DIP Agent and subject to the Committee Consent Right and (b) from and after the Effective Date, may be extended and/or modified in accordance with the Liquidating Trust Agreement. The Post-Effective Budget shall include amounts reasonably necessary to (i) compensate the Liquidating Trustee; (ii) pay reasonable professional fees of the Liquidating Trustee; (iii) pay all Allowed Administrative Claims and Allowed Priority Tax Claims, (iv) pay all Allowed Other Secured Claims and Other Priority Claims (as applicable and subject to the treatment of such Claims set forth herein); and (v) pay any other reasonable fees, costs, and expenses to be incurred by the Liquidating Trustee in connection with the Wind-Down. The Post-Effective Budget shall be funded through the Exit Capital Facility. On the Effective Date, the Debtors shall be deemed to transfer to the Liquidating Trust all of their right, title, and interest in and to all of the Liquidating Trust Assets free and clear of all Liens, charges, Claims, encumbrances, and interests, and in accordance with section 1141 of the Bankruptcy Code. The Liquidating Trust Agreement shall be executed, and the Debtors shall take all steps necessary to establish the Liquidating Trust and beneficial interests therein in accordance with the Plan and the Liquidating Trust Documents. A full-text copy of the Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=lgyGza from Epiq Corporate Restructuring, LLC, claims agent. The Debtors' Counsel: Thomas R. Califano, Esq. Chelsea McManus, Esq. SIDLEY AUSTIN LLP 2021 McKinney Avenue, Suite 2000 Dallas TX 75201 Tel: (214) 981-3300 E-mail: tom.califano@sidley.com cmcmanus@sidley.com - and - Stephen Hessler, Esq. Anthony R. Grossi, Esq. SIDLEY AUSTIN LLP 787 Seventh Avenue New York, New York 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 E-mail: shessler@sidley.com agrossi@sidley.com jhufendick@sidley.com - and - Jason L. Hufendick, Esq. Ryan Fink, Esq. Daniela Rakowski, Esq. SIDLEY AUSTIN LLP One South Dearborn Chicago, Illinois 60603 Tel: (312) 853-7000 Fax: (312) 853-7036 E-mail: jhufendick@sidley.com ryan.fink@sidley.com drakowski@sidley.com About Harvest Sherwood Harvest Sherwood is a U.S.-based national food distribution company formed through the merger of Sherwood Food Distributors and Harvest Food Distributors. It operates 14 distribution centers and delivers over 32 million pounds of food weekly to customers including retailers, cruise lines, and food service providers. In early 2025, the Company initiated the wind-down of its operations and said it is pursuing asset sales through Chapter 11 proceedings to facilitate an orderly wind down of its estates. On May 5, 2025, Harvest Sherwood Food Distributors, Inc., and its affiliates sought Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-80109). The Hon. Stacey G Jernigan is the case judge. Harvest Sherwood listed $1 billion to $10 billion in assets against $500 million to $1 billion in liabilities as of the bankruptcy filing. The Debtors tapped Sidley Austin LLP as general bankruptcy counsel, MERU, LLC, as financial advisor, and Hilco Commercial Industrial, LLC and Hilco Receivables, LLC, as restructuring advisor. Epiq Corporate Restructuring, LLC, is the claims agent. The official committee of unsecured creditors retained McDermott Will & Emery LLP as counsel, and Province, LLC, as financial advisor. HEARTLAND DENTAL: S&P Upgrades ICR to 'B', Outlook Stable --------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Heartland Dental LLC and its issue-level rating on its senior secured debt to 'B' from 'B-'. The recovery rating remains '3' (50%-70%; rounded estimate: 55%). Heartland plans to raise a $200 million fungible first-lien term loan add-on. It will use proceeds to fully repay senior secured notes due in 2028. The stable outlook reflects S&P's expectation that S&P Global Ratings-adjusted leverage will trend near 6.1x (approximately 6.4x including preferred shares) over the next 12 months and that Heartland will sustainably fund most its growth strategy with internal cash flow. The upgrade reflects robust performance and a more conservative financial policy. S&P said, "We expect S&P Global Ratings-adjusted leverage to remain below 7x and that Heartland can fund most of its de novo growth with internally generated cash flow. We forecast revenue growth in the high-single-digit percents in 2026 and 2027, driven by low-single-digit growth in mature offices, new office and affiliation investments, and steady industry tailwinds. Increasing dental care demand from aging demographics, rising dental insurance coverage, and heightened awareness of the link between oral and systemic health are supporting factors. We expect S&P Global Ratings-adjusted EBITDA margin to expand to the high-13% area in 2026 and 2027, representing a 30-basis-point (bps) expansion from operating leverage." Heartland has demonstrated a more conservative financial policy by using common equity to fund debt repayment and operating with excess debt capacity. S&P does not think the company intends to increase leverage to fund dividends or for a large expansion, although it will remain acquisitive, especially considering solid prospects with modest size affiliates and de novos. S&P said, "We expect S&P Global Ratings-adjusted leverage to decline to 6.1x in 2026 and 5.6x in 2027 from 6.7x in 2025 (including preferred shares, 6.4x in 2026 and 6x in 2027 from 7.1x in 2025). With EBITDA growth and interest savings from the $550 million notes paydown in 2025, we expect reported free operating cash flow (FOCF) to improve to about $30 million, with S&P Global Ratings-adjusted FOCF to debt of 4.3% in 2026. "We view the proposed transaction as leverage neutral. Heartland plans to raise a $200 million fungible first-lien term loan add-on to its $2.253 billion first-lien term loan. It intends to use the proceeds to fully repay $150 million senior secured notes due in 2028, net of fees, and toward the balance sheet. Align Technology also made an incremental $50 million capital injection into the business in May, following another $50 million equity investment in March 2026. We believe Align Technology is contributing common equity because of Heartland's growth prospects, and we do not think the company has liquidity challenges. "Heartland in 2025 exceeded our operational and deleveraging expectations. Revenue expanded 7.3%, fueled by a 3.3% increase in same-office growth, higher patient volumes, improved reimbursement rates, and optimized provider capacity (doctors and hygienists). Heartland had contributions from 93 new affiliations (including 60 from the Smile Design acquisition) and 74 de novo sites. S&P Global Ratings-adjusted EBITDA margins expanded 90 bps to 13.5%, reflecting effective cost management and profitable scaling, while S&P Global Ratings-adjusted leverage declined to 6.7x from 8x in 2024 (including preferred shares, 7.1x in 2025 from 8.5x in 2024) because of increased EBITDA and over $200 million in debt reduction via an equity injection from majority owner KKR." Cash flow also improved significantly. A reported FOCF deficit narrowed by $113 million year over year and S&P Global-Ratings-adjusted FOCF to debt recovered to 2.2% in 2025 from a 2024 deficit, supported by automated insurance collections and improved working capital efficiencies. Market-leading scale and focus on general dentistry are a competitive advantage. This provides a hedge against macroeconomic volatility within the fragmented U.S. dental market. As the largest U.S. dental support organization, with more than 1,900 offices, Heartland maintains a significant scale advantage over key peers such as Pacific Dental and The Aspen Group, driving efficiencies in procurement, hiring, retention and payer negotiations. The company has consistently executed its growth strategy through both new offices and large-scale integrations, notably the 2021 acquisition of American Dental Partners. A centralized technology platform enhances its ability to manage office-level performance and respond to market shifts. The emphasis on general dentistry offers more resilient revenue streams during economic downturns because these services are less discretionary than specialty procedures. Expanding profitability and high revenue visibility further bolsters Heartland's competitive position, with EBITDA margins approaching those of specialty-focused peer Pacific Dental and robust recurring patient visit rates of approximately 90%. To align long-term interests with performance, Heartland facilitates equity ownership across its stakeholder base, allowing the management team, supported doctors, and other shareholders to purchase common stock. It also provides newly affiliated doctors the opportunity to acquire equity upon affiliation. However, several risk factors partly offset the company's strengths. Heartland's revenue remains concentrated in general dentistry, leaving it exposed to reimbursement volatility from a limited number of large insurers and it faces intense competition for clinical talent and ongoing regulatory risk regarding the corporate ownership of medical practices. S&P said, "The stable outlook on Heartland reflects our expectation that S&P Global Ratings-adjusted leverage will trend near 6.1x (approximately 6.4x including preferred shares) over the next 12 months, and that the company can sustainably fund most of its de novo growth strategy through internal cash flow. "We could lower our rating on Heartland if it sustains S&P Global Ratings-adjusted FOCF to debt below 3%. Under the current capital structure, this threshold corresponds to S&P Global Ratings-adjusted FOCF of approximately $115 million, a reported FOCF deficit of approximately $15 million, and S&P Global Ratings adjusted leverage of 7x-7.5x." This could occur if S&P expects: -- Insufficient internally generated cash flow to fund growth investments, potentially as margins are compressed due to macroeconomic constraints or labor market pressures; or -- An increase in debt-funded discretionary outflow, such as acquisitions or shareholder distributions. S&P could raise its rating if: -- Heartland adopts a more conservative financial policy and maintains its trajectory of strong growth and cash flow sufficient to cover growth investments; and -- S&P expects it will sustain S&P Global Ratings-adjusted leverage below 5x. HOMESTEAD VILLAGE: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------------- Homestead Village, LLC, filed with the U.S. Bankruptcy Court for the District of Idaho a Disclosure Statement to accompany Plan of Reorganization dated May 11, 2026. The Debtor owns, manages, and is developing a residential and commercial complex (the "Property") in Sandpoint Idaho. The Property is located at 2025 Hwy 2, Sandpoint, Idaho. The Debtor was formed in 2021. The Property was purchased in 2022 and construction began in 2023. Once the first three structures on the Property were completed and a Certificate of Occupancy had been obtained, the Debtor began renting the apartments in 2025. In its first year in operation, the Debtor's gross revenue was $374,707.47. For the first month and a half of 2026 (up to the Petition Date), the Debtor's gross revenue was $84,190.00. Currently, the Debtor has approximately 90% of available units rented. The Debtor and Freedom REIT have consulted and worked together to come up with a sale and bid process to sell the Debtor's Assets as a going concern in order to maximize recovery to the estate. In conjunction with this. The Debtor and Freedom REIT have agreed to a Motion for Order (A) Approving Auction Procedures and Bid Procedures; and (B) Approving Sale of Property Free and Clear of Liens and Claims along with proposed Bid Procedures. Pursuant to the proposed bid procedures, the Debtor will retain a broker, subject to approval of Freedom REIT, which approval shall not be unreasonably withheld, to market and sell the Debtor's assets as a going concern. The broker will be entitled to a 3% commission fee following a successful sale of the assets. In the event that Freedom REIT is the prevailing bidder through a credit bid, the broker will agree to a reduced flat rate fee of $75,000.00. The Plan provides for payment in full of all Administrative Claims, payments for priority claims under Section 507(a)(8) on a basis that is not less favorable than the most favored nonpriority unsecured Claim provided for by the Plan as required by Section 1129(a)(9)(C) and (D) of the Bankruptcy Code, including payment in full to Bonner County Tax Collector, and payment of all residual funds to Freedom REIT. Although the Debtor does not anticipate that there will be any residual funds after payment to Freedom REIT, to the extent there are any further residual funds, such funds shall be distributed to other classes in the following order: Lippert Excavation and Pipeline, Inc.; General Unsecured Creditors on a pro rata basis, and payment to subordinated claims. Class 5 consists of General Unsecured Claims. General Unsecured Creditors will be paid out of proceeds of the sale of the Debtor's assets remaining after payment to Classes 1, 2, and 3, if any. There is no expected payment to General Unsecured Creditors. Class 6 consists of Equity Holders Jennifer and Tom Waters. The Waters will be paid out of proceeds from the sale of the Debtor's assets remaining after payment to Classes 1, 2, 3, and 4, if any. There is no expected payment to Equity Holders. The Debtor shall retain all proceeds from the sale of the Debtor's assets, except to the extent that the sale ends with Freedom REIT as the successful bidder through a credit bid. The sale proceeds shall be distributed to holders of claims and interest in the Debtor in a waterfall fashion. Administrative claims, including US Trustee fees, shall be paid first. Once all Administrative Claims are paid in full, the Bonner County Treasurer shall be paid both pursuant to it holding a priority tax claim and through its priming lien that it is granted by operation of Idaho law. Once Bonner County has been paid in full, Freedom REIT shall receive any remaining proceeds from the sale of the Debtor's assets until its secured claim is paid in full. To the extent that any residual funds remain following payment to Freedom REIT, which is not anticipated, Lippert will be paid first, followed by all general unsecured creditors who will share in any distributions pro rata. On the Effective Date, the Debtor, its properties and interests in property, and its operation will be released from the jurisdiction of the Bankruptcy Court, and all property of the Bankruptcy Estate, or proceeds therefrom, of the Debtor will vest in the Reorganized Debtor free and clear of all Claims, Liens, encumbrances, charges, and other interests, but specifically subject to the obligations of the Reorganized Debtor as provided in the Plan. A full-text copy of the Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=ByUBtg from PacerMonitor.com at no charge. Counsel to the Debtor: LUGENBUHL, WHEATON, PECK, RANKIN & HUBBARD Benjamin W. Kadden, Esq. Michael E. Landis, Esq. Katherine E. Clark, Esq. 601 Poydras St., Ste. 2775 New Orleans, Louisiana 70130 Telephone: (504) 568-1990 Facsimile: (504) 310-9195 Email: bkadden@lawla.com mlandis@lawla.com kclark@lawla.com - and - DAVILLIER LAW GROUP, LLC Mauricio Cardona, Esq. 414 Church Street, Suite 106 Sandpoint, ID 83864 Telephone: (208) 920 6410 Email: mcardona@davillierlawgroup.com About Homestead Village Homestead Village, LLC, is a real estate development and property management company engaged in the ownership and operation of residential community properties. Homestead Village, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20047) on February 10, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Noah G. Hillen handles the case. The Debtor is represented by Mauricio Cardona, of Davillier Law Group. Freedom REIT, as secured creditor, is represented by: Brian M. Rothschild Parsons Behle & Latimer 800 West Main Street, Suite 1300 Boise, Idaho 83702 Telephone: (208) 562-4900 Facsimile: (208) 562-4901 Email: brothschild@parsonsbehle.com HRZN INC: Updates Unsecured Claims Pay Details ---------------------------------------------- HRZN Inc. d/b/a Horizon Property Services, Inc., submitted a Disclosure Statement in support of First Amended Plan of Reorganization dated May 11, 2026. The Debtor believes the Plan represents the best alternative for providing the maximum value for the creditors. The Plan allows Debtor to generate ongoing revenues, a portion of which is committed to fund the Plan and pay claims over time. Allowed Undisputed Unsecured Claims are classified in Class 12 and will receive a distribution of approximately 9.97% of their allowed claims in annual installments over a period of five years (the "Repayment Term"), if the Debtor's Plan is approved by Consent. If the Debtor's Plan is approved under the "cram down" provisions of Section 1129(b), the Debtor projects that unsecured creditors will receive a similar distribution of 9.97% on their allowed claims. According to Lighthouse Appraisal, the Fair Market Value of the Debtor's trailers, Office Equipment, Technologies and Equipment are, collectively, approximately $461,010.00. In a Forced Liquidation, the collective value of such assets are only $299,656.50. The Debtor did have Accounts Receivable as of the Petition Date totaling $474,881.45, to which KeyBank's lien attached. The Debtor also collects customer deposits throughout the year, offering discounts if customers pay in advance. The Debtor keeps such deposits separate from its Accounts Receivable or Accounts Payable reports. In the event of a liquidation, any unused funds must be returned to the respective customer. Therefore, the Debtor does not include these deposits as assets as they are property of the customer. The Debtor scheduled its intangible assets, including goodwill, based upon the book value of $1,636,591.12. In a forced liquidation, such assets would have little value beyond the secured debt of KeyBank. The Debtor had cash in its bank accounts totaling $41,989.80, on the Petition Date which the Debtor asserts is unsecured. The Debtor also has excess equity in the Sheffield Collateral of approximately $10,000. Over the past few years, the Debtor purchased additional trailers with its operating cash. No creditor perfected liens on the certificates of title on such vehicles pre-petition. The Debtor believes the forced liquidation value of these trailers is approximately $45,000. Thus, the Debtor believes it has approximately $100,000 in unsecured assets which could be available for unsecured creditors, subject to any priority and administrative claims. Class 12 consists of those unsecured creditors of the Debtor who hold Allowed Claims that were either scheduled by the Debtor as undisputed, subject to timely filed proofs of claim to which the Debtor does not successfully object, or as otherwise allowed by further order of the Court. The Debtor estimates the total amount of unsecured Class 12 claims, including deficiency claims of secured creditors, at $3,375,147.06. Such amount may increase should the deficiency claims of secured creditors be larger than estimated. Class 12 shall receive an annual pro-rata distribution from the Debtor's deposits into the Creditor Fund equal to 50% of the Debtor's Net Income generated over a five-year period commencing on the first day of the first full month following the Effective Date of the Plan and continuing for an additional five years thereafter ("Repayment Term"). Commencing on the First Anniversary of the Effective Date, the Disbursing Agent shall begin making distributions to the Allowed Class 12 Creditors from the Creditor Fund. Such amounts shall be mailed within thirty days after the first anniversary of the Effective Date and continue annually during the Repayment Term. All payments under the Plan shall be due on or before five years from the Effective Date. Should the funds paid from the Creditor Fund to Allowed Class 12 Creditors equal the balance due to each creditor prior to the end of the Repayment Term, the Debtor's obligations to Allowed Class 12 Creditors shall be deemed satisfied. Based on the estimated distributions and undisputed claims, Class 12 Claimants will receive approximately 26.70% of their allowed claims within Repayment Term. In any event, Class 12 creditors shall not receive more than the amount of their Allowed Claims. Funding of the Plan and the Creditor Fund On the Effective Date of the Plan, the Disbursing Agent will open a separate interest bearing bank account (the "Creditor Fund") for receiving payments from the Debtor as set forth herein, and making distributions to creditors holding Class 12 Allowed Claims. Net Income shall mean the Debtor's income calculated in accordance with Generally Accepted Accounting Principles ("GAAP"), less payments to Allowed Classes of administrative, secured and priority creditors. As a result, Net Income shall mean and be calculated as follows: gross revenues - cost of goods sold - operating expenses - income taxes - payments to administrative claims - payment to secured claims - payments to priority claims - Lease Cure Payments (if any) = net income. Net Income shall not include any depreciation expenses. Gross Revenues shall have the meaning under GAAP which is the total amount of sales recognized for a reporting period, prior to any deductions. The Debtor shall make monthly deposits of 50% of its Net Income into the Creditor Fund during the Repayment Term. A full-text copy of the Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=mNQpqv from PacerMonitor.com at no charge. Counsel to the Debtor: BUECHLER LAW OFFICE, LLC K. Jamie Buechler, Esq. 10901 W. 120th Avenue, Suite 130 Broomfield, CO 80021 Telephone: (720) 381-0045 Facsimile: (720) 381-0382 Email: Jamie@KJBlawoffice.com About HRZN Inc. HRZN Inc. is a Colorado company, founded in 1983, that provides commercial landscaping and grounds maintenance services including lawn care, irrigation, snow removal, and landscape enhancements. It also offers interior plantscaping through its Plant Escape brand, serving businesses, property managers, and commercial clients across the Denver metro area. HRZN Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15925) on Sept. 15, 2025. In its petition, the Debtor estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by K. Jamie Buechler, at Buechler Law Office, LLC. INTERACTIVE GOVERNMENT: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Columbia entered an interim order authorizing Interactive Government Holdings, Inc. to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral only in accordance with a court-approved budget covering the period from April 24 through May 30. The funds may be used to maintain ordinary business operations, including wages, utilities, repairs, insurance, taxes, lease obligations, payroll expenses, computer processing charges, administrative expenses, and Subchapter V Trustee fees. As adequate protection for PFF's interests, the debtor must begin making monthly payments of $4,015.53 starting this month and provide monthly accountings detailing cash receipts and disbursements within 30 days after entry of the order. The court emphasized that the order is interlocutory and may be modified by parties in interest for cause. The debtor was also directed to serve the order on the U.S. Trustee, secured creditors, and the twenty largest unsecured creditors and file proof of service promptly. The court found that PFF, LLC holds secured claims totaling approximately $2.53 million, consisting of about $1.35 million under a revolving line of credit and approximately $1.18 million under a term loan. PFF asserted a valid first-priority blanket lien on substantially all of the debtor's assets. Another creditor, Itria Ventures, LLC, asserted a claim of roughly $325,661, but because PFF's senior lien allegedly exhausted the collateral value, Itria was treated as an unsecured creditor for purposes of the order. The order is available at http://bankrupt.com/misc/InteractiveGovernment_ICCOrder.pdf About Interactive Government Holdings, Inc. Interactive Government Holdings, Inc. provides program, acquisition, and administrative management services, as well as secure IT, systems engineering and integration, and global operations and sustainment support. The company was established in 2006 and is headquartered in Springfield, Virginia. It holds ISO 9001:2015 certification and is classified under NAICS code 541611, with socioeconomic designations including 8(a), SDVOSB, VOSB, SDB, Hispanic American Owned, and Minority Owned. Its prime contract vehicles include GSA 8(a) STARS III, GSA Multiple Award Schedule - 00Corp, and SeaPort-NxG. