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260527.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, May 27, 2026, Vol. 30, No. 147 Headlines 148 BAY 43RD: Case Summary & One Unsecured Creditor 19 COOPER STREET: Court OKs Bid to Appoint Chapter 11 Trustee 336 RESTAURANT: Seeks to Hire Rosen Tsionis & Pizzo as Attorneys 336 RESTAURANT: Taps Vlahadamis Law as Litigation Counsel 4 OEM PLASTICS: Tom Howley Named Subchapter V Trustee 4210 W CARMEN: Commences Chapter 11 Bankruptcy in Florida 4311 FIG STREET: Voluntary Chapter 11 Case Summary 4311 FIG: Starts Chapter 11 Bankruptcy in Florida 4919 LONG: Starts Chapter 11 Bankruptcy in Illinois 520 MADISON: Seeks to Hire Mann Law Firm P.C. as Attorney A&A TAXI: Case Summary & One Unsecured Creditor ADRIANA TAFUR: Seeks to Retain Latham Luna as Legal Counsel ADVANTECH INC: Case Summary & 20 Largest Unsecured Creditors ALEX ENTERPRISES: To Hire Ford & Semach as Legal Counsel ALFASPIRE INC: Aleida Martinez Molina Named Subchapter V Trustee ALLIANCE RESOURCE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable AMERICAN AIRLINES: Fitch Rates Proposed Term Loan 'BB' AMERICAN HEALTH: Committee Taps Markowitz Ringel as Legal Counsel AMERICAN PICTURE: Debts Exceed Assets by $0.4M at March 31 AQUA METALS: Net Loss Narrows to $3.95MM in Q1 2026 ARCADIA BIOSCIENCES: Swings to $4.4 Million Net Loss in Fiscal Q3 ARCHBISHOP OF BALTIMORE: Unsecureds to be Paid in Full in Plan ASHFORD HOSPITALITY: Q1 2026 Net Loss Triples to $65.5 Million AXIP ENERGY: Disclosure Statement Wins Conditional Approval BATCH INC: Gets Interim OK to Use Cash Collateral Until July 9 BENNING & G STREET: Hires William C. Johnson Jr. as Counsel BON MORRO: Court OKs Stipulation on Cash Collateral Use BROADWAY FORD: Seeks Chapter 11 Bankruptcy in Missouri BROADWAY LEARNING: Voluntary Chapter 11 Case Summary CANO ELECTRIC: Unsecured Creditors Will Get 4.98% over 5 Years CCSL BILOXI: Obtains 120-Day Extension of Plan Filing Deadline CHAMPION HOME: Case Summary & Five Unsecured Creditors CHARTER COMMUNICATIONS: Fitch Keeps 'BB+' IDR on Watch Positive CHASE GENERAL: Posts $109K Loss in Q3; Going Concern Doubt Persists CHICAGO RIVET & MACHINE: Board Temporarily Suspends Cash Dividend CHICAGO RIVET & MACHINE: Two Proposals Approved at Annual Meeting CLAY YOUNG: Taps Law Offices of Douglas M. Engell as Counsel CONCORD INDUSTRIAL: Taps Shioda Langley as Insolvency Counsel CONSEJO DE TITULARES: D. Torres-Cancel Named Subchapter V Trustee CORNERSTONE ONDEMAND: Signed Debt Talks Pact with Lenders CQENS TECHNOLOGIES: Net Loss Narrows to $1.37MM in Q1 2026 D&M KITCHEN: Gets Interim OK to Use Cash Collateral DINOSAUR RIDGE: Commences Chapter 11 Bankruptcy in Colorado DIOCESE OF BUFFALO: Retains Berger Berger & Sobieski as Counsel DLIGHT REFINERS: Hires Strobl Stark PLLC as Bankruptcy Counsel DLIGHT REFINERS: To Employ Cohen & Trenkamp as Accountant DYNASTY ACQUISITION: Moody's Ups CFR & First Lien Term Loan to Ba2 E. GLUCK: Court OKs Disclosure Statement, Plan Subject to Voting ELEOS ABA: Hires Weiss Law Group LLC as Counsel EMPIRE COMMUNITIES: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ENVELOPE 1 INC: Unsecureds Owed $1,500+ to Get 3% over 60 Months EPIPHANY REALTY: Hires Sternberg Naccari & White as Legal Counsel EPIPHANY REALTY: Seeks Subchapter V Bankruptcy in Louisiana ESSENTIAL INVESTMENT: Seeks Subchapter V Bankruptcy in Louisiana FAZELI PROPERTIES: Amends Unsecureds & Lender Secured Claims Pay FORWARD AIR: Fitch Affirms 'B' LongTerm IDR, Outlook Negative FTAI AVIATION: Moody's Ups CFR to Ba1 & Alters Outlook to Stable GIRARDI & KEESE: Erika Jayne Settles $25MM Transfer Suit in Ch. 11 GLG INVESTMENTS: Hires Batra Property as Property Manager GLG INVESTMENTS: Hires Elair Advisory as Financial Advisor GLOBAL CLEAN: District Court Rejects Challenge to Plan Confirmation GODADDY OPERATING: Moody's Affirms 'Ba2' CFR, Outlook Stable GREEN D ENTERPRISES: Employs Bulgarella LLC as Legal Counsel GREEN D ENTERPRISES: Employs Walding LLC as Legal Counsel H.4.L. LLC: Case Summary & One Unsecured Creditor HARVEST SHERWOOD: Bracewell Represents Argo Partners et al. HAWAII BREWERY: Gets Interim OK to Use Cash Collateral HIDDEN VALLEY: Seeks to Hire McLemore Auction as Auctioneer ICP GROUP: Moody's Cuts CFR to Ca & Alters Outlook to Negative INSPIRED ENTERTAINMENT: Fitch Affirms 'B-' IDR & Then Withdraws IDR INSPIRED HEALTHCARE: Broker-Dealers Tap Brown Rudnick, Reed Smith INTERNATIONAL CAPITAL: Seeks Chapter 7 Bankruptcy in Wyoming INTERTRADE HOLDINGS: Seeks to Hire Behar Gutt & Glazer as Counsel IVANTI SOFTWARE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable J.F.M. 6090: Seeks to Tap Doron Abram as Accounting Professional J.R. ANDORIN: Seeks to Hire Middlebrooks Shapiro as Legal Counsel JFM SPARTA: Case Summary & 20 Largest Unsecured Creditors JJ STUCKEY: Taps Law Offices of George Oliver as Legal Counsel KARYOPHARM THERAPEUTICS: Debts Exceed Assets by $265.6M in Q1 KRAIG BIOCRAFT: Liabilities Exceed Assets by $7.1M at March 31 KYMERA INT'L: Fitch Lowers Issuer Default Rating to 'CCC+' LAKE EFFECT: Case Summary & 15 Unsecured Creditors LAKE EFFECT: Gets Interim OK to Use Cash Collateral LUV SHAK: Seeks to Employ Adam I. Skolnik PA as Counsel M & B HOLDINGS: Hires Berger Singerman LLP as Counsel M&A INTERNATIONAL: Court Denies Bid to Use Cash Collateral MADISON BROTHERS: Hires Fealy Law Firm as Legal Counsel MARVION INC: Liabilities Exceed Assets by $3.5M at March 31 MARYMOUNT UNIVERSITY: Moody's Affirms 'Caa1' Issuer Rating MEIRAGTX HOLDINGS: Debts Exceed Assets by $58.1M at March 31 MODIVCARE INC: Court Demands Info in White & Case Fee Dispute MORE OPPORTUNITY: To Hire Giammarco Law Office as Counsel MOUNTAIN POWER: Hires Waldrep Wall Babcock as Bankruptcy Counsel MURPHY'S CONCRETE: Seeks Cash Collateral Access NATARI1326 CAPITAL: Seeks Chapter 7 Bankruptcy in New York ORIGIN FOOD: Seeks to Hire Michael Bowers as Accountant PANADERIA RICA: Hires Accounting Services Group as Accountant PARAMOUNT SKYDANCE: Fitch Rates 2nd Lien Secured Debt 'BB(EXP)' PARAMOUNT SKYDANCE: Moody's Rates Second Lien Secured Notes 'B1' PAUL JEWELERS: Case Summary & 20 Largest Unsecured Creditors PHAIR COMPANY: Appointment of Chapter 11 Trustee Sought PKG INC: Seeks to Hire Goe Forsythe & Hodges LLP as Counsel PLATINUM EXPRESS: To Hire Thomsen Law Group as Bankruptcy Counsel PORT LOUIS: Small Business Plan Confirmed by Judge PRESS PREMIUM: In Receivership PRICE PLUMBING: Hires Great Plains Legal Services LLC as Counsel PROVIDENT GROUP: Fitch Affirms BB+ Rating on 2025A Revenue Bonds QVC GROUP: Glenn Agre & Cleary Gottlieb Amend Rule 2019 Statement R INTERCONNECTIONS: Retains Jill M. Flinton CPA as Accountant R.R. DONNELLEY: Fitch Alters Outlook on B LongTerm IDR to Negative R2 MARKETING: Unsecureds Will Get 10% of Claims over 60 Months RAINMAKER CIDER: Seeks Approval to Hire Lang & Brown as CPA RCP HOMES: Seeks Cash Collateral Access REGENERATIVE MEDICAL: Debts Exceed Assets by $34.7M at Dec. 31 RENEWAL REALTY: Taps Jason M. Tyra PLLC as Accountant and Attorney ROBERTS CHEVROLET: Case Summary & 20 Largest Unsecured Creditors SAICP HOTEL: Gets Interim OK to Use Cash Collateral Until June 19 SIMPSON TACOMA: Seeks Court Approval to Hire DBS Law as Counsel SPECTRUM BRANDS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable STUCKEY PREMIER: Hires George Mason Oliver as Legal Counsel SUN GIR: Seeks to Hire Mr. Skillman of CR3 Partners LLC as CRO SUPERNOVA MANAGEMENT: Hires Chris Quinn as Restructuring Officer SUPERNOVA MANAGEMENT: Taps Baldacci Promotions for Promotional Sale SUPERSTAR ELIZABETH: Updates Secured Claims Pay Details SUTRO BIOPHARMA: Debts Exceed Assets by $66.9M at March 31 SYNERGY CHC: Liabilities Exceed Assets by $25.4M at March 31 T-NEVEN-T HOLDINGS: To Hire Lawrence V. Young as Legal Counsel TAMBURO LTD: Gets Interim OK to Use Cash Collateral TAMBURO LTD: Hires Steidl and Steinberg P.C. as Counsel TELEPHONE AND DATA: Fitch Affirms BB+ LongTerm IDR, Outlook Stable TELESAT GEO: S&P Downgrades ICR to 'CC', Outlook Negative TEXAS WINE: Seeks to Employ North Texas Auctions as Appraiser TOWERS ELECTRONICS: Diana Torres-Cancel Named Subchapter V Trustee TRAXX CONSTRUCTION: Seeks to Sell Construction Equipment TRINITY POOLS: Ciara Rogers Named Subchapter V Trustee TRINKIN TRINKIN: Soneet Kapila Named Subchapter V Trustee TRINSEO PLC: Seeks Chapter 11 Bankruptcy TTNG HOLDINGS: Voluntary Chapter 11 Case Summary TURK INDUSTRIES: Seeks to Hire Paul Reece Marr as Legal Counsel TURQUOISE LLC: Unsecureds Will Get 18% of Claims over 5 Years UMZU LLC: Seeks Chapter 11 Bankruptcy in California UNIFIED PROTECTIVE: Hires Michael Jay Berger as Counsel VIOLET'S PUPPIES: Gets Interim OK to Use Cash Collateral WARNER BROS: Fitch Keeps 'BB+' IDR on Watch Negative WARRIOR TECHNOLOGIES: Court Approves $9.5MM DIP Request WARRIOR TECHNOLOGIES: Taps Omni Agent Solutions as Claims Agent WASH MIDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable WEISER ONION: Seeks to Hire Foley Freeman PLLC as Counsel WHERE FAMILIES: Gets OK to Use Cash Collateral Until July 30 WHITE ASH: Seeks Chapter 11 Bankruptcy in Indiana WIM CORE: Stadium One to be Auctioned After Entering Receivership WORTHINGTON STEEL: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable XIANG HE: Seeks Court Approval to Hire Schlissel DeCorpo as Counsel YESCARE CORP: Intends to Wind-Down Biz, Gets OK to Pay Workers ZACH 204: Voluntary Chapter 11 Case Summary ********* 148 BAY 43RD: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: 148 Bay 43rd LLC 148 Bay 43rd Street Brooklyn, NY 11214 Business Description: 148 Bay 43rd LLC is a real estate company that owns and manages a three-unit residential property at 148 Bay 43rd Street in Brooklyn, New York, valued at about $1.7 million. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42495 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Charles Higgs, Esq. THE LAW OFFICE OF CHARLES A. HIGGS 100 S Bedford 340 Mount Kisco NY 10549 Tel: (917) 673-3768 Email: charles@freshstartesq.com Total Assets: $1,700,000 Total Liabilities: $1,939,358 The petition was signed by Vincent Chin as authorized representative of the Debtor. The Debtor identified Apex Fund I LLC, located at 21421 45th Road, Bayside, New York, as its sole unsecured creditor, with a $239,358 mortgage-related claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5W2KXLA/148_Bay_43rd_LLC__nyebke-26-42495__0001.0.pdf?mcid=tGE4TAMA 19 COOPER STREET: Court OKs Bid to Appoint Chapter 11 Trustee ------------------------------------------------------------- Judge Elizabeth Stong of the U.S. Bankruptcy Court for the Eastern District of New York granted the motion by Fairbridge Credit, LLC, a secured creditor, to appoint a Chapter 11 trustee for 19 Cooper Street, LLC. Judge Stong ordered the U.S. Trustee for Region 2 to appoint a Chapter 11 trustee, with all of the rights, powers and duties authorized under Sections 1104 and 1106 of the Bankruptcy Code. In its motion filed earlier this month, Fairbridge raised the following arguments: * The case should have concluded long ago but for the manipulation of the bankruptcy process by Shomar Nickel, 19 Cooper Street's principal, to his own benefit. It was Fairbridge which successfully confirmed a Chapter 11 plan. It was Fairbridge that engaged a competent real estate broker. It was Fairbridge which, until recently, was insuring 19 Cooper Street's property at an exorbitant cost that it will likely never recover. * Absent the appointment of a trustee with the authority and standing necessary to do what needs to be done to bring this case to a successful conclusion, there is little to no chance that the creditors will recover any time soon and instead will continue to be harmed through the increase in claims and decrease in value of the collateral. * The property is uninsured and it is critical that a fiduciary be appointed to secure the property, coordinate with Fairbridge to secure insurance as expeditiously as possible, to determine the legal status of occupancy (if any), to arrest any illegal use or activity and to help consummate the Chapter 11 plan and close on the sale of the property. A copy of the order is available for free at https://urlcurt.com/u?l=rdnTnx from PacerMonitor.com. A copy of the motion is available for free at https://urlcurt.com/u?l=7M80eu from PacerMonitor.com. About 19 Cooper Street LLC 19 Cooper Street LLC is a single asset real estate company. 19 Cooper Street filed Chapter 7 voluntary petition (Bankr. E.D. N.Y. Case No. 23-44663) on December 15, 2023. On March 31, 2025, the case was converted to one under Chapter 11. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Kevin Golding, Esq. 336 RESTAURANT: Seeks to Hire Rosen Tsionis & Pizzo as Attorneys ---------------------------------------------------------------- 336 Restaurant LLC, d/b/a Amalfi Coastal Kitchen & Cocktails, f/k/a Centro Italian seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Rosen, Tsionis & Pizzo, PLLC as attorneys. The firm will provide these services: (a) analysis of the financial situation, and rendering advice and assistance to the Debtor in determining whether to file a petition under the Bankruptcy Code; (b) preparation and filing of the petition, schedules, statement of financial affairs, and other documents required by the Court; (c) representation of the Debtor at the Section 341(a) meeting of creditors; (d) preparation of motions, documents, and applications in connection with the case; and (e) rendering legal advice to the Debtor in connection with all matters pending before the Court. Rosen, Tsionis & Pizzo, PLLC shall receive compensation at these hourly rates: Partners: up to $690 Associates: up to $590 Paraprofessionals: up to $200 Prior to the Petition Date, the firm received a retainer of $20,000, plus $1,738 for the filing fee, totaling $21,738. Rosen, Tsionis & Pizzo, PLLC "does not hold or represent an interest adverse to the Debtor or to the estate and is disinterested as that term is defined in section 101(14) of the Bankruptcy Code," according to court filings. The firm can be reached at: Avrum J. Rosen, Esq. Nico G. Pizzo, Esq. ROSEN, TSIONIS & PIZZO, PLLC 38 New Street Huntington, NY 11743 Telephone: (631) 423-8527 About 336 Restaurant LLC 336 Restaurant LLC is a food service and hospitality company engaged in restaurant operations and dining-related services. 336 Restaurant LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71960) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Nico G. Pizzo, Esq. of Rosen, Tsionis & Pizzo, PLLC. 336 RESTAURANT: Taps Vlahadamis Law as Litigation Counsel --------------------------------------------------------- 336 Restaurant LLC, d/b/a Amalfi Coastal Kitchen & Cocktails f/k/a Centro Italian, seeks approval from the United States Bankruptcy Court for the Eastern District of New York to hire Vlahadamis Law PLLC as special New York State and Southampton Justice Court litigation counsel. The firm will provide these services: (a) assist the Debtor in the prosecution of its Article 78 Proceeding; (b) engage in town code violations dispute resolution efforts; and (c) defend against the Southampton Town's actions to unlawfully shut the Debtor's business down. Vlahadamis Law PLLC will seek compensation for its services and reimbursement of expenses upon application to the Court. The firm's current billing rates are: - Principals/Senior Attorneys: Up to $575; - Junior Attorneys: Up to $525; and - Paraprofessionals: Up to $200. Vlahadamis Law PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: James F. Vlahadamis, Esq. VLAHADAMIS LAW PLLC 148 E. Montauk Highway, Suite 3 Hampton Bays, NY 11946 About 336 Restaurant LLC 336 Restaurant LLC is a food service and hospitality company engaged in restaurant operations and dining-related services. 336 Restaurant LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-71960) on May 14, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case. The Debtor is represented by Nico G. Pizzo, Esq. of Rosen, Tsionis & Pizzo, PLLC. 4 OEM PLASTICS: Tom Howley Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed Tom Howley, Esq., at Howley Law, PLLC as Subchapter V trustee for 4 OEM Plastics, LLC. Mr. Howley will be paid an hourly fee of $575 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Howley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tom Howley, Esq. Howley Law, PLLC 711 Louisiana Street, Suite 1850 Houston, TX 77002 Telephone: (713) 333-9120 Email: tom@howley-law.com About 4OEM Plastics LLC 4OEM Plastics, LLC is a plastics manufacturer established in 2020 and based in San Antonio, Texas. The company produces plastic corrugated tubing, extruded smooth-wall tubing and profiles, and wiring protection system products including manifolds, interfaces, backshells, cable channels, and cable ducts. Its products are used in markets including automotive, commercial vehicle, marine, rail, automation, medical, industrial, electrical, wind, and distribution applications. The company also plans to add custom injection molding capabilities for injection molded products in late 2026. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-33394) on May 13, 2026, with $1,050,634 in assets and $5,445,997 in liabilities as of May 11, 2026. Rajiv Iyengar, chief executive officer, signed the petition. Judge Eduardo V. Rodriguez presides over the case. J. Maxwell Beatty, Esq., at Shannon Lee Beatty, LLP represents the Debtor as legal counsel. 4210 W CARMEN: Commences Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On May 20, 2026, 4210 W Carmen St, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 17, 2026 at 10:00 AM. U.S. Trustee (Dorr) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 3989722#. About 4210 W Carmen St, LLC 4210 W Carmen St, LLC is a real estate holding company involved in property ownership and investment activities. 4210 W Carmen St, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04291) on May 20, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Kevin Comer, Esq. of Comer Law Firm. 4311 FIG STREET: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: 4311 Fig Street LLC 4306 W Carmen Street Tampa FL 33609 Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-04346 Judge: Hon. Catherine Peek McEwen Debtor's Counsel: Kevin Comer, Esq. COMER LAW FIRM 2315 1/2 2nd Avenue North St. Petersburg FL 33713 Tel: 727-729-2719 Email: kevin@comer.work Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Ben Teasdel as owner. 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/4QYHCYA/4311_Fig_Street_LLC__flmbke-26-04346__0001.0.pdf?mcid=tGE4TAMA 4311 FIG: Starts Chapter 11 Bankruptcy in Florida ------------------------------------------------- On May 21, 2026, 4311 Fig Street LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 17, 2026 at 10:45 AM. U.S. Trustee (Dorr) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 3989722#. The deadline set for filing the Chapter 11 Plan and accompanying Disclosure Statement is on September 18, 2026. About 4311 Fig Street LLC 4311 Fig Street LLC is a real estate holding and property investment company engaged in managing and operating real estate assets. 4311 Fig Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04346) on May 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Kevin Comer, Esq. of Comer Law Firm. 4919 LONG: Starts Chapter 11 Bankruptcy in Illinois --------------------------------------------------- On May 19, 2026, 4919 Long Ave LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About 4919 Long Ave LLC 4919 Long Ave LLC operates in the real estate and property management sector. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-08644) on May 19, 2026. In its petition, the debtor reported estimated assets ranging from $100,001 to $1 million and estimated liabilities between $100,001 and $1 million. The debtor is represented by David P. Lloyd of David P. Lloyd, Ltd. 520 MADISON: Seeks to Hire Mann Law Firm P.C. as Attorney --------------------------------------------------------- 520 Madison Ave, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to employ Mann Law Firm, P.C. as attorney to handle its Chapter 11 case. The firm will be paid at $500 per hour. The firm received a retainer in the amount of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Mann, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew J. Mann, Esq. Mann Law Firm P.C. 426 Troy Schenectady Road, Latham, NY 12110 Tel:(518) 785-3300 About 520 Madison Ave LLC 520 Madison Ave, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10395) on April 14, 2026, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Patrick G. Radel oversees the case. A&A TAXI: Case Summary & One Unsecured Creditor ----------------------------------------------- Debtor: A&A Taxi Inc. 19 Bolton PL Bloomfield, NJ 07003 Business Description: A&A Taxi Inc. is a Bloomfield, New Jersey- based transportation company that owns taxi medallions 6H67 and 6H68. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15778 Debtor's Counsel: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN, P.C. 2799 Coney Island Avenue Suite 202 Brooklyn, NY 11235 Tel: (718) 513-3145 Fax: (347) 342-3156 Email: alla@kachanlaw.com Total Assets: $341,124 Total Liabilities: $1,186,755 Toni El-Boghdaedy signed the petition in his capacity as president. The Debtor identified PenFed Credit Union, located at 131 33rd Street, 7th Floor, New York, NY 10001, as its only unsecured creditor, with a claim totaling $846,755. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/HSHT64Q/AA_Taxi_Inc__njbke-26-15778__0001.0.pdf?mcid=tGE4TAMA ADRIANA TAFUR: Seeks to Retain Latham Luna as Legal Counsel ----------------------------------------------------------- Adriana Tafur Services, Incorporated, dba A.T. Services, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Daniel A. Velasquez, Esq. and his law firm of Latham, Luna, Eden & Beaudine, LLP to serve as legal counsel. Mr. Velasquez and Latham Luna will provide these services: (a) advising as to the Debtor's rights and duties in this case; (b) preparing pleadings related to this case, including a disclosure statement and plan of reorganization; and (c) taking any and all other necessary action incident to the proper preservation and administration of the estate. Latham Luna will be compensated at hourly rates ranging from $275 to $495 for attorneys (including Daniel A. Velasquez) and from $105 to $125 for paraprofessionals, subject to periodic adjustment. The firm received a prepetition retainer totaling $31,738, plus $5,552 for prepetition services and expenses. Latham Luna represents that it is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interest adverse to the Debtor or its estate, according to court filings. The firm can be reached at: Daniel A. Velasquez, Esq. LATHAM, LUNA, EDEN & BEAUDINE, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 E-mail: dvelasquez@lathamluna.com About Adriana Tafur Services Incorporated Adriana Tafur Services, Incorporated, doing business as A.T. Services, provides pediatric therapy services, including speech therapy and related pediatric care, through clinic and home-care services in South Florida. Founded in 2005, the North Miami Beach, Florida-based company serves children and families through therapy programs delivered from its North Miami Beach locations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16190) on May 13, 2026, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Adriana Tilley, sole shareholder, signed the petition. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. ADVANTECH INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Advantech, Inc. 2661 Riva Road, Suite 1050 Annapolis, MD 21401 Business Description: AdvanTech, Inc. provides asset tracking, inventory management, automatic identification technology, and automated data capture systems and software. Headquartered in Annapolis, MD, the company offers RFID, Bluetooth Low Energy, Barcode/QR Code technologies, AVA software products, real-time location tracking, package tracking, and logistics operations and warehouse management professional services. AdvanTech serves government and private-sector clients and is the North American distributor for CaptureTech Key Systems, including KeyManager and CapLocker Systems. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-15431 Debtor's Counsel: Geri Lyons Chase, Esq. LAW OFFICE OF GERI LYONS CHASE 2007 Tidewater Colony Drive Suite 2B Annapolis, MD 21401 Tel: 410-573-9004 Fax: 410-630-5767 Email: gchase@glchaselaw.com Total Assets: $645,526 Total Liabilities: $1,067,859 The petition was signed by Robert Bona as president. 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/KOTW56I/Advantech_Inc__mdbke-26-15431__0001.0.pdf?mcid=tGE4TAMA ALEX ENTERPRISES: To Hire Ford & Semach as Legal Counsel -------------------------------------------------------- Alex Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Ford & Semach, P.A. to serve as its bankruptcy counsel. The firm will provide these services: (a) analyzing the Debtor's financial situation and advising whether to file a petition under Title 11 of the United States Code; (b) advising the Debtor regarding its powers and duties as Debtor and Debtor-in-Possession in operating the business and managing estate property; (c) preparing and filing the petition, schedules of assets and liabilities, statement of financial affairs, and other required court documents; (d) representing the Debtor at the Section 341 meeting of creditors; (e) providing legal advice regarding continued business operations and estate management; (f) advising compliance with U.S. Trustee Operating Guidelines and reporting requirements and court rules; (g) preparing motions, pleadings, applications, answers, orders, complaints, and other legal papers and appearing at hearings; (h) protecting the interests of the Debtor in all matters before the Court; (i) representing the Debtor in negotiations with creditors and in the preparation and confirmation of a Chapter 11 plan; and (j) performing all other legal services necessary for the Debtor-in-Possession in the Chapter 11 case. Ford & Semach, P.A. will be compensated on an hourly basis at these rates: $550 for Buddy D. Ford $500 for Jonathan A. Semach $450 for associate attorneys, and $150 for paralegals. The Debtor paid pre-petition and retainer amounts totaling $12,000, including $3,000 pre-filing retainer, $7,000 post-filing fee retainer, and $2,000 costs retainer, subject to Court approval and application toward future billings. Ford & Semach, P.A. is a "disinterested person" within the meaning of the Bankruptcy Code and states it holds no adverse interest to the Debtor or the estate. The firm can be reached at: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. FORD & SEMACH, P.A. 9301 West Hillsborough Avenue Tampa, FL 33615-3008 Telephone: (813) 877-4669 E-mail: Buddy@tampaesq.com Jonathan@tampaesq.com Heather@tampaesq.com About Alex Enterprises LLC Alex Enterprises LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla., Tampa Division Case No. 8:26-bk-04348) on May 21, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Ford & Semach, P.A. is Debtor's legal counsel. ALFASPIRE INC: Aleida Martinez Molina Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for Alfaspire, Inc. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About Alfaspire Inc. Alfaspire, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16267) on May 14, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Corali Lopez-Castro presides over the case. Christina Vilaboa-Abel, Esq., represents the Debtor as legal counsel. ALLIANCE RESOURCE: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Alliance Resource Partners, L.P. (ARLP), Alliance Resource Operating Partners, L.P. (AROP) and Alliance Coal, LLC at 'BB'. Fitch has also affirmed AROP's senior unsecured debt at 'BB' with a Recovery Rating of 'RR4' and Alliance Coal, LLC's secured RCF and term loan at 'BB+'/'RR2'. The Rating Outlook is Stable. ARLP's ratings and Stable Outlook reflect Fitch's expectation that shipments and pricing will continue to support capex and modest investments in non-coal businesses and that the company will maintain its EBITDA leverage below 1.0x. Fitch expects cash flow from operations after capital expenditure to remain sufficient to allow deleveraging if capital market access is limited. Key Rating Drivers Favorable Operating Profile: Fitch believes ARLP is a well-run midsize coal company. It is the second-largest coal producer in the eastern U.S. The company's earnings benefit from the high heat quality of its coal, a union-free history (no other post-employment benefit liabilities) and the proximity of operations to customers and transport hubs. Coal operations are concentrated in underground mining. ARLP's two largest operations are the River View Complex and the Tunnel Ridge Complex, which accounted for 29% and 16% of 2025 production, respectively. Operations benefit from stable geology, management's strong and lengthy operating record, and flexibility through the use of continuous miners at most mines, including the River View Complex. Operating and Financial Flexibility: Fitch expects ARLP's cash flow to be more than sufficient to support operations and maintain a conservative financial profile. The company has been both able and willing to reduce production and cut distributions and capex during periods of weak energy prices, allowing it to repay debt. It has also been able to expand when markets are strong without damaging its capital structure. In 1Q26, the company ceased longwall production at the Mettiki complex because of planned and unplanned outages at a key customer's plant. ARLP recorded a $37.8 million impairment charge due to uncertainty regarding resumption of longwall production at the complex. Modest Financial Leverage: Fitch expects EBITDA leverage to be sustained below 1.0x. EBITDA leverage was about 0.7x at March 31, 2026, and has not exceeded 1.5x over the past decade. Fitch expects debt at $600 million or below and annual EBITDA to range between $580 million and $700 million. Coal Vulnerable to Climate Initiatives: Fitch believes steam coal volume is vulnerable to closures of coal-fired generation capacity, although ARLP's coal is likely to remain competitive because of its high heat content and reliability of supply. While Fitch does not expect volume to be constrained over the medium term, the longer-term risk of coal power generation capacity closures is factored into the ratings. Diversifying into Oil: Fitch views ARLP's increasing exposure to oil and gas mineral royalties as positive for cash flow. Production of mineral interests aggregated 3.6 million barrels of oil equivalent in 2025. The company has no capital commitments associated with these interests. Segment adjusted EBITDA from oil and gas royalties was $118 million, or about 23% of total segment adjusted EBITDA less capex in 2025. Peer Analysis ARLP is larger and more profitable than Indonesian coal peers PT Indika Energy Tbk (PT Indika Energy; B+/Stable) and PT Golden Energy Mines Tbk (PT Golden Energy; BB-/Stable). Fitch expects ARLP's EBITDA net leverage to be at or below 1.0x, compared to PT Indika Energy's EBITDA net leverage of above 3.0x and PT Golden Energy's net cash position. Fitch's Key Rating-Case Assumptions - Shipments average about 26 million tons per year; - EBITDA margins average about 30%; - Annual capex averages about $352 million; - Average distribution coverage ratio at 1.2x; - No sustained borrowing is expected under the Alliance Coal, LLC RCF. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bb+', Moderate), diversification and asset quality ('bb+', Higher), company operational characteristics ('bb+', Moderate), profitability ('bbb', Lower), financial structure ('a+', Lower), and financial flexibility ('bb-', Higher). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 30% for the forecast year 2029. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA net leverage sustained above 1.5x; - Material deterioration in liquidity evidenced by weakened external funding access, liquidity is less than $200 million and/or failure to refinance upcoming maturities in a timely manner. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/upgrade - An upgrade is unlikely in the near-term as the company's concentration and scale are commensurate with the rating. Liquidity and Debt Structure Cash on hand was $81.3 million at March 31, 2026. Fitch expects ARLP to generate scant FCF on average and for the $75 million securitization facility (to mature in January 2027) and the Alliance Coal, LLC $425 million secured revolving credit facility (RCF), to mature March 9, 2028, to be used for near-term needs and letters of credit (LOC). At March 31, 2026, aggregate availability under the RCF and A/R securitization was $402 million (LOC $53 million and $45 million outstanding). The Alliance Coal, LLC RCF financial covenants include a consolidated debt to consolidated cash flow (substantially debt/EBITDA) maximum of 2.5x, a minimum interest coverage ratio of 3.0x and a CoalCo debt (excludes the AROP notes and any refinancing) to consolidated cash flow maximum of 1.5x. Fitch expects the company will comply with these covenants. The A/R securitization facility has been annually renewed. Issuer Profile ARLP is a major steam coal producer primarily operating in the Illinois Basin. In 2025, 89.2% of tonnage was sold to electric utilities in the U.S., of which, 100% had scrubbers. The company operates seven operating underground mining complexes. The company also owns mineral royalty interests in roughly 70,000 net royalty acres in oil and gas producing regions. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The Climate.VS for 2035 for Alliance Resource Partners, L.P. is 76, indicating high exposure to climate-related risks in that year and reflecting current concentration in thermal coal mining and sales. The score is largely in line with thermal coal mining peers. The elevated score reflects the risk that the move away from coal-fired electricity generation will accelerate driven by the fuel's high carbon footprint and increased power generation from renewable sources will be able to replace material coal-fired sources. The credit rating is constrained by the risk that thermal coal volumes could fall longer-term, partially offset by the company's plans to grow its oil and gas royalties business and other businesses. The company does not have public GHG emission targets or decarbonization plans but believes growing energy demand and reliability concerns will result in sufficient domestic coal demand to support its production profile for the next decade. ESG Considerations Alliance Resource Partners, L.P. has an ESG Relevance Score of '4' for GHG Emissions & Air Quality due to due to thermal coal's exposure to electric power emissions regulatory risk, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Alliance Resource Operating Partners, L.P. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB Alliance Coal, LLC LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Alliance Resource Partners, L.P. LT IDR BB Affirmed BB AMERICAN AIRLINES: Fitch Rates Proposed Term Loan 'BB' ------------------------------------------------------ Fitch Ratings has assigned a 'BB' rating with a Recovery Rating of 'RR2' to American Airlines, Inc.'s (American) proposed term loan. Proceeds from the term loan, together with other secured debt issuance, will be used to repay the company's $1.1 billion 2014 Term Loan, with the remaining funds allocated to general corporate purposes. Fitch expects American's credit profile to remain weak as higher jet fuel prices strain profitability and delay deleveraging. The Stable Outlook reflects Fitch's expectation that fuel price pressure will be temporary. American's credit profile may improve over time as margins recover from resilient travel demand, stronger loyalty revenues, and premium product expansion. American demonstrates strong financial flexibility, with 1Q26 liquidity of $10.8 billion and over $27 billion of unencumbered assets and first lien borrowing capacity ($26 billion pro forma for these issuances). American's ratings could be strained if margins do not improve due to fuel costs or other factors that keep credit metrics outside Fitch's sensitivities beyond 2026. Key Rating Drivers Proposed Term Loan Issuance: The term loan and other secured debt issuances are primarily secured by certain route authorities, airport landing and takeoff slots, and gate leaseholds associated with service to and from London Heathrow, along with other transatlantic routes. Fitch views this collateral as strategically important to American, as Heathrow is one of the most slot-constrained airports globally and serves a key business market. In addition to refinancing the company's existing 2014 Term Loan, which matures in January 2027, the issuances are expected to proactively bolster liquidity amid elevated jet fuel prices. Weak Metrics for the Rating: American's credit metrics are currently weak for the 'B+' rating and will likely remain so at least through YE 2026, primarily driven by higher jet fuel prices. American had gross adjusted debt/EBITDAR of 6.5x at YE 2025, above Fitch's prior expectations, as margins were hit by a soft domestic market, impacts from the government shutdown, and weak demand following the crash of Flight 5342. Prior to the Iran conflict, Fitch had expected American to reduce leverage to the mid-4x range at YE 2026, which is within the current rating sensitivities, with further improvement anticipated as the company reduces its total debt burden. In the long term, Fitch expects American credit profile to improve as margins strengthen and management takes steps toward its publicly stated goal of achieving 'BB' credit rating metrics. American maintains a goal to reduce total debt plus obligations to below $35 billion, which it had achieved at the end of 1Q26. While Fitch expects debt reduction to remain a focus, limited FCF generation in the near term is expected to constrain the pace of gross debt reduction compared with recent years. Rising Jet Fuel Prices: Jet fuel prices will pressure American's profitability in 2026. Fitch expects the company to offset higher fuel costs through fare increases given strong demand. However, pressure will grow if oil prices remain elevated. Fitch views American's ratings as more vulnerable than peers' due to thin margins before the fuel shock, with American generating a 3% operating margin in 2025 versus about 9% for both United Airlines, Inc. (BB+/Stable) and Delta Air Lines Inc. (BBB-/Positive). Over time, Fitch expects fuel prices and industry pricing/capacity to adjust, supporting margin improvement, although credit metrics are likely to remain weak near term for the 'B+' rating. Fitch believes American's margin performance relative to peers can improve in 2026 based on idiosyncratic factors, including strengthening revenues from the company's renewed co-branded credit card agreement with Citi, network expansion, and potential YoY improvement in the domestic supply/demand balance, which has been relatively weak in recent years. Like its competitors, American is focusing premium products and plans to grow premium seats at twice the rate of economy seats through 2030, leaning into an area that has been an increasing profit driver for airlines and supporting the company's margin improvement trajectory. Healthy Demand: Concerns related to rising jet fuel costs are mitigated by a strong U.S. demand environment, with airlines reporting record bookings in the first three months of 2026 and indications that recent fare increases aimed at offsetting fuel costs are not inhibiting demand. Airlines are projecting high-single-digit or double-digit unit revenue increases for the year, sufficient to substantially, if not fully, offset higher jet fuel costs. However, consumer health represents a key risk, particularly if the Iran conflict were to drive a broader macroeconomic slowdown that undermines travel demand. Potentially Sustainable Fare Increases: Industry dynamics may support ability for airlines to sustain higher fares after fuel prices decline, potentially driving higher margins thereafter. Persistent losses generated by discount carriers even prior to the Iran conflict necessitate higher unit revenues to cover cost inflation experienced in recent years. As such, these carriers are likely to limit capacity and continue to lean into premium product offerings, which may support a healthier pricing environment for the industry in general. Supportive Financial Flexibility: American's rating remains supported by solid financial flexibility. Liquidity is healthy, with American ending 1Q26 with $10.8 billion in cash and available revolver capacity. The company reports an estimated unencumbered asset base and existing first lien borrowing capacity totaling more than $26 billion, providing substantial flexibility to raise capital if needed to support liquidity. Planned capex is also manageable in 2026 at around $4 billion, supporting the company's capacity to navigate near-term fuel cost pressures while maintaining financial flexibility. Peer Analysis American is rated below its network peers United and Air Canada (BB/Stable). The rating differential reflects lower leverage and better profit margins for both peers. In the near to intermediate term, Fitch expects United and Air Canada's adjusted leverage to remain in the mid-3x range, compared to around 5x-6x for American. American's and United' business profiles are similar as both are large, broadly diversified network airlines. United has a stronger international presence while American has a stronger domestic presence. United's international network has been a strength in recent years but may not always be, as travel trends vary over time. While Air Canada is smaller and more exposed to long-haul traffic than its U.S. peers, it benefits from operating in a largely duopolistic market. American is rated three notches above JetBlue Airways Corporation (CCC+). JetBlue's ratings suffer from elevated leverage driven by weak profitability, along with a more difficult competitive position as a smaller operator in a consolidated market. American also has stronger financial flexibility than JetBlue, supported by its unencumbered asset base and borrowing capacity under existing first lien debt, along with a stronger fixed charge coverage ratio. Fitch’s Key Rating-Case Assumptions - Mid-single-digit traffic growth in 2026, followed by low-single-digit growth thereafter; - Mid-single-digit unit revenue growth in 2026, followed by low-single-digit growth thereafter; - Jet fuel prices at around $2.80/gallon in 2026 and falling to around $2.45/gallon thereafter; - Low-single-digit percentage of revenue FCF generation in each of the next three years; - Capex in line with the company's estimates. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (b+, Moderate), Financial Structure (b-, Higher), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b+'. Recovery Analysis Fitch's recovery analysis assumes that American would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Fitch uses a GC EBITDA estimate of $5.5 billion and a 5.0x multiple generating an estimated GC enterprise valuation (EV) of $27.5 billion. The GC EBITDA estimate is reflective of a scenario in which an American bankruptcy is driven by an untenable capital structure. Fitch would not anticipate American shrinking in a material way in a reorganization due to the company's strong position in key hubs and its young asset base. Fitch's estimate considers a scenario where margins are structurally lower than historical precedents potentially due to a combination of higher operating costs (labor, fuel, etc.) and increasing competition. An EV multiple of 5.0x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered the following factors: historical bankruptcy case studies with exit multiples for peer companies ranging from 3.1x to 6.8x. The selection of a multiple toward the midpoint of the range is supported by American's large scale and its entrenched position in key hubs. These assumptions lead to an estimated Recovery Rating of 'RR1' for American's loyalty program debt and 'RR2' for senior secured debt positions. RATING SENSITIVITIES Factors That Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Adjusted debt/EBITDAR sustained above 5x or EBITDAR/gross interest plus rent trending below 1.5x; - Total liquidity falling toward or below $8 billion absent a corresponding decrease in outstanding debt; - EBITDAR margins deteriorating to the low double-digit range; - Persistently negative or negligible FCF. Factors That Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Continued progress toward American's stated debt reduction goals, bringing adjusted debt/EBITDAR toward or below 4x; - EBITDAR/gross interest plus rent trending toward 2.5x; - Sustained neutral FCF or higher. Liquidity and Debt Structure As of March 31, 2026, American held $10.8 billion in liquidity, consisting of $6.4 billion short-term investments, $903 million in cash and cash equivalents, and full availability on their $3.5 billion aggregate RCFs primarily maturing in 2031. Total liquidity, including undrawn revolver capacity, is equivalent to 19.3% of LTM revenue. American also reported over $27 billion of unencumbered assets and first lien borrowing capacity in 1Q26, supportive of its liquidity position. Liquidity is further supported by a fuel financing facility put in place in December 2024, which had an outstanding balance of $360 million as of March 31. Fitch considers American's liquidity to be sufficient in the context of expected positive FCF generation over the next several years. Debt principal payments are manageable at $3.6 billion and $4.5 billion in 2026 and 2027, respectively. Principal payments step up to $7.6 billion in 2028 with the maturity of American's 2013 term loan facility, 7.25% senior secured notes, and its 2021 AAdvantage term loan facility. Refinancing risks are manageable, given American's de-leveraging path and the attractiveness of the underlying collateral for its secured financings. Issuer Profile American Airlines Group was formed by the merger of American Airlines and US Airways in 2013. The company is the world's second-largest airline by available seat miles. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The 2025 revenue-weighted Climate.VS for American for 2035 is 50 out of 100, suggesting elevated exposure to climate-related risks in that year. This is in line with other airlines and reflects the gradually growing costs linked to the decarbonization of the sector, as well as potential for lower demand over time. Currently, climate transition risks do not have a material influence on airline ratings, as the potentially disruptive changes due to energy transition are unlikely to materialize in the next eight to 10 years. American has announced a target to achieve net zero carbon emissions by 2050. The company has also announced interim goals to reduce jet fuel use by 50 million gallons by 2025 from efficiency initiatives, increase the use of sustainable aviation fuel (SAF) to 10% of its total fuel usage by 2030, and reduce emissions intensity by 45% by 2035. Achieving its climate goals will come through a combination of initiatives, with SAF representing the largest single item. As with all airlines, American's ability to reduce its carbon output is largely out of its own control in the near term. Items such as increasing SAF production and the development and introduction of next-generation efficient aircraft are longer-term solutions that require investments from across the industry. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- American Airlines, Inc. senior secured LT BB New Rating RR2 AMERICAN HEALTH: Committee Taps Markowitz Ringel as Legal Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of American Health Associates Holdings, Inc. and its affiliated debtors and debtors-in-possession seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ and retain Markowitz, Ringel, Trusty & Hartog, P.A. as counsel in its Chapter 11 case. MRTH will provide these services: (a) providing legal advice with respect to the Committee's powers and duties as appointed under Bankruptcy Code section 1102; (b) assisting in the investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors, the operation of the Debtors' business, and any other matter relevant to the case or formulation of a plan of reorganization or liquidation; (c) preparing on behalf of the Committee necessary motions, applications, answers, orders, reports and other legal papers; (d) reviewing, analyzing and responding to pleadings filed in the case and appearing before the Court to present necessary motions, applications and pleadings and to protect the Committee's interests; (e) advising the Committee about substantive issues and procedures involving applicable non-bankruptcy law arising in the case; (f) representing the Committee in hearings and other judicial proceedings; (g) advising the Committee of its fiduciary duties and responsibilities; (h) advising the Committee and its professionals on practice and procedure in the Bankruptcy Court for the Southern District of Florida; and (i) performing any and all other legal services in connection with the Chapter 11 case as may reasonably be required. MRTH will be compensated on an hourly basis. Bankruptcy attorney rates range from $450 to $795, and paraprofessional rates range from $200 to $225, plus reimbursement of actual and necessary expenses incurred in the case. MRTH is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and represents that it holds no interest adverse to the Debtors or the bankruptcy estate, subject to disclosures in its Rule 2014(a) declaration. The firm can be reached at: Alan R. Rosenberg, Esq. Ross R. Hartog, Esq. MARKOWITZ, RINGEL, TRUSTY & HARTOG, P.A. 100 NE Third Avenue, Suite 610 Ft. Lauderdale, FL 33301 Telephone: (954) 767-0030 E-mail: arosenberg@mrthlaw.com rhartog@mrthlaw.com About American Health Associates Holdings Inc. Headquartered in Davie, Florida, American Health Associates Holdings, Inc. provides clinical laboratory services, mobile phlebotomy, mobile imaging and care-at-home diagnostic services for the long-term care market. Founded more than 30 years ago by Debbie Martin, a respiratory therapist, American Health Associates Holdings serves skilled nursing facilities, nursing homes, hospitals and physician offices, and operates 16 full-service reference laboratories nationwide. It serves more than 3,000 long-term care facilities across the U.S. American Health Associates Holdings and 12 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 26-14825) on April 17, 2026. In the petition signed by Christopher Martin, president, American Health Associates Holdings disclosed up to $50 million in both assets and liabilities. Judge Scott M. Grossman oversees the cases. Bradley S. Shraiberg, Esq., at Shraiberg Page P.A., represents the Debtors as legal counsel. AMERICAN PICTURE: Debts Exceed Assets by $0.4M at March 31 ---------------------------------------------------------- American Picture House Corp's stockholder's deficit was US$0.4 million at March 31, 2026. The stockholder's deficit was US$0.3 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$1.4 million and total liabilities of US$1.8 million. At Dec. 31, 2025, the Company had total assets of US$1.5 million and total liabilities of US$1.8 million. The Company's accounts receivable primarily consist of trade receivables due from customers for consulting services and from fees derived from licensing of IP to content providers worldwide. As of March 31, 2026, accounts receivable was related to the BUFFALOED CAMA and collection service fees related to the Company's contractual revenue collection rights to BARRON'S COVE. As of Dec. 31, 2025, 100% of accounts receivable were due from collection service fees related to the Company's contractual revenue collection rights under Amendment No. 1, dated Dec. 29, 2025, to the Company's agreement relating to BARRON'S COVE. Under that amendment, the Company is entitled to receive 100% of Net Revenues until it has received an aggregate of $1,150,000 (the "APHP Priority Amount"). Accordingly, the $1,150,000 accounts receivable balance reflects the Company's contractual priority receivable/collection right at year-end. There was no bad debt expense for the quarters ended March 31, 2026 and 2025 and no additional allowance for doubtful accounts for the periods ended March 31, 2026, and Dec. 31, 2025. The Company says it will continue as a going concern. As of March 31, 2026, the Company had a working capital deficit of approximately $1,452,000, an accumulated deficit of $7,997,633, and cash and cash equivalents of approximately $22,000. The Company says these conditions raise substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued. The Company said: "Management's current plan to address these conditions includes continued project monetization efforts, borrowings from related parties or third parties, equity issuances or equity-linked financings, and disciplined management of operating expenditures. During the first quarter of 2026, the Company entered into a convertible note financing with Labrys Fund II, L.P. and also continued to implement project-level arrangements with SSS Entertainment, LLC. There can be no assurance that these efforts will be successful." A full-text copy of the Form 10-Q is available at https://tinyurl.com/ydb8d6zp About American Picture House Corporation American Picture House Corporation is an entertainment company focused on the development, packaging, financing, and production of feature films and limited series. The Company has shifted its strategy to concentrate on internally developed projects and selective strategic partnerships, with recent project participation including titles such as Barron's Cove, Pose, Thieves Highway, Protector, and Motion. As of March 31, 2026, it operates without employees, relying on consultants and independent contractors for its corporate operations and project-level activities. AQUA METALS: Net Loss Narrows to $3.95MM in Q1 2026 --------------------------------------------------- Aqua Metals, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the Quarterly Period Ended March 31, 2026. For the three months ended March 31, 2026 and 2025, the Company reported a net loss of $3,954,000 and $8,315,000, respectively, and negative cash from operations of $3,844,000 and $2,753,000, respectively. As of March 31, 2026, the Company had cash and cash equivalents of approximately $6,816,000, working capital of approximately $7,479,000 and an accumulated deficit of $274,370,000. The decrease in net loss during the three months ended March 31, 2026 was due mainly to a non-cash impairment expense of $5,247,000 related to construction-in-progress for the facility located at TRIC. The Company has not generated revenues from commercial operations and expects to continue incurring losses for the foreseeable future. As an additional liquidity source, the Company maintains an At-the-Market offering program. Under the ATM Sales Agreement with The Benchmark Company, LLC, the Company was permitted to offer and sell shares of its common stock, par value $0.001 per share, from time to time through Benchmark, acting as sales agent, with an aggregate offering price of up to $30,000,000, later increased to $50,000,000. Sales of common stock, if any, under the ATM program are deemed to be "at-the-market" offerings as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended. During the three months ended March 31, 2026, the Company sold an aggregate of 198,780 shares of common stock for net proceeds of approximately $1,295,000, after deducting commissions and offering expenses. As of March 31, 2026, $48,600,000 remains available for issuance under the ATM program. In addition to the ATM, the Company also maintains an equity line of credit with Lincoln Park Capital Fund, LLC providing for aggregate sales of up to $10,000,000 of common stock. However, pursuant to the securities purchase agreement entered into in connection with the Company's October 2025 registered direct offering, the Company is restricted from entering into certain variable rate transactions, which limits the Company's ability to utilize the Lincoln Park facility for a period of 12 months following the closing of that transaction. The Company may issue additional shares under the facility in the future, subject to the terms of the agreement and applicable registration requirements. Management believes that there is substantial doubt about the entity's ability to continue as a going concern within one year after the date the financial statements are issued. Given the Company's continuing losses and expected cash requirements, additional capital will be necessary to fund ongoing operations. While the Company intends to pursue such funding opportunities, including through the ATM, ELOC, and other potential financing arrangements, there can be no assurance that these efforts will be successful. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/mv3c2fvz Aqua Metals Headquartered in Reno, Nevada, Aqua Metals, Inc. develops recycling solutions for lead and lithium-ion batteries using a proprietary water-based technology called AquaRefining. The Company's electrochemical process enables low-emissions, closed-loop recovery of high-purity metals without the use of furnaces or hazardous chemicals. It operates modular systems known as "Aqualyzers" to support sustainable energy storage applications. New York, New York -based Forvis Mazars, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 30, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred substantial operating losses and negative cash flows from operations since inception that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $17,120,000 in total assets, $3,994,000 in total liabilities, and $13,126,000 in total stockholders' equity. ARCADIA BIOSCIENCES: Swings to $4.4 Million Net Loss in Fiscal Q3 ----------------------------------------------------------------- Arcadia Biosciences, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $4.4 million for the three months ended March 31, 2026, compared to a net income of $2.6 million for the same period in the prior year. For the nine-month period ended March 31, 2026, the Company reported a net loss of $5.1 million, compared to a net loss of $5.5 million in the corresponding prior-year period. Revenues for the three months ended March 31, 2026 were $1.1 million, compared to $1.2 million in the prior-year period. Liquidity and Capital Resources The Company has funded its operations primarily with the net proceeds from its private and public offerings of its equity securities as well as proceeds from the sale of its products and payments under license agreements. The Company's principal use of cash is to fund its operations. As of March 31, 2026, the Company had cash and cash equivalents of $1.0 million. For the three months ended March 31, 2026, the Company had net loss of $4.4 million and net cash used in operations of $1.1 million. For the 12 months ended December 31, 2025, the Company had net loss of $2.3 million and net cash used in operations of $4.7 million. Above Food Corp. did not make the first $2.0 million principal payment plus accrued interest on the promissory note given by Above Food to the Company pursuant to the asset purchase agreement between the Company and Above Food relating to the sale of the GoodWheat brand and related assets to Above Food in May 2024, and substantial doubt exists whether Above Food will make any cash payments with respect to the Promissory Note. Failure to make the first cash principal payment due under the Promissory Note had a material adverse effect on the Company's cash resources and financial position. In addition, approximately 2.7 million shares of Above Food's parent company AFII have been issued to the Company pursuant to a notice previously delivered by the Company, uncertainty exists regarding whether additional Parent Shares will be issued in satisfaction of Above Food's other obligations under the Promissory Note, when any Parent Shares will be able to be freely resold pursuant to Rule 144 or otherwise, or the amount of net proceeds to Arcadia that might result from a sale of any such Parent Shares. Going Concern; Material Cash Requirements The Company believes that its existing cash and cash equivalents will not be sufficient to meet its anticipated cash requirements for at least the next 12 months from the issuance date of these condensed consolidated financial statements, which raises substantial doubt about the Company's ability to continue as a going concern, and the audit opinion on the Company's 2025 audited consolidated financial statements includes a going concern explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern. The Company will require additional funding in the near term to fund its business and the marketing and sale of its products and to provide working capital to fund other aspects of its business. As noted above, Above Food defaulted on its obligations to pay the Company amounts due under its Promissory Note to the Company, including the first installment of the Promissory Note due May 14, 2025, and substantial doubt exists whether or when Above Food will be able to make any cash payments with respect to the Promissory Note, or whether additional Parent Shares may be issued to the Company in satisfaction of Above Food's obligations under the Promissory Note. There are no assurances that required funding will be available at all or will be available in sufficient amounts or on reasonable terms. The Company may seek to raise additional funds through debt or equity financings. Any sale of additional equity would result in dilution, and could result in material dilution, to the Company's stockholders. In addition, if the Company is able to sell shares of AFII, the net proceeds from sales of AFII shares may provide a source of funding. However, the AFII shares are restricted securities, and it is not clear when the requirements of Rule 144 will be satisfied so as to permit a public sale of such shares. In addition, removal of restrictive legends applicable to the shares also requires action by the issuer and its transfer agent in order to remove the legends and facilitate the public resale of the shares. Moreover, the market price of AFII common stock is very volatile. If from time to time in the future Arcadia seeks to sell the AFII shares that it holds, there are no assurances regarding the amount of net proceeds to Arcadia that might result from such sales. If the Company sought to raise funds through debt financing transactions, its incurrence of debt would result in debt service obligations, and the instruments governing its debt could provide for additional operating and financing covenants that would restrict its operations. The Company is also evaluating strategic alternatives and may seek to enter into strategic alternative transactions. If the Company is not able to secure adequate additional funding, it will be forced to further reduce its spending, extend payment terms with its suppliers, liquidate assets, or initiate dissolution and liquidation or bankruptcy proceedings. Any of these actions would have a material adverse effect on the Company's business, results of operations and financial condition. Through December 31, 2025, the Company has incurred substantial losses. The Company will be required to obtain additional cash resources in the near term in order to support its operations and activities. The availability of required additional funding cannot be assured. In addition, an adverse outcome in legal or regulatory proceedings in which the Company is or could become involved could adversely affect its liquidity and financial position. No assurance can be given as to the timing or ultimate success of obtaining future funds. If the Company is not able to obtain additional required equity or debt funding, its cash resources would be significantly limited and could become depleted, and the Company could be required to materially reduce or suspend operations or seek dissolution and liquidation, or bankruptcy protection. In the event of dissolution and liquidation proceedings or bankruptcy proceedings, the creditors of Arcadia would have first claim on the value of the assets of Arcadia which, other than remaining cash, would most likely be liquidated in one or more transactions or a bankruptcy sale, and the common stock of Arcadia likely would have little or no value. Arcadia can give no assurance as to the magnitude of the net proceeds of such a sale and whether such proceeds and available cash would be sufficient to satisfy Arcadia's obligations to its creditors, let alone to permit any distribution to its equity holders. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/2mnvwhea. About Arcadia Biosciences Inc. Headquartered in Dallas, Texas, Arcadia Biosciences Inc. is a producer and marketer of innovative, plant-based health and wellness products. Since its inception in 2002, it has worked on creating next-generation wellness products, particularly by enhancing wheat with unique nutritional profiles, including increased fiber, improved protein quality, fewer calories, reduced gluten, and extended shelf stability. Their portfolio also includes Zola Coconut Water, a hydrating beverage that is Non-GMO, low in calories, and rich in electrolytes. The Company collaborates with food manufacturers to create healthier wheat-based products. Tempe, Arizona-based Deloitte & Touche LLP, the Company's auditor since 2007, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has an accumulated deficit, recurring net losses and net cash used in operations, and resources that will not be sufficient to meet its anticipated cash requirements, which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $5.3 million in total assets, $2.4 million in total liabilities, and $2.9 million in total stockholders' equity. ARCHBISHOP OF BALTIMORE: Unsecureds to be Paid in Full in Plan -------------------------------------------------------------- The Roman Catholic Archbishop of Baltimore, a corporation sole, and certain parishes, schools and entities located within the Archdiocese and contemplated as Additional Debtors submitted a Disclosure Statement in support of Joint Plan of Reorganization dated May 15, 2026. The Archdiocese of Baltimore is the ecclesiastical district comprising a geographic area decreed by the Roman Catholic Church as the Archdiocese of Baltimore. Within the Archdiocese, Archbishop William E. Lori is the diocesan bishop or ordinary for the Archdiocese. The ecclesiastical district of the Archdiocese: (i) has two co cathedrals both of which are located in Baltimore City: (a) the Cathedral of Mary Our Queen; and (b) the National Shrine of the Basilica of the Assumption of the Blessed Virgin Mary, which was this country's first cathedral and was dedicated by Archbishop Ambrose Marechal in 1821; (ii) includes a geographic area encompassing approximately 4,800 square miles across nine counties of the State of Maryland; and (iii) contains close to 503,000 Catholics served by one hundred eight (the "Parishes") and fifty-eight schools (the "Schools"). The Plan has been formulated by the Debtor, in consultation with the proposed Additional Debtors, following months of mediation efforts. As a result of the mediation efforts, the Debtor, in consultation with the proposed Additional Debtors, propose a plan providing for compensation to Survivor Claimants in an amount equal to the sum of the liquidation value of the Debtor, liquidation value of the Additional Chapter 11 Debtors, and three years' net income of the Subchapter V Additional Debtors, in addition to the contribution of all insurance assets available for the payment of compensation to Survivor Claimants. To facilitate evaluation of Survivor Claims, liquidation of insurance assets, and payment of compensation to Survivor Claimants, the Plan establishes a Survivor Compensation Trust and Insurance Trust, which initially will be funded in an aggregate amount of not less than $168,939,502 by: (i) assets of and contributions from the Debtor; (ii) assets of and contributions from the Parishes, Schools, Related NonDebtor Entities, and Other Insured Entities; and (iii) settlement proceeds from settlements with the Settling Insurers. The contribution was reached by calculating the amount of liability faced by each entity, the ability of each entity to pay, and insurance coverage available for the types of claims being satisfied by the Trusts. In exchange for the contributions to the Trusts, (a) the Debtor and Reorganized Debtor, (b) the Additional Debtors and Additional Reorganized Debtors, (c) Related Non-Debtor Entities, (d) each of the foregoing Persons' respective predecessors in interest, successors, and assigns, and (e) solely to the extent of and in their capacity as such, all of the foregoing Persons' respective past and present Agents shall be deemed "Protected Parties" that, along with the Settling Insurers that are contributing to the Trusts, are entitled to the benefit of certain releases, exculpation, and injunctions, all as more specifically set forth in this Disclosure Statement and the Plan. The Survivor Compensation Trustee and Insurance Trustee will liquidate the Survivor Compensation Trust Assets and Insurance Trust Assets, respectively, and fairly distribute the proceeds to the Survivor Claimants, pursuant to the Plan and Survivor Compensation Trust Distribution Plan. The Plan further provides that the holders of the General Unsecured Claims will be paid in full, that all Survivor Claims will be channeled to the Trusts, and that the Debtor and Additional Debtors will receive a discharge from all remaining Claims, permitting the Debtor and Additional Debtors to continue their missions, ministry, and other charitable activities after confirmation of the Plan. Class 5 includes all General Unsecured Claims. Except to the extent a holder of a General Unsecured Claim agrees to less favorable treatment of their General Unsecured Claim, in exchange for full and final satisfaction of such Allowed General Unsecured Claim, each holder of a General Unsecured Claim shall receive payment in Cash in an amount equal to such Allowed General Unsecured Claim (excluding interest), which shall be payable on or as soon as reasonably practicable after the later to occur of: (i) the Effective Date; (ii) the date on which the applicable General Unsecured Claim becomes an Allowed General Unsecured Claim; and (iii) the date on which the holder of such General Unsecured Claim and the Debtor, Additional Debtor, Reorganized Debtor, or Additional Reorganized Debtor, as applicable, shall otherwise agree in writing. General Unsecured Claims are Impaired. Class 6 includes all Survivor Claims. The Plan creates a Survivor Compensation Trust and Insurance Trust to fund payments and pursue Insurance Claims relating to Survivor Claimants entitled to such payments under the Plan, the Survivor Compensation Trust Agreement, and Survivor Compensation Trust Distribution Plan. As of the Effective Date, the liability of Protected Parties and Settling Insurers for all Survivor Claims shall be: (i) assumed fully by the Insurance Trust and Survivor Compensation Trust, as applicable, without further act, deed, or court order; and (ii) pursuant to the Discharge Injunction, Channeling Injunction, and Supplemental Settling Insurer Injunction, satisfied solely from the Survivor Compensation Trust and Insurance Trust as set forth in the Plan and the Confirmation Order. Class 9 consists of Additional Debtors General Claims. Except to the extent that a Claimant holding an Allowed Additional Debtors General Claim agrees to less favorable treatment of such Additional Debtors General Claim, each Reorganized Additional Debtor will pay each Allowed Additional Debtors General Claim of such Reorganized Additional Debtor in accordance with the terms and conditions otherwise governing such Allowed Additional Debtors General Claim so that such Allowed Additional Debtors General Claim is rendered Unimpaired by the Plan and will pass through after the Effective Date for all purposes as if the Additional Debtor Chapter 11 Cases had never been filed. Class 9 is Unimpaired. On the Effective Date, or as soon as practicable after the Effective Date, the Survivor Compensation Trust shall be established in accordance with the Survivor Compensation Trust Documents for the exclusive benefit of Survivor Claimants. The Survivor Compensation Trust will assume all liability for and rights concerning all Insurance Settlement Agreements. The Survivor Compensation Trust will distribute all Survivor Compensation Trust Assets pursuant to and in accordance with the Survivor Compensation Trust Distribution Plan, the Survivor Compensation Trust Agreement, the Plan, and the Confirmation Order. The Survivor Compensation Trustee shall establish and maintain a reserve for expenses of the Survivor Compensation Trust, which shall be paid pursuant to the terms of the Survivor Compensation Trust Agreement. The Survivor Compensation Trust initially will be funded by the Debtor, Additional Debtors, Related Non-Debtor Entities, and Settling Insurers. Contributions being made by the Debtor, Additional Debtors, and Related Non-Debtor Entities are being made to the Survivor Compensation Trust notwithstanding, and without waiving, applicability of charitable immunity under Maryland Law with respect to Survivor Claims. The Debtor, Additional Debtors, Reorganized Debtor, Additional Reorganized Debtors, and other Protected Parties shall fund their obligations under the Plan using Cash on hand or otherwise available. Trust Distributions shall be funded solely from Survivor Compensation Trust Assets and Insurance Trust Assets, as applicable. On the Effective Date, or as soon as practicable after the Effective Date, the Insurance Trust shall be established in accordance with the Insurance Trust Documents. The Insurance Trust will assume all liability for and rights concerning: (a) all Channeled Claims, including the rights to settle Channeled Claims, solely to the extent such Channeled Claims relate to Insurance Claims against Non-Settling Insurers or Non-Settling Insurer Policies; (b) all Non-Settling Insurer Policies assumed, assigned, or otherwise transferred pursuant to Article 7 of the Plan; and (c) all Insurance Claims relating to Survivor Claims solely to the extent related to Non-Settling Insurers or Non-Settling Insurer Policies. A full-text copy of the Disclosure Statement dated May 15, 2026 is available at https://urlcurt.com/u?l=KM8Zx9 from Epiq Corporate Restructuring LLC, claims agent. Attorneys for the Debtor: Catherine K. Hopkin, Esq. YVS LAW, LLC 185 Admiral Cochrane Drive, Suite 130 Annapolis, MD 21401 Tel: 443-569-0788 Fax: 410-571-2798 E-mail: chopkin@yvslaw.com - and - Blake D. Roth, Esq. Tyler N. Layne, Esq. HOLLAND & KNIGHT LLP 511 Union Street, Suite 2700 Nashville, TN 37219 Tel: 615.244.6380 Fax: 615.244.6804 E-mail: blake.roth@hklaw.com tyler.layne@hklaw.com - and - Philip T. Evans, Esq. HOLLAND & KNIGHT LLP 800 17th Street, NW, Suite 1100 Washington, DC 20006 Tel: 202.457.7043 E-mail: philip.evans@hklaw.com About Roman Catholic Archbishop of Baltimore Roman Catholic Archbishop of Baltimore is a non-profit religious institution that maintains its principal place of business at 320 Cathedral Street, Baltimore, Maryland 21201. Consistent with Canon Law and Maryland law, the RCAB holds property, including real property, as a corporation sole for the purposes of erecting churches, parsonages, burial grounds, or schools according to the discipline and government of the Roman Catholic Church, with all such property to be used only for such purposes. