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260529.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, May 29, 2026, Vol. 30, No. 149 Headlines 185 BAINBRIDGE: Brooklyn Property Sale to Bainbridge ZM OK'd 190-07 LEWISTON: Seeks Chapter 7 Bankruptcy in New York 286 GRAND: To Sell Condominium Unit to Samuel Cummings 539 WEST: Commences Chapter 7 Bankruptcy in Pennsylvania A2Z FIELD: Hires Allen Stovall Neuman & Ashton LLP as Attorney ACADEMY OF VOLLEYBALL: Gets Final OK to Use Cash Collateral ALEX ENTERPRISES: Seeks Chapter 11 Bankruptcy in Florida ALPHA BEDDING: Gets Extension to Access Cash Collateral ALSANGEST INTERNATIONAL: Taps Ure Law Firm as Bankruptcy Counsel AMERICAN TOOL: EverBank Seeks Chapter 11 Trustee Appointment ANGIE'S MOBILE: Ruediger Mueller of TCMI Named Subchapter V Trustee ARC PRIMARY: Gets Interim OK to Use Cash Collateral ARCHBISHOP OF BALTIMORE: Comm. Taps Hogan Mediation as Claim Rep. ARTISAN FOODIE: To Sell Food Business Assets to Warehouse Arts ASCEND ELEMENTS: US Trustee Objects to Proposed Executive Pay ASHFORD HOSPITALITY: All 6 Board Nominees Fail to Win Majority Vote AZALEA TOPCO: S&P Withdraws 'B-' ICR Following Acquisition BAFFINLAND IRON: Moody's Cuts CFR to Ca & Then Will Withdraw Rating BLAKE EMERGENCY: Hires Lane Law Firm PLLC as Bankruptcy Counsel BLUE STAR FOODS: Delays Q1 10-Q Filing Due to Disclosure Review BOBBY DEE: Seeks to Hire Goldbach Law Group as Bankruptcy Counsel BRAZEN ANIMATION: Commences Chapter 7 Bankruptcy in Texas BURMAN'S TREE: Gets Extension to Access Cash Collateral C&S GROUP: S&P Downgrades ICR to 'B-' on Delayed Deleveraging CARETRUST REIT: S&P Alters Outlook to Positive, Affirms 'BB+' ICR CELEBRITY MEDICAL: Gets Interim OK to Use Cash Collateral CENTURY ALUMINUM: S&P Upgrades ICR to 'B', Outlook Positive CIRELLO ENTERPRISES: Seeks Chapter 7 Bankruptcy in Texas CLEAN ENERGY: Delays Q1 2026 10-Q on Financial Assembly Issues CONEMAUGH TOWNSHIP: S&P Affirms 'BB+' Rating on Water Revenue Debt CONFLUENT HEALTH: Moody's Cuts CFR to Caa1, Outlook Stable COOPER-STANDARD HOLDINGS: Three Proposals Passed at Annual Meeting DANLERIE FREIGHT: Gets Final OK to Use Cash Collateral DBMP LLC: Court Says Injunction Order Has No Preclusive Effect DEL MONTE: Court Confirms First Amended Chapter 11 Plan DIGGERS EXCAVATION: Gets OK to Use Cash Collateral Until June 30 DIOCESE OF OAKLAND: Claimants Challenge Insider Ch. 11 Plan Voting DVM PROPERTIES: Seeks to Hire Creek Commercial Realty as Broker E.W. SCRIPPS: Completes No-Cash Station Swap With Gray Media ECO PRESERVATION: Trustee Taps Jackson Thornton as Appraiser ECUO REAL: Commences Chapter 11 Bankruptcy in New York ELITE PROJECT: Seeks Subchapter V Bankruptcy in Texas EMERALD TECHNOLOGIES: S&P Downgraded ICR to 'D' on Debt Amendment ENCORE CAPITAL: Fitch Rates 2032 and 2033 Notes 'BB+' EQUITECS: Hires Johnson & Martin as Special Litigation Counsel ESTHER SCHOOL: Gets Interim OK to Use Cash Collateral ETHEMA HEALTH: Delays Q1 2026 Filing Amid Ongoing Review Process F O & O INC: Gets Extension to Access Cash Collateral FACILAI LLC: Commences Chapter 11 Bankruptcy in California FALLS OF BRAEBURN: Trustee Taps Trigild Texas LLC as Asset Manager FTX TRADING: Fenwick Reaches $54MM Agreement to Exit Lawsuit GACH LLC: Fred Stevens' Appointment as Chapter 11 Trustee OK'd GLEN ARBOR: Gets Interim OK to Use Cash Collateral Until June 5 GREENWAVE TECHNOLOGY: Q1 10-Q Filing to Miss Even Grace Period Date GROUND WEST: Timothy Stone of Newpoint Named Subchapter V Trustee GULFSIDE SUPPLY: S&P Downgrades ICR to 'B-' on Elevated Leverage HIGH WIRE: Delays Q1 2026 Filing Due to Time, Resource Constraints HONEY BRANDS: Gets Final OK to Use Cash Collateral HOPS ON MAIN: Gets Interim OK to Use Cash Collateral HUNDAL FARMS: Case Summary & 20 Largest Unsecured Creditors IBODY INC: Gets OK to Use Cash Collateral Until Aug. 1 INFINITE GROUP: Delays Q1 2026 10-Q; Auditor Review Needs More Time INGENOVIS HEALTH: Moody's Cuts CFR to Ca, Outlook Stable KALAMAZOO CANDLE: Thomas Richardson Named Subchapter V Trustee KSHITIJ INC: Gets Final OK to Use Cash Collateral LIGHT OF THE WORLD: Hires Equal Justice Law Group as Counsel MACROFIT INC: Seeks to Hire Ure Law Firm as Bankruptcy Counsel MAFIA INC: Gets Extension to Access Cash Collateral MCKESSON MEDICAL-SURGICAL: S&P Assigns 'BB' ICR, Outlook Stable MIL-TEK USA: Stephen Metz Named Subchapter V Trustee MIYOSHI AMERICA: Taps Alvarez & Marsal as Restructuring Advisor MIYOSHI AMERICA: Taps Smith Goffman Partners as Investment Banker MOUNTAIN POWER: Gets Interim OK to Use Cash Collateral MSCI INVESTMENTS: Gets Final OK to Use Cash Collateral MUDARRI MOTORSPORTS: Gets Final OK to Use Cash Collateral MY CAR WASH: Seeks to Sell Belleview Property at Auction NEWCAP INC: Hires Bay Lakes Commercial as Real Estate Broker NMR ENTERPRISES: Court OKs Continued Cash Collateral Access ONYX PORTFOLIO: Houston Property Sale to Michelle Cabanillas OK'd ORIGINCLEAR INC: Delays Q1 10-Q Filing Due to Ongoing Audit Process P3 HEALTH: $252MM Debt Exchange Restores Nasdaq Equity Compliance PARAMOUNT ROOFING: Hires Burgmaier & Associates as Accountant PBF HOLDING: S&P Rates New $500MM Senior Unsecured Notes 'BB' PIGZZA LLC: Gets Interim OK to Use Cash Collateral Until July 7 PREMIER MEAT: Hires Neeleman Law Group as Bankruptcy Counsel PRINCE GLOBAL: Director Wants Court to Reject Ch. 15 Recognition PRO ATHLETICS: Hires Michael Jay Berger as Bankruptcy Counsel PRO MACH: S&P Rates New $2,537MM First-Lien Term Loan 'B' PSP TS: Hires Bleakley Bavol Denman & Grace as Bankruptcy Counsel QUICK PRINTS: Seeks to Hire Tax Compliance Group as Accountant QVC GROUP: Affiliate Seeks to Tap Seward & Kissel as Legal Counsel QVC GROUP: Affiliates Seeks to Hire Milbank as Bankruptcy Counsel QVC GROUP: Seeks Approval to Hire Kobre & Kim as Special Counsel QVC GROUP: Seeks Approval to Tap AlixPartners as Financial Advisor QVC GROUP: Seeks Court Approval to Hire Gray Reed as Co-Counsel QVC GROUP: Seeks to Hire Evercore Group as Investment Banker QVC GROUP: Seeks to Hire Katten Muchin Rosenman as Legal Counsel QVC GROUP: Seeks to Hire Kirkland & Ellis as Bankruptcy Counsel QVC GROUP: Seeks to Hire PwC US Tax as Tax Services Provider QVC GROUP: Taps Holtz Slavett Drabkin & Warner as Tax Counsel QVC GROUP: Taps PwC US Business Advisory as Valuation Provider RACE RANCH: Hires Summers Compton Wells LLC as Bankruptcy Counsel RAD DIVERSIFIED: Affiliate Seeks to Minnieola Property at Auction RAD DIVERSIFIED: Affiliate to Sell Belle Haven Property at Auction RAD DIVERSIFIED: Court OKs Philadelphia Properties Sale at Auction RAISING CANE'S: S&P Rates Proposed Term Loan B Due 2033 'BB-' RCMBGNY INC: Nat Wasserstein Named Subchapter V Trustee RED RIVER: Beasley Allen Loses Bid to Undo J&J Talc DQ REKOR SYSTEMS: Lack of Quorum Adjourns Annual Meeting to Sept. 11 REMEMBER ME: Court Extends Cash Collateral Access to June 25 RMA CA: Gets Interim OK to Use Cash Collateral ROOF EZ: Gets Extension to Access Cash Collateral SABRA HEALTH: S&P Alters Outlook to Positive, Affirms 'BB+' ICR SAMYS OC: Court Extends Cash Collateral Access to June 30 SNAP INC: S&P Upgrades ICR to 'BB-', Outlook Positive SONSHINE REAL: Seeks to Tap Pioletti Pioletti & Nichols as Counsel SPANISH BROADCASTING: June 25 Plan Confirmation Hearing Set SPECTRUM BRANDS: S&P Affirms 'B+' ICR on Oaktree Joint Venture SPIRITS OF THE USA: John Whaley Named Subchapter V Trustee SPORTS LEADERSHIP 2026A-B: S&P Assigns 'BB+' Rating on Rev. Bonds STOLI GROUP: Kentucky Owl's Trustee Gets OK to Use Cash Collateral SUBTERRA ENERGY: S&P Assigns Prelim 'BB-' Rating on Secured Debt SUPERNOVA MANAGEMENT: Gets Interim OK to Use Cash Collateral TEADS HOLDING: Three Key Proposals Passed at 2026 Annual Meeting TEMSCO INC: Gets Final OK to Use Cash Collateral TPI COMPOSITES: Court Confirms Second Amended Joint Chapter 11 Plan TRILON GROUP: S&P Assigns 'B-' ICR on Proposed Refinancing TRINITY PUBLIC: S&P Affirms 'BB+' Rating on Electric Revenue Bonds TRINSEO PLC: Gibson Dunn & Howley Assist OpCo 2028 Lender Group TRINSEO PLC: Paul Weiss & Porter Hedges Advise 2L 2029 Noteholders UNIVERSITY STONE: Commences Chapter 11 Bankruptcy in New Jersey VILLAGE HOMES: Seeks to Sell Aledo Property at Auction VILLAGE HOMES: Seeks to Sell Texas Properties at Auction VILLAGE HOMES: Walsh Property Sale to John & Karen Mittenthal OK'd VOLITIONRX LTD: Board Shrinks to Seven Ahead of 2026 Annual Meeting WEST MARINE: Hires Verita Global as Claims and Noticing Agent WISER SOLUTIONS: Gets Court OK to Tap Additional $2MM DIP Funds WORTHINGTON STEEL: S&P Rates New $900MM Senior Secured Notes 'BB-' [] BOOK REVIEW: PANIC ON WALL STREET [^] BOOK REVIEW: Go Directly To Jail ********* 185 BAINBRIDGE: Brooklyn Property Sale to Bainbridge ZM OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of New York has permitted 185 Bainbridge Street, LLC to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company organized under the laws of New York to purchase and hold a two-unit residential property located at 185 Bainbridge Street in Brooklyn, New York. The Debtor filed Chapter 11 to forestall a foreclosure by the predecessor of 185 Bainbridge Street ZM, LLC, (Creditor) which holds the mortgage on this property, and to give the Debtor time to finish remodeling the structure, find an investor, refinance the mortgage, or sell the property. The Court has authorized the Debtor to sell the Property to Bainbridge ZM LLC in the purchase price of $1,800,000. The transactions collectively described in the Asset Purchase Agreement (APA) are authorized and are appropriate and in compliance with applicable statutory requirements. A reasonable opportunity has been given to any interested party to make a higher or better offer for the Property. The Purchaser is purchasing the Property in good faith and is a good faith purchaser within the meaning of Section 363(m) of the Bankruptcy Code and is therefore entitled to the protection. The APA was negotiated, proposed and entered into by the Debtor and Purchaser without collusion and in good faith. The Debtor has demonstrated sufficient basis and compelling circumstances requiring the Debtor to enter into the APA and sell the Property. The marketing and bidding processes implemented by the Debtor and its advisors were fair, proper, and reasonably calculated to result in the best value received for the Property. The Debtor has full corporate authority and power to execute and deliver the APA and related agreements and all other documents contemplated by the APA. The Debtor is authorized and directed to take any and all actions necessary or appropriate to consummate the Sale in accordance with the Motion, the APA and the Sale Order, and perform, consummate, implement and close fully the Sale, together with all additional instruments and documents that may be reasonably necessary or desirable to implement the APA. About 185 Bainbridge Street 185 Bainbridge Street, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-42074) on May 16, 2024, with $1 million to $10 million in both assets and liabilities. Jacintha Tucker, member, signed the petition. Judge Nancy Hershey Lord presides over the case. Roger V. Archibald, Esq., at Roger Victor Archibald, PLLC represents the Debtor as legal counsel. 190-07 LEWISTON: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------- On May 21, 2026, 190-07 Lewiston Ave Corp. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About 190-07 Lewiston Ave Corp 190-07 Lewiston Ave Corp is a New York-based company engaged in real estate ownership and property-related business operations. 190-07 Lewiston Ave Corp sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42487) on May 21, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. 286 GRAND: To Sell Condominium Unit to Samuel Cummings ------------------------------------------------------ 286 Grand Avenue, LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Massachusetts limited liability company with a principal office at One Lewis Wharf, Boston, Massachusetts 02110.The Debtor is a Massachusetts limited liability company with a principal office at One Lewis Wharf, Boston, Massachusetts 02110. The Debtor owns certain condominium units at the Casino Wharf Condominium, 286 Grand Avenue, Falmouth, Massachusetts 02540, including Condominium Unit Number 4. The Debtor seeks authority to sell its right, title, and interest in and to Condominium Unit Number 4 of the Casino Wharf Condominium, 286 Grand Avenue, Falmouth, Massachusetts 02540, together with the appurtenant interests described in the Purchase and Sale Agreement. The Unit is to be conveyed together with the undivided percentage interest in the common areas and property of the Condominium and organization of unit owners as set forth in the Master Deed and amendments thereto; the rights and easements benefitting and burdening the Unit under the Condominium documents; the exclusive right to use the storage space assigned to the Unit; and the exclusive right to use, and if applicable own, any parking space or parking spaces assigned to the Unit. The Debtor has entered into a Condominium Purchase and Sale Agreement dated April 17, 2026 with Samuel Cummings of 1141 Main Street, Reading, Massachusetts 01867 for the sale of the Unit. The purchase price of the Unit is $950,000.00, subject to customary adjustments at closing. A deposit of $25,000.00 is paid with the Purchase Agreement. There are no brokerage fees involved with this transaction. The sale will result in the satisfaction, discharge, or waiver of substantial secured and unsecured claims. The Purchaser presently holds a promissory note obligation of Senne Development LLC in the approximate amount of $375,000, including accrued unpaid interest. 93 Windsor Street LLC presently holds a promissory note obligation of the Debtor in a similar approximate amount. Senne Development LLC is a non-debtor affiliate entity associated with the Debtor's management, and 93 Windsor Street LLC is a non-debtor affiliate entity owned by Senne Investments LLC, and creditor of the Debtor in the amount of $375,000 by virtue of the unsecured promissory note obligation of the Debtor referenced above. Neither Senne Development LLC nor 93 Windsor Street LLC shall receive any direct or indirect distribution, payment, property, release, or economic benefit from the proceeds of the Proposed Sale. Rather, the contemplated exchange of promissory note obligations is solely intended to facilitate the Purchaser’s extinguishment and discharge of unsecured indebtedness owed by the Debtor, thereby reducing claims against the bankruptcy estate for the benefit of creditors. The Debtor employs Senne Commercial LLC as broker for the Unit. The Debtor believes the Proposed Sale represents fair and reasonable value for the Unit. The Proposed Sale will maximize value for the estate and is in the best interests of the Debtor, its creditors, and all parties in interest. About 286 Grand Avenue LLC 286 Grand Avenue LLC is a real estate holding company with properties in Boston and Falmouth, Massachusetts. 286 Grand Avenue LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11722) on Aug. 20, 2025. In its petition, the Debtor estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Peter N. Tamposi, at THE TAMPOSI LAW GROUP, P.C. 539 WEST: Commences Chapter 7 Bankruptcy in Pennsylvania -------------------------------------------------------- On May 21, 2026, 539 West Hamilton Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. Government claims filing deadline is set for Nov. 17, 2026. About 539 West Hamilton Inc. 539 West Hamilton Inc. is a Pennsylvania-based company engaged in property ownership and commercial business operations. 539 West Hamilton Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-12226) on May 21, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Patricia M. Mayer handles the case. The Debtor is represented by John R.K. Solt, Esq. of John R. K. Solt, P.C. A2Z FIELD: Hires Allen Stovall Neuman & Ashton LLP as Attorney -------------------------------------------------------------- A2Z Field Services LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to hire Allen Stovall Neuman & Ashton LLP as attorneys. The firm's services include: a. advising the Debtor of its rights, powers, and duties as a debtor in possession in the continued operation of its business; b. advising and assisting the Debtor in preparing all necessary applications, motions, answers, orders, reports, schedules, and other legal documents required in connection with the administration of this subchapter V case; c. reviewing all financial and other reports to be filed with the Court and/or the United States Trustee in this case; d. advising the Debtor concerning, and assisting in the negotiation and documentation of, the possible refinancing or sale of its assets, debt and lease restructuring, executory contract and unexpired lease assumptions, assignments or rejections, and related transactions; e. counseling and representing the Debtor regarding actions it might take to collect and recover property for the benefit of the estate; f. reviewing the nature and validity of liens asserted against the Debtor’s property and advising the Debtor concerning the enforceability of such liens; g. assisting the Debtor in formulating, negotiating, and obtaining confirmation of a plan of reorganization and preparing other related documents; and h. performing other legal services for and on behalf of the Debtor as may be necessary or appropriate in the administration of its business and this case. The firm will bill these hourly rates: Thomas R. Allen, Partner $475 Richard K. Stovall, Partner $475 Rick L. Ashton, Partner $415 James A. Coutinho, Partner $415 David M. Whittaker, Of Counsel $400 Adam M. Schwartz, Associate $360 Andrew D. Rebholz, Associate $300 Madeleine P. McCabe, Associate $250 Hannah Kittle, Legal Assistant $185 Lindsey Corl, Legal Assistant $185 The firm will seek reimbursement for out of pocket expenses. The firm received a retainer in the amount of $20,000. As disclosed in the court filings, Allen Stovall Neuman & Ashton LLP is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Thomas R. Allen, Esq. Richard K. Stovall, Esq. James A. Coutinho, Esq. Andrew D. Rebholz, Esq. Allen Stovall Neuman & Ashton LLP 10 West Broad Street, Suite 2400 Columbus, OH 43215 Tel: (614) 221-8500 Fax: (614) 221-5988 Email: allen@asnalaw.com stovall@asnalaw.com coutinho@asnalaw.com rebholz@asnalaw.com About A2Z Field Services LLC A2Z Field Services, LLC is a women-owned nationwide field service company headquartered in Plain City, Ohio. The company provides property inspection, preservation, REO, rehab and repair, rental property servicing, borrower contact, eviction, utility, HOA, VPR management, and registration and administrative services. It serves loan servicers, property owners, asset managers, and government agencies with property servicing needs. A2Z filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ohio Case No. 26-52098) on May 1, 2026, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Amie Sparks, managing member, signed the petition. Judge Mina Nami Khorrami presides over the case. Eric R. Neuman, Esq., at Diller and Rice, LLC represents the Debtor as legal counsel. ACADEMY OF VOLLEYBALL: Gets Final OK to Use Cash Collateral ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California entered an final order authorizing Academy of Volleyball, Inc. to use cash collateral. The court authorized the Debtor to use cash collateral through June 28 in accordance with the expense budget. This approval enables the Debtor to continue funding ordinary operational expenses necessary to preserve business operations and support its restructuring efforts. As adequate protection, secured creditors will be granted replacement liens on post-petition assets with the same priority and scope as their pre-petition liens, limited only to the extent of any post-petition diminution in collateral value. The order also imposed restrictions on professional fee payments. Although the budget may include projected payments for Debtor's counsel and the Subchapter V Trustee, no such payments may be made unless the Court separately approves interim or final fee applications authorizing those disbursements. This condition preserves court oversight over administrative expenses while allowing the Debtor to continue operations. The order is available at https://shorturl.at/jSQqT from PacerMonitor.com. About Academy of Volleyball Inc. Academy of Volleyball, Inc. provides youth and junior volleyball training and competitive programs from its headquarters in West Redwood City, California, with additional facilities in North Burlingame. The club offers girls and boys teams, summer and winter camps, clinics, private lessons, beach volleyball programs, and college recruiting resources, serving athletes typically aged 10 through 18. The club's programs help athletes build technical skills, develop mental toughness, and learn teamwork and composure in a competitive, team-driven environment. Facilities include multiple courts, a performance lab, and year-round practice spaces designed to support skill advancement and athlete performance. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30265) on March 26, 2026. In the petition signed by Daniele Desiderio, CEO, the Debtor disclosed $427,076 in total assets and $3,000,664 in total liabilities. Judge Hannah L. Blumentstiel oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. ALEX ENTERPRISES: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------------- On May 21, 2026, Alex Enterprises, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 17, 2026 at 01:00 PM. U.S. Trustee (Dorr) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 3989722#. About Alex Enterprises, LLC Alex Enterprises, LLC is a Florida-based business company engaged in commercial operations and enterprise management activities. Alex Enterprises, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04348) on May 21, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Buddy D. Ford, Esq. of Ford & Semach, P.A. ALPHA BEDDING: Gets Extension to Access Cash Collateral ------------------------------------------------------- Alpha Bedding, LLC received second interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. Under the second interim order, the Debtor is authorized to continue using cash collateral in accordance with its monthly budget pending entry of a final order. The Debtor's cash collateral consists of cash and proceeds of collateral, subject to the lien held by its secured lender, Old National Bank. As protection for the Debtor's use of its cash collateral, Old National Bank will be granted replacement liens on all post-petition property of the estate of the same type and priority as its pre-petition liens. The order is available at https://shorturl.at/VpoTV from PacerMonitor.com. The next hearing is set for June 3. About Alpha Bedding LLC Alpha Bedding, LLC, also known as Alpha Tekniko, is a Lake Zurich, Illinois-based contract manufacturer that was founded in 2008 and produces medical mattresses, cushions and pads. It provides custom support surface design, product development, prototype creation, design verification and full-service production, along with consulting services related to support surfaces. Alpha Bedding serves durable medical equipment and healthcare customers, including medical OEMs, healthcare distributors, refurbishers, resellers, rental companies and product developers and manufactures in a 55,000-square-foot plant. Alpha Bedding sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-06826) on April 20, 2026, with $955,771 in total assets and $2,104,383 in total liabilities. Theodosius Lazakis, president of Alpha Bedding, signed the petition. Judge David D. Cleary oversees the case. David P. Leibowitz, Esq., at the Law Offices of David P. Leibowitz, LLC, represents the Debtor as bankruptcy counsel. ALSANGEST INTERNATIONAL: Taps Ure Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- Alsangest International, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ure Law Firm to serve as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of the case and operation of the Debtor's estate as a debtor-in-possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of accounts receivable and other claims and resolve claims against the estate; (h) provide advice concerning the claims of secured and unsecured creditors, including prosecution and/or defense of actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The attorney and his law firm staff will be paid at these rates: Thomas B. Ure $495 per hour Associates $395 per hour Paralegals $295 per hour Law clerks $195 per hour The firm received a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas B. Ure, 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 through: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About Alsangest International LLC Alsangest International, LLC is a business entity engaged in international trade and consulting services, supporting cross-border commercial activities. Alsangest International, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-10722) on April 6, 2026. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Victoria S. Kaufman handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. AMERICAN TOOL: EverBank Seeks Chapter 11 Trustee Appointment ------------------------------------------------------------ Creditor, EverBank, N.A., asked the U.S. Trustee for the Middle District of Florida to appoint a Chapter 11 trustee in American Tool & Mold, Inc. and affiliates' bankruptcy cases. In a court filing, EverBank argued that cause exists to appoint a bankruptcy trustee under Section 1104(a)(1) of the Bankruptcy Code because (1) the Debtors have engaged in dishonesty, concealment, and the improper diversion of estate cash prior to the Petition Date, (2) the Debtors' estate has been grossly mismanaged and lacks an ability to operate absent extraordinary third-party intervention, (3) Emilia Giannakopoulos, the sole officer and director of the Debtors, has failed to discharge her fiduciary duties resulting in the loss of credibility and creditor confidence, and (4) the Debtors' estate, as is, lacks operational control and governance, and such uncertainty warrants a trustee to avoid a functional vacuum of authority. "The Debtors have been grossly mismanaged, lack reliable financial and operational controls, and require immediate independent fiduciary oversight to preserve going-concern value, stabilize operations, and protect creditors and the bankruptcy estates," EverBank said in court papers. EverBank further argued that independent of the "cause" analysis under Section 1104(a)(1) of the Bankruptcy Code, the bankruptcy court may appoint a trustee because such appointment is in the best interest of creditors and other parties in interest. Functionally, (1) the Debtors lack trustworthiness, (2) the Debtors past and present performance hinders the prospect of rehabilitation, (3) there is a lack of trustworthiness as to Ms. Giannakopoulos, and (4) the benefits derived by the appointment of a trustee weighs in favor of such an appointment when balanced against the cost of the appointment, according to EverBank. First, the Debtors lack trustworthiness with respect to the collateral and their ability to operate and manage their affairs. Collateral pledged to EverBank was transferred or sold to third parties on multiple occasions notwithstanding express restrictions in the governing loan and security agreements. Customer funds intended for specific tooling and refurbishment projects were commingled and diverted to unrelated uses rather than being preserved for their designated purpose. Additionally, the Debtors' lack trustworthiness went as far as their inability to maintain worker's compensation insurance, cancelled for nonpayment effective December 21, 2025, and the Debtors' employee health insurance. These facts reflect a fundamental breakdown in financial controls, transparency, and stewardship of estate assets, and weigh heavily in favor of appointment of an independent fiduciary. Second, the Debtors' past and present performance demonstrates that rehabilitation under current control is not feasible absent a Chapter 11 trustee. The Debtors were unable to fund ordinary course operations without immediate intervention, and EverBank was required to fund payroll and cure payroll delinquencies to prevent operational collapse. This liquidity crisis is compounded by the Debtors' failure to maintain ordinary-course insurance coverage necessary to operate a manufacturing business, including lapses in general liability insurance, workers' compensation, property, and equipment coverage due to non-payment, exposing the estate to immediate operational, regulatory, and safety risks. Third, current management, including Ms. Giannakopoulos, lacks credibility and trustworthiness in managing the Debtors' operations and assets. The Debtors' operational instability has also contributed to substantial erosion of vendor and customer confidence, with key commercial relationships impaired or lost due to payment delinquencies, operational uncertainty, and failure to maintain consistent performance. A copy of the motion is available for free at https://urlcurt.com/u?l=6DG9aq from PacerMonitor.com. Attorneys for EverBank, N.A.: J. Ellsworth Summers, Jr., Esq. Dana L. Robbins-Boehner, Esq. Marc A. Sendra, Esq. BURR & FORMAN LLP 50 N Laura Street, Suite 3000 Jacksonville, Florida 32202 Phone: (904) 232-7200 Fax: (904) 232-7201 Email: esummers@burr.com Email: msendra@burr.com About American Tool & Mold Inc. American Tool & Mold, Inc. is a manufacturing company specializing in precision tooling, mold design, and custom machining solutions for industrial and commercial clients. The company provides services related to tool-and-die production, injection molds, metal fabrication, and engineered manufacturing components. American Tool & Mold Inc. supports a range of industries, including automotive, aerospace, consumer products, and industrial equipment manufacturing. American Tool & Mold sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04159) on May 15, 2026. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Luis Ernesto Rivera II, Esq. handles the case. The Debtor is represented by Daniel A. DeMarco, Esq., at Hahn Loeser & Parks, LLP. ANGIE'S MOBILE: Ruediger Mueller of TCMI Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Angie's Mobile Pet Styling, LLC. Mr. Mueller will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Angie's Mobile Pet Styling LLC Angie's Mobile Pet Styling, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04130) on May 14, 2026. At the time of the filing, the Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million. Judge Caryl E. Delano oversees the case. Ford & Semach, P.A. is the Debtor's legal counsel. ARC PRIMARY: Gets Interim OK to Use Cash Collateral --------------------------------------------------- ARC Primary Care, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, to use cash collateral. Under the interim order, the Debtor is authorized to use cash collateral through June 22 in accordance with its 30-day budget, which projects total operational expenses of $569,452.98. The Debtor is permitted to exceed individual budget line items by up to 10% on a cumulative basis, provided such expenses are reasonable, incurred in the ordinary course, and do not cause overall spending for the period to exceed the approved budget by more than 10%. Additional expenditures beyond that threshold are prohibited, except for court-authorized payments to designated critical vendors. Any other deviations from the approved budget are not permitted. The Debtor's authority to use cash collateral automatically terminates upon dismissal or conversion of its bankruptcy case, appointment of a Chapter 11 trustee, confirmation of a Chapter 11 plan, expiration or material breach of the interim order. The Debtor, a Texas-based home healthcare provider, offers in-home nursing and assistance services to elderly, disabled, and pediatric patients. Its core revenue stream consists of accounts receivable from healthcare services, which are encumbered by multiple pre-petition security interests, including broad liens held by the U.S. Small Business Administration and several other secured creditors covering substantially all assets, including receivables and proceeds. These liens extend to cash generated from operations. As adequate protection, secured creditors holding perfected security interests in cash collateral as of the petition date will be granted replacement liens on post-petition accounts receivable, contract rights, and deposit accounts. These replacement liens maintain the same validity, extent, and priority as the secured creditors' pre-petition liens. The interim order includes a carveout subordinate to secured creditors' liens for payment of court fees, U.S. Trustee fees, and up to $15,000 for a trustee's fees and expenses. The order required all of the Debtor's bank accounts, including those at Lonestar National Bank, to be immediately unfrozen and allowed banks to continue normal cash management operations. A final hearing is scheduled for June 22, with objections due by June 15. About ARC Primary Care LLC ARC Primary Care LLC, doing business as Happy Valley Home Care, provides home care services in Edinburg, Texas. The company offers private duty nursing, primary home care, and 24-hour medical support at home, including skilled nursing care and physician-prescribed treatments such as ventilator care, tracheostomy aspiration care, nasopharyngeal treatments, and gastrostomy feedings. It serves children under age 21 with serious medical conditions and works with the Texas STAR Kids program and listed insurers. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-70143) on May 15, 2026. In the petition signed by Richard Troy Nelson, managing member, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Eduardo V Rodriguez oversees the case. Robert C Lane, Esq., at THE LANE LAW FIRM, represents the Debtor as legal counsel. ARCHBISHOP OF BALTIMORE: Comm. Taps Hogan Mediation as Claim Rep. ----------------------------------------------------------------- The official committee of unsecured creditors of the Roman Catholic Archbishop of Baltimore seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ Hogan Mediation, LLC as unknown abuse claims representative. The firm will render these services: a. The firm will be given access to the existing proofs of claim and other relevant information to review and analyze the existing proofs of claim and the status of the case: -- establishing Deadlines for Filing Proofs of Claim; -- approving Sexual Abuse Claim Supplement; -- approving Form and Manner of Notice; and -- approving Confidentiality Procedures Motion. b. undertake an investigation and analysis regarding the estimated number of Unknown Abuse Claimants and the estimated value of their claims; c. file one or more proofs of claim of all Unknown Abuse Claimants; d. advocate Unknown Abuse Claimants' legal positions before the court, if necessary, by filing pleadings and presenting evidence of any issue affecting suck claimants. The firm will also discuss and negotiate any such issues that arise with the other parties in the case to continue advocating of Unknown Abuse Claimants, and further take all other legal actions; e. serve as an independent fiduciary acting on behalf of all Unknown Abuse Claimants. The firm's current hourly rates are: Joshua Hogan $650 Associates $350 Hogan Mediation is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Joshua Hogan Hogan Mediation, LLC PO Box 1375 Eugene, OR 97440 Email: josh@hoganmediation.net 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. ARTISAN FOODIE: To Sell Food Business Assets to Warehouse Arts -------------------------------------------------------------- The Artisan Foodie Group LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell business- and business-related Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor's Assets are comprised of every item of Property of the Estate and every interest of the Debtor and its respective Estate, whether tangible or intangible, legal or equitable, liquidated or unliquidated. On or About May 3, 2026, the Warehouse Arts District submitted a cash offer to purchase the Property for a total sum of $110,000. Given the Buyer's familiarity with the operations and players, the Debtor anticipate that it will be the highest and best offer made for the Property. However, prior to the expiration of the negative notice period, if the Debtor receives a superior cash offer, the Debtor shall consider such offer and submit it to DFCU for its consideration. The purchase prices will be financed in cash in full. The Property is being sold to the Buyer on a free and clear basis of all liens, claims, encumbrances and any other interests. The Closing for the sale shall take place immediately upon entry of an order granting the Motion and is subject to payment in full. The Sale is an "arm's length" transaction, and the Buyer is not affiliated with the Debtor other than the relation with the Debtor as its Landlord. The Debtor believes the private sale of the Property is in the best interest of the estate and its creditors because it will allow the Debtor to satisfy any secured claims to the Property. About Artisan Foodie Group Artisan Foodie Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-00506) on January 27, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Roberta Colton oversees the case. The Debtor tapped Katelyn M. Vinson, Esq., at Jennis Morse as counsel and Accounting & Business Partners, LLC as accountant. ASCEND ELEMENTS: US Trustee Objects to Proposed Executive Pay ------------------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that the U.S. Trustee's Office is opposing Ascend Elements Inc.'s request for approval of a $500,000 executive bonus package, asking a Texas bankruptcy judge to find that the plan improperly rewards executives for continued employment rather than performance outcomes. According to the trustee, the structure of the proposed incentives fails to justify payment under bankruptcy standards and risks reducing recoveries available to creditors by prioritizing insider compensation. The issue remains pending before the bankruptcy court, which will determine whether the bonus plan can move forward in the Chapter 11 case, the report relays. About Ascend Elements Ascend Elements is an advanced manufacturing and recycling company dedicated to producing sustainable lithium-ion battery materials. Founded in 2015, the company operates from its headquarters in Westborough, Massachusetts, and serves the growing electric vehicle supply chain. Ascend Elements sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90440) on April 9, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $500,000 and $1 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Ryan E. Manns, Esq. of Norton Rose Fulbright Us LLP. ASHFORD HOSPITALITY: All 6 Board Nominees Fail to Win Majority Vote ------------------------------------------------------------------- Ashford Hospitality Trust, Inc. announced in a regulatory filing the final voting results from its Annual Meeting of Stockholders. At the Annual Meeting, 3,795,002 shares, or approximately 59% of the eligible voting shares, were represented either in person or by proxy. At the Annual Meeting, the stockholders voted on the following items: 1. Proposal One – To elect six nominees to the Board of Directors to hold office until the next annual meeting of stockholders and until their successors are duly elected and qualified: 1. Monty J. Bennett * For: 529,791 * Against: 1,774,505 * Abstain: 3,535 * Broker Non-Votes: 1,487,171 2. Amish Gupta * For: 552,043 * Against: 1,734,308 * Abstain: 21,480 * Broker Non-Votes: 1,487,171 3. David W. Johnson * For: 548,169 * Against: 1,734,359 * Abstain: 25,303 * Broker Non-Votes: 1,487,171 4. Frederick J. Kleisner * For: 399,372 * Against: 1,881,937 * Abstain: 26,522 * Broker Non-Votes: 1,487,171 5. Sheri L. Pantermuehl * For: 546,161 * Against: 1,741,399 * Abstain: 20,271 * Broker Non-Votes: 1,487,171 6. Stephen Zsigray * For: 583,393 * Against: 1,704,089 * Abstain: 20,349 * Broker Non-Votes: 1,487,171 Each director nominee named was not elected at the Annual Meeting as they did not receive a majority of votes cast in favor of their election. In accordance with the director resignation policy set forth in Section IX of the Company's Corporate Governance Guidelines, each of the Director Nominees tendered their resignation as a director for consideration by the Nominating and Corporate Governance Committee of the Board and for the ultimate decision of the Board. The Nominating and Corporate Governance Committee recommended, after due consideration, that the Board should not accept any of the Director Nominees' tendered resignations and the Board did not accept such resignations. As a result, each of the Director Nominees will continue serving on the Board. In determining whether to accept or reject the Director Nominees' tendered resignations, the Board evaluated the resignations in light of the best interests of the Company and its stockholders, and considered all factors that may be relevant, including those set forth in the Guidelines. 2. Proposal Two – To obtain advisory approval of the Company's executive compensation. This proposal was not approved by the votes indicated: * For: 463,623 * Against: 1,807,515 * Abstain: 36,693 * Broker Non-Votes: 1,487,171 3. Proposal Three – To ratify the appointment of BDO USA, P.C., a national public accounting firm, as the Company's independent auditors for the fiscal year ending December 31, 2026. This proposal was approved by the votes indicated: * For: 2,648,938 * Against: 759,700 * Abstain: 386,364 4. Proposal Four – To approve Amendment No. 6 to the Company's 2021 Stock Incentive Plan. This proposal was not approved by the votes indicated: * For: 587,906 * Against: 1,662,867 * Abstain: 57,058 * Broker Non-Votes: 1,487,171 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. AZALEA TOPCO: S&P Withdraws 'B-' ICR Following Acquisition ---------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Azalea TopCo Inc. (dba Press Ganey Forsta) and discontinued the 'B-' issue-level ratings on its first-lien term loan and revolving credit facility. On May 18, 2026, Quartz AcquireCo LLC (dba Qualtrics) closed its acquisition of Azalea TopCo. All outstanding rated debt has been repaid. At the time of withdrawal, the outlook on Azalea TopCo was stable. BAFFINLAND IRON: Moody's Cuts CFR to Ca & Then Will Withdraw Rating ------------------------------------------------------------------- Moody's Ratings downgraded Baffinland Iron Mines Corporation's ("Baffinland") probability of default rating to D-PD from Caa3-PD, corporate family rating to Ca from Caa3, and its senior secured rating to Ca from Caa3. The outlook remains negative. Shortly following this rating action, Moody's will withdraw all the ratings of Baffinland. These actions follow the May 15, 2026 announcement that Baffinland has commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") pursuant to an initial order granted by the Ontario Superior Court of Justice.. RATINGS RATIONALE Baffinland's CCAA filing has resulted in the downgrade of its PDR to D-PD, reflecting a default on its debt agreements. The Ca CFR and Ca senior secured notes rating reflect Moody's views on recovery. The negative outlook reflects execution and financing risk related to its planned rail expansion to Steensby Port and a high cost structure that is sensitive to iron ore prices. Shortly following this rating action, Moody's will withdraw all of Baffinland's ratings. Governance considerations were an important driver of the rating actions because of Baffinland's significant financial leverage, history of last-minute facility extensions, and restricted access to debt capital due to poor profitability that resulted in an unsustainable capital structure and ultimately a CCAA filing. Baffinland is a privately held company that owns the Mary River iron ore mine at the northern end of Baffin Island in the Nunavut Territory, Canada. All its common shares are all owned by Nunavut Iron Ore, Inc. (NIO). NIO is owned by the Energy & Minerals Group and ArcelorMittal Canada Inc. The principal methodology used in these ratings was Mining 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. BLAKE EMERGENCY: Hires Lane Law Firm PLLC as Bankruptcy Counsel --------------------------------------------------------------- Blake Emergency Medicine PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire The Lane Law Firm, PLLC as general bankruptcy counsel. The firm will render these services: a. assist, advise and represent the Debtor relative to the administration of the chapter 11 case; b. assist, advise and represent the Debtor in analyzing the Debtor's assets and liabilities, investigating the extent and validity of lien and claims, and participating in and reviewing any proposed asset sales or dispositions; c. attend meetings and negotiate with the representatives of the secured creditors; d. assist the Debtor in the preparation, analysis, and negotiation of any plan of reorganization and disclosure statement accompanying any plan of reorganization; e. take all necessary action to protect and preserve the interests of the Debtor; f. appear, as appropriate, before this Court, the Appellate Courts, and other Courts in which matters may be heard and to protect the interests of the Debtor before said Courts and the United States Trustee; and g. perform all other necessary legal services in these cases. The firm will be paid at these hourly rates: Robert C. Lane, (lead) Partner $650 Joshua D. Gordon, Partner $625 Matthew W. Bourda, Senior Counsel $625 A. Zachary Casas, Attorney $575 Kyle Garza, Attorney $550 Paraprofessional $250 Lane Law Firm received a retainer of $35,000 from the Debtor. According to court filings, Lane Law Firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code and holds no interest adverse to the estate. The firm can be reached through: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 Email: notifications@lanelaw.com About Blake Emergency Medicine PLLC Blake Emergency Medicine PLLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-41654) on May 12, 2026, listing up to $50,000 in assets and $100,001 to $500,000 in liabilities. Robert C. Lane. Esq. at The Lane Law Firm PLLC serves as the Debtor's counsel. BLUE STAR FOODS: Delays Q1 10-Q Filing Due to Disclosure Review --------------------------------------------------------------- Blue Star Foods Corp. has filed a Form 12b-25 with the U.S. Securities and Exchange Commission notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that the 10-Q could not be filed by the prescribed due date without unreasonable effort or expense, because the Registrant needs additional time to complete certain disclosures and analyses to be included in the Report. In accordance with Rule 12b-25 promulgated under the Securities Exchange Act of 1934, as amended, the Registrant intends to file the Report on or prior to the fifth (5th) calendar day following the prescribed due date. The notification further disclosed that the Company has not filed all other periodic reports required during the preceding 12 months. Blue Star Foods does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About Blue Star Foods Corp. Blue Star Foods Corp., headquartered in Miami, Florida, is an international seafood company that imports, packages, and sells refrigerated pasteurized crab meat and other premium seafood products. The Company's current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines, and China, and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff, and Coastal Pride Fresh. The Company also distributes steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Farms for distribution in Canada. The Company sells primarily to food service distributors, wholesalers, retail establishments, and seafood distributors. As of September 30, 2025, the Company had $1.3 million in total assets, $3 million in total liabilities, and $1.7 million in total stockholders' deficit. Houston, Texas-based MaloneBailey, LLP, the Company's former auditor, issued a "going concern" qualification in its report dated June 20, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, 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. BOBBY DEE: Seeks to Hire Goldbach Law Group as Bankruptcy Counsel ----------------------------------------------------------------- Bobby Dee Presents, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Goldbach Law Group as counsel. The firm will render these services: (a) assist in preparing the Debtor's bankruptcy schedules, statement of financial affairs and necessary associated documentation; (b) review, file, prepare for the first meeting of creditors; (c) review and advise in regard to the law on reaffirmation agreements, the legal effect and requirement for said agreements; (d) represent the Debtor at the Meeting of Creditors; (e) accept phone calls and correspondence regarding the case; and (f) respond to the same as appropriate, until discharged. Marc Aaron Golbach, Esq., the primary attorney in this representation, will be paid at his hourly rate of $525. On March 18, 2026, the firm received an initial retainer deposit of $15,000 from the Debtor, plus additional $5,000 on April 10, 2026. Mr. Goldbach disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc Aaron Goldbach, Esq. Goldbach Law Group 11 W. Ocean Blvd., Suite 400 Long Beach, CA 90802 Tel: (562) 696-0582 Fac: (888) 771-5425 Email: marc.goldbach@goldbachlaw.com About Bobby Dee Presents Inc. Bobby Dee Presents, Inc. is a California-based company engaged in artist management, concerts, festivals, and restaurant operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Cal. Case No. 2:26-bk-13477-NB) on April 10, 2026. In the petition signed by Robert Drieslein, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Neil W. Bason oversees the case. Marc Aaron Goldbach, Esq., at Goldbach Law Group, represents the Debtor as legal counsel. FFB Bank, as lender is represented by: Don J. Pool, Esq. Fennemore, LLP 8080 N Palm Avenue, Third Floor Fresno, CA 93711 Tel: (559) 432-4500 Fax: (559) 432-4590 dpool@fennemorelaw.com BRAZEN ANIMATION: Commences Chapter 7 Bankruptcy in Texas --------------------------------------------------------- On May 19, 2026, Brazen Animation, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 50 and 99 creditors. A meeting of creditors under 341(a) to be held on June 23, 2026 at 01:00 PM via Zoom - Yaquinto: Meeting ID 419 801 3103, Passcode 1902248619, Phone 1-469-218-9134. About Brazen Animation, LLC Brazen Animation, LLC is a Texas-based animation studio specializing in computer animation, visual effects, and digital content production for film, television, advertising, and entertainment projects. Brazen Animation, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-32196) on May 19, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michelle V. Larson handles the case. The Debtor is represented by Thomas Daniel Berghman, Esq. of Munsch Hardt Kopf & Harr PC. BURMAN'S TREE: Gets Extension to Access Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division–Detroit, entered a stipulated second order extending Burman's Tree Services, LLC's authority to use cash collateral. The Debtor is authorized to use cash collateral for the earlier of 120 days or until further order of the court in accordance with the latest budget covering the period from May through August. The budget projects monthly operating needs of approximately $283,038.32 with an allowed variance of 10 percent. It covers ordinary business expenses including payroll, taxes, fuel, repairs, insurance, rent, utilities, and other operational costs. The Debtor identified Farmers & Merchants State Bank, Meged Funding Group, and Rowan Advance Group as the creditors asserting security interests in cash collateral. As part of the adequate protection package, the Debtor must make monthly payments of $2,840.95 to Farmers & Merchants State Bank and deposit $5,379.31 each month into an escrow account, with $3,011.11 allocated to Rowan and $2,368.20 allocated to Meged. As additional protection, Farmers & Merchants State Bank will receive perfected replacement liens on the same categories of post-petition assets that secured its pre-petition interests, with identical validity and priority. The replacement liens exclude avoidance actions and recoveries under Bankruptcy Code provisions and are automatically perfected without additional filings. About Burman's Tree Services LLC Burman's Tree Services, LLC provides tree care and related services, including tree removal, trimming, stump grinding, land clearing, arborist consultations, and emergency tree response, serving residential and commercial customers. Established in 2016, the Company operates a 24-hour emergency response team and focuses on storm-related and hazardous tree clearing. Burman's Tree Services operates primarily in Southeast Michigan, including Jackson, Vandercook Lake, Spring Arbor, and Michigan Center. Burman's Tree Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-41101) on February 2, 2026. In its petition, the Debtor lists estimated assets and liabilities each in the range of $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Lisa S. Gretchko. The Debtor is represented by Donald C. Darnell, Esq. C&S GROUP: S&P Downgrades ICR to 'B-' on Delayed Deleveraging ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on C&S Group Enterprises LLC to 'B-' from 'B'. The stable outlook reflects S&P's expectation the company will improve its S&P Global Ratings-adjusted leverage to the high-6x range and increase its cash flow over the next 12 months as it continues to integrate SpartanNash and realizes synergies from the transaction. C&S' operating performance was weaker than forecast during the first half of fiscal year 2026 due to macroeconomic headwinds in the grocery sector, intensified competition, and its limited ability to effectively compete on price. S&P said, "We now expect delayed synergy realization, coupled with a softening operating performance amid a challenging grocery environment, will prolong the timeline for the company's deleveraging and cash flow improvement. "We expect adjusted leverage will stay above 6.5x and discretionary cash flow will remain pressured into 2027. Our updated forecast incorporates C&S' delayed realization of synergies from its acquisition of grocery distributor and retailer SpartanNash (acquisition closed in September 2025), execution risk, softening operating performance amid a challenging grocery environment, intensified competition, and limited ability to effectively compete on price. We now expect the company's S&P Global Ratings-adjusted leverage will remain elevated at approximately 7.0x in fiscal 2026 (ending September 2026)--up from 6.4x under our previous forecast--before declining to 6.7x in fiscal 2027. As of the second quarter of fiscal 2026, C&S' S&P Global Ratings-adjusted leverage stood at 9.2x. Although we expect the company's operating results will benefit from the SpartanNash acquisition over time, such that it reduces its leverage and improves its cash flow generation next year, we believe its credit metrics will remain commensurate with the current rating over the next 12-months. Therefore, we apply a negative comparable rating analysis modifier to our stand-alone credit profile on C&S to reflect its weaker financial risk profile. "We anticipate the company will realize the majority of the synergies from the SpartanNash acquisition in fiscals 2027 and 2028. Specifically, C&S' realization of certain overhead and contract-related synergies originally slated for fiscal 2026 has been deferred to fiscal 2027 as it moves to an expiration-based approach for its existing contracts from a termination strategy. Heightened execution risks related to the company's synergy realization have also led us to reduce our fiscal 2027 EBITDA forecast. Additionally, we expect C&S will continue to generate free operating cash flow (FOCF) deficits through fiscal 2027, albeit with year-over-year improvements, before generating positive FOCF in fiscal 2028, which represents a shift from our previous forecast for a $42 million FOCF surplus in fiscal 2026. "We also believe the company's deleveraging and cash flow have been pressured by softness in the retail grocery segment. Key headwinds include macroeconomic pressures, intense pricing competition (most notably from Walmart), and reduced SNAP benefits. To mitigate these pressures, C&S is expanding its private-label portfolio, increasing its product assortment, and utilizing targeted promotions to drive foot traffic. Additionally, the company will implement workforce reductions in the second half of fiscal 2026 to reduce costs. Nevertheless, we believe C&S' ability to compete on price at the retail level remains constrained. Furthermore, we expect the company will face increased competitive pressure as discounters continue to gain traction in the market. "SpartanNash was the primary catalyst for the revenue acceleration and margin improvement in the first half of fiscal 2026. We continue to believe the SpartanNash acquisition will improve C&S' business prospects over the long term. In the first half of fiscal 2026, the company increased its revenue by 38% year over year, primarily due to the SpartanNash acquisition and increased new customer volumes, which were partially offset by previously announced customer transitions (notably the loss of the Ahold and Target Mid-Atlantic contracts). The acquisition also contributed to an expansion in C&S' adjusted EBITDA margin to 1.5% in the first half of fiscal 2026 from 0.6% in the first half of fiscal 2025. The company's reported FOCF remains pressured, including an approximately $176 million deficit through the second quarter of fiscal 2026; however, we note this represents a $36 million year-over-year improvement." C&S is one of the largest players in the highly competitive, low-margin U.S. grocery distribution industry. The company is a major player in the conventional grocery distribution market. C&S' key industry peers include United Natural Foods Inc., which has a leading market position in the higher-growth natural and organic (N&O) wholesale distribution sector, and KeHE Distributors Holdings LLC (the second-largest N&O distributor in the U.S.). C&S now maintains a more-diverse customer base than its peers UNFI and KeHE, thereby reducing its revenue concentration risk. As of fiscal 2025, C&S' largest customer accounted for 18% of total sales, with its top five customers representing 60%. In contrast, UNFI exhibits higher customer concentration, with its primary customer contributing 25% of its sales, while KeHE's top three customers account for more than 50% of its revenue. S&P said, "The stable outlook reflects our expectation the company will improve its S&P Global Ratings-adjusted leverage to the high-6x range and increase its cash flow over the next 12 months as it continues to integrate SpartanNash and realizes synergies from the transaction. "We could lower our rating on C&S if we expect it will generate negative discretionary cash flow (DCF) on a sustained basis, which would cause us to view its capital structure as unsustainable." S&P believes this could occur if: -- It experiences integration risks that lead to further delays in its synergy realization or a downward revision of S&P's forecast; -- Its operating performance deteriorates due to macroeconomic headwinds or intensified competition; or -- S&P expects the company will face significant refinancing challenges. S&P could raise its rating on C&S if it expects it will sustain S&P Global Ratings-adjusted leverage of below 6.5x and generate reported DCF of approximately $50 million. This could occur if: -- The company successfully integrates SpartanNash and achieves its synergy targets; and -- It improves the operating performance of its wholesale and retail segments such that it increases its market share and expands its margin. CARETRUST REIT: S&P Alters Outlook to Positive, Affirms 'BB+' ICR ----------------------------------------------------------------- S&P Global Ratings revised its outlook on CareTrust REIT Inc. to positive from stable and affirmed all of the ratings, including the 'BB+' issuer credit rating on the company and the 'BBB-' issue-level rating on its senior unsecured notes. The positive outlook reflects S&P's expectation that CareTrust will maintain adjusted debt to EBITDA below 4x, continue to benefit from strong rent collections and improving operator coverage, and further reduce its concentration among its top tenants as it grows. CareTrust's credit metrics have continued to strengthen following robust investment activity that has significantly increased the company's scale and improved its asset quality. CareTrust has achieved strong portfolio growth while maintaining low leverage. The company has increased total annualized revenue 64% to $571 million as of March 31, 2026, from approximately $347 million at year-end 2024. The increase stemmed primarily from the acquisition of U.K.-based Care REIT and continued investments in domestic skilled nursing facilities and senior housing operating properties (SHOP). CareTrust funded this growth predominantly through equity issuances, including over $493 million raised so far this year. The company's expansion into SHOP reflects the deliberate evolution of its business mix and adds net operating income (NOI) upside. S&P said, "As a result of the increased scale and improved asset mix, we revised our assessment of the company's business risk to fair from weak. Although we expect skilled nursing to remain the company's primary business focus, we expect the company's SHOP contribution to continue to grow as a total percent of overall assets." S&P said, "We expect CareTrust's tenant diversification will continue improving as the company executes its growth strategy The Ensign Group, CareTrust's largest operator, accounted for approximately 21% of annualized in-place rents as of the first quarter, down from 27.2% one year prior and from more than 35% just a few years ago. The company's top 10 operators now contribute 69% of total rents. The improved tenant diversification stemmed largely from the addition of U.K.