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 26-00214) on April 24, 2026. In the petition signed by Michael V. Sanders, chief executive officer, the Debtor disclosed $293,133 in total assets and $2,844,120 in total liabilities. Judge Elizabeth L. Gunn oversees the case. Daniel Staeven, Esq., at FROST LAW, represents the Debtor as legal counsel. JAMESBRIDGE 2017: Fannie Mae Wants Receiver for Apartment Complex ----------------------------------------------------------------- Wells Fargo Bank, National Association, as Trustee for the Registered Holders of CSAIL 2019-C17 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-C17, filed a renewed motion with the U.S. District Court for the Western District of Tennessee, Memphis Division, seeking the immediate appointment of MS Manager, LLC as receiver for Jamesbridge 2017 LLC, CS Jamesbridge LLC, Jamesbridge 5777 LLC, and Pinchos David Shemano. Lender originally filed a motion for the immediate appointment of receiver pre-removal in the Shelby County Chancery Court. At the Court's request, the motion for the immediate appointment of a receiver was re-filed in this court on March 30, 2026. On April 16, 2026, the motion for the immediate appointment of a receiver was denied without prejudice. By docket order dated April 21, 2026, the Court informed Lender that it could file a renewed motion for the appointment of a receiver. Lender may be reached at: Wells Fargo Bank, National Association 9062 Old Annapolis Road Columbia, MD 21045 Jamesbridge 2017 LLC, CS Jamesbridge LLC and Jamesbridge 5777 LLC, jointly and severally, are tenants-in-common and co-borrowers on a loan with Lender. Pinchos David Shemano is the principal of Borrower and guarantor of a loan with Lender. Lender filed a Verified Complaint against Borrower and Guarantor, seeking entry of judgment against Borrower and Guarantor in the amount of the unpaid principal balance of $14,271,402.34, plus all amounts due under the Note and the other Loan Documents, including attorneys' fees and costs, and requesting the appointment of a receiver. The property at issue in this action is a multi-family apartment complex consisting of 414 apartment units located at 3815 Advantage Way Drive, Memphis, TN 38128. Borrower and the Lender are parties to (i) a Loan Agreement dated July 10, 2019, and (ii) other agreements, documents and instruments executed and delivered in connection with, related to or referenced in the Loan Agreement pursuant to which Borrower obtained a $15 million loan to purchase the Property. To evidence the Loan, Borrower executed a Promissory Note dated July 10, 2019, in the original principal amount of $15,000,000.00 in favor or Grass River Real Estate Credit Partners Loan Funding, LLC (Original Lender). As security for the Loan, Borrower executed that certain Fee and Leasehold Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated July 10, 2019, recorded on July 11, 2019, as Instrument No. 19069202 in the Office of the Shelby County Register of Deeds. The Deed of Trust was assigned to Grass River Warehouse Facility Entity Two, LLC, by Assignment and Assumption of Interest under Deed of Trust dated July 10, 2019, and recorded on August 6, 2019, as Instrument No. 19079090 in the Shelby County Register's Office. The Deed of Trust was further assigned to Lender by Assignment of Fee and Leasehold Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, effective September 25, 2019, and recorded on November 19, 2019, as Instrument No. 19120223 in the Shelby County Register's Office. As additional security for the Loan, Borrower executed an Assignment of Leases and Rents dated as of July 10, 2019 (ALR) in favor of Original Lender, which ALR was recorded on July 11, 2019 as Instrument No. 19069203 in the Shelby County Register's Office. The ALR was assigned to Grass River Warehouse Facility Entity Two, LLC, by Assignment and Assumption of Interest under Assignment of Leases and Rents dated July 10, 2019, and recorded on August 6, 2019, as Instrument No. 19079089 in the Shelby County Register's Office. The ALR was further assigned to Lender by Assignment of Leases and Rents effective September 25, 2019, and recorded on November 19, 2019, as Instrument No. 19120224 in the Shelby County Register's Office. Original Lender recorded a fixture filing on July 11, 2019, as Instrument No. 19069204 in the Shelby County Register's Office. The Fixture Filing was assigned to Grass River Warehouse Facility Entity Two, LLC by Instrument No. 19120225, recorded on November 19, 2019, in the Shelby County Register's Office. The Fixture Filing was assigned to Lender by Instrument No. 19079091, recorded on August 6, 2019, in the Shelby County Register's Office. The Fixture Filing was continued by Instrument No. 24023272, recorded on March 21, 2024, in the Shelby County Register's Office. Lender filed a UCC filing in the Tennessee Secretary of State's Office on July 18, 2019, as Filing No. 430970655. The Tennessee UCC was assigned to Grass River Warehouse Facility Entity Two, LLC on August 29, 2019, by Amendment Document No. 431193758, of record in the Tennessee Secretary of State's Office. The Tennessee UCC was further assigned to Lender on November 18, 2019, by Amendment Document No. 431573405, of record in the Tennessee Secretary of State's Office. Lender filed a UCC filing in the Delaware Secretary of State's Office on July 11, 2019, as Filing No. 2109 4798208. The Delaware UCC was assigned to Grass River Warehouse Facility Entity Two, LLC on August 29, 2019, by Amendment Document No. 2019 6029834, of record in the Delaware Secretary of State's Office. The Delaware UCC was further assigned to Lender on November 18, 2019, by Amendment Document No. 2019 8140217, of record in the Delaware Secretary of State's Office. As further security for the Loan, Guarantor executed that certain Guaranty of Recourse Obligations dated July 10, 2019. Borrower defaulted on its obligations under the terms of the Loan Documents by virtue of, among other things, the Borrower's failure to make the payments due on the Monthly Payment Dates occurring in October, November, and December, 2025, and January and February, 2026. By letter dated December 23, 2025, the Lender provided Borrower a notice of default and made a demand for payment of the amounts due. Borrower and/or Guarantor failed to remedy the default. Lender discovered additional events of default, including but not limited to: (a) Borrower's failure to comply with the covenants contained of the Loan Agreement relating to the PILOT Documents, as evidenced by that certain Legal Notice of PILOT Default dated January 16, 2026 to Borrower from counsel to The Health, Educational and Housing Facility Board of the City of Memphis, Tennessee, and (b) The Property becomes subject to liens that have remained undischarged of record for more than 30 business days. As of February 12, 2026, the unpaid principal balance outstanding on the Loan Documents is $14,271,402.34. All other amounts due under the Note and all other Loan Documents, including but not limited to all accrued and unpaid interest, incurred attorneys' fees, and costs of collection, pre- and post-judgment interest, and any other costs incurred in collecting and enforcing any judgment entered herein, are recoverable under the express terms of the contracts entered into between the parties. Due to the events of default, interest now accrues on the Indebtedness at the Default Rate from and after October 5, 2026, in accordance with the Loan Documents. The Indebtedness remains unpaid. Given the multitude of defaults and Borrower's failure and refusal to maintain and repair the Property, Lender says it must exercise its rights and remedies under the Loan Documents and requests that this Court appoint MS Manager, LLC as receiver over Borrower, the Property, and its assets to preserve the assets and maximize the value of the Property. The Receiver's proposed compensation is for the greater of a minimum monthly fee of $7,500 or a fee of 4% of total collections, excluding security deposits not retained. Lender submits that this compensation is reasonable and appropriate under the circumstances. About Jamesbridge 2017 LLC, et al. Jamesbridge 2017 LLC, CS Jamesbridge LLC, Jamesbridge 5777 LLC, and Pinchos David Shemano own a multi-family apartment complex consisting of 414 apartment units located at 3815 Advantage Way Drive, Memphis, TN 38128. Jamesbridge et al., are facing a receivership case captioned as Wells Fargo Bank, National Association, as Trustee for the Registered Holders of CSAIL 2019-C17 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-C17 v. Jamesbridge 2017 LLC, CS Jamesbridge LLC, Jamesbridge 5777 LLC, and Pinchos David Shemano, Case No. 2:26-cv-02264 (W.D. Tenn.), before the Hon. Brian C. Lea. The case was filed on March 12, 2026. Jamesbridge 2017 LLC, CS Jamesbridge LLC, and Jamesbridge 5777 LLC are represented by: Yosef Horowitz, Esq. Glankler Brown, PLLC Tel: 901-576-1758 E-mail: jhorowitz@glankler.com - and - S.Joshua Kahane, Esq. Glankler Brown Tel: 901-576-1701 E-mail: jkahane@glankler.com Attorneys for Lender: Erika R. Barnes, Esq. STITES & HARBISON PLLC 401 Commerce St., Suite 800 Nashville, TN 37219 Tel: (615) 782-2252 E-mail: ebarnes@stites.com JAY4 INC: Gets Final OK to Use Cash Collateral ---------------------------------------------- Jay4, Inc. received final approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court issued a final order authorizing the Debtor to use cash collateral in accordance with its budget, subject to a 10% variance. As adequate protection for creditors asserting pre-petition liens on the cash collateral, the court granted them replacement liens on the Debtor's post-petition property and proceeds, excluding avoidance actions under Bankruptcy Code sections 544 through 550. These replacement liens maintain the same extent and priority as the creditors' asserted pre-petition security interests and are deemed automatically perfected upon entry of the order without the need for additional filings or possession of collateral. The creditors include U.S. Bank N.A., Fintegra SPV I, LLC and Highland Hills Capital, which assert secured claims of $48,500, $45,018, and $100,000, respectively. The court ordered all parties holding funds owed to the Debtor to immediately remit those funds to the Debtor. The final order is available at https://shorturl.at/wAVZ4 from PacerMonitor.com. U.S. Bank asserts a secured claim pursuant to a UCC-1 financing statement filed in 2021 while the other secured creditors are largely merchant cash advance lenders whose claims are complex, aggressive, and of uncertain validity or priority. The MCA loans were sought temporarily to address short-term funding gaps beginning in July but the high repayment demands and inflexible terms exacerbated financial strain. Additional MCA offers intensified pressure, creating a situation where ongoing operations were jeopardized despite good-faith efforts to avoid bankruptcy. About Jay4 Inc Jay4, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04796) on November 14, 2025, listing up to $500,000 in assets and liabilities. Michael Abelow, Esq., at Sherrard Roe Voigt & Harbison, PLC, serves as Subchapter V trustee. Judge Randal S. Mashburn oversees the case. Michelle L. Spezia, Esq., at Johnson Legal, PLLC, represents the Debtor as bankruptcy counsel. JENNIFER EMERSON: Claims to be Paid from Property Sale Proceeds --------------------------------------------------------------- Jennifer Emerson, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Texas a Disclosure Statement for Plan of Reorganization dated May 7, 2026. The Debtor acquired real property located at 518 W. 8th Street, Lancaster, TX 75146 on July 21, 2023. The property was commercially appraised by Whispering Pine Appraisal as of Nov. 19, 2025 in the amount of $267,000. The Dallas County Appraisal District has valued the property at $312,700 as of Jan. 1, 2026. The Debtor took out one construction loan from Wildcat Lending Fund One, LP. The loan was taken out on July 14, 2023 in the amount of $187,200.00 at 18% interest, with a qualification in the note that the amount borrowed could be less, but not more than $187,200.00. Wildcat, not having notice of the bankruptcy, attended the non judicial foreclosure and bid in a less than market or debt amount bid of $125,000.00 (amount allegedly owed on the date scheduled for the foreclosure being $180,137.75 as of January 2, 2026). Wildcat has filed a motion for relief from automatic stay on April 24, 2026. As of the date of this Disclosure Statement and proposed Plan, the motion has not been set for hearing. The Debtor proposes to sell the real property and thereafter to continue to operate the business from the remaining proceeds after funding and satisfying all creditors. In the event that the Debtor is able to sell the real property at $267,000 or more, the Debtor will continue to operate and pay any remaining unsecured claims, priority claims and administrative claims in full over 5 years. The plan proposes to sell the Debtor's real property and distribute the funds to the parties determined to be entitled to receive such proceeds. Class 5 shall consist of Allowed Claims of Unsecured Creditors. The following creditors are believed to fall within this Class: Wells Fargo Bank, N.A. $7,107.30; and Jennifer Emerson (to be determined after completion of the renovation). Upon sale of the Debtor's real property, the Class 5 claims shall be paid after claims in Classes 1-4 have been paid in full to the extent of proceeds actually received. Class 5 is impaired. Class 6 shall consist of the Equity Interests of the Debtor. The Class 6 Equity Interests shall be retained. The Class 6 Equity Holder shall not receive any distributions until the Allowed Claims in Classes 1-5 have been paid. Feasibility of the Plan and Risk to Creditors measures the likelihood that creditors will receive the payments promised to them. The feasibility of the Plan depends on the ability of the Debtor to sell the real property. The Plan Proponent believes that the property is in a desirable area and should be able to sell for a fair price. A full-text copy of the Disclosure Statement dated May 7, 2026 is available at https://urlcurt.com/u?l=Leg2H6 from PacerMonitor.com at no charge. Counsel to the Debtor: Gary G. Lyon, Esq. ABERCROMBIE BAILEY JOHNSON & LYON, PLLC 6401 W. Eldorado Parkway, Suite 234 McKinney, TX 75070 Tel: (214) 620-2034 Fax: (469) 521-7219 E-mail: glyon.attorney@gmail.com About Jennifer Emerson Jennifer Emerson, LLC, is a Texas Limited Liability Company which owns real property in Lancaster, Texas. The managing member of the LLC is Jennifer Emerson. Jennifer Emerson, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-40385) on Feb. 2, 2026, listing $100,001 to $500,000 in both assets and liabilities. Judge Brenda T Rhoades presides over the case. Gary G. Lyon, Esq. serves as the Debtor's counsel. JOSHUA TOURS: Gets Final OK to Use Cash Collateral -------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a final order authorizing Joshua Tours Limited Liability Company to use the collateral of its pre-petition secured creditors to fund operations. The Debtor's pre-petition debt consists of two categories of secured obligations: lenders holding blanket liens on accounts, deposit accounts, proceeds, and other similar assets constituting cash collateral and lenders holding perfected purchase-money or other vehicle-specific liens on buses and related collateral used in the operation of the Debtor's business. The lenders with interests in the cash collateral are Ameris Bank and the U.S. Small Business Administration, which are owed $304,246.99 and $504,738, respectively. Under the final order, the Debtor is authorized to use both cash collateral and equipment collateral in accordance with an approved operating budget. As adequate protection, lenders will be granted replacement liens on the Debtor's post-petition assets and proceeds (excluding Chapter 5 avoidance actions), with the same priority, validity and extent as their pre-petition liens. In addition, lenders will receive monthly payments and superpriority administrative expense claims in case of any diminution in the value of their collateral. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/vPGkA from PacerMonitor.com. About Joshua Tours Limited Liability Company Joshua Tours Limited Liability Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-14194) with $10 million to $50 million in assets and $1 million to $10 million in laibilities. The petition was signed by Steven A. San Filippo as chief restructuring officer. Judge Hon. Mark Edward Hall oversees the case. The Debtor is represented by: Brett S. Moore, Esq. Porzio, Bromberg & Newman Tel: 973-889-4231 Email: bsmoore@pbnlaw.com LOWELL MARTIN: Gets Final OK to Use Cash Collateral --------------------------------------------------- Lowell Martin, Jr., LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, to use cash collateral. The court authorized the Debtor to use cash collateral to fund its operations in accordance with an approved budget. The Debtor may exceed any budget line item by up to 10% cumulatively so long as the variance is reasonable, incurred in the ordinary course, and total expenditures for the period do not exceed the overall budget by more than 10%. The budget projects total operational expenses of $1,557,384.75 for May 10 to June 9 and $1,649,582.00 for June 10 to July 9. The court ordered that all bank accounts, including accounts held at Wells Fargo Bank, be immediately unfrozen to allow the Debtor to use cash collateral. The authority to use cash collateral will terminate upon dismissal or conversion of the Debtor's Chapter 11 case, appointment of a Chapter 11 trustee, confirmation of a Chapter 11 plan, or material breach of the order. As protection, secured creditors holding pre-petition liens were granted replacement liens on post-petition accounts receivable, contract rights, and deposit accounts, maintaining the same validity and priority as existed before the bankruptcy filing. Additional protections include maintaining insurance on the Debtor's real property, timely payment of post-petition taxes and U.S. Trustee fees, and compliance with all terms of the order. The court authorized monthly mortgage payments of $2,071.54 to Texas Dow Employees Credit Union and approved reimbursement of $1,861.02 to TDECU for payment of 2025 Lavaca County real property taxes. The final order provides a carveout for bankruptcy administrative expenses, including court fees, U.S. Trustee fees, Subchapter V trustee fees, and up to $15,000 for a potential Chapter 7 trustee. The final order is available at http://bankrupt.com/misc/LowellMartin_FinalCCOrder.pdf About Lowell Martin, Jr. LLC Lowell Martin, Jr., LLC provides integrated crude hauling and logistics services through its operations and affiliated trucking activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-60034) on April 9, 2026. In the petition signed by Lowell J. Martin, Jr, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Robert C. Lane, Esq., at The Lane Law Firm, represents the Debtor as bankruptcy counsel. MACQ ILLINOIS: S&P Lowers 2022 Lease Revenue Bonds Rating to 'B-' ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating on the Arizona Industrial Development Authority's series 2022 lease revenue bonds (Greenville University - Student Housing and Athletic Facilities Project), issued for MACQ Illinois I LLC (MACQ-IL), Delaware, to 'B-' from 'BB+'. The outlook is negative. S&P said, "The downgrade reflects our view of the rapid, severe erosion of Greenville University's endowment and extremely limited liquidity due to its high-risk investment strategy in recent years, combined with its extensive structural operating deficits from fiscal 2023 to fiscal 2025, and another sizable deficit expected in fiscal 2026. In response, management declared financial exigency in January 2026 to achieve expense savings that would lead to greater financial sustainability in the longer term. While management has made expense cuts, which will take effect in fiscal 2027, we believe the university is financially constrained and its capacity to meet all financial commitments, including lease payments to the project, could be hampered. "Greenville University is exposed to the risk of changing demographic trends in the region, which we view as a social capital risk. We anticipate that demographic pressure will remain in the near term, with a lower number of graduating high school students expected in Illinois. We also believe the university has elevated governance risk given the dramatic decrease of endowment funds, which in our opinion demonstrates the board's inability to effectively govern and manage risk prudently. We view MACQ-IL's environmental risk as neutral in our credit analysis. "The negative outlook reflects our opinion that the university's liquidity will remain extremely limited and financial resources will remain very weak, which could severely pressure the university's ability to make payments and continue operations. This could affect cash available to cover lease payments to MACQ-IL if enrollment were decrease or fail to hit targets and expenses are not prudently managed. We expect operating results will somewhat improve with management's proposed expense cuts in fiscal 2027 after the university's declaration of financial exigency. "We could consider a lower rating if the university is unable to meet its financial commitments due to liquidity constraints and low levels of financial resources. Continued, large full accrual operating deficits beyond fiscal 2026 would be viewed negatively. Also, additional debt beyond the potential issuance could also pressure the rating. "We could consider a return to stable outlook or a positive rating action if the university's financial resources and liquidity improve substantially and are sustained at levels commensurate with its higher-rated peers and full accrual operating performance improves materially. We would also expect management to substantially improve financial risk oversight, including budgeting practices and investment strategy." MAISEL-HINSON MAINLAND: Unsecureds Will Get 100% of Claims in Plan ------------------------------------------------------------------ Maisel-Hinson Mainland Floral Incorporated filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated May 7, 2026. The Debtor was formed in March 2022 to operate a multi-brand floral and event design business with physical design centers business. The company operates a multi-brand floral and event design business with physical design centers in Galveston and Pearland, Texas, under the Window Box Florist brand. In addition to the physical locations, the company operates online and legacy brands including The Empty Vase of Houston and Flower Box Florist. The Debtor's representative, director, and majority owner is Daniel Hinson. The Debtor is currently owned 84.00% by Daniel Hinson and 16.00% by Vipavull Hinson. Daniel Hinson will remain managing member of the Reorganized Debtor. There will be no change in the ownership of the business. Several factors forced this bankruptcy filing. While Debtor was trying to expand and grow the business, labor costs grew at a greater rate than revenue. This led to the borrowing of money from high-interest lenders, including merchant cash advance lenders. After the Merchant Cash Advance lenders declared a default on the loans, Debtor's accounts were frozen, leading to the need to file the instant case and re-organize the debts. The Debtor has provided projected financial information as Exhibit B. Historical earnings were considered in creating these projections. Based on the plan projections, the Debtor's total projected disposable income, as that term is defined by section 1191(d), to be committed to the payment of claims for the period described in section 1191(c)(2) for forty-eight months is $749,039.28. The Debtor's Plan of Reorganization provides for the continued operations of the Debtor to make payments to its creditors as set forth in this Plan. Debtor proposes to pay allowed claims based on the liquidation analysis and cash available. Debtor anticipates having enough business and cash available to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtor will continue in business. Class 3A consists of General Unsecured Claims. These unsecured creditors shall receive a pro rata distribution at zero percent per annum. These payments shall begin on the 15th day of the calendar month following the Effective date of the plan and continuing on the 15th day of each month thereafter. The payments shall be made from the unsecured creditors pool that is being distributed to unsecured creditors over the life of the Plan. Debtor will pay 100% of the total claims. The allowed unsecured claims total $265,235.61. This Class is impaired. The Debtor will continue operating its business to generate funds to fund plan payments. The Plan will break the existing claims into four classes of Claimants. These claimants will receive repayments over a period of time beginning on or after the Effective Date. A full-text copy of the Plan of Reorganization dated May 7, 2026 is available at https://urlcurt.com/u?l=6xyUeG from PacerMonitor.com at no charge. Counsel to the Debtor: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 E-mail: notifications@lanelaw.com About Maisel-Hinson Mainland Floral Inc. Maisel-Hinson Mainland Floral Incorporated manages physical design centers in Galveston and Pearland, Texas, under the Window Box Florist brand, and also operates online and legacy brands including The Empty Vase of Houston and Flower Box Florist. Maisel-Hinson sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-80074) on Feb. 6, 2026, listing up to $10 million in both assets and liabilities. Daniel Hinson, president of Maisel-Hinson, signed the petition. Judge Alfredo R. Perez oversees the case. Robert C. Lane, at The Lane Law Firm, is the Debtor as bankruptcy counsel. MARS INTERMEDIATE: S&P Downgrades ICR to 'CCC', Outlook Negative ---------------------------------------------------------------- S&P Global Ratings lowered all of our ratings on Los Angeles-based customer support and business process outsourcing provider Mars Intermediate Ltd., including its issuer credit rating, to 'CCC' from 'CCC+'. S&P also lowered its issue-level rating on the company's senior secured loans by one notch to 'CCC'; the '3' recovery rating is unchanged. The negative outlook reflects the risk of a lower rating if VXI is unable to address its upcoming debt maturities and S&P sees growing potential for a distressed restructuring or payment default within six months. Challenges in VXI's operating performance will continue to lead to weak credit metrics and cash burn. VXI's operating performance weakened in 2025, characterized by a contraction in both top-line growth and profitability. Total revenue declined 0.5% year-over-year to $755.3 million, falling short of its prior 2.8% growth projection. S&P believes this underperformance reflects intensifying structural headwinds. Offshoring trends are driving a reduction in revenue as clients transition high-rate domestic work toward lower-cost offshore delivery models. In addition, declining customer demand and the accelerating impact of artificial intelligence are driving volume deflection across legacy business streams, as customers increasingly adopt call-deflection technologies or opt to internalize service functions. Furthermore, the company's concentration of telecommunications clients exacerbates these risks. The combination of lower operating leverage from this revenue erosion, shifting service delivery models, and adverse foreign-exchange movements led to substantial margin compression, with adjusted 2025 EBITDA margins contracting 640 basis points (bps) to 10.4%. This decline in 2025 EBITDA caused free operating cash flow (FOCF) contraction. VXI generated $5 million of FOCF in 2025, and S&P Global Ratings-adjusted leverage rose to 10.9x despite efforts to factor accounts receivable with JA Mitsui starting in August 2025. VXI continues to pivot toward industries like health care, banking, financial services, and insurance to offset secular declines in its legacy telecommunications business. S&P said, "While recent enterprise contract wins support the transition, stabilization remains dependent on the company's ability to convert its pipeline, and we ultimately believe these secular pressures continue to weigh on the operating environment and underpin our weaker 2026 outlook. For 2026, we project revenue growth of approximately 2.5%, supported by new customer wins and an improving pipeline. We also expect margins to improve roughly 220 bps to 12.5%, driven by easing foreign exchange headwinds and contributions from new contracts. Even with this improvement, leverage is expected to remain elevated at approximately 8.7x through 2026. We still expect cash-flow generation to remain insufficient to cover debt service and mandatory amortization obligations, which include a step-up to the term loan amortization in 2026, working-capital requirements to support its recently won contracts, lease payments for its contact centers and office