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition signed by William E. Lori, archbishop, the Debtor disclosed $100 million to $500 million in assets and $500 million to $1 billion in liabilities. Judge Michelle M. Harner oversees the case. The Debtor tapped YVS Law, LLC and Holland & Knight LLP as legal counsel; Keegan Linscott & Associates, PC as financial and restructuring advisor; and Gallagher Evelius & Jones LLP as special counsel. Epiq Corporate Restructuring LLC is the claims, noticing, and balloting agent. The U.S. Trustee for Region 5 appointed an official committee to represent unsecured creditors in the Chapter 11 case of The Roman Catholic Archbishop of Baltimore. The committee hires Stinson LLP as counsel. Tydings & Rosenberg LLP as local counsel. ASHFORD HOSPITALITY: Q1 2026 Net Loss Triples to $65.5 Million -------------------------------------------------------------- Ashford Hospitality Trust, Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $65.5 million for the three months ended March 31, 2026, compared to a net loss of $22.2 million for the same period in the prior year. Revenues for the three months ended March 31, 2026 were $267.7 million, compared to $277.4 million in the prior-year period. Liquidity and Capital Resources As of March 31, 2026, the Company held cash and cash equivalents of $79.8 million and restricted cash of $141.2 million (including amounts held for sale), the vast majority of which comprises lender and manager-held reserves. As of March 31, 2026, $24.5 million (including amounts held for sale) was also due to the Company from third-party hotel managers, most of which is held by one of the Company's managers and is available to fund hotel operating costs. During the three months ended March 31, 2026, the net increase in cash, cash equivalents and restricted cash (including cash, cash equivalents and restricted cash held for sale) was $4.6 million. The Company forecasts it may not have enough cash to support the Company's daily operations one year from the date the financial statements are issued due primarily to anticipated debt service costs, debt maturities and the potential termination fee the Company would owe to Ashford LLC upon the triggering of the change of control provision in the Advisory Agreement. The Company has $1.9 billion of non-recourse loans that mature within one year from the date the financial statements are issued. If the Company's lenders elect not to refinance these loans and foreclose on these properties and the Company's Annualized Portfolio Cash Flow is below $65 million, the change of control provision in the Advisory Agreement could be triggered at Ashford LLC's discretion within one year from the date the financial statements are issued, resulting in a termination fee. The Company is taking several steps to reduce its cash utilization and potentially raise additional capital. The Company's ability to continue as a going concern is dependent upon its ability to improve the profitability of its operations, refinance or extend the maturity of its loans and increase its cash position from the sale of certain hotel properties. While the Company believes in the viability of its strategy, GAAP requires that in making this determination the Company cannot consider any remedies outside of the Company's control which have not been fully implemented. As such, the Company could not consider future potential fundraising activities, whether through equity or debt offerings or dispositions of hotel properties as it could not conclude they were probable of being effectively implemented. With respect to upcoming maturities, no assurances can be given that the Company will be able to refinance its upcoming maturities. Additionally, no assurances can be given that the Company will obtain additional financings or, if it does, what the amount and terms will be. The Company's failure to obtain future financing under favorable terms could adversely impact its ability to execute its business strategy or may result in lender foreclosure. Based on these factors, the Company has determined that there is substantial doubt about the Company's ability to continue as a going concern within one year after the date the financial statements are issued. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. The Company's cash and cash equivalents primarily comprised corporate cash invested in short-term U.S. Treasury securities with maturity dates of less than 90 days and corporate cash held at commercial banks in Insured Cash Sweep accounts, which are fully insured by the FDIC. The Company's cash and cash equivalents also includes property-level operating cash deposited with commercial banks that have been designated as a Global Systemically Important Bank by the Financial Stability Board and a small amount deposited with other commercial banks. The Company's cash position from operations is affected primarily by macro industry movements in occupancy and rates as well as its ability to control costs. Further, interest rates can greatly affect the cost of the Company's debt service as well as the value of any financial hedges it may put in place. The Company monitors industry fundamentals and interest rates very closely. Capital expenditures above reserves will affect cash flow as well and are impacted by inflation. Certain of the Company's loan agreements contain cash trap provisions that may be triggered if the performance of its hotels declines below a threshold. When these provisions are triggered, substantially all of the profit generated by its hotels is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of the Company's various lenders. During a cash trap, certain disbursements from these hotel operating cash receipts would require consent of the Company's lenders. At March 31, 2026, 38 of the Company's hotels were in cash traps and approximately $2.6 million of its restricted cash was subject to these cash traps. The Company's loans currently in cash traps may remain subject to cash trap provisions for a substantial period of time, which could limit the Company's flexibility and adversely affect its financial condition or its qualification as a REIT. The Company has extension options relating to certain property-level loans that will permit it to extend the maturity date of its loans if certain conditions are satisfied at the respective extension dates, including the achievement of debt yield targets required in order to extend such loans. To the extent the Company decides to extend the maturity date of the debt outstanding under the loans, it may be required to prepay a significant amount of the loans in order to meet the required debt yield targets. There can be no assurances that the Company will be able to meet the conditions for extensions pursuant to the respective terms of such loans. If the Company violates covenants in its debt agreements, it could be required to repay all or a portion of its indebtedness before maturity at a time when it might be unable to arrange financing for such repayment on attractive terms, if at all. The assets of certain of the Company's subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, the Company's operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. Mortgage and mezzanine loans are non-recourse to the borrowers, except for customary exceptions or carve-outs that trigger recourse liability to the borrowers in certain limited instances. Recourse obligations typically include only the payment of costs and liabilities suffered by lenders as a result of the occurrence of certain bad acts on the part of the borrower. However, in certain cases, carve-outs could trigger recourse obligations on the part of the borrower with respect to repayment of all or a portion of the outstanding principal amount of the loans. The Company has entered into customary guaranty agreements pursuant to which it guarantees payment of any recourse liabilities of the borrowers that result from non-recourse carve-outs (which include, but are not limited to, fraud, misrepresentation, willful conduct resulting in waste, misappropriation of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral and certain environmental liabilities). In the opinion of management, none of these guaranty agreements, either individually or in the aggregate, are likely to have a material adverse effect on the Company's business, results of operations, or financial condition. Pursuant to the Advisory Agreement between the Company and its advisor, the Company must pay its advisor on a monthly basis a base management fee, subject to a minimum base management fee. The minimum base management fee is equal to the greater of: (i) 90% of the base fee paid for the same month in the prior fiscal year; and (ii) 1/12th of the "G&A Ratio" for the most recently completed fiscal quarter multiplied by the Company's total market capitalization on the last balance sheet date included in the most recent quarterly report on Form 10-Q or annual report on Form 10-K that the Company files with the SEC. Thus, even if the Company's total market capitalization and performance decline, the Company will still be required to make payments to its advisor equal to the minimum base management fee, which could adversely impact its liquidity and financial condition. The Company has entered into certain customary guaranty agreements pursuant to which it guarantees payment of any recourse liabilities of its subsidiaries or joint ventures that may result from non-recourse carve-outs, which include, but are not limited to, fraud, misrepresentation, willful misconduct resulting in waste, misappropriation of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral, delinquency of trade payables and certain environmental liabilities. Certain of these guarantees represent a guaranty of material amounts, and if the Company is required to make payments under those guarantees, its liquidity could be adversely affected. The Company's existing hotel properties are mostly located in developed areas with competing hotel properties. Future occupancy, ADR, and RevPAR of any individual hotel could be materially and adversely affected by an increase in the number or quality of competitive hotel properties, home-sharing companies or apartment operators offering short-term rentals in its market area. Competition could also affect the quality and quantity of future investment opportunities. Debt Transactions KEYS Pool A and KEYS Pool B On March 1, 2024, the Company received notice that the hotel properties that secured the KEYS Pool A and KEYS Pool B loans have been transferred to a court-appointed receiver. Below is a summary of the hotel properties that secured the KEYS Pool A and Pool B loans: KEYS A Loan Pool: Courtyard Columbus Tipton Lakes – Columbus, IN; Courtyard Old Town – Scottsdale, AZ; Residence Inn Hughes Center – Las Vegas, NV; Residence Inn Phoenix Airport – Phoenix, AZ; Residence Inn San Jose Newark – Newark, CA; SpringHill Suites Manhattan Beach – Hawthorne, CA; SpringHill Suites Plymouth Meeting – Plymouth Meeting, PA. KEYS B Loan Pool: Courtyard Basking Ridge – Basking Ridge, NJ; Courtyard Newark Silicon Valley – Newark, CA; Courtyard Oakland Airport – Oakland, CA; Courtyard Plano Legacy Park – Plano, TX; Residence Inn Plano – Plano, TX; SpringHill Suites BWI Airport – Baltimore, MD; TownePlace Suites Manhattan Beach – Hawthorne, CA. The Company derecognized the hotel properties that secured the KEYS Pool A and KEYS Pool B loans from its consolidated balance sheet in March 2024, when the receiver took control of the hotel properties and recognized a related gain in its consolidated statements of operations. The Company additionally recorded a contract asset as of March 31, 2024, which represented the liabilities from which it expects to be released upon final resolution with the lenders on the KEYS Pool A and KEYS Pool B mortgage loans in exchange for the transfer of ownership of the respective hotel properties. On July 2, 2024, the Courtyard Plano Legacy Park and the Residence Inn Plano were foreclosed on at a public auction. Additionally, on November 4, 2024, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Columbus Tipton Lakes to a third-party purchaser. On June 25, 2025 and December 22, 2025, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the Courtyard Oakland Airport and SpringHill Suites BWI Airport to a third-party purchaser. On March 4, 2026, the receiver appointed for the KEYS Pool A and KEYS Pool B mortgage loans transferred the SpringHill Suites Plymouth Meeting to a third-party purchaser. For the three months ended March 31, 2026 and 2025, the Company recognized additional gains of $7.8 million and $10.0 million, which were included in "gain (loss) on derecognition of assets" in its consolidated statement of operations. These gains increased the related contract asset by a corresponding amount. The KEYS Pool A and the KEYS Pool B mortgage loans, as well as all accrued and unpaid interest, default charges and late fees will remain liabilities until final resolution with the lenders is concluded, and thus are included in "indebtedness associated with hotels in receivership" and "accrued interest associated with hotels in receivership" on the Company's consolidated balance sheets. Other Loan Activity On January 13, 2026, the Company extended its Highland mortgage loan secured by 18 hotels. As a condition to the extension, the loan was paid down by $10 million to a current balance of $723.6 million, or approximately 65% of appraised value, and has a final maturity date of July 9, 2026. On February 11, 2026, the Company received a notice of default and acceleration from the lender relating to the Company's mortgage loan on the JPM8 hotel properties. The notice followed the Company's failure on February 9, 2026 to make certain required payments and deliver required documentation under the existing loan extension, which constituted an event of default under the loan agreement. As a result, the lender demanded immediate payment of the outstanding principal balance of $325 million, plus accrued interest, default interest, fees, and other amounts due, and also required delivery of a replacement interest rate cap agreement. The loan is secured by eight hotel properties. The notice does not trigger any cross‑defaults under other loans of the Company's subsidiaries, and the Company has no indebtedness at the parent‑company level. On March 17, 2026, the Company was notified the lender intends to appoint a receiver for the Hilton Santa Cruz Scotts Valley. The $22.1 million non-recourse mortgage loan securing the Hilton Santa Cruz Scotts Valley reached final maturity on March 6, 2025 and was not repaid, resulting in a default under the terms and conditions of the mortgage loan agreement. Equity Transactions The board of directors has approved a stock repurchase program to acquire shares of the Company's common stock and preferred stock having an aggregate value of up to $200 million. No shares have been repurchased under the Repurchase Program. The ability to make repurchases under the Repurchase Program is subject to the same financial factors that must be taken into account in declaring a dividend. The Company has a distribution agreement with Virtu to sell from time to time shares of the Company's common stock having an aggregate offering price of up to $100 million. The Company will pay Virtu a commission of approximately 1% of the gross sales price of the shares of its common stock sold. The Company may also sell some or all of the shares of its common stock to Virtu as principal for its own account at a price agreed upon at the time of sale. As of May 12, 2026, the Company has issued approximately 813,000 shares of common stock for gross proceeds of approximately $10.9 million under the Virtu Equity Distribution Agreement. On April 29, 2025, the Company filed a shelf registration statement on Form S-3 with the SEC relating to common stock, preferred stock, depositary shares, debt securities, warrants, rights and units that the Company may sell from time to time in one or more offerings up to a total dollar amount of $500,000,000 on terms to be determined at the time of sale. The registration statement was declared effective on May 8, 2025. As a result of the Company not paying dividends to the holders of its Preferred Stock on January 15, 2026, the Company is no longer eligible to use its existing shelf registration statement on Form S-3. As of May 12, 2026, the Company has not issued any securities from this registration statement. On December 13, 2024, the Company filed an initial registration statement on Form S-11 with the SEC, as amended on January 23, 2025, related to the Company's non-traded Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The registration statement was declared effective by the SEC on February 7, 2025, and contemplates the offering of up to (i) 8.4 million shares of Series L Redeemable Preferred Stock and 3.6 million shares of Series M Redeemable Preferred Stock in a primary offering and (ii) 2.8 million shares of Series L Redeemable Preferred Stock and 1.2 million shares of Series M Redeemable Preferred Stock pursuant to a dividend reinvestment plan. On February 7, 2025, the Company filed its prospectus for the offering with the SEC. Ashford Securities, a subsidiary of Ashford Inc., served as the dealer manager for the offering. On December 9, 2025, the Company terminated the primary offering of the Company's Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock. The Company continued to offer shares of its Series L Redeemable Preferred Stock and Series M Redeemable Preferred Stock pursuant to its dividend reinvestment plan beyond the termination of the primary offering. As of May 12, 2026, the Company has issued approximately 243,000 shares (exclusive of the dividend reinvestment plan shares) of Series L Preferred Stock and received net proceeds of approximately $5.0 million and approximately 565,000 shares (exclusive of the dividend reinvestment plan shares) of Series M Preferred Stock and received net proceeds of approximately $12.6 million. On March 4, 2022, the Company filed an initial registration statement on Form S-3 with the SEC, as amended on April 29, 2022, related to the Company's non-traded Series J Preferred Stock and Series K Preferred Stock. The registration statement was declared effective by the SEC on May 4, 2022, and contemplates the offering of up to (i) 20.0 million shares of Series J Preferred Stock or Series K Preferred Stock in a primary offering and (ii) 8.0 million shares of Series J Preferred Stock or Series K Preferred Stock pursuant to a dividend reinvestment plan. On May 5, 2022, the Company filed its prospectus for the offering with the SEC. On March 31, 2025, the Company concluded its offering of its Series J Preferred Stock and Series K Preferred Stock. Ashford Securities, a subsidiary of Ashford Inc., served as the dealer manager for the offering. As of May 12, 2026, the Company has issued approximately 7.7 million shares (exclusive of the dividend reinvestment plan shares) of Series J Preferred Stock and received net proceeds of approximately $172.6 million and approximately 799,000 shares (exclusive of the dividend reinvestment plan shares) of Series K Preferred Stock and received net proceeds of approximately $19.4 million. Sources and Uses of Cash The Company's principal sources of funds to meet its cash requirements include cash on hand, cash flow from operations, capital market activities, property refinancing proceeds and asset sales. Additionally, the Company's principal uses of funds are expected to include possible operating shortfalls, owner-funded capital expenditures, dividends, new investments and debt interest and principal payments. Items that impacted the Company's cash flow and liquidity during the periods indicated are summarized as follows: Net Cash Flows Provided by (Used in) Operating Activities. Net cash flows provided by operating activities were $29.5 million for the three months ended March 31, 2026 compared to net cash flows used in operating activities of $25.0 million for the three months ended March 31, 2025. Cash flows provided by (used in) operating activities were impacted by changes in hotel operations and the Company's hotel dispositions, as well as the timing of collecting receivables from hotel guests, paying vendors and settling with derivative counterparties, related parties and hotel managers. Net Cash Flows Provided by (Used in) Investing Activities. For the three months ended March 31, 2026, net cash flows provided by investing activities were $197.1 million. Cash inflows consisted primarily of $209.2 million of net proceeds from the disposition of five hotel properties, $3.2 million of proceeds from the sale of historical tax credits related to the Le Pavillon hotel, which were sold subsequent to the sale of the property in December 2025, and $1.6 million from property insurance proceeds. Cash inflows were partially offset by cash outflows of $17.0 million for capital improvements made to various hotel properties. Net cash flows provided by investing activities for the three months ended March 31, 2026 excluded $24.1 million of net proceeds from the sale of the Hilton Alexandria Old Town that was completed on March 31, 2026. The proceeds were recorded in prepaid expenses and other assets on the Company's consolidated balance sheet at March 31, 2026 and subsequently received in April 2026. For the three months ended March 31, 2025, net cash flows provided by investing activities were $99.5 million. Cash inflows consisted of $119.2 million of net proceeds from the disposition of the Courtyard Boston Downtown and $213,000 from property insurance proceeds. Cash inflows were partially offset by cash outflows of $19.9 million for capital improvements made to various hotel properties. Net Cash Flows Provided by (Used in) Financing Activities. For the three months ended March 31, 2026, net cash flows used in financing activities were $222.0 million. Cash outflows primarily consisted of $218.4 million for repayments of indebtedness and $3.5 million for payments of loan costs and exit fees. For the three months ended March 31, 2025, net cash flows used in financing activities were $70.0 million. Cash outflows primarily consisted of $523.5 million for repayments of indebtedness, $33.6 million for payments of loan costs and exit fees, $5.6 million of payments for preferred dividends and $4.3 million of payments for derivatives. Cash outflows were partially offset by cash inflows primarily of $471.6 million from borrowings on indebtedness, $23.7 million of net proceeds from preferred stock offerings and $1.9 million from counterparties from in-the-money interest rate caps. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/yhbc4cpm. About Ashford Hospitality Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper upscale, full-service hotels. Dallas, Texas-based BDO USA, P.C., the Company's auditor since 2015, issued a "going concern" qualification in its report dated March 20, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that the Company has final debt maturities within one year from the date the financial statements are issued, which raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, Ashford had $2.6 billion in total assets, $3 billion in total liabilities, and a total stockholders' deficit of $695.2 million. As of March 31, 2026, the Company had total indebtedness of $2.4 billion included $2.2 billion of variable-rate debt. AXIP ENERGY: Disclosure Statement Wins Conditional Approval ----------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas conditionally approved the Combined Disclosure Statement and Plan of Liquidation of Axip Energy Services, LP and its affiliated debtors. The Combined Hearing, at which time the Court will consider, among other things, the adequacy and confirmation of the Combined Disclosure Statement and Plan, will be held virtually by video conference before the Honorable Judge Christopher M. Lopez, United States Bankruptcy Judge, on June 22, 2026 at 10:00 a.m. (Central Time). The Combined Hearing may be adjourned from time to time, subject to the terms of the Combined Disclosure Statement and Plan, without further notice other than an announcement of the adjourned date(s) in open court, at the Combined Hearing, or by an appropriate filing with the Court, and notice of such adjourned date(s) will be available on the Solicitation Agent's website: https://dm.epiq11.com/AXIP. Any objections to the approval or confirmation of the Combined Disclosure Statement and Plan must (a) be in writing; (b) comply with the Bankruptcy Rules and the Local Rules; (c) state the name and address of the objecting party and the amount and nature of the claim or interest beneficially owned by such entity; (d) state with particularity the legal and factual basis for such objections, and, if practicable, a proposed modification to the Combined Disclosure Statement and Plan that would resolve such objections; and (e) be filed with the Court with proof of service, so as to be received no later than 5:00 p.m. (Central Time) on June 18, 2026. The following additional dates and deadlines related to the solicitation of votes on the Combined Disclosure Statement and Plan are approved as set forth below: Voting Record Date - May 13, 2026 Notice Date - May 20, 2026 Commencement of Solicitation - May 20, 2026 (or as soon as practicable thereafter) Plan Supplement Filing Deadline - June 5, 2026 Voting Deadline and Objection Deadline - June 18, 2026 at 5:00 p.m. (Central Time) Reply Deadline - June 19, 2026 at 5:00 p.m. (Central Time) Combined Hearing Date - June 22, 2026 at 10:00 a.m. (Central Time) The Court conditionally approves the Combined Disclosure Statement and Plan as containing adequate information as required by section 1125 of the Bankruptcy Code without prejudice to any party in interest objecting to the Combined Disclosure Statement and Plan at the Combined Hearing; provided, that any party in interest who has not (a) notified the Debtors of its intention to object to the Combined Disclosure Statement and Plan on the basis that it does not include adequate information prior to the Voting Deadline, (b) provided the Debtors with a written request for additional information that would cure such objection, and (c) provided sufficient opportunity for the Debtors to cure such objection or provide such information, shall be deemed to have waived such objection to the Combined Disclosure Statement and Plan. As shared by the Troubled Company Reporter, Axip Energy Services, LP, and affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Plan of Liquidation dated May 6, 2026. As of the Petition Date and prior to the Closing of the 363 Asset Sale, the Company was a leading provider of natural gas compression services to upstream and midstream customers in major natural gas producing basins in the United States and offshore in the Gulf of Mexico, with a primary focus on the Permian Basin. The Company operated a network of seven facilities across Texas, New Mexico, and North Dakota to service the seven states and offshore regions in which it provides compression services. Through its network of facilities, the Company deployed approximately 940 compression units generating a total of approximately 326,070 horsepower ("HP") to provide customers with state of-the-art gas lift and gathering compression services. In early September 2025, the Debtors began the Sales Process. After evaluating all the bids, the Debtors, together with their Advisors and the Prepetition Senior Secured Parties, determined that Service Compression, LLC ("SC") had the highest, most actionable, and, therefore, best bid. It was clear, however, that SC's bid could not be implemented out-of-court and would require a process within a chapter 11 case. As a result, the Debtors determined to select SC as a stalking-horse bidder for a sale process, which the Debtors would implement through the Chapter 11 Cases to "market check" the SC bid. On March 5, 2026, the Bankruptcy Court entered the Bidding Procedures Order, approving the Debtors' Bidding Procedures to continue the Sales Process after the Petition Date and approving the designation of SC as the Stalking Horse Bidder. On April 1, 2026, after receiving no other Qualified Bid, the Debtors selected the Stalking Horse Bidder as the Winning Bidder. On April 7, 2026, the Bankruptcy Court entered the Sale Order, approving the Debtors' entry into the 363 Sale Documents and consummation of the 363 Asset Sale. The 363 Asset Sale closed on April 15, 2026. Following the closing of the 363 Asset Sale, the Net Sale Proceeds were used to irrevocably repay in full all remaining DIP Claims and irrevocably pay certain of the Prepetition ABL Claims in accordance with the Sale Order. In accordance with the Sale Order, the Post-Sale Estates retained approximately $8,600,000 in cash proceeds from the 363 Asset Sale in order to make distributions under the Combined Disclosure Statement and Plan and fund the Wind Down. On the Effective Date, the Debtors or the Plan Administrator on behalf of the Post-Sale Estates will (a) fund the Claims Reserve in the Claims Reserve Amount and (b) fund the Professional Fee Escrow Account in the Professional Fee Reserve Amount to satisfy certain estimated Claims. The Debtors or the Plan Administrator on behalf of the Post-Sale Estates will then distribute any remaining proceeds in accordance with the terms of the Combined Disclosure Statement and Plan and Confirmation Order. Class 5 consists of all General Unsecured Claims. In exchange for and in full and final satisfaction, compromise, settlement, release, and discharge of each Allowed General Unsecured Claim not assumed by the Purchaser pursuant to the 363 Asset Sale each Holder of an Allowed General Unsecured Claim not assumed by the Purchaser pursuant to the 363 Asset Sale shall receive: its (i) Pro Rata share of the GUC Recovery, payable on the Effective Date or as soon as reasonably practicable thereafter, but in no event later than 150 days following the Effective Date, or (ii) such other treatment as agreed by the Debtors and the applicable Holder of an Allowed General Unsecured Claim. For the avoidance of doubt, to the extent not waived, each Holder of an Allowed Deficiency Claim shall not be entitled to any distribution from the GUC Recovery. Further, for the avoidance of doubt, each Holder of an Allowed Prepetition Sponsor Claim shall receive the same treatment as each Holder of any other Allowed General Unsecured Claim that is not an Allowed Deficiency Claim, subject in all respects to the Agreed Prepetition Sponsor Claim Reduction. Class 5 is Impaired. The allowed unsecured claims total $1.2 million. This Class will receive a distribution of 40% of their allowed claims. Class 8 consists of all Intercompany Interests. Holders of Intercompany Interests will not receive any distribution on account of such Interests and shall be canceled, released, and extinguished as of the Effective Date, and shall be of no further force or effect. Unless otherwise specified in this Combined Disclosure Statement and Plan, all Assets (other than the Non-Vesting Assets) not sold pursuant to the 363 Asset Sale or otherwise prior to the Effective Date will vest in the Post-Sale Estates for the purpose of winding down the Estates pursuant to this Combined Disclosure Statement and Plan. A full-text copy of the Combined Disclosure Statement and Plan dated May 6, 2026 is available at https://urlcurt.com/u?l=QZ2OMC from Epiq Corporate Restructuring, LLC, claims agent. A copy of the Court's Order dated May 18, 2026, is available at https://urlcurt.com/u?l=4mV731 from PacerMonitor.com. About Axip Energy Services Axip Energy Services, LP, is a provider of natural gas contract compression services. Axip Energy Services and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90338) on Feb. 22, 2026. In the petition signed by Ben Chesters, chief restructuring officer, Axip disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. Vinson & Elkins LLP, led by Paul E. Heath,is serving as the Debtors' counsel. Evercore Group , L.L.C., is the Debtors' investment banker, and Ankura Consulting Group, LLC, is the restructuring advisor. Epiq Corporate Restructuring, LLC, is the Debtors' claims, noticing, and solicitation agent. Pachulski Stang Ziehl & Jones LLP has been retained as counsel to the Official Committee of Unsecured Creditors. Berkeley Research Group, LLC, is the Committee's financial advisor. BATCH INC: Gets Interim OK to Use Cash Collateral Until July 9 -------------------------------------------------------------- Batch Inc. received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Western Division, to use cash collateral through July 9. The Debtor needs access to cash collateral to maintain operations, pay employees, purchase food inventory, cover utilities and rent, and preserve the value of the business while it reorganizes. The Debtor lists several secured creditors including the U.S. Small Business Administration with approximately $221,843 EIDL loan allegedly secured by a first-priority lien on substantially all assets, and additional UCC-1 filings tied to merchant cash advance agreements or short-term loans with uncertain underlying obligations. The Debtor disputes the validity of the MCA agreements, alleging potential predatory lending and usury issues. It also estimates approximately $575,826 in unsecured debt and values its main assets at about $105,699. As protection, the Debtor offers replacement liens to secured creditors, saying these liens sufficiently protect lenders' interests since receivables and business revenue are continuously replenished through ongoing operations. The order is available at http://bankrupt.com/misc/BatchInc_ICCOrder.pdf The next hearing is scheduled for July 9. Batch operates two ice cream locations in Longmeadow and South Hadley, Massachusetts, along with two mobile catering trucks, and currently employs 43 workers, including company officers David and Deborah Leriche. The Debtor's financial problems began after a 2022 recall involving its third-party ice cream manufacturer, which halted production and destroyed the Debtor's wholesale distribution business. The loss of major supermarket accounts, including Market Basket, eliminated more than half of the Debtor's income. Although the Debtor filed an insurance claim against the manufacturer, it reportedly received no compensation. To survive, the Debtor obtained several high-interest short-term loans and MCA agreements beginning in 2024. These agreements required burdensome daily or weekly ACH withdrawals and often granted lenders broad security interests in the Debtor's assets, along with personal guarantees from principals. The Debtor said these obligations became unsustainable and contributed significantly to the bankruptcy filing. About Batch Inc. Batch Inc. is a premium all-natural ice cream company headquartered in Longmeadow, Massachusetts. It operates retail ice cream shops and mobile ice cream trucks while offering handcrafted flavors made with high-quality ingredients. Batch Ice Cream became known for specialty flavors such as Salted Caramel, Dark Chocolate, Vanilla Bean, and Mexican Chili. Batch filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 26-30294) on May 11, 2026, with assets of between $100,000 and $500,000 and liabilities of between $500,000 and $1 million. James LaMontagne of Sheehan Phinney Bass & Green serves as Subchapter V trustee. The Debtor is represented by Robert Girvan, Esq, at Weiner Law Firm, P.C. BENNING & G STREET: Hires William C. Johnson Jr. as Counsel ----------------------------------------------------------- Benning & G Street, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ William C. Johnson, Jr. as counsel. The firm will provide these services: a. general advice and counsel concerning compliance with the requirements of Chapter 11; b. preparation of any necessary amendments to the Debtor's schedules, statement of financial affairs, and related documents as appropriate; c. representation of the debtor in possession in all contested matters. Certain adversary proceedings in this Court will require a separate retainer agreement; d. representation as appropriate in any related matters in other Courts; e. advice and counsel concerning the structure of a plan and any required amendments thereto; f. advice concerning the feasibility of confirmation of a plan and representation in connection with the confirmation process; g. liaison, consultation, and where appropriate, negotiation with creditors and other parties in interest; h. review of relevant financial information; i. review of claims with a view to determining which claims are allowable and in what amounts; j. prosecution of claims objections, as appropriate; k. representation at the section 341 meeting of creditors and at any hearings or status conferences in court; and l. such representations as may be necessary and appropriate to the case. The firm will be paid at $500 per hour. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Johnson, Jr., Esq., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: William C. Johnson, Jr., Esq. 6305 Ivy Lane Suite 630 Greenbelt, MD 20770 Tel: (301) 477-3450 Fax: (301) 477-4813 Email: William@JohnsonLG.Law About Benning & G Street, LLC Benning & G Street, LLC is a real estate company engaged in property ownership, development, and investment activities. Benning & G Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00248) on May 13, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by William C. Johnson, Jr., Esq. of The Johnson Law Group, LLC. BON MORRO: Court OKs Stipulation on Cash Collateral Use ------------------------------------------------------- Judge Christopher Panos of the U.S. District Court for the District of Massachusetts approved the fourth and final consensual stipulation among The Bon Morro, LLC and its debtor affiliates and the pre-petition mortgage agent, 1260 Boylston Street Lender, LLC ("Madison") regarding use of cash collateral. The continued use of cash collateral is approved on the terms provided in the stipulation, subject to the limitations described on the record, including that: 1) Any acknowledgment of the amount of the Madison debt or security is binding only on the Debtors and not other parties in interest or any subsequent Chapter 7 or 11 trustee; and 2) In addition to the re-allocation of payment application provided in the stipulation, if it is later determined that Madison's liens are avoidable or do not secure the debt as alleged, Madison will disgorge any payments made pursuant to the stipulation. The provisions regarding additional valuation evidence shall be binding on and for the benefit of the Debtors, Madison, and, as assented to on the record, GCP Asset Backed Income Ltd, and not any other party in interest. All section 552(b)(2) related issues are reserved for all parties. The order is available at http://bankrupt.com/misc/BonMorro_OrderStip.pdf The stipulation is available at http://urlcurt.com/u?l=4ePfDofrom PacerMonitor.com. To avoid immediate liquidation and preserve the going-concern value of their real estate project, the Debtors sought court approval in November to use cash collateral, which consists primarily of rental income. The Debtors hold a leasehold interest in The Bon, a prominent mixed-use project in Boston's Fenway neighborhood, featuring 451 residential units (95% leased) and seven commercial units. Despite being projected to be cash-flow positive during the bankruptcy, the Debtors were forced to file after failing to refinance $162.5 million in pre-petition debt. They attribute this failure to "onerous terms" in their ground lease and bad faith tactics by the ground lessor, Boylston Kenmore 1260, LLC, against whom the Debtors are filing a contemporaneous complaint seeking damages and lease modifications. The Debtors' primary secured debt is a $177.5 million mortgage facility (currently totaling approximately $162.5 million in principal) held by a group of lenders including Athene Annuity and Life Company and Aris Mortgage Lending, LLC, with 1260 Boylston Street Lender, LLC acting as the pre-petition mortgage agent. To protect the lenders' interests against any "diminution in value" caused by the use of their cash collateral, the Debtors offer adequate protection that includes granting valid, perfected security interests in all of their post-petition assets, with the same extent and priority as their pre-petition liens, and ensuring the project remains a functioning, revenue-generating asset, which the Debtors claim will increase in value once the ground lease disputes are resolved. The Debtors' valuation expert, Andrew Manley of Berkeley Research Group, estimates the value of the lenders' collateral at only $135 million to $140 million. Because they are considered undersecured, the lenders are not entitled to post-petition interest under Section 506(b) of the Bankruptcy Code. About The Bon Morro LLC The Bon Morro, LLC is a Boston, Mass.-based single-asset real estate debtor holding the ground lease to "The Bon," a 451-unit mixed-use project at 1260 Boylston Street. Bon Morro and its debtor affiliates filed for Chapter 11 protection (Bankr. D. Mass. Case No. 25-12379) on November 2, 2025. At the time of the filing, Bon Morro reported $100 million to $500 million in both assets and liabilities. Judge Christopher J. Panos oversees the cases. The Debtors tapped Choate Hall & Stewart, LLP as legal counsel; Stephen S. Gray of Gray & Company, LLC as chief restructuring officer; and Berkeley Research Group, LLC as valuation consultant. BROADWAY FORD: Seeks Chapter 11 Bankruptcy in Missouri ------------------------------------------------------ On May 18, 2026, Broadway Ford Truck Sales, Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Missouri. According to court filings, the company reports estimated liabilities in the range of $10 million to $50 million, with no anticipated recovery for unsecured creditors after administrative expenses. About Broadway Ford Truck Sales, Inc. Broadway Ford Truck Sales, Inc. is a commercial vehicle dealership engaged in the sale and service of Ford trucks in the Saint Louis market. Broadway Ford Truck Sales, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42179) on May 18. In its petition, the Debtor reports estimated assets and liabilities of $10 million to $50 million. The Debtor is represented by Thomas H. Riske, Esq. of Carmody MacDonald P.C. BROADWAY LEARNING: Voluntary Chapter 11 Case Summary ---------------------------------------------------- Debtor: Broadway Learning Center LLC Pearland Kids Club Pearland Kids Club West 1925 Pearland Parkway Pearland, TX 77581 Business Description: Broadway Learning Center LLC, doing business as Pearland Kids Club, is a preschool and childcare center serving Pearland, Texas. Founded in 2016, the center provides infant care, toddler care, preschool programs, after-school programs, and summer camp programs for children from 6 weeks to 12 years old. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-33621 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Reese Baker, Esq. BAKER & ASSOCIATES 950 Echo Ln., Suite 300 Houston TX 77024-2824 E-mail: courtdocs@bakerassociates.net Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Nathan Cole as authorized agent. 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/FT36EKY/Broadway_Learning_Center_LLC__txsbke-26-33621__0001.0.pdf?mcid=tGE4TAMA CANO ELECTRIC: Unsecured Creditors Will Get 4.98% over 5 Years -------------------------------------------------------------- Cano Electric Inc., filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization under Subchapter V dated May 15, 206. Established June 3, 2009, Cano Electric Inc. is a Texas-based electrical contracting company founded in 2009 that provides commercial, multi-family, residential, and industrial electrical services throughout the Dallas-Fort Worth, Houston, Corpus Christi, and surrounding Texas markets. The Debtor sought bankruptcy protection primarily due to an unsustainable merchant cash advance ("MCA") debt structure that overwhelmed otherwise viable operations. Although the business was generating substantial revenue, reportedly between $500,000 and $800,000 per month, approximately $1.2 million in MCA debt across multiple lenders required payments of roughly $400,000 per month, creating a severe cash flow crisis. Without the burden of the MCA obligations, Cano has maintained positive operating cash flow, prompting the Debtor to pursue a Subchapter V reorganization to halt collection activity, stabilize operations, preserve going concern value, and restructure its indebtedness through a reorganization rather than a liquidation. The Debtor is currently owned 52.00% by Larry Cano, 32.00% by Deborah Renee Cano, and 16.00% by Heather Griffing. There will be no change in the ownership of the business. The Plan shall be funded through the Debtor's continued business operations, including revenue generated from post-confirmation operations and disposable income generated during the Plan Period. Under the Plan, Allowed Claims will get paid over the course of a five-year period (the “Plan Period”). Class 5 consists of Other General Unsecured Claims. The Debtor also holds several general unsecured claims that are unrelated to the Apartment Fire Claimants. These claims consist of claims filed in the claims registry, claims scheduled by the Debtor, and unsecured deficiency portions of secured claims to the extent the asserted collateral is insufficient to satisfy the underlying indebtedness. Holders of such claims are projected to receive a 4.98% distribution on account of their allowed claims. Class 5 claimants are impaired and are entitled to vote on the Plan. All payments will be made once annually within each 12-month period. Class 7 consists of Equity Interests. All equity holders shall maintain their equity interests. Because this is a Subchapter V bankruptcy, the absolute priority rule as enumerated under Section 1129(b)(2) of the Bankruptcy Code does not apply. Equity Interests are unimpaired. A full-text copy of the Plan of Reorganization dated May 15, 2026 is available at https://urlcurt.com/u?l=B6gK6e from PacerMonitor.com at no charge. Cano Electric Inc. is represented by: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, Texas 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About Cano Electric Inc. Cano Electric is an electrical service contractor that provides on-demand electrical services to the multi-family housing sector and its commercial clients. Cano Electric Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40225) on January 16, 2026. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities also between $1 million and $10 million. Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Robert Lane, Esq., of The Lane Law Firm PLLC. CCSL BILOXI: Obtains 120-Day Extension of Plan Filing Deadline -------------------------------------------------------------- Judge Katharine M. Samson of the U.S. Bankruptcy Court for the Southern District of Mississippi granted CCSL Biloxi, LLC's motion to extend its exclusivity period to file a plan of reorganization for additional 120 days. The 120 day period and 180 day period specified in 11 U.S.C. Sec. 1121(b) and (c) is extended by an additional 120 days. As shared by the Troubled Company Reporter, the Debtor explains that it was considerably behind on payments to certain creditors, specifically its utility providers and landlord. Additionally, customers of the Debtor were holding funds at the direction of certain creditors, which significantly effected the Debtor's cash flow. Moreover, the Debtor has brought its utilities current and is in the process of bringing its payments current on the lease of its facility. Due to the additional payments the Debtor has been making, it is not possible to conduct an effective feasibility analysis upon which to base a plan of reorganization. A copy of the Court's Order dated May 15, 2026, is available at http://urlcurt.com/u?l=yMC0Oifrom PacerMonitor.com. About CCSL Biloxi LLC CCSL Biloxi, LLC provides commercial laundry and linen services, primarily serving hotels and casinos in the Gulf Coast region. The Gulfport, Mississippi-based company manages a fleet of vehicles for transporting laundered goods and maintains facilities for washing, drying, and handling linens. CCSL Biloxi sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51843. At the time of the filing, the Debtor listed between $1 million and $10 million in assets and liabilities. Judge Katharine M. Samson oversees the case. The Little Law Firm, PLLC serves as the Debtor's bankruptcy counsel. CHAMPION HOME: Case Summary & Five Unsecured Creditors ------------------------------------------------------ Debtor: Champion Home Investments LLC 41-51 Wilson Ave Apt. 15 Newark, NJ 07105 Business Description: Champion Home Investments LLC is a real estate investment company that owns residential properties in Newark, New Jersey. The company's holdings include properties on South 12th Street, 9th Avenue West, South 11th Street, Grand Avenue and Whittier Place. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15831 Debtor's Counsel: Karl J. Norgaard, Esq. NORGAARD OBOYLE HANNON 184 Grand Avenue Englewood, NJ 07631 E-mail: joboyle@norgaardfirm.com Total Assets: $3,700,000 Total Liabilities: $2,648,684 The petition was signed by Joaquim Ferreira as sole member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OI6KU7Y/Champion_Home_Investments_LLC__njbke-26-15831__0001.0.pdf?mcid=tGE4TAMA CHARTER COMMUNICATIONS: Fitch Keeps 'BB+' IDR on Watch Positive --------------------------------------------------------------- Fitch Ratings has maintained the 'BB+' Long-Term Issuer Default Ratings (IDRs) of Charter Communications, Inc., Charter Communications Operating, LLC, CCO Holdings, LLC, Time Warner Cable, LLC, and Time Warner Cable Enterprises LLC on Rating Watch Positive (RWP). Fitch has also maintained the 'BB+' senior unsecured debt ratings with a Recovery Rating of 'RR4' on RWP and has maintained the 'BBB-' senior secured debt ratings with a Recovery Rating of 'RR1' on RWP. The RWP reflects the anticipated change in structure and leverage upon its acquisition of Cox Communications, Inc. (BBB+/Rating Watch Negative). Based on the proposed combined capital structure, the acquisition will materially enhance Charter's operational scale while lowering its total leverage. Charter has announced a substantial reduction in its target leverage range from 4.0x-4.5x to the low end of a revised 3.5x-3.75x range, which Fitch expects to be achieved within two to three years of the deal closing. The transaction should close in the second half of 2026. Fitch will resolve the Rating Watch at that time. Key Rating Drivers Cox Improves Charter's Leading Position: The addition of Cox expands Charter's scale benefits as the largest U.S. multichannel video programming distributor (MVPD), with a combined 35 million total customer relationships, surpassing the domestic customer count of Comcast Corp. (A-/Stable). The deal also makes Charter the largest U.S. linear video distribution provider, with 13.4 million pro forma subscribers. Charter's operating strategies have resulted in lower customer losses than the overall industry for several years. Lower Leverage Range Enhances Credit: The Cox acquisition includes $11.9 billion of equity consideration and, when adjusted for anticipated synergies, should result in a net reduction to current leverage levels. Furthermore, given the substantial amount of total pro forma debt, approximately $111 billion on the combined entity, management has reduced its long-held target leverage range to the lower end of a revised 3.5x-3.75x from 4.0x-4.5x, which Fitch expects to be realized within two to three years after the deal is completed. Operating, Capex Synergies Drive FCF: Management initially guided to approximately $500 million in operating cost synergies, which has since been updated to approximately $800 million, and should drive an increase in the growth trajectory of EBITDA within several years post-closing. This expected EBITDA growth, coupled with lower overall capex as Charter's current expansion and network evolution initiatives are likely to be largely completed by 2027, should accelerate pro forma FCF growth thereafter. Wireless Acceleration: Cox's mobile offering is still in its early stages, while Charter's mobile offering has enjoyed significant success, growing to more than 12.1 million lines as of 1Q26. Fitch believes the ability for Charter management to accelerate their mobile offering across Cox's footprint will likely accelerate growth and reduce churn in the coming quarters. Charter Product Packaging Benefits: In September 2024, Charter launched Life Unlimited, an industry commitment to offer reliable connectivity, same-day, on-site technical service, transparent pricing and service updates, and product refunds for inadequate service and support. Life Unlimited offers two products: a two-year price lock for internet and mobile or internet and video services (two lines of mobile required); and a three-year price lock for internet and mobile and video services. Expanding this customer initiative throughout the Cox footprint should reduce churn and increase the number of new broadband subscribers. Expansion of Leadership in Video: Charter leads the industry with innovative new carriage agreements with major programmers like The Walt Disney Company (A-/Stable) and Warner Bros. Discovery, Inc. (BBB-/Stable), offering video subscribers access to ad-supported direct-to-consumer (DTC) platforms at no extra cost. These agreements add up to approximately $126 in value for customers. Expanding these carriage arrangements across the Cox footprint should help stabilize its video segment. Peer Analysis Charter is well positioned in the MVPD space given its size and geographic diversity. It is the largest U.S. cable MVPD, with 31.7 million total customer relationships, and the largest U.S. linear video content distributor, with 12.5 million customers. Comcast Corp. (A-/Stable) is rated higher than Charter, primarily due to its lower target leverage and actual total leverage as well as its significantly greater revenue, coverage area and segment diversification. DIRECTV Entertainment Holdings LLC (BB/Stable) may lack Charter's segment diversification, scale, growth prospects and FCF levels, but has lower leverage and greater geographic diversification. DIRECTV also received a one-notch uplift from AT&T Corp.'s 70% economic ownership after its spin-off. Charter plans to continue issuing debt under additional debt capacity from EBITDA, maintaining a target leverage range of 4.0x-4.5x, with company guidance to the mid-point of that range until the close of the Cox transaction. Fitch expects proceeds from prospective debt issuance under this additional debt capacity to be used for shareholder returns, along with internal investment and accretive acquisitions. No country ceiling or parent/subsidiary aspects affect the rating. Fitch’s Key Rating-Case Assumptions - Revenue over the rating period is expected to be relatively flat as wireless growth offsets near-term broadband pressures and continued declines in the video and voice segments. Fitch expects broadband to begin adding subscribers in 2025 after the Affordable Connectivity Program (ACP) roll-off; - EBITDA growth is expected to be similarly flat to modestly down, due to increase in subscriber acquisition costs against a much more competitive environment; - Capex expected to be largely flat in 2026 but begin to more materially decline over the balance of the rating period to the low $8 billion range in 2030. - FCF is expected to more than double from approximately $4.3 billion in 2024 to nearly $9 billion in 2029. Annual FCF generation is expected to more than cover annual debt maturities during the rating period. The company is expected to continue using the bulk of its FCF generation for share repurchase activity; - Charter is expected to remain opportunistic in the capital markets to refinance near-term maturities, with potential additional issuance to fund shareholder returns using debt capacity created by EBITDA growth. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb', Lower), sector characteristics ('bbb+', Lower), market and competitive positioning ('a-', Moderate), diversification and asset quality ('bbb', Moderate), company operational characteristics ('bbb+', Moderate), profitability ('a-', Moderate), financial structure ('bb', Higher), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Charter's instrument ratings and Recovery Ratings (RRs) are assigned in accordance with Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria." Under its generic approach for rating instruments of companies in the 'BB' rating category, Fitch notches instruments against the IDR and assigns RRs according to generic recovery assumptions derived from historical performance data based on security and relative priority. For 'BB' category U.S. issuers with no major features that may limit recovery, Fitch notches first-lien debt up to two notches from the IDR, with a cap of 'BBB-', due to the significant recovery percentages associated with an 'RR1'. Charter's senior secured issuance is assigned a 'BBB-' with a Recovery Rating of 'RR1' and benefits from a one-notch uplift from the IDR, given its first-priority security position and the 'BBB-' cap. If Charter's IDR were upgraded to 'BBB-', the senior secured debt could be upgraded to 'BBB' depending on Fitch's view of collateral quality, and the unsecured debt could be upgraded to 'BBB-', depending on the level of contractual or structural subordination. If Charter's IDR were downgraded to 'BB', the senior secured debt is likely to remain 'BBB-', assuming there are no material changes to the security package or increases in the senior secured debt or other considerations Fitch considers when deciding between RR1 and RR2 for first lien debt of 'BB' category issuers. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to the Removal of the RWP: - Termination or material alteration of the Cox Communications acquisition, with Charter continuing to operate under its current standalone credit profile; - Completion of the acquisition, accompanied by clarity around the post-transaction capital structure, financial policy, and pro forma leverage trajectory. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening of its competitive position, as measured by accelerated broadband subscriber losses; - (CFO-capex)/debt not approaching 5.0; - EBITDA leverage sustained above 5.0x, possibly related to a more aggressive financial policy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A strengthening operating profile as the company captures sustainable revenue and cash flow growth, and the reduction and maintenance of EBITDA leverage below 4.0x; - (CFO-capex)/debt exceeding 10% on a sustained basis. Liquidity and Debt Structure As of March 31, 2026, Charter had $517 million of cash, full availability under its $960 million secured RCF B, maturing in August 2027, and $3.6 billion available under its $5.5 billion RCF C, maturing in March 2030. Charter had $94 billion outstanding debt as of March 31, 2026, comprising senior secured credit facilities, senior secured notes, and senior unsecured notes. Issuer Profile Charter is the largest U.S. cable MVPD and the second-largest broadband connectivity company in the U.S. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Charter Communications, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. 123456789012345678901234567890123456789012345678901234567890123456 Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- CCO Holdings, LLC LT IDR BB+ Rating Watch Maintained BB+ sr unsecured LT BB+ Rating Watch Maintained RR4 BB+ Charter Communications Operating, LLC LT IDR BB+ Rating Watch Maintained BB+ sr secured LT BBB- Rating Watch Maintained RR1 BBB- Time Warner Cable Enterprises LLC LT IDR BB+ Rating Watch Maintained BB+ senior secured LT BBB- Rating Watch Maintained RR1 BBB- Time Warner Cable, LLC LT IDR BB+ Rating Watch Maintained BB+ senior secured LT BBB- Rating Watch Maintained RR1 BBB- Charter Communications, Inc. LT IDR BB+ Rating Watch Maintained BB+ CHASE GENERAL: Posts $109K Loss in Q3; Going Concern Doubt Persists ------------------------------------------------------------------- Chase General Corporation has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting a net loss of $109,473 for the three months ended March 31, 2026, compared to a net loss of $104,711 for the same period in the prior year. For the nine-month period ended March 31, 2026, the Company reported a net loss of $40,643, compared to a net income of $13,891 in the corresponding prior-year period. Sales for the three months ended March 31, 2026 were $427,061, compared to $308,464 in the prior-year period. Revenues for the nine months ended March 31, 2026 decreased to $2,307,332 from $2,752,997 in the same period of the prior year. GOING CONCERN AND MANAGEMENT'S PLAN At March 31, 2026, the Company has an accumulated deficit of $5,808,825, and cash and cash equivalents of $84,986. Currently, there is substantial doubt about the Company's ability to generate enough cash flow to fund operations for the 12 month6. During fiscal year 2026, the Company lost two major customers. Based on historical sales to these customers, management expects a total loss of sales of approximately $575,000 or 17%. The termination of these relationships may negatively impact the Company's financial condition and operating results. The Company continues to assess its customer concentration risk and is implementing strategic initiatives to broaden its customer base. In response, management plans to continue its efforts to expand the present market area and increase sales to its existing customers and seek new customer opportunities. Management also intends to continue tight control over all expenditures with an increased emphasis on inventory and production management. Additionally, due to historical volatility in the regions where raw materials are grown and supplied from, management anticipates the prices of these raw materials to continue to fluctuate primarily based on supply and demand. Management plans to make sales price adjustments in the future as necessary to correspond with changes in raw material prices. Additionally, the Company is actively evaluating strategic alternatives, including a potential sale of the Company or its assets. There can be no assurance that this process will result in a transaction, or that any transaction will be completed on terms favorable to the Company or within a time frame sufficient to address the Company's liquidity needs. Management believes that the successful execution of its business plan would alleviate the substantial doubt about the Company's ability to continue as a going concern. However, there can be no assurance that these plans will be successful. Because it is unclear whether the Company will be successful in accomplishing these objectives, there is uncertainty about the Company's circumstances, which creates substantial doubt about its ability to continue as a going concern. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/yyxz4wp4 About Chase General Corporation Chase General Corporation (Chase) is a holding company for its wholly owned subsidiary, Dye Candy Company, the main operating entity that is engaged in the manufacture of confectionery products which are sold primarily to wholesale houses, grocery accounts, vendors, and repackers. Dye Candy operates two divisions, Chase Candy division and Seasonal Candy division, which share a common labor force and utilize the same basic equipment and raw materials. Therefore, segment reporting for the two divisions is not maintained by management. The Company's business, like that of many other confectionary product manufacturers, is seasonal. Historically, the Company has realized more of its sales and earnings in the second fiscal quarter, which includes the majority of the holiday shopping season, than in any other fiscal quarter. As of March 31, 2026, the Company had $1,337,350 in total assets, $680,179 in total liabilities, and $657,171 in total stockholders' equity. CHICAGO RIVET & MACHINE: Board Temporarily Suspends Cash Dividend ----------------------------------------------------------------- Chicago Rivet & Machine Co. announced that its Board of Directors approved the temporary suspension of the Company's quarterly cash dividend. The decision was made following a comprehensive review of the Company's current operating environment, capital allocation priorities, and long-term strategic objectives, and reflects a deliberate and proactive step to allocate capital toward critical operational and growth initiatives. In particular, management is prioritizing the deployment of financial resources to focus on meeting expected current and future sales requirements, and investing in the Company's sales efforts to drive revenue growth over the long term. The strategic rationale for the Board's decision focuses on the following objectives: * Meeting Production Requirements: Redirecting cash flow to better utilize production capacity, and ensure timely fulfillment of existing and new customer orders. * Building the Sales Pipeline: Launching new products that have been recently awarded to the Company, and investing in business development resources to strengthen the Company's pipeline of future opportunities. * Positioning for Long-Term Growth: Enhancing the Company's ability to scale operations, improve operational efficiency, and capitalize on market demand. The Company remains focused on supporting its customers, investing in operational efficiencies, and executing initiatives designed to strengthen long-term shareholder value. The Board will continue to evaluate the Company's capital allocation strategy on an ongoing basis and intends to revisit the dividend policy as business conditions and growth objectives evolve. 