spaces, and capital expenditures. After these payments, we estimate that VXI will have a cash-flow shortfall of nearly $40 million in cash for 2026, further straining liquidity." VXI is at a heightened risk of defaulting on its debt maturities in 2027 absent a comprehensive refinancing. With $60.7 million of its $75 million revolver drawn as of the end of 2025 and about $74 million of cash on hand, VXI's remaining liquidity is limited. This places the company in a precarious position because in addition to the amount drawn on the revolver, it has a $100 million term loan A outstanding along with $43 million of subordinated notes; all of these will need to be paid on their May 11, 2027, maturity dates. S&P said, "We think VXI will struggle to refinance or raise additional capital to address these obligations given it has high leverage and generates cash flows at levels that are far below covering what's required for its fixed payments. Given these debts are now current, we think the company is likely to experience a liquidity shortfall within the next 12 months absent a comprehensive refinancing." In addition, low secondary trading levels (at about 75%) for the company's outstanding term loan B (TLB) debt indicate a general lack of investor sentiment for the company's debt. Even in a scenario where VXI manages to successfully address its May 2027 maturities, it faces a subsequent TLB maturity in May 2029, of which about $511 million is currently outstanding. S&P believes the likelihood of securing further extensions for the TLB is low given the current low secondary debt trading prices, which reflect significant market skepticism regarding the company's creditworthiness. This combination of immediate and near-term maturities--coupled with a deteriorating credit profile--leaves it with limited options to avoid a potential default. The negative outlook reflects the risk of a lower rating if VXI is unable to address its upcoming debt maturities and S&P's see a growing potential for a distressed restructuring or payment default within six months. S&P could lower the ratings again if it expects a payment default or a distressed debt restructuring appears inevitable within the next 6 months. This could occur if: -- Performance or liquidity deteriorates such that S&P believes XVI won't be able to cover debt and lease obligations; or -- S&P sees growing risk regarding its ability to refinance its 2027 maturities. S&P said, "We could take a positive rating action if VXI successfully addresses its 2027 debt maturities, either by refinancing, asset sales, or receiving external support from shareholders (in tandem with improvement in operating performance) such that we no longer view a distressed restructuring or payment default as likely in the next 12 months." MEGA KYON: Gets Extension to Access Cash Collateral --------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts entered an order authorizing Mega Kyon, Inc.'s continued use of cash collateral on an interim basis. The court authorized Mega Kyon to use cash collateral in accordance with an approved operating budget through a continued hearing scheduled for June 11. The Debtor projects total operational expenses of $63,200 for May; $79,105 for June; and $79,635 for July. As adequate protection for secured creditors, holders of pre-petition liens received replacement liens on post-petition assets with the same extent, validity, priority, and perfection status as their pre-petition interests. These adequate protection liens were automatically perfected and enforceable against the Debtor, its estate, and any successor case, though they excluded proceeds from Chapter 5 avoidance actions. The order also provided that secured creditors may seek superpriority administrative expense claims under Bankruptcy Code Section 507(b) if the replacement liens prove insufficient to protect against any decline in collateral value. The Debtor was directed to maintain insurance coverage, preserve and protect collateral, maintain business assets in good working order, provide monthly financial information and operating reports to secured creditors, and refrain from disposing of collateral outside the ordinary course of business without court approval. The order further specified that Mega Kyon's authority to use cash collateral would terminate upon certain events of default, including breach of the order, conversion of its bankruptcy case to Chapter 7, appointment of a trustee to take over operations, or dismissal of the case. A continued hearing is scheduled for June 11. Objections to continued use of cash collateral are due by June 10. About Mega Kyon Inc. Mega Kyon, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 26-40523) with $262,309 in assets and $1,840,224 in liabilities. The petition was signed by John Barris as president. Judge Hon. Elizabeth D Katz oversees the case. The Debtor is represented by: Marques C. Lipton, Esq. Lipton Law Group Tel: 508-202-0681 Email: marques@liptonlg.com MIL-TEK USA: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: Mil-tek USA Recycling and Waste Solutions, Inc. 10 Export Drive Sterling, VA 20164 Business Description: Mil-tek USA Recycling and Waste Solutions manufactures and supplies air-powered balers, compactors, and recycling equipment. The company is based in Sterling, Virginia, and has operated in the United States since 2011. Its offerings include baler rental plans, delivery, installation, training, and ongoing maintenance, with equipment used to process materials such as cardboard, paper, plastics, expanded polystyrene, steel cans, drums, general waste, and certain hazardous waste. Mil-tek also provides compactors and balers for Quick Serve Restaurants. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Eastern District of Virginia Case No.: 26-11171 Debtor's Counsel: Craig M. Palik, Esq. MCNAMEE HOSEA, P.A. 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Tel: (301) 441-2420 E-mail: cpalik@mhlawyers.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Daniel J. Perti as CEO and president. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AX6ZIUY/Mil-tek_USA_Recycling_and_Waste__vaebke-26-11171__0001.0.pdf?mcid=tGE4TAMA NERFIES MANAGEMENT: Amends Unsecureds & Comerica Secured Claims --------------------------------------------------------------- Nerfies Management, LLC, submitted an Amended Plan of Reorganization under Subchapter V dated May 7, 2026. This Plan is provided to all known Creditors and parties in interest pursuant to the Bankruptcy Code. Under the Plan, Debtor will pay in full Allowed Administrative Claims, Allowed Priority Claims and Allowed Priority Tax Claims. Debtor will provide Comerica Bank1 with monthly payments up to the value of the Collateral securing its liens. The Debtor will make payments to Comerica Bank for the secured portion of its claim over a period of twelve months, composed of the Debtor's retained capital and Disposable Income throughout the first twelve months of the Plan Term, and afterwards Comerica and Creditors holding Allowed General Unsecured Claims will receive over a period of twenty-four months in quarterly distributions of a fixed amount proposed herein or, alternatively, of Disposable Income available to the Debtor. The Plan provides for a distribution to Creditors in accordance with the terms of the Plan from the Debtor over the course of three years from the Effective Date of the Plan from the Debtor's continued business operations. Class 2 consists of the Allowed Comerica Secured Claim. Pursuant to the Interim Cash Collateral Order and Final Cash Collateral Order, the Debtor has made monthly adequate protection payments of $3,500.00 to Comerica. The Allowed Comerica Secured Claim exceeds the value of the Prepetition Loan Collateral to which their Liens have attached. As a result, (i) there is not sufficient equity in the Prepetition Loan Collateral to which the liens of Comerica attach; and (ii) the claim of Comerica is deemed partially secured and partially unsecured, as further described in Section 4.2 of the Plan. As further described in Section 4.2 of the Plan. the Allowed Comerica Secured Claim, shall be satisfied as follows (i) Comerica shall receive, over the first twelve (12) calendar months postconfirmation, a fixed payment amount of $4,043.25; and (ii) after the Secured Payment Period, the Allowed Comerica Unsecured Claim shall be treated as provided in Section 2.3. Class 3 consists of Allowed Claims against Debtor (including Claims arising from the rejection of executory contracts and/or unexpired leases and the Allowed Comerica Unsecured Claim) other than: (i) Administrative Claims; (ii) Priority Tax Claims; or (iii) Claims included within any other Class designated in this Plan. Class 3 shall be deemed to include those Creditor(s) holding an alleged Secured Claim against Debtor for which insufficient collateral exists to secure the alleged Secured Claim. Class 3 includes the Allowed Comerica Unsecured Claim. Each holder of an Allowed Unsecured Claim in Class 3 shall be paid by Reorganized Debtor as follows in full satisfaction of such creditor's claim: holders of an allowed Class 3 (as well as other Classes of Claims deemed to be a member of Class 3) shall receive their pro-rata share of payments from a common fund (the "Unsecured Creditor Pool"), which pool shall consist of a fixed payment amount of $500.00 per month for the twenty-four months following the Initial Payment Period or, alternatively, of Disposable Income available to the Debtor. Payments from the Unsecured Creditor Pool to holders of Allowed Class 3 Claims shall be accrued and paid quarterly, for a period not to exceed two years. The first of eight quarterly Disposable Income Payments shall be made on the first day of the fifteenth month following the Effective Date and every three months thereafter. No Holder of a Class 3 Claim shall receive more than 100% of their Allowed Claim. In the event of Confirmation pursuant to Section 1191(a) of the Bankruptcy Code, after the Initial Payment Period, the Reorganized Debtor shall make monthly deposits of $500.00 to the Unsecured Creditor Pool from which Disposable Income Payments shall be made on a quarterly basis to the Holders of the Allowed Class 2 Claim and Allowed Class 3 Claims pro rata. The first of eight quarterly Disposable Income Payments shall be made on the first day of the fifteenth month following the Effective Date and every three months thereafter. A full-text copy of the Amended Plan dated May 7, 2026 is available at https://urlcurt.com/u?l=c4noVL from PacerMonitor.com at no charge. Counsel to the Debtor: J. Mark Chevallier, Esq. Michael T. Pipkin, Esq. Rochelle McCullough, LLP 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: (214) 953-0182 Facsimile: (888) 467-5979 Email: mchevallier@romclaw.com About Nerfies Management Nerfies Management, LLC doing business as Nerfies, operates a recreational entertainment facility in Plano, Texas, offering Nerf gun parties, team-building events, and youth programs such as summer camps. The Company also hosts event-venue services including birthday parties, adult and bachelor parties, bar mitzvahs, corporate events, field trips, holiday parties, and sports celebrations, and provides equipment rental while managing a themed arena for interactive Nerf blaster games that serves children and adults across Plano and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43632) on Nov. 30, 2025. In the petition signed by Tim Avance, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Brenda T. Rhoades oversees the case. J. Mark Chevallier, at Rochelle McCullough, LLP, is the Debtor's counsel. NEW FORTRESS: Wins Court Approval to Convene Plan Meetings ---------------------------------------------------------- New Fortress Energy Inc. announced on May 18, 2026, that it has achieved the next step in the implementation of a consensual UK Restructuring Plan. On May 14, 2026, the High Court made an order granting the Plan Companies permission to convene meetings of their creditors for the purpose of reviewing and approving the UK RP. NFE previously announced on March 17, 2026, that it entered into a Restructuring Support Agreement with its creditors as part of the UK RP. On April 20, 2026, NFE announced that its subsidiaries, NFE Global Holdings Limited and NFE Brazil Newco Limited, acting as Plan Companies, executed and published a practice statement letter in connection with the UK RP. Plan Meetings and Next Steps In accordance with the Convening Order, the Plan Companies have made the Explanatory Statement available to Plan Creditors on the website maintained by Kroll: https://deals.is.kroll.com/nfe. Further details, including information on how Plan Creditors submit a vote, are set out in the Explanatory Statement. The deadline for submitting a voting instruction for voting at the Plan Meeting is 10:00 p.m. (London) / 5:00 p.m. (New York) on June 9, 2026. The Plan Meetings will be held on June 15, 2026. The Plan Meetings will be held as hybrid physical and virtual meetings, with the physical meetings being held at the offices of Skadden, Arps, Slate, Meagher & Flom (UK) LLP at 22 Bishopsgate, London EC2N 4BQ, United Kingdom. The UK RP is subject to the sanction of the court. The Sanction Hearing is scheduled for June 18, 2026. If sanctioned by the court, the UK RP is expected to be implemented by the third quarter of 2026, subject to customary conditions and regulatory approvals. Creditors should contact the Information Agent at nfe@is.kroll.com with any questions on accessing the Plan Documentation – including to request provision of hard or electronic copies. NFE Global Holdings Limited: Suite 1, 7th Floor 50 Broadway London, SW1H 0BL United Kingdom NFE Brazil Newco Limited: Suite 1, 7th Floor 50 Broadway London, SW1H 0DB About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. As of December 31, 2025, the Company had $10.6 billion in total assets, $10.2 billion in total liabilities, and $309.6 million in total stockholders' equity. On March 17, 2026, the Company entered into an RSA with certain noteholders and lenders, and upon completion of the transactions contemplated in this agreement, the Company will have a new capital structure and the current debt facilities in default will no longer be outstanding. * * * In November 2025, S&P Global Ratings lowered its Company credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NMR ENTERPRISES: Seeks to Extend Plan Exclusivity to Oct. 5 ----------------------------------------------------------- NMR Enterprises NJ LLC and Online Stores PA LLC asked the U.S. Bankruptcy Court for the District of New Jersey to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to Oct. 5 and Dec. 2, 2026, respectively. For the reasons set forth, the relevant factors are satisfied here and, thus, the Debtors submit that sufficient "cause" exists to extend the Exclusivity Periods as requested herein: * Necessity of Sufficient Time to Formulate a Plan. The proposed sale of the Debtors' assets will affect substantively a potential plan of reorganization. There will be insufficient time before the current plan filing exclusivity period expires to finalize a Chapter 11 plan. Therefore, additional time is necessary. * Good Faith Progress Towards Reorganization. In the short period that the Debtors have been the subject of these chapter 11 proceedings, the Debtors have made significant progress including, but not limited to, filing the sale motion, rejecting unneeded executory contracts and implementing extensive cost cutting measures. * Post-Petition Obligations. The Debtors are current with their reporting obligations and post-petition administrative expenses. * Lapse Time of the Case. These chapter 11 cases are approximately three months old, and this is the first request for relief of this nature. The Debtors are well within the time permitted by the Code to make such a request. * Impact on Creditors. The Debtors are not seeking an extension of the Exclusivity Periods to pressure creditors to submit to any demands. * Unresolved Contingencies. To the best of the Debtors' knowledge, there are no significant unresolved contingencies that would substantially disrupt the Debtors' ability to satisfy their obligations to file a plan within the extended Exclusivity Periods. Counsel to the Debtors: Ilana Volkov, Esq. Pearl Shah Dalsania, Esq. Cynthia L. Botello, Esq. MCGRAIL & BENSINGER LLP 888-C 8th Avenue #107 New York, NY 10019 Telephone: (201) 931-6910 E-mail: ivolkov@mcgrailbensinger.com pshah@mcgrailbensinger.com cbotello@mcgrailbensinger.com About NMR Enterprises NMR Enterprises NJ, LLC and Online Stores PA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 26-11349) on Feb. 5, 2026. At the time of the filing, NMR reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million while Online Stores reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtors tapped Ilana Volkov, Esq., at McGrail & Bensinger, LLP, as legal counsel and CFGI, LLC as financial advisor. PATRIOT DSP: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, entered a final order authorizing Patriot DSP, LLC to use cash collateral to continue business operations. Under the final order, the Debtor is authorized to use cash collateral, including ordinary business revenues, in accordance with an approved budget. The Debtor is permitted flexibility to exceed individual budget line items by up to 110%, allowing it to manage operational needs while maintaining oversight. The Debtor projects 30-Days total operational expenses of $352,572.00. As adequate protection for secured creditors, the Court granted replacement liens on post-petition assets and cash collateral to the extent of any decline in the value of their prepetition interests. These liens maintain the same priority and validity as before the bankruptcy filing but do not extend to Chapter 5 avoidance actions or their proceeds. The order also provides for a carve-out to cover certain administrative expenses, including court fees, trustee fees, and approved professional fees. Additionally, the Debtor must make monthly adequate protection payments of $3,500 to the Small Business Administration. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/hNdri from PacerMonitor.com. About Patriot DSP LLC Patriot DSP LLC is an Amazon delivery service and electrical contractor business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-41165-mxm11) on March 16, 2026. In the petition signed by Blake Vaughn, owner, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Mark X. Mullin oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. PHCV4 HOMES: Secured Creditor Files Liquidating Plan ---------------------------------------------------- Senior secured creditor CoreVest American Finance Lender LLC ("CoreVest" or the "Plan Proponent") filed with the U.S. Bankruptcy Court for the Northern District of Alabama a Disclosure Statement describing Plan of Liquidation for PHCV4 Homes, LLC and affiliates dated May 11, 2026. Prior to the Petition Dates, the Debtors owned (or were in possession and control of) over two hundred single family homes and lots in various stages of construction, and nearly all properties owned as of the Petition Dates secured the obligations owed to CoreVest. During the Chapter 11 cases, numerous properties securing obligations owed to CoreVest (the "Liquidated Properties") were sold pursuant to Section 363 sale orders. In total, two hundred twenty-nine properties were sold and, as of the Plan filing date, no properties securing CoreVest's claims remain unsold. Most sale proceeds were remitted to CoreVest pursuant to Section 363 sale orders, and the remaining proceeds were remitted to the Debtors but were deemed, stipulated and ordered to be and remain as CoreVest's cash collateral, with use limited to payment of quarterly fees and insurance premiums on CoreVest's collateral. As of the Plan filing date, the Debtors were holding approximately $475,000 of CoreVest's cash collateral. CoreVest's aggregate outstanding balance as of the Petition Dates met or exceeded $36,436,413.20. As of the Plan filing date, the outstanding balance owing by the Debtors as to the CoreVest Loans was at least $3,969,040.63 (exclusive of certain post-petition accruals, default rate interest and legal fees). The Plan is a liquidating plan proposed pursuant to Sections 1121(c) and 1123 of the Bankruptcy Code for the liquidation of the Debtors. The Plan provides for, among other things, (a) orderly liquidation and distribution of estate assets; (b) monetization of remaining property, including the Mississippi Properties; (c) establishment of and compensation for a Plan Administrator; (d) vesting of remaining estate property in a Plan Administrator on the Effective Date (subject to liens in their respective priority); (e) reconciliation of Claims; (f) payment in full of administrative expenses, and (g) distributions of property of the bankruptcy estates to creditors in accordance with the Bankruptcy Code. The Plan contemplates that, as of the Effective Date, and in no event later than seven days thereafter, all funds in the Debtors' debtor-in-possession accounts will be disbursed as follows: (i) $25,000 to fund the Plan Administrator Carve-Out Fund, for the fees and expenses of the Plan Administrator; (ii) $50,000 to fund the Administrative Carve-Out Fund, for distribution in accordance with the Plan; (iii) $100,000 to fund the Unsecured Creditors Carve-Out Fund; for distribution in accordance with the Plan; and (iv) all remaining funds to CoreVest. Class 3 consists of General Unsecured Claims. The Plan provides that holders of allowed Class 3 claims will receive their pro rata share of (a) the Unsecured Creditors Carve-Out Fund (after payment of allowed priority claims, if any) plus (b) any net funds recovered by the Plan Administrator from post-confirmation asset liquidation and/or Causes of Action, up to 100% of such allowed General Unsecured Claims, subject to the Plan's limitation that creditors owing money to the estates or who have not repaid an avoided transfer are not entitled to a distribution. The Plan provides that if Class 3 holders receive 100% of allowed claims, CoreVest is entitled to remaining recovered assets on account of, and up to, its deficiency claim for amounts remaining owed after liquidation of CoreVest Collateral and distributions under Class 1. Class 5 consists of Equity Interest. The Plan provides no recovery; equity interests will be cancelled and terminated upon confirmation. The Plan contemplates funding from (a) the CoreVest Cash Collateral held in the DIP Accounts; (b) liquidation/monetization of remaining Post-Confirmation Estate Property, including the Mississippi Properties; and (c) recoveries from Causes of Action pursued by the Plan Administrator. The Plan provides for an Administrative Carve-Out Fund of $50,000 funded by CoreVest from CoreVest Cash Collateral for payment of Allowed Administrative Expense Claims and Professional Fee Claims. The Plan provides for an Unsecured Creditors Carve-Out Fund of $100,000 funded by CoreVest from CoreVest Cash Collateral to be held in trust by the Plan Administrator and distributed pro rata to Allowed Unsecured Claims in accordance with the Plan and Confirmation Order. The Plan Administrator Carve Out Fund will be funded from the CoreVest Cash Collateral and any unencumbered Post-Confirmation Estate Property. CoreVest reserves the right to make additional payments to the Plan Administrator for his/her fees and expenses, should the Plan Administrator Carve Out later be deemed insufficient, but nothing in the Plan shall require CoreVest to do so. A full-text copy of the Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=wERLbu from PacerMonitor.com at no charge. Attorneys for CoreVest American Finance Lender, LLC: CHRISTIAN & SMALL LLP Daniel D. Sparks, Esq. 1800 Financial Center 505 North 20th Street Birmingham, AL 35203 Telephone: (205) 250-6670 Email: ddsparks@csattorneys.com - and - BRADLEY ARANT BOULT CUMMINGS LLP Bryan E. Bates, Esq. Promenade Tower 1230 Peachtree Street NE. 21st Floor Atlanta, Georgia 30309 Telephone: (404) 868-2794 bebates@bradley.com About PHCV4 Homes PHCV4 Homes LLC is part of the residential building construction industry. PHCV4 Homes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 24-02751) on Sept. 10, 2024. In the petition filed by Misty M. Glass, as manager, the Debtor estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Tamara O. Mitchell presides over the case. The Debtor is represented by Frederick M. Garfield, Esq., at SPAIN & GILLON, LLC. PINT & BEAN: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, entered a final order authorizing Pint & Bean Cafe & Taproom, LLC, a Chapter 11 Subchapter V debtor, to continue using cash collateral. Under the final order, the Debtor is authorized to use cash collateral only in accordance with the approved budget, subject to a 15% variance per line item, unless otherwise approved by the court. The Debtor projects total monthly operational expenses of $49,179.88. As adequate protection, the U.S. Small Business Administration will be granted a replacement lien, with the same priority as its pre-petition liens but no liens will be granted on Chapter 5 avoidance actions or their proceeds. The order further provides that Bexar County ad valorem tax liens and any post-petition statutory tax liens under Texas law are not subordinated or primed by any liens granted in the order. The Debtor's authority to use cash collateral would terminate upon the earliest occurrence of several events: confirmation of a reorganization plan, entry of another court order modifying or terminating the authorization, dismissal or conversion of the bankruptcy case, or June 3. The order is available at http://bankrupt.com/misc/PintandBean_FCCOrder.pdf About Pint & Bean Cafe & Taproom LLC Pint & Bean Cafe & Taproom, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52976) on December 9, 2025. In the petition signed by Joseph O'Hare, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Craig A. Gargotta oversees the case. Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC, represents the Debtor as legal counsel. PRECIOUS GEMS: Unsecureds Will Get 5% of Claims over 5 Years ------------------------------------------------------------ Precious Gems Academy, Inc., filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Plan of Reorganization dated May 8, 2026. The Debtor operates a childcare center that has provided early childhood education and daycare services to families in Flemington, New Jersey and Hunterdon County since 2019. The Debtor is owned by two principals, Karen Villacari and Raquel Gonzalez, each holding a fifty percent ownership interest. The Debtor's decision to commence this Chapter 11 case was the result of a series of operational and financial challenges that developed over several years. Most significantly, the Debtor's business was adversely impacted by the COVID-19 pandemic. Beginning in or about March 2020, the Debtor was required to cease operations for several months through approximately July 2020. To improve and expand its operations, the Debtor applied for a Small Business Improvement Grant through the State of New Jersey. The grant application was ultimately denied, leaving the Debtor responsible for these costs without the anticipated funding support. The Debtor's financial condition was further strained by the entry of a judgment in June 2025 in favor of Itria Ventures, LLC in the amount of $170,204.50. The cumulative effect of these circumstances resulted in increasing financial pressure and liquidity constraints. As a result, the Debtor determined that seeking relief under Chapter 11 of the Bankruptcy Code was necessary to stabilize its operations, address its liabilities in an orderly manner, and pursue reorganization for the benefit of its creditors and continued business operations. This is a reorganization plan, wherein the Proponent seeks to accomplish payments under the Plan by reorganizing its assets and liabilities under Chapter 11, Subchapter V. The Effective Date of the proposed plan is the later of (a) thirty days following the date on which the Order of confirmation is signed by the United States Bankruptcy Court, or (b) the date on which the order of confirmation becomes final. Class 10 consists of General Unsecured Claims. General Unsecured Claims $1,120,806.99. This Class shall receive 5% of allowed claims paid monthly over 5 years with a monthly payment of $934.01. This Class is impaired. Funding for the Plan will be derived primarily from the Debtor's ongoing operations. The Debtor anticipates the Plan payments will be funded through increased revenues generated by efforts expanding and maintaining student enrollment and tuition collections, together with continued receipt of other routine program-related and operational income streams. A full-text copy of the Disclosure Statement dated May 8, 2026 is available at https://urlcurt.com/u?l=R0qgaJ from PacerMonitor.com at no charge. About Precious Gems Academy Precious Gems Academy, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.Y. Case No. 26-11503) on Feb. 10, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Karen Villacari as director. Judge Michael B. Kaplan oversees the case. The Debtor is represented by: Andrew J. Kelly, Esq. Stephen A. Schwimmer, Esq. The Kelly Firm, P.C. 732-449-0525 akelly@kbtlaw.com PRO ATHLETICS: Gets Interim OK to Use Cash Collateral Until June 19 ------------------------------------------------------------------- Pro Athletics, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through June 19, allowing it to continue operations while the bankruptcy proceedings progress. The Debtor's cash collateral consists of existing cash and future business revenue, subject to liens held by secured creditors. The Debtor identifies numerous secured creditors with liens om its assets, including Mega Bank, Geneva Capital, CIT Bank-related entities, Altcap-CA, National Funding, Financial Pacific Leasing, and several merchant cash advance lenders that filed UCC financing statements against substantially all assets or specific equipment. Several liens were recorded during the 90-day preference period preceding bankruptcy and may later be subject to scrutiny or avoidance actions. In addition to secured debt, the Debtor estimates it owes the Internal Revenue Service approximately $32,917 in priority taxes and has more than $511,000 in general unsecured debt, including credit cards, loans, and merchant cash advance obligations. As a condition of using cash collateral, the court required the Debtor to provide protection to Mega Bank through a monthly payment of $14,145. This payment is intended to protect the secured creditor from any decline in the value of its collateral. As additional protection, the court granted secured creditors replacement liens on the Debtor's assets, maintaining the same validity, priority, and extent as their pre-petition liens. These liens do not apply to Chapter 5 avoidance and turnover actions. The court has imposed restrictions on insider payments, prohibiting the Debtor from using cash collateral to pay insiders until all applicable Bankruptcy Code requirements, local rules, and U.S. Trustee guidelines are satisfied. A final hearing is scheduled for June 18, with objections due by June 11 and replies due by June 16. The order is available at http://bankrupt.com/misc/Alexco-USA_ICCOrder.pdf Pro Athletics describes itself as a uniform and athletic apparel manufacturer founded in 2009 that evolved from an import-based business into a domestic manufacturer with in-house production capabilities. The business experienced major financial difficulties during the COVID-19 pandemic when widespread shutdowns in sports and athletic events dramatically reduced demand for its products. To survive the downturn, the Debtor incurred substantial debt to maintain operations and retain employees. In 2023, it obtained a Small Business Administration loan in an attempt to consolidate liabilities but difficult market conditions in the sportswear industry continued through 2024 and 2025, preventing a return to pre-pandemic revenue levels. In late 2025, the Debtor attempted a strategic turnaround by pursuing larger commercial clients and relocating to a larger production facility in Los Angeles in January 2026 to accommodate anticipated growth. Although the Debtor claims it successfully secured new customers, the onboarding process and transition period created additional cash flow strain. To bridge this gap, the Debtor relied on merchant cash advance financing whose repayment obligations ultimately worsened liquidity problems and contributed to the bankruptcy filing. Despite the financial distress, the Debtor has a viable path toward reorganization and future profitability. The Debtor is only weeks away from activating a major new client relationship projected to generate up to $1.5 million in annual revenue once fully operational, with two additional clients expected to come online within four months. The Debtor believes that preserving ongoing operations through use of cash collateral will maximize the value of the business for all creditors and allow it to emerge successfully from Chapter 11. The Debtor does not own real estate but leases a production facility in Los Angeles. Its primary assets consist of approximately $82,000 in cash, about $29,000 in accounts receivable, a $10,500 security deposit, and leased equipment, with total estimated asset value of approximately $122,693. About Pro Athletics LLC Pro Athletics LLC is a uniform and athletic apparel manufacturer. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-14467) on May 5, 2026. In the petition signed by Christopher A. Serna, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Deborah J. Saltzman oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. PURSE LADIES: Unsecured Creditors to Split $27K over 36 Months -------------------------------------------------------------- The Purse Ladies Holdings, LLC, filed with the U.S. Bankruptcy Court for the Middle District of Florida a Subchapter V Plan of Reorganization dated May 7, 2026. The Debtor is a Florida limited liability company engaged in the sale of luxury handbags and accessories with store fronts located in Palm Beach County, Florida and Dual County, Florida. The Debtor operates out of its offices located at 21090 St. Andrews Blvd., Ste 1, Boca Raton, FL 33433 and 12795 San Jose Blvd., Ste 7, Jacksonville, FL 32223. The Debtor leases these premises and as of the date of the petition is current on the rental obligations with its landlord. This Chapter 11 bankruptcy case has been filed for the purpose of restructuring its secured debt obligations as well as providing for payment of general unsecured creditors on a pro-rata basis on the effective date of the plan. The Plan Proponent's financial projections show that the Debtor will have projected disposable income for the 3-year period of approximately $27,000. The final Plan payment is expected to be paid on June 1, 2029. This Plan of Reorganization and proposes to restructure its business loans and provide for payment to unsecured creditors of all disposable income during months 1-36 from future income of the Debtor derived from income generated through its business operations consisting of the sale of luxury handbags and accessories, in order to obtain a discharge pursuant to Section 1192 of the Bankruptcy Code. This Plan provides for one class of priority claims; two classes of secured claims; and one class of general unsecured claims. Class four unsecured creditors holding allowed claims will receive distribution under this Plan based on their pro rata share via monthly payments of the Debtor's disposable monthly income for 36 months beginning on the Effective Date of this Plan. This Plan also provides for the payment of administrative and priority claims either upon the effective date of the Plan, as agreed or as allowed under the Bankruptcy Code. Class 4 consists of General Unsecured Creditors. In full satisfaction of all Allowed Class 4 Claims, the Debtor shall pay the total sum of $27,000.00, payable in equal monthly installments of $750.00 per month for thirty-six months, commencing on the Effective Date. The payments to Class 4 are absolute and fixed and based upon the Debtor's projected disposable income as of the Confirmation Date, and represent a fixed, non-contingent payment obligation under this Plan. There shall be no reconciliation, recalculation, true-up, audit, or lookback of disposable income for purposes of modifying Class 4 distributions. Each holder of an Allowed Class 4 Claim shall receive its pro rata share of the foregoing payments, without interest. Class 4 is impaired by this Plan. Pursuant to sections 1141(b) and 1141(c) of the Bankruptcy Code, on the Effective Date, all property of the Estate, including all Causes of Action, shall vest in the Debtor free and clear of all Claims, Liens, Interests, charges, encumbrances, and other interests of any kind or nature whatsoever, whether arising before, on, or after the Petition Date, and whether known or unknown, contingent or non-contingent, liquidated or unliquidated, matured or unmatured, choate or inchoate, statutory or equitable. The Plan contemplates that the Debtor will continue to manage and operate its business with low operating expenses. The Debtor believes the cash flow generated from operations will be sufficient to make all Plan Payments and maintain existing operations, as established by the Projections. Funds generated from operations through the Effective Date will be used for Plan Payments; however, the Debtor's cash on hand as of Confirmation will be available for payment of Administrative Expenses. A full-text copy of the Subchapter V Plan dated May 7, 2026 is available at https://urlcurt.com/u?l=az0sNr from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas C. Adam, Esq. ADAM LAW GROUP, P.A. 2258 Riverside Avenue Jacksonville, FL 32204 (904) 329-7249 Phone (904) 606-1245 Facsimile Email: tadam@adamlawgroup.com About The Purse Ladies Holdings The Purse Ladies Holdings, LLC, is a Florida limited liability company engaged in the sale of luxury handbags and accessories. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00523) on Feb. 6, 2026, with up to $50,000 in assets and $100 million to $500 million in liabilities. Judge Jacob A. Brown oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A., is serving as the Debtor's bankruptcy counsel. RIBBIT ROOFING: Case Summary & 10 Unsecured Creditors ----------------------------------------------------- Debtor: Ribbit Roofing, LLC Ribbit Roofing & Construction Ribbit Roofing and Construction 3901 West Fwy, Ste 117 Forth Worth TX 76107 Business Description: Ribbit Roofing, LLC is a Fort Worth, Texas- based roofing company that provides residential and commercial roofing services. The company offers roof inspections, repairs, replacements, maintenance, insurance claims support, solar services, and exterior services. Ribbit Roofing serves homeowners, property managers, and building owners across Fort Worth and other Texas markets. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Northern District of Texas Case No.: 26-42160 Debtor's Counsel: Matthew Bobo, Esq. LAW OFFICE OF MATTHEW BOBO, PLLC 4916 Camp Bowie Blvd. Forth Worth, Texas 76107 Tel: 817-529-0774 Email: mbobo@mwblawyer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Eric Bachman as manager. A copy of the Debtor's list of its 10 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/POG3JZY/Ribbit_Roofing_LLC__txnbke-26-42160__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PCVAB2A/Ribbit_Roofing_LLC__txnbke-26-42160__0001.0.pdf?mcid=tGE4TAMA SHAMOKIN AREA SCHOOL DISTRICT: S&P Affirms 'BB' Rating on GO Debt ----------------------------------------------------------------- S&P Global Ratings S&P Global Ratings revised the outlook to stable from negative and affirmed its 'BB' underlying rating on Shamokin Area School District (ASD), Pennsylvania's general obligation (GO) debt outstanding. The stable outlook reflects the district's improved liquidity, which S&P believes provides it with sufficient cushion for cash flow over the outlook period despite a projected deficit in fiscal 2026. S&P said, "Environmental and social factors are neutral in our analysis. We view governance factors as weak, specifically governance structure and risk management, culture and oversight, as management uses unrealistic budget assumptions for its two largest expenditure pressures (cyber-charter and special education costs), as well as the district's inability to bridge its budget gap through an effective cost-cutting plan. Additionally, we note that the district has repeat audit findings regarding its internal controls. "The stable outlook reflects our view of the district's current sufficient liquidity to withstand financial pressures within the outlook period, despite anticipated deficits. "We could take negative rating action if the district fails to implement a sustainable cost-cutting plan, leading to a return of significant liquidity pressures and a materially weakened financial profile. "We could raise the rating if the district implemented sustainable budget adjustments that bridge its budget gap, leading to structural balanced operations absent support of one-time measures." SHREE OF MEMPHIS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Tennessee, Western Division entered a consent interim order authorizing Shree of Memphis, LLC's use of cash collateral through June 10. Under the interim order, the Debtor may use cash collateral in the ordinary course and according to its proposed budget during the specified interim period. The court found that State Bank of Texas holds a valid first-priority secured claim under a $2.8 million promissory note executed in September 2022. The loan is secured by liens on the hotel property, rents, revenues, hotel guest receipts, inventory, furniture, equipment, and related assets. The Debtor must provide monthly financial reports to State Bank of Texas, including revenue and expenditure information, budget comparisons, and additional reasonably requested information. The authorization automatically terminates upon specified events, including conversion of the case, appointment of a trustee, grant of superior liens to another creditor, stay relief affecting collateral, or plan confirmation-related deadlines. As adequate protection, State Bank of Texas received automatically perfected replacement liens on post-petition collateral to the extent of any diminution in value, along with superpriority administrative claims and monthly interest payments of $5,000 on the note beginning immediately upon entry of the order. The order also established a limited carve-out for court fees and United States Trustee expenses, made the protections immediately effective, and scheduled a final hearing on the Debtor's cash collateral motion for June 10. About Shree of Memphis Shree of Memphis, LLC is a two-member Limited Liability Company. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21265) on March 6, 2026, with $1 million to $10 million in both assets and liabilities. Judge M. Ruthie Hagan oversees the case. John Edward Dunlap, Esq., represents the Debtor as legal counsesbotl. SILVERROCK DEVELOPMENT: Includes Several Secured Claims Pay ----------------------------------------------------------- SilverRock Development Company, and affiliates submitted a Second Amended Combined Disclosure Statement for the Joint Plan of Liquidation dated May 11, 2026. Access to additional financing made possible by the DIP Facility also enabled the Debtors to pursue a primary objective in the Chapter 11 Cases: the marketing and sale of the Debtors' assets through a court-supervised process pursuant to Section 363 of the Bankruptcy Code. After satisfaction of all conditions precedent in the Sale Order, including the filing with the City of the Amended Development Plan, the Debtors closed the Sale to the Buyer on December 9, 2025 (the "Closing Date"). In connection therewith, the Debtors paid certain closing costs and the then outstanding amount of the DIP Financing out of the gross sale proceeds received from the Sale. The remainder of the sale proceeds were placed into an escrow account. Class 14 consists of Cypress Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Cypress Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Cypress Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For avoidance of doubt, any Deficiency Claim of the Holder of the Cypress Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 15 consists of the Axia Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Axia Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Axia Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the Axia Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 16 consists of the Goetz Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Goetz Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Goetz Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the Goetz Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 17 consists of the Young's Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Young's Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Young's Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the Young’s Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 18 consists of the 20/20 Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the 20/20 Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the 20/20 Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the 20/20 Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 19 consists of the Gensler Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Gensler Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Gensler Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the Gensler Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 20 consists of the MSA Consulting Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the MSA Consulting Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the MSA Consulting Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the MSA Consulting Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 21 consists of the BAR Architects Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the BAR Architects Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the BAR Architects Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the BAR Architects Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 22 consists of the Cockrell Electric Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Cockrell Electric Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Cockrell Electric Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the Cockrell Electric Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 23 consists of the Trimark Raygal Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Trimark Raygal Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Trimark Raygal Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the Trimark Raygal Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 24 consists of the J. Ginger Masonry Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the J. Ginger Masonry Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the J. Ginger Masonry Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the J. Ginger Masonry Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 25 consists of the White's Steel Secured Claim. Subject to final resolution or determination of the Remaining Disputes, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the White's Steel Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the White's Steel Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment of such Claim in full in Cash. For the avoidance of doubt, any Deficiency Claim of the Holder of the White's Steel Secured Claim shall constitute a Class 27 General Unsecured Claim. Class 26 consists of the Robert Green Disputed Secured Claim. The Robert Green Disputed Secured Claim will be subject to objection. Subject to d any objections that may be asserted by the Debtors or the Litigation Trust, and as soon as reasonably practicable thereafter, except to the extent that the Holder of the Robert Green Disputed Secured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, the Holder of the Robert Green Disputed Secured Claim will receive, in exchange for full and final satisfaction of such Claim, payment in full of the Allowed amount of such Claim (if any) in Cash . For the avoidance of doubt, any Deficiency Claim of the Holder of the Robert Green Disputed Secured Claim shall constitute a Class 27 General Unsecured Claim. The Plan will be implemented by, among other things, the appointment of the Litigation Trustee and the making of Distributions from the Litigation Trust Assets, including all Cash and the proceeds, if any, from the prosecution, settlement, or other disposition of any Retained Causes of Action, in accordance with the Plan and the Litigation Trust Agreement. Except as otherwise provided in the Plan, on and after the Effective Date, all assets of the Estates, including all claims, rights, Retained Causes of Action and any property acquired by the Debtors under or in connection with the Plan, shall vest in the Litigation Trust, free and clear of all Liens, Claims, and Interests, subject to the substantive consolidation provided for herein. The Plan implements a structure, by which all rights of parties to assert and contest the Remaining Disputes are fully preserved and the Sale proceeds shall be held in escrow subject to final resolution and determination of the Remaining Disputes among the parties asserting rights to the Sale proceeds by the Bankruptcy Court or among the parties. This structure is set forth in the Global Settlement by and between the Debtors, the City, and the Settling Creditors and is incorporated herein. Except as otherwise provided in the Plan or the Combined Order, on the Effective Date, the Debtors shall transfer the Litigation Trust Assets to the Litigation Trust, and all such assets shall vest in the Litigation Trust on such date, to be administered by the Litigation Trustee in accordance with the Plan and the Litigation Trust Agreement. A full-text copy of the Second Amended Combined Disclosure Statement and Plan dated May 11, 2026 is available at https://urlcurt.com/u?l=0cm2yI from PacerMonitor.com at no charge. Co-Counsel to the Debtors: WILSON SONSINI GOODRICH & ROSATI, P.C. Erin R. Fay, Esq. Shane M. Reil, Esq. Catherine C. Lyons, Esq. 222 Delaware Avenue, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 304-7600 E-mails: efay@wsgr.com sreil@wsgr.com clyons@wsgr.com Co-Counsel to the Debtors: LAW OFFICES OF BENJAMIN M. CARSON, P.C. Victor A. Vilaplana, Esq. 823 La Jolla Rancho Rd. La Jolla, CA 92037 Telephone: (619) 840-4130 Email: vavilaplana@g -and- Benjamin M. Carson, Esq. 5965 Village Way, STE E105 San Diego, CA 92130 Telephone: (858) 255-4529 Email: ben@benjamincarsonlaw.com About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, at Armstrong Teasdale. SK INDUSTRIES: Gets Final OK to Use Cash Collateral --------------------------------------------------- SK Industries, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral to fund operations. Under the final order, the Debtor may spend funds in accordance with its budget, with up to a 10% variance for each budget line item. Any spending above approved levels could provide grounds for relief sought by lender Regions Bank through further court action. As protection, Regions Bank, the Debtor's lender, was granted post-petition replacement liens on all personal property of the Debtor, including accounts receivable. In addition, the Debtor was ordered to make a monthly payment of $15,000 to Regions Bank and to keep its property insured in accordance with the terms of their loan agreement. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/exqPr from PacerMonitor.com. About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. Regions Bank, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com SKYE A. SMITH: Files Emergency Bid to Use Cash Collateral --------------------------------------------------------- Skye a. Smith DDS, LLC asks the U.S. Bankruptcy Court for the Eastern District of Louisiana for authority to use cash collateral and provide adequate protection. The Debtor explains that it operates a fee-for-service dental practice and filed for Chapter 11 protection in order to restructure debts, stabilize operations, and eventually repay creditors through a court-approved reorganization plan. The company remains in possession of its assets and continues managing its business while under bankruptcy protection, with Greta M. Brouphy serving as the Subchapter V trustee. The cash collateral consists of funds that may be subject to the security interest of The Huntington National Bank. According to the filing, the bank holds a mortgage and security interest covering essentially all of the Debtor's assets. At the time of the bankruptcy filing, the outstanding loan balance owed to Huntington was approximately US$434,848, while the estimated value of the Debtor's assets was only about US$120,000. The Debtor argues that immediate access to cash collateral is essential to maintain operations and preserve value for creditors. The requested funds would be used for ordinary and necessary business expenses, including rent, insurance, utilities, supplies, software and IT services for dental equipment, telecommunications, and restructuring-related administrative costs associated with the Chapter 11 case. To justify the request, the Debtor submitted a six-month projected budget covering April 1 through September 1, 2026. The budget estimates total income of US$58,200, primarily from a “Share Space Licensee Agreement” that provides lease income of $9,500 per month, totaling $57,000 over the six-month period. Dental service income is projected to contribute an additional $1,200. On the expense side, projected operating expenses total $30,952 and include lease rental space costs, software and IT expenses, phone and internet services, insurance, malpractice coverage, and office supplies. Administrative expenses, including legal and professional fees related to the bankruptcy case, are estimated at US$6,000. After expenses, the Debtor projects net income of approximately $21,248. As adequate protection for the lender, the Debtor proposes granting Huntington a replacement lien on post-petition assets, including current and future rents, to the extent of the secured value of the lender's collateral as of the bankruptcy filing date. A copy of the motion is available at https://urlcurt.com/u?l=MDtLw9 from PacerMonitor.com. About Skye A. Smith DDS LLC Skye A. Smith DDS, LLC, doing business as Poise Dental Studio, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10772) on March 31, 2026, with $100,001 to $500,000 in assets and liabilities. Judge Meredith S. Grabill presides over the case. Cynthia Lee Traina, Esq. at the Law Office Of Cynthia Lee Traina represents the Debtor as legal counsel. SPANISH BROADCASTING: Court OKs DIP Loan, Cash Collateral Access ---------------------------------------------------------------- Spanish Broadcasting System, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral and obtain post-petition financing to get through bankruptcy. The financing is a superpriority senior secured debtor-in-possession multi-draw term loan facility of up to $30 million. Under the interim order, the Debtors are authorized to obtain an initial $7 million. The DIP financing is being provided directly by existing pre-petition noteholders including Bardin Hill Investment Partners, Bayside Capital and Brigade Agency Services LLC, the administrative and collateral agent; and is structured to avoid a value-destructive priming litigation dispute. The capital injection is segmented into distinct operational tranches: Interim Draw: $7 million made immediately available upon entry of the interim DIP order to resolve immediate liquidity shortfalls coming out of the company's weakest seasonal business cycle. Final Draw Tranche A: Up to $13 million accessible upon the court entering a final DIP order. Final Draw Tranche B: The remaining $10 million accessible post-final order subject to either explicit written consent from designated RSA backstop parties or the activation of a contractually defined Sale Pivot Date. The financing carries a 9.75% non-default interest rate matching the pre-petition notes, includes a 2.00% default interest premium, and matures on December 31, 2026, unless accelerated or extended up to 90 days for regulatory clearances. To secure the $30 million post-petition funding, the Debtors are granting the DIP secured parties senior, fully perfected, and non-avoidable priming liens on substantially all of their assets. Because the pre-petition noteholders are the very parties providing the DIP facility, this priming structure is entirely consensual, allowing the Debtors to bypass the intense legal battles that typically arise when a debtor attempts to force a junior position onto existing creditors. Furthermore, pursuant to section 364(c)(1), the DIP agent is granted an allowed superpriority administrative expense claim. The interim DIP order is available at http://bankrupt.com/misc/SBS_IDIPOrder.pdf The court scheduled a final hearing for June 8 and set a June 1 deadline for filing objections. Before putting forth the DIP facility, the Debtors' investment banker, GLC Advisors & Co., vetted the broader market by soliciting alternative post-petition financing proposals from 24 independent third-party institutions. Because the Debtors' assets are heavily encumbered by pre-petition liens, third-party lenders refused to offer junior financing, and existing noteholders refused to grant consensual priming rights to any outside capital, cementing the proposed DIP facility as the only viable funding option. Operationally, the facility binds the Debtors to strict compliance with an approved budget. This includes bi-weekly variance reporting requirements that strictly limit unfavorable weekly cash receipt deviations to 20% and cumulative disbursement overages to 10%, ensuring disciplined fiscal oversight during the Chapter 11 proceedings. The Debtors' bankruptcy filing serves as the mechanism to execute a prepackaged plan of reorganization backed by a Restructuring Support Agreement executed on April 3, 2026. The RSA represents a heavily negotiated agreement supported by holders of over 90% of the Debtors' sole funded debt—$310 million in 9.75% Senior Secured Notes that matured without payment on March 1, 2026. Following a brief 30-day forbearance period, the consensual plan aims to dramatically deleverage the Debtors' balance sheet by reducing its funded debt by more than 75%, dropping the principal debt down to $70 million. This balance sheet right-sizing is intentionally structured to leave general trade and unsecured creditors entirely unimpaired while preserving the Debtors' operational relationships with its audience, vendors, and employees. About Spanish Broadcasting System Inc. Spanish Broadcasting System, Inc. (Spanish Broadcasting) owns and operates radio stations in addition to the AIRE radio network, digital interactive services, and live events focused on Spanish language content. Spanish Broadcasting System, Inc. and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10737) on May 11, 2026. In its petition, the Debtor reports $100 million to $500 million in both assets and liabilities. The Hon. Bankruptcy Judge Brendan Linehan Shannon handles the jointly administered cases. The Debtors retained as Chief Restructuring Officer, Jesse York, of the firm Riveron Management Services, LLC; GLC Advisors & Company as investment banker; the law firms of Fried, Frank, Harris, Shriver & Jacobson LLP and Morris, Nichols, Arsht & Tunnell LLP as restructuring counsel; and Kroll Restructuring Administration LLC as notice, claims and administrative agent. An ad hoc group of noteholders to Spanish Broadcasting System, Inc. is represented by Milbank LLP and Richards, Layton & Finger, P.A. as counsel. * * * The Debtors filed a plan of reorganization and disclosure statement together with their Chapter 11 petitions. The Confirmation Hearing, at which time this Court will consider, among other things, the adequacy of the Disclosure Statement and confirmation of the Plan, will be held on June 25, 2026, at 10:00 a.m. (Prevailing Eastern Time). Any objections to adequacy of the Disclosure Statement and confirmation of the Plan must have been received by June 18. SPANISH BROADCASTING: Unsecureds "Unimpaired" in Prepackaged Plan ----------------------------------------------------------------- Spanish Broadcasting System, Inc., and its Debtor Affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Prepackaged Plan dated May 11, 2026. The Debtors are a premier cross-platform media company connecting U.S. Hispanics across the United States through radio, television, and digital platforms. Founded in 1983, and headquartered in Miami, Florida, the Debtors own and operate radio stations located in the top U.S. Hispanic markets of New York City, Los Angeles, Miami, Houston, Chicago, San Francisco, Orlando, Tampa, and Puerto Rico, and also operate AIRE Radio Networks, a national radio platform. In addition to cross-platform media distribution, the Debtors produce a nationwide roster of live concerts and events, and provide digital marketing solutions through DigIdea, a pure-play digital marketing department. On April 3, 2026, the Debtors and the Ad Hoc Committee entered into the Restructuring Support Agreement that contemplates an in-court restructuring of the Debtors through a prepackaged chapter 11 plan of reorganization. The Restructuring Support Agreement provides for a comprehensive balance sheet restructuring that is expected to significantly reduce the Debtors’ debt and interest burden, and set them up for long-term success. Under the terms of the Restructuring Support Agreement, the existing common and preferred stock of SBS, along with the Existing Notes, will be cancelled. Holders of the Existing Notes will receive their Pro Rata share of (i) 100% of the New Common Stock of Reorganized SBS, subject to dilution solely by a Management Incentive Plan comprising a pool of up to 10% of the fully diluted New Common Stock, and (ii) up to $70 million in aggregate principal amount of new 9.750% Senior Secured Notes due 2030 issued by Reorganized SBS (referred to as the New Secured Notes), provided, that in the event of the DIP Claims are converted into New Superpriority Secured Notes, the principal amount of the New Secured Notes will be decreased on a dollar-for-dollar basis by the amount of New Superpriority Secured Notes that are issued under the Plan. Under the terms of the Plan, the Debtors expect to implement the terms of the Restructuring Support Agreement to restructure the Debtors' capital structure. The overall purpose of the Plan is to provide Reorganized SBS with the ability to continue serving its core audiences. Generally, the Plan provides for the following: * The Debtors will implement a comprehensive restructuring of the Debtors' capital structure in accordance with the Restructuring Support Agreement; * The Existing Notes will be cancelled in exchange for the issuance of New Secured Notes and New Common Stock by Reorganized SBS on the Effective Date, except that the Existing Indenture will remain in effect to the extent necessary to permit Holders of the Existing Notes Claims to receive distributions under the Plan; * The Debtors' FCC licenses will undergo a Transfer of Control in connection with the issuance of the New Common Stock; * Allowed General Unsecured Claims will be Unimpaired and will receive payment in full; * All Allowed Priority Tax Claims, Administrative Claims, Other Priority Claims, Other Secured Claims are Unimpaired and will receive payment in full; * All property in the Debtors’ Estates, and any property acquired by the Debtors through the Plan, will vest in the Reorganized Debtors, free and clear of all Liens, Claims, charges, or other encumbrances, subject to the potential sale of certain noncore assets; and * All existing preferred and common equity interests will be cancelled and receive no consideration. The Debtors also will enter into a $30 million debtor-in possession term loan facility, referred to as the DIP Facility, that will be offered to all Holders of Existing Notes Claims on a Pro Rata basis and backstopped by certain Holders of Existing Notes Claims, the proceeds of which will be used to provide liquidity to the Debtors' business and support their restructuring efforts, all on terms and conditions set forth in the DIP Facility Documents. Class 4 consists of all General Unsecured Claims. In exchange for the full and final satisfaction, settlement, release, and discharge of its Allowed General Unsecured Claim, unless otherwise agreed by a Holder of an Allowed General Unsecured Claim with the applicable Debtor or Reorganized Debtor (with the prior consent of Required Consenting Creditors), to the extent not previously satisfied during the Chapter 11 Cases: (i) such Holder shall receive payment in full in Cash on the later of the Effective Date and the date that is ten (10) Business Days after such General Unsecured Claim becomes an Allowed Claim; or (ii) such Holder shall receive such other treatment as will render its Allowed General Unsecured Claim Unimpaired. The election of clause (i) or (ii) in the foregoing sentence shall be at the option of the Debtors or the Reorganized Debtors, as applicable, subject to the consent of the Required Consenting Creditors. Claims in Class 4 are Unimpaired. Each Holder of an Allowed Claim in Class 4 is conclusively presumed to have accepted the Plan and is, therefore, not entitled to vote on the Plan. Class 6 consists of all Intercompany Interests. On the Effective Date, Intercompany Interests shall be reinstated for administrative convenience, unless otherwise determined by the Debtors or the Reorganized Debtors, as applicable, but with the consent of the Required Consenting Creditors. Except as otherwise provided in the Plan, or the Plan Supplement, or in any agreement, instrument, or other document incorporated in the Plan, on the Effective Date, pursuant to sections 1141(b) and (c) of the Bankruptcy Code, all property in each Estate, and any property acquired by the Debtors pursuant to the Plan shall vest in the Reorganized Debtors, free and clear of all Liens, Claims, charges, or other encumbrances. The Plan is a joint chapter 11 plan for each of the Debtors, with the Plan for each Debtor being non-severable and mutually dependent on the Plan for each other Debtor, except to the extent the Debtors elect to sever one or more Debtors from the Plan. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with (i) Cash on hand, (ii) New Secured Notes, (iii) New Superpriority Secured Notes (if applicable), (iv) Cash raised from new debt permitted by the New Superpriority Secured Notes and New Secured Notes (if applicable); and (v) New Common Stock. A full-text copy of the Disclosure Statement dated May 11, 2026 is available at https://urlcurt.com/u?l=LiZOJN from Kroll Restructuring Administration LLC. The Debtors' Counsel: Robert J. Dehney, Sr., Esq. Casey B. Sawyer, Esq. Matthew B. Harvey, Esq. Daniel B. Butz, Esq. Alexis L. Sullivan, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, Delaware 19801 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: rdehney@morrisnichols.com mharvey@morrisnichols.com dbutz@morrisnichols.com csawyer@morrisnichols.com asullivan@morrisnichols.com - and - Jennifer L. Rodburg, Esq. Robert Bickford, Esq. Thomas Dunn, Esq. FRIED, FRANK, HARRIS, SHRIVER & JACOBSON LLP One New York Plaza New York, New York 10004 Tel: (212) 859-8000 Fax: (212) 859-4000 Email: jennifer.rodburg@friedfrank.com robert.bickford@friedfrank.com thomas.dunn@friedfrank.com About Spanish Broadcasting System Spanish Broadcasting System, Inc. and its subsidiaries are a cross-platform media company founded in 1983 and headquartered in Miami, Florida. The company owns and operates radio stations, operates AIRE Radio Networks, owns MegaTV, and manages digital properties including LaMusica and HitzMaker. It also produces live concerts and events, provides digital marketing solutions through DigIdea, and generates revenue primarily from advertising airtime sales and digital advertising placements. The company serves U.S. Hispanic audiences and works with local, national, and network advertisers. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10708) on May 11, 2026, with $100 million to $500 million in assets and liabilities. Jesse York, chief restructuring officer, signed the petition. Judge Brendan Linehan Shannon presides over the case. The Debtors tapped Morris, Nichols, Arsht & Tunnell LLP and Fried, Frank, Harris, Sherive & Jacobson LLP as counsel; Riveron Management Services, LLC as restructuring advisor; GLC Advisors & Company as investment banker; and Kroll Restructuring Administration LLC as notice, claims & administrative agent. SPIRIT AVIATION: Seeks $275 MM DIP Loan From Wilmington ------------------------------------------------------- Spirit Airlines, LLC and affiliates ask the U.S. Bankruptcy Court for the Southern District of New York for authority to obtain a new debtor-in-possession financing facility designed to refinance certain existing aircraft debt and facilitate the orderly completion of previously approved aircraft sale transactions during the Chapter 11 wind-down process. Spirit's financial condition deteriorated sharply due to geopolitical events that caused a sustained increase in fuel prices and a severe liquidity crisis, ultimately forcing the airline to abandon reorganization efforts and pursue an orderly wind-down of operations. As part of that wind-down, Spirit intends to preserve and consummate the previously approved sale of 20 Airbus aircraft to CSDS Asset Management LLC, the designated stalking horse purchaser under the court-approved HFS Sale Order. The proposed financing is intended to stabilize and streamline that sale process by replacing a highly complicated network of existing aircraft mortgage debt with a single unified financing structure. It is a senior secured, non-amortizing DIP facility in an aggregate principal amount of up to $275 million. The financing would be provided by certain lenders already participating in Spirit's existing DIP facility and would be administered by Wilmington Trust National Association as administrative and collateral agent. The proceeds of the new HFS DIP Facility would primarily be used to repay the outstanding prepetition aircraft mortgage debt secured by the aircraft involved in the HFS sale transactions, referred to as the Existing HFS Debt. Additional proceeds would be used to pay associated fees, costs, interest, breakage expenses, and other transaction-related obligations. The Debtors argue that refinancing this debt is essential because the existing financing arrangements involve extensive cross-default and cross-collateralization provisions among multiple aircraft and lender groups, creating substantial operational and legal complications that threaten the timing and execution of the aircraft sales. The Debtors describe how the existing aircraft financing structure creates major obstacles to consummating the rolling aircraft deliveries contemplated under the stalking horse agreement. Under the current structure, Spirit cannot simply sell one aircraft independently if it belongs to a Financing Group linked to other aircraft through cross-collateralized obligations. Instead, the Debtors may be forced to pay down debt associated with an entire financing group merely to release one aircraft for delivery. The situation is further complicated by engines installed across different aircraft groups, requiring costly and operationally difficult reconfigurations before delivery. These interlocking financing arrangements threaten to delay closings, strain the Debtors' limited liquidity during the wind-down, and jeopardize the value of the estate. By consolidating the debt into a single DIP facility, Spirit contends it can eliminate these cross-default issues and close aircraft sales more efficiently based solely on operational readiness rather than financing constraints. The risk posed by 11 U.S.C. section 1110(c) gives aircraft financiers special repossession rights in bankruptcy. Because Spirit has ceased operations and entered wind-down mode, the holders of the existing aircraft mortgage debt may attempt to repossess aircraft collateral to protect their own interests. The Debtors argue that such actions could materially diminish estate value, interfere with the approved sale process, and undermine the integrity of the HFS Sale Order. The proposed DIP refinancing would replace those existing lenders with DIP lenders whose incentives are aligned with maximizing sale proceeds and successfully completing the aircraft transactions for the benefit of the broader creditor body. The Debtors seek to grant the lenders significant protections under the Bankruptcy Code. These protections include first-priority perfected liens on the aircraft collateral, including priming liens under section 364(d), as well as superpriority administrative expense claims under section 364(c)(1). The Debtors also seek authority to waive surcharge rights under section 506(c), permitting the DIP lenders to avoid bearing estate administrative expenses related to their collateral. Additionally, the Debtors request modification of the automatic stay to allow the DIP lenders to exercise remedies if specified termination events or defaults occur. The economic terms of the financing are substantial. The lenders would receive an 8% put option premium on the total commitments, earned upon execution of the commitment letter and generally payable in kind upon funding. The Debtors also agreed to an upfront payment equal to 2% of funded loans, payable either in cash or through original issue discount treatment. Interest on the facility would accrue at either Term SOFR plus 10.25% or Base Rate plus 9.25%, at the borrower’s election, with interest payable in kind monthly and ultimately due at maturity or repayment. The Debtors note that this payment-in-kind structure is especially important because Spirit is no longer generating operating revenue and requires near-term liquidity preservation during the wind-down process. The proposed DIP facility would mature on the earliest of: 12 months after the first borrowing date, conversion or dismissal of the chapter 11 cases, or acceleration following an event of default. The motion outlines numerous conditions precedent to funding, including entry of a final DIP order acceptable to the lenders, absence of defaults, accuracy of representations and warranties, delivery of corporate authorization documents, payment of lender fees and professional expenses, and confirmation that all existing liens securing the refinanced debt have been released. The facility also contains extensive default provisions, including nonpayment, violations of covenants, termination of the aircraft sale agreement, invalidity of financing documents, conversion of the bankruptcy cases, adverse court orders, and the granting of competing liens. The Debtors argue that the financing terms were negotiated in good faith and at arm's length and represent a sound exercise of business judgment under the circumstances. They maintain that the DIP facility is necessary to preserve estate value, ensure the orderly implementation of the wind-down, protect the viability of the aircraft sale process, and maximize recoveries for stakeholders. The Debtors stress that without this refinancing, they face heightened risks of operational disruption, aircraft repossession actions, delayed closings, and reduced sale proceeds, all of which could significantly impair the estates during the final stages of the bankruptcy proceedings. A copy of the motion is available at https://urlcurt.com/u?l=E9CRtb from PacerMonitor.com. A court hearing is scheduled for May 27. About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines is a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP, as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. Judge Lane approved the appointment of Marc Heimowitz of Coda Advisory Group, LLC as examiner. The Examiner hired Glenn Agre Bergman & Fuentes LLP as counsel; and M3 Advisory Partners, LP as financial advisor. The Air Line Pilots Association and the International Association of Machinists and Aerospace Workers are represented by Cohen, Weiss and Simon LLP. SQA MAHADEV: Gets Interim OK to Use Cash Collateral --------------------------------------------------- SQA Mahadev, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, to use cash collateral through June 10. Under the interim order, the Debtor may continue using cash collateral in the ordinary course of business and in accordance with its budget while attempting to reorganize. The court found that State Bank of Texas holds a valid first-priority secured claim arising from a $3.2 million promissory note executed in September 2022. The loan is secured by liens on the hotel property, rents, revenues, guest receipts, contracts, trademarks, inventory, furniture, equipment, and related assets. State Bank of Texas declared the loan in default in September 2025, accelerated the debt, and demanded full payment by October 15, 2025 after the Debtor failed to satisfy the note at maturity. The Debtor must provide State Bank of Texas with monthly financial reports, including operating revenues, expenditures, and comparisons between actual and budgeted performance. The authority to use cash collateral automatically terminates upon certain triggering events, including conversion of the case, appointment of a trustee, grant of superior liens to another creditor, stay relief affecting collateral, or plan confirmation-related deadlines. As adequate protection, State Bank of Texas received automatically perfected replacement liens on post-petition collateral and superpriority administrative expense claims to the extent of any diminution in value of its collateral. Unlike a related Memphis hotel bankruptcy involving SHREE OF MEMPHIS, LLC, the Debtor here is not required to make interim monthly interest payments pending the final hearing. The order also preserves State Bank of Texas's right to continue accruing interest and fees under the loan documents and establishes a carve-out for court and U.S. Trustee fees. A final hearing is scheduled for June 10. About SQA Mahadev LLC SQA Mahadev, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 26-21282) on March 6, 2026, with between $1 million and $10 million in both assets and liabilities. The Honorable Bankruptcy Judge Denise E. Barnett handles the case. The Debtor is represented by John Edward Dunlap, Esq., at The Law Office of John E. Dunlap. State Bank of Texas, as lender, is represented by Michael P. Coury, Esq., at Glanker Brown, PLLC. STAGG EQUITIES: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Stagg Equities LLC 320 Roebling Street Suite 518 Brooklyn, NY 11211 Business Description: Stagg Equities LLC owns a six-unit apartment building at 323 Stagg Street in Brooklyn, New York. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42397 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mayer Kohn as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FNW3QFA/Stagg_Equities_LLC__nyebke-26-42397__0001.0.pdf?mcid=tGE4TAMA STG LOGISTICS: Receives Court Approval for Reorganization Plan -------------------------------------------------------------- STG Logistics Inc., one of the nation's largest providers of integrated port-to-door services and supply chain solutions for cargo owners and logistics providers, announced on May 18, 2026, that the United States Bankruptcy Court for the District of New Jersey has approved the Company's Plan of Reorganization, marking a significant milestone toward the completion of its chapter 11 process in the coming weeks. With this approval, STG is positioned to emerge from chapter 11 as a financially stronger company poised for long-term success. "Confirmation of our Plan is a monumental milestone that puts our company on a clear path to emerge from chapter 11 with a strong financial foundation and significantly deleveraged capital structure," said Geoff Anderman, Chief Executive Officer of STG Logistics. "With meaningfully reduced debt levels and new capital to invest in our business, we will be well-positioned to continue doing what we do best: delivering integrated port-to-door solutions and exceptional service to our customers. This achievement would not have been possible without the tireless efforts of our team, the loyalty of our customers and partners, and the support of our financial stakeholders and advisors." Through the approved Plan, the Company will reduce its funded debt obligations by more than $1 billion and receive the final $25 million of the $150 million in previously committed capital to support business operations. The Plan also finalizes the previously announced settlement of the litigation with STG's minority lenders related to the Company's 2024 liability management transaction. Upon emergence, STG will be under the ownership of a group of leading financial institutions, led by funds managed by affiliates of Fortress Investment Group, Fidelity Management & Research Company, and Invesco Senior Secured Management, that support the Company's go-forward strategy as North America's leading integrated multi-modal transportation and logistics provider. STG's operations will continue in the ordinary course of business throughout the remainder of the chapter 11 process, with full continuity of its integrated port-to-door service offerings. Advisors Kirkland & Ellis LLP and Cole Schotz P.C. are serving as legal counsel, AlixPartners LLP is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. The ad hoc group of existing lenders is represented by Gibson, Dunn & Crutcher LLP as legal counsel and Evercore Group L.L.C. as financial advisor. White & Case LLP is serving as counsel to the Special Committee of the Company's Board of Managers. About STG Logistics Inc. STG Logistics Inc. is a leading 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 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10258) on January 12, 2026. In its petition, the Debtor reports up to $10 billion in liabilities. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. TBN MURRAY: Unsecured Creditors Will Get 39.98% over 60 Months -------------------------------------------------------------- TBN Murray FAM, LLC, filed with the U.S. Bankruptcy Court for the Southern District of Texas a Plan of Reorganization under Subchapter V dated May 7, 2026. Several factors forced this bankruptcy filing. General market conditions caused a decrease in revenue at the same time Debtor was being mismanaged by a former business partner who has been ousted. Debtor required loans and turned to the SBA and then to merchant cash advance lenders. Debtor then fell behind on truck loan payments. Facing repossession of its trucks, which would have been instant demise of the business, bankruptcy was necessary. Ch.11 is the Debtor's opportunity to recover. Based on the plan projections, the Debtor's total projected disposable income, as that term is defined by section 1191(d), to be committed to the payment of claims for the period described in section 1191(c)(2) for sixty months is $811,783.67. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from income generated from continued operations of the Debtor. Class 2 consists of General Unsecured Claims. These unsecured creditors shall receive a pro rata distribution at zero percent per annum. These payments shall begin on the 15th day of the calendar month following the Effective date of the plan and continuing on the 15th day of each month thereafter. The payments shall be made from the unsecured creditors pool that is being distributed to unsecured creditors over the life of the Plan. Debtor will pay 39.98% of the Class 2 claims. The allowed unsecured claims total $865,416.01. Terrandy Properties LLC is Debtor's landlord. Debtor scheduled this claim for back rent at $50,000.00. This was an estimate, and Debtor has since confirmed that total amount due under the lease is $28,700.00. Debtor and Terrandy have agreed upon a repayment plan for that amount. Debtor will pay to Terrandy $1,000.00 per month, in addition to ongoing lease obligations. The franchisor of Debtor filed this claim of $29,723.32 for amounts owed under the franchise agreement. Debtor will pay all cure amounts according to the terms set forth in the order entered by the Court on April 20, 2026. The Debtor will continue operating its business to generate funds to fund plan payments. The Plan will break the existing claims into four classes of Claimants. These claimants will receive repayments over a period of time beginning on or after the Effective Date. There will be no change in the membership interests of the Debtor. A full-text copy of the Plan of Reorganization dated May 7, 2026 is available at https://urlcurt.com/u?l=X1HNjx from PacerMonitor.com at no charge. Counsel to the Debtor: THE LANE LAW FIRM, PLLC Robert C. Lane, Esq. 6200 Savoy, Suite 1150 Houston, Texas 77036 (713) 595-8200 Voice (713) 595-8201 Facsimile About About TBN Murray Fam LLC TBN Murray Fam LLC is a service business that provides services for organizing packing, moving of business and household items. The Company is a Two Men and a Truck franchise. The Debtor is owned by Bonnie Murray (60% membership interest) and Thomas Murray (40% membership interest). The Murrays are a married couple who together manage all aspects of the Company's operations. TBN Murray Fam sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-30845) on Feb. 6, 2026. In the petition signed by Thomas Murray, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. TEADS HOLDING: Posts $38.8MM Loss in Q1, Maintains Strong Liquidity ------------------------------------------------------------------- Teads Holding Co. it has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $38.8 million for the three months ended March 31, 2026, as compared to net loss of $54.8 million for the three months ended March 31, 2025. Revenue for the three months ended March 31, 2026 decreased $20.4 million, or 7.1%, to $266 million, from $286.4 million for the three months ended March 31, 2025. Liquidity and Capital Resources As of March 31, 2026, the Company believes that its operating cash flows, together with its cash and cash equivalents, investments, and available borrowing capacity, will be sufficient to fund its anticipated operating expenses and capital expenditures for at least the next 12 months. The Company's assessment of liquidity is subject to various risks and uncertainties, including its operating performance, the timing and collectability of receivables from advertisers and obligations to media partners. Sources of Liquidity The Company's primary sources of liquidity are cash receipts from advertisers, cash and cash equivalents, investments in marketable securities, and available borrowing capacity under its 2025 Revolving Facility (as defined below). As of March 31, 2026, the Company had cash and cash equivalents of $85.5 million and short-term investments of $13.2 million. In addition, the Company had up to $40 million of available borrowing capacity under its 2025 Revolving Facility, subject to customary conditions and covenant limitations. As of March 31, 2026, approximately $66.7 million of the Company's cash was held by non-U.S. subsidiaries. The Company's previously undistributed earnings of foreign subsidiaries are not indefinitely reinvested due to current U.S. funding needs. At March 31, 2026, the Company has a deferred tax liability of $8.4 million associated with the expected tax consequences of future distributions of foreign earnings, including amounts related to cash and cash equivalents held outside the United States. The Company has historically experienced higher cash collections during the first quarter due to seasonally strong fourth quarter sales, which typically results in a reduction in working capital requirements during the first quarter. The Company expects this seasonal collection pattern to continue; however, its net cash provided by operating activities is also subject to the timing of semi-annual interest payments occurring in February and August of each year. In the first quarter of 2026, this resulted in a $31.4 million cash outflow. There was no comparable interest payment in the first quarter of 2025 as the underlying debt facility was entered into in the first quarter of 2025, with the first semi-annual payment occurring in August 2025. Revolving Credit Facility The Company maintains a $100 million revolving credit facility pursuant to the credit agreement dated February 3, 2025, among the Company, OT Midco Inc., the additional borrowers party thereto from time to time, Goldman Sachs Bank USA, as sole administrative agent and swingline lender, U.S. Bank Trust Company, National Association, as the collateral agent, and the lenders, issuing banks and arrangers party thereto from time to time. The 2025 Revolving Facility may be used for working capital and general corporate purposes. As of March 31, 2026, the Company had no borrowings outstanding under the 2025 Revolving Facility and was in compliance with all applicable financial covenants. The 2025 Revolving Facility includes a customary springing financial covenant that requires the Company and its restricted subsidiaries to comply with a maximum senior secured net leverage ratio, in the event that utilization under the 2025 Revolving Facility exceeds 40%. As of March 31, 2026, the Company's available borrowing capacity was limited to $40 million to maintain compliance with the springing financial covenant. Material Cash Requirements The Company plans to meet its liquidity needs through available cash, cash generated from operations and available borrowing capacity. The Company's primary uses of liquidity include payments to media partners, operating expenses, capital expenditures, and interest payments on its long-term debt. The Company's arrangements with media partners are generally based on variable bids tied to impressions or may include guaranteed minimum payments if specified performance targets are achieved, and in certain cases include revenue-sharing arrangements. As of March 31, 2026, the Company had approximately $628.2 million aggregate principal amount of Senior Secured Notes outstanding, which mature on February 15, 2030. The Senior Secured Notes require annual interest payments of approximately $62.8 million, payable semi-annually in February and August. The Company does not have any significant contractual principal debt maturities in the near term. The Company was in compliance with all applicable financial covenants as of March 31, 2026. In addition, the Company's French subsidiary maintains a short-term €15 million overdraft credit facility with HSBC (the "Overdraft Facility") which may be used to fund the general working capital needs of Teads France SAS. The Overdraft Facility had outstanding borrowings of $17.2 million as of March 31, 2026 and carries a variable rate of interest based on the three-month EURIBOR plus a margin of 1.8%. The Company is currently in discussions with HSBC and expects to pay down the Overdraft Facility in full via a payment plan of up to six months. The Company may from time to time pursue acquisitions or investments in complementary businesses or technologies. The Company may from time to time seek to purchase or exchange its outstanding debt through privately negotiated transactions, open market purchases, redemptions, tender offers or otherwise. Any such purchases or retirement of debt will be made in the Company's sole discretion in light of prevailing market conditions, applicable contractual limitations, liquidity requirements and other relevant factors. The amounts involved in any such purchase transactions, individually or in the aggregate, may be material. Share Repurchases On December 14, 2022, the Company's Board approved a stock repurchase program authorizing the Company to repurchase up to $30 million of its Common Stock. There were no shares repurchased under the stock repurchase program during the three months ended March 31, 2026. As of March 31, 2026, the remaining availability under the Company's $30 million share repurchase program was $6.6 million. In addition, the Company periodically withholds shares to satisfy employee tax withholding obligations in connection with the vesting of equity awards. During the three months ended March 31, 2026 and 2025, the Company withheld 45,161 shares and 73,000 shares, respectively, with a fair value of less than $0.1 million and $0.4 million, respectively, to satisfy the minimum employee tax withholding obligations. Capital Expenditures and Capitalized Software Development Costs The Company's cash flows used in investing activities include capital expenditures and capitalized software development costs. The Company expects capital expenditures to be between $3 million and $5 million for the year ending December 31, 2026, primarily related to servers, computing equipment, and other infrastructure. The Company also expects capitalized software development costs to be between $20 million and $27 million in 2026, primarily related to continued investment in its platform, including infrastructure to support AI and machine learning capabilities and the development of internal software to enhance scalability and operational efficiency. Actual amounts may vary from these estimates. Other Contractual Cash Obligations In the ordinary course of business, the Company enters into non-cancelable purchase commitments, primarily related to data services, hosting and network infrastructure, and other technology and platform-related costs. These commitments support the ongoing operation and scalability of the Company's platform. The Company also enters into arrangements with certain media partners that may include guaranteed minimum payments tied to performance metrics. These arrangements may result in losses on individual contracts if guaranteed amounts exceed the revenue ultimately generated. In addition, the Company has obligations under its long-term debt arrangements and operating leases, as well as liabilities related to uncertain tax positions, the timing of which cannot be reasonably estimated. Operating Activities Net cash used in operating activities increased $33.9 million, to $34.9 million for the three months ended March 31, 2026, as compared to $1 million for the three months ended March 31, 2025, primarily driven by the $31.4 million semi-annual interest payment made in February 2026 for the Company's Senior Secured Notes. Investing Activities Cash used in investing activities decreased $537.7 million to cash used of $8.6 million in the three months ended March 31, 2026, from cash used of $546.3 million in the three months ended March 31, 2025. This change was primarily related to the prior year $598.3 million of cash consideration paid, net of cash acquired, in connection with the Acquisition. Financing Activities Net cash provided by financing activities decreased $596.2 million, resulting in a negligible use of $0.1 million in the three months ended March 31, 2026. The prior year period included significant activity related to the Company's Acquisition financing including $625 million in proceeds from the Bridge Facility and $625.3 million from the Senior Secured Notes, offset by the subsequent repayment of the Bridge Facility and partially offset by debt financing related cost payments of $28.2 million. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/5bffwpmp About Teads Teads Holding Co. (f/k/a. Outbrain Inc.) and TEADS combined on February 3, 2025. The combined company has been operating under the new Teads brand and the corporate name was changed from Outbrain Inc. to Teads Holding Co. (Nasdaq: TEAD) on June 6, 2025. Teads is the omnichannel outcomes platform for the Open Internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes for branding and performance objectives, Teads drives value with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 30+ countries. As of March 31, 2026, the Company had $9 million in total assets, $2.8 million in total liabilities, and $6.2 million in total stockholders' equity. * * * In November 2025, Fitch Ratings has downgraded Teads Holding Co. and OT Midco. Inc.'s (collectively, Teads) Company Default Rating (IDR) to 'CCC+' from 'BB-'. Fitch has also downgraded the senior secured instruments to 'CCC+' with a Recovery Rating of 'RR4'. The downgrade reflects delays in successful merger integration, which prevented Teads from achieving its projected EBITDA of $180 million for 2025. Consequently, the company's financial risk profile has materially deteriorated. The downgrade also reflects the possibility that the company may not be able to realize substantial revenue growth and cost optimization in 2026, which could delay deleveraging prospects and result in further negative rating actions. TOTAL FIBER: Moglia Advisors' Alex Moglia Appointed as Receiver --------------------------------------------------------------- The Hon. Mark S. Davis of the U.S. District Court for the Eastern District of Virginia entered an agreed order directing the appointment of Moglia Advisors' Alex D. Moglia as receiver for Total Fiber Recovery @ Chesapeake, LLC. UMB Bank, N.A., requested the appointment of a receiver. UMB Bank, N.A., not individually but solely in its capacity as trustee under an Indenture dated as of June 1, 2022, filed a complaint against Total Fiber relating to the $65,000,000 Virginia Small Business Financing Authority Solid Waste Disposal Revenue Bonds (Total Fiber Recovery Chesapeake Project) Series 2022 (Amt) (Green Bonds). A Motion for Appointment of Receiver was filed March 27, 2026, and a Stipulation for Entry of Consent Order Appointing Receiver was filed April 20, 2026. To facilitate a transition of ownership and operations, the Trustee seeks the appointment of Alex D. Moglia, not individually but solely as receiver, as assisted by Moglia Advisors' staff, to enter upon and take exclusive power, authority and control over the property, assets, management, operations, maintenance, leasing, repair and preservation of the property of Total Fiber Recovery @ Chesapeake, LLC, both real and personal, including the operations of the solid waste treatment, disposal and recycling facilities for the pulping of post-consumer mixed waste paper and old corrugated cardboard into clean, recycled pulp located at 1447 Precon Drive, Chesapeake, Virginia. Through the Stipulation, TFRC consents to the relief requested in the Motion. The Court finds and concludes that appointment of a receiver in this action is necessary and appropriate for the protection of the Plaintiff. The Court Ruled that Mr. Moglia, with the assistance of Moglia Advisors, is appointed as the receiver for the Borrower and for all real and personal, tangible and intangible property of the Borrower (the Receivership Assets), including, without limitation: A. All of the Premises as defined in the Leasehold Deed of Trust, Security Agreement and Fixture Filing with Assignment of Rents and Leases, dated as of June 1, 2022 (the Leasehold Mortgage), by and between Trustee and Borrower, duly recorded in the Real Property Records of Chesapeake, Virginia; B. All of Borrower's personal and fixture property of every kind and nature including all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents (including, if applicable, electronic documents), accounts (including health-care-insurance receivables), chattel paper, deposit accounts, letter-of-credit rights, commercial tort claims, securities and all other investment property, money, cash or cash equivalents, supporting obligations, any other contract rights or rights to the payment of money, insurance claims, all general intangibles (including all payment intangibles, and any books, records or information relating to the foregoing and any proceeds of the foregoing; and C. All contracts and agreements of any nature relating to the Project about the acquisition, development, construction, design, architecture, engineering management, maintenance, leasing, use, or operation of the Project all transferable permits, licenses and authorizations of any governmental body necessary or useful in connection with the construction, operation and use of the Project For the avoidance of doubt, the Receivership Assets shall not include: (i) any funds set off by the Trustee before the entry of this Order or (ii) any of the following (the Excluded Claims and each, an Excluded Claim): any claims, litigation, or recovery against any director of the Borrower, Emerging Acquisitions, LLC, an Oregon limited liability company. National Recovery Technologies, LLC, a Delaware limited liability company. Total Fiber Recovery, LLC, an Oregon limited liability company, Cellmark, Inc., a Delaware corporation, Cellmark Paper, Inc., a Delaware corporation, or any of their respective members, owners, shareholders, partners, subsidiaries, officers, directors, employees, attorneys, or accountants, except for claims for injury to the Borrower resulting from or arising out of a breach of that certain Settlement and Release Agreement, dated April 17, 2026, by and among Trustee and the Borrower, Emerging Acquisitions, LLC, National Recovery Technologies, LLC, and Cellmark, Inc, by any party to the Settlement Agreement except the Trustee. The trustees, directors, officers, managers, employees, investment advisors, accountants, attorneys, independent contractors, and other agents of the Borrower are subject to dismissal at the discretion of the Receiver, and the powers of any general partners, directors, officers, managers, members, and employees of the Borrower may be suspended at the discretion of the Receiver. Except for the Receiver, no other person holding or claiming any position of any sort with the Borrower shall possess any authority to act by or on behalf of the Borrower except as expressly granted by the Receiver. The Receiver, and Moglia Advisors, its shareholder(s), officers, directors, employees and independent contractors shall have the same immunity the Court possesses. The Receiver shall be entitled to any rights of indemnification to the fullest extent provided to officers, directors, and/or managers of the Borrower under the Borrower's operative governance documents (including operating agreement and/or bylaws) and applicable law, and the indemnity liability will be covered by the available receivership Assets through the end of this receivership. The receivership shall not be terminated, and the rights of the parties subject to this Order shall remain in full force, until this Court enters an order terminating the receivership. Within 30 business days after the termination of the receivership, the Receiver shall file with the Court and serve upon Plaintiff and Borrower his final report and accounting for the receivership, and the Receiver or Plaintiff may request that the Court enter an order approving such final report and accounting and discharging the Receiver from his duties under this Order. The Receiver shall have all necessary powers to operate and manage the Receivership Assets, all in accordance with the terms hereof, including, without limitation, the sole and exclusive authority: A. To enter upon and take immediate possession of the Receivership Assets, and all personal property owned or utilized by Borrower that relates in any manner to the management or operation of the Receivership Assets; B. To demand, collect and receive the income, rents, revenues, proceeds and profits derived from the Receivership Assets, which amounts the Receiver shall deposit into a segregated account at a federally insured bank; C. To access and use office equipment and systems used by Borrower in the operation and management of the Receivership Assets, including but without limitation computer equipment, software, login credentials, access requirements, licenses, subscriptions, authorizations, and the like; D. In the name of the Receiver or the Borrower, to apply, obtain, and pay any reasonable fees for any lawful license, permit, or other governmental approval relating to the Receivership Assets; E. To take any steps necessary to receive, collect, and review all mail or other parcels relating to the Receivership Assets addressed to Borrower or its agent, including, but not limited to, mail or other parcels addressed to any post office boxes held in the name of Borrower or Borrower's agent, assignee, or nominee, and to instruct the U.S. Postmaster and any other mail or parcel carrier or service to reroute, hold, and/or release said mail or other parcels to the Receiver; and F. To apply to this Court for further direction and for such further powers as may be necessary to enable the Receiver to fulfill its duties. Neither the Receiver, nor Moglia Advisors, attorneys, other professionals, agents, or employees of the Receiver are liable for the Borrower's debts, obligations, or liabilities, whether arising out of contract, tort, or otherwise, or for the acts or omissions of any officer, director, manager, agent, or employee of the Borrower. The Receiver is authorized, empowered, and directed to investigate the manner in which the financial and business affairs of the Borrower were conducted and, upon obtaining Trustee's written consent, to institute such actions and legal proceedings as the Receiver deems necessary and appropriate, other than with respect to any Excluded Claim. Borrower and its officers, directors, members, affiliates, general partners, agents, property managers, architects, contractors, subcontractors, and employees are directed to: A. Turn over to the Receiver the possession of the Receivership Assets, including all service contracts, all keys to all locks on the Receivership Assets, and the records, books of account, ledgers and all business records for the Receivership Assets, work reports, advertising materials, a list of utility companies and account information for the Receivership Assets, a list of all suppliers and account information for the Receivership Assets, forms, receipts, orders or stipulations affecting any of the Receivership Assets, financial statements, employee lists and check ledgers, equipment and inventory lists, and any other item or information reasonably necessary to effectuate the duties contemplated in this Order B. Submit to examination by the Receiver, or by any other person upon order of the Court, under oath, concerning the acts, conduct, property, liabilities and financial condition of that person or any matter relating to the Receiver’s administration of the Receivership Assets and the Borrower. Borrower and its officers, directors, general partners, limited partners, shareholders, members, agents, consultants, affiliates, property managers, architects, contractors, subcontractors, employees, and all other persons with actual or constructive knowledge of this Order and their agents and employees, are enjoined from transferring, selling, assigning, revoking, returning, terminating or canceling, or taking or failing to take any action that would compromise, without the written consent of the Receiver, any contract, permit, approval, license, privilege, or right necessary for the operation of business at or use and occupancy of the Receivership Assets. The Trustee is authorized but not required to make advances to protect the Receivership Assets and Plaintiffs' interest therein (Advances), including for purposes of allowing the Receiver to pay the First-Priority Expenses if operating revenues are insufficient to pay such amounts. The Receiver shall be compensated at its standard hourly rate, which is $550.00 per hour. In addition to the Receiver's fees, the Receiver shall be reimbursed for his reasonable costs, including fees and expenses of the Receiver's legal counsel, travel expenses, and other business expenses associated with the Receivership (such costs and expenses together with all other fees and expenses of the Receiver Parties. Within 15 business days of the end of each month, the Receiver may apply to the Court for compensation and expense reimbursement from the Receivership Assets. Before filing each monthly fee application with the Court, the Receiver will serve upon counsel for Plaintiff and any other persons as Plaintiff may direct a complete copy of the proposed monthly fee application, together with all exhibits and relevant billing information. The Receiver may seek authorization of this Court to file voluntary petitions for relief under Title 11 of the U.S. Code (the Bankruptcy Code) for the Borrower. If the Borrower is placed in bankruptcy proceedings, the Receiver may become, and may be empowered to operate the Borrower and the Receivership Assets as a debtor-in-possession. Within 30 business days of this Order, Receiver shall file with the Court a budget for operations of the receivership for the first 120 business days of the receivership that is consented to in writing by the Trustee, and which will be based on a minimum cash balance of $ 100,000 or as mutually agreed to by the Trustee and the Receiver. The Receiver shall cause to be paid, on behalf of the Borrower and the Receivership Assets, all expenses necessary to operate the Receivership Assets, not to exceed the amounts permitted by the Budget and any Variances. The Receiver shall provide the Court, the parties or their counsel, if applicable, and anyone filing a notice of appearance in the case, monthly reports on the operations and financial affairs of the Receivership Assets. The Receiver, Moglia Advisors, and the Receiver's attorneys, accountants, employees, agents, servants, appraisers, auctioneers, brokers, and any other independent contractors and technical specialists, acting within the scope of such agency are entitled to rely on all outstanding rules of law and orders of this Court and shall not be liable to anyone for their own good faith compliance with any order, rule, law, judgment, or decree. Nothing contained in this Order, nor the grant or exercise of any powers provided herein to the Receiver, Moglia Advisors, and/or the Trustee shall cause the Receiver, Moglia Advisors, and/or the Trustee to be considered a past or present owner, operator or other potentially responsible or liable party pursuant to any provision of any federal, state or local law, case law, statute, code, ordinance, regulation, requirement, or rule relating to dangerous, toxic, or hazardous pollutants, hazardous substances, or chemical waste, materials or substances, including without limitation the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), and the Virginia Waste Management Act (VWMA). The Receiver shall notify all known creditors of the Borrower of the entry of this Order by sending a copy of the Order to said creditors at their last known mailing addresses or via any method for service provided in any relevant agreement between the Borrower and such creditors. This Court shall retain jurisdiction over any disputes arising from the receivership, or relating to the Receiver’s actions therein or to the Receivership Assets, which jurisdiction shall be exclusive and shall survive the termination of the receivership. None of the Trustee's liens, claims, or other security interests in the Receivership. Assets shall be affected by this Order, nor shall the appointment impair the Trustee's right or ability to proceed with any nonjudicial foreclosure of the Receivership Assets now posted or hereafter posted by the Trustee, with the express understanding that nonjudicial foreclosure of the Receivership Assets may occur without further order of the Court. About Total Fiber Recovery @ Chesapeake, LLC Total Fiber Recovery @ Chesapeake, LLC owns a recycled pulp processing facility located at 1447 Precon Drive, Chesapeake, Virginia. Total Fiber is facing a receivership case captioned as UMB Bank, N.A. as Trustee v. Total Fiber Recovery @ Chesapeake, LLC, an Oregon limited liability company, Case No. 2:26-cv-00297 (E.D. Va.), before the Hon. Mark S. Davis. The case was filed on March 27, 2026. Counsel for Plaintiff UMB Bank, N.A. as Trustee: Jackson D. Toof, Esq. ArentFox Schiff LLP 1717 K Street NW Washington, DC 20006 Tel: (202) 857-6000 Fax: (202) 857-6395 Email: jackson.toof@afslaw.com - and - Mark Angelov, Esq. Eric Roman, Esq. ArentFox Schiff LLP 1301 Avenue of the Americas, Floor 42 New York, NY 10019-6040 Tel: (212) 484-3900 Fax: (212) 484-3990 Email: mark.angelov@afslaw.com eric.roman@afslaw.com TRINKINTRINKIN REST: Case Summary & 19 Unsecured Creditors ---------------------------------------------------------- Debtor: TrinkinTrinkin Rest by JJ, LLC 20717 NW 2nd Ave Miami Gardens, FL 33169 Business Description: TrinkinTrinkin Rest by JJ, LLC, doing business as Trinkin Trinkin, operates a restaurant in Miami Gardens, Florida, offering subs, sandwiches and other meal options for delivery and pickup. The company serves local diners and customers who place direct orders through its online ordering website. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-16252 Debtor's Counsel: Thomas Zeichman, Esq. ZEICHMAN LAW 2385 NW Executive Center Drive, Suite 30 Boca Raton, FL 33431 Tel: 561-486-9360 Email: Tom@ZeichmanLaw.com Total Assets: $140,544 Total Liabilities: $1,361,658 The petition was signed by Jhonatan D. Gomez as manager. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F34TWPQ/TrinkinTrinkin_Rest_by_JJ_LLC__flsbke-26-16252__0001.0.pdf?mcid=tGE4TAMA TRIWAYS INC: Gets Court Nod to Use Cash Collateral -------------------------------------------------- Triways Inc. got the green light from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to use cash collateral. The Debtor needs access to cash collateral to continue operating during the bankruptcy process and to pursue a successful reorganization. It intends to use such funds to pay ordinary business expenses. The Debtor has numerous secured creditors with active UCC financing statements, including the U.S. Small Business Administration, Wells Fargo, First-Citizens Bank & Trust, TIAA, EverBank, First Commonwealth Equipment Finance, Horizon Capital, Bellwether Capital, Katan Capital, Speedy Funding, and others. Several liens were recorded close to or even after the bankruptcy filing, raising potential preference and validity issues. The Debtor also owes tax liabilities to the IRS and California Employment Development Department, in addition to unsecured debts for vendors, utilities, rent, and contractors. To protect secured creditors while using the cash collateral, the Debtor offers granting replacement liens on post-petition assets to compensate for any decline in collateral value resulting from the use of cash collateral. It also offers monthly adequate protection payments to the SBA while other secured creditors would receive replacement liens. The Debtor experienced severe financial distress after losing a major customer for eight months, causing a monthly revenue decline of roughly $300,000. At the same time, the Debtor was paying approximately $250,000 per month to multiple merchant cash advance lenders. One lender, Horizon Capital NY L.P., allegedly contacted the Debtor's customers directly and demanded payment of receivables, causing confusion and leading some customers to withhold payments. The resulting cash flow crisis caused the Debtor to fall behind on rent, and its landlord obtained an unlawful detainer judgment before the bankruptcy filing, terminating the Debtor's right to remain at its facility. The Debtor now must relocate its operations while attempting to stabilize finances. The Debtor estimates its assets exceed $3.3 million, including approximately $1.1 million in accounts receivable, 22 trucks valued at about $2.19 million, forklifts worth $20,000, and limited cash reserves of just over $10,500. Most of the trucks are reportedly paid off. About Triways Inc. Triways Inc is a corporate entity engaged in transportation or logistics-related services. Triways Inc sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13355) on April 28, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1,000,000 to $10,000,000. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by Michael Jay Berger, Esq. TRM NRE: Gets Interim OK for DIP Financing From TRM Equity Fund --------------------------------------------------------------- TRM NRE Holding, LLC and TRM NRE Acquisition, LLC received interim approval from the U.S. Bankruptcy Court for the District of Delaware to obtain debtor-in-possession financing and use cash collateral to get through bankruptcy. The interim order, signed by Judge Karen Owens, authorized the Debtors to obtain an initial $2 million from their sponsor, TRM Equity Fund II LP or its affiliate, which has committed to provide up to $3 million in DIP financing. According to the Debtors, this financing package is necessary to maintain operational stability, complete customer projects, collect accounts receivable, pay ordinary-course obligations, and maximize enterprise value during the bankruptcy process, adding that cash collateral alone would not be sufficient to finance ongoing operations. The financing would mature 185 days after the petition date unless terminated earlier by events such as plan confirmation, dismissal, conversion to Chapter 7, or default. Interest would accrue at 10% annually, payable in kind, with a 2% default-rate increase. The facility also included a 0.5% commitment fee and a 0.5% exit fee, both payable in kind, although the exit fee would be waived if a restructuring plan acceptable to the DIP lender were confirmed. Under the financing terms, the DIP lender would receive junior secured liens and superpriority administrative claims against substantially all assets of the Debtors, subject to carve-outs for professional fees and certain statutory expenses. The financing package also established detailed covenants, budget compliance requirements, reporting obligations, and milestones governing the Chapter 11 process. Key milestones included entry of final DIP orders within 35 days, filing of a disclosure statement and restructuring plan by July 30, commencement of a sale process if plan approval was delayed, confirmation of a plan by October 8, 2026, and effectiveness of the plan shortly thereafter. Meanwhile, pre-petition secured parties will be granted protection for any decline in the value of their collateral resulting from the DIP financing or the use of cash collateral. Such protections included replacement liens, superpriority administrative claims, and payment of certain professional fees incurred by the prepetition lenders' advisors. The order is available at http://bankrupt.com/misc/TRMNRE_IDIPOrder.pdf Since the bankruptcy filing on April 21, the Debtors had engaged in extensive negotiations with both their prepetition secured lenders and the sponsor regarding case financing. Initially, the parties reached an agreement permitting interim use of cash collateral for the first several weeks of the Chapter 11 proceedings, which was approved by the Bankruptcy Court through an Interim Cash Collateral Order. Thereafter, the Debtors solicited financing proposals from the prepetition secured parties, the sponsor, and third-party lenders. Led by an independent director and chief restructuring officer, the Debtors conducted what they described as a competitive and good-faith process, ultimately determining that the sponsor's Junior DIP Facility offered the best available option economically, strategically, and legally. The Debtors said that third-party lenders were unwilling to provide financing on a junior basis within the required timeframe, making the sponsor financing the only realistic path forward. The Debtors characterized the negotiations among themselves, the sponsor, and the prepetition secured parties as hard-fought and arm’s-length. They asserted that the financing structure would stabilize the business while facilitating value-maximizing restructuring transactions for the benefit of creditors. Prior to bankruptcy, the Debtors were parties to a March 3, 2025 Loan and Security Agreement with Great Rock Capital Partners Management, LLC as administrative agent and GRC SPV Investments, LLC as lender. This facility consisted of three components: a revolving credit facility with a $15 million commitment tied to borrowing-base assets, term loans originally totaling approximately $11.7 million secured by machinery and equipment, and an uncommitted delayed-draw term loan facility of up to $3 million. As of the bankruptcy filing, approximately $20.2 million in principal obligations remained outstanding under the revolver and term loans combined. These obligations were secured by first-priority liens on substantially all of the Debtors' assets. Additional credit support included approximately $2 million held in escrow, funded partly by the sponsor and partly by the Debtors themselves. The sponsor also held a separate subordinated secured note issued by TRM NRE Acquisition LLC in the original amount of approximately $13.1 million bearing interest at 10% annually. However, under a subordination agreement with the prepetition secured lenders, the sponsor’s liens and payment rights were fully subordinated to the prepetition debt. The Debtors also owed unsecured obligations, including a seller note with an outstanding balance of approximately $120,000 and roughly $3 million in general unsecured trade debt. About TRM NRE TRM NRE is a Mt. Vernon, Illinois-based company that supplies new, used, and remanufactured locomotives and provides locomotive, diesel engine, rail, marine, and power-related services. The company offers leasing, field services, parts, salvage operations, overhauls, wreck repairs, and locomotive design, manufacturing, and re-engineering. It also provides marine and industrial diesel engine sales and service, automation and control services, and engine generator set and equipment sales. TRM NRE serves Class 1, regional, short line, government, and industrial railroads, along with OEMs, leasing companies, marine and industrial power customers, gas and oil platforms, and stationary power users. TRM NRE Holding LLC and TRM NRE Acquisition LLC filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No 26-10568) on April 21, 2026. The petitions were signed by Shaun Karn as authorized signatory. Each Debtor reported estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. The Hon. Karen B. Owens presides over the cases. The Debtors are represented by DLA Piper LLP. Bayard, P.A. serves as bankruptcy co-counsel to the Debtors. Stretto, Inc. is the Debtors' claims and noticing agent. TRM Equity Fund II LP, as DIP lender, is represented by: Joseph Barry, Esq. Joseph M. Mulvihill, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square, 1000 North King Street Wilmington, DE 19801 Telephone: (302) 571-6600 Email: jbarry@ycst.com jmulvihill@ycst.com CM/ECF Noticing: bankfilings@ycst.com TSUNAMI RESTAURANTS: Court Denies Bid for Substantive Consolidation ------------------------------------------------------------------- Judge Michael A. Crawford of the U.S. Bankruptcy Court for the Middle District of Louisiana denied the motions of Kabuki, LLC, Hairando, LLC, Dai Yon, LLC, and Tsunami Restaurants, LLC for substantive consolidation. On March 2, 2026, the limited liability companies who own the following four related sushi restaurants filed voluntary petitions for bankruptcy relief pursuant to chapter 11: Kabuki, LLC, Hairando, LLC, Dai Yon, LLC, and Tsunami Restaurants, LLC. Shortly after, the Debtors filed motions seeking substantive consolidation of their cases. The United States Trustee and the subchapter V trustee, Ryan Richmond filed briefs objecting to substantive consolidation in all four cases. Soaring Oaks LLC and the Office at Highland, LLC d/b/a HQ@Highland, Hairando's Landlord, filed an objection in Hairando's bankruptcy case. No creditor of any of the Debtors filed a supporting brief. The Debtors have the same membership: 50% Yoi Okason, LLC and 50% Yoi Asa, LLC. They are all sushi restaurants called Tsunami located in south Louisiana with identical menus -- two in Baton Rouge, one in Lafayette, and one in New Orleans. They each have the same director and culinary director. The two restaurants located in Baton Rouge, Kabuki and Hairando, share a manager. The other two restaurants have different managers. The Debtors share an insurance policy for which they each pay their portion. Each Debtor has a separate property lease and landlord. Each Debtor has its own bank account, payroll, its own books and records, and files its own tax returns. The Debtors transfer money amongst themselves without formal loan documents; however, those transfers are booked as "due to" or "due from" in their separate business records. The Debtors share some, but not all, of the same vendors, many of whom are now creditors in more than one of these cases. Those vendors invoice each Debtor separately. Not surprisingly, the Debtors' loans are cross-collateralized so that the assets of each entity are collateral for the loans of the other entities. The Debtors contend that their creditors have treated them as one entity. The Debtors' director, Brandon Hargrave, and their financial advisor, Darryl Schouest, testified at the evidentiary hearing. Mr. Hargrave testified to his belief that creditors considered all the Debtors as one when extending terms and providing goods and services. He suggested that the cross-collateralization of their loans was evidence of that fact. Mr. Schouest testified that his only knowledge regarding this issue came from Mr. Hargrave's representations to him. No creditors presented testimony or evidence that they dealt with the Debtors as a single economic unit, and no creditors supported substantive consolidation. According to the court, the self-serving testimony of Mr. Hargrave is insufficient to carry the Debtors' burden. Indeed, it was established at the hearing that the Debtors' vendors invoiced each location separately. This is further evidenced by the fact that some of them have already filed separate proofs of claim for different amounts in each case. Each Debtor has its own lease and a different landlord, and rent is one of the largest monthly expenses for each Debtor. The court says it belies all logic to suggest that these landlords treated the Debtors as a single economic unit. The court finds that the Debtors did not carry their burden of proving by a preponderance of the evidence that creditors dealt with the entities as a single economic unit and did not rely on their separate identities in extending credit. The Debtors argue substantive consolidation is warranted because they are inextricably intertwined. The Debtors contend that they have a symbiotic relationship and rely on the resources, assets, and operational assets of each other to exist as going concerns. The court finds that the Debtors have not carried their burden of proving by a preponderance of the evidence that their affairs are so entangled that consolidation would benefit all creditors. On the contrary, the uncertainty about the New Orleans location, Dai Yon, and possible significant administrative claims and rejection damage claims suggests multiple creditors could actually be significantly worse off by substantively consolidating the cases. The U.S. Trustee, Subchapter V Trustee, and Hairando's Landlord contend that the Debtors would exceed the statutory limit to proceed in subchapter V if their cases were substantively consolidated. The court finds it unnecessary to reach this issue, as it will rule on other grounds. A copy of the Court's Memorandum Opinion dated May 15, 2026, is available at http://urlcurt.com/u?l=0dt6sifrom PacerMonitor.com. About Tsunami Restaurants, LLC Tsunami Restaurants, LLC is a hospitality company engaged in restaurant operations specializing in sushi and Asian-inspired dishes. The company operates dining establishments that cater to customers seeking modern and upscale culinary experiences. Tsunami Restaurants, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. M.D. La. Case No. 26-10176) on March 2, 2026. The Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000 in its bankruptcy petition. Honorable Bankruptcy Judge Michael A. Crawford presides over the case. The Debtor tapped H. Kent Aguillard, Esq. and Caleb K. Aguillard, Esq., of Aguillard Law, to serve as legal counsel; Breaud & Meyers, APLC as special counsel; Patrick J. Gros CPA APAC as accountant; and Don Juan Enterprises, LLC, dba Exit Strategy USA, as consultant. The Acting U.S. Trustee for Region 5 appointed Ryan Richmond as Subchapter V trustee for Tsunami Restaurants, LLC. UGLYDUCKLINGRENO LLC: Claims to be Paid from Property Sale Proceeds ------------------------------------------------------------------- UglyDucklingReno, LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement with respect to Plan of Reorganization dated May 8, 2026. The Debtor owns one single family home in Escambia County, Florida. The Debtor has no other business operations. The Debtor filed this case in order have sufficient time to market and sell the property it owns to pay the Debtor's two creditors. Prior to filing this case, the Debtor renovated its real property but was unsuccessful in its efforts to liquidate the property prior to filing. The Debtor filed to stop the scheduled foreclosure sale. During the case, the Debtor has not yet had any acceptable offers to purchase the property. The Debtor has now pivoted to applying for a mortgage modification with the primary secured creditor. The Debtor is not currently generating any revenue. Any amounts paid to the secured creditor will be paid by the owners of the Debtor. Class 2 consists of General Unsecured Claims. This Class consists of the unsecured claims of Bank of America ($2,462.05); and Internal Revenue Service ($15,900.00). Class 2 will be paid a dividend of only if the Debtor’s property sells for more than what is owed to the unsecured creditors. Payments and distributions under the Plan will be funded by the sale of the Debtor's property and/or the Debtor's equity security holders. A full-text copy of the Disclosure Statement dated May 8, 2026 is available at https://urlcurt.com/u?l=DdXYwi from PacerMonitor.com at no charge. Counsel to the Debtor: Byron Wright III, Esq. Bruner Wright, PA 2868 Reminton Green Circle, Suite B Tallahassee, FL 32308 Tel: (850) 385-0342 Fax: (850) 270-2441 About UglyDucklingReno UglyDucklingReno, LLC, sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30662) on July 14, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Karen K Specie presides over the case. Byron Wright, III, Esq. at Bruner Wright, P.A., is the Debtor's counsel. UMZU LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------- Debtor: UMZU LLC 4303 Roma Ct. Marina Del Rey, CA 90292 Business Description: UMZU, LLC provides natural, research-backed health products and sells supplements through its online store. The company offers products across benefit areas including hormones and energy, digestion and gut health, muscle, bone and skin health, mood and cognition, protein and fitness, wellness and immunity, and weight loss. Chapter 11 Petition Date: May 18, 2026 Court: United States Bankruptcy Court Central District of California Case No.: 26-14886 Debtor's Counsel: Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Tel: (816) 285-0100 Fax: (818) 855-7013 E-mail: matt@rhmfirm.com Total Assets: $1,027,387 Total Liabilities: $13,529,194 The petition was signed by Michael Dobson as chief executive officer. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XOOQ3WQ/UMZU_LLC__cacbke-26-14886__0001.0.pdf?mcid=tGE4TAMA UNION FLATIRON: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Union Flatiron LLC 30 N Gould St Ste R Sheridan, WY 82801 Business Description: Union Flatiron LLC is a single-asset real estate entity that owns a condominium unit at 5 East 17th Street, Unit 5, in New York, NY, with a fair value of $7.85 million. Chapter 11 Petition Date: May 14, 2026 Court: United States Bankruptcy Court District of Wyoming Case No.: 26-20222 Judge: Hon. Cathleen D Parker Debtor's Counsel: Aaron J. Conrardy, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: 303-296-1999 Fax: 303-296-7600 E-mail: aconrardy@wgwc-law.com Total Assets: $7,845,700 Total Liabilities: $16,457,623 The petition was signed by Ian Peck as authorized representative. A copy of the Debtor's list of its three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PIB6QRY/Union_Flatiron_LLC__wybke-26-20222__0003.