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 in total liabilities, and $18,442,303 in total stockholders' equity. CHICAGO RIVET & MACHINE: Two Proposals Approved at Annual Meeting ----------------------------------------------------------------- Chicago Rivet & Machine Co.'s Annual Meeting of Shareholders was held. At the meeting, the following proposals were approved: PROPOSAL I: The seven director nominees named in the Company's proxy statement dated April 2, 2026 were elected to serve for a term ending at the Annual Meeting in 2027, and 1. Kent H. Cooney * Votes For: 375,866 * Votes Withheld: 151,365 * Broker Non-Votes: 276,507 2. Kurt Moders * Votes For: 416,426 * Votes Withheld: 19,791 * Broker Non-Votes: 276,507 3. James W. Morrissey * Votes For: 416,743 * Votes Withheld: 19,474 * Broker Non-Votes: 276,507 4. Walter W. Morrissey, M.D. * Votes For: 415,145 * Votes Withheld: 21,072 * Broker Non-Votes: 276,507 5. Karen G. Ong * Votes For: 376,355 * Votes Withheld: 150,876 * Broker Non-Votes: 276,507 6. Gregory D. Rizzo * Votes For: 416,225 * Votes Withheld: 19,992 * Broker Non-Votes: 276,507 7. John L. Showel * Votes For: 376,495 * Votes Withheld: 150,736 * Broker Non-Votes: 276,507 PROPOSAL II: The selection of Cherry Bekaert LLP to serve as the Company's independent registered public accounting firm for 2026 was ratified. * Votes For: 376,495 * Votes Against: 150,736 * Abstentions: 18,806 * Broker Non-Votes: 0 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 in total liabilities, and $18,442,303 in total stockholders' equity. CLAY YOUNG: Taps Law Offices of Douglas M. Engell as Counsel ------------------------------------------------------------ Clay Young Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ Law Offices of Douglas M. Engell, Inc. as attorneys and legal counsel in its Chapter 11 case. The firm will provide these services: (a) advise and consult with the Debtor regarding questions arising from certain contract negotiations which will occur during the operation of business by the Debtor; (b) evaluate and attack claims of various creditors who may assert security interests in the assets and who may seek to disturb the continued operation of Debtor; (c) appear in, prosecute, or defend suits and proceedings, and to take all necessary and proper steps and other matters and things involved in or connected with the affairs of the estate of the Debtor; (d) represent the Debtor in court hearings and assist in the preparation of contracts, reports, accounts, petitions, applications, orders and other papers and documents as may be necessary in this proceeding; (e) advise and consult with Debtor in connection with any reorganization plan which may be proposed in this proceeding and any matters concerning Debtor which arise out of or follow the acceptance or consummation of such reorganization or its rejection; and (f) perform such other legal services on behalf of Debtor as they become necessary in this proceeding. Douglas M. Engell will receive an hourly rate of $395, while paralegals shall receive an hourly rate of $110, plus expenses. The Debtor has paid a retainer fee of $2,500 and $4,500 in prepetition attorney fees. According to court filings, the attorneys "represent no interests adverse to the Debtor or the estate" and "have no connections with the creditors herein or any other party-in-interest or their respective attorneys and accountants, or with the Office of the United States Trustee." The firm can be reached at: Douglas M. Engell, Esq. LAW OFFICES OF DOUGLAS M. ENGELL, INC. PO BOX 309 Marion, MS 39342 Telephone: (601) 693-6311 E-mail: dengell@dougengell.com About Clay Young Properties LLC Clay Young Properties LLC is believed to operate as a real estate investment and property management company involved in owning and managing commercial or residential assets in Mississippi. Clay Young Properties LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-01231) on May 4, 2026. In its petition, the debtor reported estimated assets between $1 million and $10 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Katharine M. Samson handles the case. The debtor is represented by Douglas M. Engell, Esq. CONCORD INDUSTRIAL: Taps Shioda Langley as Insolvency Counsel ------------------------------------------------------------- Concord Industrial Products, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Shioda Langley & Chang LLP as general insolvency counsel. The firm will provide these services: (a) provide legal advice and guidance with respect to the powers, duties, rights, and obligations of the Debtor as debtor-in-possession; (b) assist the Debtor in the preparation and filing of monthly operating reports, schedules, statement of financial affairs, and all other documents required by the Bankruptcy Code, the Bankruptcy Rules, the Office of the United States Trustee (Region 16), and orders of the Court; (c) represent the Debtor in connection with the pending Motion for Relief from Automatic Stay filed by Associates Equity Fund VI, LLC, and related proceedings involving the commercial lease at 311 Bonnie Circle, Corona, California 92880; (d) advise the Debtor regarding the assumption, assignment, or rejection of the commercial lease under 11 U.S.C. Sec. 365, including negotiations with the landlord and prospective assignees; (e) prepare and prosecute, if appropriate, a motion to sell estate assets free and clear of liens, claims, and encumbrances pursuant to 11 U.S.C. Sec. 363(0); (f) represent the Debtor in negotiations with secured creditors, including East West Bank, the U.S. Small Business Administration, and BMO Bank N.A., including cash collateral issues; (g) formulate, prepare, and, if applicable, confirm a plan of reorganization or orderly wind-down plan and related disclosure statement; and (h) prepare and prosecute all necessary applications, motions, adversary proceedings, objections, and other pleadings required for the effective administration of the estate, and perform all other legal services necessary for the Chapter 11 case. The firm will be compensated at hourly rates of $750 for partners, $600 for associates, $380 for paralegals, and $260 for law clerks. Shioda Langley & Chang LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has no connection with the Debtor, creditors, or other parties in interest, nor any adverse interest to the estate. The firm can be reached at: Christopher J. Langley, Esq. Steven P. Chang, Esq. Shioda, Langley & Chang LLP 1063 E. Las Tunas Dr. San Gabriel, CA 91776 Telephone: (626) 281-1232 Facsimile: (626) 281-2919 E-mail: chris@slclawoffice.com schang@slclawoffice.com About Concord Industrial Products, Inc. Concord Industrial Products, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Riverside Division Case No. 6:26-bk-13154) on April 23, 2026. At the time of the filing, the Debtor had estimated assets of between $0 and $50,000 and liabilities of between $0 and $50,000. Judge Scott H. Yun oversees the case. Shioda Langley & Chang LLP is Debtor's legal counsel. CONSEJO DE TITULARES: D. Torres-Cancel Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Consejo de Titulares del Condominio Touchvision Plaza. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Consejo de Titulares del Condominio Consejo de Titulares del Condominio Touchvision Plaza sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-02205) on May 14, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in liabilities. Nelson Robles Diaz, Esq. at Nelson Robles Diaz Law Offices Psc represents the Debtor as bankruptcy counsel. CORNERSTONE ONDEMAND: Signed Debt Talks Pact with Lenders --------------------------------------------------------- Soma Biswas of Bloomberg Law reports that the creditors of Cornerstone OnDemand Inc. have signed a cooperation agreement to coordinate among themselves ahead of possible debt talks as the company faces approaching maturities, according to sources familiar with the situation. The agreement underscores rising caution among lenders to heavily leveraged software businesses. The sources said a majority of lenders in the company’s $2.1 billion first-lien term loan due in 2028 joined the pact during the week. Gibson, Dunn & Crutcher has been retained to advise the lender group on any future negotiations or restructuring discussions involving the company’s debt obligations. Cornerstone, an employee training and workforce management software company backed by Clearlake Capital, has seen its debt prices decline amid broader weakness in the technology financing market. Investors have become increasingly concerned about the ability of highly leveraged software issuers to refinance obligations in the current interest-rate environment, the report states. No formal debt restructuring has been launched at this stage, but the cooperation agreement may provide lenders with a unified approach if talks with the company become necessary. Analysts noted that similar arrangements have become more common as creditors prepare for potential liability management exercises across the software industry, according to Bloomberg. About Cornerstone OnDemand, Inc. Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc. are cloud-based human capital management software company headquartered in Santa Monica, California, providing learning management, talent management and workforce development platforms to enterprise customers. CQENS TECHNOLOGIES: Net Loss Narrows to $1.37MM in Q1 2026 ---------------------------------------------------------- CQENS Technologies Inc. has filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission for the quarterly period ended March 31, 2026. For the first three months of 2026, the Company reported a consolidated net loss of $1,376,821 and net cash used in operations of $979,322 compared to a net loss of $2,493,777 and net cash used in operations of $1,117,372 for the first three months of 2025. The Company did not generate any revenues from its operations in the first three months of 2026 or 2025. Going Concern At March 31, 2026, the Company had cash on hand of $8,194,093 and an accumulated deficit of $49,163,580. The report of the Company's independent registered public accounting firm on its consolidated financial statements for the year ended December 31, 2025, contains an explanatory paragraph regarding the Company's ability to continue as a going concern based upon its recurring losses and no source of revenues which are sufficient to cover its operating costs. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The Company's consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Results of Operations The Company's total operating expenses for the three months ended March 31, 2026 decreased 44.6% over those reported for the same period in 2025. This decrease is primarily attributable to a decrease in professional fees. The decrease was partially offset by an increase in general and administrative expenses of 32.3% and increases in amortization, rent and travel related costs. An increase in research and development expenses of 41.4% due to increased engineering services also offset some of this decrease in the first three months of 2026 versus this same period in 2025. The Company expects that its operating expenses will increase as it continues to develop and grow its business and devotes additional resources toward research and development and business opportunities, promoting that growth, most notably reflected in anticipated increases in general overhead, salaries for personnel and technical resources, as well as increased costs associated with the PMTA process and legal and professional fees. However, while the Company believes it has adequate working capital to complete the PMTA process over the next 12 months, as set forth elsewhere in this report, the Company's ability to continue to develop its business and achieve its operational goals is dependent upon its ability to raise significant additional working capital. As the availability of this capital is unknown, the Company is unable to quantify at this time the expected increases in operating expenses in future periods. Liquidity and Capital Resources As of March 31, 2026, the Company had $8,149,093 in cash and cash equivalents and a working capital surplus of $6,280,456 compared to $8,914,107 in cash and cash equivalents and a working capital surplus of $7,427,664 at December 31, 2025. The Company's current liabilities increased $338,062 from December 31, 2025, reflecting a slight increase in its accounts payable, accrued expenses, and related party borrowing. The Company's source of operating capital in the first three months of 2026 came from cash on hand at the end of 2025 of $8,914,107, the sale of 6,000 shares of common stock for gross proceeds of $120,000, borrowing from related parties of $230,063 and earned interest of $51,049. The Company's source of operating capital in the first quarter of 2025 came from the sale of 503,750 shares of common stock for gross proceeds of $10,075,000 which includes $850,000 of investor deposits, borrowing from a related party of $60,612, and earned interest of $88,827. The ability of the Company to continue as a going concern is dependent upon the Company obtaining adequate capital to fund operating losses until it becomes profitable. As the Company is not generating revenues, continued activities and expenditures to bring product(s) to market as soon as it is able is important. In the first three months of 2025, CEL borrowed $60,612 from Ann Liu, a related party. In the first quarter of 2026 the Company borrowed $139,870 from Asahi, its joint venture partner in Hong Kong. There was no borrowing from Asahi in the first quarter of 2025. In the first quarter of 2026 the Company borrowed $90,172 from Tianyang Zhang a related party in its Shenzhen operations, for working capital. The Company did not borrow from Mr. Zhang in the first quarter of 2025. As of March 31, 2026, the Company owes: Xten $900,000; Ann Liu $79,239; Asahi $197,172; Tianyang Zhang $302,295, and; $7,721 to Xinjie Liu. The loans are unsecured, non-interest bearing and due on demand. As of March 31, 2026 and as of the date of this filing, the Company owes an aggregate of $1,486,427 to related parties. As of the date of May 14, 2026, the Company believes it has sufficient capital to fund the next 12 months, however there is no assurance it will have sufficient funds for commercialization of any products. There is no assurance the Company will have sufficient funds due to circumstances beyond its control including regulatory changes, delays or additional regulatory requirements. In January 2026, the Company established its wholly owned subsidiary in China, Shenzhen CQENS. The Company made an initial capital investment of $200,000 and a subsequent investment of an additional $200,000. This subsidiary will be primarily used for research and development working in concert with the Company's US-based team and with CQENS Electronics (Hong Kong) Limited to move prototypes through the design for manufacturability process. Summary of Cash Flows The Company's cash used in operating activities decreased 12.4% in the first three months of 2026 compared to the first three months of 2025. During these time periods, the Company primarily used the cash to fund its net losses. In the first three months of 2026, there was $125,962 net cash used in investing activities from the capitalization of the Company's intellectual property and addition to intangible assets compared to net cash used in investing activities of $1,017,092 in the same period in 2025 for capitalization of its intellectual property and additions to property plant and equipment. In the first three months of 2026, the Company had net cash provided by financing activities of $350,063 from the sale of its common stock and borrowing from related parties. The Company had net cash provided by financing activities in the first three months of 2025 of $9,385,612 from the sale of its common stock, investor deposits and borrowing from related parties. A full text copy of the Company's Form 10-Q is available at https://tinyurl.com/mvn94uym. About CQENS Technologies Inc. CQENS Technologies Inc. is a technology company that designs and develops innovative methods to heat plant-based and/or medicant-infused formulations to produce aerosols for the efficient and efficacious inhalation of the plant and medicant constituents contained therein. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 15, 2026, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2025, citing 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 $12.8 million in total assets, $2.2 million in total liabilities, and $10.6 million in total stockholders' equity. D&M KITCHEN: Gets Interim OK to Use Cash Collateral --------------------------------------------------- D&M Kitchen and Bath Supply Inc. got the green light from the U.S. Bankruptcy Court for the Eastern District of California to use cash collateral. At the recently held hearing, the court authorized the Debtor's interim use of cash collateral and set a further hearing for June 16. The Debtor said it needs to use the cash collateral of secured creditors to continue its operations. The creditors asserting secured interests in the Debtor's proceeds and cash collateral through filed UCC financing statements are Newtek Bank, National Association, which filed a UCC-1 financing statement on May 1, 2023, later amended on June 2, 2023; CIITD Company, which filed a UCC-1 on February 9, 2024; and Nebula Financing LLC, which filed a UCC-1 on September 30, 2024. About D&M Kitchen and Bath Supply Inc. D&M Kitchen and Bath Supply Inc is a licensed general contractor based in Stockton, California. The company provides kitchen and bathroom remodeling services, including cabinetry, flooring, and countertop installation, for residential customers in Stockton and surrounding Northern California communities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 26-22570) on May 4, 2026.In the petition signed by Dennis Almeida, chief executive officer, the Debtor disclosed $3,304,500 in total assets and $5,607,643 in total liabilities. Judge Christopher D. Jaime oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. DINOSAUR RIDGE: Commences Chapter 11 Bankruptcy in Colorado ----------------------------------------------------------- On May 20, 2026, Dinosaur Ridge Resorts LLC commenced a Chapter 11 bankruptcy proceeding in the District of Colorado bankruptcy court. Court documents indicate that the Debtor owes between $1MM and $10MM to approximately 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on June 29, 2026 at 01:00 PM at Telephonic Chapter 11: Phone 888-330-1716, Access Code 8602461#. About Dinosaur Ridge Resorts LLC Dinosaur Ridge Resorts LLC operates as a resort and hospitality company focused on tourism, accommodations, and leisure property management. Dinosaur Ridge Resorts LLC filed for relief under Chapter 11 of the Bankruptcy Code (Case No. 26-13575) on May 20, 2026. The company disclosed estimated assets ranging from $10MM to $50MM and liabilities estimated between $1MM and $10MM. The case is assigned to Honorable Judge Michael E. Romero. The Debtor is represented by Jonathan Dickey, Esq. of Kutner Brinen Dickey Riley, P.C. DIOCESE OF BUFFALO: Retains Berger Berger & Sobieski as Counsel --------------------------------------------------------------- The Diocese of Buffalo, N.Y. seeks approval from the U.S. Bankruptcy Court for the Western District of New York to retain Berger, Berger & Sobieski as special immigration counsel. The firm will provide these services: (a) review necessary documents provided by the Diocese; (b) prepare Form I-129 and Form I-907 as needed; (c) draft and submit a brief in support of each visa application filed on behalf of the Diocese; and (d) provide legal advice and services related to obtaining the required temporary visa status for foreign born Diocesan employees. The Diocese has agreed to pay Berger, Berger & Sobieski a flat fee of $4,500 for the preparation and filing of each R-1 visa application. Each fee will be paid in two equal installments, with one half ($2,250) due upon commencement of work and the balance ($2,250) due prior to filing of the R-1 visa application. Berger, Berger & Sobieski will also charge for disbursements and other expenses incurred in representing the Diocese, including document translation fees, fees to obtain documents, filing fees, duplication and photocopy expenses, and courier services. Berger, Berger & Sobieski is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Michael B. Berger, Esq. BERGER BERGER & SOBIESKI 5530 Sheridan Drive, Suite 1 Buffalo, NY 14221 Telephone: (716) 634-6500 Facsimile: (716) 634-0415 E-mail: mberger@usavisa.net About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DLIGHT REFINERS: Hires Strobl Stark PLLC as Bankruptcy Counsel -------------------------------------------------------------- Dlight Refiners LLC and its affiliate seek approval from the United States Bankruptcy Court for the Eastern District of Michigan to retain Strobl Stark PLLC as their bankruptcy counsel. The firm will provide these services: (a) represent the Debtors before the Bankruptcy Court; (b) advise the Debtors with respect to its powers and duties as a Debtor in bankruptcy and the continued management and operation of its business; (c) attend meetings and negotiate with creditors and other parties-in-interest; (d) take all necessary action to protect and preserve the Debtors' estate, including prosecution and defense of actions and filing objections to claims; (e) prepare motions, applications, answers, orders, reports, and other papers necessary to administer the estate; (f) negotiate and prepare a plan of reorganization and related documents and assist in plan confirmation; (g) represent the Debtors in connection with post-petition financing and potential additional financing; (h) advise the Debtors regarding potential asset sales and financing; (i) advise the Debtors regarding tax matters; (j) advise the Debtors regarding landlord negotiations, asset sales, restructuring, or recapitalization; (k) appear before the Bankruptcy Court, appellate courts, taxing authorities, the United States Trustee, and regulatory agencies; and (l) perform all other necessary legal services in connection with the Chapter 11 Subchapter V case. Strobl Stark PLLC will be compensated on an hourly basis, subject to Court approval under Section 330(a) of the Bankruptcy Code. Hourly rates range from $250 to $550, plus reimbursement of actual and necessary expenses including photocopying, travel, filing fees, postage, messenger charges, and computerized legal research. Strobl Stark PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold an interest adverse to the Debtors' estate, according to court filings. The firm can be reached through: Lynn M. Brimer, Esq. Pamela S. Ritter, Esq. Evan H. Kaploe, Esq. STROBL STARK PLLC 33 Bloomfield Hills Parkway, Suite 125 Bloomfield Hills, MI 48304-2376 Telephone: (248) 540-2300 Facsimile: (248) 205-2786 E-mail: lbrimer@strobllaw.com pritter@strobllaw.com ekaploe@strobllaw.com About DLight Refiners LLC DLight Refiners, LLC is a precious metal refining company with locations in Hallandale Beach, Florida, and West Bloomfield, Michigan. The company assays, purchases, processes, reclaims, and settles precious metal scrap, including gold, silver, platinum, and palladium materials. It serves the jewelry industry, including jewelry manufacturers, repair shops, retail chains, goldsmiths, pawnbrokers, coin dealers, and dental labs. DLight Refiners provides insured shipping labels and offers in-person pickup by appointment in select states. DLight Refiners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44709) on April 24, 2026, with $10,351 in assets and $2,906,797 in liabilities. Dawn Light, president of DLight Refiners, signed the petition. Lynn M. Brimer, Esq., at Strobl, PLLC represents the Debtor as legal counsel. DLIGHT REFINERS: To Employ Cohen & Trenkamp as Accountant --------------------------------------------------------- DLight Refiners LLC and its affiliate seek approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Gary Trenkamp, managing member of Cohen & Trenkamp CPAS PLLC, to serve as their accountants. Mr. Trenkamp and the firm will provide these services: (a) advise the Debtors with respect to post-petition accounting and financial responsibilities and duties as Debtors and Debtors in possession; (b) advise and consult with the Debtors regarding tax matters; and (c) perform all necessary accounting and tax services for the Debtors in connection with this Chapter 11 Subchapter V case. The hourly rates for the accountants and bookkeepers to be assigned to the Debtor's case is between $65 and $185 per hour. Mr. Gary Trenkamp will be paid an hourly rate of $185. Cohen & Trenkamp CPAS PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, as it has no adverse interest to the Debtors or creditors, is not a creditor or insider, and has performed a conflict check identifying no issues. The firm can be reached at: Gary Trenkamp COHEN & TRENKAMP CPAS PLLC 7013 Orchard Lake Road West Bloomfield, MI 48322 Phone: (248) 737-4300 About DLight Refiners LLC DLight Refiners, LLC is a precious metal refining company with locations in Hallandale Beach, Florida, and West Bloomfield, Michigan. The company assays, purchases, processes, reclaims, and settles precious metal scrap, including gold, silver, platinum, and palladium materials. It serves the jewelry industry, including jewelry manufacturers, repair shops, retail chains, goldsmiths, pawnbrokers, coin dealers, and dental labs. DLight Refiners provides insured shipping labels and offers in-person pickup by appointment in select states. DLight Refiners sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 26-44709) on April 24, 2026, with $10,351 in assets and $2,906,797 in liabilities. Dawn Light, president of DLight Refiners, signed the petition. Lynn M. Brimer, Esq., at Strobl, PLLC represents the Debtor as legal counsel. DYNASTY ACQUISITION: Moody's Ups CFR & First Lien Term Loan to Ba2 ------------------------------------------------------------------ Moody's Ratings upgraded the ratings of Dynasty Acquisition Co., Inc. ("StandardAero"), including its corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. Concurrently, Moody's upgraded the ratings on Dynasty Acquisition Co., Inc.'s senior secured first lien term loan B1 and senior secured revolving credit facility to Ba2 from Ba3. Also, Moody's upgraded Standard Aero Limited's senior secured first lien term loan B2 to Ba2 from Ba3. StandardAero's speculative grade liquidity rating ("SGL") remains unchanged at SGL-1. Lastly, the rating outlook remains stable for both rated entities. "The upgrades reflect StandardAero's growing scale and the company's strong competitive standing in jet engine repair and maintenance markets. Over the next 18 months Moody's expects continued earnings growth and healthy cash generation that will sustain a robust set of credit metrics," said Eoin Roche, Moody's Ratings Senior Vice President. RATINGS RATIONALE The Ba2 CFR reflects StandardAero's position as a leading independent provider of maintenance, repair and overhaul (MRO) engine services across commercial, business aviation and military end markets. Moody's recognizes StandardAero's diversified portfolio of engine platforms and its entrenched position on important engines such as the CFM-56, CF-34, LEAP, HTF7000 and PT6A. Moody's expects continued demand in core end markets to support mid-single digit sales growth during 2026. Increased productivity, improving operating leverage, favorable mix and pricing, along with the removal of low margin pass-through revenue will support healthy earnings growth and strong credit metrics over the next 12-18 months. Moody's expects StandardAero to maintain a balanced financial policy with debt-to-EBIDTA sustained around 3x. Debt-to-EBITDA was 3.1x as of March 31, 2026. Robust cash generation will provide good financial flexibility and Moody's anticipates FCF-to-debt in the high-single digits in both 2026 and 2027. Tempering considerations include ongoing supply chain shortages for materials and parts and the risk that a prolonged period of elevated fuel prices could weigh on airline utilization, introducing downside risk to aftermarket volumes and associated MRO earnings over the next few years. Moody's notes that private equity ownership, currently at around 31% of the common stock, will decline over time and enable the company to maintain a conservative financial policy. The stable outlook reflects Moody's expectations of continued demand for engine MRO work across StandardAero's end markets. This will support earnings growth, robust cash generation and strong credit metrics. The SGL-1 speculative grade liquidity rating denotes Moody's expectations of very good liquidity over the next 12 months. Moody's anticipates strong cash generation with FCF-to-debt in the high single-digits in 2026 and 2027. External liquidity is provided by a $750 million revolving credit facility that expires in 2029. There were no drawings as of March 31, 2026. The facility contains a springing first lien net leverage ratio of 7x that comes into effect when usage under the revolver exceeds 40%. Moody's anticipates ample cushion with respect to the covenant. The Ba2 rating on the senior secured credit facility is the same as the Ba2 corporate family rating, reflecting the preponderance of the facility in the company's capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be upgraded if there is a significant reduction in private-equity ownership. The ratings could also be upgraded if debt-to-EBITDA remains sustained below 3.5x with free cash flow-to-debt consistently in the mid-single digits. Ratings could be downgraded if debt-to-EBITDA is sustained above 4x. Weak free cash generation and a sustained reliance on revolver borrowings could also result in a downgrade. Evidence of increasingly aggressive financial policies as a public company could also result in a downgrade. StandardAero, headquartered in Scottsdale, Arizona, is a leading provider of aircraft engine MRO and aircraft completion and modification services to the commercial, business, military and general aviation industries. Revenue for the twelve months ending March 31, 2026, was around $6.3 billion. The principal methodology used in these ratings was Aerospace and Defense published in July 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. E. GLUCK: Court OKs Disclosure Statement, Plan Subject to Voting ---------------------------------------------------------------- Chief Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York approved the Disclosure Statement and conditionally approved the Joint Liquidating Plan of E. Gluck Corporation. The Debtor seeks approval of the disclosure statement embodied in the Combined Plan and Disclosure Statement prior to solicitating votes from Class 3, the only voting class. The Plan, which contemplates the ultimate dissolution of the Debtor, classifies holders of claims and interests into 4 classes. Only Class 3 (General Unsecured Claims) and Class 4 (Equity Interests) are impaired. Because holders of Class 4 Equity Interests will not receive or retain any property under the Plan on account of those Equity Interests, the holders of Class 4 Equity Interests are deemed to reject the Plan and will not receive ballots. Holders of Claims in Class 3 are entitled to vote on this Plan. The Disclosure Statement, which was filed in conjunction with the Plan, is comprehensive and informative and contains information necessary for impaired creditors to make an "informed judgment" about the Plan. Class 3, the only class entitled to vote on the Plan, has not yet voted. Accordingly, it is to be determined whether the Plan meets the requirements of section 1129(a)(10). The Court approves the Disclosure Statement as containing adequate information. Additionally, the Court conditionally approves the Plan subject to later voting. A copy of the Court's Memorandum Opinion Order dated May 20, 2026, is available at http://urlcurt.com/u?l=2SrLVtfrom PacerMonitor.com. Attorneys for the Debtors: Julie Dyas Goldberg, Esq. Alan D. Halperin, Esq. HALPERIN BATTAGLIA BENZIJA, LLP 40 Wall Street, 37th Floor New York, NY 10001 E-mail: jgoldberg@halperinlaw.net ahalperin@halperinlaw.net Attorneys for the Official Committee of Unsecured Creditors: Brett S. Moore, Esq. Zhenyi Zhou, Esq. PORZIO, BROMBERG & NEWMAN, P.C. 1675 Broadway New York, NY 10019 E-mail: BSMoore@pbnlaw.com JZhou@pbnlaw.com About of E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12683 (MG)) on December 1, 2025. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. ELEOS ABA: Hires Weiss Law Group LLC as Counsel ----------------------------------------------- ELEOS ABA, LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Weiss Law Group, LLC as counsel. The firm's services include: a. providing legal advice with respect to the powers, rights, and duties of the Debtor and Debtor-in-Possession; b. providing legal advice and consultation related to the legal and administrative requirements of this case, including assisting Applicant in complying with the procedural requirements of the Office of the United States Trustee and the Subchapter V Trustee; c. taking appropriate actions to protect and preserve the Estate, including prosecuting actions on the Debtor's behalf, defending actions commenced against the Debtor, and representing the Debtor's interests in any negotiations or litigation in which the Debtor may be involved, including objections to the claims filed against the Estate, and preparing witnesses and reviewing documents in this regard; d. preparing appropriate documents and pleadings, including but not limited to Schedules, Applications, Motions, Answers, Orders, Complaints, Reports, or other documents appropriate to the administration of the Estate; e. representing the Debtor's interests at the Initial Debtor Interview, the Meeting of Creditors, any Status Conferences, the Confirmation Hearing, and other hearings before this Court related to the Debtor; f. assisting and advising the Debtor in the formulation, negotiation, and implementation of a Chapter 11 Plan and all documents related thereto; g. assisting and advising the Debtor with respect to negotiation, documentation, implementation, consummation, and closing of transactions, including the sale of assets or the incurring of debt; h. assisting and advising the Debtor with respect to the use of cash collateral, critical vendors, obtaining financing, and negotiating, drafting, and seeking approval of any documents related thereto; i. reviewing and analyzing claims filed in this case, and advising and representing the Debtor in connection with objections to such claims; j. assisting and advising the Debtor with respect to executory contracts and unexpired leases, including assumptions, assignments, rejections, and renegotiations; k. coordinating with other professionals employed in the case; l. reviewing and analyzing applications, orders, motions, and other pleadings and documents filed with the Bankruptcy Court and advising the Debtor thereon; and m. assisting the Debtor in performing such other services as may be in the interest of the Debtor and the Estate and performing all other legal services required by the Debtor. The firm will be paid at these rates: Brett Weiss $695 per hour Paralegals $195 per hour The firm was paid a retainer in the amount of $30,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Weiss, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brett Weiss, Esq. The Weiss Law Group, LLC 8843 Greenbelt Road, Box 299 Greenbelt, MD 20770 Telephone: (301) 924-4400 Facsimile: (240) 627-4186 Email: brett@BankruptcyLawMaryland.com About Eleos ABA LLC Eleos ABA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 26-15094) on May 12, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge David E. Rice presides over the case. Brett Weiss, Esq., at The Weiss Law Group, LLC represents the Debtor as bankruptcy counsel. EMPIRE COMMUNITIES: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Empire Communities Corp.'s Long-Term Issuer Default Rating (IDR) at 'B-', its secured revolver at 'BB-' with a Recovery Rating of 'RR1', and its senior unsecured notes at 'B-'/'RR4'. The Rating Outlook is Stable. The company's ratings reflect Empire's high leverage, somewhat volatile cash flow and long land position. The ratings also factor the company's long history and leadership position in its Canadian housing markets and growing presence in the U.S. The Stable Rating Outlook reflects Empire's adequate financial flexibility and Fitch's expectation that the company will maintain sufficient cushion relative to its sensitivities for the 'B-' IDR despite expectations of a subdued demand environment through at least 2026. Key Rating Drivers High Leverage: Fitch forecasts Empire's net debt-to-capitalization ratio, excluding CAD35 million of cash that Fitch classifies as not readily available for working capital and excluding noncontrolling equity interest, will remain elevated in the low-70% range over the next few years, similar to the YE 2025 level. Inventory-to-debt ratio was 1.1x at YE 2025, and Fitch expects the ratio to remain around 1.2x over the next few years. Fitch expects Empire's EBITDA leverage to increase materially in 2026 due to flat to lower revenues, margin compression, and slightly higher debt to fund land and development spending. Fitch forecasts EBITDA leverage at 9.0x-10.0x at YE 2026, up from 6.4x at YE 2025. Fitch expects EBITDA leverage to decline below 7.5x at YE 2027. Constrained Housing Market: Fitch expects the housing market to remain constrained, with low affordability and weak consumer confidence weakening demand. The spring selling season in the U.S. has started slowly as broad uncertainty and high, volatile mortgage rates undermine consumer sentiment. Fitch expects new home sales to decline slightly in 2026, while existing home sales are forecast to remain flat. Single-family housing starts are forecast to decline in the mid-single digits. In Empire's Canadian markets, Fitch expects recent government-enacted affordability measures to support demand. However, the measures are unlikely to benefit Empire's results until 2027. Fitch expects Empire's revenues will fall 1%-2% this year, driven by weakness in its Canadian operations. Escalating geopolitical tensions (Iran War) pose downside risks to this outlook through higher oil prices, renewed inflationary pressures, delayed Federal Reserve rate cuts, and mortgage rates remaining above 6% in the U.S. Persistently high borrowing costs, combined with weaker consumer confidence, could further slow housing activity. Limited Geographic Diversification: Empire is less geographically diversified than most homebuilders in Fitch's coverage, which exposes it to an outsized impact during regional downturns. As of YE 2025, Empire had more than 60 active communities across eight markets in the U.S. and operations in the GGH market in the Southern Ontario region of Canada. Margin Pressure: Fitch expects EBITDA margins will continue to decline due to elevated incentives and higher land costs in its U.S. operations. Fitch expects EBITDA margins will fall 300 bps-400 bps in 2026 following a 170-bps decline in 2025. Nevertheless, Empire's EBITDA margins remain on par or higher than 'B' and 'BB' category peers, owing to its strategic land position in Canada that yields significantly higher gross margins than its U.S. operations. Volatile Cash Flow: Fitch expects Empire to generate negative cash flow from operations (CFO after distributions from joint ventures [JVs] and distributions to non-controlling interests) of CAD50 million to CAD100 million in 2026 due to higher inventory levels. Fitch expects Empire to generate negative CFO of CAD25 million to CAD75 million in 2027. Fitch expects Empire to reduce land and development spending and speculative housing activity if the market weakens materially from current levels. This would allow the company to generate positive CFO. Adequate Financial Flexibility: Empire ended 2025 with CAD65.4 million of cash and roughly CAD172 million of borrowing availability under its USD570 million RCF that matures in June 2027. This provides it with adequate liquidity to fund working capital investments this year. Fitch expects the company will extend the RCF maturity. Failure to do so before it becomes current may lead to negative rating actions. EBITDA interest coverage is forecast at around 1.5x in 2026 and 1.5x-2.0x during the next few years. Land Strategy: Empire has a longer land position than its U.S. peers due to its extensive land holdings in the land-constrained Greater Golden Horseshoe (GGH) market and its land development operations in the U.S. The company is pivoting to a more land-light strategy, increasing its lots under option in the U.S. As of Dec. 31, 2025, Empire owned and controlled about 28,000 lots, equating to a 13-year supply based on LTM closings. Empire's homebuilding owned lot position of 2.4 years in the U.S. is comparable to some of its U.S. homebuilder peers. Strong Local Market Position in Canada: Empire is one of the leading low-rise builders in the GGH region and Greater Toronto Area. Fitch views this as an advantage as scale in local metro markets provides homebuilders with purchasing efficiencies and enhances access to local labor pool and land. This is evident in Empire's strong gross margins in Canada. Empire is predominantly a second-tier player (top 20 builder) in its U.S. given its recent entry into the market. The company's gross margins for its U.S. operations continue to lag its larger U.S. peers. Peer Analysis Empire is comparable in revenue to STL Holding Company, LLC (dba DSLD Homes; B+/Stable) and Adams Homes, Inc. (B+/Stable) and is smaller than Dream Finders Homes, Inc. (BB-/Positive). Empire's credit metrics are weaker than those peers. Empire also has limited geographic diversity compared with the larger public homebuilders, which are investment grade. Empire's overall land position is longer than those peers, although its land position in the U.S. is comparable to some large U.S. public homebuilders. Empire's risk profile is higher due to its land development operations. Its EBITDA margin is higher than those of DSLD Homes and Dream Finders and is broadly comparable to Adams Homes. Fitch’s Key Rating-Case Assumptions - Revenues decline 1% to 2% in 2026 and grow 10% to 14% in 2026; - EBITDA margin of 11.5% to 12% in 2026 and 13.5% to 14.5% in 2027; - Fitch-calculated net debt to capitalization ratio of 70%-72% at YE 2026 and YE 2027; - Negative CFO of CAD50 million to CAD100 million in 2026 and negative CFO of CAD25 million to CAD75 million. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management ('bb', Moderate), sector characteristics ('bbb-', Lower), market and competitive positioning ('bb-', Moderate), diversification and asset quality ('b+', Higher), company operational characteristics ('bb-', Moderate), profitability ('b', Moderate), financial structure ('ccc', Higher), and financial flexibility ('b+', Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - B+ to CC considerations apply in its analysis and has no impact. - The governance assessment of 'good' has no impact. - The operating environment assessment of 'aa-' has no impact. The SCP is 'b-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Recovery Analysis Key Recovery Rating Assumptions Empire Communities' business profile could yield a distressed enterprise value of approximately CAD1.1 billion on the liquidation value of its inventory, receivables and PP&E. The CAD1.1 billion in resulting liquidation value slightly exceeds Fitch's assessment of Empire's CAD1.05 billion valuation as a going-concern (GC), given the high value of the company's inventory in Canada. Distress could result from a prolonged housing downturn, combined with aggressive land and development spending. The CAD1.05 billion enterprise value is based on a GC EBITDA estimate of CAD175 million, reflecting Fitch's view of a sustainable, post reorganization EBITDA level. Fitch estimates annual revenue of CAD1.4 billion (in line with 2025 revenues) and EBITDA margin of 13% (220 bps below 2025 EBITDA margin) would capture the lower revenue base of the company after a housing downturn, plus a sustainable margin profile after right sizing. The GC EBITDA of CAD175 million is about 20% below 2025 EBITDA (after income distribution from unconsolidated entities and distributions to noncontrolling interests). Fitch assumes Empire could generate a 6.0x EBITDA multiple in a going concern sale. Fitch has assumed a 10% administrative claim. The liquidation estimate reflects Fitch's view of the value of balance sheet assets that can be realized in sale or liquidation processes conducted during bankruptcy or insolvency proceedings and distributed to creditors: - 60% advance rate on inventory to account for shrinkage as well as impairment charges in a housing downturn. Fitch uses a four-quarter running average on inventory values to account for quarter-to-quarter changes; - 75% advance rate on escrow receivables; - 50% advance rate on PP&E. Fitch assumed that the company's USD570 million secured RCF is 70% drawn during a distress scenario, which incorporates shrinkage in the borrowing base. The secured credit facility is senior to the company's unsecured notes in the waterfall. The allocation of the value in the liability waterfall results in a recovery corresponding to an 'RR1' for the senior secured RCF and a recovery corresponding to an 'RR4' for the unsecured notes. A material increase in the amount of FCF commitment and/or capacity, a higher amount of secured mortgages and/or a greater amount of unsecured notes without a corresponding increase in Fitch's enterprise value assumptions in a recovery scenario could lead to a lower expected recovery for the unsecured notes. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration in liquidity profile, including inability to renew its revolving credit facility or accelerating negative cash flow from operations; - EBITDA interest coverage sustained below 1.25x; - Inventory/debt consistently sustained below 1.0x; - Net debt/capitalization sustained above 80%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Net debt/capitalization below 65% and EBITDA leverage consistently below 6.0x and the company maintains a healthy liquidity position; - Fitch may also consider positive rating actions if the company further diversifies its operations in the U.S. while maintaining a leadership position in the GGH and Greater Toronto areas, while reporting net debt-to-capitalization approaching 65% and EBITDA leverage around 6.0x. Liquidity and Debt Structure Empire ended 2025 with CAD65.4 million of cash and roughly CAD172.4 million of borrowing availability under its USD570 million RCF that matures in June 2027. Empire's debt maturities are currently manageable, with CAD29.4 million of mortgages due in 2026 and CAD12.1 million of notes due to shareholders due on demand. Fitch expects the company to extend the maturity of its RCF in the next few months. Issuer Profile Empire Communities Corp. is one of the largest private homebuilders in North America. The company has leading market positions in the Greater Golden Horseshoe and Greater Toronto areas in Canada and has a small, albeit growing presence in the U.S. Summary of Financial Adjustments Historical and projected EBITDA is adjusted to add back interest expense included in the cost of sales, while excluding impairment charges and land option abandonment costs. Additionally, Fitch includes shareholder loans and Empire's proportional share of unconsolidated JV debt related to its high-rise projects in the calculation of leverage ratios. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Empire Communities Corp. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Empire Communities Corp. LT IDR B- Affirmed B- senior unsecured LT B- Affirmed RR4 B- senior secured LT BB- Affirmed RR1 BB- ENVELOPE 1 INC: Unsecureds Owed $1,500+ to Get 3% over 60 Months ---------------------------------------------------------------- Envelope 1, Inc., filed with the U.S. Bankruptcy Court for the Southern District of Florida a Disclosure Statement describing Plan of Reorganization dated May 15, 2026. The Debtor was incorporated in Ohio on November 13, 2012, and completed its merger with E1 Digital Direct, Inc., which was formed in Ohio on August 27, 2015, with Envelope 1, Inc. as the merged entity. The Debtor was domesticated in Florida on November 13, 2025. Since November 12, 2025, the Debtor has operated in the envelope manufacturing industry, specializing in high-quality, made-to order envelopes for companies and institutions, primarily in North America. Since filing Chapter 11 on November 12, 2025, the Debtor has successfully operated as a downsized manufacturer. Working with a smaller footprint on a cash basis has resulted in a predictable revenue outcome tied to supply and production within a tight, mathematics-based operating model. Debtor's leaner, low-volume output is resulting in mildly profitable sales. The Debtor is operating conservatively, with its newly installed internal control system, affordable personnel, and a sustainable supply of raw materials from cooperating vendors. In due course, the Debtor may be enabled to attract traditional financing at market rates and become scalable. Debtor believes its business provides valuable, high-demand, custom products in an industry projected to grow steadily through 2036, while successfully contributing to the local labor market. The projections supporting the Plan are conservative and sufficient to sustain its Plan payments with minimal growth. The Debtor's current access to the custom envelope market and its vendor supply lines indicate positive revenue growth in the near-, mid-, and long-term. According to its Plan, the Debtor is surrendering eight-figure real property assets and idled surplus equipment to its Secured Creditors to create a "fresh start". This was a necessary decision to remain feasible, built upon a steady pace of profitability sufficient to pay its General Unsecured Creditors. Reducing debt by restructuring operations, while seeking the full satisfaction of specific claims by surrendering unaffordable and surplus assets to its Secured Creditors, launches conservative sales growth with profitable margins, within a substantially smaller, well-managed, and potentially scalable manufacturing environment, yielding a broader line of products. Having demonstrated post-petition viability by [1] remaining current with its cash collateral obligations, [2] keeping various operating payments and payroll tax deposits paid, [3] paying its U.S. Trustee fees, and [4] all its other costs and expenses managed within the terms granted by its vendors and providers. The Debtor has shifted from lackluster financial results to operating efficiently within a predictable financial environment. Class of General Unsecured Claims Class 2A consists of Creditors with allowed claims exceeding $1,500.00. Class 2 A will consist of the one hundred thirty-seven general unsecured creditors. The total amount of Claims in this Class is $8,659,670.91 Each Class 2A creditor will receive an amount equal to 3% of their allowed claim payable in no more than sixty monthly installments from the Effective Date of the plan. Each Class 2A creditor is impaired and entitled to vote. Class 2B consists of Creditors with allowed general unsecured claims which are less than r $1,500.00. Class 2B will consist of the fifty-four general unsecured creditors having filed Claims or having undisputed claims as listed on the Debtor's schedules in an amount that is $1,500.00 or less. Debtor will pay each Class 2B general unsecured creditor 3% of the amount of the creditor's allowed claim 30 days after the Effective Date. Each Class 2B creditor is impaired and entitled to vote. Class 3 consists of Tarry Pidgeon and Sharon Pidgeon whose shares will be cancelled. Shares of the Reorganized Debtor will be issued to Envelope 1 Manufacturing, Inc, in exchange for new value to provide funding to the Plan. Payments and distributions under the Plan will be funded by the Debtor's post-petition operations, with capital advances for supplies provided by Envelope 1 Manufacturing, Inc., to purchase increasing amounts of its crucial paper, film, and glue to achieve steady, stable production and earnings. A full-text copy of the Disclosure Statement dated May 15, 2026 is available at https://urlcurt.com/u?l=82FsoM from PacerMonitor.com at no charge. Envelope 1 Inc. is represented by: Susan D. Lasky, Esq. 320 S.E. 18th St Ft. Lauderdale, FL 33316 Telephone: (954) 400-7474 E-mail: Sue@SueLasky.com About Envelope 1 Inc. Envelope 1, Inc manufactures and mails commercial envelopes and their contents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23400) on Nov. 12, 2025. In the petition signed by Tarry Pidgeon, president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Susan D. Lasky, at Susan D. Lasky, PA, is the Debtor's legal counsel. EPIPHANY REALTY: Hires Sternberg Naccari & White as Legal Counsel ----------------------------------------------------------------- Epiphany Realty Group, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Sternberg, Naccari & White, LLC as its counsel. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as a debtor-in-possession in these proceedings; and (b) perform all legal services for the Debtor which may be necessary in the Chapter 11 case. The firm will be compensated through a prepetition retainer in the aggregate amount of $9,238, funded by the Debtor. The firm previously applied $3,163 in fees and expenses, and currently holds $6,075 in trust for postpetition services. Postpetition services will be billed at an hourly rate of $400 for Ryan J. Richmond, subject to Court approval, with additional compensation and reimbursement of expenses to be sought under applicable provisions of the Bankruptcy Code and Federal Rules of Bankruptcy Procedure. According to court filings, Sternberg, Naccari & White, LLC and Ryan J. Richmond, Esq. are "disinterested" persons within the meaning of Section 327(a) of the Bankruptcy Code, holding no interest adverse to the Debtor or its estate and having no disqualifying connections with creditors or other parties-in-interest. The firm can be reached at: Ryan J. Richmond, Esq. STERNBERG, NACCARI & WHITE, LLC 450 Laurel Street, Suite 1450 Baton Rouge, LA 70801 Telephone: (225) 412-3667 Facsimile: (225) 286-3046 E-mail: ryan@snw.law About Epiphany Realty Group, LLC Epiphany Realty Group, LLC owns and leases real estate properties. Epiphany Realty Group, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Louisiana Case No. 26-10438) on May 19, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Sternberg, Naccari & White, LLC is Debtor's proposed legal counsel. EPIPHANY REALTY: Seeks Subchapter V Bankruptcy in Louisiana ----------------------------------------------------------- On May 19, 2026, Epiphany Realty Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Louisiana. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. The deadline for filing the Chapter 11 Small Business Subchapter V plan is August 17, 2026. About Epiphany Realty Group, LLC Epiphany Realty Group, LLC operates in the real estate investment and property management sector. The company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10438) on May 19, 2026. In its petition, the debtor reported estimated assets ranging from $1 million to $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge handles the case. The debtor is represented by Ryan James Richmond of Sternberg, Naccari & White, LLC. ESSENTIAL INVESTMENT: Seeks Subchapter V Bankruptcy in Louisiana ---------------------------------------------------------------- On May 21, 2026, Essential Investment Properties, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana. According to court filings, the Debtor reports liabilities owed to between 1 and 49 creditors, with total debt listed as unknown. About Essential Investment Properties, LLC Essential Investment Properties, LLC is a real estate investment and property management company engaged in acquiring, managing, and operating investment properties. Essential Investment Properties, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11234) on May 21, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities listed as unknown. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Mark Ladd, Esq. of Butler McDonald. FAZELI PROPERTIES: Amends Unsecureds & Lender Secured Claims Pay ---------------------------------------------------------------- Fazeli Properties LLC submitted a Disclosure Statement in support of Amended Plan of Liquidation dated May 15, 2026. This is a liquidation plan. In other words, Debtor seeks to liquidate its assets, pay all creditors in full, and dissolve its organization. Provided that the Court enters an order confirming the Plan (the "Confirmation Order"), the Effective Date of the proposed Plan will be at least fifteen days after the entry of the Confirmation Order, unless Debtor files a notice prior to that declaring that the Effective Date has arrived. The Debtor wishes to liquidate its assets and settle all its affairs pursuant to the terms of this Plan. Administrative and non-tax priority claims will be paid in full, either by the Effective Date or on terms agreed upon with each such individual creditor. Priority tax claims (if any) will be paid in full, either by the Effective Date or on terms agreed upon with each such individual creditor. All other creditor claims will be paid in full, either by the Effective Date or on terms agreed upon with each such individual creditor. Any creditor claims held by insiders of Debtor will only be repaid after all other claims against the estate are fully treated under this Plan. Class 1 consists of the Secured Claim of Lender. Except to the extent that the Lender agrees to a different treatment, Debtor shall pay Cash in full payment of the Allowed Secured Claim of Lender on the later of (i) the Effective Date, or (ii) ten days after the sale of the Real Property is closed. Lender shall retain its rights in the Real Property until its Allowed Secured Claim is paid in full. In addition, the amount of Lender's Allowed Secured Claim shall include interest at the non-default rate in the note through the Confirmation Date. Following the Confirmation Date, the interest rate shall be the lower of the current non-default interest rate or the market rate determined by the Bankruptcy Court following the submission of expert testimony at the Confirmation Hearing. Further, Debtor shall make monthly adequate assurance payments to Lender at the current nondefault rate under the Loan, during which time Debtor shall actively market the Real Property. If the Real Property shall not have been sold within one hundred twenty days of the Effective Date, Debtor shall have one hundred twenty additional days to refinance the loan and satisfy Lender's Allowed Secured Claim. Class 4 consists of General Unsecured Claims. Except to the extent that the holders of General Unsecured Claims agree to a different treatment, Debtor shall pay Cash in full payment to the holders of Allowed General Unsecured Claims on the later of (i) the Effective Date, or (ii) ten days after the sale of the Real Property is closed. The legal, equitable and contractual rights to which the holder of such Allowed Class 4 Claim is entitled shall remain unaltered. Each holder of an Allowed Class 4 Claim is anticipated to be paid in full following the successful liquidation of the Real Property. Payments that are required to be made to Creditors under the Plan shall be made from the amounts in the Estate on the Effective Date, or amounts collected thereafter, including the amounts received from the sale of the Real Property and the Personal Property. On or prior to the Effective Date, pursuant to section 363(b) of the Bankruptcy Code, and utilizing commercially reasonable means, Debtor shall cause the Real Property and the Personal Property to be marketed for sale for a commercially reasonable purchase price. The Debtor listed the value of its Real Property at $15,000,000 on its Schedules, which was based, in part, on GRE's opinion of value as of December 4, 2025, which was comprised of four separate values: (i) a $14,500,000 value based on real estate comps at April 26, 2024; (ii) a $15,100,000 value based on an August 26, 2019 Nano Banc appraisal updated to November 15, 2025; (iii) a $14,900,000 value based on replacement costs at November 15, 2025; and (iv) a $16,200,000 value based on CoStar sold reports at November 15, 2025. In addition, the Lender previously performed an appraisal of the Real Property in 2019, which had a market value as-is of $13,000,000 as of August 6, 2019. A full-text copy of the Disclosure Statement dated May 15, 2026 is available at https://urlcurt.com/u?l=n4vLdH from PacerMonitor.com at no charge. Counsel to the Debtor: James E. Till, Esq. David Nealy, Esq. Till Law Group 120 Newport Center Drive Newport Beach, CA 92660 Phone: (949) 524-4999 E-mail: james.till@till-lawgroup.com david.nealy@till-lawgroup.com About Fazeli Properties LLC Fazeli Properties LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B) that engages in property management, real estate appraisal, and related support functions within the real estate services sector. Fazeli Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18771) on Dec. 5, 2025. In its petition, the Debtor reports estimated assets of $10 million-$50 million and estimated liabilities of $1 million to $10 million. Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by James E. Till, Esq. of Till Law Group. FORWARD AIR: Fitch Affirms 'B' LongTerm IDR, Outlook Negative ------------------------------------------------------------- Fitch Ratings has affirmed Forward Air Corporation's and Clue Opco LLC's (collectively, FWRD) Long-Term Issuer Default Ratings (IDRs) at 'B'. The Rating Outlook is Negative. Fitch has also affirmed Clue Opco's senior secured credit facilities and notes at 'B+' with Recovery Ratings of 'RR3'. The Negative Outlook reflects higher execution risk as the company works to stabilize and improve commercial and operating performance amid prospective customer loss and uncertain freight markets. Persistent business challenges or weaker-than-expected market conditions could erode FCF and financial flexibility, resulting in a rating downgrade. Near-term metrics are weak for the 'B' level, with EBITDA interest coverage around 1.8x and EBITDA leverage above 6.0x. FWRD's financial flexibility is supported by positive FCF, cash position and debt maturity runway, which reduce covenant and refinancing risk. Targeted divestitures could support deleveraging. The ratings also reflect FWRD's market position in specialized premium transportation and forward services. Key Rating Drivers Mixed Impact of Strategic Update: Fitch views the potential loss of business from FWRD's largest customer as an incremental risk to its cash flow profile. The extent of any customer loss, if any, remains unclear, but Fitch believes the customer's rationale for provider diversification is reasonable and makes a total customer loss less likely than service failures would. FWRD noted the revenue at risk is $250 million on a 2025 basis and primarily in the Omni segment, which had EBITDA margins of 9%. Fitch does not expect any loss in business to materialize until 2027. Meanwhile FWRD's shift to identified asset sales with target timelines, after it stepped back from a full company sale, increases confidence in near-term de-risking transactions. However, execution risk remains and, therefore, Fitch does not incorporate divestitures in its forecast. FWRD's divestiture candidates include two Omni businesses that had combined revenue of $160 million and the drayage-focused intermodal segment with revenue of $230 million. It also set timing goals of two to three months for the Omni businesses and year-end for the intermodal segment. Adequate Financial Flexibility: FWRD's financial flexibility is adequate for the rating despite weak EBITDA coverage forecast around 1.8x and limited headroom to the financial covenant on the revolver, before any divestitures. Covenant risk is substantially mitigated by FWRD's liquidity profile, Fitch's expectation of positive FCF, and the absence of maturities until the 2029-2030 timeframe. Fitch does not expect revolver draws in the next few years. The long-dated maturities afford room to execute on key de-risking strategies of driving profitable growth to stabilize and enhance FCF and pursuing asset sales. Low but Positive FCF: Fitch forecasts FCF in the $50 million-$65 million range over the next two years, before any divestitures. The forecast includes Fitch-calculated EBITDA of about $280 million per year with previously implemented cost savings and organic growth subsequent to 2026 assumed to offset large customer attrition. Fitch also incorporates favorable working capital flows on a full-year basis, reflecting topline trends, and a moderation in nonrecurring, non-operating cash costs. Leverage Exceeds 6.0x: Fitch forecasts EBITDA leverage above 6.0x in 2026 and that steady EBITDA and positive FCF could support incremental deleveraging into the mid-5.0x in 2028, before any divestitures. Fitch expects management to remain committed to de-risking and deleveraging, considering the linkage to FWRD's valuation. Service Quality Supports Market Position: FWRD has differentiated itself from traditional less-than-truckload operators by focusing on expedited or high-value freight. Fitch believes maintaining strong service quality is key to FWRD's competitive position. The Omni business added direct retail access, providing a significant addressable market in expedited less-than-truckload(LTL) transport. Peer Analysis Fitch compares FWRD with other trucking and transportation companies, such as XPO, Inc. (BB+/Stable), TFI International (NR) and Waste Pro USA, Inc (B+/Stable). FWRD has a niche market position, focusing on premium and expedited freight, which requires a higher degree of network speed and premium service quality, while XPO and TFI move more traditional freight. XPO and TFI are larger peers within the broader LTL market and benefit from large geographic networks. Fitch expects FWRD's coverage and leverage metrics to be around 1.8x and above 6.0x, respectively, in 2025. XPO and TFI operate with relatively stronger credit metrics, including healthy interest coverage and EBITDA leverage around the mid-2.0x and low-2.0x, respectively. Waste Pro, as a municipal solid waste operator, benefits from a relatively steady and contracted cash flow profile, supporting leverage around the low-5.0x over the long term. Fitch’s Key Rating-Case Assumptions - Revenue slightly lower in 2026, with some weakness in intermodal conditions. Subsequently low-to-mid single organic growth from improving market conditions and FWRD's growth initiatives, before considering any customer loss. - EBITDA of nearly $280 million in 2026, a mild improvement primarily due to cost-saving actions taken in 2025. EBITDA is assumed flat in 2027 with organic growth offsetting partial customer loss, before returning to growth; - Nonrecurring cash costs ease through the forecast and working capital is a source of funds in 2026; - Capital intensity in the 1%-2% range through the forecast; - Capital deployment prioritizes a combination of debt repayment and liquidity support; - No divestitures or other portfolio actions. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb-, Lower), Company Operational Characteristics (bb, Higher), Profitability (bb-, Lower), Financial Structure (b, Higher), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 34% weight for the forecast year 2026, 33% for the forecast year 2027 and 33% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. Recovery Analysis The recovery analysis assumes that FWRD would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch assumed a 10% administrative claim. Fitch estimates FWRD's going concern EBITDA at $225 million. The going concern EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level, upon which the agency has based the enterprise valuation. This estimate reflects a persistently weak and competitive freight environment and significant customer loss. Fitch assumes FWRD would receive a going concern recovery multiple of 5.5x in this scenario. The multiple is applied to the going concern EBITDA to calculate a post-reorganization enterprise value. Ultimately, FWRD's 5.5x multiple is driven by the company's market strength in expedited LTL, scale of its operating network, devaluation of the Omni business and comparable enterprise valuations among logistics providers. Fitch's recovery scenario assumes FWRD's $300 million revolver is fully drawn. These assumptions generate a 'B+' rating and an 'RR3' Recovery Rating for the senior secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Challenges executing on operational initiatives that lead to EBITDA margins sustained below the low-double digits and FCF margin in the low-single digits or below; - The liquidity position weakens, coupled with challenges executing on asset sales in a credit-friendly manner; - EBITDA interest coverage sustained below 2.0x; - EBITDA leverage sustained above 5.0x or FWRD faces challenges addressing near-term leverage covenant requirement. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Establishment and progress against long-term operating plans that sustainably improves FCF margin to 5% or higher; - EBITDA interest coverage is sustained above 3.0x; - Gross debt repayment supports EBITDA leverage sustained below 4.0x. Factors that Could, Individually or Collectively, Lead to a Revision of the Rating Outlook to Stable - A demonstrated stabilization in operating performance promoting a sustainable and meaningful improvement in EBITDA and/or cash flow generation; - EBITDA interest coverage and leverage improving towards 2.5x and 4.5x, respectively; - FWRD successfully navigates revolver covenant and access risk. Liquidity and Debt Structure Fitch believes FWRD has a sufficient liquidity position on March 31, 2026, including $141 million of cash, positive FCF and a $300 million RCF that had no borrowings outstanding. However, access to the revolver is contingent on compliance with its leverage covenant. FWRD has a long-dated maturity profile with the revolver maturing first in January 2029, followed by the term loan in 2030. Issuer Profile FWRD provides a range of asset-light, LTL-oriented transportation and freight forwarding operations, focused on U.S.-based customers and shipments, while also supporting global freight movements. This includes its global multi-modal solutions, via Omni. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for FWRD. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Forward Air Corporation LT IDR B Affirmed B Clue Opco LLC LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ FTAI AVIATION: Moody's Ups CFR to Ba1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings has upgraded FTAI Aviation Ltd.'s (FTAI Aviation) corporate family rating to Ba1 from Ba2. Moody's have also upgraded the senior unsecured rating of FTAI Aviation's subsidiary, Fortress Transportation and Infrastructure Investors LLC, to Ba1 from Ba2, and its preferred stock rating to Ba3 (hyb) from B1 (hyb). The outlook on both entities was changed to stable from positive. RATINGS RATIONALE The upgrade of FTAI Aviation's ratings reflects the company's highly profitable aerospace aftermarket products and aircraft leasing businesses, benefiting from the strong operating environment, lower leverage and disciplined execution of its strategy. The company continues to focus on popular CFM56 aircraft engines that power widely used Airbus and Boeing narrow-body aircraft globally and now has approximately 180 V2500 engines. As a result, debt-to-EBITDA leverage declined to about 3.0x as of March 31, 2026 from 3.7x one year ago. FTAI Aviation has expanded its servicing capabilities by acquiring maintenance, repair and operations (MRO) facilities across the world. It also recently launched a new joint venture with Jereh Group to support its new initiative of utilizing engines to provide energy to hyperscale developments. In 2025, the company established the Strategic Capital Initiative (SCI), a dedicated funding vehicle expected to deploy approximately $6 billion in capital, funded by Deutsche Bank, Apollo, and other investors. The SCI finances the acquisition of on-lease aircraft, with FTAI Aviation managing these assets on behalf of the vehicle. FTAI Aviation holds a 19.0% equity stake in the vehicle and earns management and incentive fees for overseeing its assets. In addition, FTAI Aviation will provide engine exchange services for the SCI-owned engines. With the creation of this vehicle, FTAI Aviation's strategy further shifted toward repairing assets and executing outright sales, rather than focusing solely on leasing. FTAI Aviation is currently in the process of establishing a second vehicle with a similar strategy. Moody's expects that this strategic shift, accelerated by the establishment of the SCI, will improve the company's free cash flow generation by reducing reliance on opportunistic asset purchases. The company projects free cash flow to be approximately $1 billion in 2026 because it expects the inventory build for the aerospace products segment is completed. Liquidity is also supported by full availability of the recently increased $2.025 billion revolving credit facility expiring April 2031. The stable outlook reflects Moody's expectations of FTAI Aviation's continued successful transition to a capital-light business model, strong liquidity and the company's commitment to its target leverage. The outlook also incorporates Moody's expectations that the company will continue to benefit from robust demand for CFM56 engines, which power widely utilized Airbus and Boeing narrow-body aircraft globally. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS FTAI Aviation's ratings could be upgraded if the company maintains: 1) better-than-peer profitability; 2) debt-to-EBITDA leverage below 3.0x; 3) strong liquidity; 4) a commitment to an investment-grade capital structure; and 5) a measured approach to future investment opportunities as a matter of financial policy. The ratings could be downgraded if: 1) the company's operating results deteriorate; 2) debt-to-EBITDA leverage is sustained above 4.0x; 3) liquidity weakens; or 4) the company loses a material customer or suffers a business disruption that weakens its financial prospects. FTAI Aviation Ltd. is primarily an aviation leasing and aerospace products company with total assets of $4.5 billion as of March 31, 2026. FTAI Aviation is internally managed effective May 28, 2024; they were previously externally managed by affiliates of Fortress Investment Group LLC. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GIRARDI & KEESE: Erika Jayne Settles $25MM Transfer Suit in Ch. 11 ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that reality television personality Erika Jayne settled a long-running $25 million lawsuit stemming from the bankruptcy of Girardi Keese, the now-defunct law firm operated by her estranged husband, Tom Girardi. The settlement was disclosed in a court notice filed May 21, 2026 in the Central District of California ahead of an anticipated trial. According to the filing, the agreement resolves claims brought by the trustee administering the Chapter 7 bankruptcy estate of Girardi Keese. While financial terms were not revealed, the court instructed the parties to file formal settlement documentation and dismissal papers no later than May 26. The trustee had accused Erika Jayne of benefiting from law firm funds allegedly used to pay personal and business expenses, including costs tied to her entertainment and public image ventures. The lawsuit sought recovery of approximately $25 million that the trustee argued had been improperly transferred from the firm, according to report. The dispute has been closely followed because of the high-profile collapse of Girardi Keese, once known for handling major litigation matters. The firm's bankruptcy exposed allegations that settlement funds belonging to clients were diverted, leading to extensive civil litigation and ongoing legal proceedings involving Tom Girardi and related parties, the report states. About Girardi & Keese Girardi and Keese or Girardi & Keese was a Los Angeles-based law firm founded in 1965 by lawyers Thomas Girardi and Robert Keese. It served clients in California in a variety of legal areas. It wasknown for representing plaintiffs against major corporations. An involuntary Chapter 7 petition (Bankr. C.D. Cal. Case No. 20-21022) was filed in December 2020 against GIRARDI & KEESE by alleged creditors Jill O'Callahan, Robert M. Keese, John Abassian, Erika Saldana, Virginia Antonio, and Kimberly Archie. The petitioners' attorneys is Andrew Goodman, at Goodman Law Offices, Apc. Elissa D. Miller, a member of the firm SulmeyerKupetz, has been appointed as Chapter 7 trustee for GIRARDI KEESE. GLG INVESTMENTS: Hires Batra Property as Property Manager --------------------------------------------------------- GLG Investments, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Batra Property Management, LLC as property manager and Batra Group Inc. as leasing agents The firm will provide these services: a. market and lease units; b. screen applicants in accordance with criteria approved by Receiver; c. prepare and execute leases and required addenda; d. manage tenant relations and communications; e. coordinate maintenance, repairs, and vendor services; f. supervise vendors and on-site personnel; and g. facilitate rent collection in accordance with Section 4 of the Management Agreement. The firm will be paid as follows: a. Management Fee for Batra. 10% of gross collections, payable bi-weekly at the rate of $9,000, subject to monthly reconciliation based on actual collections. Batra must provide a report of rents collected no later than the 10th day of each month for the prior month, with any adjustment reflected in the next regularly scheduled bi-weekly installment. b. Leasing Fee for BGI. BGI is entitled to leasing compensation for new leases and renewals as set forth in that agreement as follows. One month's base rent per executed new lease of 12 months or more; one month's base rent for such new lease to be split evenly in the event the leasee has an agent; for renewals of current leases, a renewal fee of $250.00. c. Payment of Fees. Property Manager shall not deduct fees from tenant payments. All compensation shall be paid directly by the Debtors through the Receiver. Mr. Batra, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jay Batra Batra Property Management, LLC 79 Madison Avenue New York, NY 10016 Tel: (646) 202-1877 About GLG Investments, LLC et al GLG Investments, LLC, GL3, LLC, GL7, LLC, and GL16, LLC owned and operated a portfolio of residential real estate properties that generate rental income and served as their primary assets prior to the receivership proceedings. A number of the properties participate in the Housing Choice Voucher Program, under which a public housing authority pays a portion of tenant rent directly. GLG Investments and affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Florida Case No. 26-16159) on May 13, 2026. At the time of the filing, Debtors had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Laurel M. Isicoff oversees the case. Agentis PLLC is Debtors' legal counsel. GLG INVESTMENTS: Hires Elair Advisory as Financial Advisor ---------------------------------------------------------- GLG Investments, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Elair Advisory & Associates as financial advisors and accountants. The firm's services include: a. developing and/or vetting the Debtors' cash flow projections; b. assist the Debtors in a review of their strategic options; c. assist the Debtors in developing financial projections and liquidity projections; d. assist the Debtors in preparing monthly operating reports as required by the Bankruptcy Code; e. assisting the Debtors in implementing potential operational and/or strategic; enhancements and f. providing such additional financial advisory services as may be requested by the Debtors and approved by the Court, if necessary. The firm will be paid at $8,000 per month. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Elair disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Wes Elair Elair Advisory & Associates About GLG Investments, LLC GLG Investments, LLC, GL3, LLC, GL7, LLC, and GL16, LLC owned and operated a portfolio of residential real estate properties that generate rental income and served as their primary assets prior to the receivership proceedings. A number of the properties participate in the Housing Choice Voucher Program, under which a public housing authority pays a portion of tenant rent directly. GLG Investments and affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Florida Case No. 26-16159) on May 13, 2026. At the time of the filing, Debtors had estimated assets of between $100,001 and $500,000 and liabilities of between $100,001 and $500,000. Judge Laurel M. Isicoff oversees the case. Agentis PLLC is Debtors' legal counsel. GLOBAL CLEAN: District Court Rejects Challenge to Plan Confirmation ------------------------------------------------------------------- Senior Judge Lee H. Rosenthal of the U.S. District Court for the Southern District of Texas dismissed the appeal styled DAVID COSTAGLIO, Appellant, v. GLOBAL CLEAN ENERGY HOLDINGS, INC., et al., Appellees, CIVIL ACTION NO. H-25-3616 (S.D. Tex.). The Bankruptcy Court's order confirming the second amended joint chapter 11 plan is affirmed. In April 2025, the Debtors -- Global Clean Energy Holdings, Inc. and a variety of affiliated debtors and debtors in possession -- filed voluntary petitions for relief under Chapter 11. The Bankruptcy Court later entered an order confirming the second amended joint Chapter 11 reorganization plan. The appellant, David Costaglio, now seeks to overturn the Plan, arguing, among other things, that it was not proposed in good faith and that its third-party release, injunction, and gatekeeper provisions are improper. Costaglio, a Global common shareholder, argues that the Bankruptcy Court erred when it found that the Plan was feasible under 11 U.S.C. Sec. 1129(a)(11). According to the District Court, the Bankruptcy Court did not err, much less clearly err, in determining that the Plan was feasible. The Bankruptcy Court relied on the financial projections attached to the disclosure statement, along with other evidence. The Court found that the evidence was reasonable, persuasive, credible, and accurate; used reasonable methodologies; was not controverted by other evidence; and established that confirmation was not likely to be followed by liquidation. Costaglio argues that the projections were nothing more than a "hope," and that the Bankruptcy Court should not have accepted them at face value, but he offers no evidence in showing that the Bankruptcy Court clearly erred in determining that the Plan was feasible. Intertwined with Costaglio's argument about feasibility under Sec. 1129(a)(11) is his argument about good faith under Sec. 1129(a)(3). Against the evidence of months of arms' length negotiations and overwhelming Plan support, Costaglio argued before the Bankruptcy Court (and argues on appeal) that Global made misstatements in its SEC reports and otherwise engaged in securities fraud, which undermines a finding of good faith. The District Court finds Costaglio's arguments about pre-petition conduct are largely irrelevant to the Bankruptcy Court's good-faith determination, however; pre-petition actions "are immaterial to whether the proposed plan is consistent with the objectives of the Bankruptcy Code and the likelihood of the Plan's success." The District Court notes even if it were relevant, there is no evidence of pre-petition misconduct that could support reversing the Bankruptcy Court's good faith determination on any ground. Costaglio also challenges the third-party release, injunction, and gatekeeper clauses. The Debtors argue that because Costalgio opted out of the third-party release, he does not have standing to challenge either it or the injunction provision, which merely enforces the third-party release. They also argue that Costaglio lacks standing to challenge the gatekeeper provision and that his challenge fails on the merits. The District Court agrees in large part with the Debtors and concludes that Costaglio lacks standing to challenge the third-party release and injunction; lacks standing to challenge the part of the gatekeeper provision on Released Parties; and that his challenge to the part of the gatekeeper provision on Exculpated Parties fails on the merits. Costaglio argues that the Bankruptcy Court erred in failing to appoint a trustee under Sec. 1104(a). Costaglio did not present the necessary evidence to the Bankruptcy Court of conduct that would justify the extraordinary remedy of appointing a trustee, which would have cost the Debtors money that they did not have. According to the District Court, the record shows no basis to reverse the Bankruptcy Court's decision not to appoint a trustee. A copy of the Court's Memorandum Opinion dated May 25, 2026, is available at https://urlcurt.com/u?l=rk8C8v from PacerMonitor.com. About Global Clean Energy Holdings Inc. Global Clean Energy Holdings Inc. is a renewable energy company that produces ultra-low carbon fuels from proprietary strains of Camelina sativa, a nonfood crop. The Company manages the full value chain -- from cultivation to fuel production -- at facilities including its plant in Bakersfield, California. It operates internationally and collaborates with growers to support large-scale Camelina cultivation. Global Clean Energy Holdings Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case 25-90113) onÂ April 16, 2025. In its petition, the Debtor reports total assets as of Sept. 30, 2024 amounting to $1,598,001,000 and total debts as of Sept. 30, 2024 totaling $1,584,749,000. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtors tapped Joshua A. Sussberg, P.C., Brian Schartz, P.C., Ross J. Fiedler, Esq., and Peter A. Candel, Esq. at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP. The Debtors tapped Jason L. Boland, Esq., Robert B. Bruner, Esq., Julie Harrison, Esq., and Maria Mokrzycka, Esq. at NORTON ROSE FULBRIGHTUS LLP. LAZARD FRERES & CO. LLC is the Debtors' Investment Banker. ALVAREZ & MARSAL NORTH AMERICA, LLC is the Debtors' Financial Advisor. EPIQ CORPORATE RESTRUCTURING, LLC is the Debtors' Noticing & Claims Agent. HILCO VALUATION SERVICES, LLC is the Debtors' Appraisal Advisor. The official committee of unsecured creditors retained McDermott Will & Schulte LLP as counsel and Province, LLC as financial advisor. * * * Global Clean Energy Holdings, Inc., announced on Aug. 12, 2025, that the Company and its subsidiaries have emerged from Chapter 11 as Grapevine Energy Holdings, LLC. The Debtors' Chapter 11 Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on July 28, 2025. GODADDY OPERATING: Moody's Affirms 'Ba2' CFR, Outlook Stable ------------------------------------------------------------ Moody's Ratings affirmed the Ba2 corporate family rating and Ba2-PD probability of default rating of GoDaddy Operating Company, LLC ("GoDaddy") and also affirmed the company's Ba1 senior secured first lien credit facilities and Ba3 senior unsecured ratings. GoDaddy's Speculative Grade Liquidity (SGL) rating remains unchanged at SGL-1. The outlook is stable. The affirmation reflects the company's continued strong operating and financial performance, which has resulted in debt to EBITDA of 2.8x as of the end of 1Q 2026 and sustained free cash flow to debt of over 30%. Moody's expects strong earnings will be supported by revenue growth and stable EBITDA margins in the low-20% range. RATINGS RATIONALE GoDaddy's Ba2 CFR reflects the company's: i) leading market position as the largest domain name registrar, with a strong and expanding global brand presence and differentiated valued offerings; ii) highly recurring and predictable subscription revenue generated from a loyal and growing base of more than 20 million customers; iii) Moody's expectations for annual organic revenue growth at least in the mid single digit area; iv) very good liquidity, including annual free cash flow of over $1.5 billion and free cash flow-to-debt in excess of 30% over the next 12-18 months; and Moody's) Moody's expectations that GoDaddy will operate below management's publicly stated maximum net debt to cash EBITDA target of 3.0x. All financial metrics cited reflect Moody's standard adjustments. GoDaddy's credit profile is constrained by: i) its shareholder-friendly activities that includes share repurchases; ii) its operating within the mature, intensely competitive and rapidly evolving web services industry that has low barriers to entry; iii) significant investments required to attract and retain customers, develop new technologies and increase brand awareness; and iv) a high cost structure relative to its peers that results in lower profitability. GoDaddy has strong liquidity, as reflected in the SGL-1 liquidity rating. Moody's expects the company to generate over $1.5 billion in annual free cash flow over the next 12 to 18 months. Cash balance at the end of March 2026 was over $1 billion, and liquidity is further supported by full availability under the company's $1 billion revolving credit facility. There is a springing financial covenant that requires the company to maintain a net secured leverage ratio below 5.75x when revolver usage exceeds 40% of the maximum capacity. Moody's expects the company will be able to comply with this covenant comfortably should it be tested. The company's capital structure includes senior secured first lien credit facilities and senior unsecured notes. First-lien debt capital comprises a $1.462 billion term loan B due November 2029, an undrawn, $1.0 billion revolver expiring in November 2027, and approximately $985 million term loan B maturing in May 2031. Unsecured debt consists of a $600 million and an $800 million senior notes due 2027 and 2029, respectively. The Ba1 senior secured rating benefits from a first-priority security interest in substantially all assets of the borrower and material domestic guarantor subsidiaries and first-loss support from the unsecured notes. The Ba3 senior unsecured rating reflects effective subordination to the senior secured first-lien credit facilities. The senior unsecured notes due 2027 are guaranteed obligation of GD Finance Co, LLC. The respective one-notch-above and one-notch-below differential for the secured and unsecured debt ratings relative to the CFR reflects the proportion of first-lien debt versus debt subordinated to it in the capital structure. An increase in the proportion of secured debt to total debt could pressure the unsecured rating. GoDaddy's stable outlook reflects Moody's expectations of organic revenue growth in the mid single digit percentage range, annual free cash flow of over $1.5 billion over the next 12-18 months, and the maintenance of existing financial policies. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if GoDaddy expands its revenue scale and earnings growth; if debt/EBITDA remains below 3.5x, EBITA/interest above 4x and free cash flow/debt sustained above 25%; the company demonstrates balanced financial strategies as it pertains to leverage and allocation of capital; and attains greater financial flexibility through a predominantly unsecured debt capital structure, including its bank credit facility. The ratings could be downgraded if Moody's expects that revenue growth rates will decelerate; there is higher subscriber churn and weaker market share; debt/EBITDA will be sustained above 4.5x; free cash flow declines below 10% of total debt for an extended period; or if financial strategies become more aggressive. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. GoDaddy's Ba2 rating is three notches below the scorecard indicated outcome of Baa2. The difference in ratings is due to shareholder-friendly financial policies, exposure to small businesses that are susceptible to cyclicality and niche product offering in the domain and web presence industry. Headquartered in Tempe, Arizona, GoDaddy Inc. (NYSE:GDDY), through its indirect subsidiary GoDaddy Operating Company LLC, is a leading provider of domain name registration, web hosting and other services to small businesses. Moody's expects 2026 revenue of approximately $5.3 billion. GREEN D ENTERPRISES: Employs Bulgarella LLC as Legal Counsel ------------------------------------------------------------ Green D Enterprises, Inc. dba Green's Dependable Hardware seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Bulgarella, LLC to serve as counsel in its Chapter 11 Subchapter V case. The firm will provide these services: (a) advising the Debtor as to the rights, powers and duties of a debtor-in-possession, as enumerated within 11 U.S.C. Sec. 1101, et seq.; (b) preparing the documents necessary to advance this case including, but not limited to, answers, applications, motions, proposed orders, responses, schedules and other necessary and required legal documents; (c) if required, representing the Debtor at the hearings in this matter; (d) preparing the status report and plan and assisting with Monthly Operating Reports; (e) defending challenges to the automatic stay set forth within 11 U.S.C. § 362(a); and (f) providing such other legal services and/or preparing such other documents as may be necessary for Debtor to carry out its duties and functions in this case. Mr. Joseph E. Bulgarella, who will serve as associate counsel to assist lead counsel Walding LLC in representing the Debtor, will receive compensation at an hourly rate of $450, plus reimbursement for actual, reasonable and necessary expenses. Bulgarella LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interests adverse to the Debtor or parties-in-interest. The firm can be reached at: Joseph E. Bulgarella, Esq. BULGARELLA, LLC 2227 1st Ave. S., Ste 100 Birmingham, AL 35233 Telephone: (205) 600-5005 Facsimile: (205) 307-5051 E-mail: joe@bulgarella.com About Green D Enterprises Inc. Green D Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80707) on March 25, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Clifton R. Jessup, Jr. presides over the case. Joseph E. Bulgarella, Esq., at Bulgarella LLC represents the Debtor as legal counsel. GREEN D ENTERPRISES: Employs Walding LLC as Legal Counsel --------------------------------------------------------- Green D Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to hire Walding LLC to serve as its legal counsel. The firm will provide these services: (a) advise the Debtor as to the rights, powers and duties of a debtor-in-possession under 11 U.S.C. Sec. 1101, et seq.; (b) prepare and file documents necessary to advance the case, including answers, motions, responses, schedules, applications, proposed orders, and other required legal papers; (c) represent the Debtor at hearings in this matter; (d) prepare and file the status report and plan; (e) defend challenges to the automatic stay under 11 U.S.C. Sec. 362(a); (f) provide other legal services and prepare additional documents necessary for the Debtor to carry out its duties in the case; and (g) provide overall management and responsibility for the case. Walding LLC will be compensated at an hourly rate of $450 for attorney services, while paralegal services will be billed at $200 per hour. Travel time will be billed at a reduced rate of $225 per hour. Additional expenses include postage at cost, mileage at the IRS standard rate for non-local travel, and copies at $0.10 per page. Walding LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold any adverse interest to the Debtor or its estate. The firm can be reached at: Brian R. Walding, Esq. WALDING LLC 2227 1st Ave. S., Ste 100 Birmingham, AL 35233 Telephone: (205) 307-5050 Facsimile: (205) 307-5051 E-mail: bwalding@waldinglaw.com About Green D Enterprises Inc. Green D Enterprises, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-80707) on March 25, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Clifton R. Jessup, Jr. presides over the case. Joseph E. Bulgarella, Esq., at Bulgarella LLC represents the Debtor as legal counsel. H.4.L. LLC: Case Summary & One Unsecured Creditor ------------------------------------------------- Debtor: H.4.L., LLC 191 The Helm East Islip, NY 11730 Business Description: H.4.L., LLC is a single-asset real estate firm that owns and manages a residential property at 191 The Helm in East Islip, New York, valued at about $1.55 million based on Zillow estimates. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-72058 Judge: Hon. Sheryl P. Giugliano Debtor's Counsel: Ronald D. Weiss, Esq. Ronald D. Weiss, P.C. 445 Broadhollow Road Suite CL-10 Melville, NY 11747 Tel: (631) 271-3737 Fax: (631) 271-3784 E-mail: weiss@ny-bankruptcy.com Total Assets: $1,554,300 Total Liabilities: $2,005,358 The petition was signed by Marcos Contreras as president. The Debtor listed BankUnited NA, care of its legal department in Hialeah, Florida, as holding a claim of $451,058. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MYLWHXQ/H4L_LLC__nyebke-26-72058__0001.0.pdf?mcid=tGE4TAMA HARVEST SHERWOOD: Bracewell Represents Argo Partners et al. ----------------------------------------------------------- In the Chapter 11 bankruptcy cases of Harvest Sherwood Food Distributors, Inc. and its debtor-affiliates, Bracewell LLP filed with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents the AVH Group of certain unaffiliated assignees and transferees. According to the Verified Statement: 1. On May 20, 2026, Argo Partners, VonWin Trust LP, and Hain Capital Investors Master Fund formed the AVH Group and retained Bracewell LLP to represent them in connection with these Chapter 11 Cases. As of the date of this Statement, Bracewell represents only the AVH Group. Bracewell does not represent or purport to represent any other entities in connection with these Chapter 11 Cases. Bracewell does not represent the AVH Group as an officially appointed "committee" as that term is employed under the Bankruptcy Code and Bankruptcy Rules, and does not undertake to, and does not, represent the interests of, and is not a fiduciary for, any creditor, party in interest, or entities other than the AVH Group. In addition, neither the AVH Group nor any member thereof represents or purports to represent, or serves as fiduciary for, any other entities in connection with these Chapter 11 Cases. 2. The information outlined is based on information provided to Bracewell LLP and publicly available on the docket for these Chapter 11 Cases and is intended only to comply with Bankruptcy Rule 2019 and not for any other purpose. Bracewell does not make any representation regarding the validity, amount, allowance, or priority of such claims and reserves all rights with respect thereto. Bracewell does not own, nor has Bracewell ever owned, any claims against or interests in the Debtors. 3. Nothing contained in this Statement is intended to or should be construed to constitute a waiver or release of any claims filed or to be filed against the Debtors held by any member of the AVH Group, its affiliates, or any other entity. Nothing should be construed as a limitation upon, or waiver of, any rights of any member of the AVH Group to assert, file and/or amend any proof of claim in accordance with applicable law. Additional holders of claims against or disclosable economic interests in the Debtors' estates may become members of the AVH Group, and certain members of the AVH Group may cease to be members of the AVH Group in the future. Bracewell reserves the right to amend or supplement this Statement as necessary in accordance with Bankruptcy Rule 2019. 4. The Transferred Claims include, but are not limited to, trade and contract claims against certain of the Debtors. The names and addresses of each of the members of the AVH Group, together with the nature and amount of their disclosable economic interests in relation to the Debtors, are: 1. Argo Partners 12 W 37th Street, Suite 900 New York, NY 10018 Unsecured Claims Harvest Meat Company, Inc. -- Scheduled: $50,529.19 -- Claimed: $9,900.00 Sherwood Food Distributors, Inc. -- Scheduled: $2,017,041.15 -- Claimed: $973,039.64 Western Boxed Meat Distributors, Inc. -- Scheduled: $350,913.36 -- Claimed: $242,237.40 2. VonWin Trust LP 80 W 40th Street, 3rd Floor New York, NY 10018 Unsecured Claims Harvest Meat Company, Inc. -- Scheduled: $93,739.26 -- Claimed: 46,206.58 Sherwood Food Distributors, Inc. -- Scheduled: $1,663,979.14 -- Claimed: $1,334,049.80 Harvest Sherwood Food Distributors, Inc. -- Scheduled: $10,150.00 -- Claimed: $50,927.27 3. Hain Capital Investors Master Fund, Ltd. 301 Route 17 North, Suite 816A Rutherford, NJ 07070 Unsecured Claims Harvest Meat Company, Inc. -- Scheduled: $1,545,072.69 -- Filed: $1,266,970.96 Harvest Sherwood Food Distributors, Inc. -- Scheduled: $118,321.30 -- Filed: $2,812,043.65 Western Boxed Meat Distributors, Inc. -- Scheduled: $262,464.12 -- Filed: $298,034.29 Sherwood Food Distributors, Inc. -- Scheduled: $2,515,599.99 -- Filed: $1,836,780.28 CLAIMS TRANSFER DETAIL 1. Argo Partners Transferor Great Lakes Smoked Meats LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000004960 Scheduled Claim Amount -- $105,553.31 Transfer Date -- Dec. 10, 2025 Transfer Docket No. 579 Debtor(s) Sherwood Food Distributors, L.L.C. 2. Argo Partners Transferor Kadyl Logistics Inc. Claim No. 10207 Claim Amount: $41,751.00 Scheduled Claim No. 80110000005850 Scheduled Claim Amount -- $42,301.08 Transfer Date -- Dec. 15, 2026 Transfer Docket No. 587 Debtor(s) Sherwood Food Distributors, L.L.C. 3. Argo Partners Transferor Bargain Xchange Inc. Claim No. 142 Claim Amount: $10,835.05 Scheduled Claim No. 80110000001670 Scheduled Claim Amount -- $10,835.05 Transfer Date -- Dec. 16, 2025 Transfer Docket No. 589 Debtor(s) Sherwood Food Distributors, L.L.C. 4. Argo Partners Transferor Rind International Claim No. 10486 Claim Amount -- $137,232.60 Scheduled Claim No. 80120000002310 Scheduled Claim Amount -- $137,232.60 Transfer Date -- Dec. 17, 2025 Transfer Docket No. 592 Debtor(s) Western Boxed Meats Distributors, Inc. 5. Argo Partners Transferor North Country Smokehouse Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000007550 Scheduled Claim Amount -- $12,553.72 Transfer Date -- Dec. 22, 2025 Transfer Docket No. 596 Debtor(s) Sherwood Food Distributors, L.L.C 6. Argo Partners Transferor North Kee Trading Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80108000003930 Scheduled Claim Amount -- $19,800.00 Transfer Date -- Dec. 23, 2025 Transfer Docket No. 597 Debtor(s) Harvest Meat Company, Inc. 7. Argo Partners Transferor Precision Lift Gate Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80120000002180 Scheduled Claim Amount -- $12,133.43 Transfer Date -- Dec. 23, 2025 Transfer Docket No. 598 Debtor(s) Western Boxed Meats Distributors, Inc. 8. Argo Partners Transferor Companion Baking Co. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000002820 Scheduled Claim Amount -- $22,275.40 Transfer Date -- Dec. 23, 2025 Transfer Docket No. 599 Debtor(s) Sherwood Food Distributors, L.L.C. 9. Argo Partners Transferor Zast-Food Corporation Claim No. 10537 Claim Amount -- $19,242.30 Scheduled Claim No. 80110000011090 Scheduled Claim Amount -- $12,753.00 Transfer Date -- Dec. 30, 2025 Transfer Docket No. 604 Debtor(s) Sherwood Food Distributors, L.L.C. 10. Argo Partners Transferor Zast-Food Corporation Claim No. 10215 Claim Amount -- $19,242.30 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 30, 2025 Transfer Docket No. 604 Debtor(s) Sherwood Food Distributors, L.L.C. 11. Argo Partners Transferor Atlantic Veal & Lamb Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80120000000570 Scheduled Claim Amount -- $26,534.86 Transfer Date -- Dec. 30, 2025 Transfer Docket No. 605 Debtor(s) Western Boxed Meats Distributors, Inc. 12. Argo Partners Transferor Flagship Food Group LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000004160 Scheduled Claim Amount -- $132,999.46 Transfer Date -- Dec. 30, 2025 Transfer Docket No. 606 Debtor(s) Sherwood Food Distributors, L.L.C. 13. Argo Partners Transferor Atlantic Veal & Lamb Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000001450 Scheduled Claim Amount -- $17,053.61 Transfer Date -- Dec. 30, 2025 Transfer Docket No. 607 Debtor(s) Sherwood Food Distributors, L.L.C. 14. Argo Partners Transferor High Summit Distribution Inc. Claim No. 204 Claim Amount -- $9,900.00 Scheduled Claim No. 80108000002610 Scheduled Claim Amount -- $9,900.00 Transfer Date -- Dec. 30, 2025 Transfer Docket No. 615 Debtor(s) Harvest Meat Company, Inc. 15. Argo Partners Transferor DSN Group, Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000003600 Scheduled Claim Amount -- $14,307.60 Transfer Date -- Jan. 13, 2026 Transfer Docket No. 623 Debtor(s) Sherwood Food Distributors, L.L.C. 16. Argo Partners Transferor PanaPesca USA, LLC Claim No. 10484 Claim Amount -- $12,193.50 Scheduled Claim No. 80110000007910 Scheduled Claim Amount -- $12,193.50 Transfer Date -- Jan. 13, 2026 Transfer Docket No. 624 Debtor(s) Sherwood Food Distributors, L.L.C. 17. Argo Partners Transferor Midwest Independent Retailers Association Claim No. 217 Claim Amount -- $13,600.00 Scheduled Claim No. 80110000007050 Scheduled Claim Amount -- $13,600.00 Transfer Date -- Jan. 13, 2026 Transfer Docket No. 625 Debtor(s) Sherwood Food Distributors, L.L.C. 18. Argo Partners Transferor Wynns Grain & Spice Claim No. 419 Claim Amount -- $41,319.12 Scheduled Claim No. 80120000002960 Scheduled Claim Amount -- $41,319.12 Transfer Date -- Dec. 31, 2025 Transfer Docket No. 639 Debtor(s) Western Boxed Meats Distributors, Inc. 19. Argo Partners Transferor Northwest Handling Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80120000001970 Scheduled Claim Amount -- $56,256.39 Transfer Date -- Jan. 22, 2026 Transfer Docket No. 640 Debtor(s) Western Boxed Meats Distributors, Inc. 20. Argo Partners Transferor Ammonia Safety Management, Inc. Claim No. 10042 Claim Amount -- $35,812.18 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Jan. 22, 2026 Transfer Docket No. 641 Debtor(s) Harvest Sherwood Food Distributors, Inc. 21. Argo Partners Transferor Ammonia Safety Management, Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000001100 Scheduled Claim Amount -- $35,812.18 Transfer Date -- Jan. 22, 2026 Transfer Docket No. 641 Debtor(s) Sherwood Food Distributors, L.L.C. 22. Argo Partners Transferor Werner Gourmet Meat Snacks Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80120000002880 Scheduled Claim Amount -- $13,751.28 Transfer Date -- Jan. 28, 2026 Transfer Docket No. 648 Debtor(s) Western Boxed Meats Distributors, Inc. 23. Argo Partners Transferor Louis Foods Inc. Claim No. 10791 Claim Amount -- $14,636.80 Scheduled Claim No. 80110000006470 Scheduled Claim Amount -- $14,027.86 Transfer Date -- Jan. 28, 2026 Transfer Docket No. 649 Debtor(s) Sherwood Food Distributors, L.L.C. 24. Argo Partners Transferor Southwind Foods, LLC Claim No. 10508 Claim Amount -- $7,460.50 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Jan. 28, 2026 Transfer Docket No. 650 Debtor(s) Western Boxed Meats Distributors, Inc. 25. Argo Partners Transferor Southwind Foods, LLC Claim No. 10510 Claim Amount -- $794,619.13 Scheduled Claim No. 80110009450 Scheduled Claim Amount -- $103,520.45 Transfer Date -- Jan. 28, 2026 Transfer Docket No. 651 Debtor(s) Sherwood Food Distributors, L.L.C. 26. Argo Partners Transferor A & R Packing Claim No. 10455 Claim Amount -- $732,283.41 Scheduled Claim No. 80110000000590 Scheduled Claim Amount -- $731,782.86 Transfer Date -- March 4, 2026 Transfer Docket No. 676 Debtor(s) Sherwood Food Distributors, L.L.C. 27. Argo Partners Transferor Sunset Meat Distributors PO Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000009670 Scheduled Claim Amount -- $173,907.70 Transfer Date -- April 13, 2026 Transfer Docket No. 725 Debtor(s) Sherwood Food Distributors, L.L.C. 28. Argo Partners Transferor Team USA Body Shops Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000009910 Scheduled Claim Amount -- $44,373.39 Transfer Date -- April 13, 2026 Transfer Docket No. 726 Debtor(s) Sherwood Food Distributors, L.L.C. 29. Argo Partners Transferor Royal Meat LLC Claim No. 10310 Claim Amount -- $56,225.18 Scheduled Claim No. 80120000002360 Scheduled Claim Amount -- $56,225.18 Transfer Date -- April 28, 2026 Transfer Docket No. 742 Debtor(s) Western Boxed Meats Distributors, Inc. 30. Argo Partners Transferor PLM Trailer Leasing Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80108000004420 Scheduled Claim Amount -- $40,629.19 Transfer Date -- April 28, 2026 Transfer Docket No. 743 Debtor(s) Harvest Meat Company, Inc. 31. Argo Partners Transferor Fulchers Seafood, LLC Claim No. 10751 Claim Amount -- $92,886.90 Scheduled Claim No. 80110000004430 Scheduled Claim Amount -- $92,886.90 Transfer Date -- May 5, 2026 Transfer Docket No. 757 Debtor(s) Sherwood Food Distributors, L.L.C. 32. Hain Capital Investors Master Fund, Ltd. Transferor One Star Group, Inc. Claim No. 98 Claim Amount -- $169,440.00 Scheduled Claim No. 80108000004070 Scheduled Claim Amount -- $169,168.00 Transfer Date -- Sept. 11, 2025 Transfer Docket No. 532 Debtor(s) Harvest Meat Company, Inc. 33. Hain Capital Investors Master Fund, Ltd. Transferor MegaCorp Logistics, LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80108000003540 Scheduled Claim Amount -- $360,993.54 Transfer Date -- Sept. 8, 2025 Transfer Docket No. 533 Debtor(s) Harvest Meat Company, Inc. 34. Hain Capital Investors Master Fund, Ltd. Transferor MegaCorp Logistics, LLC Claim No. 10187 Claim Amount -- $129,445.00 Scheduled Claim No. 80120000001790 Scheduled Claim Amount -- $116,814.83 Transfer Date -- Sept. 8, 2025 Transfer Docket No. 533 Debtor(s) Western Boxed Meats Distributors, Inc. 35. Hain Capital Investors Master Fund, Ltd. Transferor MegaCorp Logistics, LLC Claim No. 10189 Claim Amount -- $1,158,945.00 Scheduled Claim No. 80110000006870 Scheduled Claim Amount -- $1,123,792.95 Transfer Date -- Sept. 8, 2025 Transfer Docket No. 533 Debtor(s) Sherwood Food Distributors, L.L.C 36. Hain Capital Investors Master Fund, Ltd. Transferor MegaCorp Logistics, LLC Claim No. 10192 Claim Amount -- $363,074.71 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Sept. 8, 2025 Transfer Docket No. 533 Debtor(s) Harvest Sherwood Food Distributors, Inc. 37. Hain Capital Investors Master Fund, Ltd. Transferor Rantoul Foods, LLC Claim No. 10141 Claim Amount -- $423,227.00 Scheduled Claim No. 80110000008440 Scheduled Claim Amount -- $419,942.90 Transfer Date -- Sept. 11, 2025 Transfer Docket No. 534 Debtor(s) Sherwood Food Distributors, L.L.C. 38. Hain Capital Investors Master Fund, Ltd. Transferor L. Grant & Sons, Inc Claim No. 176 Claim Amount -- $59,291.78 Scheduled Claim No. 80110006210 Scheduled Claim Amount -- $59,291.78 Transfer Date -- Dec. 3, 2025 Transfer Docket No. 609 Debtor(s) Harvest Meat Company, Inc. 39. Hain Capital Investors Master Fund, Ltd. Transferor New Specialty Products, Inc d/b/a Barbeque Select Claim No. 10031 Claim Amount -- $118,321.30 Scheduled Claim No. 80110000001650 Scheduled Claim Amount -- $118,321.30 Transfer Date -- Nov. 30, 2025 Transfer Docket No. 610 Debtor(s) Harvest Sherwood Food Distributors, Inc. 40. Hain Capital Investors Master Fund, Ltd. Transferor SASA Inc. Claim No. 318 Claim Amount -- $126,643.94 Scheduled Claim No. 80108000005130 Scheduled Claim Amount -- $126,971.30 Transfer Date -- Dec. 18, 2025 Transfer Docket No. 611 Debtor(s) Harvest Meat Company, Inc. 41. Hain Capital Investors Master Fund, Ltd. Transferor O.K. Foods Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 8012000000200 Scheduled Claim Amount -- $145,649.29 Transfer Date -- Dec. 16, 2025 Transfer Docket No. 612 Debtor(s) Western Boxed Meats Distributors, Inc. 42. Hain Capital Investors Master Fund, Ltd. Transferor P.K. Foods Inc. Claim No. 317 Claim Amount -- $439,649.82 Scheduled Claim No. 80108000003970 Scheduled Claim Amount -- $407,318.22 Transfer Date -- Dec. 16, 2025 Transfer Docket No. 612 Debtor(s) Harvest Meat Company, Inc. 43. Hain Capital Investors Master Fund, Ltd. Transferor O.K. Foods Inc. Claim No. 316 Claim Amount -- $168,589.29 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 16, 2025 Transfer Docket No. 612 Debtor(s) Western Boxed Meats Distributors, Inc. 44. Hain Capital Investors Master Fund, Ltd. Transferor Sandridge Food Corp. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000008860 Scheduled Claim Amount -- $545,964.58 Transfer Date -- Dec. 22, 2025 Transfer Docket No. 613 Debtor(s) Sherwood Food Distributors, L.L.C. 45. Hain Capital Investors Master Fund, Ltd. Transferor Sandridge Crafted Foods Claim No. 10737 Claim Amount -- $506,685.26 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 22, 2025 Transfer Docket No. 613 Debtor(s) Harvest Sherwood Food Distributors, Inc. 46. Hain Capital Investors Master Fund, Ltd. Transferor Sandridge Crafted Foods Claim No. 10781 Claim Amount -- $38,568.23 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 22, 2025 Transfer Docket No. 613 Debtor(s) Harvest Sherwood Food Distributors, Inc. 47. Hain Capital Investors Master Fund, Ltd. Transferor Wellshire Farms LLC Claim No. 10410 Claim Amount -- $531,237.20 Scheduled Claim No. 80108000006080 Scheduled Claim Amount -- $480,621.63 Transfer Date -- Feb. 20, 2026 Transfer Docket No. 687; 688 Debtor(s) Harvest Meat Company, Inc. 48. Hain Capital Investors Master Fund, Ltd. Transferor Wellshire Farms LLC Claim No. 10412 Claim Amount -- $66,368.06 Scheduled Claim No. 80110000010920 Scheduled Claim Amount -- $65,842.16 Transfer Date -- Feb. 20, 2026 Transfer Docket No. 687; 688 Debtor(s) Sherwood Food Distributors, L.L.C. 49. Hain Capital Investors Master Fund, Ltd. Transferor Land O'Frost, Inc. Claim No. 10411 Claim Amount -- $188,240.22 Scheduled Claim No. 80110000006290 Scheduled Claim Amount -- $165,169.24 Transfer Date -- Feb. 20, 2026 Transfer Docket No. 687 Debtor(s) Sherwood Food Distributors, L.L.C. 50. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000006100 Scheduled Claim Amount -- $133,485.80 Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 51. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000006110 Scheduled Claim Amount -- $591,425.75 Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 52. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000006090 Scheduled Claim Amount -- $609,732.00 Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 53. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80108000003180 Scheduled Claim Amount -- $46,206.58 Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Harvest Meat Company, Inc. & Sherwood Food Distributors, L.L.C. 54. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. 103 Claim Amount -- $250,315.80 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 55. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. 104 Claim Amount -- $588,708.25 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 56. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. 105 Claim Amount -- $19,825.75 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 57. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. 106 Claim Amount -- $475,200.00 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 58. VonWin Trust LP Transferor Koch Foods, Inc. Claim No. 107 Claim Amount -- $46,206.58 Scheduled Claim No. 80108000003620 Scheduled Claim Amount -- $10,150.00 Transfer Date -- Dec. 15, 2025 Transfer Docket No. 602 Debtor(s) Sherwood Food Distributors, L.L.C. 59. VonWin Trust LP Transferor Eastern Fish Company, LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000003710 Scheduled Claim Amount -- $49,536.00 Transfer Date -- March 20, 2026 Transfer Docket No. 699 Debtor(s) Sherwood Food Distributors, L.C. 60. VonWin Trust LP Transferor Sabeef LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80108000005060 Scheduled Claim Amount -- $1,326.10 Transfer Date -- April 8, 2026 Transfer Docket No. 723 Debtor(s) Harvest Meat Company, Inc. & Sherwood Food Distributors, L.L.C. 61. VonWin Trust LP Transferor Sabeef LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000008800 Scheduled Claim Amount -- $258,015.59 Transfer Date -- April 8, 2026 Transfer Docket No. 723 Debtor(s) Sherwood Food Distributors, L.L.C. 62. VonWin Trust LP Transferor Sabeef LLC Claim No. 367 Claim Amount -- $24,778.42 Scheduled Claim No. 80109000000560 Scheduled Claim Amount -- $0.00 Transfer Date -- April 8, 2026 Transfer Docket No. 723 Debtor(s) Harvest Sherwood Food Distributors, Inc. 63. VonWin Trust LP Transferor Elevation Foods LLC Claim No. N/A Claim Amount -- N/A Scheduled Claim No. 80110000003760 Scheduled Claim Amount -- $21,784.00 Transfer Date -- April 20, 2026 Transfer Docket No. 735 Debtor(s) Sherwood Food Distributors, L.L.C. 64. VonWin Trust LP Transferor Elevation Foods LLC Claim No. 10652 Claim Amount -- $26,148.85 Scheduled Claim No. N/A Scheduled Claim Amount -- N/A Transfer Date -- April 20, 2026 Transfer Docket No. 735 Debtor(s) Harvest Sherwood Food Distributors, Inc. About Harvest Sherwood Food Distributors Harvest Sherwood Food Distributors, Inc. is an independent wholesale food distributor in Wilmington, Del. Harvest Sherwood Food Distributors and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80109-11) on May 5, 2025. Eric Kaup, chief restructuring officer of Harvest Sherwood Food Distributors, signed the petitions. At the time of the filing, the Debtors disclosed between $1 billion and $10 billion in assets and between $500 million and $1 billion in liabilities. The Debtors tapped Thomas R. Califano, Esq., at Sidley Austin, LLP, as legal counsel; Meru, LLC as financial advisor; and Hilco Commercial Industrial, LLC and Hilco Receivables, LLC as restructuring advisors. Epiq Corporate Restructuring, LLC is the Debtors' noticing and claims agent. Cadwalader, Wickersham & Taft LLP and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. serve as the Debtors' special counsel. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. McDermott Will & Schulte, LLP and Province, LLC serve as the committee's legal counsel and financial advisor, respectively. JPMorgan Chase Bank, N.A., as Prepetition Agent and DIP Agent, is represented by James Ktsanes, Esq., and Hunton Andrews Kurth LLP as counsel. The Unsecured Creditor Ad Hoc Group tapped Pachulski Stang Ziehl & Jones LLP as counsel. The AVH Group of certain unaffiliated assignees and transferees, formed by claims traders Argo Partners, VonWin Trust LP, and Hain Capital Investors Master Fund, is represented by Bracewell, LLP. HAWAII BREWERY: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Hawaii Brewery Development Co., Inc. received interim approval from the U.S. Bankruptcy Court for the District of Hawaii to use the cash collateral of secured lenders to fund its operations. The court entered a stipulated order authorizing the Debtor to use the cash collateral of Bank of Hawaii and the U.S. Small Business Administration to pay the expenses set forth in its budget from May 1 through July 31. Bank of Hawaii extended a loan in February 2025 with an original principal balance of approximately $798,325, secured by a first mortgage on the Water Rights Property and a second-priority security interest in the Agreement of Sale payments. The current BOH loan balance is approximately $737,000, with monthly payments of $11,855. Meanwhile, the SBA holds an Economic Injury Disaster Loan originally issued in 2020 for approximately $94,000, secured by a first-position lien on substantially all personal property of the Debtor, including the Agreement of Sale rights. The SBA loan balance is approximately $96,282, requiring interest-only payments of $459 per month. To protect secured lenders from potential losses, the court granted them replacement liens on post-petition assets, with the same priority as their existing liens. These replacement liens are subject to a limited carveout for Subchapter V trustee fees, estate recoveries, and potential Chapter 7 administrative costs if the case is converted. The order is available at http://bankrupt.com/misc/HawaiiBrewery_StipOrder.pdf The final hearing is scheduled is for July 27. Hawaii Brewery Development's principal assets consist primarily of income-producing real estate and contractual payment rights. It owns an eight-acre parcel in Keaau, Hawaii, known as the Water Rights Property, which includes commercial water rights. Part of this property had been leased to Hawaiian Springs LLC, although the Debtor now believes the lease has been breached and should be terminated. Nevertheless, the Debtor continues receiving approximately $11,500 per month in holdover lease payments from Hawaiian Springs. Another major asset is a 2022 Agreement of Sale with Ke'Aloha'Lani II, LLC concerning adjacent real estate, under which the Debtor receives approximately $31,000 monthly payments on a remaining balance of about $2.017 million. The Debtor also receives monthly revenue ranging from approximately $2,250 to $8,250 through a Power Purchase Agreement under which Hawaiian Springs purchases electricity from the Debtor. About Hawaii Brewery Development Co. Inc. Hawaii Brewery Development Co., Inc. is a beverage industry development company engaged in brewery-related real estate, infrastructure, and commercial operations. Hawaii Brewery Development Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Haw. Case No. 26-00311) on April 16, 2026, listing assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Wayne K.T. Mau serves as Subchapter V trustee. Honorable Bankruptcy Judge Robert J. Faris handles the case. The Debtor tapped Lars Peterson, Esq., as bankruptcy counsel and 808 BK, LLLC as associate counsel. HIDDEN VALLEY: Seeks to Hire McLemore Auction as Auctioneer ----------------------------------------------------------- Hidden Valley Lakes Trustees, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ McLemore Auction Company, LLC to serve as its auctioneer. The firm will provide these services: (a) conduct the sale of 200 parcels of real property identified in the Debtor's Motion to Sell; (b) conduct the sale through an online-only auction via McLemore Auction Company's bidding platform; (c) offer lots individually but grouped together to enhance competition; (d) advertise the auction through the company's auction website, bidder email database, online auction listing services, social media and digital promotion, and targeted outreach to prior bidders and known buyers; and (e) place signage on the property and markers on each lot. McLemore Auction Company, LLC will be compensated through a 10% seller commission, a 10% buyer's premium, and $5,000 in marketing reimbursement. McLemore Auction Company, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold any interest adverse to the estate, according to court filings. The firm can be reached at: McLemore Auction Company, LLC 470 Woodycrest Ave Nashville, TN 37210 Telephone: (615) 517-7675 Email: info@mclemoreauction.com About Hidden Valley Lakes Trustees, Inc. Hidden Valley Lakes Trustees, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 1:26-bk-02432) on May 21, 2026. At the time of filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $500,001 and $1 million. Judge Randal S. Mashburn oversees the case. Sherrard Roe Voigt & Harbison, PLC is Debtor's legal counsel. ICP GROUP: Moody's Cuts CFR to Ca & Alters Outlook to Negative -------------------------------------------------------------- Moody's Ratings downgraded ICP Group Holdings, LLC's (dba Innovative Chemical Products Group, or ICP) Corporate Family Rating to Ca from Caa2, and its Probability of Default Rating to Ca-PD from Caa2-PD. The backed senior secured first-lien bank credit facility and the backed senior secured second-lien bank credit facility, issued under CPC Acquisition Corp. (CPC), were also downgraded to Ca from Caa2 and to C from Ca, respectively. The outlook for both ICP and CPC was changed to negative from stable. ICP is the parent company of CPC, and CPC is the other borrower under the company's backed senior secured first-lien and second-lien bank credit facilities. ICP guarantees CPC's debt. RATINGS RATIONALE The downgrade of ICP's CFR to Ca reflects the company's unsustainable capital structure, sizable negative free cash flow and the expectation for weaker financial performance in 2026 due to more challenging conditions in certain applications and areas of the US Furthermore, the conflict in the Middle East is likely to increase raw material costs and require additional investments in working capital to support the business. The company has relatively weak liquidity as its cash balance declined to $86 million ($12 million of non-restricted cash and $74 million of investment securities) as of December 31, 2025, which is challenging given the pace of cash usage in 2025. The company does not have access to an external credit facility. Hence, Moody's expects the company to use most of its liquidity to support operations in 2026. Moody's believes that if the conflict in the Middle East continues into the summer end market demand would also be negatively impacted. The Ca ratings on the first lien term loans are in line with the CFR and reflect the preponderance of first lien debt in the capital structure and their first priority secured interest in substantially all assets and outstanding equity interest of the borrowers, guarantors and their subsidiaries. The C rating on the second lien term loan reflects its subordination to the first lien credit facilities based on Moody's Ratings Loss Given Default for Speculative-Grade Companies (LGD) Methodology. The negative outlook reflects the company declining liquidity and the potential for a debt restructuring over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Although an upgrade is highly unlikely due to the company's elevated leverage, Moody's would consider an upgrade if the company improves profitability enough to be close to free cash flow breakeven on a consistent basis without any benefits from working capital reductions. The rating could be downgraded if the company undertakes a debt restructuring or misses an interest payment. ICP Group Holdings, LLC is a formulator of specialty coatings, adhesives, sealants, and elastomers serving the industrial and construction markets. ICP is controlled by funds affiliated with Audax Management Company, LLC, along with other investors, including management. Revenue is approximately $600 million. The principal methodology used in these ratings was Chemicals published in February 2026. ICP's Ca CFR is two notches below the Chemicals methodology scorecard–indicated outcome of Caa2. This difference reflects short-term liquidity pressure stemming from an unsustainable capital structure, which may need to be addressed through a restructuring in 2026. INSPIRED ENTERTAINMENT: Fitch Affirms 'B-' IDR & Then Withdraws IDR ------------------------------------------------------------------- Fitch Ratings has affirmed Inspired Entertainment, Inc.'s Long-Term Issuer Default Rating (IDR) at 'B-' with a Stable Outlook and has subsequently withdrawn the rating. The IDR reflects its niche and geographically concentrated operations and limited free cash flow (FCF) generation capabilities, balanced by a solid financial profile for its current rating and strong profitability. The Stable Outlook balances its expectations of steady performance for the core businesses. This follows scale reduction as a result of business optimisation and factors in potential moderate indirect impact from recent fiscal changes for the gaming sector in the UK. Fitch is withdrawing the rating of Inspired Entertainment, because the rating has been taken private. Key Rating Drivers Continuing Business Optimisation: Inspired continues to streamline its operation, through controlled reduction of its retail pub portfolio and divestment of leisure park businesses. The new operation scope excludes less profitable and more capital-intensive leisure parks business and should help Inspired generate EBITDA margins consistently above 30% from 2026, compared with 28%-29% in 2023-2025. It will also reduce capital intensity to the high single digits from 2026 onwards from low double-digits on average in 2021-2025. Managing execution risks related to its sustained scale expansion remains instrumental to the company's rating trajectory. This will be driven by maintaining its interactive business growth and returning its virtual operation to strong growth. Niche Positioning, Small Scale: Inspired remains materially smaller than the Fitch-rated peer group, but this is partly offset by its strong niche positioning in its core markets. Fitch forecasts Inspired's EBITDA to reduce 10% in 2026, reflecting the reduction in scale driven by business optimisation rather than underperformance. Fitch expects this to result in a modest 0.2x increase in leverage. Fitch anticipates that the strong growth demonstrated by the interactive segment should help fully restore EBITDA in absolute terms by end-2027. Challenges to Consistent FCF Generation: Inspired's B2B business model allows it to generate higher profitability than most B2B operators in the gaming industry. However, high capital intensity, alongside volatile working capital, has kept free cash flow (FCF) negative since 2020 - with an average FCF margin of -3.7% in 2023-2025. Weak FCF conversion adds to credit vulnerability, but faster growth in the more capital-efficient virtual sports and interactive segments should support an improvement in FCF margins over the medium term. Its forecast assumes mildly negative FCF in 2026, before turning positive from 2027. Moderate Leverage for Rating: Inspired's financial policy remains conservative, and Fitch expects EBITDA contraction in 2026 from the partial exit from the pub business and the leisure business divestment to be balanced by anticipated stable outstanding debt with no further revolving credit facility drawings. Its EBITDAR leverage was at 4.2x at end-2025 and despite a projected increase to 4.4x in 2026, overall leverage headroom is comfortable within the negative sensitivity of 5.0x. Fitch forecasts further organic deleveraging towards 3.5x by 2028. High Geographic Concentration Despite Improvement: Inspired's geographic revenue concentration remains high within its retail solution business, which Fitch forecasts will generate about 55% of its revenue in 2026. The company has increased its geographic diversification through the expansion of its online and gaming businesses in the US, with sales of video lottery terminal machines. This is important in reducing its dependence on the highly regulated UK market, but concentration on its two core markets remains high, resulting in considerably lower geographic revenue diversification than at most peers. Increasing Regulatory and Fiscal Risks: The divestment of the leisure parks business has increased the exposure of Inspired's operation to gaming regulation. The company is not directly exposed to many regulatory restrictions or gaming and betting duties, but it can be affected indirectly through more onerous contract terms with its customers - business to consumer (B2C) gaming and sports betting companies - which might put pressure on the interactive and virtual sports segments. Peer Analysis Inspired is a niche-scale B2B gaming technology company, and it is materially smaller than other Fitch-rated peers in the sector. The size of its B2B business is comparable to that of Bally's Intralot S.A. (B+/Negative), which also has a strong B2C Bally's iGaming franchise. The resulting difference in scale and diversification underlines the two-notch difference in ratings. Inspired is slightly smaller than Meuse Bidco S.A. (B+/Stable) and has exposure to markets with less favourable regulation. It also has weaker FCF generation, despite higher profitability, due to the higher capital intensity of the business, which results in a two-notch difference between the IDRs. Inspired is rated materially lower than Light & Wonder, Inc. (BB/Stable) and Aristocrat Leisure Ltd. (BBB/Stable), both of which are much larger and stronger in diversification. Fitch’s Key Rating-Case Assumptions - Organic revenue growth of 3%-5% in 2026-2029, as interactive segment 17% CAGR offsets low single-digit decline of the retail solution business - Overall revenue decline of 16% in 2026, reflecting the leisure park divestiture, and rationalisation of the pub retail solution business - EBITDA margin increasing gradually towards 34% by 2027 from 29% in 2025, following a restructuring programme and increased virtual segment contribution - Annual capex of about USD25 million on average over 2026-2029 - No dividends or acquisitions over the next four years - Sterling/US dollar rate at 1.333 over 2026-2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b+', Lower), sector characteristics ('b+', Moderate), market and competitive positioning ('b-', Higher), diversification and asset quality ('b', Moderate), company operational characteristics ('bb', Lower), profitability ('b+', Moderate), financial structure ('bb+', Lower), and financial flexibility ('b+', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'b-'. RATING SENSITIVITIES Not applicable as the rating has been withdrawn. Liquidity and Debt Structure Fitch views Inspired's liquidity as satisfactory, with available cash at end-2025 of USD39 million, sufficiently covering capex and working capital outflows for 2026, and an undrawn USD25 million revolving credit facility providing additional flexibility. Fitch forecasts additional liquidity support from positive FCF generation from 2027. Debt maturities are concentrated in 2030 with no scheduled debt repayments before then. This means limited pressure on cash flow but Fitch also assumes that the entire debt structure will likely be refinanced in due course. Issuer Profile Inspired is a global B2B gaming technology company providing content, platform and other services to online and land-based regulated lottery, betting and gaming operators worldwide. It is involved across the gaming machine value chain from manufacturing to distribution and management. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Inspired. ESG Considerations Inspired has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to increasing regulatory scrutiny on the sector, amid greater awareness around social implications of gaming addiction and an increasing focus on responsible gaming. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Inspired Entertainment, Inc. LT IDR B- Affirmed B- LT IDR WD Withdrawn INSPIRED HEALTHCARE: Broker-Dealers Tap Brown Rudnick, Reed Smith ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Inspired Healthcare Capital Holdings, LLC, and its debtor-affiliates, Brown Rudnick LLP and Reed Smith LLP filed with the United States Bankruptcy Court for the Northern District of Texas, Fort Worth Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firm represents the Ad Hoc Group of Broker-Dealers. According to the Verified Statement: 1. On April 15, 2026, the Ad Hoc Group retained Brown Rudnick to represent it as bankruptcy counsel in connection with the Debtors' Chapter 11 cases, subject to certain scope limitations as described in the Confirmation of Engagement Letter dated April 15, 2026. Pursuant to Bankruptcy Rule 2019, a redacted copy of the Confirmation of Engagement Letter is described on a 13-page Exhibit A, which is available at https://bit.ly/4wOMnan The Client Engagement Terms referenced as supplemental in the Confirmation of Engagement Letter have been omitted. On May 18, 2026, the Ad Hoc Group retained Reed Smith, LLP to serve as its Texas co-counsel with respect to such matters. 2. As of the date of this Statement, Counsel represents only the B-D Ad Hoc Group and does not represent, or purport to represent, any other entity in connection with the Debtors' chapter 11 cases. Counsel does not represent the B-D Ad Hoc Group as a "committee" (as such term is employed in the Bankruptcy Code and the Bankruptcy Rules) and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party in interest, or entity other than the B-D Ad Hoc Group. In addition, the B-D Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. 3. Each member of the B-D Ad Hoc Group is a licensed broker-dealer that has at various times held contractual authority to sell Inspired Securities. Each member of the B-D AHG is or may become a defendant to causes of action, FINRA arbitration, or similar proceedings brought by non-Debtor purchasers of Inspired Securities. Each member of the B-D AHG has claims against one or more of the Debtors, like, without limitation, indemnification, other contractual, tort, and/or fraud in connection with the Debtors’ conduct with respect to the Inspired Securities. 4. Upon information and belief formed after due inquiry, Counsel does not hold any claim against, or interests in, the Debtors or their estates. 5. Counsel submits this Statement out of an abundance of caution, and nothing should be construed as an admission that the requirements of Bankruptcy Rule 2019 apply to Counsel’s representation of the B-D Ad Hoc Group. 6. Nothing contained in this Statement (or the exhibit hereto) should be construed as: (i) a limitation upon, or waiver of, any rights of any member or affiliate of any member of the B-D Ad Hoc Group to assert, file, and/or amend any claim or proof of claim filed in accordance with applicable law and any orders entered in these cases, or (ii) an admission with respect to any fact or legal theory. 7. Counsel reserves the right to amend this Statement as necessary in accordance with the requirements outlined in Bankruptcy Rule 2019. The names, addresses, nature of economic interest, and amount of disclosable economic interests in relation to the Debtors, are: 1. Emerson Equity LLC 21900 Burbank Blvd. Ste. 300 Woodland Hills, CA 91367 Claim Amount Unliquidated Other Disclosable Economic Interests N/A 2. Aurora Securities 2565 W Maple Rd Troy, MI 48084 Claim Amount Unliquidated Other Disclosable Economic Interests N/A 3. Galt Financial Group, Inc. 2629 Townsgate Road, Ste. 215 Westlake Village, CA 91361 Claim Amount Unliquidated Other Disclosable Economic Interests N/A 4. Realized Financial 500 W 13th St. Austin, TX 78701 Claim Amount Unliquidated Other Disclosable Economic Interests N/A 5. Quincy Wells Capital, LLC in the interest of Great Point Capital 145 South Wells Street Ste. 1301 Chicago, IL 60606 Claim Amount Unliquidated Other Disclosable Economic Interests N/A 5. Lightpath Capital, Inc. 1560 E Southlake Blvd., Ste. 100 Southlake, TX 76092 Claim Amount Unliquidated Other Disclosable Economic Interests N/A Total: Unliquidated Counsel to the Ad Hoc Group of Broker-Dealers of Inspired Healthcare Capital, LLC: Keith M. Aurzada, Esq. Tristan M. Sierra, Esq. REED SMITH LLP 2850 N. Harwood Street, Suite 1500 Dallas, TX 75201 Tel: (469) 680.4200 Fax: (469) 680.4299 Email: kaurzada@reedsmith.com tsierra@reedsmith.com - and - Tristan Axelrod, Esq. Matthew Sawyer, Esq. BROWN RUDNICK, LLP One Financial Center Boston, MA 02111 Tel: (617) 856-8300 E-mail: TAxelrod@brownrudnick.com MSawyer@brownrudnick.com About Inspired Healthcare Capital Holdings, LLC Inspired Healthcare Capital Holdings, LLC, owns senior living communities across the U.S. that provide independent living, assisted living, and memory care services. It operates in the senior housing and healthcare real estate sector, with day-to-day community operations managed by third-party operators under management agreements while the Company retains control over non-community business functions. Inspired Healthcare Capital Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 26-90004) on Feb. 2, 2026. In the petition signed by M. Benjamin Jones, chief restructuring officer, Inspired Healthcare Capital Holdings reported between $1 billion and $10 billion in both assets and liabilities. Judge Mark X. Mullin oversees the cases. The Debtors tapped McDermott Will & Schulte, LLP as bankruptcy counsel; Ankura Consulting Group, LLC as financial advisor; Raymond James & Associates, Inc. as investment banker; and Epiq Corporate Restructuring, LLC as claims, noticing, and solicitation agent. The Debtors hired DLA Piper LLP (US) as conflicts counsel and Reid Collins & Tsai LLP as special litigation counsel. BDO USA, P.C. serves as tax accountant. The official committee of unsecured creditors appointed hired Berkeley Research Group, LLC as financial advisor; Greenberg Traurig, LLP as attorney; and Vartabedian Katz Hester & Haynes LLP as its conflicts counsel. Ferguson Braswell Fraser Kubasta PC represents the Ad Hoc Committee of DST Investors. Jones Walker, LLP represents the Ad Hoc Group of Lenders in Inspired Healthcare Capital Income Fund 5. Holland & Knight, LLP represents the Ad Hoc Group of Unencumbered DST Investors. The U.S. Trustee for Region 6 appointed Mairead Painter as patient care ombudsman at Connecticut senior living facility; Timothy Hunter as patient care ombudsman at Minnesota senior living facility; Terri Cantrell as patient care ombudsman at Florida senior living facilities; Salli Pung as patient care ombudsman at the Michigan senior living facilities; Amanda Celentano as patient care ombudsman at Maryland senior living facility; Kelly Richards as patient care ombudsman at Illinois senior living facilities; Marie Coe as patient care ombudsman at Nevada senior living facilities; and Melanie McNeil as patient care ombudsman at Georgia senior living facilities. Susan Goodman of Pivot Health Law, LLC and Laurie Facciarossa Brewer were also named as patient care ombudsman. INTERNATIONAL CAPITAL: Seeks Chapter 7 Bankruptcy in Wyoming ------------------------------------------------------------ On May 20, 2026, International Capital Ventures, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Wyoming. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About International Capital Ventures, LLC International Capital Ventures, LLC is a financial and investment company engaged in capital venture and asset management activities. International Capital Ventures, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20231) on May 20, 2026. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Cathleen D. Parker handles the case. INTERTRADE HOLDINGS: Seeks to Hire Behar Gutt & Glazer as Counsel ----------------------------------------------------------------- Intertrade Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Brian S. Behar of Behar, Gutt & Glazer, P.A. to serve as its legal counsel. Mr. Behar will provide these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor-in-possession, and the continued management of its business operations; (b) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; and (d) protect the interests of the Debtor with its creditors in the preparation of a Plan. Mr. Behar will be compensated pursuant to standard hourly rates charged by the firm, with partners at $610, associates at $485, and paralegals at $275. The firm also received a pre-petition retainer in the amount of $27,000 funded by the Debtor. Behar, Gutt & Glazer, P.A. is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Telephone: (954) 733-7030 (954) 266-3710 E-mail: bsb@bgglaw.com About Intertrade Holdings Inc. Intertrade Holdings Inc. is a Pembroke Pines, Florida-based food distribution and product-development company that supplies retail and food-service customers. The company provides distribution, brokerage, manufacturing and product-development services and serves as the exclusive distributor of Margaritaville Empanadas, including beef, chicken, corn and Jamaican-style empanada products. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15399) on April 28, 2026. In the petition signed by Perry Burk, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Brian S. Behar, Esq., at Behar, Gutt & Glazer, P.A., represents the Debtor as legal counsel. Truist Bank, as lender, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Telephone: (813) 229-7600 Facsimile: (813) 229-1660 Primary Email: jverona@shumaker.com IVANTI SOFTWARE: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Ivanti Software, Inc., Icon Software Holdings, Inc. and Ivanti Security Holdings LLC at 'B-'. The Outlook on the IDRs is Stable. Fitch has affirmed Ivanti Software, Inc.'s first-lien debt at 'B' with a recovery rating of 'RR3', its second-lien debt at 'CCC'/'RR6', and Ivanti Security Holdings LLC's super senior first-lien revolving credit facility and term loan at 'BB-'/'RR1'. The ratings reflect Ivanti's broad product offering across IT service management, autonomous endpoint management and network security, but are constrained by weak free cash flow and high leverage. Fitch expects negative revenue growth and flat EBITDA in 2026 to keep credit measures weak, with only modest improvement in cash flow and leverage in 2027. Key Rating Drivers Depressed FCF: Ivanti's free cash flow remains weak due to the ongoing transition from perpetual licenses to subscription revenue, which continues to affect revenue, EBITDA and cash generation. Fitch expects FCF to improve from 2025 levels in 2026 but remain negative as revenue declines again and EBITDA is roughly flat. FCF should turn positive in 2027 as execution stabilizes and the company benefits from a more recurring revenue base, but cash generation is likely to remain weak for the rating over the near term. Elevated Leverage Levels: Fitch expects Ivanti's gross EBITDA leverage to remain high at about 9.4x in 2026, roughly flat with 2025 actual levels, while (CFO-capex)/debt improves marginally but remains slightly negative. Both measures should improve modestly in 2027 as cash flow recovers. Fitch expects some benefit over time from the company's transition to a more recurring software as a service (SaaS) model, but deleveraging is likely to remain limited by the high debt burden and private equity ownership. Diverse Product Offering: Ivanti benefits from a broad portfolio across IT service management, endpoint management and security solutions, supporting customer diversification and multiple cross-selling opportunities. This breadth supports revenue durability and reduces reliance on any single product category relative to more narrowly focused software issuers. Its subscription-based model also supports recurring revenue visibility, although performance remains affected by product transition and execution risks. Supportive Industry Tailwinds: Ivanti is exposed to favorable long-term demand drivers in endpoint security, patch management and compliance. Rising cyber threats, growing IT complexity and tighter regulatory requirements are increasing the need for automated endpoint management and governance tools. Fitch believes these trends support demand for the company's products over time, although near-term performance may remain affected by product transition and go-to-market changes. Highly Competitive Markets: Ivanti operates in fragmented and competitive software markets across IT service management, endpoint management and security. Fitch expects pressure from larger and more specialized vendors, some of which offer broader product suites, stronger cloud capabilities and bundled offerings. Ivanti is seeking to differentiate through autonomous endpoint management, continuous compliance and its Neurons system-of-record capabilities, but revenue and new sales trends indicate competition remains high. Limited AI Disruption Risk: Fitch views Ivanti's medium-term AI disruption risk as low. The company's products support endpoint management, IT service management and security workflows that rely on device visibility, policy enforcement, remediation and enterprise systems integration. These functions are not easily replaced by general-purpose AI tools. AI will likely support product enhancements in areas such as automation, triage and support, but Fitch expects Ivanti's competitive position to remain driven mainly by functionality, integration and execution. Peer Analysis Ivanti's 'B-' rating reflects a broad product offering across IT service management, endpoint management and security, which supports recurring revenue and customer diversification. The rating is constrained by weak free cash flow, negative revenue growth and high leverage. Fitch views Ivanti's credit profile as weaker than that of higher-rated software peers with stronger deleveraging paths, but stronger than that of lower-rated peers with weaker liquidity and higher default risk. Gen Digital Inc. (BB+/Stable) is rated above Ivanti due to its much larger scale, broader market position, stronger credit metrics and lower leverage. Imprivata, Inc. (B/Positive) is also rated above Ivanti due to its stronger market position in healthcare identity and access management, solid margins and improving credit protection metrics. Redstone Parent LP (B-/Stable) is rated in line with Ivanti, as both operate in similar identity and access management segments and face growth challenges. LMI Parent, L.P. (CCC+) is rated below Ivanti due to declining revenue, weak liquidity, high leverage and higher execution risk. Fitch’s Key Rating-Case Assumptions - 2026 revenue, EBITDA and FCF continue to be negatively impacted by accelerated migration to subscription revenue from perpetual licenses and corresponding maintenance; - Reversion to organic revenue growth in the low-to-mid-single-digit range over the rating horizon, beginning in 2027, reflecting the shift from perpetual licenses to subscription revenue; - EBITDA margins are expected to remain stable near 40%, supported by cost containment and cross-selling initiatives; - Normalized FCF margins in the low-to-mid-single digits. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): The SCP is 'b-'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B-'. Recovery Analysis Key Recovery Rating Assumptions - The recovery analysis assumes that Ivanti would be reorganized as a going concern in bankruptcy rather than liquidated; - Fitch has assumed a 10% administrative claim. Going-Concern Approach - In estimating a distressed enterprise value (EV) for Ivanti, Fitch assumes elevated customer churn will lead to a 15% revenue decline in a distressed scenario. Fitch assumes some cost control initiatives will partially offset the decline in revenue EBITDA margins, resulting in a going concern EBITDA that is approximately 10% lower than Fitch's forecasted FY2026 EBITDA. As Ivanti's business model depends on the ability to provide robust IT security, customer churn could increase in times of distress; - Fitch applies a 6.5x multiple to arrive at an adjusted EV of $1.7 billion, supported by Ivanti's scale, strong margins and highly recurring revenues; - The median reorganization EV/EBITDA multiple for the 71 TMT bankruptcy cases with sufficient information for exit multiple estimates was 5.9x. Of these companies, five were in the software sector: Allen Systems Group, Inc (8.4x); Avaya, Inc. (2023: 7.5x, 2017: 8.1x); Aspect Software Parent, Inc. (5.5x), Sungard Availability Services Capital, Inc. (4.6x), and Riverbed Technology Software (8.3x); - Fitch assumes that the $174 million revolver for Ivanti is fully drawn, as companies typically utilize credit revolvers when experiencing financial distress; - The debt at Ivanti Security Holdings LLC benefits from structural seniority to Ivanti Software, Inc.'s debt, first lien claims on any assets at Ivanti Security Holdings LLC, as well as a first lien on assets of the new foreign guarantors, and a "double-dip" claim via a pari passu first lien intercompany loan. - Fitch's estimate of post-reorganization EV results in 'BB-'/'RR1' ratings for Ivanti Security Holding LLC's super senior RCF and term loan. For Ivanti Software, Inc., it also results in 'B'/'RR3' ratings on the first-lien term loan and 'CCC'/'RR6' on the second-lien term loan. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA interest coverage sustained below 1.25x; - Inability to maintain sufficient liquidity over the next 12-24 months; - (CFO-capex)/debt sustained below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 7.0x; - (CFO-capex)/debt sustained above 5.0%; - EBITDA interest coverage sustained above 1.5x. Liquidity and Debt Structure As of March 2026, Ivanti reported a cash balance of $60 million. The company's liquidity is further supported by an undrawn $174 million RCF due 2029. The debt structure includes the undrawn super senior new money RCF and $350 million term loan as well as the first and second-lien term loan facilities. Issuer Profile Ivanti Software Inc. is an enterprise software company headquartered in South Jordan, Utah. The company specializes in IT security and systems management software, offering solutions for zero trust security, unified endpoint management (UEM), and IT service management (ITSM). MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Icon Software Holdings, Inc. ESG Considerations Ivanti Software, Inc. has an ESG Relevance Score of '4' for Governance Structure due to aggressive and opportunistic shareholder practices, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Ivanti Security Holdings LLC LT IDR B- Affirmed B- senior secured LT BB- Affirmed RR1 BB- Ivanti Software, Inc. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B sr sec 2nd Lien LT CCC Affirmed RR6 CCC Icon Software Holdings, Inc. LT IDR B- Affirmed B- J.F.M. 6090: Seeks to Tap Doron Abram as Accounting Professional ---------------------------------------------------------------- J.F.M. 6090, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Doron Abram Munic LLC as accounting professional. The firm will provide these services: (a) prepare financial reports for the Debtors-in-Possession; (b) prepare tax returns for the Debtors and related franchise operations; (c) perform accounting and analysis of the Debtors' books and records; and (d) provide related accounting and financial services as may be required in the Chapter 11 cases. Doron Abram Munic LLC will be compensated at a rate of $3,000 per year per store for tax preparation services, with all other services billed hourly, including partner rates at $300 per hour, senior accountant at $200 per hour, and staff accountant at $150 per hour. Doron Abram Munic LLC is represented in the filings as a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Doron Abram Munic LLC Louis Harraka, CPA 250 Pleasant Avenue, Suite 700 Saddle Brook, NJ About J.F.M. 6090, Inc. J.F.M. 6090, Inc., based in Paterson, New Jersey, operates a Burger King restaurant in Paterson, serving customers through the fast-food chain's hamburger-focused menu, including its flame-grilled Whopper sandwiches and related quick-service restaurant offerings. J.F.M. 6090, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 26-15123) on May 5, 2026, listing $11,500 in assets and $4,327,288 in liabilities. The petition was signed by Ranjana Jethwa as president. Richard D. Trenk, Esq. at TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. serves as the Debtor's counsel. J.R. ANDORIN: Seeks to Hire Middlebrooks Shapiro as Legal Counsel ----------------------------------------------------------------- J.R. Andorin, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to hire Middlebrooks Shapiro, P.C. to serve as its legal counsel. The firm will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers, duties, and continued management of its property and business affairs; (b) negotiate with creditors and assist in formulating and prosecuting a plan of reorganization; (c) prepare and file all necessary applications, motions, schedules, reports, orders, and other required legal documents; (d) appear and represent the Debtor before the Bankruptcy Court in all contested matters and proceedings; (e) advise and assist regarding potential refinancing, sale of assets, and post-petition financing; (f) take actions necessary to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (g) perform all other legal services necessary for the preservation of the Debtor's estate and the advancement of the Chapter 11 case. MSPC will be compensated at these hourly rates: - $500 per hour for partners (Melinda D. Middlebrooks, Esq.) - $450 per hour for partners (Joseph M. Shapiro, Esq.) - $400 per hour for associates - $100 per hour for paralegals The firm received a $10,000 retainer, along with payment of the $1,738 filing fee, totaling $11,738. MSPC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and, according to the filing, does not hold any adverse interest to the Debtor or its estate. The firm can be reached at: Joseph M. Shapiro, Esq. Melinda D. Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. P.O. Box 1630 Belmar, NJ 07719-1630 Telephone: (973) 218-6877 Facsimile: (973) 218-6878 E-mail: jshapiro@middlebrooksshapiro.com middlebrooks@middlebrooksshapiro.com About J.R. Andorin, Inc. J.R. Andorin, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. New York Case No. 26-35553-KYP) on May 20, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Judge Kyu Y. Paek oversees the case. Middlebrooks Shapiro, P.C. is Debtor's legal counsel. JFM SPARTA: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: JFM Sparta, LLC 49 Sparta Avenue Sparta, NJ 07871 Business Description: JFM Sparta LLC operates a Burger King franchise in Sparta, New Jersey. The company, which employs about 14 people, including restaurant managers and hourly workers, provides quick-service restaurant offerings centered on flame-grilled burgers and customized menu options. Chapter 11 Petition Date: May 11, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-15275 Judge: Hon. John K Sherwood Debtor's Counsel: Richard D. Trenk, Esq. TRENK ISABEL SIDDIQI & SHAHDANIAN P.C. 290 W. Mt. Pleasant Avenue, Suite 2370 Livingston, NJ 07039 Tel: (973) 533-1000 Fax: (973) 533-1111 E-mail: rtrenk@trenkisabel.law Total Assets: $9,500 Total Liabilities: $3,620,795 The petition was signed by Ranjana Jethwa as president. 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/L54VFWA/JFM_Sparta_LLC__njbke-26-15275__0001.0.pdf?mcid=tGE4TAMA JJ STUCKEY: Taps Law Offices of George Oliver as Legal Counsel -------------------------------------------------------------- JJ Stuckey & Partners, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ George Mason Oliver, Esq. of The Law Offices of George Oliver, PLLC to serve as legal counsel. Mr. Oliver will provide these services: (a) represent and assist the Debtor in carrying out its duties under Chapter 11 of the Bankruptcy Code; (b) represent the estate generally throughout the administration of the Chapter 11 proceeding; and (c) advise and represent the Debtor throughout the Chapter 11 bankruptcy case. The firm was paid a retainer of $7,500 and $1,758 for the Chapter 11 filing fee. A total of $4,433.50 was paid for pre-petition fees and expenses, and a remaining balance of $3,066.50 is being held in the firm's trust account. The firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Telephone: (252) 633-1930 Facsimile: (252) 633-1950 E-mail: george@georgeoliverlaw.com About JJ Stuckey & Partners LLC JJ Stuckey & Partners, LLC operates two Jimmy John's franchise restaurants in Jacksonville, North Carolina. JJ Stuckey & Partners filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02110) on May 8, 2026, with up to $100,000 in assets and up to $10 million in liabilities. Kathleen O'Malley serves as Subchapter V trustee. Judge Joseph N. Callaway oversees the case. George Mason Oliver, Esq., at The Law Offices of George Oliver, PLLC, represents the Debtor as legal counsel. KARYOPHARM THERAPEUTICS: Debts Exceed Assets by $265.6M in Q1 ------------------------------------------------------------- Karyopharm Therapeutics Inc.'s stockholder's deficit was US$265.6 million at March 31, 2026. The stockholder's deficit was US$292.9 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$131.4 million and total liabilities of US$397.1 million. At Dec. 31, 2025, the Company had total assets of US$108.4 million and total liabilities of US$401.3 million. The Company said: "We have historically financed our operations primarily through a combination of proceeds from (i) product revenue sales; (ii) public and private placements of equity securities; (iii) the issuance of convertible debt; (iv) a term loan; (v) our deferred royalty obligation; (vi) at the market offerings; and (vii) business development activities. As of March 31, 2026, we had $90.9 million of cash and cash equivalents and an accumulated deficit of $1.8 billion." "We have incurred significant operating losses since our inception and we anticipate that we will continue to incur significant operating losses to maintain our research and development programs, including as we continue to develop and seek regulatory approval of selinexor for multiple cancer indications, and to support our continued operations. As a result, our continued operations are dependent on our ability to raise additional funding or enter into other strategic alternatives and marketing XPOVIO in its currently approved indications." "Based on our current business plan and current capital resources, combined with the uncertainty regarding the availability of additional funding or other strategic alternatives and considering our debt service obligations and financial covenant to maintain minimum liquidity, we have concluded that there is substantial doubt regarding our ability to continue as a going concern within one year after the date the accompanying condensed consolidated financial statements are issued." "We plan to address the conditions that raise substantial doubt regarding our ability to continue as a going concern by, among other things, obtaining additional funding through equity offerings, debt financings and refinancings, collaborations, strategic alliances and/or licensing arrangements. However, there is no assurance that these efforts will result in additional funding, strategic alliances or licensing arrangements or sufficiently address our ability to continue as a going concern." "If we utilize our capital resources more quickly than anticipated or are unable to obtain additional funding or engage in strategic alternatives, we may have to significantly curtail, delay, reduce or eliminate one or more of our research and development programs or any current or future commercialization efforts for one or more of our products or product candidates, which could materially adversely affect our business, financial condition, and results of operations." "We have and may determine to take additional actions to reduce our spending in the near term, including reductions to our workforce. If we are unable to continue as a going concern, we may have to liquidate assets and may receive less than the value at which those assets are carried on our financial statements. We may also determine to cease operations or file for bankruptcy protection. In any of these circumstances, it is likely that investors will lose all or part of their investment." "If there remains substantial doubt about our ability to continue as a going concern, investors or other financing sources may be unwilling to provide funding to us on commercially reasonable terms, if at all. The accompanying condensed consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may be necessary if we were unable to continue as a going concern." A full-text copy of the Form 10-Q is available at https://tinyurl.com/5n223jtm About Karyopharm Therapeutics Inc. Karyopharm Therapeutics Inc. (NASDAQ: KPTI) is a commercial-stage pharmaceutical company focused on pioneering novel cancer therapies, particularly through the development and commercialization of first-in-class drugs targeting nuclear export. Its primary product, XPOVIO(R) (selinexor), is approved for treating multiple myeloma and is marketed in the U.S. and various international territories, with ongoing efforts to expand its indications for other high unmet need cancers. The Company operates primarily in the United States and is dedicated to advancing its research and development programs to address significant cancer treatment gaps. KRAIG BIOCRAFT: Liabilities Exceed Assets by $7.1M at March 31 -------------------------------------------------------------- Kraig Biocraft Laboratories, Inc.'s stockholder's deficit was US$7.1 million at March 31, 2026. The stockholder's deficit was US$8.0 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$3.7 million and total liabilities of US$10.8 million. At Dec. 31, 2025, the Company had total assets of US$2.6 million and total liabilities of US$10.6 million. The Company discloses that its cash and cash equivalents consist of demand deposits at financial institutions, money market funds, and highly liquid investments with original maturities of three months or less. As of March 31, 2026, and Dec. 31, 2025, the Company had $2,890,990 and $1,790,236, in cash and cash equivalent accounts. The Company says it expenses all research and development costs as incurred, for which there is no alternative future use. For the three months ended March 31, 2026, and 2025, the Company had $66,701 and $23,876, respectively, in research and development costs. On Jan. 21, 2025, the Company entered into a Standby Equity Purchase Agreement with an investor granting the Company the rights to sell up to $10 Million of common stock. During the three months ended March 31, 2026, the Company sold 16,581,603 shares of common stock for total cash proceeds of $1,644,588. During the years ended Dec. 31, 2025, the Company sold 24,316,741 shares of common stock for total cash proceeds of $1,925,702, and paid stock offering costs of $10,000 and accrued an additional $15,000, which was netted from the total cash proceeds. A full-text copy of the Form 10-Q is available at https://tinyurl.com/bdfpmvtp About Kraig Biocraft Laboratories Kraig Biocraft Laboratories, Inc., a Wyoming corporation, develops high strength fibers using recombinant DNA technology for commercial applications including technical textiles. The Company uses genetically engineered silkworms that produce spider silk proteins to create recombinant spider silk. Applications include performance apparel, workwear, filtration, luxury fashion, flexible composites, medical implants, cosmetics and more. KYMERA INT'L: Fitch Lowers Issuer Default Rating to 'CCC+' ---------------------------------------------------------- Fitch Ratings has downgraded the Issuer Default Ratings (IDRs) of Kymera International, LLC (Kymera) and Alchemy US Holdco 1, LLC (Alchemy) to 'CCC+' from 'B-'. Fitch has also downgraded Alchemy's first lien term loans and delayed-draw term loan to 'CCC+' with a Recovery Rating of 'RR4' from 'B-'/'RR4', and its ABL facility to 'B+'/'RR1' from 'BB-'/'RR1'. The downgrade reflects Fitch's expectation of continued weakness in EBITDA interest coverage and liquidity, as the company remains reliant on borrowings under its ABL facility. EBITDA leverage remains elevated, and annual cash interest expense of more than $70 million is expected to continue to constrain FCF generation and result in sustained high ABL utilization. Key Rating Drivers Constrained Liquidity: Kymera's liquidity position of approximately $62 million as of April 23, 2026, provides limited headroom relative to expected liquidity needs, including capex and working capital requirements. Borrowings under the ABL facility have continued to increase and now exceed 75% of the borrowing base, heightening credit risk. Further deterioration in demand or profitability could pressure the credit profile as required amortization and interest payments consume most internally generated cash flow. Fitch expects the company to pursue additional liquidity initiatives, including sale-leasebacks and potential asset sales. Elevated Leverage, Tight Coverage: The 'CCC+' rating reflects Fitch's expectation that EBITDA leverage will remain above 8.0x over the forecast horizon, driven by high gross debt and limited EBITDA growth following the Fiven acquisition. Financial flexibility is expected to remain constrained, with EBITDA interest coverage of about 1.2x due to annual interest expense of more than $70 million. Acquisitive Track Record: Kymera has primarily grown through debt-funded acquisitions, which have expanded revenue and profitability but also increased financial leverage. The 2024 acquisitions of silicon carbide producer Fiven and thermal spray company Coating Center Castrop were the company's 11th and 12th acquisitions, respectively, since 2018 under private equity sponsor Palladium Equity Partners. Fitch does not expect additional acquisitions during the forecast period as the company integrates prior transactions. Strong Positions in Niche Markets: Kymera holds leading positions in niche product categories, including silicon carbide, specialty master alloys and metal powders. High barriers to entry, including significant startup costs and lengthy customer qualification processes, support the company's competitive position. Its scale and production capabilities across major product lines also support close customer relationships and recurring business. Stable Margin Profile: Kymera's products are generally mission critical to customers' end products while representing a relatively small portion of total input costs. This supports the company's ability to pass through raw material cost increases. As a result, Fitch-defined EBITDA margins have remained relatively stable at 10%-11%, despite inflationary pressures. Preferred Units Considered Non-Debt: For purposes of calculating leverage, Fitch considers the preferred equity units issued out of PEP Alchemy L.P. as non-debt at the rated entity, as analyzed under its "Corporate Rating Criteria." This treatment is supported by the instrument's PIK-for-life nature, structural subordination with effective ring-fencing, and a longer-dated effective maturity relative to Alchemy's senior credit facilities. Considering these factors, Fitch believes a default on the instrument would not increase the probability of default at Alchemy's debt. Peer Analysis Relative to its peers, Kymera's scale is larger than Advancion Holdings, LLC (Advancion; CCC), but smaller than both W.R. Grace Holdings LLC (W.R. Grace; B/Stable) and SK Mohawk Holdings, SCS (SK Mohawk; B-/Stable). Kymera's EBITDA margins compare favorably to those of SK Mohawk but are below the levels of W.R. Grace and Advancion as these peers offer more specialized products. Forecast leverage metrics for Kymera trend toward the 8.0x range, which is similar to Advancion and materially higher than both W.R. Grace and SK Mohawk. Fitch’s Key Rating-Case Assumptions - Low single-digit revenue growth annually; - Capex of $15 million to $17 million per year; - EBITDA margins stable around 10%. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management ('bb-', Moderate), sector characteristics ('bb-', Moderate), market and competitive positioning ('b+', Moderate), diversification and asset quality ('bb-', Moderate), company operational characteristics ('b+', Moderate), profitability ('bb', Moderate), financial structure ('ccc-', Higher), and financial flexibility ('ccc+', Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance Assessment of 'good' has no impact. - The Operating Environment assessment of 'aa-' has no impact. - The SCP is 'ccc+'. To derive the Long-Term IDR: - Application of Fitch's "Parent and Subsidiary Linkage Rating Criteria" results in an equalized approach. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that Kymera would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim and that the $125 million ABL is 80% drawn, reflecting the likelihood that the ABL borrowing base will gradually decline in a distressed scenario due to weaker operating performance. GC Approach Fitch projects Kymera's GC EBITDA of $75 million, which assumes a rebound from an assumed trough EBITDA of around $70 million, reflecting an improvement in the underlying economic conditions that would have likely precipitated the default, as well as corrective actions taken during restructuring. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA assumes a sustained economic contraction in EMEA and North America, resulting in severe volume headwinds in both the Engineered Materials and Meta Ceramics segments, leading to a substantial decline in EBITDA and cash generation. An enterprise value multiple of 6x EBITDA is applied to the GC EBITDA to calculate the post-reorganization enterprise value. The choice of this multiple considers historical bankruptcy case study exit multiples for peer companies. Fitch uses a 6x multiple to estimate Kymera's value, reflecting its strong position in niche markets, balanced by slightly lower margins relative to public comps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained negative FCF generation and/or high utilization under the ABL facility, signaling highly constrained liquidity; - Expectations for EBITDA interest coverage durably below 1.0x; - A balance sheet management initiative or comparable transaction that Fitch may regard as a distressed debt exchange. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA interest coverage consistently above 1.5x; - Consistently positive FCF generation; - Improvement in the company's liquidity position. Liquidity and Debt Structure As of April 23, 2026, Kymera had around $35 million of cash on hand and approximately $27 million available under its ABL facility. Fitch notes the liquidity position has declined recently due to an elevated ABL draw and limited FCF prospects over the forecast. The company is actively exploring additional avenues of liquidity generation to meet near-term obligations. Issuer Profile Kymera is a global specialty materials business that specializes in the production of metal and ceramic based powders, additives, custom alloys, and coatings. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Kymera. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Alchemy US Holdco 1, LLC LT IDR CCC+ Downgrade B- senior secured LT B+ Downgrade RR1 BB- senior secured LT CCC+ Downgrade RR4 B- Kymera International, LLC LT IDR CCC+ Downgrade B- LAKE EFFECT: Case Summary & 15 Unsecured Creditors -------------------------------------------------- Debtor: Lake Effect Investments, Inc. d/b/a Cass Cay Restaurant & Bar 3200 Matecumbe Key Road Punta Gorda FL 33955 Business Description: Lake Effect Investments, Inc., doing business as Cass Cay Restaurant & Bar, is restaurant located in Punta Gorda, Florida. The restaurant provides dining services, a full bar, Sunday brunch, scheduled live entertainment, outdoor deck seating, sports bar seating, dining room seating, and accommodations for large parties or groups. It operates in a waterfront dining setting. Chapter 11 Petition Date: May 5, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-01062 Debtor's Counsel: Jonathan Bierfeld, Esq. MARTIN LAW FIRM, P.L. 3701 Del Prado Blvd., S Cape Coral FL 33904 Tel: 239-443-1094 E-mail: jonathan.bierfeld@martinlawfirm.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by William Kelley as owner and president. A full-text copy of the petition, which includes a list of the Debtor's 15 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QV7D5RI/Lake_Effect_Investments_Inc__flmbke-26-01062__0001.0.pdf?mcid=tGE4TAMA LAKE EFFECT: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Lake Effect Investments, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay the expenses listed on its budget, subject to a 10% variance per line item. As of the petition date, the Debtor held approximately $9,000 in accounts receivable and about $12,500 in inventory, both of which are allegedly subject to security interests held by lenders. The Debtor identifies two U.S. Small Business Administration loans totaling approximately $1.28 million and additional loans from Rewards Network Services, Inc. and Rocket Capital, LLC, totaling roughly $125,344. These lenders allegedly perfected liens through UCC-1 financing statements covering accounts receivable, inventory, and related proceeds, making the resulting funds "cash collateral" under bankruptcy law. As adequate protection, the interim order granted any creditor with security interest in the cash collateral a replacement lien on all of the accounts receivable acquired by the Debtor or the estate on or after the petition date. The next hearing is set for June 3. The order is available at http://bankrupt.com/misc/LakeEffect_ICCOrder.pdf About Lake Effect Investments Inc. Lake Effect Investments, Inc. is a privately held investment company based in Florida that is primarily engaged in real estate investment and asset management. It focuses on acquiring and managing property-related holdings, including residential and commercial real estate assets. Lake Effect Investments sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01062) on May 5, 2026. In its petition, the Debtor reported assets of between $50,001 and $100,000 and liabilities of between $1 million and $10 million. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee for the Debtor. The Debtor is represented by Jonathan M. Bierfeld, Esq., at Martin Law Firm P.L. LUV SHAK: Seeks to Employ Adam I. Skolnik PA as Counsel ------------------------------------------------------- Luv Shak Hospitality, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Adam I. Skolnik, Esq. and Adam I. Skolnik, P.A. as bankruptcy counsel. The firm will provide these services: (a) give advice to the Debtor with respect to its powers and duties as Debtor-in-possession and in its relationships with its creditors, committees, the Office of the United States Trustee and other interested parties; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements, the requirements of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure, applicable bankruptcy rules, including local rules and the rules of the court, as it relates to the administration of this case; (c) assist Debtor with the investigation and pursuit of property of the estate, sale of some or all of its assets, if needed; (d) assist Debtor in the formulation and dissemination and approval of a disclosure statement and plan; (e) prepare and review motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (f) protect the interest of the Debtor in all matters pending before the court; (g) represent the Debtor in negotiation with its creditors in the preparation of a plan; and (h) perform all other necessary functions as attorney for a debtor-in-possession for the proper administration of the bankruptcy estate. Mr. Skolnik will receive an hourly rate of $575, and an hourly rate of $205 is for paralegals. As compensation in this case, prior to filing of the Debtor's petition, the Debtor deposited $12,500 as a retainer for Bankruptcy retention ($10,000 for bankruptcy related fees and $2,500 for costs). Adam I. Skolnik, Esq. and Adam I. Skolnik, P.A. are "disinterested persons" within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Adam I. Skolnik, Esq. LAW OFFICE OF ADAM I. SKOLNIK, P.A. 1761 West Hillsboro Boulevard, Suite 201 Deerfield Beach, FL 33442 Telephone: (561) 265-1120 Facsimile: (561) 265-1828 E-mail: askolnik@skolniklawpa.com About Luv Shak Hospitality Inc. Luv Shak Hospitality, Inc., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-15130) on April 23, 2026, with $100,001 to $500,000 in assets and liabilities. Adam I. Skolnik, Esq. represents the Debtor as legal counsel. M & B HOLDINGS: Hires Berger Singerman LLP as Counsel ----------------------------------------------------- M & B Holdings of Delaware, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Alabama to employ Berger Singerman LLP as counsel. The firm will provide these services: a. give advice to the Debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; b. advise the Debtor with respect to its responsibilities in complying with reporting requirements and with the rules of the Court; c. prepare motions, pleadings, orders, applications, notices, adversary proceedings, and other legal documents necessary in the administration of this Chapter 11 Case; d. protect the interests of the Debtor in all matters pending before the Court; and e. represent the Debtor in negotiations with its creditors and in the preparation of a plan. The firm will be paid at these rates: Berger Singerman $450 to $1,000 per hour Edward J. Peterson $725 per hour Co-Counsel and Associate Attorneys $450 per hour Legal assistants and paralegals $125 to $300 per hour The firm received an initial retainer in the amount of $21,778. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Edward J. Peterson, a partner at Berger Singerman LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Edward J. Peterson Berger Singerman LLP 1450 Brickell Avenue, Suite 1900 Miami, FL 33131 Tel: (305) 755-9500 About M & B Holdings of Delaware LLC M & B Holdings of Delaware, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ala. Case No. 26-11230) on April 29, 2026, with $1 million to $10 million in both assets and liabilities. Judy Belk, manager, signed the petition. Judge Henry A. Callaway presides over the case. Edward J. Peterson, Esq., at Berger Singerman, LLP represents the Debtor as legal counsel. M&A INTERNATIONAL: Court Denies Bid to Use Cash Collateral ---------------------------------------------------------- M&A International Market, LLC failed to get approval from the U.S. Bankruptcy Court for the Northern District of Alabama, Southern Division, to use cash collateral to fund operations. The Debtor's cash collateral includes revenue from business operations, subject to security interests held hy secured creditors including Central State Bank, S.K. Petroleum, Inc., SouthPoint Bank, and Itria Ventures, LLC. The creditors provided secured loans to the Debtor, which loans are backed by real estate, inventory, receivables, and other assets. M&A's business suffered severe setbacks in 2024 and 2025 due to Alabama legislation regulating vape and hemp/THC products. Specifically, Alabama House Bills 8 and 445 restricted flavored vape products to specialty vape stores and imposed potency limitations on hemp and THC products sold in convenience stores. Because these products had been among the Debtor's most profitable merchandise, the restrictions caused a sharp decline in revenue. As sales dropped, the Debtor found it increasingly difficult to service its debt obligations, ultimately leading to bankruptcy protection. About M&A International Market LLC M&A International Market, LLC is a Birmingham-area real estate investment company that owns property used for convenience stores and gas stations, with its principal place of business located on Greensprings Highway in Homewood, Alabama. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 26-01629-TOM11) on May 8, 2026. In the petition signed by Ali Nasher, the Debtor disclosed up to $500,000 in assets and up to $50,000 in liabilities. Judge Tamara O'Mitchell oversees the case. Robert C. Keller, Esq., at Russo, White & Keller, PC, represents the Debtor as legal counsel. MADISON BROTHERS: Hires Fealy Law Firm as Legal Counsel ------------------------------------------------------- Madison Brothers Consulting Group, Inc seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division to hire Vicky M. Fealy, Esq. of The Fealy Law Firm, PC to serve as legal counsel. Ms. Fealy will provide these services: (a) analysis of the financial situation and rendering advice and assistance to the Debtor; (b) advising the Debtor with respect to its duties as Debtor-in-Possession; (c) preparation and filing of petitions, schedules of assets and liabilities, statements of affairs, answers, motions, and other legal papers; (d) representation at the meeting of creditors and other required proceedings during the case; (e) representation of the Debtor in all court proceedings and other matters where the Debtor's rights may be affected; (f) preparation and filing of a Chapter 11 Plan of Reorganization; and (g) assistance in all matters arising out of or related to the bankruptcy case. Ms. Fealy will be compensated at an hourly rate of $475. Associate attorneys at the firm are billed at $275 per hour, paralegals at $115 per hour, and law clerks at $125 per hour. The Debtor previously paid a retainer totaling $11,738, of which $1,738 was applied to filing fees, and the remaining balance is held in the firm's IOLTA trust account. The Fealy Law Firm, PC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and has disclosed no adverse interests in the case. The firm can be reached at: Vicky M. Fealy, Esq. The Fealy Law Firm, PC 1235 North Loop W, Ste 1120 Houston, TX 77008 Telephone: (713) 526-5220 Facsimile: (713) 526-5227 Email: vfealy@fealylawfirm.com About Madison Brothers Consulting Group Inc. Madison Brothers Consulting Group, Inc is a consulting firm that provides advisory and professional services to businesses, potentially including strategic, operational, and financial consulting. Madison Brothers Consulting Group, Inc sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32279) on April 3, 2026. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Vicky M. Fealy, Esq. of Fealy Law Firm, PC. MARVION INC: Liabilities Exceed Assets by $3.5M at March 31 ----------------------------------------------------------- Marvion Inc.'s stockholder's deficit was US$3.5 million at March 31, 2026. The stockholder's deficit was US$3.9 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$5.5 million and total liabilities of US$9.0 million. At Dec. 31, 2025, the Company had total assets of US$5.8 million and total liabilities of US$9.8 million. The Company's cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. They consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. The Company maintains its bank accounts in Hong Kong. As of March 31, 2026, the Company had cash and cash equivalents of $727,304, prepaid expenses and other current assets of $69,318 and accounts receivable, net of $249,540. As of Dec. 31, 2025, the Company had cash and cash equivalents of $762,322, prepaid expenses and other current assets of $19,311 and accounts receivable, net of $479,271. As of March 31, 2026 and Dec. 31, 2025, the Company had working capital deficit of $3,608,291 and $4,174,745, respectively. The Company entered into certain promissory notes with its shareholders in connection with the Share Purchase Agreement ("SEA") and agreed to make the contingent earnout payments in the aggregate amount of $5.5 million (collectively, the "Earn Out Payments") upon UWMC's achievement of certain operating net income performance milestones during each six months period ending June 30 and December 31 (each, a "Performance Period") for a total of nine Performance Periods ending Dec. 31, 2028. These contingent earnout payments become vested upon the satisfaction of specific performance criteria, which is determined by the aggregate of net earnings of its operating subsidiaries, excluding the expenses incurred by the headquarter during the respective Performance Period. As of March 31, 2026, pursuant to the terms and calculations of the earnout provision, management has determined that the earnout payment of $2.5 million is vested, whereas the performance criteria for the Performance year ended Dec. 31, 2025, was satisfied. The earnout amount of $2.5 million was recognized as earn-out payable in current liabilities. The Company said: "Our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital may include the sale of equity securities, which include common stock sold in private transactions, capital leases and short-term and long-term debts. While we believe that we will obtain external financing and the existing shareholders will continue to provide the additional cash to meet our obligations as they become due, there can be no assurance that we will be able to raise such additional capital resources on satisfactory terms. We believe that our current cash and other sources of liquidity discussed below are adequate to support operations for at least the next 12 months." "We require additional funding to meet its ongoing obligations and to fund anticipated operating losses. Our auditor has expressed substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations." "We expect to incur marketing and professional and administrative expenses as well expenses associated with maintaining our filings with the Commission. We will require additional funds during this time and will seek to raise the necessary additional capital. If we are unable to obtain additional financing, we may be required to reduce the scope of our business development activities, which could harm our business plans, financial condition and operating results. Additional funding may not be available on favorable terms, if at all. We intend to continue to fund its business by way of equity or debt financing and advances from related parties. Any inability to raise capital as needed would have a material adverse effect on our business, financial condition and results of operations." The Company adds that if it cannot raise additional funds, it will have to cease business operations. As a result, the Company's common stock investors would lose all of their investment. A full-text copy of the Form 10-Q is available at https://tinyurl.com/ykcz3cuc About Marvion Inc. Marvion Inc. is a Nevada holding company and does not conduct operations directly. The Company conducts operations primarily through its wholly owned subsidiaries in Hong Kong and the British Virgin Islands. Currently, the Company is principally engaged in the logistic services, warehousing service and financial consulting services in Hong Kong. MARYMOUNT UNIVERSITY: Moody's Affirms 'Caa1' Issuer Rating ---------------------------------------------------------- Moody's Ratings has affirmed Marymount University's (VA) Caa1 issuer and outstanding debt ratings. The outlook is stable. As of June 30, 2025 (fiscal year end), the university had total outstanding debt of approximately $261 million, inclusive of the PPP (PMB, formerly The Rixey) debt totaling approximately $120 million. RATINGS RATIONALE Affirmation of Marymount University's Caa1 issuer rating reflects expectations that, while operating performance, liquidity, and enrollment trends show early signs of stabilization, overall financial flexibility will remain very limited over the near term. Fiscal 2025 indicates modest improvement, including narrowing deficits, initial rebuilding of liquidity through increasing their payables, and some stabilization in enrollment, though sustainability remains uncertain. Debt service coverage has improved but remains thin relative to ongoing financial pressures and covenant thresholds. The constrained liquidity, upcoming debt maturities, and elevated leverage are significant challenges, partially offset by the university's brand as a faith-based private institution in the attractive Northern Virginia market. Broad program offerings and recent gains in full-time equivalent enrollment provide some potential for longer-term stabilization. The Caa1 revenue bond ratings incorporate the issuer rating and general obligation characteristics of the bonds. While the bonds have a lien on unrestricted gross revenues, this provides limited additional security due to the university's fundamental operating difficulties. RATING OUTLOOK The stable outlook reflects expectations that the university will continue to face operating and liquidity pressures, despite early signs of improvement in fiscal 2025. Credit considerations are supported by a fully funded debt service reserve fund, a $2.5 million line of credit, and potential liquidity from monetization of land and real assets. These resources, along with additional financing options, provide some flexibility to manage near-term challenges and support strategic initiatives. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Continued progress towards the substantial rebuild of liquidity and wealth that is durable -- Sustained improvement in operating performance resulting in multi-year trends of low teen EBIDA margins -- Widening and stabilization of headroom to financial covenants over a multi-year period FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Event of default resulting in acceleration of bonded debt -- Reductions in operating performance and reductions liquidity -- Additional debt PROFILE Marymount University is a private coeducational Catholic institution located in Arlington, Virginia and founded in 1950 by the Religious of the Sacred Heart of Mary, an international congregation of Catholic sisters. The university currently has three locations in Arlington. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. MEIRAGTX HOLDINGS: Debts Exceed Assets by $58.1M at March 31 ------------------------------------------------------------ MeiraGTx Holdings plc's stockholder's deficit was US$58.1 million at March 31, 2026. The stockholder's deficit was US$5.8 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$244.7 million and total liabilities of US$302.8 million. At Dec. 31, 2025, the Company had total assets of US$244.4 million and total liabilities of US$250.2 million. The Company discloses that it has not yet achieved profitable operations. The Company adds that there is no assurance that profitable operations, if ever achieved, could be sustained on a continuing basis. In addition, development activities, clinical and preclinical testing, and commercialization of the Company's product candidates will require significant additional financing. The Company's accumulated deficit at March 31, 2026 totaled $862.5 million, and management expects to incur substantial losses in future periods. The success of the Company is subject to certain risks and uncertainties, including uncertainty of product development; competition in the Company's field of use; uncertainty of capital availability; uncertainty in the Company's ability to enter into agreements and consummate transactions with collaborative partners; expanding and protecting the Company's intellectual property portfolio; dependence on third parties; and dependence on key personnel. For the three months ended March 31, 2026, the Company had $17.8 million provided by cash flows from operations. The Company says there are no assurances that the Company will generate positive cash flows in the future. Additionally, there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates. As of March 31, 2026, the Company had cash, cash equivalents and restricted cash in the amount of $73.8 million, which consisted of depository and money market accounts held at large international banks. The Company estimates that its cash and cash equivalents on-hand and tax incentive receivable at March 31, 2026 together with the approximately $100.0 million gross proceeds from the public equity offering in the second quarter of 2026 will be sufficient to cover its expenses for at least the next twelve months from the date of issuance of these condensed consolidated financial statements, including the upfront payment to Janssen for the reacquisition of the RPGR Product and the repayment of the Company's outstanding debt obligation of $25.0 million due in June 2026. This estimate does not include the remaining $95.0 million Upfront Payment from Hologen Limited or the $135.0 million in potential near-term cash consideration from Eli Lilly and Company upon achievement of certain development and regulatory approval milestones. A full-text copy of the Form 10-Q is available at https://tinyurl.com/mu6k8mtj About MeiraGTx Holdings plc MeiraGTx Holdings plc (NASDAQ: MGTX) is a clinical-stage genetic medicines company focused on developing innovative therapies for inherited and common diseases, including conditions affecting the eye and neurological disorders such as Parkinson's disease. It utilizes advanced technologies for the local delivery of gene therapies and has established comprehensive in-house manufacturing capabilities to support its broad pipeline of late-stage clinical programs. The Company aims to address significant unmet medical needs through its proprietary riboswitch technology and a range of viral vector platforms. MODIVCARE INC: Court Demands Info in White & Case Fee Dispute ------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a federal bankruptcy judge in Texas is demanding further explanations after White & Case LLP accused ModivCare Inc. of ignoring a court order requiring escrow funding for legal fees associated with the company’s bankruptcy case. Judge Alfredo R. Pérez stated during a Wednesday hearing that the court intends to investigate whether the company violated its court-approved reorganization plan. White & Case previously alleged that ModivCare failed to deposit approximately $1.64 million into an escrow account despite an April court order directing the funds to be reserved for disputed professional fees. The law firm sought contempt sanctions, arguing that the company failed to comply with mandatory payment obligations established during the Chapter 11 proceedings, the report states. The judge expressed concern about the handling of certain transfers and indicated that the court will conduct an additional hearing to review whether any actions taken by the company conflicted with earlier rulings or confirmation requirements. The inquiry is expected to focus on the movement and preservation of funds tied to the restructuring process, according to Bloomberg. The matter is one of several post-confirmation disputes emerging from ModivCare's bankruptcy restructuring. Professional fee disagreements frequently remain active after Chapter 11 confirmation, especially when escrow arrangements and reserve accounts are used to secure compensation for bankruptcy counsel and other restructuring advisors, the report relays. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MORE OPPORTUNITY: To Hire Giammarco Law Office as Counsel --------------------------------------------------------- More Opportunity Regarding Education, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Zachary D. Giammarco, Esq. of Giammarco Law Office to serve as special counsel. Mr. Giammarco will provide these services: (a) represent the Debtor in a domestic relations matter pending in Maricopa County Superior Court, Case No. FC2024-053028, styled Franck Olivier Nanie v. Aicha Evelyne Kakou ("Domestic Dispute Matter"); (b) provide legal representation in connection with the Domestic Dispute Matter in which the Debtor has been drawn into custody and/or child support-related proceedings; (c) assist the Debtor in defending and responding to claims arising from the Domestic Dispute Matter; and (d) perform all other legal services necessary as special counsel in relation to the Domestic Dispute Matter. Mr. Giammarco will receive an hourly rate of $400, and an hourly rate of $165 is for paralegals. Giammarco Law Office is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Zachary D. Giammarco, Esq. GIAMMARCO LAW OFFICE PLLC 3910 S. Alma School Rd., Suite 5 Chandler, AZ 85248 Telephone: (480) 722-0103 Facsimile: (480) 722-0106 E-mail: zach@glawaz.com About More Opportunity Regarding Education Inc. More Opportunity Regarding Education, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-01245) on February 11, 2026, with $50,001 to $100,000 in assets and $50,001 to $100,000 in liabilities. Judge Daniel P. Collins presides over the case. Allan Newdelman, Esq., at Allan D Newdelman, PC represents the Debtor as legal counsel. MOUNTAIN POWER: Hires Waldrep Wall Babcock as Bankruptcy Counsel ---------------------------------------------------------------- Mountain Power Systems, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Raleigh to employ Waldrep Wall Babcock & Bailey PLLC as bankruptcy counsel. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor-in-possession; b. advising the Debtor on all general bankruptcy matters; c. preparing all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the Debtor's bankruptcy estate on behalf of the Debtor; d. assisting other professionals retained by the Debtor in the investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor, and any other matter relevant to this bankruptcy case or to the formulation of a plan of reorganization or liquidation; e. representing the Debtor at all hearings on matters relating to its affairs and interest as debtor-in-possession before this Court and any appellate courts, and protecting the interests of the Debtor; f. prosecuting and defending any litigated matters that may arise during this bankruptcy case, including such matters as may be necessary for the protection of the Debtor's rights, the preservation of estate assets, or the Debtor's successful reorganization; g. investigating the validity, extent, and priority of any secured claims against the Debtor's bankruptcy estate, and investigating the acts and conduct of such secured creditors and other parties to determine whether any causes of action may exist; h. preparing, filing, negotiating, presenting, and implementing a plan of reorganization or liquidation, as appropriate; i. representing the Debtor on matters relating to the assumption or rejection of executory contracts and unexpired leases; and j. performing other necessary legal services for and on behalf of the Debtor that may be necessary or appropriate in the administration of this bankruptcy case. The firm will be paid at these rates: Zachary Malnik, Attorney/Partner $450 per hour Jennifer Lyday, Attorney/Partner $450 per hour Ciara Rogers, Counsel $450 per hour Bobby Decker, Associate $300 per hour Marybeth Ford, Paralegal $250 per hour The firm received a retainer in the amount of $28,132.50 In addition, the firm will seek reimbursement for its out-of-pocket expenses. Zachary Malnik, partner at Waldrep Wall Babcock & Bailey PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Zachary Malnik, Esq. Waldrep Wall Babcock & Bailey PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Tel No.: (984) 480-2005 Email: zmalnik@waldrepwall.com About Mountain Power Systems, Inc. Mountain Power Systems, Inc. is a Chapel Hill, North Carolina-based company that sells and sources motor parts through eCommerce channels. The company provides services related to parts procurement, product data, logistics, fulfillment support, and customer care. It operates across industrial, agricultural, marine, and automotive markets. Mountain Power Systems, Inc. in Chapel Hill, NC, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D.N.C. Case No. 26-02151) on May 12, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Iliya Sokolovsky as chief executive officer, signed the petition. Judge David M Warren oversees the case. WALDREP WALL BABCOCK & BAILEY PLLC serve as the Debtor's legal counsel. MURPHY'S CONCRETE: Seeks Cash Collateral Access ----------------------------------------------- Murphy's Concrete L.L.C. asks the U.S. Bankruptcy Court for the District of Nevada for authority to use cash collateral and provide adequate protection. United Federal Credit Union, LG Funding, LLC, Advance Servicing, Inc., and Mulligan Funding, LLC assert interests in the cash collateral. The Debtor argues that continued access to cash is essential for maintaining ordinary business operations, paying operating expenses, preserving jobs, and stabilizing the company during reorganization. Although the Debtor acknowledges these creditors may claim security interests in its cash and deposit accounts, it expressly reserves all rights to challenge the validity, extent, and perfection of those claims. UFCU provided a pre-petition line of credit secured by substantially all company assets, while LGF, ASI, and MFL extended merchant cash advance financing that may also be secured by the Debtor's financial assets. Approximate outstanding balances are listed as $22,000 owed to UFCU, $104,000 to LGF, $81,706 to ASI, and $199,071 to MFL. To support its request, the Debtor prepared 18-week rolling cash flow projections outlining anticipated income and expenses and seeks authority to use cash collateral consistent with those projections, subject to a 125% variance on individual budget line items. The Debtor contends adequate protection exists because the cash will be used to maintain and operate the business, the collateral is not declining in value, and the creditors will receive replacement liens on post-petition cash receipts. A court hearing is scheduled for June 25. A copy of the motion is available at https://urlcurt.com/u?l=e4A1Qd from PacerMonitor.com. About Murphy's Concrete L.L.C. Murphy's Concrete L.L.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 26-50446) on May 4, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as bankruptcy counsel. NATARI1326 CAPITAL: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------------- On May 20, 2026, Natari1326 Capital LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. About Natari1326 Capital LLC Natari1326 Capital LLC is an investment and financial holdings company engaged in capital management and related business activities. Natari1326 Capital LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42472) on May 20, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. ORIGIN FOOD: Seeks to Hire Michael Bowers as Accountant ------------------------------------------------------- Origin Food Group, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to hire Michael T. Bowers, a certified public accountant and attorney practicing in North Carolina, as its accountant and financial professional. Mr. Bowers will provide these services: (a) assist the Debtor with financial matters related to the pending case; and (b) render accounting services for the Debtor in connection with the bankruptcy proceedings. Mr. Bowers will receive compensation at the hourly rate of $325.00. According to court filings, neither Mr. Bowers nor any employees of his firm have any connections with the Debtor, creditors, other parties in interest, their respective attorneys and accountants, the Bankruptcy Administrator, or any person employed in the office of the Bankruptcy Administrator. Mr. Bowers is also a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael T. Bowers, M.B.A., J.D., C.P.A., A.B.V. 219 Wilmot Dr Gastonia, NC 28054 About Origin Food Group Origin Food Group, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-50268) on Aug. 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, is the Debtor's legal counsel. PANADERIA RICA: Hires Accounting Services Group as Accountant ------------------------------------------------------------- Panaderia Rica Dona Inc seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to employ Suzette Morera of Accounting Services Group as accountant. The firm will provide these services: a. provide assistance to the Debtor in preparing the Monthly Reports of Operation. b. prepare the necessary financial statements. c. assist the Debtor in preparing the cash flow projections and or any other projection needed for the Disclosure statements; d. assist debtor in any/ all financial and accounting pertaining to, or in connection with the administration of the estate; e. assist debtor in the preparation and filing of federal, state, and municipal tax returns; f. assist debtor in any other assignment that might be properly delegated. g. assist the Debtor in general accounting services, tax returns preparations and making deposits for taxes. The firm will be paid at these rates: Accounting Services $500 per month Payroll preparation/ Accounts payable processing, and bank account management services $400 per week Preparation of reports $75 per hour Ms. Morera disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Suzette Morera Accounting Services Group PO Box 8892 Carolina, PR 00988-8892 Tel: (787) 791-5641 About Panaderia Rica Dona Inc. Panaderia Rica Dona Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Puerto Rico Case No. 26-02074) on May 6, 2026. At the time of the filing, Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $500,001 and $1 million. Homel Antonio Mercado Justiniano, Esq., is the Debtor's legal counsel. PARAMOUNT SKYDANCE: Fitch Rates 2nd Lien Secured Debt 'BB(EXP)' --------------------------------------------------------------- Fitch Ratings has assigned Paramount Skydance Corporation's (PSKY) second lien secured debt a 'BB(EXP)' expected rating with a Recovery Rating of 'RR4'. The assignment of a final rating is contingent upon the closing of the proposed acquisition of Warner Bros. Discovery (WBD). Fitch has maintained existing Long-Term and Short-Term ratings for PSKY and Paramount Global (collectively PSKY or Paramount) of 'BB+' and 'B' respectively, on Rating Watch Negative (RWN), signaling that negative rating actions are expected upon closing of the WBD acquisition. The RWN reflects uncertainty related to the proposed acquisition of WBD. Potential credit risks include materially elevated leverage based on the post-close capital structure, regulatory uncertainty and execution risks. Fitch expects to resolve the RWN and update the existing ratings once the acquisition closes and the final transaction terms, financing mix, and post-close deleveraging priorities become clearer. Key Rating Drivers Multi-Stack Capital Structure: Fitch expects to assign final ratings to the announced post-transaction capital structure upon closing of the WBD acquisition. The structure introduces a bifurcated secured/unsecured stack that structurally subordinates and primes existing unsecured creditors at Paramount Global and WBD. The EXP rating on the second-lien debt reflects its position within PSKY's known post-close capital structure, where it will rank senior to both the existing unsecured notes and junior subordinated notes, but junior to first-lien debt. Upon transaction close, the senior unsecured notes (currently BB+/RR4) and junior subordinated notes (currently BB/RR5) are expected to be downgraded to reflect structural subordination. Final ratings on all instruments, including existing debt, will be determined upon transaction close. In the interim, both instruments and the IDRs remain on RWN, signaling that negative rating actions are expected upon closing of the WBD acquisition. Elevated Leverage Post WBD Acquisition: Fitch expects PSKY's total leverage, incorporating the known post-WBD transaction capital structure, to be materially elevated at close. PSKY has identified over $6 billion of merger-related cost synergies achievable by fiscal 2030. Its rating case assumes $85% realization of synergies and approximately $4 billion of total costs to achieve. Fitch notes that PSKY's deleveraging trajectory is highly dependent on the company achieving a significant portion of its identified synergies. Materially lower synergies, or higher delivery costs, would weaken FCF and leverage and significantly pressure the rating. Commitment to IG Metrics: The transaction results in Fitch-calculated leverage in the 7x range (excluding synergies). The controlling shareholder disclosed their commitment to leverage improvement to support net leverage below 3.75x and 3x by FY28 and FY29, respectively. PSKY plans to pause strategic transactions and excess shareholder returns until it reaches IG metrics. First Lien and AR Securitization Facility Treatment: PSKY will refinance WBD's existing AR securitization facility with first-lien debt post-close. The refinancing would resolve any Category 1 first-lien consideration that would otherwise constrain notching on first-lien instruments above the post-close IDR. High Transaction Complexity and Structural Uncertainty: Fitch views PSKY's proposed acquisition of WBD as highly complex, reflecting the scale of required financing and the operational challenge of integrating two large media groups. Fitch expects regulatory scrutiny in key jurisdictions, which could increase execution risk and extend the timeline to close. Fitch believes key areas of focus could include market concentration and potential impacts on competition, distribution practices and consumer outcomes. FCF Trajectory Improving Post-Acquisition: PSKY's standalone FCF is constrained, with the company guiding to approximately 5% FCF conversion in 2026 before approximately $800 million of transformation. Fitch expects FCF to improve following close of the WBD acquisition as cost synergies are realized and EBITDA margins expand, though near-term generation may remain compressed given the scale of restructuring and integration costs, and ongoing transformation spending. Fitch estimates the combined entity would generate minimal FCF initially. FCF should grow as integration costs moderate and synergy benefits flow through. Significantly Improved Scale and Market Position: The acquisition of WBD would increase PSKY's scale across filmed entertainment, DTC and linear television, making it the second-largest diversified media company globally. This will strengthen PSKY's competitive position through greater pricing power, control over content licensing, and prioritization of premium content for its own platforms. PSKY will own iconic brands including Harry Potter, DC Universe and HBO Max, providing substantial leverage across distribution channels. Scaled Global DTC Platform: The acquisition would materially enhance PSKY's streaming scale, creating a global DTC competitor with 200 million aggregate subscribers pre-overlap and an entrenched presence supported by HBO Max's international footprint. The combined platform would also benefit from HBO Max's brand equity and a premium, year-round sports slate, which management expects to support engagement, subscriber acquisition and monetization. Strong Sports Portfolio: Live sports remain the most dependable driver of audience reach amid a challenging environment of rising streaming competition and declining linear TV viewership. With the WBD acquisition, PSKY has a larger portfolio of sports rights, including the NFL, UFC and NHL, which will better position it to leverage content across multiple platforms. Technology-Led Integration Supports Synergies and DTC Execution: The combined company's larger technology base should help deliver cost efficiencies and improve DTC performance through consolidation of streaming technology stacks and integration of corporate systems. Fitch believes PSKY's tech capabilities could be a key competitive pillar post-transaction, if executed successfully. Peer Analysis PSKY, on a combined basis, would become the second-largest global media company behind the Walt Disney Company (not rated). The combined entity would remain materially smaller than Disney and would lack the diversification benefits from Disney's parks segment, which can support earnings stability through industry cycles. PSKY would also lack the size and diversification of Comcast Holdings Corporation (A-/Stable). Comcast owns 100% of NBCUniversal Media LLC (NBCUniversal; A-/Stable), one of the largest and most diversified U.S. media companies and also benefits from diversification outside media. However, PSKY's pro forma scale would be larger than NBCUniversal's media and studio business, which could support stronger content monetization and DTC positioning, although this benefit is offset by higher leverage and integration execution risk. Versant Media Group (BB/Stable) is expected to have leverage below 1.5x, which compares favorably with PSKY's materially higher leverage profile. Versant is more exposed to secular pressures from cord cutting and the shift toward DTC platforms, which can reduce affiliate revenue and increase earnings volatility. By contrast, PSKY's larger combined DTC footprint and content portfolio could improve competitive positioning over time, but the rating case depends on timely synergy delivery and sustained deleveraging. Nexstar Media Group Inc. (BB/Stable) has a leading market position in the U.S. local broadcast television market, strong FCF generation, and healthy retransmission revenues, and a modest leverage profile. The company is however, exposed to structural headwinds from ongoing cord-cutting, which may pressure the traditional pay-TV ecosystem over time, and cyclicality in advertising revenue. Fitch’s Key Rating-Case Assumptions Standalone - Fiscal 2026 total revenue to increase by the low single digits; TV media declines in the high single digits due to ongoing erosion in linear distribution and advertising pressure; DTC grows in the low teens; theatrical revenue will decline in fiscal 2026 due to a rebuild of the company's film slate with a return to strong growth in fiscal 2027 following film slate improvements; - Margins improvement driven by DTC profitability from subscriber growth and pricing increments. Margins will also benefit from cost management initiatives; - FCF will be negative for fiscal 2026 to reflect transformational costs related to the Skydance acquisition as well as incremental content spend to scale film slate, original series and sports' investments; - Common dividends to stay flat over the rating horizon; - Debt maturities are managed with cash balances. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Moderate), sector characteristics ('bb+', Moderate), market and competitive positioning ('bbb+', Higher), diversification and asset quality ('bbb', Moderate), company operational characteristics ('bbb', Higher), profitability ('bb-', Moderate), financial structure ('bb-', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Removing the RWN: - Termination of the WBD transaction, with PSKY continuing to operate at its current credit profile; - Completion of the acquisition, with finalization of the post-transaction capital structure and pro forma financial profile. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained operating underperformance amid ongoing competitive pressures; - Fitch-calculated EBITDA leverage sustained above 4.0x - FCF margin maintained below 1%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage is sustained below 3.0x; - Steady EBITDA margin improvement; - FCF margin sustained above 2.5%. Liquidity and Debt Structure As of March 31, 2026, PSKY had $1.9 billion in cash and $2.85 billion available under its $5.0 billion revolving credit facility (RCF), which matures in January 2028. The RCF was drawn to fund the Netflix breakage fee. This is expected to be repaid with funds from the WBD equity financing investment. The company had no commercial paper (CP) outstanding and full availability under its $50 million Miramax credit facility maturing in November 2027. PSKY had $15 billion outstanding debt as of March 31, 2026 comprising borrowings under the RCF and senior unsecured notes including two junior subordinated debt. The junior subordinated debt is notched down to 'BB' due to subordination and receives 50% equity treatment. There is no structural subordination. Issuer Profile PSKY is a global media and entertainment company providing scripted and unscripted content across multiple linear and digital distribution platforms. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Paramount Skydance Corporation. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Paramount Skydance Corporation LT IDR BB+ Rating Watch Maintained BB+ sr sec 2nd Lien LT BB(EXP) Expected Rating RR4 Paramount Global LT IDR BB+ Rating Watch Maintained BB+ ST IDR B Rating Watch Maintained B senior unsecured LT BB+ Rating Watch Maintained RR4 BB+ jr subordinated LT BB Rating Watch Maintained RR5 BB senior unsecured ST B Rating Watch Maintained B PARAMOUNT SKYDANCE: Moody's Rates Second Lien Secured Notes 'B1' ---------------------------------------------------------------- Moody's Ratings assigned a B1 senior secured rating to the proposed Second Lien Secured Notes to be issued by Paramount Skydance Corporation (PSKY or the Company) in connection with the exchange of existing notes ("junior liens") outstanding at Discovery Global Holdings, Inc. and Discovery Communications, LLC (collectively WBD subsidiaries and wholly-owned by Warner Bros. Discovery, Inc. (WBD, Ba1 RUR for downgrade)). Moody's also assigned a stable outlook to PSKY. All ratings at Paramount Global (Paramount), a wholly-owned subsidiary of PSKY, remain unchanged on review for downgrade, including its Baa3 Senior Unsecured Notes ratings, Ba1 Junior Subordinate Notes ratings, and Prime-3 Commercial Paper Program rating. The outlook at Paramount remains unchanged at ratings under review (RUR). On May 19, 2026, PSKY announced [1] its intention to offer Discovery Global Holdings, Inc. and Discovery Communications, LLC noteholders approximately $12.8 billion of Second Lien Secured Notes at PSKY (2L Notes), with the same maturities as the existing notes to be exchanged, ranging from 2029 to 2052, in an exchange for their existing notes. The new 2L Notes are expected to have the same or higher interest rates as the existing notes, to be guaranteed by its current and expected future subsidiaries including Paramount and its subsidiaries and WBD and its subsidiaries (collectively the Subsidiary Guarantors) and secured by substantially all assets of the same Subsidiary Guarantors. Moody's expects the 2L Notes to rank behind existing and to be issued Senior Secured First Lien debt obligations at PSKY, and ahead of existing and future junior claims including senior unsecured debt obligations at PSKY and or its operating subsidiaries including WBD and Paramount. The exchange is expected to settle after the expiry date of the exchange offer and following the closing date of the acquisition. In connection with this transaction (e.g. on or about the same timing of its closing), PSKY will tender for cash an additional $2.4 billion in outstanding WBD notes that will not participate in the current planned exchange. The redemption is expected to be financed with new secured debt (to be issued), at PSKY. The B1 rating assigned to the 2L Notes reflects Moody's expectations of the pro forma closing capital structure (described below) and a Corporate Family Rating (CFR) that is likely to be Ba3, to be issued at PSKY. The expected CFR and instrument ratings (including B1 rating assigned to the 2L Notes) could be different if there are material changes in the actual closing capital structure and or credit profile of the business relative to Moody's current expectations. Moody's expects the proposed debt exchange to be completed as part of the broader transaction financing and post-closing capital structure that will include a total of approximately $86.8 billion in debt (excluding $0.7 billion in finance lease obligations and reflecting an adjustment of approximately $1.2 billion to increase certain Paramount unsecured debt obligations to face value which were discounted in purchase accounting in connection with the acquisition of Paramount by PSKY). Based on management's plan, Moody's expects the pro forma closing capital structure to include approximately $44.5 billion in senior secured first lien debt obligations (approximately 48% of the mix, based on Moody's modeled claims), approximately $25.2 billion in second lien secured notes (approximately 27% of the mix), approximately $16.7 billion in senior unsecured notes (including Moody's fair value adjustment of $1.2 billion, or about 18% of the mix), and approximately $1.6 billion in subordinated notes (about 2% of the mix). Based on management's plan, Moody's expects senior secured first lien debt obligations to be issued at PSKY to include (i) a $5.0 billion Term Loan A (TLA) facility split between a $2.5 billion 3-year tranche (TLA-1) and a $2.5 billion 5-year tranche (TLA-2), (ii) a $5.0 billion RCF which Moody's expects to be undrawn at closing, (iii) and approximately $39.5 billion in new first lien secured debt which is currently backstopped by a bridge facility from a number of third party lenders as described below. In connection with acquisition of Paramount by PSKY, on February 25, 2026 Bank of America and BofA Securities, Inc., N.A., Citi, Apollo Capital Management, L.P. (ACM, and certain affiliate entities owned, controlled or managed by ACM), and Apollo Global Funding, LLC agreed to provide, subject to the satisfaction of customary closing conditions, (a) a $54.0 billion 364-day senior secured bridge term loan facility (the "Bridge Commitments") and (b) $3.5 billion of commitments under a 364-day senior secured revolving credit facility (the "Initial Revolving Commitments"), in each case, for the purpose of financing the purchase price under the merger agreement, to refinance certain indebtedness of WBD and PSKY, and to pay certain fees, costs, and expenses incurred in connection with the transactions contemplated by the merger agreement and the debt commitment. The bridge commitments and the initial revolving commitments were subsequently reduced to $49.0 billion and $0, respectively, on April 07, 2026, following the syndication of a portion into a $5 billion TLA and an amended $5 billion RCF. Moody's understands WBD is planning to extend a portion of its existing senior secured bridge facility with a Term Loan B facility. Moody's believes this transaction is leverage neutral, will not remain outstanding following the acquisition of WBD, does not impact Moody's expectations for the pro forma closing cap structure, or any other analytic views described herein. Based on management's plan, Moody's expects approximately $25.2 billion in Second Lien Senior Secured debt obligations to be issued at PSKY including (i) approximately $12.8 billion of B1 rated Second Lien Senior Secured Notes and (ii) approximately $12.4 billion in new (to be issued) Second Lien Senior Secured debt obligations. Based on management's plan, Moody's expects the closing capital structure to include existing unsecured notes of (i) approximately $13.0 billion in outstanding Senior Unsecured Notes at Paramount (rated Baa3 RUR for downgrade), (ii) approximately $1.6 billion in outstanding Junior Subordinated (hybrid) Notes (rated Ba1 RUR for downgrade) at Paramount, and (iii) approximately $2.5 billion in outstanding Senior Unsecured Notes (rated Ba3 RUR for downgrade) at WBD subsidiaries. All of the unsecured notes described above are expected to be primed by, and therefore subordinated to, current and any future first and second lien secured creditors. As a result, Moody's expects all unsecured and subordinated notes to be downgraded to B2, assuming a likely Ba3 CFR at close. Based on management's plan, Moody's expects WBD's existing $5 billion accounts receivable securitization facility to be fully repaid and terminated shortly after the acquisition of WBD following its refinancing with first lien senior secured transaction financing. Moody's expects all debt obligations at PSKY to be guaranteed by its subsidiaries (Paramount Global and WBD). Existing unsecured debt obligations at Paramount Global will be guaranteed by PSKY. Existing unsecured debt obligations at WBD will not be guaranteed by PSKY. Unsecured debt obligations at Paramount and WBD will not be guaranteed by their respective subsidiaries. Moody's expects all secured debt obligations to have a perfected lien on all or substantially all assets of PSKY and its subsidiaries (including Paramount and WBD, and each of their subsidiaries). Moody's believes the overwhelming majority of EBITDA and assets reside in the operating subsidiaries of Paramount Global and WBD. In addition to the debt financings, Moody's expects the company to raise up to approximately $47 billion in equity in a private placement (at a price of $16.02 per share) from affiliates of the Ellison Parties and RedBird (RedBird Capital Partners Fund IV (Master), L.P. which is committed to $250 million) – the equity investors - as well as a syndicate (The Equity Syndication Parties) including large, well-capitalized institutional investors: The Public Investment Fund, L'imad 1st SPV 2 Exempt RSC LTD (an investment vehicle of L'imad Holding, an Abu Dhabi sovereign wealth fund), QIA TMT Holding LLC (an investment vehicle of the Qatar Investment Authority), and LionTree Investment Fund, L.P. The PSKY shares to be issued in the Equity Syndication are non-voting. After giving effect to the closing of the Equity Syndication in connection with the closing, the Ellison family and RedBird together will continue to hold the largest equity stake in PSKY and will continue to be the sole owners of PSKY Class A Common Stock, representing 100% of the voting shares of PSKY. All syndicate parties (excluding the equity investors) will receive warrants that will initially entitle the holder to purchase one share of PSKY Class B Common Stock at an initial exercise price per share equal to the price set at the time of the equity syndication. RATINGS RATIONALE The ratings will remain under review for downgrade until Moody's have sufficient information regarding the post-closing credit profile and a high degree of certainty the transaction will close or be otherwise resolved. The likely Ba3 CFR post- closing reflects Moody's expectations that the combination of PSKY and WBD would be strategically transformative, dramatically enhancing Paramount's scale, diversifying revenue, and improving margins. Despite the strengths of the business profile, the significant debt-funded acquisition of WBD will increase debt by over $30 billion (about 67% higher than 2025 pro forma combined, Moody's, as reported). As a result, most credit metrics at close will look similar to highly speculative issuers with very low single-B credit ratings, at best. Based on Moody's estimates, Moody's expects leverage to be at least mid 7x at close (based on Moody's standard adjusted basis using gross debt, treating leases and pensions as debt, eliminating the over $800 million in equity credit currently applied to the $1.6 billion in outstanding Junior Subordinated Notes at Paramount (hybrid securities) as a result of the expected downgrade of Paramount to below investment-grade, and an adjustment to increase Paramount debt to its face value to eliminate the discount applied in purchase accounting). This very high financial leverage, combined with concentrated ownership, the plan to prime existing unsecured bondholders, and a mixed track record of meeting prior financial guidance, reflects significant governance risk. Regardless, there is likely to be meaningful deleveraging for the first several years post-closing primarily driven by the realization of targeted cost synergies. Pro forma for the transactions, management estimates the combined company would have a net leverage ratio (net debt-to-pro forma adjusted EBITDA) for the twelve months ended March 31, 2026, of approximately 4.4x after giving effect to synergies. PSKY management and the controlling shareholder have committed to delevering below net leverage of 3.75x by fiscal year 2028 and 3.00x by fiscal year 2029 and indicated they will take steps to deliver the deleveraging targets. Moody's believes management's net leverage ratios translate into at least approximately .7x higher leverage on Moody's standard adjusted basis (using gross debt and other adjustments) or approximately 4.45x and 3.70x in 2028 and 2029 respectively. The extraordinary wealth of the Ellison Family and its express commitment to its leverage targets are supportive rating factors and a counter-balance to Moody's views of the current governance risks which Moody's expects to improve with consistent and successful execution against management's plan. With incremental interest (assuming approximately $2.2 billion annualized, Moody's estimates), dividends (near $600 million annualized, Moody's estimates), and billions in cash-costs to achieve synergies (Moody's estimates and Moody's expectations they will be incurred over a 2-year period from 2027 to 2028), the company's FCF will be substantially constrained over the 2 years following the closing. FCF to debt metrics, which will be marginal in 2027, could rise to mid-single digit percent by 2028 (on Moody's adjusted basis). As result, reducing leverage will initially be largely dependent on EBITDA expansion supported by realizing targeted synergies, disciplined capital allocation including the prioritization of debt repayment, with more limited reliance on more uncertain levers but could include, among other transactions, the sale of assets. Successful execution against these objectives, including sustained improvement in free cash flow generation and progress toward target leverage levels will be important for the company's future credit trajectory, while delays in realizing synergies or weaker operating performance than expected could slow the pace of deleveraging and improvement in the credit profile. Moody's projections assume there are no share repurchases, leveraging transactions, or other unplanned or discretionary capital-related allocations or actions taken by management that could delay or compete with the repayment of debt until management reaches their periodic net leverage targets as planned. In addition to the strained credit metrics, there are very significant strategic, operational, and market challenges. First and most threatening is the rapid decline in the company's TV media segment. Revenue is expected to fall at an average annual rate of nearly 10% for the foreseeable future driven primarily by a loss of subscribers, only partially offset by pricing actions. While CBS is the least challenged, Moody's believes it and all other networks are all declining annually. Given the very material contribution of this segment to the consolidated results, the consolidated growth profile, profitability and free cash flow will remain constrained until the drag is overcome by the growing scale and mix shift to streaming and studio. Moody's estimates it will take at least five years until the streaming business earnings matches the scale of TV media. Moody's also believes the increasing cost of sports rights and fragmentation of licensing with larger and better capitalized competitors taking positions in valuable properties will continue to pressure the return on investment which could marginalize the share of existing rights owners, which may be forced to exit certain properties when the economics become unacceptable. Either way, the loss of rights or sudden decline in profitability of retained rights upon renewal can significantly accelerate the declines in the TV segment given the strong viewership and advertising attachment rate, especially for sports like the NFL. Moody's understands that because of PSKY's acquisition of WBD, CBS's contract with the NFL has been reopened due to a change in control provision. Higher costs resulting from the negotiations are likely, but any cost inflation may be partially offset by pruning costs in non-performing media properties. In streaming, Moody's expects the potential for changes to the service to create a degree of risk. Any material changes such as branding, pricing, bundling, tiering, or password sharing for example, can cause disruptive setbacks. Management will need to carefully plan and navigate these risks to mitigate and smooth any unfavorable developments. Management also notes the pro forma combination of subscribers includes some overlapping subscriptions (e.g. subscribers to both WBD and Paramount streaming services). Moody's expects bundling the two separate services into one, as expected, could cause materially higher churn than normal. The restructuring plan is another challenge given the significant size and extended duration of the multi-year execution. Cutting back content costs, layoffs, and reducing duplicative operations among other actions will be disruptive and distracting. At the same time, the adoption of AI and advanced technologies are increasingly viewed as a threat to creative human talent. The risk of strikes by writers and actors' unions will be a point of friction that will persist at each contract renewal as the company works to accelerate the adoption and realize the benefits of the technology while maintaining a commitment to its creative talent. Moody's understands leadership values greatly its human capital and believes creative storytelling is and will remain best told by people not machines. While this posture and messaging should help comfort its talent over the short term, emerging AI-first/only production companies without connections to traditional and legacy content production pipelines could be disruptive and a competitive threat if machines prove able to create high volumes of commercial-grade content with unique and compelling stories at a more favorable cost. If this occurs, Moody's believes these competitors could take share of viewership, most likely in the lower and middle market initially. Given the speed of advances in AI, it may be a risky bet that this cognitive function will be one of the few AI is unable to master. The ability for AI to create commercial-grade content offerings at scale, already being tested by a number of new studios, would be a very disruptive business model, putting significant pressure on companies like PSKY to compete with a similar model or risk falling behind. On a pro forma combined basis, the company will have close to $66 billion in revenue on an LTM basis at the planned closing date. Moody's views the company as a well-diversified leader in the media industry with a strong investment-grade like business profile which Moody's believes will endure with consistent investments in the business, prudent and disciplined cost management, and smart strategies to protect and expand market share. Combined, the company will be one of, if not the leader, in total viewership across all distribution channels (according to Nielsen). Its movie studio and library of creative content will be one of the largest in the world, arguably rivaling The Walt Disney Company (Disney A2, stable) and supported by significant content investments and long list of very successful franchise films and episodes. With nearly 27% share of the domestic box office in 2025 (according to boxofficemojo.com), and very significant licensing output, the segment produced about 26% of pro forma revenue in 2025 and 20% of consolidated EBITDA. Moody's expects a rise in the number of releases to near 30 annually and a focus on reducing the cost of production while improving the quality of storytelling could drive double digit annual revenue growth over the next 2 years. In TV, its largest segment (contributing the most significant mix of revenue at nearly 46% in 2025 and 70% of EBITDA, and most FCF), CBS anchors the business as a perennial leader in prime-time viewership driven by news and a valuable and scaled portfolio of sports rights which drives reliable and growing advertising across distribution channels. Most importantly, streaming is its growth engine and north star according to its leadership. It has very strong top-tier position with scale (over 210 million subscribers second only to Netflix, Inc. (A3 stable) and Amazon.com, Inc.'s (A1 stable) Amazon Prime, and near Disney representing near 20% market share (based on Moody's estimates), international reach, and rising profitability which has been a partial offset to the decline in profitability in TV. Effectively bundling, tiering, and pricing the service while improving the content mix organically or through partnerships could improve the position of the offering in the market. Consolidating the technology stacks, marketing, and operations across segments, should improve the cost structure, recommendation engines, and marketing efficiency which could help close the gap with the leaders. Consolidated profitability, specifically EBITDA margins, are expected to improve materially over the next years if more than $6.0 billion in targeted synergies (from this transaction) are fully realized through 2030 through cost savings across a combination of labor, content, and other costs, in addition to the potential for an additional $1.7 billion in targeted synergies at Paramount Global standalone. The gains should produce significant margin expansion (of hundreds of basis points, Moody's estimates through 2028) net of cost inflation and reinvestments in the business, primarily in content. Recent examples of this are the company's acquisition of exclusive rights to the UFC and UEFA soccer, both very valuable sports programming. Moody's believes these investments are an early reflection of ownership's plan and strategy to build a successful, durable, and well diversified media business. Its owner/operator mentality, very significant access to capital, experience and previous success in film production, aggressive approach to acquiring high quality talent and content, and technology-led operating plan creates a promising outlook for the business. Moody's expects Paramount to maintain very good liquidity over the next 12 months, supported by approximately $1.9 billion in cash at the end of the last quarter, and supported by (with access to) approximately $2.85 billion in availability at May 01, 2026 under PSKY's $5 billion RCF (not including an undrawn $50 million credit facility at Miramax that matures in November 2027). In the first quarter of 2026, in connection with the $2.8 billion termination fee paid to Netflix, Paramount borrowed $2.15 billion under its then existing RCF, which remained outstanding at March 31, 2026. Credit facility borrowings outstanding at the closing of the WBD merger are expected to be fully repaid with equity raised from the Ellison Parties in connection with the $46 billion equity private placement. Combined with cash from WBD (which was approximately $3.3 billion at the end of the last quarter), Moody's expects the company's liquidity at closing to approximate $10 billion including $5 billion in cash and $5 billion in an undrawn RCF. Moody's expects Paramount Global and Discovery Communications, LLC's existing commercial paper programs ($3.5 billion and $2 billion, respectively) will not be prime or accessible post-closing and for WBD's existing $5 billion accounts receivable securitization facility (unrated), which had $3.85 billion utilized at the end of the last quarter, to be fully repaid with new Senior Secured First-Lien acquisition financing and terminated post close. Moody's expects the existing WBD $4.0 billion RCF, which remains undrawn, to be terminated at closing. PSKY's $5 billion RCF was upsized and amended in April 2026, and is subject to a maximum First Lien Net Leverage ratio of 3.25x and Total Net Leverage of 5.50x (with a .50x step-up in the event of a material acquisition), which is also applicable to the TLA facility. Moody's expects ample covenant cushion under these updated financial maintenance covenants over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The focus of Moody's reviews at Paramount includes, among other considerations, the (i) likelihood and timing of transaction closing, (ii) final pro forma capital structure including the extent of secured debt financing and whether any debt is rolled over, repaid, refinanced, or otherwise modified (iii) integration risks and the combined company's business and growth strategies, (iv) capital allocation priorities, (v) liquidity profile, (vi) board, governance and organizational structure. The B1 rating assigned to the 2L Notes at PSKY could be changed if there are material changes in the actual closing capital structure and or credit profile of the business relative to Moody's current expectations. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. Paramount Global is a wholly-owned subsidiary of Paramount Skydance Corporation (PSKY or the Company), a public company headquartered in Los Angeles California and listed on the NASDAQ under the ticker PSKY. The company is a global media and entertainment company with a portfolio that includes Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance's Animation, Film, Television, Interactive/Games, and Sports divisions. The Company is comprised of three segments: TV Media, Direct-to-Consumer, and Filmed Entertainment. Paramount's revenue was approximately $29 billion as of LTM Q1 2026. The company is majority controlled by the Ellison Family which indirectly holds approximately 77.5% of the Paramount Skydance Corporation Class A Common Stock through their collective approximate 77.5% ownership interest in Harbor Lights Entertainment, Inc. PAUL JEWELERS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Paul Jewelers, LLC 22705 Clarksburg Road, Suite 928 Clarksburg, MD 20871 Business Description: Paul Jewelers LLC is a jewelry company based in Clarksburg, Maryland. Founded in 1990, the company offers jewelry products including engagement rings, wedding bands, diamond jewelry, gold jewelry, and custom jewelry. Its products also include bracelets, earrings, necklaces, pendants, and rings. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court District of Maryland Case No.: 26-15480 Judge: Hon. Maria Ellena Chavez-Ruark Debtor's Counsel: Linda Dorney, Esq. BGS LAW, LLC 110 N. Washington Street, Suite 404 Rockville, Maryland 20850 Tel: 301-579-3123 E-mail: linda@bgslawllc.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Pawan Harijan as managing member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VEWLCOQ/Paul_Jewelers_LLC__mdbke-26-15480__0001.0.pdf?mcid=tGE4TAMA PHAIR COMPANY: Appointment of Chapter 11 Trustee Sought ------------------------------------------------------- Tiffany Carroll, the Acting U.S. Trustee for Region 15, asked the U.S. Bankruptcy Court for the Southern District of California to convert the Chapter 11 cases of The Phair Company LLC and Jeffrey David Phair to Chapter 7, or, in the alternative, direct the appointment of a Chapter 11 trustee. The U.S. trustee explained that cause exists to convert or dismiss the cases under. * Section 1112(b)(4)(A) because the Debtors are suffering a substantial or continuing loss to and diminution of their estates without the reasonable likelihood of rehabilitation. * Section 1112(b)(4)(B) based on the Debtors' gross mismanagement of the respective estates, as detailed by the examiner in his reports to the court. * Section 1112(b)(4)(F) because the Debtors failed to timely file monthly operating reports and Mr. Phair failed to comply with Fed. R. Bankr. P. 2015.3. * Section 1112(b)(4)(K) because of the Debtors' non-payment of United States Trustee quarterly fees. * With respect to The Phair Company, cause exists under section 1112(b)(4) if the Debtor's counsel's motion to be relieved as counsel is granted and subsequent counsel is not retained, as corporate debtors cannot appear in bankruptcy cases without counsel. The U.S. trustee argued that in the alternative, the immediate appointment of a trustee under section 1104 is required, notwithstanding the Debtors' belated and self-serving effort to retain a CRO following the examiner's investigation, so that an independent and disinterested fiduciary can investigate the gross mismanagement of the Debtors' affairs. Ms. Carroll further argued that proper statutory remedy in cases such as these is the appointment of a neutral trustee, adding that such appointment would be in the best interests of the Debtors' estates and creditors and would provide creditors with the transparency needed concerning all of the Debtors' assets, liabilities, and financial information. A court hearing is scheduled for June 26. Additionally, the potentially divergent interests of these estates make the appointment of an independent and disinterested party necessary, according to the U.S. Trustee. A copy of the motion is available for free at https://urlcurt.com/u?l=dSmwF8 from PacerMonitor.com. About The Phair Company LLC The Phair Company LLC, a company in Chula Vista, Calif., sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Calif. Case No. 25-00667) on February 25, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Judge J Barrett Marum oversees the case. Vincent Renda, Esq., at Pinnacle Legal, P.C. and Grobstein Teeple, LLP serve as the Debtor's legal counsel and financial advisor, respectively. PKG INC: Seeks to Hire Goe Forsythe & Hodges LLP as Counsel ----------------------------------------------------------- PKG, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Goe Forsythe & Hodges LLP to serve as its general bankruptcy counsel. The firm will provide these services: (a) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee and the California Superior Court; (b) advise the Debtor regarding California state law and bankruptcy law, including rights and remedies with respect to assets and creditor claims, and prosecution and defense of the Debtor in the bankruptcy case and State Court Action; (c) advise the Debtor regarding assumption and rejection of executory contracts and leases; (d) represent the Debtor in proceedings or hearings in Bankruptcy Court or State Court where its rights may be litigated or affected; (e) represent the Debtor in all proceedings or hearings related to the Bankruptcy Court and State Court Action; (f) conduct examinations of witnesses, claimants, or adverse parties and prepare reports, accounts, and pleadings related to the Chapter 11 case and State Court Action; (g) advise the Debtor concerning applicable Bankruptcy Court and State Court rules and requirements; (h) assist the Debtor in negotiation, formulation, confirmation, and implementation of a Chapter 11 plan of reorganization or settlement in the State Court Action; (i) make any and all bankruptcy or State Court appearances on behalf of the Debtor; and (j) perform such other services as may be required in connection with the Chapter 11 case or State Court Action. Goe Forsythe & Hodges LLP will be compensated at its standard hourly rates, subject to adjustment. The record reflects a pre-petition retainer of $16,738 paid to the firm by the Debtor, which was fully exhausted as of the Petition Date. Goe Forsythe & Hodges LLP is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Marc C. Forsythe, Esq. GOE FORSYTHE & HODGES LLP 17701 Cowan, Lobby D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 E-mail: mforsythe@goeforlaw.com About PKG, Inc. PKG, Inc. is a corporate entity engaged in commercial operations, potentially including packaging, logistics, or related business services. PKG, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13503) on April 11, 2026. In its petition, the Debtor reports estimated assets of $100,001â€“$1,000,000 and estimated liabilities of $1 millionâ€“$10 million. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Marc C. Forsythe, Esq. of Goe Forsythe & Hodges LLP. PLATINUM EXPRESS: To Hire Thomsen Law Group as Bankruptcy Counsel ----------------------------------------------------------------- Platinum Express, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Thomsen Law Group, LLC as its bankruptcy counsel. The firm will provide these services: (a) give Debtor legal advice with respect to its powers and duties as Debtor-in-Possession in the continued operation of its businesses and management of its properties; (b) represent Debtor, as Debtor-in-Possession, in connection with any adversary proceedings instituted within the case; (c) prepare necessary schedules, petition, applications, motions, answers, orders, reports, objections, disclosure statement and plan of reorganization and other legal documentation in connection with the case; (d) advise the Debtor with respect to, and assist in the negotiation and documentation of, cash collateral orders and related transactions; (e) review the nature and validity of liens asserted against property of the Debtor and advise concerning enforceability of such liens; (f) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of its estate; (g) counsel the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; (h) advise and assist the Debtor in connection with any potential property disposition; (i) advise the Debtor concerning executory contracts and unexpired lease assumptions, assignments, rejections, lease restructuring and recharacterization; (j) assist the Debtor in reviewing, estimating and resolving claims asserted by or against the Debtor's estate; (k) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect assets of the Debtor's estate, or otherwise further the goal of completing the successful reorganization of the Debtor; (l) provide general corporate, litigation and other legal services for the Debtor as requested by the Debtor; and (m) perform all other necessary and appropriate legal services in connection with the Chapter 11 case for and on behalf of the Debtor. The proposed hourly rates are: Ira H. Thomsen $495 Denis E. Blasius $425 Darlene E. Fierle $425 Elizabeth M. Chinault $395 Paralegal/Administrative/Clerk $200 Prior to the Petition Date, Thomsen Law Group, LLC received a retainer of $31,738, including $1,738 allocated for the Chapter 11 filing fee. Thomsen Law Group, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ira H. Thomsen, Esq. Denis E. Blasius, Esq. Darlene E. Fierle, Esq. Elizabeth Chinault, Esq. THOMSEN LAW GROUP, LLC 140 North Main Street, Suite A Springboro, OH 45066 Telephone: (937) 748-5001 About Platinum Express Inc. Platinum Express, Inc. is a Dayton, Ohio-based truckload carrier founded in 1999. The company provides freight transportation services, including reefer freight delivery and transportation of groceries, plumbing supplies, and home construction and improvement materials. Platinum Express, Inc. is family owned and operated and operates a fleet of more than 80 trucks with owner/operator and company-employed drivers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-31005) on May 7, 2026. In the petition signed by Myna Burba, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tyson A. Crist oversees the case. Darlene E. Fierle, Esq., at Thomsen Law Group, LLC, represents the Debtor as bankruptcy counsel. PORT LOUIS: Small Business Plan Confirmed by Judge -------------------------------------------------- Judge Meredith S. Grabill of the U.S. Bankruptcy Court for the Eastern District of Louisiana confirmed Port Louis Owners Association, Inc.'s Plan of Reorganization for Small Business under 11 U.S.C. Sec. 1191(a). The Expedited Motion in Aid of Confirmation for the Plan of Reorganization (the "Covenant Approval Motion") is granted. Port Louis HOA is a non-profit homeowners association established by the Act of Dedication of Servitudes, Privileges and Restrictions dated December 5, 1984 (the "Original Covenants"). The Original Covenants referenced plans for a 300-acre planned community featuring condominiums, marinas, and other recreational amenities and commercial establishments, but those plans never materialized. Instead, Port Louis HOA exists as an association of 53 townhouses spread across 9 buildings. The Original Covenants required Port Louis HOA to purchase a master insurance policy providing casualty and liability insurance covering all units within the community. In the aftermath of Hurricane Ida, the costs of procuring master insurance policies increased dramatically, if such a policy can be obtained at all. In light of the dues collection issues, Port Louis HOA cannot afford the policies required to insure properties in the complex. The Original Covenants also created the obligation for Port Louis HOA to maintain the "exteriors" of the buildings in the complex, but left the contours of that responsibility relatively unclear, thereby fomenting confusion and litigation over the line between interior and exterior maintenance. Multiple iterations of the Port Louis HOA board have attempted to amend the Original Covenants to cure some of those problems without success due in part to consistently low levels of participation and voter turnout from the townhouse owners. The Original Covenants require that amendments be approved by 66 2/3% of the membership; however, voting rights may be suspended for owners who are delinquent in payment of association dues and assessments. The Plan and Proposed Amended Covenant Port Louis filed a voluntary petition under Subchapter V of Chapter 11 of the Bankruptcy Code on December 26, 2024. At a meeting of Port Louis HOA members in August 2025, the officers of Port Louis HOA, in coordination with counsel and the Subchapter V Trustee, announced their intention to amend the Original Covenants to give Port Louis HOA the opportunity to make the association financially viable and to meet the needs of the association and its members. They asked for input from all townhouse owners and received comments and suggestions from some, incorporating those comments into proposed Amended Covenants. Despite the provision in the Original Covenants that curtailed voting rights for townhouse owners who are delinquent in payment association dues and assessments, the Port Louis HOA board opened the vote on adoption of the Amended Covenants to all townhouse owners in the interest of fairness. Concerned with historically low participation and voter turnout, the board also changed the approval requirement to a 51% majority of votes cast. Of the 53 ballots that the Port Louis HOA board mailed to each unit's owners, 18 valid ballots were returned. Twelve (12) of the votes cast were cast in favor of approving the Amended Covenants and six (6) votes were case against approval. Pertinent provisions of the Amended Covenants include: (i) The board will have the authority to pursue injunctive relief or damages from homeowners for violations of the Amended Covenants, Bylaws, and rules and regulations promulgated by the board; (ii) Owners will be responsible for both interior and exterior maintenance of their properties; and (iii) Owners will be required to maintain individual insurance policies covering their properties. The Plan contemplates that, with approval of the Amended Covenants, which transfers the responsibility and costs of insuring townhouses to owners, Port Louis HOA will fund Plan payments and ongoing operations through the collection of association dues. The only payments required under the Plan are roughly $50,500 in administrative expenses and $3,000 to Class 1, which consists of the unsecured claim of Steve Conley, Esq. Any distribution to Classes 2 and 3, comprised of holders of prepetition tort and property damage claims, is limited to insurance proceeds, and the claims for property damage in Class 4 are subject to setoff in an amount greater than the claims. No party in interest filed a timely objection to the Plan or the Covenant Approval Motion. Pursuant to 11 U.S.C. Secs. 105(a) and 1123(a)(5), the Court finds that it was fair and equitable for the Debtor to adjust the voting requirements for passing amendments under the Original Covenants. According to Judge Grabill, "Here, the changes made in the Amended Covenants provide the reasonable probability of success required by Sec. 1129(a)(11) by remediating the problems that precipitated the bankruptcy filing. Approval of the Amended Covenants as a component part of the Plan facilitates the important 'fresh start' purpose of bankruptcy by enabling Port Louis HOA to operate as a going concern." The Court finds that Port Louis HOA has met its burden to show that all requirements of Sec. 1129(a) are satisfied. As shared by the Troubled Company Reporter, Port Louis Owners Association, Inc., filed with the U.S. Bankruptcy Court for the Eastern District of Louisiana a Plan of Reorganization for Small Business dated May 15, 2025. The Debtor is a non-profit corporation. Since June 17, 1988, the Debtor has been in the business of being a homeowners association for a town-home community consisting of 52 town-homes. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $25,666.00. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 10 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 3 consists of Non-priority unsecured creditors. Class 3 is Impaired and allowed to vote on the Plan. Claim 9 by Steve Conley for $3000.00 is undisputed. Will be paid in full 90 days after the effective date of this Plan. Class 4 consists of General Unsecured Claim Disputed. Class 4 is Unimpaired and not allowed to vote on the Plan. Claim 2 by Gary Loyd for personal injury, pending lift of stay to pursue in State Court 22nd JDC No. 2019-15508. The claim will be considered paid in full by whatever if any proceeds are paid by the Debtor's Insurance carrier. Class 5 consists of General Unsecured Claims Disputed. Class 5 is Unimpaired and not allowed to Vote for the Plan. Claim 4 by Matthew Weisensee, Claim5 by Gary Loyd, and Claim 6 by Justin Mayet, all have suits for damages filed against Debtor & Debtor's insurer in 22nd JDC. The claims will be considered paid in full by whatever if any proceeds are paid by the Debtor's Insurance carrier. Class 6 consists of General Unsecured Claims Disputed. Class 6 claims are unimpaired and not allowed to vote on the Plan. Claim 3 is Kathryn Watts, Claim 8 is Charles E McKnight & the Estate of Janet McKnight, and Claim 10 is Carol Diebold. These claims will not be paid until the date on which such claim is allowed by a final non appealable Order of this Court on the objections to said claims and Debtor may have an offset to any claim upheld. The Debtor is a non-profit corporation and the continued management of the Debtor includes a board of directors (who are not paid)and the adoption of the amended Convents and by-laws, which will be finalized before the Plan is sent out. The cause of this bankruptcy has been that the original convents were for a development that never came to completion and were drafted for condominiums not the Townhomes that are in the development. This has led to confusion and lawsuits against the Debtor. It is anticipated that the Debtor will fund its plan payments from dues income and contingently from funds recovered from pursuing outstanding accounts receivable. A full-text copy of the Plan of Reorganization dated May 15, 2025 is available at https://urlcurt.com/u?l=4g31YC from PacerMonitor.com at no charge. A copy of the Court's Memorandum Opinion and Order dated May 20, 2026, is available at http://urlcurt.com/u?l=jShyEufrom PacerMonitor.com. About Port Louis Owners Association Port Louis Owners Association Inc. is dedicated to fostering a sense of belonging and unity among homeowners in this vibrant community. Port Louis Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12511) on Dec. 26, 2024. In its petition, the Debtor reported assets of $100,000 to $500,000 and liabilities of up to $50,000. Judge Meredith S. Grabill handles the case. The Debtor tapped Renee L. Achee, Esq., at Achee Law Firm, LLC, as bankruptcy counsel and Anthony S. Maska, Esq., as special counsel. PRESS PREMIUM: In Receivership ------------------------------ Kirk O'Neil of The Street reports that Milwaukee-based Press Premium Alcohol Seltzer has entered receivership following financial difficulties, with proceedings filed in Milwaukee County Circuit Court under Wisconsin's Chapter 128 statute. The action involves XYZ Beverage LLC, the operating entity behind the brand. Attorney Devon Eggart has been appointed receiver in Case No. 26CV2701, giving him authority to take control of the company's assets, assess liabilities, and manage ongoing business operations under court supervision. The process will determine whether the company is sold, restructured, or liquidated, the report relays. According to court filings, the company's liabilities outweighed its assets prior to the receivership, and it had recently downsized its workforce in response to mounting financial strain. The case reflects increasing pressure on the craft beverage sector. About Press Premium Alcohol Seltzer Press Premium Alcohol Seltzer is a Milwaukee-based craft beverage brand producing premium hard seltzers made with natural flavors and ingredients. The company, operated through XYZ Beverage LLC, positioned itself in the rapidly growing ready-to-drink alcohol segment with a focus on artisanal flavor profiles and clean-label formulations. The Company has been placed under receivership in Milwaukee County Circuit Court due to financial distress. The court named Milwaukee attorney Devon Eggart as receiver. PRICE PLUMBING: Hires Great Plains Legal Services LLC as Counsel ---------------------------------------------------------------- Price Plumbing Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Great Plains Legal Services LLC to handle its Chapter 11 case. The firm will be paid at these rates: Joshua L. Farmer $350 per hour Legal Assistant and paralegals $75 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Farmer, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joshua L. Farmer, Esq. Great Plains Legal Services LLC 3108 N. Classen Blvd. Oklahoma City, OK 73118 Telephone: (405) 296-6859 Facsimile: (580) 581-6859 Email: josh@gplawok.com About Price Plumbing Inc. Price Plumbing Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Okla. Case No. 26-15094) on May 12, 2026, disclosing under $1 million in both assets and liabilities. The Debtor hires Great Plains Legal Services LLC as counsel. PROVIDENT GROUP: Fitch Affirms BB+ Rating on 2025A Revenue Bonds ---------------------------------------------------------------- Fitch Ratings has affirmed Provident Group - PBAU Properties II LLC's $226 million series 2025A senior revenue bonds at 'BB+'. The Rating Outlook is Stable. The rating reflects the single-asset nature of the project, which has a minority on-campus market share for student housing. This includes 990 beds out of a projected 2,217 at Palm Beach Atlantic University (PBAU, Issuer Default Rating [IDR] BBB+/Stable). The project has a long debt tenor. Fitch expects narrow senior lien coverage levels near the minimum rate covenant requirement under its rating case. The entire project, which includes housing, dining, a wellness center and a parking garage, is mainly funded by senior and subordinate lien bonds. Once completed, these facilities will play a key role in on-campus student life activities. but high utilization will depend on continued favorable enrollment trends. With rising debt service and operating costs, it will be challenging for the project to meet covenant requirements even with solid occupancy levels and the benefit of student housing fees and annual university lease receipts. Fitch's rating case 10-year average senior lien debt service coverage ratio is slightly below 1.30x. Including the unrated subordinate bonds, total coverage levels are approximately 1.1x, leaving an overall narrow cashflow cushion to cover expected costs. The 40-year term of the bonds results in prolonged exposure to facility maintenance and condition costs. KEY RATING DRIVERS Completion Risk - Stronger Low Construction Complexity: Fitch does not view completion risk as a rating constraint due to the project's complexity, scope, and duration as well as its performance security package. Construction complexity is relatively low and will be managed by an experienced contractor with a record of executing similar student housing projects. With strong construction development in the area, there are many potential replacement contractors and subcontractors that can handle the scope of work, if needed. Cost and delay risks are reasonably mitigated. The project has several levels of contingencies, performance and payment bonds, and retainage. Additionally, there is a prefunded capitalized interest period for debt service extending six months beyond the substantial completion date. Revenue Risk - Volume - Midrange On-Campus Single Asset Facility with Initial Growth Dependency: The project's volume assessment depends on PBAU reaching or surpassing its high enrollment goals, primarily with full-time, in-person undergraduate students. The university has recently benefitted from increased applications and student deposits for housing, resulting in insufficient on-campus housing supply relative to demand. The university is also raising the age for mandatory on-campus residence to 21 from 20 and limiting exemptions, which will result in more students living on campus. The addition of 990 beds for the project will materially expand the university's housing supply. It will be priced at the upper end of student housing options, posing significant risk from competition from lower priced options. University payments, representing over 20% of annual pledged cashflows, provides some downside protections to year-to-year occupancy volatility. Revenue Risk - Price - Midrange Unrestricted Pricing Control; Established University Payments: There are no contractual restrictions on student housing pricing under the transaction documents. Oversight is provided by an operating committee governed jointly by PBAU and Provident Group. Both parties have a historical operating relationship from an existing on-campus in-use housing project. A premise sublease agreement establishes annual payments to the project over the final maturity of all debt intended to cover a share of capital costs associated with the dining, parking, and wellness facility for the life of the bonds. These payments provide cashflows not linked to demand risks but cannot be adjusted from the initial schedule regardless of project performance or long-term costs. Infrastructure Dev. & Renewal - Stronger New Facility, Flexible Maintenance Reserve Funding: The project includes a new 990-bed student housing facility, along with a new dining facility, wellness facility, and a nine-story parking facility with 704 spaces. A renewal and replacement fund is set at a robust level of $375 per bed to support both annual renovations and future periods of lifecycle capital. The project is obligated to prepare an annual capital plan. It additionally requires a condition facility report to be completed every five years to assess 10-year forward-looking maintenance needs and funding adequacy. Debt Structure - 1 - Stronger Conservative Debt Structure: The senior bonds incorporate a conservative, fully amortizing debt structure with a fixed rate of interest, although there is an increasing debt service payment profile through fiscal 2039, and annual payments are levelized annual thereafter. The 30-year debt tenor is relatively long for student housing. Project liquidity is supported by multiple reserves, including operating reserves (20% of budged operating costs), a replacement reserve ($375 per bed, plus annual escalations), and a debt service reserve sized to the maximum annual debt service. Senior bonds include comprehensive covenants, with 1.25x coverage required under the rate covenant, additional bonds test, and surplus funds distributions to PBAU. Peer Analysis A comparable publicly rated student housing credit is SFP - Tampa I LLC (BB+/Negative). SFP Tampa is a newly built single site, off-campus building, which represents a small percentage of available university-wide housing stock. SFP's rating is constrained by its financial metrics with average lifetime Fitch calculated senior DSCR of 1.6x (1.2x over the next 10 years). Fitch rates several other comparable public and private student housing projects with investment-grade ratings, given a combination of existing operations, superior franchise strength being on-campus, more diversified across several assets/universities, and/or representing a greater proportion of housing stock, and more robust financial profiles and capital reserves. These transactions typically have much stronger lifetime DSCR profiles with minimums of around 1.4x or greater. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Setbacks during the project delivery phase that result in late completion; - Occupancy levels that constrain project revenue, or operating costs that exceed Fitch's rating case expectations, resulting in senior coverage falling below 1.20x on a sustained basis; - Material weakening of PBAU's credit profile that is relevant to both the stability of project operations and the sublease payments. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Successful project completion on time and within budget followed by a stabilized operating history; - Strong and sustainable occupancy levels that indicate senior DSCRs remaining at or above 1.30x (1.20x total) under the Fitch rating case. This compares to current Fitch rating case DSCRs of 1.26x senior and 1.19x total for the first ten years of operations (fiscal 2028-2037). Financial Profile Fitch views the project's financial metrics as relatively weak, highlighted by narrow overall coverage levels and elevated leverage to fund project costs. Under Fitch's rating case, coverage levels at the senior lien are marginally above the 1.25x rate covenant requirement over the first 10-year period, and bed rates could require increases above inflationary levels to support this level of coverage cushion. While occupancy levels are assumed to be 93%, the university payments do provide for a relatively strong occupancy break-even level at 78% to cover all annual operating and debt costs. With only modest university equity funding to support the project, coupled with annual surplus distributions back to the university, starting leverage is elevated at 15x and remains high for extended periods over the debt term. Climate Vulnerability Signals The Climate.VS for 2035 for Provident Group - PBAU Properties II LLC is 60. This reflects slightly elevated exposure to flood, wind, and hail risks. However, Fitch notes that the project is required to maintain customary insurance. The Climate.VS is therefore not a constraint to the rating. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Provident Group - PBAU Properties II LLC Provident Group - PBAU Properties II LLC/Housing Revenues - Senior Lien/1 LT LT BB+ Affirmed BB+ QVC GROUP: Glenn Agre & Cleary Gottlieb Amend Rule 2019 Statement ----------------------------------------------------------------- In the Chapter 11 bankruptcy cases of QVC, Inc. and its debtor-affiliates, Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division a Second Amended Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firms represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. According to the Second Amended Verified Statement: 1. Certain of the Preferred Shareholders retained CGSH or Glenn Agre to represent them in connection with the Chapter 11 Cases. CGSH and Glenn Agre subsequently arranged for the Preferred Shareholders to jointly engage both firms and to engage KRCL as its local counsel. 2. Counsel represents the Preferred Shareholders and does not represent or purport to represent any entities other than the Preferred Shareholders in connection with the Chapter 11 Cases. In addition, none of the Preferred Shareholders represent or purport to represent any other entities in connection with these cases. 3. Neither Counsel nor the Preferred Shareholders make any representation regarding the validity, amount, allowance, or priority of the interests and reserve all rights with respect thereto. 4. Nothing contained in this Verified Statement should be construed as a limitation upon, or waiver of, each Preferred Shareholder's right to assert, file or amend any claims or proofs of interest in accordance with applicable law and any orders entered in these Chapter 11 Cases, including any order establishing procedures for filing proofs of claim or interests, or to be heard on any other matter in the Chapter 11 Cases. 5. Additional Preferred Shareholders may join the Preferred Shareholders, and certain Preferred Shareholders may cease to be represented by Counsel in the future. Counsel reserves the right to amend or supplement this Verified Statement in accordance with the requirements outlined in Bankruptcy Rule 2019. 6. Counsel submits this Verified Statement out of an abundance of caution, and nothing herein should be construed as an admission that; (a) The requirements of Bankruptcy Rule 2019 apply to Counsel's representation of the Preferred Shareholders or (b) The Preferred Shareholders constitute a "group" including any group acting for the purpose of acquiring, holding, or disposing of securities. 7. The Preferred Shareholders have indicated to Counsel that they hold disclosable economic interests or act as investment managers or investment advisors to funds and/or accounts that hold disclosable economic interests in relation to the Debtors. The names, addresses, nature, and amount of all disclosable economic interests of each present Preferred Shareholder in relation to the Debtors, are: 1. Adam Gui 1750 W. Ogden #4106 Naperville, IL 60540 Nature and Amount of Disclosable Economic Interests Preferred Stock 15,000 shares 2. Asterozoa Management LLC 2325 E Camelback Road Suite 443 Phoenix, AZ 85016 Nature and Amount of Disclosable Economic Interests Preferred Stock 106,308 shares 3. Citadel Americas LLC 350 Park Avenue, New York, NY 10022 Nature and Amount of Disclosable Economic Interests Preferred Stock 564,780 shares 4. Converium Capital, Inc. 1250 René-Lévesque Blvd West, Suite 4030, Montreal, QC H3B 4W8, Canada Nature and Amount of Disclosable Economic Interests Preferred Stock 179,950 shares 5. Cygnus Opportunity Fund, LLC 3060 Peachtree Road NW Suite 1080 Atlanta, GA 30305 Nature and Amount of Disclosable Economic Interests Preferred Stock 1,248,003 shares Class A Common Stock 1,800 shares 6. Fore Capital 589 Fifth Ave, Suite 808, New York, NY 10017 Nature and Amount of Disclosable Economic Interests Preferred Stock 128,272 shares 7. Highbridge Tactical Credit Master Fund, L.P. 390 Madison Avenue 28th Floor New York, NY 10017 Nature and Amount of Disclosable Economic Interests Preferred Stock 210, 659 shares 8. Highbridge Tactical Credit Institutional Fund, Ltd. 390 Madison Avenue 28th Floor New York, NY 10017 Nature and Amount of Disclosable Economic Interests Preferred Stock 39,341 shares 9. Jain Global LLC 9 West 57th Street, 39th Floor New York, NY 10019 Nature and Amount of Disclosable Economic Interests Preferred Stock 271,404 shares 10. Kawa Fund Limited 1010 S. Federal Hwy, Ste. 2900, Hallandale Beach, FL 33009 Nature and Amount of Disclosable Economic Interests Preferred Stock 452,676 shares 11. Kenneth Grossman Kenneth Grossman 18 Norfolk Rd. Great Neck, NY 11020 Nature and Amount of Disclosable Economic Interests Preferred Stock 66,331 shares 12. Mycor L/S Credit Master Fund, LP 4 Star Point, Suite 102 Stamford, CT 06902 Nature and Amount of Disclosable Economic Interests Preferred Stock 175,000 shares 13. Point72 Asset Management, L.P. 55 Hudson Yards, 10th Floor New York, NY 10001 Nature and Amount of Disclosable Economic Interests Preferred Stock 297,297 shares 14. Plum Island Partners, LLC 777 Third Avenue, 36th Floor New York, NY 10017 Nature and Amount of Disclosable Economic Interests Preferred Stock 241,081 shares 15. Signal Capital Partners Limited 25 Golden Square 4th Floor London, W1F 9LU Nature and Amount of Disclosable Economic Interests Preferred Stock 108,399 shares 16. Sona Asset Management 730 Third Avenue, 26th Floor New York, NY 10017 Nature and Amount of Disclosable Economic Interests Preferred Stock 567,794 shares 17. Tiger Hill Advisors 162-168 Regent Street London W1B 5TG Nature and Amount of Disclosable Economic Interests Preferred Stock 50,000 shares Counsel to Preferred Shareholders: Mark C. Taylor, Esq. ANE RUSSELL COLEMAN LOGAN PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Tel: (512) 487-6650 E-mail: mtaylor@krcl.com - and - Andrew K. Glenn, Esq. Kurt A. Mayr, Esq. Agustina G. Berro, Esq. GLENN AGRE BERGMAN & FUENTES LLP 1185 Avenue of the Americas New York, NY 10036 Tel: (212) 970-1601 E-mail: aglenn@glennagre.com kmayr@glennagre.com aberro@glennagre.com - and - David H. Botter, Esq. Joshua Brody, Esq. CLEARY GOTTLIEB STEEN & HAMILTON LLP One Liberty Plaza New York, NY 10006 Tel: (212) 225-2000 Fax: (212) 225-3999 E-mail: dbotter@cgsh.com jbrody@cgsh.com About QVC Group Inc. QVC Group, Inc., formerly known as Qurate Retail, Inc. — https://www.qvcgrp.com/ — owns interests in subsidiaries and other companies that are primarily engaged in the video and online commerce industries. Through its subsidiaries and affiliates, the company operates in North America, Europe and Asia. Its principal businesses and assets include its consolidated subsidiaries QVC, Inc., Cornerstone Brands, Inc., and other cost method investments. QVC Group and several affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90447) on April 16, 2026. In its petition, the Debtor reports more than $1 billion in assets and estimated liabilities of $6.6 billion. The Hon. Bankruptcy Judge Alfredo R. Perez handles the jointly administered cases. The Debtors employed Kirkland & Ellis LLP and Kirkland & Ellis International LLP as co-counsel; Gray Reed, as co-counsel; AlixPartners, LLP, as financial advisor; Evercore Group L.L.C., as investment banker; Kroll Restructuring Administration LLC, as claims and noticing agent; and PricewaterhouseCoopers LLP, as tax advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to QVC Group and QVC, Inc. Kobre & Kim LLP, serves as legal counsel to QVC Group, Inc. under the direction of the Special Committee; Seward & Kissel LLP, as legal counsel to QRI Cornerstone, Inc. under the direction of the Special Committee; Milbank LLP, as legal counsel to Liberty Interactive LLC, under the direction of the disinterested directors, and as legal counsel to Qurate Retail Group, Inc., under the direction of the Special Committee; and Katten Muchin Rosenman LLP, as legal counsel to QVC, Inc., under the direction of the disinterested directors. The Bank of New York Mellon Trust Company, N.A., as trustee under the LINTA Notes Indenture, is represented by Reed Smith LLP, as counsel. The LINTA Noteholder Group is represented by Akin Gump Strauss Hauer & Feld LLP. The QVC Noteholder Group is represented by Davis Polk & Wardwell LLP. The RCF Lender Group, led by JPMorgan Chase Bank, N.A., as administrative agent, is represented by Simpson Thacher & Bartlett LLP. An ad hoc group of beneficial holders to QVC Group, Inc. is represented by Brown Rudnick LLP as counsel. Glenn Agre Bergman & Fuentes LLP, Cleary Gottlieb Steen & Hamilton LLP, and Kane Russell Coleman Logan PC represent certain beneficial holders of the 8.0% Series A Cumulative Redeemable Preferred Stock issued by QVC Group, Inc. R INTERCONNECTIONS: Retains Jill M. Flinton CPA as Accountant ------------------------------------------------------------- R Interconnections Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of New York to retain Jill M. Flinton CPA PLLC as accountant and bookkeeper. The firm will provide these services: (a) monthly On-Going Bookkeeping; (b) preparation of Debtor's Monthly Operating Reports; and (c) preparation and Filing of Business Income Tax Returns. Jill M. Flinton CPA PLLC will receive the following compensation: General Bookkeeping Services (without detailed fee applications) - $425 per month Income Tax Preparation and Filing - not to exceed $1,200 per tax year Professional Operations - $250 per hour Bookkeeping - $140 per hour Administrative - $100 per hour Court filings state that Jill M. Flinton CPA PLLC "has no business, professional, or other connection to the Debtor-in-Possession, its creditors or any other party in interest and has no interest adverse to the Debtor-in-Possession or to the estate of the Debtor," and is therefore a "disinterested" as that terms is defined in the Bankruptcy Code. The firm can be reached at: Jill Flinton, CPA JILL M. FLINTON CPA PLLC 800 NY-146 Suite 385 Clifton Park, NY 12065 About R Interconnections Inc. R Interconnections Inc operates a retail storefront selling fishing tackle and gear across upstate New York and surrounding areas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. N.Y. Case No. 26-10033-1-pgr) on January 14, 2026. In the petition signed by Thomas Zebrowski, US operations manager, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Patrick G. Radel oversees the case. Michael Boyle, Esq., at Boyle Legal LLC, represents the Debtor as legal counsel. R.R. DONNELLEY: Fitch Alters Outlook on B LongTerm IDR to Negative ------------------------------------------------------------------ Fitch Ratings has affirmed R.R. Donnelley & Sons Company's (RRD) Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook has been revised to Negative from Stable. Fitch has also affirmed RRD's ABL facility at 'BB' with a Recovery Rating of 'RR1', as well as its first lien term loan B and senior secured notes at 'BB-'/'RR2'. In addition, Fitch has assigned a rating of 'B-'/'RR5' to the new unsecured notes and affirmed the existing junior lien secured notes and unsecured notes at 'B-'/'RR5'. The Negative Outlook reflects higher pro forma leverage post-transaction, with EBITDA leverage expected to remain above Fitch's negative rating sensitivity threshold for approximately two years. The ratings remain constrained by secular headwinds in the print segment, which will likely limit revenue growth over the forecast period. They are also supported by RRD's leading market position, scale, diversified client base and end markets, and expected EBITDA growth from ongoing cost rationalization and operational improvements. Key Rating Drivers Increased Leverage: RRD plans to issue $750 million of new five-year senior unsecured notes. The proceeds will be used to fully redeem the 12%/11% PIK toggle notes issued by RRD Intermediate Holdings, Inc. In addition, the proceeds will be used to prepay a portion of RRD's term loan, partially redeem a portion of the 10% PIK notes due 2031, pay the accumulated dividends on the perpetual preferred shares at RRD Parent, Inc., and cover transaction fees and expenses. Fitch estimates that RRD's pro forma EBITDA leverage will increase to the low 5.0x range, excluding the parent company's PIK notes and preferred shares. Fitch treats the PIK notes as shareholder loans and the preferred equity as holdco PIK, rather than debt, in accordance with Fitch's criteria for rating holdco PIK shareholder loans. Fitch believes deleveraging will be manageable through continued EBITDA expansion and expects EBITDA leverage to decline to the high 4.0x range by 2028. However, any further leveraging capital structure transactions could pressure credit metrics and ratings. Print Pressures: Fitch believes RRD faces moderate secular headwinds limiting print segment revenue growth. Commercial print accounted for roughly 22% of 2025 revenues, down from 34% in 2018. The shift to digital media, accelerated by the pandemic, continues to curb demand for printed products and boost online content distribution. Fitch believes the secular decline in Valassis' print segment revenue could further weigh on RRD's growth profile. Limited revenue growth in a relatively low-margin business increases the risk and uncertainty around operating performance over time. However, RRD's transformation into a marketing, packaging, and supply chain solutions provider, along with continued cost rationalization efforts, has supported revenue growth and improved EBITDA margins. Positive FCF: Fitch expects RRD to generate positive FCF margins over the forecast period. The company has successfully realized approximately $95 million of cost synergies from the Valassis and Williams Lea acquisitions and reduced SG&A expenses. Fitch also expects the company's (CFO-capex)/debt to remain in the low single-digit range over the forecast period. Scale in Fragmented Industry: RRD's credit profile is supported by its scale and diverse product offerings as one of the largest commercial printers and marketing solutions providers in the U.S. Fitch believes the company's significant size provides economies of scale benefits in the highly competitive and fragmented printing industry. RRD also benefits from longstanding client relationships, with 80% having a tenure of over seven years, low customer concentration and a high contracted revenue base. Diversified Client Base, Industry Mix: RRD serves over 16,000 clients, including over 73% of the Fortune 500, across 175 global locations with about 75% of the revenues coming from the U.S. The company operates in major industry verticals such as retail, healthcare, financials, services, manufacturing and publishing. Its top 10 customers account for about 20% of total revenues, but RRD has strong client retention. Fitch expects that the diversified customer base and geographic spread reduce risks tied to individual sectors and minimize revenue volatility due to long-standing customer relationships. Asset Monetization: RRD had optimized parts of its portfolio by monetizing asset sales. Besides divesting the GDS, R&D and Logistics businesses, and the Chile and Brazil operations before 2021, the company sold a printing facility in Shenzhen, China and disposed of its Canadian operations in 2023. Fitch believes that ongoing cost rationalization and deleveraging through non-core asset sales could provide RRD with additional financial flexibility. Peer Analysis Fitch assesses RRD's ratings relative to various printing and other services peers in Fitch's rated universe. RRD has a relatively strong competitive position, supported by the scale and size of its operations. However, its ratings are constrained by secular industry headwinds that limit revenue growth, as well as the absence of a committed financial policy under private equity ownership, which could prioritize shareholder returns over deleveraging. Fitch rates Deluxe Corporation (B+/Stable), which specializes in legacy print and payment solutions. Deluxe's print segment includes checks and promotional products and accounted for 53% of its 2025 revenue, though this fell below 50% as of 1Q26. While RRD is larger in scale and generates higher revenue, Deluxe achieves higher EBITDA margins. Fitch also rates Pitney Bowes (BB-/Stable) which provides shipping, mailing, and financial services. Although Pitney is smaller in scale as compared to RRD, it has higher EBITDA and FCF margins and lower leverage. Fitch’s Key Rating-Case Assumptions - Fitch expects 2026 revenue to increase in the low single digits due to secular decline in commercial print, slower demand and overall economic conditions; - EBITDA margins are assumed in the low double-digit range over the forecast period based on the improvements in operational efficiency and cost initiatives; - Fitch projects FCF as a percentage of revenue to be in the low single-digit range over the next few years; - Capex of about $135 million-$140 million annually; - Cash taxes and working capital remain a modest use of cash flow in the next few years. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): management ('bb+', Moderate), sector characteristics ('b+', Moderate), market and competitive positioning ('bb+', Lower), diversification and asset quality ('bb+', Moderate), company operational characteristics ('b+', Moderate), profitability ('bb-', Moderate), financial structure ('b', Higher), and financial flexibility ('b-', Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 'B+' to 'CC' considerations apply in its analysis and have no impact. - The Governance Assessment of 'good' has no impact. - The Operating Environment assessment of 'a+' has no impact. - The SCP is 'b'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis For entities rated 'B+' and below, where default is a higher possibility and recovery prospects are more meaningful to investors, Fitch undertakes a tailored, or bespoke, analysis of recovery upon default for each issuance. The resulting debt instrument rating includes a Recovery Rating or published 'RR' (graded from RR1 to RR6) and is notched from the IDR accordingly. In this analysis, there are three steps: (i) estimating the distressed enterprise value (EV), (ii) estimating creditor claims, and (iii) distribution of value. Key Recovery Rating Assumptions Fitch assumes that RRD would be reorganized as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. GC Approach Fitch estimates a GC EBITDA of $530 million, or meaningfully below the company's pro forma EBITDA including Valassis and Williams Lea. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation. Fitch contemplates a scenario in which a secular decline in commercial printing and the highly competitive and fragmented nature of the industry impair RRD's debt-servicing facility. Any further changes to the amount of outstanding first lien debt could result in changes to the RR for the term loan B facility and senior secured notes. EV Multiple Fitch assumes a 5.0x multiple, which is validated by historical public company trading multiples, industry M&A and past reorganization multiples Fitch has seen across various industries. RATING SENSITIVITIES Fitch could stabilize the rating with improved confidence that organic performance improvements will be sufficient to offset further potential leveraging capital structure transactions such that EBITDA leverage is expected to sustain below 5.0x. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Sustained revenue declines or deterioration of EBITDA margins; - FCFs sustained near zero; - EBITDA leverage expected to sustain at or above 5.0x due to performance deterioration or further leveraging capital structure transactions; - (CFO-capex)/debt less than 2.5%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Material improvement in operating profile evidenced by sustained positive low single-digit revenue growth and continued improvement in EBITDA margins; - Consistently positive FCFs with FCF margins at mid-single digits or higher; - EBITDA leverage sustained below 4.0x; - (CFO-capex)/debt above 5%. Liquidity and Debt Structure Fitch views RRD's liquidity position as adequate, supported by the company's cash balances and the availability under its asset-based revolving credit facility of $420.5 million as of March 31, 2026, adjusted for the borrowing base, outstanding letters of credit and borrowings under the facility. The company had cash balances of $309 million as of March 31, 2026. Fitch also projects positive FCF over the rating horizon. However, FCF margins could be impacted if the company pays out large dividends. Pro forma debt capital consists of $800 million ABL facility maturing April 2030, $706 million term loan B facility maturing 2029, $1,050 million senior secured notes due 2029, $475 million five-year junior lien secured notes due 2029, new unsecured notes of $750 million and less than $90 million of senior unsecured notes and debentures due from 2029 through 2031. Issuer Profile RRD is a large global commercial printer that provides marketing, packaging, labels, print, and supply chain solutions. The company has over 17,000 clients across more than 175 locations worldwide. It is owned by investment funds managed by Chatham Asset Management, LLC. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for RRD. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- R.R. Donnelley & Sons Company LT IDR B Affirmed B senior unsecured LT B- New Rating RR5 senior unsecured LT B- Affirmed RR5 B- senior secured LT BB Affirmed RR1 BB senior secured LT BB- Affirmed RR2 BB- Sr sec. 2nd Lien LT B- Affirmed RR5 B- R2 MARKETING: Unsecureds Will Get 10% of Claims over 60 Months -------------------------------------------------------------- R2 Marketing and Consulting, LLC, filed with the U.S. Bankruptcy Court for the Central District of California a Second Amended Combined Plan of Reorganization and Disclosure Statement dated May 15, 2026. The Debtor is a California limited liability company formed in 2016 doing business as a non-emergency medical transportation ("NEMT") company. The catalyst for filing this bankruptcy case was Debtor's inability to meet business obligations due to severe cash flow constraints stemming from repayment of pandemic era loans and increased competition from newly established restaurants nearby. This is an operating Chapter 11 Plan of Reorganization where proceeds from at least three NEMT service provider contracts will provide the Plan funding. The respective Sponsors of these contracts are AltaMed PACE, AltaMed Healthcare Network, and Call the Car. The Debtor has continued operating throughout this Chapter 11 case and presently maintains active contracts with the Sponsors. The Plan is based primarily upon Debtor's existing operational revenue stream, adjusted fleet operations, and projected disposable income as reflected in Debtor’s updated financial information and Monthly Operating Reports. Although Debtor anticipates potential future growth through expanded AltaMed-related services and route opportunities, the financial projections supporting the Plan are intended to reflect conservative operational assumptions based upon Debtor's presently available vehicles, active drivers, and current operational capacity as of confirmation. Class 3 contains unsecured claims that are not entitled to priority under Code Section 507(a). Distributions to holders of allowed Class 3 claims shall be made quarterly beginning in Month 15 of the Plan. The delayed commencement of Class 3 distributions is intended to allow Debtor to first satisfy initial administrative expense obligations, stabilize post-confirmation operations, and commence required payments toward priority tax obligations during the initial months of Plan performance. Thereafter, holders of allowed general unsecured claims shall receive quarterly distributions pursuant to Exhibit 4 through the remaining term of the Plan. Each allowed general unsecured claim ("GUC") that is not disputed, contingent, or subject to a claim objection or plan treatment stipulation will receive its pro rata share, presently estimated to equal approximately ten percent of its allowed claim, through quarterly distributions commencing in Month 15 and continuing through the conclusion of the sixty-month Plan term, or until paid in full, whichever occurs first. Quarterly payments will begin in month 15 with an initial payment of $20,000, to be followed by payments of $6,000 for each quarter thereafter. In addition to the foregoing quarterly payments, Debtor's principal, Ryan Morris, intends to contribute non-estate funds in the amount of $50,000.00 no later than Month 24 for the benefit of unsecured creditors under the Plan, which contribution shall be distributed in accordance with Exhibit 4. The allowed unsecured claims total $1,606,917.94. This Class will receive a distribution of $160,000.00. Class 5 consists of the membership interests of Debtor. Class 5 shall be deemed impaired. Existing equity interests shall not receive any distribution under the Plan on account of such interests. Debtor's principal intends to contribute non-estate funds in the amount of $50,000.00 for the benefit of general unsecured creditors under the Plan. Debtor anticipates that such funds will be raised through third-party financing and/or borrowing secured by exempt or non-estate assets belonging to Debtor's principal, including potential borrowing against exempt equity in a personal residence or other exempt collateral. The proposed contribution is intended to constitute new value contributed in exchange for retention of equity interests and continued operation of the reorganized business. The contribution shall be paid into the Plan no later than Month 24 and distributed for the benefit of Class 3 unsecured creditors pursuant to the Projected Disbursement Schedule attached as Exhibit 4. The Debtor will fund the Plan through ordinary-course operational revenue, projected disposable income, and available cash flow generated from continuing NEMT operations. Debtor further anticipates that certain obligations reflected in the Plan overlap with obligations already being paid in the ordinary course of business operations, including vehicle-related expenses and operational costs. Accordingly, the net incremental additional cash flow necessary to perform under the Plan is materially less than a simple aggregation of all projected Plan disbursements. The Debtor anticipates funding the Plan through a combination of ordinary-course operational revenue, projected disposable income, and available cash on hand as of the Effective Date. Because receivable timing, operational expenses, and fleet-related costs continue to fluctuate during the pendency of this case, projected Effective Date liquidity represents a good-faith estimate based upon anticipated operational cash flow rather than a representation that unrestricted funds presently exist in a segregated account in any precise amount. In addition to projected operational income, Debtor’s principal, Morris, intends to make a capital contribution of $50,000.00 no later than Month 24 of the Plan. Morris intends to obtain such funds through third-party financing and/or borrowing secured by exempt or non-estate assets. Such contribution is intended to supplement Plan feasibility and provide additional distributions for the benefit of unsecured creditors. A full-text copy of the Disclosure Statement dated May 15, 2026 is available at https://urlcurt.com/u?l=owTwCX from PacerMonitor.com at no charge. Counsel to the Debtor: Andy C. Warshaw, Esq. DiMarco Warshaw, APLC P.O. Box 704 San Clemente, CA 92674 Telephone: (949) 345-1455 Facsimile: (949) 417-9412 Email: andy@dimarcowarshaw.com About R2 Marketing & Consulting R2 Marketing & Consulting, LLC is a full-service non-emergency medical transportation company operating throughout Orange County and surrounding areas, providing safe and reliable transport for patients to various medical appointments. The Company's services include transportation for doctor's visits, physical therapy, hospice care, assisted living, and more. R2 Marketing & Consulting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10631) on March 12, 2025. In its petition, the Debtor reported total assets of $5,354 and total liabilities of $2,285,519. Judge Scott C. Clarkson oversees the case. Michael R. Totaro, Esq., at Totaro and Shanahan, LLP, represents the Debtor as legal counsel. RAINMAKER CIDER: Seeks Approval to Hire Lang & Brown as CPA ----------------------------------------------------------- Rainmaker Cider LLC dba Locust Cider seeks approval from the U.S. Bankruptcy Court for the Western District of Washington at Tacoma to employ Lang & Brown, CPAs to serve as CPA in its Chapter 11, Subchapter V case. Lang & Brown, CPAs will provide these services: (a) assist the Debtor with bookkeeping and filing of its tax returns; (b) assist the Debtor with the filing of its taxes and provide accounting and bookkeeping services and advice; and (c) excise tax filing and reporting, monthly accounting services, year-end tax planning and advisory services, and year-end tax preparation services. Lang & Brown, CPAs will receive compensation at a rate of $2,000 per month for the services rendered. Lang & Brown, CPAs is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and does not hold or represent any interest adverse to the Debtor, according to court filings. The firm can be reached at: LANG & BROWN, CPAs 3990 Old Town Ave, Suite A-206 San Diego, CA 92110 Phone Number: (619) 224-1050 About Rainmaker Cider LLC Rainmaker Cider LLC manufactures hard ciders and fruit-forward alcoholic beverages under brands including Locust Cider, Colorado Cider Co., Argus Cidery, Smack Hard Lemonade, and Spiked Jones Hard Craft Soda. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-40555) on March 2, 2026, with up to $10 million in both assets and liabilities. Jason Spears, company owner, signed the petition. Judge Mary Jo Heston oversees the case. Ryan R. Cole, Esq., at Cairncross & Hempelmann, P.S., represents the Debtor as legal counsel. RCP HOMES: Seeks Cash Collateral Access --------------------------------------- RCP Homes, LLC asks the U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor seeks to use cash collateral to continue operating its property management business during its Chapter 11 case. The proposed use includes ordinary and necessary expenses, such as property maintenance and preservation, repairs, operating costs, and ongoing business operations. The Debtor submitted a proposed budget and represents that no pre-petition obligations will be paid absent further court approval. Prior to bankruptcy, the Debtor incurred approximately $2.74 million in secured debt owed to multiple lenders, including U.S. Bank, Wilmington Savings Bank, Onity Mortgage, and FCI Lender Services, Inc. These creditors allegedly hold assignments of rents and perfected security interests in the Debtor's real estate and rental income. The Debtor believes certain lenders may assert first-priority liens on the collateral and resulting rents, which may constitute cash collateral under the Bankruptcy Code. As adequate protection, the Debtor proposes granting replacement or floating liens on post-petition collateral to preserve the secured creditors' pre-petition lien position. The Debtor also proposes monthly payments to certain lenders and, alternatively, payment of accrued property taxes to protect lien priority. A court hearing is scheduled for May 28. A copy of the motion is available at https://urlcurt.com/u?l=DRN9Pr from PacerMonitor.com. About RCP Homes LLC RCP Homes, LLC is a real estate holding company that owns and leases residential properties in the Cleveland-area market. RCP Homes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 26-12134) on May 6, 2026, with $1,718,598 in total assets and $2,083,509 in total liabilities. Frederic Schwieg, Esq., at Schwieg Law, serves as Subchapter V trustee. Judge Jessica E Price Smith oversees the case. Glenn E. Forbes, Esq., at Forbes Law, LLC, represents the Debtor as bankruptcy counsel. REGENERATIVE MEDICAL: Debts Exceed Assets by $34.7M at Dec. 31 -------------------------------------------------------------- Regenerative Medical Technology Group Inc.'s stockholder's deficit was US$34.7 million at Dec. 31, 2025. The stockholder's deficit was US$27.4 million at Dec. 31, 2024. At Dec. 31, 2025, the Company had total assets of US$4.5 million and total liabilities of US$39.2 million. At Dec. 31, 2024, the Company had total assets of US$3.8 million and total liabilities of US$31.2 million. The Company said: "2026 represents a pivotal year of strategic execution and platform maturation for RMTG and GSCG. Building on the foundational infrastructure established in prior periods, we expect to successfully transition from a high-growth operator into a consolidated category leader in Regenerative Medicine. Through aggressive advancement of our vertically integrated model, we anticipate substantial progress across education, manufacturing, clinical delivery, digital enablement, and global market penetration. We anticipate that these initiatives will drive meaningful revenue acceleration, margin expansion, improved operational efficiencies, and strengthen competitive advantages, while reinforcing our role as the reference institution and preferred ecosystem for physicians worldwide." The Company discloses that it executed a structured, repeatable "land and expand" strategy focused on high-growth regions including Latin America (Argentina, Brazil, Mexico), the Middle East (UAE, Saudi Arabia), Southeast Asia (Indonesia), South Asia (Pakistan), and Europe (Portugal, Spain, Italy). Leading with ISSCA education, followed by Cellgenic product distribution and clinical partnerships, enabled capital-efficient entry, rapid network development, and accelerated revenue generation. This approach produced powerful network effects, brand globalization, and risk diversification across multiple geographies. The Company believe that a major differentiator in 2026 will be the successful launch and integration of the ISSCA AI Platform and ISSCA App. ISSCA AI delivers clinical decision support, protocol recommendations, patient management, and workflow optimization, while the ISSCA App serves as the digital backbone for global physician networking, education access, and community engagement. These tools create a scalable digital layer across education, clinics, products, and data, introducing high-margin subscription revenue, network effects through data aggregation, and enhanced physician retention. The digital infrastructure transitions the company toward a technology-enabled platform model with SaaS-like characteristics, improving valuation potential and operational efficiency. Since its inception, the Company has financed its operations through private placements, convertible notes, and unsecured debt, and has also issued debt in its company secured by all of its assets. The Company expects to continue to experience high interest payments in the future as a result of its outstanding liabilities. Additionally, there are a number of unsecured promissory notes with an aggregate principal amount of $1,157,935 that have matured and are currently in default, but the Company has received no notice of default, demand for payment, or acceleration from any lender. The Company has insufficient cash on hand to repay these notes. The Company is currently in debt restructuring talks, and there are also other lenders as well who have demonstrated interest in assuming this debt. The Company said: "However, if we are unable to generate sufficient revenues and/or additional financing to service this debt, there is a risk the lenders will call the notes, secure our assets, as to those applicable secured notes, and demand payment. While management believes the risk of acceleration is low based on historical lender forbearance, a formal demand on any defaulted note could trigger acceleration of up to $16.6 million in secured debt. If after all these recourses are exhausted and the debt becomes unresolvable, like any other company, there's a risk we could go out of business." A full-text copy of the Form 10-K is available at https://tinyurl.com/35z5uecr About Regenerative Medical Technology Group Regenerative Medical Technology Group (RMTG), through its subsidiary, Global Stem Cells Group (GSCG), is a vertically integrated organization in regenerative medicine. The Company combines physician education and global influence through the International Society for Stem Cell Applications (ISSCA), advanced manufacturing and product innovation via Cellgenic, a premium clinical network delivering high-end patient care and generating real-world data, and a disciplined global expansion strategy. The Company supports physicians, medical providers, and affiliated clinics with the latest protocols, biologics, automated processing systems, diagnostic tools, and ongoing training. RENEWAL REALTY: Taps Jason M. Tyra PLLC as Accountant and Attorney ------------------------------------------------------------------ Renewal Realty LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Jason M. Tyra PLLC to serve as its accountant and tax attorney. The firm will provide these services: (a) advising and assisting the Debtor with its reporting obligations, including monthly operating reports and postpetition accounting and QuickBooks-based reporting requirements; (b) preparing and filing tax returns for tax years 2023 through 2025; (c) advising on tax-related issues as they arise during the bankruptcy case; and (d) providing bookkeeping services, including work performed with a subcontractor under the firm's supervision. The firm will be compensated at an hourly rate of $325 for attorney and professional services, while bookkeeping services performed through its subcontractor will be billed at $125 per hour, passed through without markup. The Debtor also provided a $15,000 retainer, which remains in the Firm's possession and may be applied to Court-approved fees. Jason M. Tyra PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings, and asserts that it does not hold or represent any interest adverse to the estate. The firm can be reached at: Jason M. Tyra, Esq. Jason M. Tyra PLLC 6301 Preston Road, Suite 700 Plano, TX 75024 Telephone: (972) 201-9008 x101 E-mail: jason@tyracpa.com Website: https://tyracpa.com About Renewal Realty, LLC Renewal Realty, LLC sought relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-70171) on Oct. 7, 2025, listing up to $10 million in both assets and liabilities. Judge Shad M. Robinson oversees the case. Vela Wood Staley Young PC serves as the Debtor's legal counsel. ROBERTS CHEVROLET: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Roberts Chevrolet GMC, Inc. d/b/a Thomasville Chevrolet GMC 34460 Highway 43 Thomasville, AL 36784 Business Description: Roberts Chevrolet GMC, Inc., doing business as Thomasville Chevrolet GMC, is a dealership located in Thomasville. The company sells new Chevrolet and GMC vehicles, pre-owned vehicles, and certified vehicles, and provides financing and lease options. It also offers auto maintenance and repair services, parts sales, and trade/sell services for vehicles including cars, crossovers, SUVs, trucks, and commercial vehicles. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court District of Delaware Case No.: 26-10830 Judge: Hon. Karen B Owens Debtor's General Reorganization Counsel: Ronald S. Gellert, Esq. GELLERT SEITZ BUSENKELL & BROWN, LLC 1201 N. Orange Street Suite 300 Wilmington, DE 19801 Tel: (302) 425-5806 Email: rgellert@gsbblaw.com Debtor's CRO Provider: J.S. HELD, LLC Total Assets: $8,895,906 Total Liabilities: $6,330,886 The petition was signed by Mark Karbiner as CRO. 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/CWHI5NA/Roberts_Chevrolet_GMC_Inc__debke-26-10830__0001.0.pdf?mcid=tGE4TAMA SAICP HOTEL: Gets Interim OK to Use Cash Collateral Until June 19 ----------------------------------------------------------------- SAICP Hotel, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court authorized the Debtor to use cash collateral through June 19 to fund its hotel operations in accordance with an approved budget. In connection to this, the court authorized Aimbridge Hospitality, LLC, the hotel manager, to collect hotel revenues and pay approved expenses in the budget, subject to a 10% variance per budget item. It also approved the $800 payment to maintain the hotel's liquor license. The Debtor is prohibited from making insider payments absent compliance with Bankruptcy Code requirements and U.S. Trustee guidelines. The Debtor estimates its assets at approximately $95.8 million, primarily consisting of the hotel real estate valued at $95 million. Additional assets include cash, inventory, prepaid contracts, and accounts receivable. SAICP believes PI HS, LLC and Nuveen, LLC are secured creditors, with PI HS holding the primary interest in cash collateral through loan and assignment of rents documents securing approximately $29 to $36 million in debt. As protection, PI HS will receive monthly payments of $280,000, subject to available funds and budget conditions, and a replacement lien on substantially all of the Debtor's assets in case the value of its collateral declines. The replacement lien does not apply to Chapter 5 avoidance claims. In addition, Aimbridge is required to continue its financial reporting to PI HS regarding budget variances and to respond to information requests. Meanwhile, the Debtor is required to continue to pay all franchise fees and related charges and expenses due to Marriott International Inc. arising under their 2017 franchise agreement. The order is available at http://bankrupt.com/misc/SAICPHotel_ICCOrder.pdf A final hearing is scheduled for June 16. SAICP filed for Chapter 11 protection, citing severe liquidity problems, high operating expenses, debt obligations, and post-construction stabilization challenges affecting the luxury hotel property. The Debtor said that without bankruptcy protection, it faced foreclosure, collection efforts, and possible appointment of a receiver, all of which threatened to disrupt operations and diminish the hotel's value. The hotel remains operational under Aimbridge Hospitality management and provides lodging, food and beverage services, meeting space, and related hospitality amenities. PI HS, as secured creditor, is represented by: Moriah Douglas Flahaut, Esq. Echo Park Legal, APC (310) 709-0658 df@echoparklegal.com About Saicp Hotel LLC SAICP Hotel, LLC, doing business as Le Meridien Pasadena Arcadia, operates a hotel in Arcadia, California located at 130 W. Huntington Drive. Saicp Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-14338) on April 30, 2026, with between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SIMPSON TACOMA: Seeks Court Approval to Hire DBS Law as Counsel --------------------------------------------------------------- Simpson Tacoma Kraft Company, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire DBS Law to serve as bankruptcy counsel in its Chapter 11, Subchapter V case. The firm will provide these services: (a) give the Debtor legal advice with respect to its powers and duties as debtor-in-possession in these proceedings; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, pleadings, and other legal documents; (c) assist the Debtor in the review of claims and determination of issues related to distributions on allowed claims; (d) take actions necessary to protect and preserve the Debtor’s business, assets, and bankruptcy estate, including investigating and prosecuting actions against third parties; (e) attend meetings and conferences and communicate and negotiate with creditors and parties-in-interest; (f) assist in negotiating, preparing, and obtaining confirmation of a Chapter 11 plan and related documents; and (g) perform all other legal services necessary for the administration of the bankruptcy case. DBS Law's hourly rates are $545 to $595 for attorneys and $225 to $315 for paraprofessionals. The firm's primary attorneys charge $595 per hour for Daniel J. Bugbee and $575 per hour for Aditi Paranjpye. DBS Law also received a $100,000 prepetition retainer and currently holds $65,291.33 in trust as an advanced fee deposit. DBS Law is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and is not a creditor, insider, or equity holder of the Debtor, according to court filings. The firm can be reached at: Daniel J. Bugbee, Esq. Aditi Paranjpye, Esq. DBS LAW 819 Virginia Street, Suite CZ Seattle, WA 98101 Telephone: (206) 489-3802 Facsimile: (206) 973-737 About Simpson Tacoma Kraft Company, LLC Simpson Tacoma Kraft Company LLC is a Seattle-based paper and packaging company associated with a Tacoma, Washington, mill that manufactured kraft pulp, linerboard, and related packaging materials. The company's operations included recycling waste paper and boxes into packaging paper and supporting mill production through biomass-powered boilers. Simpson Tacoma Kraft Company, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Washington Case No. 26-11643-CMA) on May 15, 2026. At the time of filing, the Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $10,000,001 to $50 million. DBS Law is Debtor's proposed legal counsel. SPECTRUM BRANDS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Spectrum Brands Holdings, Inc. and Spectrum Brands, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB'. Fitch has also affirmed Spectrum Brands, Inc.'s secured credit facilities at 'BBB-' with a Recovery Rating of 'RR1' and its unsecured notes at 'BB'/'RR4'. The Rating Outlook is Stable. The affirmation follows Spectrum's sale of 27% of its Home and Personal Care (HPC) business to funds affiliated with Oaktree Capital Management L.P. Oaktree is investing $127 million. Spectrum's ratings reflect an adequate consumer products portfolio that should yield low single-digit growth over time. The ratings also reflect positive FCF generation and modest EBITDA leverage, which Fitch expects to be well under 3x. This is balanced by Spectrum's limited scale, with EBITDA under $300 million, and some near-term operating volatility. Fitch also has limited visibility into Spectrum's longer-term business mix due to the company's active history of portfolio reshaping. Key Rating Drivers HPC Investment: Spectrum has completed a transaction in which funds affiliated with Oaktree invested $127 million. In return, Oaktree received a $60 million term loan and $67 million in preferred equity issued by HPC. On a pro forma basis, Oaktree will own 27% of the business, and Spectrum will retain the remainder. Spectrum will continue to operate the business. The investment implies an enterprise value of roughly $300 million, or about 6x EBITDA of nearly $50 million. Spectrum wants to separate this business and focus on its Home and Garden (H&G) and Global Pet Care (GPC) segments. This transaction is a step toward that goal. Given the majority ownership and operating structure, Fitch continues to consolidate HPC's earnings in its analysis of Spectrum. The new debt modestly increases leverage, but the company remains well within its rating sensitivities. Spectrum has not indicated how it will use the investment proceeds, but it could deploy funds toward growth investments or equity repurchases. Operating Volatility: Spectrum's results have been volatile in recent years, given global supply chain challenges, an evolving tariff policy and the impact of waning consumer sentiment on discretionary spending. Revenue and EBITDA were down 5% and 10%, respectively, in FY25 (ending September 2025) with EBITDA of $270 million about 10% below pre-pandemic FY19 levels. The company's recent efforts to drive product innovation and cost reduction led to 5% revenue growth and 18% EBITDA growth in 2Q26. Management expects flat to modest revenue and EBITDA growth for the full year. Fitch assumes FY26 revenue and EBITDA will be essentially flat with FY25. The company's operating initiatives should partially offset the effect of a full fiscal year of tariffs and higher oil prices on product and transportation costs. Longer term, Fitch expects Spectrum to grow revenue and EBITDA modestly, with slightly faster growth in H&G and GPC. Leverage Well Below 3.0x: Fitch expects Spectrum's EBITDA leverage to trend near 2.3x in the medium term, assuming around $275 million in EBITDA including HPC and about $625 million of debt. The company ended FY25 with just under $500 million of debt. Fitch consolidates HPC's new term loan and preferred equity and does not give it any equity credit. The company could execute debt-financed M&A to accelerate growth as it has done historically, and Spectrum has significant rating headroom given its downgrade EBITDA leverage of over 4.0x. Spectrum's 2.0x-2.5x net leverage target range broadly equates to 2.5x-3.0x on a Fitch-calculated basis. Modest Scale: Spectrum's EBITDA near $275 million on revenue of $2.8 billion is modest relative to national consumer products players and a constraining rating factor. Should Spectrum fully separate its HPC business, EBITDA would be even smaller at around $225 million and the company's product diversification would decline. From a credit profile standpoint this constraint is offset by Spectrum's good position in its categories and the company's low leverage. Good FCF Generation: Fitch expects Spectrum to generate at least $100 million of FCF annually, similar to FY25 levels. This assumes around $45 million in annual capex. The company's good FCF generation provides it flexibility to manage through periods of operating volatility while investing in operating initiatives. Fitch expects the company to deploy FCF toward a combination of growth investments, including M&A, and equity repurchases. Uncertain Business Makeup: In recent years, Spectrum has completed several large transactions, including both acquisitions and divestitures, that have materially altered its business profile. The company has indicated its desire to become a more focused on the pet and home and garden verticals. Spectrum has publicly stated its desire to make acquisitions, particularly in the pet segment. While Oaktree's investment in HPC marks progress toward the company's goal of separating the segment, the timeline and definitive structure of the separation remain uncertain. Reasonably Diverse Portfolio: Spectrum has three distinct verticals, with good breadth within each. The divestiture of the HPC segment would reduce the company's business scope and scale; however, its business profile would remain relatively diverse, similar to Central Garden & Pet Company (CENT; BB/Stable). The GPC segment represented approximately 39% of FY 2025 revenue and H&G represented approximately 20%. The company has good geographic diversity, with North America representing 58% of sales in FY 2025, followed by EMEA at 31%, and Latin America and APAC making up the remainder. Peer Analysis Spectrum is similarly rated to CENT and is rated higher than ACCO Brands Corporation (ACCO; BB-/Negative) and lower than Reynolds Consumer Products Inc. (Reynolds, BB+/Stable). Spectrum has greater product diversity than these three companies due to its exposure to more product segments. If Spectrum were to divest its HPC segment, its business profile would remain diverse, with a portfolio similar to CENT's. Fitch expects Spectrum's leverage could trend lower than ACCO and CENT, which are expected to be in the 3x range. While Fitch projects Reynolds will sustain leverage near Spectrum at below 2x, its scale is significantly higher with EBITDA near $700 million. Fitch’s Key Rating-Case Assumptions - Revenue in FY26 (ending September 2026) could be slightly positive to FY25's $2.8 billion, assuming slightly positive 2H growth following 1% growth in 1H. The company saw positive 2Q momentum in its GPC and H&G businesses but will continue to face consumer spending challenges and headwinds in its HPC business (which Fitch consolidates). Assuming a normalizing environment, Fitch projects modest topline growth around 1% beginning FY27, somewhat restrained by its HPC business which Fitch assumes is flattish at best; - EBITDA beginning FY26 is expected to trend around $275 million, compared with about $270 million in FY25. Annual EBITDA margins are forecast to remain near the recent 9.6% range as the company implements expense reduction initiatives to mitigate product and other cost inflation; - FCF is projected to be at least $100 million annually, after about $45 million in annual capex and $50 million in dividends. FCF could be used for additional growth initiatives or equity repurchase; EBITDA leverage is projected around 2.3x beginning FY26. This is modestly higher than the 1.8x recorded in FY25 given the addition of $127 million in HPC debt, which Fitch consolidates. Fitch does not assume additional debt funded activity, including M&A, although the company has some rating headroom to make leveraging transactions; - Floating interest rates are assumed in the 3.5% range across the rating horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Higher), sector characteristics ('bb+', Moderate), market and competitive positioning ('bb-', Higher), diversification and asset quality ('bbb-', Moderate), company operational characteristics ('bbb', Lower), profitability ('bb', Moderate), financial structure ('bbb', Lower), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. Assessments of the quantitative financial subfactors also include bespoke calculations. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. Recovery Analysis Fitch has assigned Recovery Ratings (RRs) to the various debt tranches in accordance with Fitch criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Due to the distance to default, RRs in the 'BB' category are not calculated by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch assigned the first lien secured debt a rating of 'BBB-'/'RR1', two notches higher than the IDR and indicating outstanding recovery prospects given default. Unsecured debt will typically achieve average recovery and was thus assigned a rating of 'BB'/'RR4'. Spectrum's exchangeable notes are unrated. RATING SENSITIVITIES - A downgrade could result from a lack of clarity on Spectrum's forward operating strategy, leading to further questions about the company's operating model or an extended period of operating weakness yielding EBITDA leverage sustained above 4.0x. - An upgrade could result from increased clarity around management's operating and financial strategies, combined with consistent sustained top line and profit growth, with EBITDA sustained around $500 million and EBITDA leverage sustained below 3.0x. Liquidity and Debt Structure Spectrum's liquidity is good, including $125 million of cash as of March 29, 2026 plus $471 million of availability on its $500 million revolver due October 2028. Revolver availability at this date was reduced by $24 million of outstanding borrowings and $5 million in outstanding letters of credit. Liquidity is supported by at least $100 million of FCF projected annually, after about $45 million of annual capex and $50 million in annual dividends, As of March 29, 2026, Spectrum's capital structure included its revolver, $350 million of exchangeable notes maturing in June 2029 and $146 million in senior unsecured notes maturing between October 2029 and March 2031. Following the close of the HPC transaction with Oaktree, the HPC business has a capital structure including a $60 million term loan and $67 million preferred equity, which Fitch treats as debt. Fitch consolidates HPC's EBITDA and debt as part of its analysis on Spectrum, in line with Fitch's criteria. Issuer Profile Spectrum Brands is a diversified consumer products company which currently competes in several segments, including global pet care, home and garden, and home and personal care. Summary of Financial Adjustments Material financial adjustments include stock-based compensation, safety recalls, divestitures, legal and environmental remediation reserves, inventory step-up and other non-operating expenses. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Spectrum Brands Holdings, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Spectrum Brands Holdings, Inc. LT IDR BB Affirmed BB Spectrum Brands, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- STUCKEY PREMIER: Hires George Mason Oliver as Legal Counsel ----------------------------------------------------------- Stuckey Premier Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire George Mason Oliver, Esq. of The Law Offices of George Oliver, PLLC to serve as legal counsel. Mr. Oliver will provide these services: (a) represent and assist the Debtor in carrying out its duties under Chapter 11 of the Bankruptcy Code; (b) represent the estate generally throughout the administration of the Chapter 11 proceeding; (c) provide legal advice and assistance to the Debtor during the bankruptcy case; and (d) perform all other legal services necessary in connection with the Debtor's Chapter 11 reorganization and case administration. The compensation disclosed includes a retainer of $7,500 and a $1,738 Chapter 11 filing fee. All post-petition fees and expenses are subject to court approval, and $3,280.50 remains held in the firm's trust account. The Law Offices of George Oliver, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, and neither the attorney nor the Firm holds an interest adverse to the estate, according to court filings. The firm can be reached at: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Telephone: (252) 633-1930 Facsimile: (252) 633-1950 E-mail: george@google.com About Stuckey Premier Enterprises LLC Stuckey Premier Enterprises, LLC operates a single Jimmy John's restaurant in Goldsboro, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02108-5-JNC) on May 8, 2026. In the petition signed by Thomas Stuckey, member/manager, the Debtor disclosed up to $100,000 in assets and up to $50,000 in liabilities. Judge Joseph N. Callaway oversees the case. George Mason Oliver, Esq., at the Law Offices of George Oliver, PLLC, represents the Debtor as legal counsel. SUN GIR: Seeks to Hire Mr. Skillman of CR3 Partners LLC as CRO -------------------------------------------------------------- Sun Gir Incorporated and affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Mr. Tim Skillman of CR3 Partners, LLC as chief restructuring officer. The firm will provide these services: a. provide oversight and support to the Company and the Company's other professionals in connection with execution of the Company's business plan, reorganization plan, any sales process, and the overall administration of activities within the chapter 11 proceeding; b. provide oversight and assistance in connection with the preparation of financial reporting and related disclosures required by the bankruptcy court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports, and any other disclosures required by the Company in connection with the bankruptcy process, or in keeping with our professional and ethical responsibilities; c. provide oversight and assistance in connection with the preparation of financial information for distribution to creditors and others, including, but not limited to, cash flow projections and budgets, cash receipts and disbursements analysis of various asset and liability accounts, and analysis of proposed transactions for which court approval is sought; d. participate in meetings and provide assistance to any official committee(s) appointed in the case, the U.S. Trustee, other parties in interest, including contractual counterparties, and professionals hired by the same; e. evaluate and make recommendations as needed to maximize the value of the Company's assets; f. provide oversight and assistance in connection with the preparation of analysis of creditor claims; g. provide oversight and assistance in connection with the evaluation and analysis of avoidance actions, including, fraudulent conveyances and preferential transfers, and in the defense and prosecution of other litigation, if necessary; h. provide testimony, and exhibits, in litigation/bankruptcy matters as required; i. evaluate the cash flow generation capabilities of the Company for valuation maximization opportunities; j. provide oversight and assistance in connection with communications and negotiations with constituents including investors and other critical constituents to the successful restructuring of the Company, as well as to directly communicate with stakeholders where appropriate, and to establish communication protocols; k. subject to Company approval, manage professionals engaged by the Company or committees or other stakeholders involved in a chapter 11 or restructuring of the Company, and to directly communicate with such stakeholders as appropriate; l. assist in development of a plan of reorganization and in the preparation of information and analysis necessary for the development of a plan and disclosure statement, and confirmation of a plan in the chapter 11 proceeding; and m. perform other tasks as directed by the Company and agreed to by CR3, including all tasks necessary to facilitate the Company's restructuring, or in keeping with our ethical responsibilities, at CR3's sole discretion. The firm will be paid at these rates: Tim Skillman $950 per hour Partners $795 to 1295 per hour Directors and Managers $450 to $795 per hour Senior Associates $375 to $450 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Skillman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Tim Skillman CR3 Partners, LLC 13355 Noel Road, Suite 2005 Dallas, TX 75240 Tel: (800) 728-7176 Fax: (972) 430-7500 About Sun Gir Incorporated Sun Gir Incorporated and affiliates operate 59 Carl's Jr. restaurant locations across California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 8:26-bk-11056-SC) on April 2, 2026. In the petition signed by Harshad Dharod, president, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Scott C. Clarkson oversees the case. Eric Bensamochan, Esq., at Eric Bensamochan Law Firm, Inc. represents the Debtor as legal counsel. SUPERNOVA MANAGEMENT: Hires Chris Quinn as Restructuring Officer ---------------------------------------------------------------- Supernova Management, Inc and affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Chris Quinn, a professional doing business in Cypress, Texas, as chief restructuring officer. Mr. Quinn will render advice and restructuring services to the Debtors. Mr. Quinn will be paid at $525 per hour, with a reduced rate of $450 per hour for certain services. Mr. Quinn received a retainer in the amount of $15,000. Chris Quinn, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris Quinn 26414 Cottage Cypress Lane, Cypress, TX 77433 Tel: (713) 498-8500 Email: chris.quinn2021@outlook.com. About SuperNova Management Inc. SuperNova Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32616) on April 14, 2026. In the petition signed by Martin Abrahams, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SUPERNOVA MANAGEMENT: Taps Baldacci Promotions for Promotional Sale ------------------------------------------------------------------- SuperNova Management, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Baldacci Promotions to provide promotional sales services in their Chapter 11 cases. Baldacci Promotions will provide these services: (a) manage and conduct retail promotional sales events, including store closing and high impact events; (b) market and sell the Debtors' inventory and any consigned merchandise located at the Debtors’ retail properties; (c) provide event managers and sales associates to assist in conducting promotional sales events (as independent contractors); (d) coordinate advertising efforts with the Debtors in connection with the promotional sales events; and (e) assist in executing and managing the scheduled sales events from June 4, 2026 through August 16, 2026. Baldacci Promotions will receive compensation equal to 4.5% of gross sales, with a total event compensation structure of 7.5% of gross sales (including 3% to the BPI Event Manager). Independent sales associates will also receive a 7% commission on written merchandise and 19% on protection plans. Baldacci Promotions is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Baldacci Promotions 11623 New Bond St. Fredericksburg, VA 22407 Telephone: (800) 910-8923 (804) 714-8418 About SuperNova Management Inc. SuperNova Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 26-32616) on April 15, 2026. In the petition signed by Martin Abrahams, manager, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. SUPERSTAR ELIZABETH: Updates Secured Claims Pay Details ------------------------------------------------------- Superstar Elizabeth LLC, submitted a Disclosure Statement describing Third Amended Plan of Reorganization dated May 15, 2026. The Debtor has filed a Third Amended Chapter 11 Plan of Reorganization, which provides for the payment of administrative expenses, priority claims, and secured claims. Funds for implementation of the Plan will be derived from (a) ongoing rents, (b) collection of pre-petition rents receivable, (c) a refinance loan, and (d) potential new cash infusions as necessary. Class A shall consist of the Allowed Secured Claim of the D.C. Government Office of Tax and Revenue in the prepetition amount of $64,493.95, pursuant to Proof of Claim (No. 3), based on first priority statutory lien(s) for real property taxes. Article III, Section 3.1 of the Plan provides that, upon Confirmation, this class shall retain its statutory lien(s) against the Real Property for the full amount of the Allowed Secured Claim and, on or before the Effective Date, the Class A Claim shall be paid in full, plus accrued postpetition interest at the statutory rate. Upon payment as provided herein, any and all Liens securing the Class A Claim shall be deemed satisfied in full and the Class A Claimant shall file releases DC Recorder of Deeds as to any and all Liens within thirty days of the Settlement Date. This class in unimpaired. Class B shall consist of the Allowed Secured Claim of Atlantic Union Bank f/k/a Sandy Spring Bank in the prepetition amount of $2,323,850.43, which includes $2,174,765.06 principal balance, accrued interest, and fees, according to Proof of Claim (No. 1). The Class B Claim is secured by (a) a Deed of Trust and Security Agreement dated September 30, 2021; (b) a Collateral Assignment of Leases and Rents dated September 30, 2021; and (c) two (2) UCC Financing Statements. Pursuant to the original Deed of Trust Note, the pre-petition monthly principal and interest payment on the Class B Claim was $12,213.47, based on a four percent interest rate per annum. Post-petition, interest-only adequate protection payments on the Class B Claim were set by consent to be $16,310.75, calculated on a nine percent default interest rate on the outstanding principal balance. From the Petition Date through April 30, 2026, total adequate protection payments of $358,836.50 have come due. Article III, Section 3.2 of the Plan provides for the retention of the secured Lien(s) of, the maintenance of ongoing adequate protection payments to, the Class B Claimant, through and until the Effective Date. More specifically, the Debtor will continue to pay adequate protection payments of $16,310.75 per month on the Class B Claim, and the Class B Claimant shall retain its Liens for the full amount of the Allowed Secured Claim, unless and until the Class B Claim is satisfied as follows: The Plan provides that, on or before the Effective Date of the Plan, the Class B Claimant shall be paid the sum of $2,100,000.00 at Settlement from the proceeds of the Refinance as and in full and final satisfaction of its Claim and Liens. Upon payment as provided herein, the Class B. Claim, and any and all Liens securing the Class B Claim, shall be deemed satisfied in full and the Class B Claimant shall record all appropriate releases with DC Recorder of Deeds within thirty days after the Settlement Date. Class C Claims. This class shall consist of the two Allowed Secured Claims of the Latino Economic Development Center, in the estimated prepetition amount of $41,912.00 for Loan No. CED13 ("Loan B") and $12,900.00 for Loan No. SBA2414 ("Loan A"), and are respectively secured by two Deeds of Trust, Assignment of Rents and Security Agreement dated November 5, 2019, which were subrogated to the Class B Claim. The Class C Claims represent obligations of Wine Investment Group, LLC, the Tenant in the Real Property, under promissory notes that were guaranteed by the Debtor and secured by the deed of trust liens against the Real Property. The Class C Claimant did not file any proofs of claim. Post-petition, the Tenant continued to make payments on the Class C Claims directly to the Class C Claimant pursuant to the underlying debt instruments, or as otherwise agreed by the Claimant. As of January 12, 2026, Loan A was satisfied in full and, on May 8, 2026, the Class C Claimant executed a Certificate of Satisfaction releasing the Deed of Trust recorded at Doc # 2019122388. As of May 8, 2026, there remains a balance due on the Loan B in the amount of $24,136.25. Article III, Section 3.3 of the Plan provides for the retention of the secured lien(s) of, and maintenance of payments to, the Class C Claimant(s) through and until the Effective Date. More specifically, the Plan provides that the Tenant will continue to pay the Class C Claim(s), and that the Class C Claim(s) shall be paid in full on or before the Effective Date of the Plan. Upon satisfaction of the obligations underlying the Class C Claim(s), the Class C Claimant shall record all appropriate releases with DC Recorder of Deeds by no later than thirty (30) days after the Settlement Date. Class D shall consist of the Allowed Secured Claim of U.S. Small Business Administration in the amount of $100,237.11, according to Proof of Claim (No. 4). The Class D Claim is secured by UCC Filing Statement(s) securing the Class D Claim against all Collateral excluding Real Property. Article III, Section 3.4 of the Plan provides for the retention of the secured lien(s) of the Class D Claimant, subject to the terms of the underlying debt instrument.; That said, because the pre- and post-petition Collateral of the Debtor is otherwise subject to the higher priority Lien(s) of the Class B and C Claimants, the secured Lien of the Class D Claimant does not and shall not prevent the Debtor from consummating the Plan, including making any payments contemplated or required by this Plan. Class E shall consist of the Allowed Secured Claim of Elizabeth Banker, in the prepetition amount of $583,319.62, based on a foreign judgment recorded with the DC Recorder of Deeds on or about February 20, 2024, and originating from a judgment entered by the Circuit Court for Arlington County, Virginia, on November 21, 2023, in Case No. CL23-4417. Article III, Section 3.5 of the Plan provides for the retention of the secured Lien of the Class E Claimant through and until the Effective Date, and further establishes post-confirmation adequate protection payments on the Class E. Claim. More specifically, the Plan provides that, on or before the Effective Date of the Plan, the Class E Claimant shall be paid the sum of $275,000.00 at Settlement from the proceeds of the Refinance as and in full and final satisfaction of its Claim and Lien. Upon payment as provided herein, the Class E Claimant shall record all appropriate releases with DC Recorder of Deeds, and notice of satisfaction of judgment in the Circuit Court for Arlington County, Virginia, within thirty days of the Settlement Date. Additionally, Section 3.5 provides for the payment of adequate protection payments in the amount of $5,000.00 from the Confirmation Date until the Effective Date. Class F shall consist of any Allowed Non-Priority Unsecured Claims against the Debtor, except that it does not include any Secured Claims classed under Classes A through E, regardless of whether or not amended to assert an unsecured deficiency balance resulting from the treatment of such Secured Claims under the terms of this Plan. No unsecured creditors have filed proofs of claim, and no such claims are anticipated. Should any such Claim(s) be asserted, other than the aforementioned deficiency claim, said Claim(s) shall be paid in full as of the Effective Date. This class is an unimpaired. The purpose and intention of the Plan is to preserve the value of the Estate and to provide a maximum distribution to the Debtor's creditors in light of the circumstances and limitations of the commercial real estate market and restaurant industry in Washington, D.C. To that end, the Plan contemplates the compromise of certain Secured Claims (namely, Classes B and E), and satisfaction of their respective Liens by consent, with funding for the implementation of this Plan from the following sources: (a) ongoing rents; (b) collection of pre-petition accounts receivable; (c) a commercial refinance loan; and (d) new cash infusion, as necessary. As a Single Asset Real Estate entity, the Debtor's primary source of post-petition revenue is from commercial rent received from its Tenant. Pursuant to the commercial Lease Agreement dated March 1, 2020 by and between the Debtor and the Tenant, the base monthly rent is $23,000.00 per month and $2,000.00 for estimated real property taxes, less credit given for direct payments by non debtor co-obligors on the Class C and D Claims. The Debtor shall dedicate any post-petition rents to the implementation and consummation of this Plan, including but not limited to adequate protection payments. A full-text copy of the Disclosure Statement dated May 15, 2026 is available at https://urlcurt.com/u?l=VmGKkA from PacerMonitor.com at no charge. The Debtor's Counsel: Michael A. Ostroff, Esq. MONTERO LAW GROUP, LLC 1738 Elton Road, Ste 105 Silver Spring, MD 20903 Tel: 301-588-8100 Fax: 301-588-8101 About Superstar Elizabeth Superstar Elizabeth LLC is a single asset real estate debtor (as defined in 11 U.S.C. Section 101(51B)). Superstar Elizabeth sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.D.C. Case No. 24-00253) on July 17, 2024, with $1 million to $10 million in both assets and liabilities. Daniel Lledo, managing member, signed the petition. Judge Elizabeth L. Gunn oversees the case. The Debtor is represented by Michael A. Ostroff, Esq., at Montero Law Group, LLC. SUTRO BIOPHARMA: Debts Exceed Assets by $66.9M at March 31 ---------------------------------------------------------- Sutro Biopharma, Inc.'s stockholder's deficit was US$66.9 million at March 31, 2026. The stockholder's deficit was US$132.5 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$242.0 million and total liabilities of US$308.9 million. At Dec. 31, 2025, the Company had total assets of US$173.8 million and total liabilities of US$306.3 million. The Company says it has incurred significant losses and has negative cash flows from operations. As of March 31, 2026, there was an accumulated deficit of $1.016 billion. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company's research and development and other operational activities. As of March 31, 2026, the Company had unrestricted cash, cash equivalents, and marketable securities of $202.6 million which are available to fund future operations. The Company will need to raise additional capital to support the completion of its research and development activities and to support its operations. The Company believes that its unrestricted cash, cash equivalents, and marketable securities as of March 31, 2026 will enable the Company to maintain its operations for a period of at least 12 months following the filing date of these interim condensed financial statements. On Feb. 9, 2026, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Leerink Partners LLC and TD Securities (USA) LLC, as representatives of the several underwriters named therein (the "Underwriters"), pursuant to which the Company agreed to issue and sell 7,868,383 shares of its common stock (the "Shares") to the Underwriters (the "February 2026 Offering"). The Shares were sold at an offering price of $13.98 per share. The gross proceeds from the February 2026 Offering were approximately $110.0 million, before deducting underwriting discounts and commissions and February 2026 Offering expenses. The Company said: "We do not have any products approved for commercial sale and have not generated any revenue from commercial product sales. We had a loss from operations of $29.7 million and a net loss of $38.5 million for the three months ended March 31, 2026. We had a loss from operations of $68.5 million and a net loss of $76.0 million for the three months ended March 31, 2025. Substantially all of our losses have resulted from expenses incurred in connection with our research and development programs and from general and administrative costs associated with our operations. We cannot assure you that we will have net income or that we will generate positive cash flow from operating activities in the future. As of March 31, 2026, we had an accumulated deficit of $1,016.4 million. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, access, marketing, manufacturing and distribution." "We expect a reduction in operating expenses as we strategically reprioritize our resources. However, we anticipate our operating expenses would increase as we advance our product candidates through clinical development, seek regulatory approvals for our product candidates, engage in other research and development activities, expand our pipeline of product candidates, maintain and expand our intellectual property portfolio, seek regulatory and marketing approval for any product candidates that we may develop, acquire or in-license other assets or technologies, ultimately establish a sales, marketing and distribution infrastructure to commercialize any products for which we may obtain marketing approval, and operate as a public company." "In light of our current resources and the cost of development, we are continuing our process of evaluating our programs and spending. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials, our expenditures on other research and development and general and administrative activities, and the timing of achievement and receipt of upfront, milestones and other collaboration agreement payments." A full-text copy of the Form 10-Q is available at https://tinyurl.com/4pp64c32 About Sutro Biopharma Inc. Sutro Biopharma, Inc., is an oncology company developing site-specific and novel-format antibody drug conjugates, or ADCs, enabled by the Company's proprietary integrated cell-free protein synthesis platform, XpressCF(R), and site-specific conjugation platform, XpressCF+(R). The Company was incorporated on April 21, 2003, and is headquartered in South San Francisco, California. SYNERGY CHC: Liabilities Exceed Assets by $25.4M at March 31 ------------------------------------------------------------ Synergy CHC Corp.'s stockholder's deficit was US$25.4 million at March 31, 2026. The stockholder's deficit was US$23.1 million at Dec. 31, 2025. At March 31, 2026, the Company had total assets of US$6.5 million and total liabilities of US$31.9 million. At Dec. 31, 2025, the Company had total assets of US$10.2 million and total liabilities of US$33.3 million. The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of March 31, 2026, and Dec. 31, 2025, the Company had no cash equivalents. The Company maintains its cash in banks insured by the Federal Deposit Insurance Corporation (FDIC) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions. At March 31, 2026, and Dec. 31, 2025, the uninsured balances amounted to $126,445 and $2,450,399, respectively. On May 30, 2025, Synergy CHC Corp. (the "Company") entered into a term loan credit agreement (the "Credit Agreement") with ACP Agency, LLC ("ACP"). The Credit Agreement consists of a $15.0 million term loan (the "Term Loan"), up to $2.5 million in a committed delayed draw facility (the "Delayed Draw Facility"), and up to $2.5 million in an uncommitted term loan incremental facility (the "Incremental Facility"), which facilities are secured by all of the assets of the Company and certain of its subsidiaries; including a pledge of the Company's equity interests in its subsidiaries and their respective rights to intellectual property. A full-text copy of the Form 10-Q is available at https://tinyurl.com/48za86tf About Synergy CHC Corp. Synergy CHC Corp. (formerly Synergy Strips Corp.) was incorporated in 2010 in Nevada under the name "Oro Capital Corporation." The Company is a provider of consumer health care, beauty, and lifestyle products. Synergy is the sole owner of four subsidiaries: NomadChoice Pty Ltd., Hand MD Corp., Synergy CHC Inc. and Synergy CHC Mexico. Its current brand portfolio consists of two core brands: FOCUSfactor, a clinically-tested brain health supplement that has been shown to improve memory, concentration and focus, and Flat Tummy, a lifestyle brand that provides a suite of nutritional products to help women achieve their weight management goals. T-NEVEN-T HOLDINGS: To Hire Lawrence V. Young as Legal Counsel -------------------------------------------------------------- T-Neven-T Holdings, LLC seeks approval from the United States Bankruptcy Court for the Middle District of Pennsylvania to employ Lawrence V. Young, Esq. and CGA Law Firm as legal counsel in its Chapter 11 case. The firm will represent the Debtor with respect to all legal matters relating to the Chapter 11 proceedings. The firm will be paid at these hourly rates: Lawrence V. Young, Esq. $550 Brent C. Diefenderfer, Esq. $500 E. Haley Rohrbaugh, Esq $375 James Jones, Esq. $450 Rebecca Shearer (paralegal) $200 Non-attorney staff $140 to $175 CGA Law Firm is a "disinterested party" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings, and represents no adverse interests in the case. The firm can be reached at: Lawrence V. Young, Esq. CGA Law Firm 135 North George Street York, PA 17401 Telephone: (717) 848-4900 E-mail: lyoung@cgalaw.com About T-Neven-T Holdings, LLC T-Neven-T Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 4:26-bk-01449) on May 21, 2026. At the time of filing, Debtor's estimated assets and liabilities were not disclosed in the filing. Mark J. Conway oversees the case CGA Law Firm is Debtor's legal counsel. TAMBURO LTD: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Tamburo Ltd. received interim approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral to pay its operating expenses and to operate within 10% of the approved budget pending further court order. The Debtor said it needs access to cash collateral to continue its towing and transportation business and pursue a successful Chapter 11 reorganization. Two active UCC financing statements encumber the Debtor's assets and may create security interests in the cash collateral. The first, filed by The Huntington National Bank in December 2018 and continued in July 2023, appears to grant Huntington a first-priority blanket lien on substantially all assets. The Debtor estimates approximately $24,701 remains outstanding under the secured loan. The second financing statement was filed by the U.S. Small Business Administration in September 2021 and continued in April 2026. The SBA also asserts a blanket lien on substantially all of the Debtor's assets. The Debtor estimates approximately $500,000 remains outstanding under two separate loan obligations. As adequate protection, the court ordered that any valid pre-petition liens on the cash collateral continue post-petition. To the extent of any diminution in value of their pre-petition collateral, secured creditors will receive replacement liens on the Debtor's post-petition assets, excluding Chapter 5 causes of action. The court scheduled a final hearing for June 25 and set a June 18 deadline for filing responses. The order is available at http://bankrupt.com/misc/TamburoLtd_ICCOrder.pdf About Tamburo Ltd. Tamburo Ltd. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-21317) on May 8, 2026, listing up to $1 million in assets and up to $500,000 in liabilities. Joseph Tamburo, president of Tamburo, signed the petition. Christopher M. Frye, Esq., at Steidl & Steinberg, P.C., represents the Debtor as legal counsel. TAMBURO LTD: Hires Steidl and Steinberg P.C. as Counsel ------------------------------------------------------- Tamburo Ltd. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Steidl and Steinberg, P.C. as counsel to handle its Chapter 11 case. The firm will be paid at $400 per hour. The firm was paid a retainer in the amount of $7,000, plus the filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher M. Frye, Esq. a partner at Steidl and Steinberg, P.C, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Christopher M. Frye, Esq. Koppers Building, Suite 322, 436 Seventh Avenue, Pittsburgh, PA 15219 Tel No: (412) 391-8000 Email: chris.frye@steidl-steinberg.com About Tamburo Ltd. Tamburo Ltd., filed a Chapter 11 bankruptcy petition (Bankr. W.D. Pa. Case No. 26-21317-JCM) on May 8, 2026. The Debtor hires Steidl and Steinberg, P.C. as counsel. TELEPHONE AND DATA: Fitch Affirms BB+ LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed Telephone and Data Systems, Inc.'s (TDS) and subsidiary, Array Digital Infrastructure, Inc.'s Long-Term Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlooks are Stable. Fitch also affirmed both companies' senior unsecured debt at 'BB+' with a Recovery Rating of 'RR4' and TDS's preferred stock ratings at 'BB-'/'RR6'. The ratings reflect a conservative financial profile, telecom growth opportunities, diversification from the tower business and wireless partnerships, and the ability to fund growth capital expenditures with significant asset-sale proceeds. Offsetting factors include the diminished scale of the go-forward business and expected near-term FCF deficits. Key Rating Drivers Lower Scale Post-Wireless Sale: TDS has lost significant scale from the sale of Array's wireless operations. Array's wireless business contributed about $3.8 billion in revenue and $0.8 billion in EBITDA (~70% of that subsidiary's EBITDA) in 2024. The sale of the US Cellular business and certain spectrum assets to T-Mobile closed in August 2025. T-Mobile reduced the $4.3 billion cash consideration by assuming $1.68 billion of Array's debt. Array retains the tower business (about $200 million in revenue, including T-Mobile leases) and equity partnerships (about $140 million of distributions from partnerships). Conservative Financial Policy: TDS intends to maintain Array's EBITDA leverage near 3x, implying EBITDA leverage at TDS of about 2x. Fitch includes $555 million of preferred stock in TDS's total debt. The preferred stock has a $1.1 billion notional with 50% equity credit. TDS paid down all parent-level debt, leaving only the preferred stock outstanding and the undrawn revolver. The $364 million unsecured notes at Array that did not exchange in T-Mobile's exchange offer remain outstanding, along with $325 million outstanding on the term loan and undrawn revolver. Fitch expects TDS to maintain a conservative financial policy and manage leverage at stated targets. Spectrum Enhances Financial Flexibility: TDS completed two transactions this year for the sale of certain wireless spectrum assets to T-Mobile and AT&T. They have two sales pending to T-Mobile and Verizon expected to be completed this year. The combined gross proceeds from these transactions are approximately $2.2 billion. This is part of TDS's strategy to monetize their remaining spectrum. Fitch believes the announced transactions and any such future transaction provide significant financial flexibility for TDS to fund its fiber build program, potential M&A and/or shareholder returns. Fitch estimates the book value of retained spectrum at about $1.8 billion. Sufficient Liquidity Profile: TDS and Array's ratings reflect increased financial flexibility over the forecast. This is supported by ample liquidity from net proceeds from sales of the wireless business and wireless spectrum to AT&T, Verizon and T-Mobile, significant debt reduction that improves leverage and coverage metrics, and lower dividends commensurate with the business's new operating scale. FCF deficits are high due to increased fiber-related capex. However, Fitch expects the company to maintain sufficient financial flexibility as sale proceeds from announced transactions are expected to substantially fund the fiber build program. Asset Base Provides Flexibility: Fitch believes the tower portfolio and equity partnerships represent additional sources of financial flexibility should the need arise as the company pursues growth investments. Parent Subsidiary Linkage: Fitch links the ratings of TDS and Array under a strong subsidiary/weak parent approach. The linkage incorporates TDS's significant ownership (82%) and control of Array and open legal ring-fencing under Fitch's criteria. Fitch analyzes each company's IDR based on TDS's consolidated financial profile. Fitch does not expect the proposed transaction with Array. as currently understood, to affect either company's IDRs. Peer Analysis Fitch-rated investment-grade telecom peers for TDS include AT&T Inc. (BBB+/Negative Watch) and Verizon Communications Inc. (A-/Stable), both national wireless and wireline providers. These peers are much larger than TDS and benefit from broader geographic and service-level diversification. In cable, Comcast Corporation (A-/Stable) and Charter Communications Inc. (BB+/Positive Watch) are also far larger, with leading market positions and diversification across telecom and media assets. TDS is comparable with rural-focused incumbent wireline provider Uniti Group Inc (B-/Stable) and Cincinnati Bell (B/Stable). However, comparatively TDS has lower leverage (on an adjusted basis) and greater financial flexibility than these companies. Array competes with tower market leaders American Tower Corporation (BBB+/Stable), Crown Castle Inc. (BBB/Stable) and SBA Communications (BBB-/Stable), which are far larger and have better geographic or product diversification. Fitch’s Key Rating-Case Assumptions - $2.2 billion gross proceeds from wireless spectrum sales in 2026. - TDS Telecom revenue is expected to grow in low to mid-single digits over the forecast, except in 2026 where revenue is expected to decline slightly due to impact of divestitures and pressure in certain markets. Array revenues of approximately $200 million during forecast, with some decline in 2027 due to T-Mobile impact then growing mid-single digits due to escalators and lease-up. - Overall EBITDA margins to increase over the forecast largely due to cost reductions over time, improvements in the higher margin tower business in the remaining Array and higher EBITDA margins at TDS Telecom. - Dividends at TDS of $18 million-$20 million. - Capex intensity at TDS Telecom in the 50%-60% range over the next three years to support E-ACAM build and additional market opportunities before declining toward more normal levels. - Fitch provides 50% equity credit to TDS's preferred stock. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('bbb+', Lower), market and competitive positioning ('bb', Higher), diversification and asset quality ('bb+', Moderate), company operational characteristics ('bbb', Moderate), profitability ('bbb', Moderate), financial structure ('bb', Higher), and financial flexibility ('bbb+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. Assessments of the quantitative financial subfactors also include bespoke calculations. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a(n) equalized approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Consolidated EBITDA leverage sustained above 3.0x; - Sustained FCF deficits and/or revenue and EBITDA declines. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch does not anticipate a positive rating action in the near term given projected consolidated FCF deficits; - Consolidated EBITDA leverage sustained below 2.5x and sustained positive consolidated FCF with stable to improving revenue and EBITDA could lead Fitch to reassess the ratings. Liquidity and Debt Structure As of March 31, 2026, TDS has a cash balance of $1366 million. Array holds approximately $254 million of this amount. The company has a combined availability of approximately $499 million, net of letters of credit, on the revolvers at TDS ($400 million) and Array ($100 million). In December 2025, TDS and Array amended their revolving credit facilities to extend the maturity date to December 2030. Array repaid most of its debt with proceeds from the sale of its wireless operations to T-Mobile and via exchanges into T-Mobile debt, including bank debt, the ECF, the receivables securitization facility and the RCF. The $325 million outstanding term loan with Cobank remains with Array. TDS used the August 2025 special dividend from Array to repay in full its $1.2 billion of bank debt. In January 2026, TDS repaid the $150 million outstanding on its term loan agreement with Export Development of Canada. During 2021, TDS issued approximately $1.11 billion of perpetual preferred stock in two separate series. The company used the proceeds from preferred stock issuances to redeem all its outstanding notes. Fitch provides 50% equity credit to the preferred stock. Issuer Profile TDS is a diversified U.S. telecom company that passes roughly 1.8 million homes. After selling US Cellular's wireless business to T-Mobile, its 82%-owned Array Digital Infrastructure comprises 4,400 owned cell towers, non-controlling equity investments and wireless spectrum holdings in its asset base. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Telephone and Data Systems, Inc. ESG Considerations Telephone and Data Systems, Inc. has an ESG Relevance Score of '4' for Governance Structure due to due to its ownership/voting control concentration by the Carlson family, which has a negative impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Telephone and Data Systems, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ preferred LT BB- Affirmed RR6 BB- Array Digital Infrastructure, Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ TELESAT GEO: S&P Downgrades ICR to 'CC', Outlook Negative --------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on satellite provider Telesat Geo Inc. to 'CC' from 'CCC-'and revised its stand-alone credit profile on the company to 'cc' from 'ccc-'. S&P also revised its liquidity assessment to weak from less than adequate. S&P said, "The 'D' rating on the company's debt facilities is unchanged because we believe there is risk that Telesat might not be able to repay these debt instruments at maturity. Additional near-term, below-par repurchases of these obligations or any transaction that we might view as restructuring are possible. "The negative outlook reflects that we will lower the issuer credit rating to 'SD' (selective default) or 'D' (default) if Telesat stops servicing its debt as scheduled or if the company announces a debt restructuring transaction that we could view as distressed and tantamount to default." Telesat's balance-sheet debt has become current. The company continues to face refinancing and repayment risks with its US$1.3 billion senior secured term loan and US$387 million senior secured notes, which are due within the next six months. S&P believes that amid ongoing earnings and cash flow weakness, Telesat's stand-alone creditworthiness is weak. There is certainty that Telesat will be unable to repay its debt in full at maturity. Furthermore, given its limited capital market access, Telesat's ability to refinance its debt at par remains highly uncertain. There is certainty that Telesat will not be able to repay its debt obligations as they come due at maturity. Telesat's sizable balance-sheet debt has become current as of March 31, 2026, specifically, the company's C$1.8 billion (US$1.3 billion) term loan facility and C$538 million (US$387 million) senior secured notes are both maturing in December 2026. Furthermore, the C$313 million (US$225 million) of secured notes and C$294 million (US$213 million) unsecured notes are maturing in June 2027 and October 2027 respectively. These obligations total C$2.3 billion (US$1.9 billion) that will require repayment or refinancing. S&P believes that, amid secular decline in Telesat's legacy business and continued earnings weakness, the company's cash flows and cash resources alone are insufficient to meet the upcoming maturities. In our view, Telesat's creditworthiness continues to weaken. We believe there is meaningful certainty that the company will be unable to repay its debt obligations in full as they come due. Furthermore, Telesat has limited capital market access to complete a traditional at par refinancing of all its debt." The company continues to face revenue erosion in in its legacy GEO satellite business. Telesat's revenues and EBITDA are declining aggressively owing to secular pressures and heightened industry competition.The company's revenue decreased 29% in the first quarter of 2026 (ended March 31, 2026) compared with the same quarter last year. This was primarily due to contract expiry on the Nimiq 4 and Anik F3 satellites in 2025 and lower capacity and rates as part of contract renewals. At the same time, Telesat's enterprise and consulting segments continue to face falling revenues. As a result of sharply lower revenues, S&P expects company's EBITDA in 2026 will further weaken from 2025 levels. Furthermore, although the GEO business (excluding capital expenditure for the LEO project) still generates positive free cash flow, it is not as robust as in previous years owing to substantial EBITDA deterioration and relatively high interest expense that, along with meaningful debt maturities, is exacerbating pressure on near-term liquidity. S&P said, "The negative outlook reflects that we will lower the issuer credit rating on Telesat to 'SD' or 'D' if the company stops servicing its debt as scheduled or if it announces a debt restructuring transaction that we might view as distressed and tantamount to default." TEXAS WINE: Seeks to Employ North Texas Auctions as Appraiser ------------------------------------------------------------- Texas Wine Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Todd Washington of North Texas Auctions as equipment appraiser in its Chapter 11 case. Mr. Washington will conduct an appraisal of the Debtor's machinery and equipment. He will receive compensation at the rate of $150 per hour and $1.50 per mile for appraisal-related services, subject to Bankruptcy Court approval and applicable compensation guidelines. To the best of the Debtor's knowledge, Todd Washington is a "disinterested" professional and does not hold or represent any interest adverse to the Debtor or its estate and has no connections with the Debtor, creditors, or any other party-in-interest, according to court filings. The firm can be reached at: Todd Washington NORTH TEXAS AUCTIONS 1659 TX-56 Bonham, TX 75418 Telephone: (806) 269-7800 About Texas Wine Company, Inc. Texas Wine Company, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 26-50119) on April 6, 2026, with $500,001 to $1 million in assets and up to $50,000 in liabilities. Judge Stacey G. Jernigan oversees the case. David R. Langston, Esq., at Mullin, Hoard & Brown represents the Debtor as legal counsel. TOWERS ELECTRONICS: Diana Torres-Cancel Named Subchapter V Trustee ------------------------------------------------------------------ The U.S. Trustee for Region 21 appointed Diana Torres-Cancel as Subchapter V trustee for Towers Electronics Inc. Ms. Torres-Cancel will be paid an hourly fee of $150 for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. A retainer of $2,000 is requested. Ms. Torres-Cancel declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Towers Electronics Inc. Towers Electronics Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. P.R. Case No. 26-02194) on May 14, 2026. At the time of the filing, Debtor's estimated assets and liabilities were not disclosed in the provided materials. Judge Mildred Caban Flores oversees the case. Homel Antonio Mercado Justiniano is the Debtor's legal counsel. TRAXX CONSTRUCTION: Seeks to Sell Construction Equipment -------------------------------------------------------- Traxx Construction seeks permission from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is in the construction business and is in the process of downsizing its business operations. The Debtor seeks to sell certain of the business assets which consist of 3 John Deere Model 1410L Blackhoe Loaders, which have no liens against them, free and clear of all liens, claims, and interests via auction, to be conducted by Richie Bros. Auctioneers (RB Group). The Debtor believes that all burdens of establishing a sound business justification for the sale of the Assets have been met. The terms of the sale by Auction have been negotiated at arms-length with RB Group, and the terms of the Auction are fair and reasonable. The Auction will be unreserved with no minimum pricing. The Debtor operates a construction company which specializes in all aspects of excavation and backfill operations for structural, mechanical, plumbing and electrical projects. The Debtor also specializes in sewer and storm drain construction, excavation, demolition and grading. By late 2025, the combination of supply chain disruption, macroeconomic pressures, reduced commitments, and increased operating costs rendered the Debtor unable to continue operating under its existing cost structure and debt obligations. The Debtor believes that the reorganization under Chapter 11 will enable it to right-size its operations, restructure obligations, preserve jobs, maintain supplier and customer relationships, and maximize recoveries for creditors relative to a liquidation. The Debtor believes that the proposed Sale of the Assets represents the best opportunity to maximize the value of the Debtor's estate for all interested parties. The Debtor's ability to consummate the proposed sale via Auction as soon as possible is essential to maximizing the value of the estate going forward, and without approval on an expatiated basis. About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TRINITY POOLS: Ciara Rogers Named Subchapter V Trustee ------------------------------------------------------ Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Ciara Rogers, Esq., as Subchapter V trustee for Trinity Pools, LLC. Ms. Rogers is a partner at Waldrep Wall Babcock & Bailey, PLLC. She will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. The Subchapter V trustee can be reached at: Ciara L. Rogers, Esq. Waldrep Wall Babcock & Bailey, PLLC 3600 Glenwood Avenue, Suite 210 Raleigh, NC 27612 Phone: (984) 480-2005 Email: crogers@waldrepwall.com About Trinity Pools LLC Trinity Pools LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02193) on May 14, 2026, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge David M. Warren presides over the case. George M. Oliver, Esq. at The Law Offices of George Oliver, PLLC represents the Debtor as bankruptcy counsel. TRINKIN TRINKIN: Soneet Kapila Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Subchapter V trustee for Trinkin Trinkin Rest by JJ, LLC. Mr. Kapila will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kapila declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About Trinkin Trinkin Rest by JJ LLC Trinkin Trinkin Rest by JJ, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16252) on May 14, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Thomas G. Zeichman, Esq., at Zeichman Law represents the Debtor as legal counsel. TRINSEO PLC: Seeks Chapter 11 Bankruptcy ---------------------------------------- Reshmi Basu of Bloomberg Law reports that plastics maker Trinseo Plc has entered Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas after struggling with weakening demand and an increasingly burdensome debt structure. The filing marks a significant step in the company’s financial restructuring process. Court documents indicate Trinseo reported assets and liabilities each ranging from $1 billion to $10 billion, reflecting the scale of its leveraged balance sheet. The company had been in discussions with creditors aimed at reducing debt and lowering interest expenses prior to filing. In the months leading up to the bankruptcy, Trinseo entered a grace period after failing to make an interest payment on its second-lien bonds. Earlier, in late 2024, it secured a $300 million lender agreement intended to provide additional liquidity and support ongoing operations, the report states. About Trinseo PLC Trinseo PLC is an international chemical and materials manufacturer specializing in plastics, latex binders, and synthetic rubber products. Its materials are used across industries such as automotive manufacturing, building and construction, electronics, and packaging, supporting a diversified industrial customer base worldwide. Trinseo PLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90115) on May 20, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. Latham & Watkins LLP is serving as Trinseo's legal advisor in the restructuring, supported by co-counsel Hunton Andrews Kurth LLP. The company also retained Centerview Partners LLC as investment banker and FTI Consulting as financial and communications advisor. Ernst & Young LLP as tax auditor and tax accountant and Kroll Restructuring Administration LLC as claims agent. Separate lender groups are advised by Paul Hastings LLP and PJT Partners for the Senior Secured Lenders, and by Gibson, Dunn & Crutcher LLP together with Lazard Frères & Co. for the Term Lenders. TTNG HOLDINGS: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: TTNG Holdings Corp. 750 Chastain Corner Rd Marietta GA 30066 Business Description: TTNG Holdings Corp. is a single-asset real estate company classified under SIC 6519 for lessors of real property not elsewhere classified. Chapter 11 Petition Date: May 4, 2026 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 26-55841 Judge: Hon. Lisa Ritchey Craig Debtor's Counsel: Scott Riddle, Esq. LAW OFFICE OF SCOTT B. RIDDLE, LLC 309 E. Paces Ferry Rd NE Suite 400 Atlanta GA 30305 Tel: 404-815-0164 Email: scott@scottriddlelaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Timika Gaten as president. 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/AOBW7PI/TTNG_Holdings_Corp__ganbke-26-55841__0001.0.pdf?mcid=tGE4TAMA TURK INDUSTRIES: Seeks to Hire Paul Reece Marr as Legal Counsel --------------------------------------------------------------- Turk Industries, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Paul Reece Marr, P.C. to serve as its legal counsel. The firm will provide these services: (a) providing the Debtor with legal advice regarding its powers and duties as a debtor in possession in the continued operation and management of its affairs; (b) preparing on behalf of the Debtor the necessary applications, statements, schedules, lists, answers, orders and other legal papers pursuant to the Bankruptcy Code; and (c) performing all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. Paul Reece Marr, Esq. will receive an hourly rate of $495, and paralegals shall receive an hourly rate of $295. Paul Reece Marr, P.C. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Paul Reece Marr, Esq. PAUL REECE MARR, P.C. 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 E-mail: paul.marr@marrlegal.com About Turk Industries, LLC Turk Industries, LLC, operates fast-food restaurant locations in Georgia, providing quick-service sandwiches and related food offerings. Turk Industries, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-56701) on May 20, 2026. At the time of the filing, the Debtor had estimated assets of between $50,001 and $100,000 and liabilities of between $1,000,001 and $10 million. Tamara M. Ogier serves as the SubChapter V Trustee overseeing the case. TURQUOISE LLC: Unsecureds Will Get 18% of Claims over 5 Years ------------------------------------------------------------- Turquoise, LLC filed with the U.S. Bankruptcy Court for the Northern District of Iowa a Subchapter V Plan of Reorganization dated May 15, 2026. The Debtor is an Iowa Subchapter S Limited Liability Company owned and operated in equal parts by Resat Akinci and Bulent Cicek. The company was formed by both members in 2012 and has operated out of Cedar Rapids, Iowa since. Turquoise invested in specialty equipment with the intent of establishing itself in new market spaces and opening its business to new customers with a form of trucking with higher profit margins. It also reached out to local customers to establish direct relationships and to avoid the costs of brokers. Turquoise also has access to a 20,000 square foot warehouse space that was projected to bring in other revenue streams. Unfortunately, while all these endeavors were somewhat successful, they did not generate sufficient revenue to solve its financial issues. Turquoise commenced its Chapter 11, Subchapter 5 case to restructure its financial situation so that it can continue in business while retaining its employees, providing a valuable service, and paying as much as it can to its creditors. Turquoise believes that it can successfully restructure and move forward as a viable company. This Plan provides for seven Classes of Allowed Secured Claims and four Classes of other Claims and interests. This Plan provides for the payment of Allowed Administrative Expense Claims, Secured Claims, Priority Claims, and Unsecured Priority Tax Claims in full over time. The Debtor estimates that Creditors holding Allowed General Unsecured Claims will receive distributions totaling at least eighteen cents on the dollar over a five-year period after the Petition Date. Class 10 consists of General Unsecured Creditors. The Debtor shall agree to pay to, or for the benefit of, Unsecured Creditors the projected disposable income of the Debtor over the life of the Plan. The Debtor will make monthly payments for five years. It is anticipated that the monthly payments will be $7,413.63, with the first payment being on the 30th day of the first full month after the Effective Date of the Plan. Each Class 10 creditor will take a pro-rata share on account of its claim against the Class. The Debtor commits to a minimum repayment of 18% of Allowed Unsecured Claims over the life of the Plan. The payment of Allowed Unsecured Claims shall only be paid if Debtor is current on its payments on the Allowed Secured Claims and on Allowed Priority Claims and Allowed Unsecured Priority Tax Claims. If such claim payments are not current, then the monthly payments of the Allowed Unsecured Claims shall be commenced on the next scheduled monthly date, after such Secured and Priority payments become current. Class 11 consists of Equity Interests in the Debtor. Resat Akinci and Bulent Cicek will retain their respective fifty percent ownership interests subject to performance under this Plan. The success of this Plan is driven by the efforts of Mr. Akinci and Mr. Cicek at obtaining new business in line with margins to support on-going operations and Plan payments. Both are employees of the Debtor. They serve various roles of the company, including sales, bidding, strategy, and management. The respective owners have reduced their salaries to $124,000.00 annually. Both obtained loans for the benefit of the company that are not subject to this Plan and are paid by the owners. To the extent that Plan payments are successfully made and funds become available, the Debtor reserves the right to return the owners' salaries to their former amounts of $150,000.00. Payments and distributions under the Plan will be funded by the Debtor's operations. The Debtor's payments will come from the Debtor's earnings. Based upon the Debtor’s average net monthly income as reported in the financial information provided herein, there should be sufficient funds for the Debtor to make all payments under the Plan. The Debtor also intends to sell unencumbered van trailers and use the proceeds to purchase "lowboy" and or "flatbed" trailers that can be used to haul equipment. Equipment and flatbed material hauling yields a greater profit margin than enclosed van hauling. A full-text copy of the Subchapter V Plan dated May 15, 2026 is available at https://urlcurt.com/u?l=gyxb1d from PacerMonitor.com at no charge. Counsel to the Debtor: Day Rettig Martin, P.C. Ronald C. Martin, Esq. P.0. Box 2877 Cedar Rapids, IA 52406-2877 Tel: (319) 365-0437 Fax: (319) 365-5866 E-mail: ronm@drpjlaw.com About Turquoise, LLC Turquoise LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01112) on October 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Thad J. Collins handles the case. The Debtor is represented by Austin Peiffer, Esq. of Ag & Business Legal Strategies. UMZU LLC: Seeks Chapter 11 Bankruptcy in California --------------------------------------------------- On May 18, 2026, Umzu LLC filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Central District of California. The filing states that the company has approximately $13.5 million in liabilities and $1 million in assets, while indicating that distributions may be available for unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 8, 2026 at 02:30 PM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Umzu LLC Umzu LLC is a dietary supplement and wellness products company headquartered in Marina del Rey, California, serving the health and nutrition market. Umzu LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-14886) on May 18. In its bankruptcy petition, the Debtor reported estimated assets of roughly $1 million and estimated liabilities of approximately $13.5 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Matthew D. Resnik, Esq. of RHM Law LLP. UNIFIED PROTECTIVE: Hires Michael Jay Berger as Counsel ------------------------------------------------------- Unified Protective Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Law Offices of Michael Jay Berger as bankruptcy counsel. The firm's services include: (a) representing the Debtor in Chapter 11 proceedings and advising of its legal rights and remedies; (b) negotiating with attorneys for unsecured creditors; (c) negotiating with creditors; (d) representing Debtor at related hearings; (e) assisting Debtor in complying with Office of the United States Trustee rules and regulations; (f) assisting in paperwork preparation to continue and conclude this chapter 11 proceeding; (g) responding to creditor inquiries; (h) reviewing proofs of claims filed in this bankruptcy proceeding; (i) preparing Notices of Automatic Stay in all State Court proceedings in which Debtor is sued during pendency of the bankruptcy; (j) responding to Motions filed in Debtor's bankruptcy; and (k) objecting to inappropriate claims and prepare the Plan of Reorganization. The firm will be paid at these rates: Michael Jay Berger $695 per hour Sofya Davtyan $645 per hour Kevin Ronk $595 per hour Laura Portillo $595 per hour Robert Poteete $475 per hour Paralegals $275 per hour On June 1, 2025, the firm was paid a retainer in the amount of $25,000 from its funds. On April 3, 2026, Debtor paid the firm the second installment of $25,000 and the $1,738 filing fee. In addition, the firm will seek reimbursement for its out-of-pocket expenses. Mr. Berger, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212-2929 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 E-mail: Michael.Berger@bankruptcypower.com Sofya.Davtyan@bankruptcypower.com About Unified Protective Services Inc. Unified Protective Services, Inc., based in Hawthorne, California, provides armed and unarmed guard services, mobile patrol, access control, and site monitoring for commercial, residential, construction, and event clients. The company serves property managers, private businesses, and event organizers across Los Angeles County and other parts of Southern California. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 26-13660) on April 15, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Sherif Antoon, president, signed the petition. Judge Neil W. Bason presides over the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as bankruptcy counsel. VIOLET'S PUPPIES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Violet's Puppies, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. Under the interim order, the Debtor may use cash collateral only for critical expenses authorized in the interim budget or as otherwise approved by the court or consented to by lenders. The budget projects approximately $859,000 in revenue and $701,000 in expenses over a 13‑week period. The authority to use cash collateral remains effective through the June 3 final hearing unless terminated earlier by court order or an event of default. Events of default include failure to comply with the order; unauthorized post-petition liens; appointment of a trustee; and conversion of the Debtor's bankruptcy case to Chapter 7. The lenders that may be affected by the Debtor's use of cash collateral are First Internet Bank of Indiana and Canines and Pooches, Inc., which are owed about $2.9 million and $355,000, respectively. Canines and Pooches's claim is likely unsecured given the estimated value of the collateral, according to the Debtor. As protection, the interim order granted lenders continuing liens on all pre-petition collateral, with the same validity, priority and extent that existed as of the petition date. In addition, lenders were granted replacement liens to protect against 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/VFwnC from PacerMonitor.com. About Violet's Puppies LLC Violet's Puppies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16067) on May 11, 2026. In the petition signed by Stefani Victor, authorized member, the Debtor disclosed up to $10 million in both assets and liabilities. Aleida Martinez Molina, Esq., serves as Subchapter V trustee for the Debtor. Michael D. Seese, Esq., at Seese, P.A., represents the Debtor as legal counsel. WARNER BROS: Fitch Keeps 'BB+' IDR on Watch Negative ---------------------------------------------------- Fitch Ratings has assigned Discovery Global Holdings, Inc's (DGH) proposed senior secured term loan a 'BBB-' rating with a Recovery Rating of RR2 and placed it on Rating Watch Negative (RWN). Proceeds are expected to be used to refinance a portion of the outstanding bridge facility, with leverage approximately neutral over the short term. The ratings for Warner Bros. Discovery, Inc. (WBD), DGH, Discovery Communications, LLC (Discovery), and Warner Media, LLC (WM) are maintained on RWN. The RWN reflects uncertainty around Paramount Skydance Corporation's (PSKY) proposed acquisition of WBD. It also reflects Fitch's expectation of materially higher leverage and uncertainty around the final post-transaction capital structure and financial policy. Key Rating Drivers Leverage-Neutral Refinancing: The term loan B (TLB), to be issued in USD and EUR tranches, will repay a portion of WBD's $15 billion bridge facility and is leverage neutral. The transaction materially reduces refinancing risk on the bridge, which matures in June 2027. Fitch expects WBD to repay the remaining bridge balance with free cash flow (FCF) in the unlikely event the PSKY acquisition does not close. High Transaction Complexity and Structural Uncertainty: Fitch views PSKY's proposed acquisition of WBD as highly complex, reflecting the scale of required financing and the operational challenge of integrating two large media groups. Fitch expects regulatory scrutiny in key jurisdictions, which could increase execution risk and extend the timeline to close. Fitch believes key areas of focus could include market concentration and potential impacts on competition, distribution practices and consumer outcomes. Elevated Pro Forma Leverage Post Transaction: Fitch expects PSKY's total leverage, incorporating the known post-WBD transaction capital structure, to be materially elevated at close. Fitch expects deleveraging to depend on sustained EBITDA growth, delivery of synergies, and improved FCF generation, which could be challenging given the scale of integration and restructuring required. Separation Cancellation Supports FCF and Reduces Complexity: Fitch believes WBD's decision to cancel its separation plan reduces execution risk and removes a potential source of structural complexity. Fitch expects the decision to support better FCF through lower dis-synergies and transaction costs, relative to a separation scenario. Improved Competitive Positioning: The acquisition of WBD would increase PSKY's scale across filmed entertainment through ownership of another major studio with a deep catalogue of movie and TV titles. This will strengthen the combined company's competitive position through greater pricing power, control over content licensing, and prioritization of premium content for its own platforms. PSKY will own iconic brands, including Harry Potter, the DC Universe, and HBO Max, providing substantial leverage across distribution channels. Strong Standalone FCF Generation: WBD's global scale across its operating segments is expected to provide stable revenue and cash flow. Fitch estimates WBD, as a standalone company, will generate substantial annual FCF over the ratings period. Fitch expects this level of annual FCF to more than cover the company's near-term annual maturity schedule. Linear Network Secular Threats: WBD's linear cable networks face ongoing pressure, as long-term secular decline in multichannel video programming distributor (MVPD) subscribers will likely continue. Despite the global reach and relative strength of WBD's networks, Fitch anticipates cash flow generation and margins will remain under long-term pressure. Peer Analysis WBD's standalone rating reflects its leading positions in scripted, reality-based, news, sports and documentary programming, positive EBITDA from its DTC segment, and significant debt repayment following Discovery's debt funded merger with WarnerMedia in April 2022. However, despite being the second-largest global media company, WBD lacks the size and diversification of The Walt Disney Company (not rated) and Comcast Holdings Corporation (A-/Stable), which owns 100% of NBCUniversal Media LLC (NBCUniversal; A-/Stable), one of the largest, diversified media companies in the U.S. WBD has a larger scale compared with PSKY (BB+/RWN), a global media, streaming and entertainment company, which creates premium content and experiences for audiences worldwide through its segments: TV Media, DTC, and Filmed Entertainment, similar to WBD. Although WBD is larger, both have similar leverage characteristics. WBD has a larger operating footprint, more diversification, and significantly higher FCF margins compared to PSKY. Versant Media Group, Inc. (BB/Stable) benefits from a more conservative financial profile but operates with less content creation scale and lacks WBD's scale, diversification and growing DTC platform (HBO Max). Nexstar Media Group Inc. (BB/Stable) has a leading market position in the U.S. local broadcast television market, strong FCF generation, and healthy retransmission revenues, and a modest leverage profile. The company is however, exposed to structural headwinds from ongoing cord-cutting, which may pressure the traditional pay-TV ecosystem over time, and cyclicality in advertising revenue. Fitch’s Key Rating-Case Assumptions WBD Standalone - Total revenue expected to decline marginally in fiscal 2026 due to declines in the linear network segment. Thereafter, revenue is forecast to increase in the low- to mid-single digits, as growth in the direct-to-consumer (DTC) and studio segments offsets declines in the linear network segment. Studio revenue is expected to vary annually depending on the quantity and quality of film content, with the company clearly focused on reinvigorating the DC Comics franchise with the 2025 reboot of 'Superman'. - Margins remain roughly flat as ongoing DTC growth is offset by continued margin compression at networks and improvement in studio margins. - Capex intensity averages 2.7% due to studio expansion and incremental investments in attractions. - No M&A or share buybacks in the near term. - Near-term FCF geared toward debt repayment, driving leverage below Fitch's negative sensitivity of 3.5x in 2028. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bb', Higher), sector characteristics ('bbb-', Moderate), market and competitive positioning ('bbb+', Moderate), diversification and asset quality ('bbb', Moderate), company operational characteristics ('bbb', Higher), profitability ('bbb+', Moderate), financial structure ('bb', Higher), and financial flexibility ('bbb+', Lower). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'bb+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'BB+'. RATING SENSITIVITIES - Termination of the PSKY acquisition, with WBD continuing to operate at its current credit profile; - Completion of acquisition, with announcement of post-transaction capital structure and pro forma financial profile. - Sustained operating underperformance amid ongoing competitive pressures; - Fitch-calculated EBITDA leverage sustained above 4.0x - Fitch does not anticipate any positive rating action while the acquisition transaction is pending. Liquidity and Debt Structure As of March 31, 2026, WBD had $3.3 billion of cash and full availability under its $4 billion unsecured revolver, maturing in October 2029, with two 364-day extensions. Fitch excludes the $2.0 billion CP program (full availability), given the overlap with the revolver availability and the 'B' Short-Term IDR. Pro forma for the TLB transaction, WBD will have $37 billion outstanding debt comprising the TLB, the bridge loan facility, senior notes and $3.9 billion of revolving account receivables (AR), which Fitch treats as debt. The presence of the AR facility limits recovery prospects for the first-lien secured debt, resulting in a Category 2 first-lien classification and an 'RR2' Recovery Rating. The TLB is therefore rated 'BBB-/RR2', one notch above the 'BB+' IDR. Issuer Profile WBD was formed by the April 2022 merger of WarnerMedia, LLC and Discovery, Inc. It is the second-largest global media company and offers scripted and unscripted content across a broad range of internal and external distribution platforms. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Warner Bros. Discovery, Inc.. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Discovery Communications, LLC LT IDR BB+ Rating Watch Maintained BB+ ST IDR B Rating Watch Maintained B senior unsecured LT BB+ Rating Watch Maintained RR4 BB+ senior unsecured ST B Rating Watch Maintained B Warner Media, LLC LT IDR BB+ Rating Watch Maintained BB+ senior unsecured LT BB Rating Watch Maintained RR5 BB Warner Bros. Discovery, Inc. LT IDR BB+ Rating Watch Maintained BB+ Discovery Global Holdings, Inc. LT IDR BB+ Rating Watch Maintained BB+ senior unsecured LT BB+ Rating Watch Maintained RR4 BB+ senior secured LT BBB- New Rating RR2 WARRIOR TECHNOLOGIES: Court Approves $9.5MM DIP Request ------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that Warrior Technologies won interim court approval Friday, May 22, 2026, for a $9.5 million debtor-in-possession loan intended to fund operations throughout its bankruptcy proceedings, though a Texas judge declined to immediately approve a disputed lender-related provision included in the financing package. The court's ruling allows the oilfield services company to access emergency liquidity while negotiations continue over portions of the agreement that some parties argued provided overly broad protections to lenders. The judge said those issues would be addressed further before any final order is entered, the report states. According to company representatives, the DIP financing is critical to supporting ongoing operations, employee wages, and vendor obligations during the restructuring process. Warrior Technologies remains in Chapter 11 as it works to reorganize its business and negotiate with creditors over long-term financing arrangements. About Warrior Technologies LLC Warrior Technologies LLC is an energy services provider specializing in oilfield support and trucking operations for the energy sector. The company serves oil and gas producers with transportation and field-related logistics services across key operating regions. Warrior Technologies LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case 26-33562) on May 21, 2026. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Bernard R. Given, II, Esq. of Loeb & Loeb. WARRIOR TECHNOLOGIES: Taps Omni Agent Solutions as Claims Agent --------------------------------------------------------------- Warrior Technologies, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Omni Agent Solutions, Inc. to serve as claims, noticing, and solicitation agent. The firm will provide these services: (a) assist in the preparation of the Debtor's bankruptcy schedules and statements of financial affairs (Schedules and SOFA); (b) provide noticing services and communication-related services; (c) perform claims management, analysis, reconciliation, and administration; (d) assist in plan solicitation, balloting, and tabulation; (e) provide contract review, securities analysis, and claims analysis; (f) provide and maintain confidential online workspaces or data rooms; (g) perform account management and disbursement-related services; and (h) perform other related services as may be agreed upon by the parties. The company is paid under a rate schedule, invoices are issued monthly, and unpaid balances over 30 days are subject to a 1.5% late charge. The Debtor also provided a $15,000 retainer prior to the petition date, which Omni may apply to prepetition fees and expenses. Hourly Rates for Standard and Custom Services RATE / COST Office Services $50 - $75.00 per hour Case Administration Services $80 - $275 per hour Claims Management $80 - $275 per hour Noticing Services $80 - $275 per hour Schedules and SOFA Services $80 - $275 per hour Solicitation Services $80 - $295 per hour Disbursement/Treasury Services $150 - $295 per hour Communications Services - Call Center $75 - $175 per hour Quality Control/Oversight Management $150 - $275 per hour Senior Management/Consulting Services $225 - $275 per hour Programming and IT Customization $95 - $175 per hour Omni Agent Solutions, Inc. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Omni Agent Solutions, Inc. 5955 De Soto Ave, Suite 100 Woodland Hills, CA 91367 Telephone: (818) 906-3000 About Warrior Technologies, LLC Warrior Technologies, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-33562) on May 21, 2026. At the time of filing, the Debtor reported estimated assets of between $10,000,001 to $50 million and liabilities of between $50,000,001 to $100 million. The case is pending in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. Judge Alfredo R. Perez oversees the case. Loeb & Loeb LLP is Debtor's legal counsel. WASH MIDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------ Moody's Ratings affirmed Wash MidCo Inc.'s (Wash) B2 corporate family rating, the B2-PD probability of default rating, and the B2 ratings of Wash BidCo Inc.'s backed senior secured first lien bank credit facility, including the $150 million backed senior secured first lien revolving credit facility due September 2030, and the $725 million backed senior secured first lien term loan B due September 2032 (including the proposed $100 million add on). The outlook is maintained at stable for both Wash BidCo Inc. (borrower) and Wash MidCo Inc. (guarantor). On May 13, 2026, Wash announced its plans to issue a $100 million fungible add-on to its existing $625 million senior secured first lien term loan due September 2032, increasing the outstanding balance to $725 million. The company will use the net proceeds to fund a shareholder distribution and pay fees and expenses related to the transaction. The transaction is credit negative and on a pro forma basis, Moody's expects debt/EBITDA (including Moody's standard adjustments) to increase to about 4.1x from 3.9x for the period ended September 2025. The affirmation of the B2 CFR reflects the solid demand for outsourced laundry equipment services and improved operating efficiency. Since Northleaf Capital Partners and AVALT, LLC acquired Wash in Q3 2025, the company has executed several optimization initiatives to improve key credit metrics and performance, including (i) pricing actions that have resulted in a 15% increase in net sales per machine, and (ii) improved capex efficiency, including the use of more remanufactured machines. While Moody's views the recent debt funded distribution as aggressive, the stable outlook reflects Moody's expectations that the company will maintain debt/EBITDA at a moderate level. The company's focus on executing a more balanced financial policy since the Q3 2025 sponsor to sponsor LBO has resulted in pro-forma leverage improving to about 4.1x, which compares to 4.7x as of the period ended March 2025 (pre-LBO). Governance considerations are material to the rating, reflecting the modest increase in leverage to fund a dividend distribution. RATINGS RATIONALE Wash's B2 CFR is supported by the company's solid position as one of the top providers of outsourced laundry equipment services for multifamily housing properties and colleges in the US and Canada. Wash's credit profile benefits from a predictable recurring revenue stream, high customer retention rate and strong margins stemming from the noncyclical nature of laundry services. The rating also reflects a moderate leverage profile and an adequate liquidity position. At the same time, the B2 CFR is constrained by Wash's low EBITA/interest expense coverage of roughly 1x, minimal free cash flow generation, competitive business landscape, and the limited track record of the company to reduce leverage on a sustainable basis. Cash flow is limited due to substantial capital spending requirements to support the company's installed asset base. The stable outlook reflects Moody's expectations that Wash will focus on leverage reduction and operate with debt/EBITDA sustained below 4.5x while maintaining adequate interest coverage and liquidity. Wash's adequate liquidity profile is comprised of an undrawn $150 million revolving credit facility (due September 2030), around $25 million of cash as of September 2025, and more than $20 million of free cash flow generated during the 12 month period ended September 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company maintains a more conservative financial policy resulting in debt/EBITDA sustained below 4.5x,if EBITA/interest expense is sustained above 2x, and if free cash flow generation improves and remains positive on a sustained basis. The ratings could be downgraded if Wash executes a more aggressive financial policy, including debt-funded dividend distributions or debt-funded M&A, if debt/EBITDA is sustained above 5.5x, if EBITA/interest expenses is sustained below 1x, and if the company fails to generate positive free cash flow on a sustained basis. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Torrance, California, Wash BidCo Inc. is a leading laundry service provider to multifamily apartments and universities in the US and Canada. Following the LBO transaction in Q3 2025, the company is privately owned by Northleaf Capital Partners, a global private markets firm headquartered in Toronto, Canada, and AVALT, LLC, an investment firm based in Boston, MA. WEISER ONION: Seeks to Hire Foley Freeman PLLC as Counsel --------------------------------------------------------- Weiser Onion Produce LLC seeks approval from the U.S. Bankruptcy Court for the District of Idaho to employ Foley Freeman, PLLC as counsel. The firm will provide these services: a. give the Debtor legal advice with respect to his powers and duties in the affairs of the business and management. b. file a Plan and other documents or help in the preparation of the same and to negotiate and secure approval of a Chapter 11 Plan and to file such other Motions, attended hearings relating to the Chapter 11 proceedings. The firm will be paid at these rates: Partner $400 per hour Associate $300 per hour Legal Assistant $100 per hour The firm was paid a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Geile, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Patrick J. Geile, Esq. Foley Freeman, PLLC 953 S. Industry Way Meridian, ID 83642 Telephone: (208) 888-9111 Facsimile: (208) 888-5130 E-mail: pgeile@foleyfreeman.com About Weiser Onion Produce LLC Weiser Onion Produce LLC is a Weiser, Idaho-based produce wholesaler that packs and ships onions for retail and foodservice customers. Founded in 2022, the company operates from a Weiser packing facility and handles yellow, white and red onions grown by the Navarrete family's farming operations in the Idaho-Oregon onion region. Weiser Onion Produce LLC in Weiser, ID, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Id. Case No. 26-00405) on May 13, 2026, listing as much as $1 million to $10 million in both assets and liabilities. Jose David Navarrete as owner, signed the petition. WHERE FAMILIES: Gets OK to Use Cash Collateral Until July 30 ------------------------------------------------------------ Where Families Thrive, Inc. received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral through July 30 in accordance with its budget, subject to a 20% variance. Citizens Bank, N.A. holds a valid, perfected, and secured lien on substantially all of the Debtor's assets, including accounts and accounts receivable, securing approximately $148,600 in debt as of the petition date. The Debtor acknowledged the validity of the bank's liens and the secured nature of the debt. Citizens Bank will be provided protection through a monthly payment of $1,439.56; a replacement lien on the Debtor's post-petition assets; and a superpriority administrative expense claim to the extent the replacement lien is insufficient. In addition, the Debtor must provide periodic financial reporting, including monthly operating reports. The order is available at http://bankrupt.com/misc/WhereFamiliesThrive_ICCOrder.pdf About Where Families Thrive Inc. Where Families Thrive, Inc. provides mental health and wellness services as part of The Thrive Network, a New Jersey-based organization offering counseling for children, teens, adults and families. The Clementon-based practice provides services including child and adolescent therapy, family therapy, adult therapy, couples counseling, trauma counseling, play therapy and telehealth therapy, supported by licensed therapists and mental health professionals. Where Families Thrive sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-15195) on May 7, 2026, with up to $50,000 in assets and up to $10 million in liabilities. Michelle Codington, president of Where Families Thrive, signed the petition. Natasha Songonuga, Esq., at VTrustee, LLC serves as Subchapter V trustee. E. Richard Dressel, Esq., at Lex Nova Law, LLC, represents the Debtor as bankruptcy counsel. WHITE ASH: Seeks Chapter 11 Bankruptcy in Indiana ------------------------------------------------- On May 20, 2026, White Ash Holdings LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Indiana. According to court filings, the Debtor reports between $1MM and $10MM in debt owed to between 1 and 49 creditors. About White Ash Holdings LLC White Ash Holdings LLC is a holdings and investment company engaged in managing business and financial assets. White Ash Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-03248) on May 20, 2026. In its petition, the Debtor reports estimated assets of $1MM to $10MM and estimated liabilities of $1MM to $10MM. Honorable Bankruptcy Judge James M. Carr handles the case. The Debtor is represented by Eric C. Redman, Esq. of Ludwig & Associates, PC. WIM CORE: Stadium One to be Auctioned After Entering Receivership ----------------------------------------------------------------- Gloria Lloyd of St. Louis Business Journal reports that the financial troubles surrounding 1831 Chestnut, also referred to as Stadium One West, highlight ongoing stress in the downtown St. Louis office market, where rising vacancies have left several older buildings vulnerable to foreclosure or redevelopment pressure. As tenants continue relocating to suburban markets, landlords have increasingly pursued conversion opportunities to reposition underutilized office assets. Downtown West has emerged as one of the few areas showing renewed demand, particularly in residential real estate, following the 2022 opening of Energizer Park. The stadium's $460 million investment has supported nearby redevelopment, including office-to-residential conversions such as The Victor apartment complex, while benefiting from adjacency to major civic destinations like Union Station and Enterprise Center, according to report. The property is owned by Stonemont Financial Group affiliates WIM Core Portfolio Owner LLC and WIM Net Lease Acquisitions LLC, acquired in 2017 as part of a 95-property, $1.3 billion portfolio purchase. It later became part of a distressed 45-property loan secured by multiple office assets linked to Elevance Health and its subsidiaries, including Anthem Blue Cross and Blue Shield, the report relays. A federal judge in the Northern District of Illinois ordered the portfolio foreclosure in 2025 and appointed FTI Consulting's Alan Tantleff as receiver to manage and market the assets. The building was largely vacated after Anthem’s departure, and remaining tenants Weber Shandwick and Momentum Worldwide exited by the end of 2025, leaving the property fully empty and subject to court-supervised sale, the report states. About WIM Core Portfolio Owner LLC WIM Core Portfolio Owner LLC is a limited liability company structured as a real estate investment holding entity. It is primarily engaged in owning and managing commercial properties as part of a larger portfolio investment platform. The entity functions as a vehicle for institutional capital deployment into income-generating real estate assets. The foreclosure of a 45-property Stonemont Financial Group portfolio was ordered by a federal judge in the Northern District of Illinois in July 2025 after bondholders acted on the defaulted loan tied to assets including 1831 Chestnut, which was among the largest properties and the only one located in Missouri out of 23 Illinois-based holdings, many linked to Elevance Health and Anthem; the St. Louis property remains subject to receivership and requires court approval for any sale, with FTI Consulting's Alan Tantleff appointed receiver to manage and market the portfolio under court oversight, reflecting broader distress in downtown St. Louis as office vacancies rise and tenants continue shifting to suburban markets such as Clayton. WORTHINGTON STEEL: Fitch Assigns 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has assigned Worthington Steel, Inc. a first-time Long-Term Issuer Default Rating of 'BB' with a Stable Rating Outlook. Fitch has also assigned a 'BB+' rating with a Recovery Rating of 'RR2' to the company's proposed senior secured term loan. The proposed term loan will be used to finance the acquisition of Klockner & Co. SE. The ratings reflect Worthington Steel's size as the second-largest North American service center, scale, and operational and geographic diversification, pro forma for the Kloeckner acquisition. The Stable Outlook reflects Fitch's view that Worthington Steel will deleverage through debt repayment and earnings growth for an EBITDA leverage below 3.5x by the end of fiscal 2029 and maintain EBITDA margins around 6%. Key Rating Drivers Kloeckner Acquisition Brings Scale/Leverage: Fitch believes the Kloeckner acquisition will improve Worthington Steel's geographic and product diversification while increasing scale, thereby adding operating flexibility and further margin resilience across cycles. Kloeckner's operations strengthen Worthington Steel's core competencies in carbon flat-roll and electrical steel and expand its product portfolio to include aluminum, stainless, long products and downstream fabrication. It also extends its footprint, particularly in the Southern U.S. The acquisition will increase financial leverage significantly above where Worthington Steel has historically managed. Kloeckner has higher financial leverage and the acquisition will be debt funded, which Fitch expects will result in pro forma EBITDA leverage over 4.0x. This compares to about 1.1x currently and historically under 1.0x. The company's goal is to reach 2.5x net leverage within 24 months of closing. Synergies/Integration Track Record: Fitch believes the USD150 million run-rate synergies target by the end of FY 2028 (May 31, 2028) is reasonable, not reliant on significant changes to footprint, and roughly half are under the company's control and not dependent on market improvement. The company has a track record of successful acquisition integration and a dedicated team. Fitch assumes half of the target in its rating case. Deleveraging Capacity: Fitch expects FCF to be over USD200 million per year on average beginning in FY 2028, bolstered by prior capital programs at each company to grow value-added processing and prior divestiture of non-core operations. Fitch expects the company to maintain its dividend at current levels and for capex to be less than USD120 million per year beginning in FY 2028. Improvements in working capital efficiency and additional portfolio actions would speed deleveraging but are not included in Fitch's rating case. Subdued Macro Environment/Cyclical Exposure: Fitch believes Worthington Steel will have sufficient flexibility to cut variable costs, delay investment spending and reduce working capital to weather downturns. About 30% of pro forma revenues are exposed to the automotive sector and roughly 20% are exposed to construction. Fitch expects fairly stable auto sales and a gradual recovery in non-residential construction and sustained public infrastructure spending. Balanced Financial Policies: The company has a commitment to deleveraging as well as maintaining its dividend. Fitch expects Worthington Steel to focus on the integration and capture of synergies as well as debt repayment post-acquisition. Further M&A and shareholder returns are expected once targets are met. Peer Analysis Worthington Steel's operational profile compares closest with metals service center companies Ryerson Holding Corporation (BB/Stable) and Reliance, Inc. (BBB+/Stable). Worthington Steel, pro forma for the acquisition of Kloeckner, ranks second in the highly fragmented North American service center industry in terms of sales. Reliance is the largest with more than 1.5x the sales of pro forma Worthington Steel. Ryerson, pro forma for the acquisition of Olympic Steel, Inc., is the third largest. The companies have similar underlying volumetric risk resulting from their exposure to cyclical end markets, relatively stable margins, and low annual capex requirements. Pro forma Worthington Steel has higher margins than pro forma Ryerson but will have higher EBITDA leverage after the transaction before deleveraging. Both pro forma Worthington and pro forma Ryerson have lower margins and higher EBITDA leverage than Reliance. Fitch’s Key Rating-Case Assumptions - The Kloeckner acquisition closes on June 1, 2026 under the disclosed terms and financed in part with the proposed term loan; - Shipments grow at about 2% per year on average through 2030; - Modest growth in average selling prices on mix and improved demand; - EBITDA margin averages about 6% including 50% of expected synergies; - New pari passu senior secured debt aggregating USD1.4 billion; - No increase in dividends; - In FY 2030, Sitem Group's non-controlling interest exercise its put requiring payment of about USD97 million; - No additional acquisitions; - Excess cash used to repay debt. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b+, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 20% for the forecast year 2026, 20% for the forecast year 2027, 20% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. To derive the Long-Term IDR: - Fitch made no adjustments to the SCP, resulting in an IDR of 'BB'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustained above 4.0x; - EBITDA margins sustained below 5%; - Sustained negative FCF. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 3.0x; - EBITDA margins sustainably at or above 7%, driven by increasing levels of value-added processing; - Increase in size and scale. Liquidity and Debt Structure Fitch believes the combined company will generate USD629 million in aggregate FCF from June 1, 2026 through May 31, 2030 and will use this to repay debt. Availability under various credit facilities supports working capital and short-term liquidity requirements. At Feb. 28, 2026, Worthington Steel had USD90 million of cash on hand and USD150.5 million was available under the company's existing USD550 million ABL revolving credit facility due in 2028 after borrowings of USD193 million and accounting for the borrowing base. At Dec. 31, 2025, Kloeckner had EUR60 million in cash and availability of EUR215 million under a EUR350 million syndicated loan facility due 2028, USD358 million available under the USD650 million US ABL facility due 2027, USD25 million available under the USD115 Mexican ABL due 2028, EUR62 million available under the EUR100 million asset based securitization facility due 2028 and CHF130 million available under the CHF200 million unsecured syndicated facility due 2029. Shortly after closing, Worthington Steel will replace its existing USD550 million ABL with a new, five-year, USD550 million ABL facility. Upon merging Worthington Steel's and Kloeckner's capital structure, the new ABL will increase to USD1.2 billion and replace in full the USD650 million Kloeckner US ABL. Issuer Profile Worthington Steel is one of the largest independent intermediate carbon flat-rolled steel processors in the U.S., operating 37 manufacturing facilities (19 in the U.S.). The acquisition of Kloeckner will add approximately 110 locations across North America and Europe. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Worthington Steel, Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery ----------- ------ -------- Worthington Steel, Inc. LT IDR BB New Rating senior secured LT BB+ New Rating RR2 XIANG HE: Seeks Court Approval to Hire Schlissel DeCorpo as Counsel ------------------------------------------------------------------- Xiang He Yuan LLC seeks approval from the United States Bankruptcy Court for the Eastern District of New York to employ Schlissel DeCorpo, LLP as counsel. The firm will provide these services: (a) provide legal advice regarding the Debtor's powers and duties as Debtor-in-Possession in the management and operation of its business and property; (b) prepare and file necessary applications, motions, answers, orders, reports, and other legal documents required in the Chapter 11 case; (c) perform all other legal services necessary in connection with the Debtor’s reorganization efforts under the Bankruptcy Code; and (d) assist the Debtor in developing and implementing a plan of reorganization. Schlissel DeCorpo, LLP will be paid a pre-petition retainer of $15,000. The firm's hourly rates are $200 per hour for paraprofessionals, $500 per hour for associates, and $600 per hour for partners, subject to periodic adjustment. Schlissel DeCorpo, LLP is represented as a "disinterested person" under Section 101(14) of the Bankruptcy Code, stating that it holds no adverse interest, is not a creditor or insider, and has no disqualifying connections to the Debtor or its estate. The firm can be reached at: Nathan D. DeCorpo, Esq. Schlissel DeCorpo LLP 479 Merrick Road Lynbrook, NY 11563 Telephone: (516) 561-6645 E-mail: nathan@sdnylaw.com About Xiang He Yuan LLC Xiang He Yuan LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B), focused on owning and managing a single income-generating property. Xiang He Yuan LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 8-26-71034) on March 16, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Sheryl P. Giugliano oversees the case. Schlissel DeCorpo, LLP is Debtor's proposed legal counsel. YESCARE CORP: Intends to Wind-Down Biz, Gets OK to Pay Workers -------------------------------------------------------------- James Nani of Bloomberg Law reports that the bankruptcy court approval has allowed YesCare Corp. to access approximately $21 million in cash collateral from insider lenders to continue funding employee wages and operational expenses during its Chapter 11 case. Judge Luis E. Rivera II authorized the interim use of the funds at a hearing in the Middle District of Florida. The correctional healthcare company sought the relief after falling behind on nearly $9.7 million in payroll obligations and facing growing staffing disruptions. Court proceedings revealed that employee attendance issues had compounded the company's operational difficulties as it worked to stabilize its finances, the report states. YesCare also announced plans to wind down its patient care business, citing the loss of nearly 80% of its operations. The company said the substantial reduction in contracts and revenue streams left it with limited options outside of an orderly shutdown process. Company representatives told the court that the approved financing will help maintain essential functions and support employees during the transition period. YesCare continues to evaluate its restructuring path while coordinating with creditors, lenders, and healthcare partners. About YesCare Corp. YesCare Corp. is a correctional healthcare company. YesCare Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01089) on May 8, 2026. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. The Debtor is represented by Michael R. Dal Lago, Esq. ZACH 204: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: Zach 204 LLC 2322 Avenue N Brooklyn, NY 11210 Business Description: Zach 204 LLC is a Florida limited liability company that owns Unit 204 at Bella Vista Mid-Rise South Condominium, a residential condominium property at 19925 N.E. 39th Place in Aventura, Florida. Chapter 11 Petition Date: May 22, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-42508 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 E-mail: knash@gwfglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Zachry Gindi as manager. The Debtor did not include a list of its 20 largest unsecured creditors with the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5ECFEFQ/Zach_204_LLC__nyebke-26-42508__0001.0.pdf?mcid=tGE4TAMA ********* On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. 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