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PA5UMKA/Union_Flatiron_LLC__wybke-26-20222__0001.0.pdf?mcid=tGE4TAMA WARREN'S READY-MIX: Gets Final OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division entered an agreed order granting Warren's Ready-Mix, LLC final approval to use cash collateral to fund operations. Under the final agreed order, the Debtor is authorized to use cash collateral strictly in accordance with a court-approved budget and for no other purpose without Mint National Bank's written consent. The order recognizes Mint National Bank as the Debtor's primary secured lender with a first-priority perfected lien on cash collateral. As of the petition date, the Debtor owed Mint Bank approximately $3.39 million across seven loans. As adequate protection, Mint Bank will be granted automatically perfected replacement liens equal in priority and validity to its pre-bankruptcy liens, effective as of the petition date. The order also addresses the secured claim of Heidelberg Materials US, Inc., which holds a second-priority lien on the Debtor's cash collateral and equipment securing approximately $1.08 million in debt. The Debtor must make monthly adequate protection payments of $18,047.05 to Heidelberg, with each payment reducing the outstanding debt dollar-for-dollar. As additional protection, the Debtor must operate strictly within the budget, make regular scheduled principal or interest payments to Mint Bank, provide ongoing financial information, and cooperate with inspections and information requests. Events of default under the final order include unauthorized payments, failure to provide information, appointment of a trustee, conversion or dismissal of the case, or violation of the order. Upon default, Mint Bank may terminate consent to cash collateral use after notice and a short cure period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/sbEcF from PacerMonitor.com. About Warren's Ready-Mix LLC Warren's Ready-Mix, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37585) on December 18, 2025, with $10,000,001 to $50 million in both assets and laibilities. The petition was signed by Carey Dean Warren, Jr. as owner. Judge Hon. Jeffrey P Norman oversees the case. Julie M. Koenig, Esq., at Cooper & Scully, is the Debtor's legal counsel. Mint National Bank, as secured creditor, is represented by: Misty A. Segura, Esq. Spencer Fane, LLP 3040 Post Oak Blvd., Ste. 1400 Houston, TX 77056 Office: (713) 212-2643 msegura@spencerfane.com WEST MARINE: Files Chapter 11 to Strengthen Financial Foundation ---------------------------------------------------------------- West Marine, Inc., the nation's leading omni-channel provider in the marine aftermarket, announced on May 17, 2026, that it has entered into a Restructuring Support Agreement with the support of its key financial stakeholders, including 96.2% of its term loan lenders, 100% of its FILO lenders, and 93.9% of its equity holders, to pursue a comprehensive restructuring transaction that will allow the Company to delever its capital structure while maximizing value and ensuring continued service to the boating community. To implement the transactions outlined in the RSA, West Marine has filed for voluntary protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. West Marine is open for business. Customers will continue to have access to their favorite marine products through the Company's approximately 200 retail locations across 34 states and Puerto Rico, online platforms, and the West Marine Pro App. "West Marine has been a trusted partner to the boating community for decades, and we remain deeply committed to that mission," said Paulee Day, Chief Executive Officer of West Marine. "The actions we are taking today will allow us to optimize our operations and rationalize our footprint, so that we can focus on continuing to serve our customers and community well into the future. I thank our dedicated Crew Members, our loyal customers and partners, and our financial partners for their continued support." Like many in the boating community, West Marine has faced headwinds in recent years, including supply chain disruptions, extreme weather events, and shifts in consumer behavior. Today's action addresses these challenges by strengthening the balance sheet, reducing debt levels, and improving financial flexibility. To fund the Company's ordinary course operations throughout the Chapter 11 process, the Company reached an agreement with its secured lenders to consensually use its cash collateral, providing the Company with sufficient liquidity to meet its obligations to customers, employees, and vendors during the Chapter 11 cases. They have also committed to providing the Company with new financing in support of its exit from Chapter 11. The Company has filed customary first day motions with the Bankruptcy Court seeking authority to continue operations without disruption, including continuing to pay employee wages and benefits and to maintain its customer programs. The Company expects to receive approval for these requests shortly. Throughout this process, West Marine remains focused on delivering the top-quality marine products, service, and expertise that customers have come to expect. For West Marine, it's business as usual, and customers can shop with confidence knowing that West Marine is committed to fulfilling orders and honoring warranties and returns, and to achieving its mission of helping boaters spend more time on the water. Additional Information For additional information regarding the process, please visit our dedicated microsite at www.WestMarineRestructuring.com. Bankruptcy Court filings and other information regarding the case can be found at https://www.veritaglobal.net/westmarine, or by contacting Verita, the Company's noticing and claims agent, at 866-967-1786 (U.S. and Canada) or 310-751-2686 (International). West Marine is advised in this matter by Kirkland & Ellis, LLP and Young Conaway Stargatt & Taylor, LLP as co-counsel, Portage Point Partners as investment banker, FTI Consulting as restructuring and communications advisor, and Hilco Global as real estate advisor. About West Marine Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing and marine maintenance products. Established in 1968, the company operates one of the countryâ€™s largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. WESTLAKE SENIOR: Gets Extension to Access Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, granted Westlake Senior Living Center, LLC extension to use cash collateral to fund operations. The court approved the Debtor's stipulation with Poppy Bank and Sunrise Senior Living Management, Inc. to use cash collateral through June 17. The cash collateral is generated from rents at a senior living facility known as Varenita of Westlake, which operates on the Debtor's property in Thousand Oaks, California. The Debtor believes the property is worth over $70 million. The stipulation is available at https://shorturl.at/gISpg from PacerMonitor.com. A further hearing is set for June 17. Westlake filed for bankruptcy on January 27 on the eve of a scheduled foreclosure by its secured lender, Poppy Bank, which holds a deed of trust securing a loan originally issued for $43.24 million and now totaling about $45.76 million, with more than $2.6 million in arrears. Meanwhile, Sunrise Senior Living Management operates the facility, collects all rents, and pays all operating expenses under a management agreement with the Debtor. Poppy Bank, as secured lender, is represented by: Mitchell B. Greenberg, Esq. Michael J. Makdisi, Esq. Abbey, Weitzenberg, Warren & Emery, P.C. 100 Stony Point Road, Suite 200 Santa Rosa, CA 95401 Telephone: 707-542-5050 Facsimile: 707-542-2589 mgreenberg@abbeylaw.com mmakdisi@abbeylaw.com About Westlake Senior Living Center LLC Westlake Senior Living Center, LLC operates a senior living facility in California, providing housing and care services to elderly residents. Westlake Senior Living Center sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10110) on January 28, 2026. In its petition, the Debtor reports estimated assets ranging from $50 million to $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Stella A. Havkin, Esq., at Havkin & Shrago. WHITE ROCK: Unsecureds to Get Share of GUC Distribution Pool ------------------------------------------------------------ White Rock Medical Center, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for Plan of Reorganization dated May 8, 2026. The Debtors are the owner and operators of White Rock Medical Center ("WRMC") operating in Dallas, Texas and the Heights Hospital ("Heights Hospital") operating in Houston, Texas. WRMC has been a vital healthcare institution in East Dallas for over six decades. Originally founded as "Doctors Hospital" and later affiliated with major regional health systems, the facility has evolved alongside the community for over sixty years. Its physical location, proximity to major arterial roadways, and long standing presence make it a critical access point for both residents and regional emergency medical services. The Debtors were forced into these Chapter 11 Cases as a result of the inequitable and improper conduct of SRC Hospital Investments I ("SRC") and Pipeline Health System Holdings, LLC ("Pipeline" and together with SRC the "Pipeline Entities") related to and immediately after the sale of WRMC to the Debtors through material misrepresentations and concealment of millions of dollars in liabilities, and the use of coercive secured creditor tactics to extract additional payments while obstructing Debtors' ability to operate and collect revenue. As part of its restructuring, Platinum Heights is undertaking a sale of all or substantially all of its assets. The pool of bidders for Heights Hospital is incredibly diverse and represents parties with varying interests. Certain assets of the Debtors are currently in use at Heights Hospital to assist in the provision of services to the patients located there. Depending on the nature of the bids received by Platinum Heights, certain of the Debtors' assets may be required for the Heights Hospital to function under its new ownership. On February 13, 2026 the Debtors filed the Debtors' Emergency Motion for Entry of an Order (I)(A) Approving Bidding Procedures, (B) Scheduling Certain Dates and Deadlines, and (C) Approving the Form and Manner of Notice Thereof; (II) Authorizing the Sale of the Assets Free and Clear of All Encumbrances; and (III) Granting Related Relief (the "Bidding Procedures Motion"). Pursuant to the Bidding Procedures Motion the Debtors sought the Bankruptcy Court's authority to engage in bidding process for the Platinum Heights sale process, including the receipt of good faith deposits and allocations of sale proceeds. Ultimately the Platinum Heights sale process resolved itself without the sale of any assets of the Debtors. The Plan is the culmination of months of effort by the Debtors and their professionals and advisors to present a plan of reorganization that maximizes value for the Debtors' creditors while ensuring that WRMC remains open and able to continue providing care to the vulnerable community that has come to depend on its operations. The Plan calls for the reorganization of the Debtors outstanding obligations and liabilities. Lead Debtor White Rock will be the Reorganized Debtor after the Effective Date, while all of the other Debtor entities shall be wound down and liquidated according to the terms of the Plan. The Nonprofit Holdco will be sole member of the Reorganized Debtor and will be governed by the Nonprofit Board, the members of which will be included in the Debtors' Plan Supplement. The restructuring of the Debtors set forth in the Plan will be funded by the Plan Sponsor, who will be providing an Exit Loan in the amount of $1,500,000, which will be used to make distributions under the Plan and fund the operating costs of the Reorganized Debtor. Upon the Effective Date, the Exit Loan will be an obligation of the Reorganized Debtor to be paid to the Plan Sponsor. Class 5 consists of General Unsecured Claims. On and after the Disbursement Commencement Date, each Holder of an Allowed General Unsecured Claim shall receive, in full and final satisfaction, settlement, release, and discharge of such Claim, its Pro Rata Share of the GUC Distribution Pool. The GUC Distribution Pool shall be distributed in equal installments on each Distribution Date during the Disbursement Period, such that the entire GUC Distribution Pool shall be fully distributed to holders of Allowed General Unsecured Claims no later than the expiration of the Disbursement Period. On the Effective Date, except as otherwise set forth in the Plan, pursuant to sections 1141(b)–(c) of the Bankruptcy Code, the Debtors' Assets will vest in the Reorganized Debtor free and clear of all liens, Claims, and encumbrances (other than liens granted to the Secured Lender under the Secured Lender Restructured Note in Class 1 Treatment). All Cash necessary for the Reorganized Debtor to make payments required by the Plan and for post-Confirmation operations shall be obtained from (a) existing Cash held by the Debtors on the Effective Date, (b) Cash generated from operations after the Effective Date in the ordinary course of business, and (c) the Plan Funding. Two business days after entry of the Confirmation Order, the Plan Sponsor will transfer the Plan Funding to the Reorganized Debtor. The Plan Funding shall constitute an obligation of the Reorganized Debtor. A full-text copy of the Disclosure Statement dated May 8, 2026 is available at https://urlcurt.com/u?l=400AtI from Epiq Corporate Restructuring, LLC, claims agent. Counsel for the Debtors: REED SMITH LLP Omar J. Alaniz, Esq. 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Telephone: (469) 680-4200 Facsimile: (469) 680-4299 E-mail: oalaniz@reedsmith.com Scott M. Esterbrook, Esq. Derek M. Osei-Bonsu, Esq. Three Logan Square 1717 Arch Street, Suite 3100 Philadelphia, PA 19103 Telephone: (215) 851-8100 Facsimile: (215) 851-1420 E-mail: sesterbrook@reedsmith.com dosei-bonsu@reedsmith.com About White Rock Medical Center White Rock Medical Center LLC and its affiliates are the owner/operators of two hospitals: White Rock Medical Center ("WRMC") operating in Dallas, Texas and Heights Hospital operating in Houston Texas. White Rock Medical Center LLC and 6 its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 26-90115) on Jan. 20 and Jan. 21, 2026. In its petition, White Rock estimated assets ranging from $10 million to $50 million and liabilities between $50 million and $100 million. The Honorable Bankruptcy Judge Christopher M. Lopez handles the case. White Rock tapped Reed Smith LLP as counsel, and HMP Advisory Holdings, LLC, doing business as Harney Partners, as financial advisor. Epiq Corporate Restructuring, LLC, is the claims agent. ZD SAND: Persimmon Wins Bid to Quash Subpoena to Jim Newell ----------------------------------------------------------- Judge Jeffrey Norman of the U.S. Bankruptcy Court for the Southern District of Texas granted Persimmon Bridgeco, LLC's emergency motion to quash subpoena to Jim Newell in the bankruptcy case of ZD Sand LLC. Persimmon's request for protective order is denied. According to Judge Norman, "The motion is granted, however, Jim Newell may not testify in any hearing pending his deposition by the debtor. If Newell is not to testify and is only a consulting expert, he need not be subject to discovery. However, the movant may not hide behind claims that Newell is not currently designated as an expert and then later designate him as an expert witness at a time where he cannot reasonably be deposed by the debtor." Absent reasonable notice and an opportunity to be deposed by the debtor, the Court would disallow his testimony as a violation of this order. Any objection by Newell to discovery on an expedited basis is overruled. Persimmon BridgeCo, LLC, is identified as the lender in the bankruptcy case. A copy of the Court's Order dated May 15, 2026, is available at https://urlcurt.com/u?l=9IUCeK from PacerMonitor.com. About ZD Sand LLC ZD Sand LLC, doing business as ZD Sand & Rock LLC, provides sand, rock, and aggregate materials from its headquarters in Voca, Texas, including concrete and masonry sand, boulders, topsoil, and various gravels and palleted rocks. The company serves contractors, suppliers, and regional buyers, offering delivery services to support construction and landscaping projects. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-32398) on April 6, 2026. In the petition signed by Thomas A. Dickinson, manager and representative of the Debtor, the Debtor disclosed up to $100 million in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Erin Jones, Esq., at Jones Murray, LLP, represents the Debtor as legal counsel. Harney Partners serves as financial advisor and Karen Nicolaou as chief restructuring officer. Persimmon BridgeCo, LLC, as secured lender, is represented by Grable Martin, PLLC. [] Sean Wilson Joins Shannon Lee Beatty LLP as Bankruptcy Partner ----------------------------------------------------------------- Sean T. Wilson, an experienced bankruptcy and restructuring attorney, has joined Shannon Lee Beatty LLP as a partner. Wilson brings extensive experience representing clients across the country in complex chapter 11 and chapter 7 bankruptcies and other matters involving distressed companies and assets. Sean's practice focuses on bankruptcy, financial restructuring, and related business matters, with particular experience in the construction, oil and gas, maritime, natural resources, retail, sports and entertainment, and utilities sectors. He regularly represents debtors, creditors, ad hoc groups, unsecured creditors' committees, indenture trustees, liquidating trustees, and other parties in complex insolvency matters. He also advises clients in sophisticated corporate and financial transactions, drawing on his restructuring background to help clients navigate potential financial distress. "Sean is a fantastic attorney and will be a great addition to our firm," said R. J. Shannon, managing partner of Shannon Lee Beatty LLP. "His record and experience mesh well with what we do and will be an asset to our clients," Mr. Shannon added. "I've been hoping for an opportunity to bring Sean over for years, and the stars finally aligned." "I am excited to join the team at Shannon Lee Beatty," Mr. Wilson said. "I am looking forward to helping the firm to continue to deliver excellent results for our clients." Wilson earned his Juris Doctor, magna cum laude, from South Texas College of Law Houston in 2014, and his Bachelor of Science, magna cum laude, from the University of Houston in 2010. He is licensed to practice law in Texas and admitted to practice in all four Bankruptcy Courts in Texas. About Shannon Lee Beatty LLP Shannon Lee Beatty LLP is a Houston-based law firm with a national reach that focuses its practice on bankruptcy, financial restructuring, and debtor-creditor matters. The firm frequently represents debtors, creditors, trustees, committees, and fiduciaries in all aspects of bankruptcy and insolvency-related proceedings. [] U.S. Foreclosure Activity Rises 18% Year Over Year in April -------------------------------------------------------------- ATTOM, the leading provider of property data, AI-powered analytics, and real estate intelligence solutions, released its April 2026 U.S. Foreclosure Market Report, which shows there were a total of 42,430 U.S. properties with foreclosure filings-- default notices, scheduled auctions or bank repossessions -- down 8 percent from a month ago and up 18 percent from a year ago. "Foreclosure activity continued its gradual trend higher in April, with both foreclosure starts and completed foreclosures posting annual gains," said Rob Barber, CEO at ATTOM. "While overall filings declined from the previous month, the year-over-year increases suggest lenders may be working through distressed inventory as higher borrowing costs and affordability challenges impact some homeowners. Even so, foreclosure activity remains significantly below pre-pandemic levels." Nation's worst foreclosure rates in Delaware, South Carolina, and Florida One in every 3,388 housing units nationwide had a foreclosure filing in April 2026. Delaware posted the nation's worst foreclosure rate at one in every 1,739 housing units with a foreclosure filing. South Carolina followed closely behind (one in every 1,745 housing units), followed by Florida (one in every 2,092 housing units), Indiana (one in every 2,129 housing units), and Illinois (one in every 2,262 housing units). Among metro areas with populations of 500,000 or more, Lakeland, Fl recorded the worst foreclosure rate in April 2026, with one filing for every 1,221 housing units. Following Lakeland were Columbia, SC (one in every 1,287); Charleston, SC (one in every 1,483); Bakersfield, CA (one in every 1,566); and Cape Coral, FL (one in every 1,628 housing units). Florida, Texas, and California led nation in foreclosure starts In April 2026, lenders started the foreclosure process on 28,414 U.S. properties, down 6 percent from the previous month but up 12 percent from a year ago. States with the highest number of foreclosure starts in April 2026 were Florida (3,505 foreclosure starts); Texas (3,154 foreclosure starts); California (2,786 foreclosure starts); Georgia (1,407 foreclosure starts); and Illinois (1,366 foreclosure starts). Among major metropolitan areas with a population of at least 500,000 and a minimum of 100 foreclosure starts, the following saw the largest year-over-year increases in foreclosure starts in April 2026: Pittsburgh, PA (increase from 82 foreclosure starts in April 2025 to 215 in April 2026); Austin, TX (increase from 158 to 396 foreclosure starts); Raleigh, NC (increase from 68 to 146 foreclosure starts); Lakeland, FL (increase from 99 to 199 foreclosure starts); and Akron, OH (increase from 60 to 117 foreclosure starts). Completed foreclosures continue to rise annually In April 2026, Lenders repossessed 5,098 U.S. properties through completed foreclosures (REOs), down 3 percent from the previous month but up 42 percent from a year ago. States with the highest number of REOs in April 2026 were Texas (640 REOs); California (515 REOs); Florida (381 REOs); Pennsylvania (346 REOs); and Illinois (340 REOs). Contrary to the national trend, those major metropolitan statistical areas (MSAs) with a population greater than 200,00 and at least 10 REO's that saw the greatest annual decline in the number of REOs in April 2026 included: Atlanta, GA (decrease from 213 REO's in April 2025 to 52 in April 2026); Kansas City, MO (decrease from 30 to 10 REO's); Flint, MI (decrease from 24 to 11 REO's); Macon, GA (decrease from 26 to 14 REO's); and Cleveland, OH (decrease from 38 to 24 REO's). Key highlights from the April 2026 foreclosure data ATTOM's April 2026 U.S. Foreclosure Market Report shows 42,430 U.S. properties with a foreclosure filing, down 8 percent from March but up 18 percent from a year ago, continuing a year-long trend of annual increases in foreclosure activity. Foreclosure starts rose 12 percent year over year to 28,414, while completed foreclosures (REOs) increased 42 percent annually to 5,098. Even with annual increases in foreclosure filings, foreclosure activity remains significantly below pre-pandemic levels. Report methodology The ATTOM U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the ATTOM Data Warehouse during the month and quarter. Some foreclosure filings entered into the database during the quarter may have been recorded in the previous quarter. Data is collected from more than 3,000 counties nationwide, and those counties account for more than 99 percent of the U.S. population. ATTOM's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). For the annual, midyear and quarterly reports, if more than one type of foreclosure document is received for a property during the timeframe, only the most recent filing is counted in the report. The annual, midyear, quarterly and monthly reports all check if the same type of document was filed against a property previously. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state where the property is located, the report does not count the property in the current year, quarter or month. About ATTOM ATTOM delivers AI-driven property intelligence built on one of the nation's most trusted property data assets, covering 158 million U.S. properties--99% of the population. Our engineered, multi-sourced real estate data spans property tax, deeds, mortgages, foreclosure, environmental risk, property conditions, natural hazards, neighborhood insights, and geospatial boundaries, rigorously validated for advanced analytics. ATTOM supports analytics and AI-driven applications through flexible delivery options including APIs, bulk licensing, cloud delivery, market trend products, and the MCP Server for AI-powered, agentic access to engineered property data--enabling organizations to automate analysis and scale property intelligence across industries. [^] BOOK REVIEW: A History of the New York Stock Market ------------------------------------------------------- Author: Robert Sobel Publisher: Beard Books Soft cover: 395 pages List Price: $34.95 https://ecommerce.beardbooks.com/beardbooks/the_big_board.html First published in 1965, The Big Board was the first history of the New York stock market. It's a story of people: their foibles and strengths, earnestness and avarice, triumphs and crash-and-burns. It's full of entertaining anecdotes, cocktail-party trivia, and tales of love and hate between companies and investors. Early investments in North America consisted almost exclusively of land. The few securities holders lived in cities, where informal markets grew, with most trading carried out in the street and in coffeehouses. Banking, insurance, and manufacturing activity increased only after the Revolution. In 1792, 24 prominent New York businessmen, for whom stock- and bond-trading was only a side business, met under a buttonwood tree on Wall Street and agreed to trade securities on a common commission basis. Five securities were traded: three government bonds and two bank stocks. Trading was carried out at the Tontine Coffee-House in a call market, with the president reading out a list of stocks as brokers traded each in turn. The first half of the 19th century was heady for security trading in New York. In 1817, the Tontine gave way to the New York Stock and Exchange Board, with a more organized and regulated system. Canal mania, which peaked in the late 1820s, attracted European funds to New York and volume soared to 100 shares a day. Soon, the railroads competed with canals for funding. In the frenzy, reckless investors bought shares in "sheer fabrications of imaginative and dishonest men," leading an economist of the day to lament that "every monied corporation is prima facia injurious to the national wealth, and ought to be looked upon by those who have no money with jealousy and suspicion." Colorful figures of Wall Street included Jay Gould and Jim Fisk, who in 1869 precipitated one of the worst panics in American financial history by trying to corner the gold market. Almost lynched, the two were hauled into court, where Fisk whined, "A fellow can't have a little innocent fun without everybody raising a halloo and going wild." Then there was Jay Cooke, who invented the national bond drive and, practically unaided, financed the Union effort in the Civil War. In 1873, however, faulty judgement on railroad investments led to the failure of Cooke & Co. and a panic on Wall Street. The NYSE closed for ten days. A journalist wrote: "An hour before its doors were closed, the Bank of England was not more trusted." Despite J. P. Morgan's virtual single-handed role in stemming the Knickerbocker Trust panic of 1907, on his death in 1913, someone wrote "We verily believe that J. Pierpont Morgan has done more harm in the world than any man who ever lived in it." In the 1950s, Charles Merrill was instrumental in changing this attitude toward Wall Streeters. His firm, Merrill Lynch, derisively known in some quarters as "We, the People" and "The Thundering Herd," brought Wall Street to small investors, traditionally not worth the effort for brokers. The Big Board closes with this story. Asked by a much younger man what he thought stocks would do next, J.P. Morgan "never hesitated for a moment. He transfixed the neophyte with his sharp glance and replied 'They will fluctuate, young man, they will fluctuate.' And so they will." Robert Sobel died in 1999 at the age of 68. A professor at Hofstra University for 43 years, he was a prolific historian of American business, writing or editing more than 50 books. This book may be ordered by calling 888-563-4573 or by visiting www.beardbooks.com or through your favorite Internet or local bookseller. ********* 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. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***