-domiciled operators as well as organic domestic growth. As CareTrust continues to deploy capital across a broader network of property types--such as SHOP--we anticipate that its tenant diversification will continue to improve. "We expect CareTrust will maintain a conservative balance sheet and strong key credit metrics following its equity-funded growth. As of March 31, 2026, the company's S&P Global Ratings-adjusted debt to EBITDA was 2.0x, an improvement from 2.9x a year prior, due largely to its equity-funded investment activity. Although we expect the company to use a more balanced mix of equity and debt to fund its growth going forward, we believe it will maintain a conservative balance sheet, with leverage remaining below 4x. "The positive outlook reflects our expectation that CareTrust will maintain adjusted debt to EBITDA below 4x, continue to benefit from strong rent collections and improving operator coverage, and further reduce its concentration in its top tenants as it grows. The outlook also reflects our expectation for continued cash-flow stability despite potential tenant hardships or restructurings." S&P would consider revising the outlook on CareTrust back to stable if: -- It pursues large, debt-financed acquisitions that cause its S&P Global Ratings-adjusted debt to EBITDA to rise above 4.5x for a sustained period; -- Its operating results deteriorate significantly, with a surge in lease restructurings or operator transitions; or -- Tenant concentration increases meaningfully or rent coverage among its top tenants declines materially. S&P would consider raising the rating if CareTrust: -- Continues to increase its scale, diversifies its asset mix to other health care facility types that rely less on government reimbursement, and further reduces its exposure to its top tenants; and -- Demonstrates a conservative financial policy by funding its large pipeline of investments in a relatively leverage-neutral manner, with its S&P Global Ratings-adjusted debt to EBITDA sustained below 4x. CELEBRITY MEDICAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, entered a preliminary order granting Celebrity Medical Center, LLC interim authority to use cash collateral through June 24. Under the order, the Debtor is authorized to use cash collateral for court-approved obligations, U.S. Trustee quarterly fees, and ordinary operating expenses outlined in the approved budget, with flexibility of up to a 10% variance for each line item. The Debtor projects total operational expenses of $189,218 for the period from May to July. The Debtor's secured lender is Newtek Bank, National Association. Another creditor, Ameris Bank, doing business as Balboa Capital Corporation, may claim a subordinate security interest. As adequate protection, secured creditors will receive perfected post-petition replacement liens on cash collateral with the same validity, extent, and priority as their pre-petition liens, without requiring additional filings or documentation. The Debtor is also required to maintain insurance coverage on its property and comply with all debtor-in-possession obligations under the Bankruptcy Code and court orders. The order preserves the rights of parties in interest, including future requests for modified adequate protection and challenges by any creditors' committee regarding the validity, priority, or extent of asserted liens. A continued preliminary hearing is scheduled for June 24. About Celebrity Medical Center LLC Celebrity Medical Center, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-03065) on April 28, 2026, with $500,001 to $1 million in both assets and liabilities. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. CENTURY ALUMINUM: S&P Upgrades ICR to 'B', Outlook Positive ----------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Chicago-based aluminum producer Century Aluminum Co. to 'B' from 'B-' and its issue-level rating on its senior secured debt to 'B+' from 'B'. S&P's '2' recovery rating on the senior secured debt is unchanged. The positive outlook highlights S&P's expectation that the company will improve the cushion in its credit metrics supported by potentially record earnings and FOCF generation, in addition to possible debt reduction, over the next 12 months. Century could strengthen its leverage below 2x over the next 12-24 months. The company improved its debt to EBITDA to 2.6x as of the end of fiscal 2025, from 3.4x the prior fiscal year, mainly through increased earnings stemming from higher aluminum prices and regional premiums, which is a trend we expect to continue in fiscal 2026. S&P said, "We recently updated our aluminum price assumptions to $3,300, $3,000, and $2,800 per metric tonne for 2026, 2027 and 2028, respectively, from $2,700, $2,800 and $2,800 per metric tonne. Therefore, we expect Century will generate S&P Global Ratings-adjusted EBITDA of $700 million-$800 million in fiscal 2026, spurred by favorable pricing and improved volumes. At the same time, we expect the company will more than double its FOCF generation this fiscal year, which will support its ability to potentially execute on its publicly declared debt reduction and organic project investment plans. Our expectations for expanded earnings, improved FOCF generation, and potential debt reduction indicate that Century will have a strong cushion in its credit metrics as it heads into a period of high capital intensity amid a volatile commodity price environment. Even without assuming any debt reduction, we forecast the company will improve its leverage below 2x over the next two fiscal years." Century is on course to return to full capacity utilization at all facilities. In April 2026, the company successfully commenced restarting about 90 pots at Mount Holly that has been idled since 2015. The restart was possible partly due to the successful extension of its current power supply contract with Santee Cooper to 2031. Additionally, current government legislation incentivizes domestic production through higher tariffs on steel and aluminum products via section 232 and 45X tax credits that allow domestic primary aluminum producers to claim 10% of qualifying production costs as tax credits. The successful restart will increase the Mount Holly smelter to its full nameplate capacity of about 230,000 metric tonnes. Century also restarted production at the second potline at its Norðurál facility in Grundartangi, Iceland in April 2026. The company expects to ramp up this facility to full capacity by the end of July 2026. The restart at Norðurál is significant for Century because the potline accounts for two-thirds of its Iceland-based production. S&P said, "Given that it has commenced restarts at both facilities, we expect Century will return to full capacity utilization in the second half of 2026. We view these restarts positive, given that we believe there is significant execution risk associated with the new smelter construction." In February 2026, Emirates Global Aluminum (EGA) and Century announced a 60/40 joint venture (JV) to construct the first new aluminum smelter in the U.S. in over four decades. The companies could begin construction of the smelter by the end of this year if the JV secures a favorable long-term power supply agreement to support the profitable operation of the facility. S&P said, "While the partnership with EGA has somewhat derisked the project, we believe there is execution risk associated with any project of this magnitude, including the potential for cost overruns. At the same time, Century could fund part of its capital obligations with new debt, which we have not accounted for in our current forecast. While we believe the company could improve its credit metrics in fiscal 2026, and note management has contemplated a long-term net debt target of about $300 million, this expectation is counterbalanced by major capital expenditure (capex) associated with the construction of a new smelter." Century's earnings benefit significantly from recent U.S. trade policies. The Platts assessment of the U.S. Midwest premium (MWP) reached a record high of 118 cents per pound (/Ib) in May 2026, which is up about 500% compared with the 16 cents/lb–20 cents/Ib range during the whole of 2024. The sharp rise in this premium stems from increased tariffs on imported steel and aluminum, which went up to 50% in 2025. For domestic aluminum manufacturers like Century Aluminum, the high MWP improves prize realizations at no additional costs, leading to expanded revenue and EBITDA. At the same time, aluminum is considered a critical resource and primary aluminum producers get tax credits for 10% of qualifying input costs. S&P believes that these trade policies account for a fundamental portion of the current favorable all-in aluminum price environment and lower production costs in the U.S., where Century generates about 60% of its revenue. The 45X tax credits will gradually phase out from 2031 through 2034 and price insulation from U.S. tariffs could change quickly. Consequently, S&P's final rating continues to be one notch lower than indicated by the combination of our assessments of the company's business and financial risk profiles. S&P said, "The positive outlook reflects our expectation Century could generate record earnings and FOCF that would provide it with a strong cushion in its credit metrics and support a higher rating over the next 12 months. The company could use its significant FOCF generation to support its publicly declared deleveraging plans and partly fund its planned construction of a new smelter. Trade policies will likely also continue to support higher realized prices in the U.S. as Century pushes to achieve full capacity utilization by July 2026. "We could revise our outlook on Century to stable if its debt to EBITDA approaches 3x. This could occur due to a shift in U.S. trade policies that leads to a significant drop in regional premiums, a longer-than-normal operational disruption, or an increased debt load, especially if the company takes on debt to fund the construction of a new smelter. "We could raise our rating on Century if it builds a strong buffer in its credit metrics to withstand the earnings shock from weak market conditions. In such a scenario, we would expect the company to improve its debt to EBITDA below 1.5x and provide further clarity around the funding of its capital obligations for the new smelter." CIRELLO ENTERPRISES: Seeks Chapter 7 Bankruptcy in Texas -------------------------------------------------------- On May 19,2026, Cirello Enterprises Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 23, 2026 at 10:30 AM via Zoom - Spicer: Meeting ID 707 056 0340, Passcode 2104473206, Phone 1-469-397-0792. About Cirello Enterprises Inc. Cirello Enterprises Inc. is a Texas-based business company engaged in commercial operations and enterprise management activities. Cirello Enterprises Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42182) on May 19, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Edward L. Morris handles the case. The Debtor is represented by Marcus B. Leinart, Esq. of Leinart Law Firm. CLEAN ENERGY: Delays Q1 2026 10-Q on Financial Assembly Issues -------------------------------------------------------------- Clean Energy Technologies, Inc. has filed a Form 12b-25 with the U.S. Securities and Exchange Commission, notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that the 10-Q could not be filed by the prescribed due date without unreasonable effort or expense, because the Company has encountered a delay in assembling the information, in particular, its financial statements for the period ended March 31, 2026, required to be included in the quarterly report on Form 10-Q for the relevant period, rendering timely filing of the quarterly report impracticable without undue hardship and expense to the registrant. The notification also disclosed that the Company has not filed certain prior periodic reports. Specifically, the Company noted a Current Report on Form 8-K filed on May 7, 2026, regarding non-reliance on previously issued financial statements, including the Annual Report on Form 10-K for the year ended December 31, 2024, and Quarterly Reports on Form 10-Q for the periods ended March 31, June 30, and September 30, 2025. The Company does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About Clean Energy Headquartered in Irvine, California, Clean Energy Technologies, Inc. -- http://www.cetyinc.com-- develops renewable energy products and solutions and establishes partnerships in renewable energy that make environmental and economic sense. The Company's mission is to be a segment leader in the Zero Emission Revolution by offering eco-friendly energy solutions, clean energy fuels, and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. The Company targets sustainable energy solutions that are profitable for it, profitable for its customers, and represent the future of global energy production. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has an accumulated deficit and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $14,798,895 in total assets, $7,703,762 in total liabilities, and $7,095,133 in total stockholders' equity. CONEMAUGH TOWNSHIP: S&P Affirms 'BB+' Rating on Water Revenue Debt ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' underlying rating (SPUR) on Conemaugh Township Municipal Authority (CTMA), Pennsylvania's water revenue debt outstanding. The outlook is stable. S&P believes the authority's social capital factors are in line with those of other rated water and wastewater utilities, although it notes further rate increases may reduce rate affordability given area incomes. However, rate increases will help the system address continued increases in debt financing and cash spent on capital projects. A significant physical risk is water loss, recently evaluated at about 40%, which is high for the sector. The presence of multiple water sources, including wholesale providers like Highland Sewer and Water Authority, Somerset, and Greater Johnstown, somewhat mitigates environmental risks due to the redundancy they provide. As the system addresses water loss and replaces meters, S&P expects reading accuracy and revenue collections to improve. Recent violations discovered in the 2025 water quality report were timing related; actual contaminant reading levels were within range and the frequency of boil water notices is lessening. S&P said, "We consider governance risk as elevated because the current capital-intensive period requires CTMA to engage with state and other government officials to help secure grants or low-interest financing. We also believe that management will need to balance rate increases with affordability concerns, and financial planning will be critical to achieve capital needs while maintaining a good financial position. "The stable outlook reflects our expectation that future rate increases will stabilize financial metrics at recent higher levels as the system continues to address significant capital issues. In light of its weak, although improved, financial position, we believe the authority will continue to be pressured to balance future rate increases and improve cash flows while supporting its capital program. "We could lower the rating if the authority's rate increases do not result in intended financial stability. CTMA requires significant capital projects to address aging system assets, and rates may need to rise further to cover the additional costs of preventing high water loss levels. "If the authority maintains improved coverage and liquidity metrics, and they are sustainable, while progressing with its capital program, we could raise the rating." CONFLUENT HEALTH: Moody's Cuts CFR to Caa1, Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded the ratings of Confluent Health, LLC ("Confluent"), including the Corporate Family Rating to Caa1 from B3, and the Probability of Default Rating to Caa1-PD from B3-PD. Moody's also downgraded the ratings on the backed senior secured first lien credit facilities, including the backed senior secured first lien revolving credit facility, backed senior secured first lien term loans, and backed senior secured first lien delayed draw term loan to Caa1 from B3. The outlook remains stable. The ratings downgrade reflects Moody's views that the company will continue to operate with high financial leverage while maintaining weak liquidity. Although Moody's expects top-line growth in earnings, the company's aggressive growth strategy continues to pressure free cashflow due to earnout payments related to earlier acquisitions. Moody's expects financial leverage to remain around 7.5x-8x in the next 12-18 months. RATINGS RATIONALE Confluent's Caa1 CFR reflects its weak liquidity and high financial leverage, resulting from the company's aggressive acquisition strategy. Moody's expects financial leverage to remain elevated in 7.5x–8.0x range over the next 12–18 months. The rating is also constrained by the relatively low barriers to entry into the physical therapy business and risk of market oversaturation given the rapid expansion of Confluent and many of its competitors. Confluent's rating is supported by the company's track record of growth and consistent profit margins. Moody's expects the demand for physical therapy will continue to grow given it is relatively low-cost and an alternative to more expensive treatments or opioid pain management. Moody's expects Confluent's liquidity to remain weak. The company had $6 million of cash as of December 31, 2025, $51 million availability on extended $80 million revolving credit facility and under $4 million available on company's $75 million AR credit facility. Moody's expects liquidity to be pressured by earnout payments related to earlier acquisitions and some moderate M&A spending and growth capital expenditures in 2026. As a result, Moody's expects the company to draw nearly the full amount of the extended $80 million revolving credit facility by the end of 2026. Moody's notes that out of the company's original $100 million revolving credit facility, $80 million has been extended to November 2028 and the remaining $20 million facility commitment will expire on the original maturity date of November 30, 2026. The first lien revolver and the term loans are rated Caa1, at the same level as the Caa1 CFR. This reflects the fact that senior secured first lien debt makes up the preponderance of debt in the company's capital structure. The stable outlook reflects Moody's expectations of tightening liquidity and that, despite EBITDA growth, free cash flow will remain moderately negative. The outlook also incorporates Moody's expectations that Confluent will moderate the pace of de novo and M&A expansion to preserve its weak liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded if the company's liquidity weakens or if the company fails to effectively manage its growth. Further, if the company's operating performance deteriorates, or it pursues more aggressive financial policies, the ratings could be downgraded. An upgrade is possible if Confluent materially improves its liquidity and shows a track record of positive free cash flows. Headquartered in Louisville, Kentucky, Confluent is a provider of physical rehabilitation services which include outpatient physical therapy, workplace injury prevention programming and advanced educational services that include post-professional course offerings and partnerships with existing universities to provide graduate healthcare programs for physical therapists and occupational therapists. For the 12 months ended December 31, 2025, Confluent's revenues totaled approximately $817 million. 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. COOPER-STANDARD HOLDINGS: Three Proposals Passed at Annual Meeting ------------------------------------------------------------------ Cooper-Standard Holdings Inc. announced in a regulatory filing the final voting results from its Annual Meeting of Stockholders. As of the record date, there were 17,755,284 shares of common stock outstanding and eligible to vote at the Annual Meeting. The holders of record of 13,947,561 shares of common stock were present or represented by proxy and entitled to vote at the meeting. The matters voted on at the Annual Meeting and the results of the vote were as follows: Proposal 1. Election of Directors The following individuals were elected to the board of directors for a term of one year, expiring at the 2027 Annual Meeting of Stockholders. 1. John G. Boss * Votes For: 9,766,784 * Votes Against: 319,645 * Abstentions: 3,361 * Broker Non-Votes: 3,857,771 2. Jeffrey S. Edwards * Votes For: 9,659,814 * Votes Against: 426,652 * Abstentions: 3,324 * Broker Non-Votes: 3,857,771 3. Richard J. Freeland * Votes For: 6,040,021 * Votes Against: 4,043,510 * Abstentions: 6,259 * Broker Non-Votes: 3,857,771 4. Adriana E. Macouzet-Flores * Votes For: 6,377,515 * Votes Against: 3,706,209 * Abstentions: 6,066 * Broker Non-Votes: 3,857,771 5. David J. Mastrocola * Votes For: 9,641,629 * Votes Against: 444,876 * Abstentions: 3,285 * Broker Non-Votes: 3,857,771 6. Christine M. Moore * Votes For: 9,748,681 * Votes Against: 335,227 * Abstentions: 5,882 * Broker Non-Votes: 3,857,771 7. Robert J. Remenar * Votes For: 9,666,976 * Votes Against: 419,529 * Abstentions: 3,285 * Broker Non-Votes: 3,857,771 8. Sonya F. Sepahban * Votes For: 6,226,898 * Votes Against: 3,848,723 * Abstentions: 14,169 * Broker Non-Votes: 3,857,771 9. Stephen A. Van Oss * Votes For: 9,727,481 * Votes Against: 359,023 * Abstentions: 3,286 * Broker Non-Votes: 3,857,771 The nominations were made by the Board of Directors and no other nominations were made by any stockholder. Proposal 2. Advisory Vote on Named Executive Officer Compensation The stockholders voted on an advisory basis to approve the compensation of the named executive officers, as disclosed in the Proxy Statement. * Votes For: 9,724,429 * Votes Against: 256,127 * Abstentions: 109,234 * Broker Non-Votes: 3,857,771 Proposal 3. Ratification of the Appointment of the Independent Registered Public Accounting Firm The stockholders voted to ratify the appointment by the Company's Audit Committee of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026. * Votes For: 13,835,496 * Votes Against: 107,264 * Abstentions: 4,801 * Broker Non-Votes: n/a About Cooper-Standard Cooper-Standard Holdings Inc. -- https://www.cooperstandard.com/ -- headquartered in Northville, Mich., with locations in 21 countries, is a global supplier of sealing and fluid handling systems and components. Utilizing the Company's materials science and manufacturing expertise, the Company creates innovative and sustainable engineered solutions for diverse transportation and industrial markets. As of September 30, 2025, the Company had $1.86 billion in total assets, $1.97 billion in total liabilities, and $110.1 million in total deficit. * * * As reported by the Troubled Company Reporter on Nov. 24, 2025, S&P Global Ratings revised its outlook on Cooper-Standard Holdings Inc. to developing from positive and affirmed the 'CCC+' Company credit rating. DANLERIE FREIGHT: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, entered a final order authorizing Danlerie Freight Inc.'s use of cash collateral through August 14. The court approved the Debtor's continued use of cash collateral under the terms set forth in its motion and according to the post-petition operating budget. The approved budget allows the Debtor to continue operations with flexibility of up to a 5% variance per line item per month. As a condition of using cash collateral, the Debtor must make monthly adequate protection payments totaling $1,246.66. This amount consists of $770.33 payable to the U.S. Small Business Administration and $476.33 payable to National Funding, Inc. These payments were required to protect the secured creditors' interests while the Debtor continues operating during the Chapter 11 proceedings. In addition to cash payments, the court granted post-petition replacement liens as further adequate protection to the U.S. Small Business Administration, National Funding, Inc., JD Factors, LLC, Apex Funding Silver LLC, and Forward Financing LLC. These replacement liens attach to post-petition property of the same type, priority, and extent as the creditors' prepetition liens, but only to the extent their interests in cash collateral diminish due to the Debtor's use of those funds. About Danlerie Freight Inc. Danlerie Freight Inc. is a transportation and logistics company engaged in freight hauling and related shipping services. Danlerie Freight filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-14061) on April 27, 2026. In its petition, the Debtor reports estimated assets ranging from $100,001 to $500,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Bankruptcy Judge Sheri Bluebond handles the case. The Debtor is represented by Kevin Tang, Esq., at Tang & Associates. DBMP LLC: Court Says Injunction Order Has No Preclusive Effect -------------------------------------------------------------- Judge Ashley Austin Edwards of the U.S. Bankruptcy Court for the Western District of North Carolina partially denied and partially granted DBMP LLC's motion for reconsideration and amendment of the Injunction Order in the following adversary proceedings: 1. Official Committee Of Asbestos Personal Injury Claimants, and Sander L. Esserman, in his capacity as Legal Representative for Future Asbestos Claimants, Plaintiffs, v. DBMP LLC and CERTAINTEED LLC Defendants, Adv. Proc. No. 21-03023; 2. Official Committee Of Asbestos Personal Injury Claimants, and Sander L. Esserman, in his capacity as Legal Representative for Future Asbestos Claimants,, each on behalf of the estate of DBMP LLC, Plaintiffs, v. Certainteed LLC, Certainteed Holding Corporation, and Saint-Gobain Corporation, Defendants, Adv. Proc. No. 22-03000; and 3. Official Committee Of Asbestos Personal Injury Claimants, and Sander L. Esserman, in his capacity as Legal Representative for Future Asbestos Claimants, each on behalf of the estate of DBMP LLC, Plaintiffs, v. Compagnie De Saint-Gobain S.A., Saint-Gobain Corporation, Saint-Gobain Delaware Corporation, Certainteed LLC, Certainteed Holding Corporation, Joseph Bondi, Sean Knapp, Lawrence Rayburn, Michael Starczewski, Vincent Dinenna, Robert Panaro, Donald Melroy, Pierre-Andre De Chalendar, Benoit Bazin, Antoine Vignial, Hubert Reichardt, Daniel Biarneix, Sreedhar Natarajan, Guillaume Texier, Thomas Kinisky, Carol Gray, John Sweeney, Eric Placidet, Mark Rayfield, and Keith Campbell, Defendants, Adv. Proc. No. 22-03001. On January 23, 2020, DBMP filed for Chapter 11 relief with the stated goal of establishing a trust under section 524(g) of the Bankruptcy Code. DBMP is one of two successor entities of Old CT, the other being New CT, that were formed three months prior to the Petition Date as a result of the Restructuring, which terminated Old CT's existence and allocated almost all of Old CT's assets to New CT while allocating all of Old CT's asbestos liabilities to DBMP. The Restructuring and DBMP's ensuing bankruptcy filing represent a novel two-part legal maneuver known as the "Texas Two-Step", whereby an entity seeks bankruptcy relief while limiting the burdens of bankruptcy to only the entity holding the liabilities. DBMP's case is one of only four such Texas Two-Step bankruptcy cases, all of which have been brought in this Court. The Plaintiffs have challenged DBMP's filing and the Defendants' Texas Two-Step by bringing three adversary proceedings against the Defendants (the "Adversary Proceedings"): (1) Adv. Pro. No. 21-03023, seeking to substantively consolidate DBMP and New CT; (2) Adv. Pro. No. 22-03000, seeking to prove the Defendants' Texas Two-Step constituted a fraudulent transfer; and (3) Adv. Pro. No. 22-03001, seeking to prove the Defendants' Texas Two-Step constituted a breach of fiduciary duty and related misconduct. Discovery is ongoing for the first two Adversary Proceedings while discovery for the third is stayed pending resolution of the second. Discovery for the Adversary Proceedings has languished for years due to disputes over the Defendants' asserted privilege. At the outset, the Plaintiffs contend that the Defendants blocked disclosure of "nearly half" of documents responsive to the Plaintiffs queries on the grounds they were privileged (the "Documents"). Additionally, during the Plaintiffs' depositions of various personnel of the Defendants (the "Depositions" and the "Deponents"), the Defendants objected to many lines of inquiry as invading privilege (the "Deposition Objections"). While the Defendants have withdrawn their privilege claims as to some of the Documents and Deposition Objections, they have maintained the validity of most. On August 23, 2021, the Plaintiffs filed the Privilege Motion, the operative filing ultimately leading to the Order. Therein, the Plaintiffs argued that the Defendants' privilege assertions were invalid on two grounds: (1) the crime-fraud exception, due to the Defendants' Texas Two-Step constituting a fraudulent transfer; and/or (2) at-issue waiver, because at least some of the Defendants' asserted privilege related to matters that the Defendants had affirmatively injected. On March 16, 2026, the Court entered the Order following an in-camera review of the nearly 4,000 Documents. On the crime-fraud exception question, although the Court provided some guidance, it ultimately deferred deciding the issue in the Order since the Court had found other privileged materials required disclosure on alternative grounds. Motion for Reconsideration This matter is before the Court upon the Debtor's Motion for Reconsideration and Amendment of Order (the "Motion"), filed March 30, 2026, regarding the Court's Order Partially Granting and Sustaining and Partially Denying Plaintiff's Privilege Motion and Defendants' Objection3 (the "Order"), entered March 16, 2026. On March 30, 2026, the non-DBMP Defendants joined the Motion. The Defendants seek reconsideration of the Order pursuant to 11 U.S.C. Sec. 105(a) and two Federal Rules of Civil Procedure (each, a "Civil Rule") and their incorporating Federal Rules of Bankruptcy Procedure (each, a "Bankruptcy Rule"), namely, (1) Civil Rule 59(e) and Bankruptcy Rule 9023, and (2) Civil Rule 52(b) and Bankruptcy Rule 7052. The Defendants seek reconsideration of the Order for the following: (1) various paragraphs that the Defendants argue improperly relied on the Injunction Order; (2) a discussion of the history of asbestos litigation both generally and with regard to Old CT in the background section of the Order (the "Asbestos Background Section"), on the basis that certain portions were unbriefed and prejudge certain issues; and (3) a small sample of the Documents that the Order found were not privileged which the Defendants argue do meet the test for privilege in the Order. The Defendants argue that the Order committed a clear error of law by making a general holding that the Injunction Order had preclusive effect in these proceedings. The Court agrees that the Injunction Order did not have preclusive effect. Preclusion requires a final merits ruling, which the Injunction Order does not constitute. The Asbestos Background Section's occurrence in the overall background section of the Order makes it clear that those descriptions were dicta that, as the Defendants acknowledge, was simply included "to provide a more comprehensive description of the nature of the Chapter 11 Case" for the public. Accordingly, notwithstanding any potential issues due to their being unbriefed, they could not be construed as prejudging any issues. Still, explicit clarification to this effect is not improper. Thus, the Court will grant limited relief under Civil Rule 60(a) to clarify that Asbestos Background Section does not prejudge any issues for the Estimation Trial. As to the specific Documents of which the Defendants seek reconsideration, the Defendants argue that twenty-two Documents that the Court had found to be not privileged are in fact privileged. They contend that eleven of the Documents clearly meet the legal purpose requirement despite the Court having found otherwise, whereas the rulings as to eleven Documents misidentified the specific Document, which, when properly identified, also meets the legal purpose requirement. As to these Documents and their privilege, the Court agrees and grants reconsideration under Civil Rule 59(e) with regard to those Documents' designations in Appendix B. A copy of the Court's Order dated May 20, 2026, is available at https://urlcurt.com/u?l=9pKSdr from PacerMonitor.com. About DBMP LLC DBMP, LLC is a North Carolina limited liability company and the direct parent company of Millwork & Panel LLC, which manufactures vinyl siding and polyvinyl chloride (PVC) trim products for the construction market at facilities it owns in Claremont, N.C. and Social Circle, Ga. It is a defendant in tens of thousands of asbestos-related lawsuits pending in courts throughout the United States. DBMP sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 20-30080) on Jan. 23, 2020. At the time of the filing, the Debtor disclosed assets of between $500 million and $1 billion and liabilities of the same range. Judge J. Craig Whitley presides over the case. The Debtor tapped Jones Day as bankruptcy counsel; Bates White LLC as consultant; Robinson, Bradshaw & Hinson, P.A. and Schiff Hardin LLP as special counsel; and Epiq Corporate Restructuring, LLC as claims, noticing and balloting agent. The Debtor also tapped Donlin, Recano and Company, Inc., to oversee the submission of personal injury questionnaires by claimants. The official committee of asbestos personal injury claimants appointed in the Debtor's case tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as its bankruptcy counsel. Hamilton Stephens Steele Martin, PLLC is the committee's local counsel. The court approved the appointment of Sander L. Esserman as the future claimants' representative in the Debtor's case. Mr. Esserman tapped Young Conaway Stargatt & Taylor, LLP and Stutzman, Bromberg, Esserman & Plifka, a Professional Corporation, as his bankruptcy counsel. Alexander Ricks PLLC is the FCR's North Carolina counsel. Forrest Bridges is appointed as the discovery referee in this Chapter 11 case. Adam Steele, Esq., in North Carolina, is tapped as his research assistant. DEL MONTE: Court Confirms First Amended Chapter 11 Plan ------------------------------------------------------- The Hon. Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey approved the Amended Disclosure Statement and confirmed the First Amended Joint Chapter 11 Plan of Del Monte Foods Corporation II Inc. and its Debtor Affiliates. The Disclosure Statement is approved on a final basis as having adequate information within the meaning of section 1125(a) of the Bankruptcy Code. As set forth in the Plan and the Disclosure Statement, Holders of Claims in Class 3 (Super-Senior Term Loan Claims), Class 4 (General Unsecured Claims), and Class 5 (Other General Unsecured Claims) (collectively, the "Voting Classes") were eligible to vote to accept or reject the Plan in Accordance with the Solicitation & Voting Procedures. Holders of Claims and Interests in Class 1, Class 2, Class 6, Class 7, Class 8, and Class 9 (collectively, the "Non-Voting Classes") were either conclusively presumed to accept the Plan or deemed to reject the Plan, and therefore were not eligible to vote on the Plan. As evidenced by the Voting Declaration, Classes 3, 4, and 5 have voted to accept the Plan. The Plan (including the Plan Supplement, as both have been modified by the parties, including any modifications) is approved in its entirety and confirmed under section 1129 of the Bankruptcy Code. All objections and all reservations of rights pertaining to approval of the Disclosure Statement and Confirmation of the Plan that have not been withdrawn, waived, or consensually resolved are overruled on the merit. The Plan Modifications do not materially adversely affect the treatment of any Claim against or Interest in any of the Debtors under the Plan. Pursuant to Bankruptcy Rule 3019, these Plan Modifications do not require additional disclosure under 1125 of the Bankruptcy Code or the re-solicitation of votes under section 1126 of the Bankruptcy Code, nor do they require that the Holders of Claims or Interests be afforded an opportunity to change previously cast acceptances or rejections of the Plan. Accordingly, the Plan Modifications are approved pursuant to section 1127(a) of the Bankruptcy Code and Bankruptcy Rule 3019. After giving effect to the Plan Modifications, the Plan continues to meet the requirements of sections 1122 and 1123 of the Bankruptcy Code. A copy of the Court's Findings of Fact, Conclusions of Law and Order dated May 22, 2026, is available at https://urlcurt.com/u?l=PHQCL4 from PacerMonitor.com. Co-Counsel to the Debtors and Debtors in Possession: Adam C. Rogoff, Esq. Rachael L. Ringer, Esq. Megan M. Wasson, Esq. Ashland J. Bernard, Esq. HERBERT SMITH FREEHILLS KRAMER (US) LLP 1177 Avenue of the Americas New York, NY 10036 Telephone: (212) 715-9100 E-mail: Adam.Rogoff@HSFKramer.com Rachael.Ringer@HSFKramer.com Megan.Wasson@HSFKramer.com Ashland.Bernard@HSFKramer.com – and – Michael D. Sirota, Esq. David M. Bass, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com fyudkin@coleschotz.com About Del Monte Foods Corporation II Inc. Founded in 1886 and headquartered in Walnut Creek, California, the Del Monte business has been a cornerstone of American grocery stores for more than 130 years. Del Monte Foods has been driven by its mission to nourish families with earth's goodness. As the original plant-based food company, Del Monte is always innovating to make nutritious and delicious foods more accessible to consumers across its portfolio of beloved brands, including Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics and S&W. On the Web: http://www.delmontefoods.com/or http://www.joyba.com/ On July 1, 2025, Del Monte Foods Corporation II, Inc. and 17 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) to address $1.235 billion in funded debt obligations. At the time of the filing, the Debtors listed $1 billion to $10 billion in both assets and liabilities. Judge Michael B. Kaplan presides over the case. The Debtors tapped Herbert Smith Freehills Kramer (US), LLP and Cole Schotz P.C. as legal counsel; Jonathan Goulding, managing director at Alvarez & Marsal North America, LLC, as chief restructuring officer; and Stretto, Inc. as claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors. The committee hired Morrison & Foerster LLP as counsel; Province, LLC as financial advisor; Kelley Drye & Warren LLP as co-counsel; and Stifel, Nicolaus & Co., Inc. as investment banker. DIGGERS EXCAVATION: Gets OK to Use Cash Collateral Until June 30 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, entered a second interim order authorizing Diggers Excavation and Grading, Inc. to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral in accordance with an approved budget covering the period from May 21 through June 30, with a 10% variance permitted for individual budget line items. The authority remains effective unless superseded by another cash collateral order, terminated for cause, or expires on June 30. The Debtor projects total operational expenses of $33,909.55 for the period from May 21 to June 30. As adequate protection, secured creditors will be granted liens extending to post-petition assets to the extent they held valid and enforceable pre-petition liens. However, the order preserves the rights of the Debtor and other parties to challenge the validity, enforceability, or priority of any pre-petition liens. The order also provides that these protections survive modification, conversion to Chapter 7, or dismissal of the bankruptcy case. The Debtor is further required to remain current on all post-petition tax obligations, including payroll and sales taxes, and may not dispose of assets outside the ordinary course of business without consent or court approval. A continued hearing is scheduled for June 16. About Diggers Excavation and Grading Inc. Diggers Excavation and Grading Inc is a construction services company engaged in excavation, grading, and demolition for residential and commercial projects. Diggers Excavation and Grading sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01783) on April 21, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Bobbie Lisa Ayala, president of Diggers Excavation and Grading, signed the petition. Judge Pamela W. McAfee oversees the case. George Mason Oliver, Esq., at the Law Offices of George Oliver, PLLC, represents the Debtor as bankruptcy counsel. DIOCESE OF OAKLAND: Claimants Challenge Insider Ch. 11 Plan Voting ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that a group of unsecured creditors in the Roman Catholic Diocese of Oakland bankruptcy is seeking to block certain votes on the diocese's Chapter 11 plan, telling the court that the ballots were not properly cast under applicable bankruptcy procedures. The creditors argue that the contested votes may have been submitted by parties whose interests were not aligned with the broader creditor body, raising concerns about fairness and the integrity of the plan confirmation process. The dispute is now before the bankruptcy court as it evaluates confirmation of the diocese's restructuring plan, which aims to address thousands of claims through a global settlement framework, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DVM PROPERTIES: Seeks to Hire Creek Commercial Realty as Broker --------------------------------------------------------------- DVM Properties, LLC, d/b/a Pampered Pets Veterinary Clinic, seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Creek Commercial Realty, LLC as real estate broker. The broker will assist in the marketing and sale of the Debtor's real property located at 2020 N. Kelly, Edmond, Oklahoma 73003. The broker will receive a commission equal to 5% of the gross sales price. Chase Anderson, vice president of Creek Commercial Realty, LLC, assured the court that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Chase Anderson Creek Commercial Realty, LLC P.O. Box 53371 Oklahoma City, OK 73152 Telephone: (405) 510-0079 About DVM Properties, LLC DVM Properties, LLC, doing business as Pampered Pets Veterinary Clinic, operates a veterinary clinic and pet resort in Edmonton, Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 26-11154) on April 10, 2026. In the petition signed by J. Brian Ledger, member/owner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Sarah A. Hall oversees the case. Stephen J. Moriarty, Esq., at Fellers Snider, et al, represents the Debtor as legal counsel. E.W. SCRIPPS: Completes No-Cash Station Swap With Gray Media ------------------------------------------------------------ The E.W. Scripps Company announced that it has completed its local TV station swap with Gray Media across five mid-sized and small markets, expanding Scripps' presence in the Mountain West. Under the terms of the agreement, which was originally announced in July 2025: * Gray Media has acquired Scripps' WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. * Scripps has acquired Gray's KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls, Idaho. The transaction expands Scripps' presence in Colorado Springs and Twin Falls – markets where the company already operates trusted local stations – and establishes a new footprint in Grand Junction. "Greater depth in these markets creates the economic durability to sustain our public service commitment: high-quality local news, emergency alerts, weather coverage and local sports that keep people informed, engaged and connected to their communities," said Adam Symson, Scripps' president and CEO. "We see scale and localism as complementary, and strategic transactions like this help ensure our stations remain strong, trusted voices for the communities that depend on us." The swap involves an even exchange of comparable assets with no cash consideration exchanged between the companies. About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of March 31, 2026, the Company had $4.9 billion in total assets, $422.3 million in total current liabilities, $365 million in other liabilities (noncurrent), and $1.2 billion in total equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. ECO PRESERVATION: Trustee Taps Jackson Thornton as Appraiser ------------------------------------------------------------ Brian Walding, as trustee Eco Preservation, LLC and its affiliates, seeks approval from the U.S. Bankruptcy Court for the Northern District of Alabama to employ Jackson Thornton Advisors, LLC as appraisers. The Trustee requires the assistance of experienced appraisers to perform pricing studies of the fair market value of the bankruptcy estate. The firm's current standard hourly rates for the consultants are between $530 and $210. Jackson Thornton Advisors, LLC is a "disinterested person" within the meaning of §101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Ashley S. Taylor, CPA Jackson Thornton Advisors, LLC 200 Commerce Street Montgomery, AL 36104 Phone: (334) 532-0488 About Eco Preservation ECO Preservation LLC is a provider of water, sewage and other systems. ECO Preservation LLC filed a petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-02429) on Oct. 5, 2022. In the petition filed by J Michael White, as managing member, the Debtor reported assets and liabilities between $1 million and $10 million each. SERMA Holdings, LLC, also sought Chapter 11 protection (Bankr. N.D. Ala. Case No. 22-02430) on Oct. 5, 2022, estimating assets of less than $50,000 and debt of $1 million to $10 million. The manager of the Debtor, John Michael White, Sr., also filed a Chapter 11 petition (Bankr. N.D. Ala. Case No. 22-02431) on Oct. 5, 2022. The Debtors are represented by Harry P Long of The Law Offices of Harry P. Long, LLC. ECUO REAL: Commences Chapter 11 Bankruptcy in New York ------------------------------------------------------ On May 21, 2026, EcUo Real Holdings, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 4 creditors. A meeting of creditors filed by the Office of the United States Trustee under Section 341(a) to be held on June 22, 2026 at 02:00 PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International Toll (713) 353-7024, Access Code 8185618 . About EcUo Real Holdings, Inc. EcUo Real Holdings, Inc. is a New York-based real estate holding company engaged in property ownership and investment activities. EcUo Real Holdings, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42502) on May 21, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Julio E. Portilla, Esq. of Law Office Julio E. Portilla, P.C. ELITE PROJECT: Seeks Subchapter V Bankruptcy in Texas ----------------------------------------------------- On May 19, 2026, Elite Project Management LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. The deadline to file the Small Business Subchapter V plan is August 17, 2026. About Elite Project Management LLC Elite Project Management LLC is a Texas-based company engaged in project management and business support services for commercial and operational projects. Elite Project Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-42193) on May 19, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Robert Thomas DeMarco, Esq. EMERALD TECHNOLOGIES: S&P Downgraded ICR to 'D' on Debt Amendment ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on electronics manufacturing services (EMS) provider Emerald Technologies (U.S.) AcquisitionCo. Inc. to 'D' (default) from 'CCC'. S&P also lowered its issue-level ratings on the revolving credit facility and first-lien term loan to 'D' from 'CCC'. Electronics manufacturing services (EMS) provider Emerald Technologies (U.S.) AcquisitionCo. Inc. recently completed a debt amendment with its revolving credit facility and first-lien term loan holders. S&P said, "We view the amendment as a distressed exchange. Without it, we believe Emerald would have faced a conventional default, given its liquidity shortfall. "We view Emerald's debt amendment as tantamount to default. Emerald reached an agreement with holders of its revolving credit facility and first-lien term loan, through which it extended the maturity of its fully drawn $45 million revolver, previously due December 2026, to 2029. We view the revolver extension as providing lenders with less than was originally promised, which constitutes a distressed exchange or default for our rating purposes." Emerald also amended its first-lien term loan to change the existing cash interest expense to majority payment-in-kind (PIK) interest and deferred all principal amortization payments until 2029. S&P views the slowing of payment timing, such as the deferral of amortization payments or cash interest expense becoming PIK interest, as investors receiving less than was originally promised, which constitutes a default for its rating purposes. Emerald could have faced a conventional default without this transaction, as it had approximately $5 million of total liquidity as of year-end 2025 and low EBITDA, which S&P did not believe would have sufficed to support its mandatory debt obligations in 2026. S&P plans to raise its issuer credit rating in the coming days, upon further evaluating the updated capital structure, liquidity, and business outlook. ENCORE CAPITAL: Fitch Rates 2032 and 2033 Notes 'BB+' ----------------------------------------------------- Fitch Ratings has assigned Encore Capital Group, Inc.'s (BB+/Negative) USD750 million issues of 6.625% senior secured fixed-rate notes due 2032 (ISIN: US292554AT91) and its EUR325 million senior secured floating-rate notes due 2033 (ISIN: XS3307303407) final ratings of 'BB+'. The final ratings are in line with the expected ratings Fitch assigned to the notes on 11 May 2026 and 12 May 2026, respectively. See 'Fitch Rates Encore's 2032 Senior Secured Notes 'BB+(EXP)' and 'Fitch Rates Encore's 2033 Senior Secured Notes 'BB+(EXP)''. Key Rating Drivers Equalised with Long-Term IDR: The senior secured notes are guaranteed by most Encore group subsidiaries and rank equally with other senior secured obligations, which comprise the majority of Encore's debt. Consequently, the senior secured debt ratings are equalised with Encore's Long-Term Issuer Default Rating (IDR), as Fitch expects average recoveries for the notes after accounting for the smaller amount of higher-ranking super-senior debt. Limited Leverage Impact: Compared with the initial guidance, the fixed-rate notes were increased by USD200 million and floating-rate notes by EUR25 million. However, the proceeds will primarily be used to redeem the USD500 million senior secured fixed-rate notes due 2029 and the EUR415 million senior secured floating-rate notes due 2028, and to repay drawings under the revolving credit facility. Consequently, the refinancing has no material net impact on consolidated leverage, and it extends the average tenor of the group's borrowings. Strong Franchise; Challenging Environment: Encore's Long-Term IDR reflects its leading franchise in the US and, to a lesser extent, the European debt-purchasing market, balanced against its concentrated business activities, reliance on leverage for portfolio purchases and the subsequent need to manage rising wholesale market funding costs within profitable underwriting. The rating also accounts for Encore's experienced management team, sound investment record and the inherent challenges of forecasting cash collections in a more volatile operating environment. The Negative Outlook reflects the increased challenges of projecting future collections and pricing portfolio purchases in an uncertain macroeconomic climate, which could negatively affect Encore's financial performance through collections underperformance or impairments. For further details on the key rating drivers and sensitivities for Encore's IDR, see 'Fitch Revises Encore's Outlook to Negative; Affirms IDR at 'BB+'' dated 06 June 2025,. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Recognition of impairments, resulting in a material negative impact on net income or underlining risk management weaknesses - A sustained fall in cash collections, resulting in significantly reduced earnings generation, material write-downs of the value of portfolio investments, cash flow leverage consistently at the higher end of management's target range for net debt/adjusted EBITDA of 2x-3x or more aggressive capital management resulting in tangible equity reduction - A material adverse operational event or regulatory intervention undermining franchise strength or business-model resilience Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Fitch could revise the Outlook to Stable if strategic execution is effective, leading to sustained improved financial performance with leverage maintained below the upper end of management's 2x-3x net debt/adjusted EBITDA target range, alongside a disciplined financial policy with share buybacks managed conservatively - Fitch could upgrade the rating on a material increase in the company's tangible equity position, alongside maintenance of cash flow leverage consistently at the low end of management's guidance range, provided strategic execution is effective with no material underperformance of collections DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Encore's senior secured notes are guaranteed by most group subsidiaries and rank equally with other senior secured obligations. The rating is equalised with Encore's Long-Term IDR as the senior secured debt class represents the majority of Encore's borrowings, resulting in average rather than above-average expected recoveries. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The senior secured notes' rating is primarily sensitive to changes in Encore's IDR. Changes to Fitch's assessment of relative recovery prospects for senior secured debt in a default (eg due to a material shift in the proportion of Encore's debt that is either super-senior or unsecured) could also result in the senior secured debt rating being notched up or down from the IDR. ADJUSTMENTS Encore's Standalone Credit Profile is in line with the implied Standalone Credit Profile. The business profile score is below the implied score due to the following adjustment reason: business model (negative). The funding, liquidity & coverage score is below the implied score due to the following adjustment reason: historical and future metrics (negative). Date of Relevant Committee 04 June 2025 ESG Considerations Encore has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the importance of fair collection practices and consumer interactions and the regulatory focus on them, particularly in the US. Encore has an ESG Relevance Score of '4' for Financial Transparency due to the significance of internal modelling to portfolio valuations and associated metrics, such as estimated remaining collections. These factors have negative influences on the rating, but they are features of the debt purchasing sector as a whole rather than specific to Encore. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Encore Capital Group, Inc. senior secured LT BB+ New Rating BB+(EXP) EQUITECS: Hires Johnson & Martin as Special Litigation Counsel -------------------------------------------------------------- EQUITECs seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to hire Johnson & Martin, P.A. as special litigation counsel. The firm will assist the Debtor with the lawsuit captioned Beverly Gordon, D.C. v. EquiTape, Inc. Holdings nka Equitecs and Rebecca Haddock, Southern District of Florida Case No. 9:25-cv-81308. Johnson has agreed to receive $575/mo toward any pre-petition fees until such time as said arrearages are cured. Matthew Nelles, Esq., a partner at Johnson & Martin, is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Matthew S. Nelles, Esq. Johnson & Martin, P.A. 500 W Cypress Creek Rd Ste 430. Ft Lauderdale, FL 33309-6165 Office: (954) 790-6698 Email: matt.nelles@johnsonmartinlaw.com About EQUITECs EQUITECs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-30281-KKS) on March 18, 2026, listing up to $500,000 in both assets and liabilities. Rebecca Haddock, president of EQUITECs, signed the petition. Judge Karen K. Specie oversees the case. Michael A. Wynn, Esq., at Stichter, Riedel, Blain & Postler, P.A., represents the Debtor as legal counsel. ESTHER SCHOOL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered a second interim order extending Esther School, Inc.'s authority to use cash collateral through June 11. The court authorized the Debtor to use up to $461,000 in cash collateral and approved the revised operating budget, with a 10% variance. Authorized expenditures cover post-petition operating costs excluding rent, professional fees, and loan or debt repayments. Approved expenses include the Debtor's June 1 payroll obligation projected at approximately $300,000. During the second interim period, the Debtor may use cash collateral only for necessary and reasonable business expenses and may not exceed cumulative budget limits or any individual line item by more than 10% without consent from lenders. As adequate protection, the court granted the lenders replacement liens on post-petition assets of the same type and class as collateral used by the Debtor. These liens maintain the same extent, validity, and priority as existed on the petition date and become automatically perfected without additional filings. However, the order expressly preserves all parties' rights to later challenge the validity, priority, or extent of any pre-petition claims or liens. The court did not require the Debtor to make cash payments to the lenders during the interim period. Instead, the Debtor must provide its lenders with monthly financial reports within five days after filing with the U.S. Trustee. A continued hearing is scheduled for June 11. About Esther School Inc. Esther School, Inc. operates a faith-based primary school in New Port Richey, Pasco County, Florida. Esther School sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-02746) on April 3, 2026, listing up to $10 million in both assets and liabilities. Natasha Griffin, president, signed the petition. Judge Roberta A. Colton oversees the case. John A. Anthony, Esq., at Anthony and Partners, LLC, represent the Debtor as legal counsel. ETHEMA HEALTH: Delays Q1 2026 Filing Amid Ongoing Review Process ---------------------------------------------------------------- Ethema Health Corporation filed a Form 12b-25 with the U.S. Securities and Exchange Commission, notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that it is unable to file, without unreasonable effort and expense, its Quarterly Report on Form 10-Q for the period ended March 31, 2026 because the Company is still compiling and reviewing information to complete the quarterly review of the financial statements for that period and the Company is unable to give an estimate at this time. The Company believes that the Quarterly Report will be completed and filed within the extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended. The notification further disclosed that the Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2025. Ethema Health does not anticipate any significant changes in results of operations compared to the corresponding period in the prior fiscal year. About Ethema Health Ethema Health Corp. is a Colorado-based Company headquartered in West Palm Beach, Florida, focused on addiction treatment services in the United States. Originally established as an oil and gas exploration firm, the Company transitioned through various sectors, including electronics -- before shifting to healthcare. It now operates primarily through Evernia, maintaining in-network relationships with healthcare providers to source most of its clients. As of September 30, 2025, the Company had $30,267,418 in total assets, $38,840,475 in total liabilities, and $8,573,057 in total stockholders' deficit. In an audit report dated May 23, 2025, RBSM LLP issued a "going concern" qualification citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has working capital deficiency and accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. F O & O INC: Gets Extension to Access Cash Collateral ----------------------------------------------------- F O & O, Inc. received second interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral. Under the second interim order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its budget. Spending is permitted with a variance of up to 10% per budget line item. This authorization remains effective until the next hearing unless the order is stayed, loses effect, or the Debtor is found in material breach of its terms. The order also includes a revenue-sharing provision benefiting Citizens National Bank of Texas. If the Debtor's income exceeds budgeted projections by more than 10%, the Debtor must remit 80% of the excess income to the bank while retaining the remaining 20%. This requirement applies only to excess income received during the budget period. The Debtor claimed multiple secured creditors may have interests in its cash, accounts receivable, bank accounts, and related assets, with Citizens National Bank of Texas identified as a likely senior secured lender. Other potential secured parties include Forest Capital, Oakwood, Stage/Slate, and Highland Hill Omega Recovery. Lien documentation is still being reviewed and may be challenged later regarding validity, perfection, and amounts owed, according to the Debtor. As adequate protection, all secured creditors will be granted a replacement lien on cash collateral generated after the Debtor's Chapter 11 filing, with the same validity, priority and extent as their pre-petition liens. The final hearing is scheduled for June 23. About F O & O Inc. F O & O, Inc. is a Texas-based utility contractor operating in fiber optics. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-31941) on May 3, 2026. In the petition signed by Martin Derrick Norwood Jr, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Scott W. Everett oversees the case. Steven E. Wallace, Esq., at Wallace Law, PLLC, represents the Debtor as legal counsel. FACILAI LLC: Commences Chapter 11 Bankruptcy in California ---------------------------------------------------------- On May 19, Facilai, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports approximately $25.1 million in debt and indicates that funds will be available for distribution to unsecured creditors. A meeting of creditors under Section 341(a) to be held on June 16, 2026 at 10:00 AM via UST Teleconference San Jose, Call in number: 1-888-330-1716 Passcode: 5397643. The deadline to submit Proofs of Claim is September 14, 2026. About Facilai, LLC Facilai, LLC is a San Jose, California-based real estate holding company engaged in the ownership and management of real estate assets and investment properties. Facilai, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50808) on May 19. In its petition, the Debtor reports estimated assets of approximately $5 million and estimated liabilities of approximately $25.1 million. Honorable Bankruptcy Judge Stephen L. Johnson handles the case. The Debtor is represented by Chris D. Kuhner, Esq. of Kornfield Nyberg Bendes Kuhner & Little. FALLS OF BRAEBURN: Trustee Taps Trigild Texas LLC as Asset Manager ------------------------------------------------------------------ David A. Wallace, the Chapter 11 trustee for Falls of Braeburn, LLC and affiliates, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Trigild Texas LLC as asset manager. The firm's services include: a. locating, securing and analyzing the Debtor's books and records; b. providing financial and transactional investigations and analyses to the Trustee as requested; c. preparing and filing reports and/or returns as necessary for federal and state tax compliance; d. preparing monthly operating reports as required; e. assisting in operating the Debtor's businesses; and f. consulting with the Trustee with respect to financial reporting, taxes, and other similar regulatory filings as may be required. The firm will receive a monthly fee of $4,500 per property for a total of $18,000. As disclosed in the court filings, Trigild is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Chris Neilson Trigild Texas LLC 8111 Douglas Avenue Suite 600 Dallas, TX 75225 Phone: (214) 422-2365 About Falls of Braeburn LLC Falls of Braeburn, LLC, Falls of Chelsea Lane, LLC, Northwest Miami Gardens, LP, and Falls of Westpark Apartments, Ltd. are privately held real estate investment companies based in Houston, Texas, specializing in ownership and management of apartment complexes. Falls of Braeburn and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 25-90602) on November 3, 2025. At the time of filing, the Debtor listed $10 million to $50 million in both assets and liabilities. The petitions were signed by Siri Khalsa as authorized representative. Judge Christopher M Lopez presides over the case. Matthew S. Okin, Esq., at Okin Adams Bartlett Curry, LLP represents the Debtor as legal counsel. FTX TRADING: Fenwick Reaches $54MM Agreement to Exit Lawsuit ------------------------------------------------------------ Aislinn Keely of Law360 Bankruptcy Authority reports that Fenwick & West LLP will pay $54 million under proposed settlements designed to resolve claims from former FTX Trading Ltd. investors, ending the law firm's involvement in litigation arising from the cryptocurrency exchange's collapse. The agreements were disclosed in new court filings. Investors had accused the firm and other defendants of contributing to or facilitating conduct that enabled FTX's alleged misuse of customer funds before the company entered bankruptcy in late 2022. The settlements also cover disputes involving additional parties tied to the failed exchange and its operations, the report relays. The proposed resolutions are subject to judicial approval and form part of ongoing efforts by investors and bankruptcy stakeholders to recover losses linked to one of the largest failures in the cryptocurrency industry. FTX-related litigation continues across multiple courts as creditors pursue additional recoveries, according to Law360. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GACH LLC: Fred Stevens' Appointment as Chapter 11 Trustee OK'd -------------------------------------------------------------- Judge Michael Wiles of the U.S. Bankruptcy Court for the Southern District of New York approved the appointment of Fred Stevens, Esq., as Chapter 11 trustee for GACH, LLC. Mr. Stevens was appointed on May 18 by the U.S. Trustee for Region 2, the Justice Department's bankruptcy watchdog overseeing the company's Chapter 11 case. The appointment followed a court order granting the motion filed by Flushing Bank, a secured creditor, to dismiss GACH's Chapter 11 case, or in the alternative, vacate the automatic stay. At the hearing on the motion, the court concluded, based upon the record of the hearing, that cause existed for the appointment of a Chapter 11 trustee. On May 18, the court entered an order directing the U.S. Trustee to appoint a bankruptcy trustee. In a court filing, Mr. Stevens declared that he and his firm, Klestadt Winters Jureller Southard & Stevens, LLP, are a "disinterested person" according to Section 101(14) of the Bankruptcy Code. Mr. Stevens is a partner at Klestadt. He is a professional fiduciary and commercial restructuring lawyer whose practice focuses on the representation of trustees, debtors and creditors in bankruptcy cases, restructurings, and related litigation, with a focus on unwinding Ponzi schemes and other frauds, according to the firm's website. About GACH LLC GACH, LLC owns commercial real estate at 43-51 East 25th Street, Unit C6, New York, NY 10010, in the building known as The Stanford. The property comprises approximately 4,800 square feet of office and medical space, including patient waiting areas, an x-ray suite, examination rooms, kitchen space, and offices, with an appraised value of $4.8 million. The Company is classified as a single-asset real estate entity. GACH sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11800 on August 18, 2025. In its petition, the Debtor reported total assets of $4,829,200 and total liabilities of $3,210,885. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Sari Placona, Esq., at McManimon, Scotland & Baumann, LLC. GLEN ARBOR: Gets Interim OK to Use Cash Collateral Until June 5 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Missouri entered an interim order authorizing Glen Arbor, LLC to use cash collateral and inventory through June 5 or until further court order. The interim use of cash collateral is subject to a budget and strict operating conditions. The Debtor must limit expenditures to necessary business expenses to avoid irreparable harm and cannot pay insiders except for reasonable and customary compensation disclosed in the budget. The budget projects total operational expenses of $34,458.91 for the period from May 12 to June 5. The Debtor relies on business operations and account collections as its only source of income and argued that denial of cash collateral use would severely disrupt operations and threaten reorganization efforts. The Debtor identified Kalamata Capital Group, LLC as the creditor asserting perfected security interests in its assets, including accounts, inventory, and equipment. As adequate protection, Kalamata Capital Group will receive replacement liens on post-petition property similar to its pre-petition collateral, limited to the amount of any decline in its collateral position. The replacement liens do not extend to Chapter 5 avoidance actions. The order does not finally determine any claims, lien rights, or priorities and preserves all parties' rights. A final hearing is scheduled for June 2. About Glen Arbor LLC Glen Arbor, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 26-40837) on May 12, 2026, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq. at Evans & Mullinix, P.A. represents the Debtor as legal counsel. GREENWAVE TECHNOLOGY: Q1 10-Q Filing to Miss Even Grace Period Date ------------------------------------------------------------------- Greenwave Technology Solutions, Inc. has filed a Form 12b-25 with the U.S. Securities and Exchange Commission notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that the 10-Q could not be filed by the prescribed due date without unreasonable effort or expense because additional time is needed to finalize the financial statements and disclosures to be included in such report. The Registrant has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2025 and is working to complete all steps necessary to finalize its financial statements and other disclosures required to be included in such report. The Company does not anticipate being able to file the First Quarter 10-Q within the extension period provided by Rule 12b-25. The notification further disclosed that the Company does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About Greenwave As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. -- https://www.gwav.com/ -- supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, Virgina, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio. New York, N.Y.-based RBSM LLP, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has net loss, has generated negative cash flows from operating activities, and has an accumulated deficit, which raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $59,850,782 in total assets, $27,178,210 in total liabilities, and $32,672,572 in total stockholders' equity. GROUND WEST: Timothy Stone of Newpoint Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Timothy Stone of Newpoint Advisors Corporation as Subchapter V trustee for Ground West Franklin, LLC. Mr. Stone will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Stone declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Timothy Stone Newpoint Advisors Corporation 750 Old Hickory Blvd, Building Two, Suite 150 Brentwood, TN 37027 Phone: 800-306-1250/615-440-8273 Fax: (702) 543-3881 Email: tstone@newpointadvisors.us About Ground West Franklin LLC Ground West Franklin, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 26-02343) on May 15, 2026, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Nancy B. King presides over the case. Jay Lefkovitz, Esq., represents the Debtor as legal counsel. GULFSIDE SUPPLY: S&P Downgrades ICR to 'B-' on Elevated Leverage ---------------------------------------------------------------- S&P Global Ratings downgraded Florida-based roofing distributor Gulfside Supply Inc. (dba Gulfeagle) to 'B-'. S&P said, "In addition, we lowered our issue-level ratings on the company's $150 million revolving credit facility ($50 million outstanding as of March 31, 2026) due 2029 and $675 million ($595 million outstanding as of March 31, 2026) first-lien term loan due 2031 to 'B-'. The recovery ratings remain '3', indicating our expectation of meaningful (50%-70%, rounded estimate: 55%) recovery in the event of a default. "The stable outlook reflects our expectation that while roofing demand will remain soft and performance will be challenged in the near term, Gulfeagle's financial policy will allow for voluntary debt repayment that will keep leverage and EBITDA interest coverage from reaching unsustainable levels. In addition, it reflects our belief that demand within the industry will recover eventually, supporting longer-term cash flow generation and deleveraging prospects. "Gulfeagle continues to underperform our expectations amid the challenging macroeconomic backdrop in the building materials sector. "In the most recent quarter, Gulfeagle's leverage increased above 8x, and we forecast it will remain elevated through at least 2027." Gulfeagle's leverage is well above our previous downgrade threshold. Its S&P Global Ratings-adjusted leverage increased to 8.6x as of March 31, 2026, as shipment volume declines in roofing products and competitive pricing pressure hindered the company's early 2026 performance. Its S&P Global Ratings-adjusted margins compressed 140 basis points (bps) in 2025, and S&P expects further compression of 70 bps this year from continued headwinds through the first half of the year. Historically low shipment volumes in the second half of 2025 should lead to modest revenue growth in the back half of 2026 on a comparative basis, allowing the company to use cash flow generation to voluntarily repay debt. S&P believes Gulfeagle will repay about $25 million of debt voluntarily, which will partially offset earnings declines, leading to leverage of 8.2x by year end. It is unclear whether Gulfeagle will meaningfully benefit from price increases. This is because recent manufacturer price increases came from higher input prices from the ongoing conflict in Iran rather than from higher demand. End consumers are still constrained due to affordability issues, and although S&P views roofing as nondiscretionary compared with other building materials, every price increase just adds to an already struggling end market. In addition, the company believes larger and better capitalized competitors could be keeping prices low to try to gain market share. Typically, prices are passed through to contractors by distributors, but management indicates this has not happened so far, despite larger players publicly announcing manufacturer-driven price increases. Because of its size and regional focus, S&P views Gulfeagle as more of a price taker than a price maker in this environment, which will be a meaningful credit risk if volumes remain subdued. Recent trends confirm our earlier suspicions that subdued roofing demand will persist. S&P said, "We believe industry challenges will continue through at least the first half of 2026, with the need for higher storm volumes in the second half of 2026 to support growth. We now expect affordability issues, lackluster new construction spend, and lower existing homes sales will persist. Because of this, it is uncertain whether shipment volumes will return to pre- COVID-19 pandemic levels in the near-term." Nevertheless, S&P views roofing as more nondiscretionary than other building materials, which supports its view of an eventual recovery. After a period of historically low storm volumes, there is upside to our forecast if higher storm volumes create a pronounced recovery in demand across the industry. Roofing demand slowed more than expected toward the end of 2025 and remained weak to start 2026, with shingles shipments declining 27.9% (according to the Asphalt Roofing Manufacturers Association) in the fourth quarter of 2025 and down 9.9% in the first quarter of 2026. Roofing demand has been weak due to lower storm activity, contractor labor shortages, and affordability challenges, which have reduced new construction and remodeling spending. In addition, the decline in mortgage rates earlier in 2026 were short-lived and spiked once again in April at the onset of the Iran conflict. Bad winter weather in January and February also impaired roofing contractors' ability to do work, further slowing demand in the quarter. Gulfeagle's relatively prudent financial policy supports the stable outlook. Management intends to use 100% of free cash flow generation to support voluntary debt repayment, which S&P views as a material credit positive. That said, its performance has been weak and sustained cash flow generation could be threatened if volumes do not recover. Though Gulfeagle has more ambitious debt repayment targets budgeted this year, it forecasts more modest debt paydown in 2026. Its recent positive free cash flow generation is attributable to working capital maneuvers such as extending its payables to suppliers and inventory management. While this has provided the company with a short-term cash flow increase, S&P believes many of these actions are one-time inflows rather than sustainable sources of cash. Covenant compliance will remain thin over the next 12 months, despite additional relief. In the first quarter of 2026, Gulfeagle once again amended its credit agreement to loosen its maximum first-lien net leverage covenant requirement to avoid a breach. S&P expects this will give the company a larger cushion over the next couple quarters, but continued low demand or general underperformance could once again threaten Gulfeagle's ability to remain in compliance. In addition, the company exchanged its prior minimum liquidity covenant for a minimum fixed-charge covenant ratio set to 1.25x as of the second quarter of 2026. S&P said, "We forecast its maximum net leverage covenant cushion will be very thin and anticipate its ability to remain in compliance will depend upon its cash flow generation and subsequent debt repayment. We expect Gulfeagle will likely be able to secure temporary relief again, if needed, as long as its underlying trends show signs of improvement." S&P said, "The stable outlook reflects our expectation that while roofing demand will remain soft and performance will be challenged in the near-term, Gulfeagle's financial policy will allow for voluntary debt repayment that will keep leverage and EBITDA interest coverage from reaching unsustainable levels. In addition, it reflects our belief that demand within the industry will recover eventually, which should support longer-term cash flow generation and deleveraging prospects. "We may lower our ratings on Gulfeagle over the next 12 months if its debt to EBITDA rises above 10x or if EBITDA interest coverage approaches 1x. This could occur if the company's operating results continue to deteriorate. We could also lower our ratings if we believe it will breach its covenant thresholds and covenant relief becomes unlikely. "While unlikely over the next 12 months, we could raise our rating on Gulfeagle if it successfully reduces leverage beneath 6.5x. The company could demonstrate this by outperforming our base case or if market conditions ease, allowing it to return to healthy earnings growth while repaying debt voluntarily." HIGH WIRE: Delays Q1 2026 Filing Due to Time, Resource Constraints ------------------------------------------------------------------ High Wire Networks, Inc. filed a Form 12b-25 with the U.S. Securities and Exchange Commission notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company indicated that the 10-Q could not be filed by the prescribed due date without unreasonable effort or expense, primarily because the compilation, dissemination and review of the information required to be presented in the Form 10-Q for the relevant quarter has imposed time constraints that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant. The Company undertakes the responsibility to file such annual report no later than 5 days after its original due date. The notification further disclosed that the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. High Wire Networks does not anticipate any significant change in results of operations from the corresponding period of the prior fiscal year. About High Wire High Wire Network, Inc., incorporated on Jan. 20, 2017, is a global provider of managed cybersecurity, managed networks, and tech-enabled professional services delivered exclusively through a channel sales model. The Company's Overwatch managed security platform-as-a-service offers organizations end-to-end protection for networks, data, endpoints, and users via multiyear recurring revenue contracts in this fast-growing technology segment. HWN has continuously operated under the High Wire Networks brand for 23 years. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred losses since inception, has negative cash flows from operations, and has negative working capital, which creates substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,228,300 in total assets, $7,402,284 in total liabilities, and a total stockholders' deficit of $6,173,984. HONEY BRANDS: Gets Final OK to Use Cash Collateral -------------------------------------------------- Honey Brands Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The court on May 27 authorized the Debtor to use cash collateral to fund its operations effective as of the bankruptcy petition date. Small Business Finance Solutions, LLC, a secured lender, is owed $86,535.50 under a $117,000 loan agreement with the Debtor. The lender has security interest in the Debtor's accounts, accounts receivable, inventory and equipment. As adequate protection for any diminution in the value of its collateral, the lender will be granted a continuing lien on the Debtor's post-petition property, including proceeds, with the same priority and extent as its pre-petition lien. The order is available at http://bankrupt.com/misc/HoneyBrands_FCCOrder.pdf The Debtor was initially allowed to access cash collateral for the period from April 23 and June 1 under the court's May 13 interim order. About Honey Brands Inc. Honey Brands Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 26-07105) on April 23, 2026, with $100,001 to $500,000 in both assets and liabilities. Ira Bodenstein serves as Subchapter V trustee. Judge Timothy A. Barnes oversees the case. Joel A. Schechter, Esq., at the Law Office of Joel A. Schechter represents the Debtor as bankruptcy counsel. HOPS ON MAIN: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Hops on Main, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. Under the interim order, the Debtor is authorized to use up to $63,285 in cash collateral for business expenses in accordance with an approved budget, subject to a 10% variance per line item. These expenses include payroll, rent, utilities, insurance, and operational costs related to its brewery and taproom activities. Manasquan Bank, a creditor with a secured claim of $670,504.92, will receive replacement liens on the Debtor's post-petition collateral in case of any decline in the value of its pre-petition collateral. In addition, the bank will receive a monthly payment of $3,377. Other forms of protection include monthly financial reporting, inspections and audits of records and collateral, and insurance. Failure to comply with payment obligations or material terms of the order would allow the bank to seek expedited relief from the court. The interim order also created a carveout for payment of administrative expenses, including U.S. Trustee fees, up to $3,500 for a hypothetical Chapter 7 trustee, and professional fees capped at $6,500. The court preserved rights for committees and parties in interest to challenge the validity, scope, and priority of Manasquan Bank's claims within specified challenge periods. A final hearing is scheduled for July 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ocseJ from PacerMonitor.com. Manasquan Bank is represented by: Donald F. Campbell, Jr., Esq. Giordano, Halleran & Ciesla, P.C. 125 Half Mile Road, Suite 300 Red Bank, NJ 07701 Tel: (732) 741 3900 Fax: (732) 224 6599 dcampbell@ghclaw.com About Hops on Main LLC Hops on Main, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 26-12190) on February 27, 2026. In the petition signed by Gary Morrison, member, the Debtor disclosed up to $500,000 in both assets and liabilities. Judge Michael B. Kaplan oversees the case. Daniel Straffi, Jr, Esq., at Straffi and Straffi LLC, represents the Debtor as legal counsel. HUNDAL FARMS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Lead Debtor: Hundal Farms, Inc. 1530 Ridge Dr. Merced, CA 95340 Business Description: Hundal Farms, Inc. and affiliated entities AgQuest LLC and AgQuip LLC operate as a California agricultural group associated with Parvinder S. Hundal and Amerjit Johl-Hundal. The group is centered on Hundal Farms, which produces almonds and pistachios across California's Central Valley and Monterey County. Chapter 11 Petition Date: May 21, 2026 Court: United States Bankruptcy Court Eastern District of California Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Hundal Farms, Inc. 26-12348 Parvinder S. Hundal And Amerjit Johl-Hundal 26-12349 AgQuest LLC 26-12350 AgQuip LLC 26-12351 Judge: Hon. Rene Lastreto II Debtors' Counsel: Riley C. Walter, Esq. Ian J. Quinn, Esq. WANGER JONES HELSLEY 265 E. River Park Circle, Suite 310 Fresno, California 93720 Phone: (559) 490-0949 E-mail: rwalter@wjhattorneys.com iquinn@wjhattorneys.com Hundal Farms, Inc.'s Estimated Assets: $10 million to $50 million Hundal Farms, Inc.'s Estimated Liabilities: $50 million to $100 million AgQuest LLC's Estimated Assets: $1 million to $10 million AgQuest LLC's Estimated Liabilities: $50 million to $100 million AgQuip LLC's Estimated Assets: $1 million to $10 million AgQuip LLC's Estimated Liabilities: $50 million to $100 million The petitions were signed by Parvinder S. Hundal as CEO. Full-text copies of the petitions, which includes lists of the Debtors' 20 largest unsecured creditors, are available for free on PacerMonitor at: https://www.pacermonitor.com/view/XWKBFTI/Hundal_Farms_Inc__caebke-26-12348__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VDVFO4Q/AgQuest_LLC__caebke-26-12350__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/V5PI5MY/AgQuip_LLC__caebke-26-12351__0001.0.pdf?mcid=tGE4TAMA List of Hundal Farms's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. The Nursery Company (TNC) $3,607,097 22648 Road 9 Chowchilla CA 93610 2. Southern California Edison (SCE) $350,800 P.O. Box 600 Rosemead CA 91771-0001 Email: Paul.1.Garcia@sce.com 3. Pixley Irrigation District GSA $246,066 357 East Olive Ave Tipton CA 93272 4. Delano-Earlimart Irrigation District (DEID) $225,223 14181 Avenue 24 Delano CA 93215 Email: customerservice@deid.org 5. Central Valley Almond Association $196,310 12655 Garzoli Avenue McFarland CA 93250-0487 6. Nutrien Ag Solutions, Inc. $186,257 3173 S Chestnut Fresno CA 93725-2605 7. Minturn CoOp Huller $116,054 9080 S Minturn Rd Le Grand CA 95333 8. Buoye Honey Com $108,000 11575 Walnut St Redlands CA 92374 9. King's Petroleum LLC $103,400 PO Box 508 Visalia CA 93279-0508 10. Adam Martinez Labor Contractor $85,000 30116 Hwy 155 Delano CA 93215 11. Anatoliy Didenko $82,800 6117 Rio Linda Rd Rio Linda CA 95673 12. Dmytro Tkachenko $75,570 166 Pinecrest St Titusville FL 32780 13. Timur Azimov $62,100 4207 Atlanta Ln Pasco WA 99301 14. Paul Kutsar $59,400 6825 Fort Pit Way Sacramento CA 95828 15. Milicia Popovic $58,800 11295 Previtali Rd Jackson CA 95642 16. Amazon Business Prime Card $58,537 PO Box 60189 City of Industry IL 91716 17. Keathley Maxwell & Antongiovanni, LLP $46,150 4260 Truxtun Avenue Bakersfield CA 93309 18. RJ Farm Labor Services $32,470 1400 Easern Dr. Bakersfield CA 93309 19. Chase Sapphire MC 7646 $32,292 P.O. Box 6294 Carol Stream IL 60197 20. Discover card $29,623 P.O. Box 6103 Carol Stream IL 60197 IBODY INC: Gets OK to Use Cash Collateral Until Aug. 1 ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, entered an order granting iBody, Inc. approval to use cash collateral. The Debtor may use cash collateral through August 1, pursuant to the terms of the budget and the order. It may vary weekly expenditures by up to 20% for line items under $2,000 and by up to 15% for items exceeding $2,000 without notice. Unused budget amounts may roll over into future weeks within the same categories, and if revenues exceed projections, up to 75% of excess revenue may be applied toward cost of goods sold. The court listed these secured cr4ditors claiming interests in the cash collateral: the SBA and Strategic Funding Source, Inc, doing business as Kapitus. As adequate protection, the secured creditors will receive valid and automatically perfected replacement liens on the Debtor's post-petition property, excluding avoidance action recoveries, with the same priority and validity as their pre-petition liens. The Debtor must also pay $750 to the SBA as provided in the budget. The order does not determine the validity, amount, or extent of any creditor's lien, and all parties retain the right to challenge those liens later. The order is available at https://shorturl.at/YMjxQ from PacerMonitor.com. About iBody Inc. iBody, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-13464) on April 15, 2026, with $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Honorable Sheri Bluebond oversees the case. The Debtor is represented by Steven R. Fox, Esq. INFINITE GROUP: Delays Q1 2026 10-Q; Auditor Review Needs More Time ------------------------------------------------------------------- Infinite Group, Inc. filed a Form 12b-25 with the U.S. Securities and Exchange Commission notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that it was unable, without unreasonable effort or expense, to file its Quarterly Report on Form 10-Q for the period ended March 31, 2026 by the May 15, 2026 filing date applicable to smaller reporting companies due to a delay in completing its financial statements and other disclosures in the Quarterly Report. As a result, the Registrant is still in the process of compiling required information to complete the Quarterly Report and its independent registered public accounting firm requires additional time to complete its review of the financial statements for the period ended March 31, 2026, to be incorporated in the Quarterly Report. The notification further disclosed that the Company has not yet filed its Annual Report on Form 10-K for the year ended December 31, 2025. In addition, the Company anticipates a significant change in results of operations compared to the prior year period, primarily due to the significant reduction of work from the Company's largest customer (a Federal Government subcontractor) during the second quarter of 2025. The Company estimates that its revenues decreased from approximately $1.7 million for the 3-month period ended March 31, 2025 to approximately $0.8 million in 2026. This caused the net operating loss to increase from approximately $260 thousand in 2025 to approximately $460 thousand in 2026. The net loss increased to approximately $692,000 for the 3-month period ended March 31, 2026, compared to a net loss of approximately $426,000 for the 3-month period ended March 31, 2025. About Infinite Group Headquartered in Pittsford, New York, Infinite Group, Inc. is a developer of cybersecurity software and related cybersecurity consulting, advisory, and managed information security services. The Company principally sells software and services through indirect channels such as Managed Service Providers, Managed Security Services Providers, agents and distributors and government contractors, whom the Company refers to collectively as its channel partners. Rochester, New York-based Freed Maxick P.C., the Company's auditor since at least 1995, issued a "going concern" qualification in its report dated October 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has negative working capital, and has total liabilities in excess of its total assets. This raises substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $1,187,322 in total assets, $12,029,181 in total liabilities, and $10,841,859 in total stockholders' deficit. INGENOVIS HEALTH: Moody's Cuts CFR to Ca, Outlook Stable -------------------------------------------------------- Moody's Ratings downgraded the ratings of Ingenovis Health, Inc. (Ingenovis) including the corporate family rating to Ca from Caa3, probability of default rating to Ca-PD from Caa3-PD, and the ratings on the senior secured first lien bank credit facilities to Ca from Caa3. The outlook is stable. The ratings downgrade reflects the company's deteriorating credit metrics as revenue continues to face headwinds due to the structural, industry-wide decline in the nurse staffing industry following the elevated demand levels of the COVID-19 pandemic resulting in reduced contract labor spend by healthcare providers. While Ingenovis benefitted from strong revenue growth in its strike business in early 2025, the contribution of this business has not been enough to offset the margin compression and decline in revenue. Moody's estimates that the company's debt-to-EBITDA as of LTM September 30, 2025 was around 14.3x which includes some benefit from nurse strikes in the first quarter of 2025. Moody's anticipates that leverage will remain elevated as operating expenses, namely high interest expense, will continue to pressure profitability and liquidity in the near term. The stable outlook reflects Moody's views that Ingenovis' operating performance and profitability will remain constrained and that the default probability is high, given weak liquidity. RATINGS RATIONALE Ingenovis' Ca CFR is constrained by very high financial leverage and deteriorating credit metrics. Moody's expects leverage to remain over 10x for the next 12-18 months. Moody's anticipates that leverage will remain elevated as operating expenses, namely high interest expense, will continue to pressure profitability and liquidity in the near term. The rating is also constrained by the cyclical nature of demand for travel nurses and labor pressure including a shortage in nurse staffing. The company benefits from good customer and geographic diversification and solid industry trends including nursing shortages and an aging population requiring more frequent medical attention. Moody's expects Ingenovis to maintain weak liquidity. As of September, 2025, the company had $51.5 million of cash. Moody's expects the company will continue to have negative free cash flow in 2025 and 2026. Ingenovis has completed a series of extensions on its revolving credit facility, which now expires June 15, 2026. Ingenovis' senior secured first lien facilities (revolver expiring in June 2026 and term loan maturing in March 2028) are rated Ca, in line with the CFR. The Ca rating considers the facilities constitute a preponderance of debt in the capital structure and their expected recovery. The stable outlook reflects Moody's views that Ingenovis' operating performance and profitability will remain constrained and that the default probability is very high, given weak liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company improves its operating performance and liquidity so that the likelihood of a default decreases. The ratings could be downgraded if a default occurs or recovery rates decline. Ingenovis Health is an Ohio based services company with a leading portfolio of healthcare staffing brands providing nursing, allied and physician workforce solutions comprised of traditional and fast response travel nursing & allied staffing; cardiology specialty nurse & allied staffing; acute and alternative setting staffing; locum tenens staffing; practice-based solutions; and labor disruption staffing & services across the US. Ingenovis is majority owned by Cornell Capital and Trilantic Capital Partners (the Investor Group). As of LTM September 30, 2025, Ingenovis generated around $960 million of revenue. The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Moody's assigned a Ca rating, two notches below the Caa2 scorecard indicated outcome as Moody's have given more weight to the higher likelihood of a default and ongoing weakening of credit metrics. KALAMAZOO CANDLE: Thomas Richardson Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Thomas Richardson as Subchapter V trustee for Kalamazoo Candle Company, LLC. Mr. Richardson will be paid an hourly fee of $330 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Richardson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Thomas C. Richardson P.O. Box 51067 Kalamazoo, MI 49005-1067 269-349-7415 Email: tcrtrustee@lewisreedallen.com About Kalamazoo Candle Company LLC Kalamazoo Candle Company, LLC is a Kalamazoo, Michigan-based candle company founded in 2013. It handcrafts made-to-order soy candles and sells candle products and related fragrance and accessory items, including classic candles, botanicals, large 2-wick candles, car fresheners, warmers, candle-care products, matchboxes, aroma oils, wax melts, votives, and travel tins. It also produces custom label candles, offers DIY candle-making experiences, and supports wholesale candle ordering. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 26-01606) on May 15, 2026, with $148,682 in assets and $2,115,854 in liabilities. David Adam McFarlin, member and manager, signed the petition. Judge Scott W. Dales presides over the case. Steven M. Bylenga, Esq., at CBH Attorneys & Counselors, PLLC represents the Debtor as legal counsel. KSHITIJ INC: Gets Final OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York issued a final order allowing Kshitij Inc. to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral according to an approved budget, which projects total monthly operational expenses of $54,235. The cash collateral is subject to the secured interest of the U.S. Small Business Administration. As adequate protection for the use of its collateral, the SBA will receive a monthly payment of $250 and a replacement lien on the Debtor's assets excluding certain bankruptcy-related legal claims, with the same priority and validity as its pre-petition lien. Both the Debtor and the SBA retain their rights to challenge claims and liens or seek additional protections at a later stage. The final order also establishes a "carveout," ensuring limited funds are reserved for professional fees (capped at $20,000) and potential Chapter 7 trustee expenses (capped at $10,000). The final order is available at https://shorturl.at/eiNPo Kshitij has operated since 2017, with William McLaughlin acquiring a 25% interest in 2018. During the COVID-19 pandemic, the business received a $500,000 SBA disaster loan, portions of which the Debtor alleges James Rocco used for personal purposes. Ongoing financial strain led the Debtor to rely on merchant cash advances, creating a debt cycle that ultimately became unsustainable. The SBA loan, with an outstanding balance of about $475,000, is secured by substantially all of the Debtor's assets, which the Debtor values at roughly $30,200. Other creditors, including ARE Financial LLC, JRG Funding, LLC, Micro Advance, and PayPal, are believed to hold unsecured claims. About Kshitij Inc. Kshitij Inc., doing business as Don Jono's Pizzeria, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 26-70902) on March 5, 2026. In the petition signed by William McLaughlin, president, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Louis A. Scarcella oversees the case. Gary C. Fischoff, Esq., at BFSNG Law Gtoup, LLP, represents the Debtor as bankruptcy counsel. LIGHT OF THE WORLD: Hires Equal Justice Law Group as Counsel ------------------------------------------------------------ Light of the World Apostolic Church, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Equal Justice Law Group as counsel. The firm's services include: a. providing legal advice and counsel to the Debtor regarding its powers and duties as Debtor in Possession in the continued operation of its business, management of its financial affairs, and handling of its property, including advice regarding the administration of the estate and the rights and remedies relating to the estate's assets and the claims of secured and unsecured creditors, and other parties in interest; b. preparing, on behalf of but with the assistance of the Debtor, all necessary applications, answers, orders, reports, and other legal papers, including the contemplated plan of reorganization and disclosure statement; and c. performing all other legal services necessary for the proper representation of the Debtor as Debtor in Possession in this proceeding. The firm will be retained at an hourly rate of $450, with an initial retainer already paid to Equal Justice Law Group in the amount of $10,000. Equal Justice Law Group is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: David Foyil, Esq. Equal Justice Law Group 601 Court Street, Suite 106 Jackson, CA 95642 Telephone: (209) 223-5363 Facsimile: (209) 702-0001 Email: mail@equaljusticelawgroup.com About Light of the World Apostolic Church of San Jose I Light of the World Apostolic Church of San Jose, I is a California-based religious organization operating as a church entity serving its local community. Light of the World Apostolic Church of San Jose, I sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 26-50533) on April 3, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Hannah L. Blumenstiel handles the case. The Debtor is represented by David Foyil, Esq., at Equal Justice Law Group. MACROFIT INC: Seeks to Hire Ure Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Macrofit, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Ure Law Firm to serve as general bankruptcy counsel. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of the case and operation of the Debtor's estate as a debtor-in-possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States Trustee; (d) provide legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of accounts receivable and other claims and resolve claims against the estate; (h) provide advice concerning the claims of secured and unsecured creditors, including prosecution and/or defense of actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The attorney and his law firm staff will be paid at these rates: Thomas B. Ure $495 per hour Associates $395 per hour Paralegals $295 per hour Law clerks $195 per hour The firm received a retainer in the amount of $15,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Thomas B. Ure, 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 through: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: (213) 202-6070 Fax: (213) 202-6075 About Macrofit Inc. Macrofit, Inc. is a health and fitness company that provides nutrition planning, wellness programs, and lifestyle solutions designed to support personal fitness goals. Macrofit, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. C.D. Cal. 26-13505) on April 11, 2026. In its petition, the Debtor reports estimated assets of $100,000-$1,000,000 and estimated liabilities of $1,000,000-$10,000,000. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. MAFIA INC: Gets Extension to Access Cash Collateral --------------------------------------------------- The Mafia, Inc. received second interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. Under the second interim order, the Debtor is authorized to use cash collateral in line with its budget and make expenditures of up to 10% more than the budgeted amount. The Debtor projects total operational expenses of $31,098.16 for the period from May 22 to July 7. The Debtor had $55,859 in cash on hand, which was moved into debtor-in-possession accounts immediately after filing, along with additional unencumbered personal property including receivables, inventory, equipment, furnishings, and raw materials valued at roughly $37,100. The Debtor needs continued access to these funds to maintain operations and expects cash levels to be replenished through ongoing restaurant revenue. Operationally, the Debtor has established two DIP bank accounts: one for operating funds and another for receivables, with all pre-petition funds segregated into the operating account. It plans to pay expenses from these accounts only as authorized by the court and necessary to continue operations. The Debtor listed the U.S. Small Business Administration as the primary potentially secured creditor with an interest in its cash collateral based on a 2022 security agreement and UCC filing. The SBA has not yet consented to the use of cash collateral. As protection for the Debtor's use of their cash collateral, the SBA and other potential secured creditors will receive a replacement lien on the Debtor's cash and inventory. In addition, the SBA will receive $679.08 in monthly payments beginning this month, consistent with expected plan payments. The Debtor's authority to access cash collateral will terminate upon cessation of operations or any default under the interim order. The order is available at https://shorturl.at/hwnS4 from PacerMonitor.com. The next hearing will be held on July 7. About The Mafia Inc. The Mafia, Inc., doing business as Huckle Burger and HWY 55 Burgers, Shakes and Fries, operates a casual dining restaurant in Washington, North Carolina. Mafia filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-01779) on April 21, 2026, listing $117,959 in assets and $2,190,277 in liabilities. The petition was signed by Nicholas Fritz as president. Judge Joseph N. Callaway oversees the case. Danny Bradford, Esq., at Paul D. Bradford, PLLC, represents the Debtor as legal counsel. MCKESSON MEDICAL-SURGICAL: S&P Assigns 'BB' ICR, Outlook Stable --------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issuer credit rating to McKesson Medical-Surgical Top Holdings Inc. (Medical Surgical) and its 'BB' rating and '3' recovery rating to its senior secured debt. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default. S&P said, "Our stable outlook reflects Medical Surgical's entrenched position in medical surgical supply distribution, supporting our base-case expectation for low-single-digit percent revenue growth and adjusted EBITDA margins of 9%-9.5%. We also expect adjusted debt to EBITDA sustained below 4x and adjusted free operating cash flow (FOCF) to debt greater than 10%." McKesson Corporation announced that it plans to separate its U.S.-based medical surgical supply distribution and logistics business into an independent company, Medical Surgical. Apollo Global Management Inc. acquired approximately 13% minority ownership in Medical Surgical with a $1.25 billion convertible preferred equity investment (the transaction is expected to close in June 2026). McKesson owns the remainder, intending an IPO in a few years. Medical Surgical's capital structure will comprise a senior secured credit facility: a $1 billion revolver and $1 billion senior secured term loan A ($750 million tranche due in 2031, $250 million tranche due in 2028); proposed $2.25 billion senior secured term loan B; and $250 million revolver from McKesson due in 2028, subordinated to third-party debt. S&P said, "Our rating on Medical Surgical reflects its leading market position in nonacute care. This is partially offset by longer-term competitive risks. The company focuses on distribution of medical surgical supplies, pharmaceuticals, and laboratory equipment and supplies to U.S. physician offices, ambulatory surgery centers, post-acute care facilities, hospital reference labs, and home care agencies. We believe it has an established market leadership in this subsegment. While the medical products distribution market to hospitals and larger care sites is dominated by Medline, we believe complex logistics involved in transporting supplies to thousands of smaller locations across the U.S. create significant barriers to entry. The ability to supply physician administered pharmaceuticals that carry higher regulatory requirements provides additional competitive edge. "We also believe that the nonacute care segment provides more pricing power with its fragmented customer base than larger health systems customers. We believe this results in higher-than-average EBITDA margins compared to smaller distributors. However, the risk of Medline or other distributors further penetrating the nonacute segment is a key risk longer term. We also believe that continued customer consolidation (i.e., hospital systems acquiring nonacute care sites and consolidating purchasing under hospital's umbrella) could present an increasing competitive risk. In addition, Medical Surgical is smaller than Medline and other key peers, and lacks vertically integrated manufacturing capabilities that could make it harder to compete on price longer term. "We expect steady but slow revenue growth and stable EBITDA margin. We view macroeconomic dynamics as moderately positive, including aging patient demographics and the continued shift from acute to nonacute care. That said, we believe customer consolidation and healthcare cost containment pressures will dominate the company's expansion prospects in the coming years. We believe these trends could intensify pricing pressures. We forecast Medical Surgical revenue increase in the flat to low-single-digit percent range. We also believe that while the company was able to pass on most of its product cost increases in the past, its ability to offset cost inflation could decrease over time as its customer base consolidates. We expect Medical Surgical to focus on expanding its more profitable private label products and generic drugs, helping it to preserve its margin profile. "Our base case assumes S&P Global Ratings-adjusted EBITDA margin will modestly contract in fiscal 2027, reflecting our assumption of higher restructuring costs, improving to about 9.5% over the next couple of years. Our base case assumes the terms of the purchasing transactions with McKesson post-separation will remain similar to prior years (in fiscal 2026, Medical Surgical total purchases from McKesson and its affiliates were $667 million, about 8% of total cost of goods sold) and the stand-alone costs post separation, including charges under the transition service agreement with McKesson, will be similar to corporate allocations of approximately $350 million. In our EBITDA calculation, we expect to add back separation-related fees of $50 million-$100 million in fiscal 2027. "We forecast S&P Global Ratings-adjusted leverage remains below 4x longer term. Medical Surgical's proposed capital structure includes $3.25 billion in third-party debt and $1.25 billion in convertible preferred equity owned by Apollo. The company plans to distribute approximately $4.5 billion to McKesson, resulting in initial 3.3x-3.5x net leverage at transaction close. "We believe McKesson plans to gradually sell its stake in Medical Surgical following the IPO not earlier than the second half of calendar 2027 (the company's fiscal 2028 or later). The plan assumes partial debt paydown and modest leverage reduction prior to the IPO. Thus, our base case assumes the company will direct cash flow in the next two years to reduce debt with no material mergers and acquisitions, share repurchases, or dividends over fiscal years 2027-2029 (ending March 31). "We also expect the company to maintain S&P Global Ratings-adjusted debt to EBITDA below 4x post IPO, in line with similar publicly traded peers. We estimate reported FOCF of $250 million-$300 million in fiscal 2027, improving to $300 million-$350 million as EBITDA increases. Our base case assumes S&P Global Ratings-adjusted FOCF to debt of approximately 10% in fiscal 2027, improving to over 10% longer term. "We view Medical Surgical as nonstrategic and do not link the rating to the rating on McKesson. Because McKesson plans to gradually reduce its ownership and relinquish control, we view Medical Surgical as a nonstrategic subsidiary, and our rating reflects its stand-alone profile. We do not expect to change the rating on Medical Surgical following rating actions on McKesson. "Our stable outlook reflects Medical Surgical's entrenched position in the medical surgical supply distribution subsector, supporting our base-case expectation for low-single-digit percent revenue growth and stable adjusted EBITDA margins of 9%-9.5% over the forecast period. It also reflects our expectation for adjusted debt to EBITDA sustained below 4x and FOCF to debt greater than 10%." S&P could consider lowering its rating on Medical Surgical if it sustains: -- Adjusted debt to EBITDA above 4x; or -- FOCF to debt below 10%. This could occur if operating performance declines due to increasing competitive pressures or execution missteps as the company operates as a stand-alone entity. S&P could consider raising our rating on Medical Surgical if it: -- Sustains adjusted debt to EBITDA below 3x; -- Sustains FOCF to debt above 15%; and -- Demonstrates a firm commitment to maintaining these credit measures beyond the contemplated IPO. MIL-TEK USA: Stephen Metz Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Stephen Metz of Offit Kurman, P.A. as Subchapter V trustee for Mil-tek USA Recycling and Waste Solutions, Inc. Mr. Metz will be paid an hourly fee of $660 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Metz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Metz Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, Maryland 20814 Phone: (240) 507-1723 Email: smetz@offitkurman.com About Mil-tek USA Recycling and Waste Solutions Mil-tek USA Recycling and Waste Solutions, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 26-11171) on May 14, 2026, with $1 million to $10 million in both assets and liabilities. Craig M. Palik, Esq., at Mcnamee Hosea represents the Debtor as legal counsel. MIYOSHI AMERICA: Taps Alvarez & Marsal as Restructuring Advisor --------------------------------------------------------------- Miyoshi America, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Alvarez & Marsal North America, LLC as restructuring advisors. a. assisting with the development and management of a 13-week cash flow forecast and cash management procedures; b. assisting with the evaluation of the Debtor's current business plan and with the preparation of a revised operating plan and cash flow forecast and assistance in presentation to the board and creditors; c. identifying and implementing opportunities to improve overall cash flow positions; d. assisting with financing issues including the preparation of budgets; e. assisting with internal and third-party information requests; f. assisting with the identification of certain executory contracts and leases and performance of cost/benefit evaluations with respect to the assumption or rejection of each; g. assisting with the contingency planning in connection with the ongoing Chapter 11 proceedings; and h. providing other services requested by the Debtor. The firm's customary hourly billing rates are: Managing Directors $1,200 to 1,600 Directors $900 to 1,175 Associates $650 to 875 Analysts $450 to 625 Alvarez & Marsal received a retainer in the total amount of $300,000 from the Debtors. Nicholas Grossi, managing director with Alvarez & Marsal North America, LLC, disclosed in the court filings that his firm is "disinterested" as such term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Nicholas R. Grossi Alvarez & Marsal North America, LLC 540 West Madison Street, Suite 1800 Chicago, IL 60661 Tel: +1 312 601 4220 Fax: +1 312 332 4599 About Miyoshi America Inc. Miyoshi America Inc. is a U.S.-based supplier of advanced materials used in cosmetics and personal care products. The company specializes in engineered powders and treated pigments designed to improve product feel, durability, and visual performance. Miyoshi America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90522) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor tapped Charles Stephen Kelley, Esq., at Mayer Brown LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. MIYOSHI AMERICA: Taps Smith Goffman Partners as Investment Banker ----------------------------------------------------------------- Miyoshi America, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Smith Goffman Partners as investment banker. The firm will render these services: a. assist in the evaluation of the Debtor's businesses and strategic alternatives; b. evaluate the enterprise value of the Debtor on a go-forward basis; c. assist in the development of the Debtor's business plan and related financial projections; d. assist in the development of financial data and presentations to the Board, various creditors and other third parties; e. analyze the Debtor's financial liquidity and developing a strategy to enhance the Debtor's liquidity position; f. analyze various restructuring scenarios, including with regards to the impact on the various impacted stakeholders; g. evaluate the Debtor's debt capacity and alternative capital structures; h. assist with the development and implementation of the Debtor's restructuring strategy, including, without limitation, with respect to the DIP Financing, the Plan, and the Exit Financing approved in connection therewith; i. participate in negotiations among the Debtor and its creditors, suppliers, lessors and other interested parties; j. value securities offered by the Debtor in connection with a restructuring; k. assist in the arrangement of new financing for the Debtor; l. provide expert witness testimony concerning any of the subjects encompassed by the other advisory or investment banking services; m. assist the Debtor in preparing marketing materials in conjunction with a possible Transaction; n. assist the Debtor in identifying potential buyers or parties in interest to a Transaction and assisting in the due diligence process; o. assist and advise the Debtor concerning the terms, conditions and impact of any proposed Transaction; and p. provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a transaction similar to the Transaction, as requested and mutually agreed. The firm will be compensated under the following fee structure: a. Monthly Fee. The Debtor shall pay SGP a monthly advisory fee in the amount of $75,000 per month. One hundred percent (100%) of the Monthly Fees shall be credited, only once and without duplication, against the Transaction Fee payable under the Engagement Letter. For the avoidance of doubt, should the total amount of Monthly Fees paid exceed the amount of the Transaction Fee, the monthly payments shall continue; b. Capital Raising Fee. The Debtor shall pay a capital raising fee for any financing arranged by SGP, earned and payable upon receipt of a binding commitment letter; provided that, if any such funding is provided by the parent of the Debtor, Miyoshi Kasei, Inc., SGP shall not be entitled to the Capital Raising Fee; provided further that, if access to the financing is limited by orders of a bankruptcy court, a proportionate fee shall be payable with respect to each available commitment (irrespective of availability blocks, borrowing base, or other similar restrictions). The Capital Raising Fee will be calculated based upon 2% of any debt financing or 5% of any equity financing. c. Transaction Fee. The Debtor shall pay a fee in respect of the Transaction equal to $1,000,000, earned and payable upon consummation and closing of such Transaction; d. Expense Reimbursements. In addition to the fees described above, the Debtor agrees to the reimbursement of all reasonable and documented out-of-pocket expenses incurred in connection with SGP's services. Steven Smith, co-founder of Smith Goffman Partners, assured the court that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Steven D. Smith Smith Goffman Partners 31 Hudson Yards, 11th Floor New York, NY 10001 Phone: (646) 516-8406 About Miyoshi America Inc. Miyoshi America Inc. is a U.S.-based supplier of advanced materials used in cosmetics and personal care products. The company specializes in engineered powders and treated pigments designed to improve product feel, durability, and visual performance. Miyoshi America Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-90522) on April 27, 2026. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor tapped Charles Stephen Kelley, Esq., at Mayer Brown LLP as counsel and Stretto, Inc. as claims, noticing, and solicitation agent. MOUNTAIN POWER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Mountain Power Systems, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, to use cash collateral. The court authorized the Debtor to use cash collateral through June 1, unless modified earlier by court order or replaced by a final order. Cash collateral use is limited to expenditures outlined in the approved budget, with a maximum variance of 110% for any line item. The Debtor submitted a projected cash collateral budget covering the period from May 12 through June 1, showing anticipated sales revenue of approximately $672,200 and projected expenses totaling approximately $585,535, leaving a projected ending cash balance of roughly $119,456 from a beginning balance of $32,791. The Debtor identifies its cash collateral as consisting primarily of bank account funds and accounts receivable. It acknowledges that several creditors may claim security interests in substantially all of its personal property, including cash, receivables, inventory, equipment, and general intangibles, based upon multiple UCC-1 financing statements filed between 2020 and 2026. The secured creditors include the U.S. Small Business Administration, Cadence Bank, Parkview Advance LLC, and several filings by corporate service representatives such as C T Corporation System and Corporation Service Company. As adequate protection, creditors will receive replacement liens on post-petition assets of the same character and priority as their asserted pre-petition collateral interests. These liens became automatically perfected as of the petition date without additional filings and remain subject to future challenges regarding validity or priority. If adequate protection proves insufficient, creditors may seek superpriority administrative claims under Bankruptcy Code Section 507(b). Creditors may seek additional adequate protection or termination of cash collateral use upon notice of material default or noncompliance. All parties reserve rights to contest liens, claims, and collateral interests. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 26-02151) on May 12, 2026. In the petition signed by Iliya Sokolovsky, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge David M. Warren oversees the case. Zachary Malnik, Esq., at WALDREP WALL BABCOCK & BAILEY PLLC, represents the Debtor as legal counsel. MSCI INVESTMENTS: Gets Final OK to Use Cash Collateral ------------------------------------------------------ MSCI Investments, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. Under the order, the Debtor is authorized to use cash collateral pursuant to its monthly operating budget with a permitted variance of 15% per line item and 15% overall. The Debtor may collect and receive cash funds but must provide monthly accounting reports to the secured lenders. Funds generated from collateral proceeds may only be used for budget-approved expenses, and all post-petition cash and accounts receivable collections must be deposited into segregated debtor-in-possession accounts. The Debtor is also required to maintain insurance and keep taxes current during the bankruptcy case. Secured lenders including the U.S. Small Business Administration, Advantage Leasing Corporation, Westbury Bank, Johnson Bank, North Shore Bank, and Associated Bank claim liens on the Debtor's cash and accounts receivable, which constitute cash collateral. As protection, secured lenders will be granted replacement liens on assets acquired by the Debtor after the bankruptcy filing, including accounts receivables and their proceeds. These replacement liens automatically attach to post-petition assets and receivables and are deemed perfected without the filing of UCC financing statements. The order expressly preserves disputes regarding lien validity and excludes Chapter 5 causes of action from collateral protections. The order also established specific protections for Advantage Leasing Corporation. Beginning this month, the Debtor must make monthly adequate protection payments of $18,000 until plan confirmation, conversion, or dismissal of the case, subject to a 14-day objection period. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/fux3r from PacerMonitor.com. About MSCI Investments Inc. MSCI Investments, Inc. is a Texas-based financial services firm specializing in investment management and advisory services. MSCI Investments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 26-41318) on April 15, 2026, with up to $10 million in both assets and liabilities. Mitchell Cook, president of MSCI Investments, signed the petition. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as bankruptcy counsel. MUDARRI MOTORSPORTS: Gets Final OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Washington, Seattle Division, entered a final order granting Mudarri Motorsports Co. authority to use cash collateral. The court authorized the Debtor to fund its ordinary, necessary, and reasonable operating expenses and to use cash collateral in accordance with the revised budgetr. The authority was granted on a final basis to support ongoing operations and preserve the Debtor's reorganization efforts. As adequate protection for the use of cash collateral, the court granted Northpoint Commercial Finance LLC replacement liens on the Debtor's post-petition cash, cash equivalents, accounts receivable, and related proceeds. These liens carry the same priority and scope as Northpoint's perfected prepetition liens, but only to the extent the Debtor actually uses Northpoint's cash collateral. In addition, the Debtor must make monthly adequate protection payments of $1,000 to Northpoint under the approved budget. The order remains effective until confirmation of a plan of reorganization or expiration of the approved budget period, including any extension. The court also prohibited the Debtor from using cash collateral to pay pre-petition debt absent further court approval. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/8AB8v from PacerMonitor.com. About Mudarri Motorsports Co Mudarri Motorsports Co sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Was. Case No. 26-11413) with $0 to $50,000 in assets and $1 million to $10 million in laibilities. The petition was signed by Maximillian Mudarri as president. Judge Hon. Christopher M Alston oversees the case. The Debtor is represented by: Steven M Palmer Cairncross & Hempelmann, Ps Tel: 206-254-4453 Email: spalmer@cairncross.com MY CAR WASH: Seeks to Sell Belleview Property at Auction -------------------------------------------------------- My Car Wash, LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property at auction, free ad clear of liens, claims, interests, and encumbrances. The Debtor's Property is comprised of commercial real property located at 9820 SE US Highway 441, Belleview, FL 34420-6222 and all assets/fixtures. The Debtor seeks to establish a bidding procedures for the sale of Debtor's commercial real property and to provide certain "stalking horse" bid protections to any stalking horse bidder. The key terms of the proposed Auction are offered. The Bid Deadline will be on July 17, 2026, at 12:00 p.m. (ET) and the auction date will be on August 12, 2026 at 11:00 a.m. (ET) (if necessary). The proposed minimum bid is the amount of accepted "stalking horse" purchase price plus $150,000.00. The Auction shall be conducted as "open cry" auction transcribed by court reporter or recorded. The bidder deposit is $100,000.00. A 2.0% break-up fee of final bid price shall be paid to the accepted stalking horse bidder only if the accepted stalking horse bidder is not the prevailing bidder at the auction and a sale of the Property is ultimately closed with an alternative purchaser. The lienholder of the Property is First Bank. The Debtor is a Florida corporation that owns a car wash business located at 9820 SE US Highway 441, Belleview, FL 34420-6222 and assets related. There are no leases at the Property and therefore there are no ongoing leases are being assumed by any buyer. The Debtor proposes to solicit higher or better offers at the auction sale of the property to be conducted August 12, 2026, at 11:00 a.m., after the Court enters an order approving this motion as to the proposed bidding procedures. The closing on the sale of the property to the successful bidder shall take place no later than 15 calendar days after the order approving the sale to the successful bidder becomes a final, non-appealable order, unless extended by the parties' agreement. To ensure that maximum value is derived from the sale of the property, Debtor intends to provide notice of the auction sale to all creditors and any parties that have made offers or expressed interest in the property within the last 12 months. Debtor believes that the allowance of the break-up fee and expense reimbursement, and the payment in the event of an alternative transaction, is fair and reasonable and in the best interests of Debtor's estate and its creditors, as any stalking horse bid will establish a floor for further bidding that may increase the consideration paid for the property. About My Car Wash LLC My Car Wash, LLC, a company based in Belleview, Florida, operates a commercial car wash offering full-service and automated cleaning to individual and fleet customers at its single location on South Highway 441. My Car Wash sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00161) on January 15, 2026, with between $1 million and $10 million in both assets and liabilities. Judge Jacob A. Brown oversees the case. . Mark S. Roher, P.A. also known as The Law Office of Mark S. Roher, P.A., is the Debtor's bankruptcy counsel. NEWCAP INC: Hires Bay Lakes Commercial as Real Estate Broker ------------------------------------------------------------ Newcap, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to employ Bay Lakes Commercial Realtors, LLC as real estate broker. The Debtor holds title to approximately twenty-eight parcels of real estate located in northeast and east central Wisconsin. Bay Lakes will market and sell the Debtor's properties. The firm will receive compensation as these rates: (a) 5% of the gross purchase price of the property if no co-brokerage exists; or (b) 6% of the gross purchase price of the property if a co-brokerage exists, with an agreed split allocated to the buyer's agent. As disclosed in the court filing, Bay Lakes Commercial Realtors, LLC is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Peter Roland Bay Lakes Commercial Realtors, LLC 400 Security Boulevard, Suite 3 Green Bay, WI 54313 About Newcap, Inc. Newcap, Inc., a nonprofit community action agency based in Green Bay, Wisconsin, operates a regional network of social service programs, including healthcare clinics, affordable housing, and community assistance initiatives across northeastern Wisconsin. Founded in 1965, the organization manages and develops subsidized housing assets, including duplex units, shelters, and interests in multi-unit affordable housing projects, many of which are subject to land use restriction agreements tied to government funding programs. It also provides clinical services through health centers, along with weatherization and home energy-efficiency services. Newcap primarily serves low-income individuals and families across counties including Brown, Oconto, Marinette, and Shawano. Newcap, Inc. in Green Bay, WI, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. E.D. Wis. Case No. 26-22088) on April 15, 2026, listing $5,922,532 in assets and $4,036,209 in liabilities. Deborah A. Barlament as acting executive director, signed the petition. Judge Katherine M Perhach oversees the case. SWANSON SWEET LLP serve as the Debtor's legal counsel. NMR ENTERPRISES: Court OKs Continued Cash Collateral Access ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey issued a fourth interim order allowing NMR Enterprises NJ, LLC and Online Stores PA, LLC to continue using cash collateral and obtain post-petition financing to get through bankruptcy. Under the court order, the Debtors are authorized to use cash collateral strictly according to a court-approved budget from May 12 through June 9. The court also granted adequate protection to the primary secured lender, First National Bank of Pennsylvania, which had previously extended up to $7 million in revolving credit to Online Stores PA under a 2020 credit agreement. To protect the lender's interest, the Debtors must provide replacement liens on post-petition collateral and make an interest-only payment at the default rate under the pre-petition loan documents. The lender may also receive a superpriority administrative expense claim if its collateral value declines during the bankruptcy. In addition, the Debtors are authorized to obtain debtor-in-possession (DIP) financing of up to $200,000 during the interim period. The DIP lender will receive a second-priority security interest in the Debtors' collateral and a superpriority administrative claim for obligations under the DIP loan. The financing is intended to support ongoing operations and restructuring efforts while the Debtors remain under bankruptcy protection. The court also established procedures for challenging the lender's liens and required the Debtors to provide regular financial reporting, including daily borrowing-base certificates and accounts receivable reports, as well as weekly inventory, accounts payable, and sales platform reports from Shopify and Amazon. A final hearing is scheduled for June 9. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/08QLN from PacerMonitor.com. About NMR Enterprises NJ LLC NMR Enterprises NJ, LLC and Online Stores PA, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 26-11349) on February 5, 2026. At the time of the filing, NMR reported assets of between $100,001 and $500,000 and liabilities of between $1 million and $10 million while Online Stores reported assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtors tapped Ilana Volkov, Esq., at McGrail & Bensinger, LLP, as legal counsel and CFGI, LLC as financial advisor. ONYX PORTFOLIO: Houston Property Sale to Michelle Cabanillas OK'd ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has granted Onyx Portfolio, LLC, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a real estate holding company which owns and operates 42 single family homes in various suburban communities in Houston, Texas. The Debtor's Property is located at 10318 Crescent Moon Drive, Houston, Texas, 77064. The Court has authorized the Debtor to sell the Property to Michelle Cabanillas for the purchase price of $230,000.00. The title company authorized to close the sale is Capital Title located at 24345 Gosling Road, Suite 150, Spring, Texas, 77389. Lynnel Ramcharitar, principal of the Debtor, is authorized to execute any documents necessary for the closing of the sale of the Property. Closing will be on or before May 21, 2026, unless extended by agreement with the Debtor and the Buyer. The Debtor is, subject to HFC Holdings 1, LLC's review and approval of a settlement statement, authorized to pay from the sale proceeds, and Capital Title is authorized to disburse at closing. The net proceeds of sale shall be delivered to HFC Holdings 1, LLC upon closing of the sale. The Buyer shall remain responsible for the ad valorem taxes for the closing year, and the ad valorem tax liens for the closing year shall be retained against the Property until such taxes are paid in full. The Debtor is authorized to execute all documents necessary to effectuate the sale, including but not limited to a special warranty deed conveying all right, title and interest in and to the Property to the Buyer. About Onyx Portfolio LLC Onyx Portfolio LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 26-30080) on January 5, 2026. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Jeffrey P. Norman oversees the case. Susan Tran Adams is Debtor's legal counsel. ORIGINCLEAR INC: Delays Q1 10-Q Filing Due to Ongoing Audit Process ------------------------------------------------------------------- OriginClear, Inc. has filed a Form 12b-25 with the U.S. Securities and Exchange Commission, notifying the Commission of a delay in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The Company stated that the 10-Q could not be filed by the prescribed due date without unreasonable effort or expense, as its auditors are in the process of reviewing the financial information of the Company. Due to unforeseeable circumstances financial information to be contained in registrants Form 10-Q for the quarter ended March 31, 2026, cannot be completed on a timely basis, without incurring undue hardship and expense due to unforeseeable circumstance. The Company undertakes the responsibility to file such annual report no later than five (5) days after its original date. About OriginClear OriginClear Inc. operates through businesses focused on water-treatment technology, engineered water systems and water self-sustainability services. Its Progressive Water Treatment unit designs, builds and services industrial water-treatment systems for municipal, industrial and pure-water applications, including reverse osmosis, ultrafiltration, media filtration, disinfection, water softening, ion exchange and control systems. Its Water On Demand subsidiary is a development-stage business focused on pay-by-gallon and flat-fee water-treatment service models in which systems may be designed, built, owned and operated for customers. OriginClear is based in Clearwater, Florida. In an audit report dated April 10, 2026, M&K CPAS PLLC included a going concern qualification, citing OriginClear's net loss from operations and cash used in operations. Those conditions raised substantial doubt about the company's ability to continue as a going concern. As of Dec. 31, 2025, the company reported total assets of $5.75 million, total liabilities of $26.71 million and total shareholders' deficit of $28.38 million. P3 HEALTH: $252MM Debt Exchange Restores Nasdaq Equity Compliance ----------------------------------------------------------------- P3 Health Partners Inc. announced in a regulatory filing that it has regained compliance with Nasdaq's Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2.5 million in stockholders' equity, following the completion of a debt exchange and preferred stock issuance. On April 27, 2026, the Company and P3 Health Group, LLC, a wholly owned subsidiary of the Company, entered into a Debt Exchange Agreement with various affiliates of Chicago Pacific Founders, the largest stockholder and debtholder, directly or through affiliates, of the Company. Pursuant to the Exchange Agreement, approximately $252,479,967 of outstanding promissory notes, including principal, accrued interest, and back-end fees, was exchanged for preferred stock that is not convertible, does not have voting or preemptive rights, is not registered or listed, and has a stated value of $100 per share. The Company also entered into a Securities Purchase Agreement with affiliates of CPF pursuant to which the Company agreed to issue in multiple tranches up to $70.0 million of units consisting of: (i) shares of the Company's Series D 19.5% Cumulative Preferred Stock, and (ii) warrants to purchase Class A Common Stock. The Company sold $30.0 million of Units as of the filing of this Current Report. As a result of completing the Debt Exchange and the initial issuances of Units, the Company believes that it has regained compliance with the Listing Rule. The unaudited pro forma condensed consolidated balance sheet available at https://tinyurl.com/y4v8rafb, has been prepared to illustrate the impact of the Debt Exchange and initial issuances of Units on the Company's stockholders' equity and evidence the Company's current compliance with the Listing Rule. The Pro Forma Balance Sheet is based on the Company's unaudited balance sheet as of March 31, 2026, as contained in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 14, 2026, adjusted to reflect the Debt Exchange and initial issuances of Units after the balance sheet date of March 31, 2026 through the date of filing of this Current Report, as if such events occurred on March 31, 2026. The Pro Forma Balance Sheet is being provided for informational purposes only, and should be read in conjunction with the more detailed unaudited condensed consolidated financial statements and related notes thereto included in the Company's Form 10-Q for the quarter ended March 31, 2026 and the Company's subsequent filings with the SEC. Background On November 28, 2025, the Company received a letter from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq"), which notified the Company that it did not comply with the Listing Rule, which requires that the Company maintain a minimum of $2.5 million in stockholders' equity, and that the Company also did not meet the alternatives of market value of listed securities or net income from continuing operations set forth in the Listing Rule. Nasdaq provided the Company until January 5, 2026 to submit to Nasdaq a plan to regain compliance. The Company submitted the plan to regain compliance in a timely manner, and on January 20, 2026, Nasdaq advised the Company that it had determined to grant the Company an extension through May 20, 2026 to regain compliance with the Listing Rule. Ongoing Compliance The Company believes it satisfies the stockholders' equity requirement as of May 15, 2026. Nasdaq will continue to monitor the Company's ongoing compliance with the stockholders' equity requirement and, if at the time of its next periodic report the Company does not evidence compliance, the Company may be subject to delisting. About P3 Health Partners Henderson, Nev.-based P3 Health Partners Inc is a patient-centered and physician-led population health management company and, for accounting purposes, the successor to P3 Health Group Holdings, LLC and its subsidiaries after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. As the sole manager of P3 LLC, P3 operates and controls all of the business and affairs of P3 LLC and P3's only assets are equity interests in P3 LLC. Las Vegas, Nev.-based BDO USA, P.C., the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 26, 2026, citing that the Company has suffered recurring losses from operations and has working capital deficiencies that raise substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $674.2 million in total assets, $807.3 million in total liabilities, $10.4 million in mezzanine equity, and $143.5 million in total stockholders' equity. PARAMOUNT ROOFING: Hires Burgmaier & Associates as Accountant ------------------------------------------------------------- Paramount Roofing, LLC filed a supplemental application seeking approval from the U.S. Bankruptcy Court for the District of New Mexico to employ Burgmaier & Associates, Inc. as accountant. The firm's services include: (a) maintaining monthly accounting records and recording financial transactions; (b) performing bank reconciliations and preparing financial statements; (c) assisting with payroll systems, compliance, and reporting; (d) preparing governmental filings, including CRS reports, 1099s, and related reports; (e) providing tax planning and projections; and (f) assisting with budgeting, forecasting, and financial monitoring. The firm will be paid a monthly flat fee of $2,000, including Gross Receipts Tax, for the above-referenced services. Burgmaier & Associates, Inc. is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Eric Burgmaier Burgmaier & Associates, Inc. 4425 Juan Tabo Blvd NE Suite 250 Albuquerque, NM 87111 Tel: (505) 299-8383 Fax: (505) 299-8877 About Paramount Roofing Paramount Roofing, LLC operates a roofing company providing new roof construction, roof repairs and storm damage restoration services for residential and commercial properties. Paramount Roofing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. N.M. Case No. 26-10274) on March 2, 2026, listing assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Daniel Behles, Esq., at 709 Consulting, LLC serves as Subchapter V trustee. Judge Robert H. Jacobvitz oversees the case. The Debtor tapped Gerald R. Velarde, Esq., at Velarde & Yar as legal counsel and Burgmaier & Associates, Inc. as accountant. PBF HOLDING: S&P Rates New $500MM Senior Unsecured Notes 'BB' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to PBF Holding Co. LLC and PBF Finance Corp.'s proposed $500 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. The company intends to use the net proceeds from this offering, along with cash on hand, to fund the redemption of its existing 2028 notes ($1 billion aggregate principal amount outstanding). PBF Holding is a U.S.-based refining company with assets in the East Coast, Midcontinent, Gulf Coast, and West Coast regions. The company owns six refineries with a combined capacity of approximately 1 million barrels per day and a weighted-average Nelson Complexity Index of 12.8. PBF Holding is a subsidiary of PBF Energy Inc. PIGZZA LLC: Gets Interim OK to Use Cash Collateral Until July 7 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, granted Pigzza, LLC interim approval to use cash collateral. Under the second interim order, the Debtor is permitted to use cash collateral to cover necessary operating expenses outlined in an approved budget, with flexibility of up to 10% per line item. Additional expenditures may be made if expressly approved by One Florida Bank. This authorization remains effective through July 7, unless extended by the court. As a condition of this use, secured creditors will be granted replacement liens on post-petition cash collateral to protect against any decrease in the value of their interests. The Debtor is also required to maintain proper insurance coverage and fulfill all obligations as a debtor-in-possession. The Debtor's primary lender, One Florida Bank, may hold a first-priority security interest in substantially all of its assets, including its cash and accounts, based on pre-petition financing of approximately $1.07 million. However, the validity and extent of these liens and any claims by other potential creditors with inferior interests, such as merchant cash advance entities remain subject to dispute. The total value of the collateral is relatively modest (approximately $40,000 to $50,000, including about $15,000 in cash), making continued access to operating funds critical. The order preserves the rights of all parties, allowing future requests for modified protections or objections to lien validity. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/S6tIK from PacerMonitor.com. A continued hearing on the motion is scheduled for July 7. About Pigzza LLC Pigzza LLC operates a restaurant in Orlando, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 6:26-bk-017731) on March 13, 2026. In the petition signed by Thomas H. Ward, sole managing member, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Justin M. Luna, Esq., at Latham Luna Eden & Beaudine LLP, represents the Debtor as legal counsel. PREMIER MEAT: Hires Neeleman Law Group as Bankruptcy Counsel ------------------------------------------------------------ Premier Meat Pies, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to hire Neeleman Law Group, P.C. as legal counsel. The firm's services include: a. assisting the Debtor in the investigation of the financial affairs of the estate; b. providing legal advice and assistance to the Debtor with respect to matters relating to this case and creditor distribution; c. preparing all pleadings necessary for proceedings arising under this case; and d. performing all necessary legal services for the estate in relation to this case. The firm will charge its standard rate, more specifically $600 per hour for attorney fees for principals, associate’s rate of $475 per hour and $250 per hour for paralegal fees, for services rendered and will seek reimbursement for costs and expenses incurred in relation to representation of the estate. The firm received a retainer in the amount of $11,738. Neeleman Law Group, P.C. is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jennifer L. Neeleman, Esq. Neeleman Law Group, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Email: jennifer@neelemanlaw.com About Premier Meat Pies, LLC Premier Meat Pies, LLC is a Greater Seattle food business with locations in Seattle and Renton, Washington, that sells British-style savory pies and sausage rolls. It also ships frozen pies and has served Seattle guests and residents since 2015. Premier Meat Pies, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 26-11203) on April 14, 2026, listing $184,027 in assets and $1,067,818 in liabilities. The petition was signed by Nathan Bainbridge as CEO. Judge Timothy W Dore presides over the case. Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. serves as the Debtor's counsel. PRINCE GLOBAL: Director Wants Court to Reject Ch. 15 Recognition ---------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a director of Prince Global Holdings Limited is opposing efforts to obtain Chapter 15 recognition in New York for British Virgin Islands liquidation proceedings tied to the Prince Group, contending the foreign case is not a true bankruptcy or restructuring proceeding. The dispute is unfolding before the U.S. Bankruptcy Court for the Southern District of New York. The Prince Group has been accused by U.S. authorities of operating a transnational fraud and human trafficking enterprise centered in Cambodia. Prosecutors and regulators allege the organization used forced labor compounds to carry out cryptocurrency investment scams and launder illicit proceeds through an extensive international corporate structure, the report states. Court-appointed joint provisional liquidators were installed in the BVI to oversee the entities and pursue asset recovery actions around the world. The Chapter 15 filing seeks U.S. recognition and protections while liquidators investigate assets, financial transfers, and affiliated entities allegedly connected to the scheme, the report relays. About Prince Global Holdings Limited Prince Global Holdings Limited is an international financial services firm engaged in investment and asset management activities. Prince Global Holdings Limited sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10769) on April 8, 2026. In its petition, the Debtor did not specify estimated assets or liabilities. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Andrew G. Dietderich, Esq., of Sullivan & Cromwell LLP. PRO ATHLETICS: Hires Michael Jay Berger as Bankruptcy Counsel ------------------------------------------------------------- Pro Athletics LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Law Offices of Michael Jay Berger as 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 $200 per hour The firm will be paid a retainer of $25,000, plus $1,738 filing fee. The Law Offices of Michael Jay Berger 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 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 Pro Athletics LLC Pro Athletics LLC manufactures and sells custom athletic apparel and uniforms, including sportswear produced for team and recreational sports markets. Pro Athletics LLC filed its voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 26-14467) on May 5, 2026, listing $122,693 in assets and $2,507,390 in liabilities. The petition was signed by Christopher A. Serna as managing member. Judge Deborah J Saltzman presides over the case. Michael Jay Berger, Esq. at the LAW OFFICES OF MICHAEL JAY BERGER serves as the Debtor's counsel. PRO MACH: S&P Rates New $2,537MM First-Lien Term Loan 'B' --------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Pro Mach Group Inc.'s new $2,537 million first-lien term loan due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery of principal in the event of a default. The company plans to use the proceeds from this issuance to refinance its existing $2,537 million first-lien term loan due 2032 with lower pricing at similar terms. All our existing ratings on Pro Mach are unchanged. S&P said, "The company's leverage was 5.8x for the 12 months ended March 31, 2026, which is consistent with our expectation for debt to EBITDA of less than 7.0x for the current rating. The stable outlook reflects our view that Pro Mach will maintain S&P Global Ratings-adjusted leverage of below 7x over the next 12 months even as it pursues expansion through acquisitions. We continue to forecast the company will improve its S&P Global Ratings-adjusted debt leverage to about 5.0x in 2026, supported by an expansion in its EBITDA as it successfully integrates its acquisitions. Nonetheless, we believe Pro Mach's debt-funded acquisition growth strategy and shareholder returns will cause its debt leverage to remain in the 5x-6x range through the cycle, which we view as in line with the 'B' issuer credit rating. "We anticipate the company's free operating cash flow (FOCF) generation will remain healthy across 2026 due to a modest reduction in its interest expense stemming from the planned repricing, which will decrease its rates by at least 25 basis points (translating to a $6 million or greater benefit). We expect Pro Mach will continue to generate a material cash surplus supported by its strong ongoing operating performance. The company's business model requires modest capital expenditure of roughly 2% of annual revenue and our base-case forecast assumes decent working capital outflows due to a high (above 50%) aftermarket sales mix. We also forecast cash interest expense of approximately $150 million-$160 million in 2026. "We continue to believe Pro Mach's FOCF to debt will be in the high-single-digit percent area during normal cycles and in the mid- to low-single-digit percent range during weaker cycles, mainly because of the increased working capital needs to support its higher aftermarket mix." PSP TS: Hires Bleakley Bavol Denman & Grace as Bankruptcy Counsel ----------------------------------------------------------------- PSP TS, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Bleakley Bavol Denman & Grace as counsel. The firm will render these services: (a) analyze the financial situation, and render advice and assistance to the Debtor in determining legal options under Title 11, United States Code; (b) advise the Debtor with regard to the powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; (d) represent the Debtor at the Section 341 Meeting of Creditors; (e) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property, if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare, on behalf of the Debtor, necessary legal papers and appear on hearings thereon; (h) protect the interest of the Debtor in all matters pending before the court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary herein, and it is necessary for it to employ this attorney for such professional services. On March 9, 2026, the Debtor paid the firm a retainer of $19,000 plus $1,738 advance for the filing fee. Samantha Dammer, Esq., an attorney at Bleakley Bavol Denman & Grace, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 Email: sdammer@bbdglaw.com About PSP TS LLC PSP TS, LLC is a Florida-based limited liability company engaged in commercial and business-related operations. It operates with a modest asset base and limited creditor exposure. PSP TS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-04016) on May 12, 2026. In its petition, the Debtor reported estimated assets of between $100,001 and $1 million and estimated liabilities of between $1 million and $10 million. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace. QUICK PRINTS: Seeks to Hire Tax Compliance Group as Accountant -------------------------------------------------------------- Quick Prints, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Tax Compliance Group, LLC as accountant. The firm will render these services: (a) monthly & quarterly accounting services; general ledger maintenance; payroll & sales tax guidance, W2 & 1099 preparatiom, final review and annual report service; (b) financial statement analysis; strategic planning; process development, implementation, monitoring, advice regarding software solutions; (c) sales and local tax services (SALT); and (d) tax planning. The firm will be paid at an hourly rate of $750 per month. Matthew Sherman, CPA, a managing member at Tax Compliance Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew J. Sherman, CPA Tax Compliance Group, LLC 150 East Palmetto Park Road, Suite 800 Boca Raton, FL 33432 About Quick Prints, LLC Quick Prints, LLC is a commercial printing business. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-16091) on May 11, 2026. In the petition signed by Williamsen Exemar, owner/president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Scott M. Grossman oversees the case. The Debtor tapped Andrew Kamensky, Esq., at Tax Workout Group, PA as counsel and Tax Compliance Group, LLC as accountant. QVC GROUP: Affiliate Seeks to Tap Seward & Kissel as Legal Counsel ------------------------------------------------------------------ QRI Cornerstone, Inc., an affiliate in the Chapter 11 cases of QVC Group, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Seward & Kissel LLP as counsel. The firm will assist the Debtor's Disinterested Directors in fulfilling their duties in these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $1,600 - $2,500 John Ashmead, Partner $2,250 Robert Gayda, Partner $1,900 Counsel $1,375 - $1,450 Associate $775 - $1,375 Kwame Akuffo, Associate $1,275 Paralegal $330 - $610 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, the firm received a total of $782,375 in advance retainer and invoice payments from the Debtor. Jason Ashmead, Esq., a partner at Seward & Kissel, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement? Answer: No. Question: Do any of the firm professionals in this engagement vary their rate based on the geographical location of the Debtors' Chapter 11 Cases? Answer: No. Question: If the firm has represented QRI Cornerstone in the twelve months prepetition, disclose the firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve months prepetition. If the Firm's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: From the firm's engagement on behalf and at the sole discretion of the Disinterested Directors in November 2025 to the Petition Date, the firm has followed the hourly billing rates set forth in this Declaration and set forth in the Engagement Letter attached as Exhibit A to the Application. Question: Has QRI Cornerstone approved the firm's budget and staffing plan, and if so, for what budget period? Answer: QRI Cornerstone will be approving a prospective budget and staffing plan for the firm's engagement for the postpetition period as appropriate. In accordance with the U.S. Trustee's Guidelines, the budget may be amended as necessary to reflect changed or unanticipated developments. Mr. Ashmead disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Ashmead, Esq. Seward & Kissel LLP One Battery Park Plaza New York, NY 10004 Telephone: (212) 574-1200 Facsimile: (212) 480-8421 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. QVC GROUP: Affiliates Seeks to Hire Milbank as Bankruptcy Counsel ----------------------------------------------------------------- Qurate Retail Group, Inc. and Liberty Interactive LLC, affiliates in the Chapter 11 cases of QVC Group, Inc., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Milbank LLP as counsel. Milbank will act as counsel solely to Qurate Retail Group and Liberty Interactive, acting at the direction of the disinterested managers and special committee, as applicable, concerning potential conflicts matters. The firm will be paid at these hourly rates: Partners $2,145 - $2,725 Counsel $1,995 - $2,270 Associates $745 - $1,820 Paraprofessionals $410 - $595 In addition, the firm will seek reimbursement for expenses incurred. Elizabeth Downing, Esq., a partner at Milbank, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard billing arrangements for this engagement? Answer: Milbank did not agree to a variation of its standard or customary billing arrangements for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: None of Milbank's professionals included in this engagement has varied their rate based on the geographic location of these Chapter 11 cases. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Milbank represented both Debtors at the sole direction of the special committee and disinterested managers, as applicable, relating to potential conflicts matters in the twelve (12) months prior to the Petition Date. The billing rates and material financial terms have not changed from those agreed to in connection with these matters, other than due to annual and customary firm-wide adjustments to Milbank's hourly rates in the ordinary course of its business. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: The disinterested managers, special committee, and Milbank developed a prospective budget and staffing plan for these Chapter 11 cases. Consistent with the U.S. Trustee Guidelines, the budget may be amended as necessary to reflect changed or unanticipated circumstances. Ms. Downing disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Elizabeth Downing, Esq. Milbank LLP 55 Hudson Yards New York, NY 10001 Telephone: (212) 530-5000 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. QVC GROUP: Seeks Approval to Hire Kobre & Kim as Special Counsel ---------------------------------------------------------------- QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kobre & Kim LLP as special counsel. The firm will act as special counsel to the special committee in connection with the special matters at the sole direction of the special committee. The firm will be paid at these hourly rates: Founding Partner $2,750 Senior Partner $2,350 Partner $2,200 Senior Counsel $1,975 Special Counsel $1,650 Counsel/Principal $1,550 Associate/Attorney $1,350 Specialist $895 Analyst $625 Litigation Assistant $475 In addition, the firm will seek reimbursement for expenses incurred. Daniel Saval, a partner at Kobre & Kim, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did Kobre & Kim agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of Kobre & Kim's professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If Kobre & Kim represented the Debtors in the 12 months prepetition, disclose Kobre & Kim's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kobre & Kim's billing rates and material financial terms have changed post-petition, explain the difference and the reasons for the difference. Answer: Kobre & Kim represented the special committee prepetition pursuant to Kobre & Kim's engagement letter. The billing rates and material financial terms have not changed post-petition. Question: Have the Debtors approved Kobre & Kim's prospective budget and staffing plan, and, if so, for what budget period? Answer: Kobre & Kim expects to develop prospective budgets and a staffing plan for the projects it anticipates undertaking in the Chapter 11 Cases and plans to share its prospective budgets and staffing plan, tailored to the specific projects outlined in the budgets, as and when those services are needed. Mr. Saval disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel J. Saval Kobre & Kim LLP 800 Third Avenue New York, NY 10022 Telephone: (212) 488-1200 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. QVC GROUP: Seeks Approval to Tap AlixPartners as Financial Advisor ------------------------------------------------------------------ QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ AlixPartners, LLP as financial advisor. The firm's services include: (a) Restructurinng Workstream: (i) assist the Debtors with development of their rolling 13-week cash receipts and disbursements forecasting; (ii) support the Debtors' financial and treasury functions; (iii) work with management to obtain covenant relief from the Debtors' bank lenders and other creditors; (iv) work with the Debtors to identify, implement, and monitor both short-term and long-term liquidity generating initiatives; (v) assist the Debtors with analyzing performance improvement and cash enhancement opportunities; (vi) provide assistance to management in connection with the Debtors' development of their revised business plan, and such other related forecasts as may be required by lenders in connection with negotiations or by the Debtors for other corporate purposes; (vii) assist the Debtors in the design and implementation of a restructuring strategy designed to maximize enterprise value, taking into account the unique interests of all constituencies; (viii) work with management to develop a restructuring strategy, evaluate, negotiate, and implement restructuring initiatives and strategic alternatives; (ix) assist the Debtors with their communications and/or negotiations with outside parties; (x) assist management and its professionals specifically assigned to sourcing, developing, negotiating and implementing any financing; (xi) assist in preparing for and filing a bankruptcy petition, coordinating and providing administrative support for the proceeding and developing the Debtors' disclosure statement and plan of reorganization, or other appropriate case resolution, if necessary; (xii) advise the Debtors on the financial reporting requirements attendant to a bankruptcy filing; (xiii) support eDiscovery obligations; (xiv) assist management in preparing and testing accounting systems in order to perform appropriate accounting cut-off; (xv) assist with the preparation of documents such as a liquidation analysis, the statement of financial affairs, schedules of assets and liabilities, potential preference analysis, claims analysis, monthly operating reports and other regular reports required by the Court; (xvi) manage the claims and claims reconciliation processes; (xvii) provide testimony and litigation support services regarding any of the matters to which AlixPartners is providing services; (xviii) meet with lenders, unsecured creditors' committee, and other statutory or unofficial committees, as necessary, to provide general process updates and other information as may be requested by the Debtors; (xviii) provide post confirmation services, as may be necessary, to support the chapter 11 plan and emergence; and (xix) assist the Debtors with such other matters as may be requested that fall within AlixPartners' expertise and that are mutually agreeable. (b) Retail Workstream 1: Strategic Growth Implementation: (i) assist with execution and implementation of strategic growth initiatives; and (ii) assist the Debtors with such other matters as may be requested that fall within AlixPartners' expertise and that are mutually agreeable. (c) Retail Workstream 2: Performance and Profitability Execution: (i) assist with execution and implementation of performance and profitability initiatives; and (ii) assist the Debtors with such other matters as may be requested that fall within AlixPartners' expertise and that are mutually agreeable. The firm will be paid at these hourly rates: Partner/Partner & Managing Director $1,265 - $1,590 Senior Vice President/Director $900 - $1,175 Vice President $700 - $860 Analyst/Consultant $265 - $660 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $1,500,000 from the Debtors. James Mesterham, a partner and managing director at AlixPartners, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James Mesterham AlixPartners, LLP 300 N. LaSalle Street, Suite 1800 Chicago, IL 60654 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. QVC GROUP: Seeks Court Approval to Hire Gray Reed as Co-Counsel --------------------------------------------------------------- QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Gray Reed as co-counsel. The firm's services include: (a) provide legal advice and services regarding local rules, practices, and procedures; (b) provide certain services in connection with the administration of the Chapter 11 cases; (c) draft or review and comment on proposed drafts of pleadings to be filed with the Court; (d) at the request of the Debtors, appear in Court, at any meeting with the U.S. Trustee, and any meeting of creditors at any given time on behalf of the Debtors as their local co-counsel; (e) perform all other services assigned by the Debtors to Gray Reed as co-counsel; and (f) provide independent counsel to the Debtors. The firm's counsel will be paid at these hourly rates: Jason Brookner, Partner $1,195 Lydia Webb, Partner $920 Emily Shanks, Associate $700 Sean Burns, Associate $550 Blake Brayn, Associate $525 Veronica Salazar, Paralegal $475 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, Gray Reed received a retainer in the aggregate amount of $300,000. Mr. Brookner also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, the firm's standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the firm professionals included in this engagement vary their rate based on the geographical location of the Debtors' Chapter 11 cases? Answer: No. Question: If the firm has represented the Debtors in the 12 months prepetition, disclose the firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Gray Reed was retained by the Debtors on February 23, 2026 and represented the Debtors in the months prior to the Petition Date using the same hourly rates as disclosed herein, and such rates have not changed postpetition. Question: Have the Debtors approved the firm's prospective budget and staffing plan, and if so, for what budget period? Answer: Gray Reed has provided a good faith estimate of its expected fees and expenses during the course of these Chapter 11 cases, along with the staffing plan outlined in the application. Mr. Brookner disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason S. Brookner Gray Reed 1300 Post Oak Blvd., Suite 200 Houston, TX 77056 Telephone: (713) 986-7000 Facsimile: (713) 986-7100 Email: jbrookner@grayreed.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. QVC GROUP: Seeks to Hire Evercore Group as Investment Banker ------------------------------------------------------------ QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Evercore Group, LLC as investment banker. The firm's services include: (a) review and analyze the Debtors' businesses, operations, and financial projections; (b) facilitate extensive diligence for various parties in interest; (c) solicit financing proposals from various parties in interest and third parties; (d) advise the Debtors on restructuring strategies and transactions; (e) assist in negotiating financing; and (f) provide additional financial advice and investment banking services in preparation for the filing of these Chapter 11 cases. The firm will be paid at these following fees: (a) monthly fee of $225,000; (b) restructuring fee of: QVC, Inc. $17,000,000 Liberty Interactive LLC $12,000,000 QVC Group, Inc. $5,000,000 Notwithstanding the foregoing, in the event of a Restructuring of QVC, LI LLC, and QGI, the Restructuring Fee shall be equal to $30,000,000. (c) financing fee of: Any Indebtedness 1.50 percent DIP-to-Exit Financing 2.00 percent Newly Issued Equity or Equity-linked Securities/Obligations 3.50 percent In addition, the firm will seek reimbursement for expenses incurred. Within one year prior to the Petition Date, the Debtors paid Evercore $17,925,000 in fees and $208,735.19 in expense reimbursements. Daniel Aronson, a senior managing director at Evercore Group, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Daniel Aronson Evercore Group LLC 55 East 52nd Street, 38th Floor New York, NY 10055 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. QVC GROUP: Seeks to Hire Katten Muchin Rosenman as Legal Counsel ---------------------------------------------------------------- QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Katten Muchin Rosenman LLP as counsel. The firm will render independent legal services at the sole direction of Jill Frizzley and Paul Keglevic, in their capacity as the Disinterested Directors and the sole members of the board of directors of QVC, Inc., in accordance with the terms of the engagement letter dated as of October 17, 2025. The firm will be paid at these hourly rates: Partner $1,370 - $2,645 Of Counsel $1,220 - $2,310 Counsel and Special Staff $670 - $1,775 Associate $835 - $1,315 Paralegal $350 - $945 In addition, the firm will seek reimbursement for expenses incurred. Prior to the Petition Date, Katten received $500,000 in advance fee deposits from QVC, Inc. Steven Reisman, a partner at Katten Muchin Rosenmann, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, the firm's standard billing arrangements for this engagement? Answer: No. Question: Do any of the firm professionals in this engagement vary their rate based on the geographical location of the Debtors' Chapter 11 Cases? Answer: No. Question: If the firm has represented QVC, Inc. in the twelve months prepetition, disclose the firm's billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve months prepetition. If the Firm’s billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: From Katten's engagement on behalf and at the sole direction of the Disinterested Directors, as of October 17, 2025, to December 31, 2025, Katten followed the below hourly billing rates, as set forth in Exhibit A of the Engagement Letter, attached to the Application as Annex 1 to the Proposed Order. From January 1, 2026, through the Petition Date, Katten followed the hourly billing rates set forth in this Declaration. October 17, 2025 – December 31, 2025 Billing Rates Partner $1,205 - $2,380 Of Counsel $1,110 - $2,100 Counsel and Special Staff $610 - $1,615 Associate $715 - $1,210 Paralegal $230 - $860 Question: Has QVC, Inc. approved the firm's budget and staffing plan, and if so, for what budget period? Answer: Yes. Katten, in conjunction with the Disinterested Directors, has developed a budget and staffing plan for these Chapter 11 Cases for the period from the Petition Date, through and including June 30, 2026. Mr. Reisman disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Steven J. Reisman Katten Muchin Rosenman LLP 525 West Monroe Street Chicago, IL 60661 Telephone: (312) 902-5200 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. QVC GROUP: Seeks to Hire Kirkland & Ellis as Bankruptcy Counsel --------------------------------------------------------------- QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kirkland & Ellis LLP and Kirkland & Ellis International LLP as counsel. The firm will render these services: (a) advise the Debtors with respect to their powers and duties in the continued management and operation of their businesses and properties; (b) advise and consult the conduct of these Chapter 11 cases; (c) attend meeetings and negotiate representatives of creditors and other parties in interest; (d) take all necessary actions to protect and preserve the Debtors' estates; (e) prepare pleadings in connection with these Chapter 11 cases; (f) represent the Debtors in connection with obtaining authority with respect to certain LC financing; (g) advise the Debtors in connection with any potential sale of assets; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) advise the Debtors regarding tax matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare, and obtain approval of a disclosure statement and confirmation of a Chapter 11 plan and all documents related thereto; and (k) perform all other necessary legal services for the Debtors in connection with the prosecution of these Chapter 11 cases. The firm will be paid at these hourly rates: Partners $1,395 - $2,975 Of Counsel $875 - $2,495 Associates $825 - $1,775 Paraprofessionals $385 - $775 In addition, the firm will seek reimbursement for expenses incurred. On May 23, 2025, the Debtors paid the firm an advance payment retainer in the amount of $1 million. Aparna Yenamandra, Esq., a partner at Kirkland & Ellis, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did Kirkland agree to any variations from, or alternatives to, Kirkland's standard billing arrangements for this engagement? Answer: No. Quesrion: Do any of the Kirkland professionals in this engagement vary their rate based on the geographic location of the Debtors' Chapter 11 cases? Answer: No. Questions: If Kirkland has represented the Debtors in the 12 months prepetition, disclose Kirkland's billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If Kirkland's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: Kirkland's current hourly rates for services rendered on behalf of the Debtors range as follows: Partners $1,395 - $2,975 Of Counsel $875 - $2,495 Associates $825 - $1,775 Paraprofessionals $385 - $775 Kirkland represented the Debtors from April 21, 2025, to December 31, 2025, using the hourly rates listed below: Partners $1,295 - $2,675 Of Counsel $875 - $2,245 Associates $785 - $1,775 Paraprofessionals $355 - $705 Question: Have the Debtors approved Kirkland's budget and staffing plan, and, if so, for what budget period? Answer: Yes. More specifically, Kirkland has provided the Debtors with their hourly rates, which are consistent with its hourly rates as further set forth herein, a good faith estimate of its expected monthly fees and expenses during these Chapter 11 cases, and the anticipated staffing for these Chapter 11 cases. In addition, Kirkland will provide the Debtors with monthly accruals during these Chapter 11 cases. Based on the amount of cash on hand, as stated in the First Day Declaration, the Debtors have approved this budget and staffing plan and are accounting for Kirkland's fees and expenses in accordance with their ordinary practices. Ms. Yenamandra disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Aparna Yenamandra, Esq. Kirkland & Ellis LLP Kirkland & Ellis International LLP 601 Lexington Avenue New York, NY 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 Email: aparna.yenamandra@kirkland.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. QVC GROUP: Seeks to Hire PwC US Tax as Tax Services Provider ------------------------------------------------------------ QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ PwC US Tax LLP as tax services provider. The firm's services include: (a) Recurring Tax Engagement Letter: (i) Other Tax Services: PwC US Tax may perform other tax compliance and tax consulting services as mutually agreed to with QVC Group, Inc. ("QVC") when one or more statements of work are issued under this agreement, a form of which is attached as Exhibit A of the Recurring Tax Engagement Letter; (ii) Recurring Tax Services: From time to time, PwC US Tax may agree to provide tax services requested by QVC that may not be significant enough to require a separate agreement or SOW. The terms of this agreement will govern such Services if no SOW or separate agreement is executed. QVC and PwC US Tax agree that an SOW or separate agreement typically will be appropriate for engagements expected to exceed $25,000. (b) Tax Recurring Engagement Letter: The "Tax Restructuring Services" in connection with the contemplated debt and/or legal entity restructuring of QVC and/or its affiliates (the "Restructuring Plan"); (c) Ad Hoc Tax Engagement Letter: PwC US Tax may perform tax compliance and tax consulting services as mutually agreed to with QVC when one or more SOWs are issued. From time to time, PwC US Tax may agree to provide tax services requested by QVC that may not be significant enough to require a separate agreement or SOW ("Ad Hoc Tax Services"). The terms of the Ad-Hoc Engagement Letter will govern such Ad Hoc such Ad-Hoc Tax Services if no SOW or separate agreement is executed. QVC and PwC US Tax agree that a SOW or separate is executed. QVC and PwC US Tax agree that a SOW or separate agreement typically will be appropriate for engagements with fees expected to exceed $25,000. (d) Tax Provision SOW: (i) Tax Accrual Preparation Services: PwC US Tax will assist QVC with its preparation of the consolidated financial statement tax accrual for the year ended December 31, 2025.4 PwC US Tax's services performed during this engagement will be guided by the principles of Accounting Standards Codification (ASC) 740, "Income Taxes" and other relevant accounting literature or regulatory guidance. PwC US Tax will not be rendering an opinion or providing advice with respect to specific technical accounting, disclosure or regulatory questions. All such advice or guidance will be provided by QVC in coordination with its independent auditor and therefore relied upon by PwC US Tax in performing this engagement. Similarly, PwC US Tax will not be rendering an opinion in relation to QVC's internal controls. (e) TDS Compliance SOW (Tax Depreciation and Compliance): (i) TDS Compliance and reporting Services: Fixed asset tax depreciation and gain/loss compliance and reporting for QVC's U.S. federal and state income tax purposes. The potential implications of newly proposed or recently enacted tax rules are often complex, and interpretative guidance from taxing authorities may not be available. PwC US Tax will discuss with QVC changes to the Scope and Fee related to the analysis of such rules, including related reporting requirements. PwC US Tax will perform a comparison of the deliverables and the client's tax data for consistency. This comparison is limited to determining whether the data received from QVC is reflected in the reports. This agreement includes deliverables related to the tax years ending/ended: December 31, 2025. (f) Tax Compliance SOW (g) German Audit Response SOW: PwC US Tax will provide transfer pricingrelated tax consulting services to QVC for matters presented to PwC US Tax by QVC or matters PwC US Tax brings to the attention of QVC for which QVC agrees PwC US Tax should provide assistance. (h) Documentation Report SOW: (i) Master File: PwC US Tax will prepare a FY2025 Master File for QVC; (ii) Local File template: PwC US Tax will assist QVC with preparing a template report ("FY2025 Local File Template"), documenting the Licensing Transaction and Services Transaction. The FY2025 Local File Template will be prepared under the standards contained in the OECD Guidelines and will be leveraged for the preparation of QVC's FY2025 Local File Reports. The FY2025 Local File Template will contain the description of the Licensing Transaction and the Services Transaction (collectively, the "Covered Transactions"), a functional analysis, a section describing the selection of the "best" or "most appropriate" method for testing the Covered Transactions, and corresponding economic analysis. PwC US Tax will prepare the FY2025 Local File Template by leveraging the Local File Template prepared for FY2024 and any other relevant preexisting transfer pricing documentation. (iii) US 6662 Documentation Report: PwC US Tax will assist QVC in preparing the FY2025 United States ("U.S.") 6662 Documentation Report which will document the Covered Transactions under the standards contained in IRC Section 482 and the U.S. Treasury Regulations promulgated thereunder, as well as IRC Section 6662 and the U.S. Treasury Regulations promulgated thereunder, which provide the transfer pricing documentation rules applicable for purposes of the U.S. transfer pricing penalty provisions. (iv) Local File Reports: PwC US Tax will assist QVC with preparation of certain local file reports (the "FY2025 Local File Reports") by leveraging and incorporating the FY2025 Master File and the FY2025 Local File Template where applicable. The FY2025 Local File Reports will provide an overview of the local country organization, selection of best or most appropriate method, economic analyses covering local intercompany transactions, local rulings, and legal entity financial statements. PwC US Tax will prepare FY2025 Local File Reports for QVC operating affiliates located in Japan and the United Kingdom ("UK"), in accordance with the OECD Guidelines. The FY2025 Local File Reports will be prepared by leveraging the FY2025 Local File Template and the local file reports prepared for FY2024. (v) Additional Services: From time to time, QVC may request PwC US Tax to provide transfer pricing services outside of the Services listed above that may not be significant enough (i.e., fees not exceeding USD 25,000) to require a separate SOW ("Additional Services"). Subject to our acceptance, PwC US Tax will provide these Additional Services necessary to respond to matters presented to PwC by QVC, or matters PwC US Tax brings to the attention of QVC for which QVC agrees PwC US Tax should provide assistance. (i) Pilar II SOW: QVC has requested PwC US Tax's assistance with the Pillar Two calculations and tax return compliance for its 2024 year to revise the listing of jurisdictions and tax returns included in Exhibit I and make a related adjustment to PwC US Tax’s fees. PwC US Tax will use its Pillar Two data model and calculations engine (hereinafter also referred to as the "Pillar Two Engine") to prepare the calculations, compliance, and other Pillar Two items noted herein. Unless stated otherwise, all Pillar Two outputs and deliverables will be prepared using the Pillar Two engine. The firm will be paid at these following fees: (a) Recurring Tax Engagement Letter: Hourly fee arrangement, exclusive of expenses, pursuant to the rates below: Partner $788 - $1,117 Managing Director $694 - $1,015 Director $617 - $1,003 Senior Manager $591 - $958 Manager $525 - $930 Senior Associate $442 - $799 Experienced Associate $341 - $642 Associate $334 - $443 (b) Tax Restructuring Engagement Letter: Hourly fee arrangement, exclusive of expenses, pursuant to the rates below. Pre-petition, QVC paid PwC US Tax a total retainer of $500,000, of which $416,800 remains as of the Petition Date to be applied against the allowed post-petition fees and expenses under the Tax Restructuring Engagement Letter. Partner $998 - $1,234 Managing Director $895 - $1,148 Director $876 - $1,136 Senior Manager $827 - $1,052 Manager $796 - $996 Senior Associate $657 - $887 Associate $495 - $696 (c) Ad Hoc Tax Engagement Letter: Hourly fee arrangement, exclusive of expenses, pursuant to the rates below: Partner $788 - $1,117 Managing Director $694 - $1,015 Director $617 - $1,003 Senior Manager $591 - $958 Manager $525 - $930 Senior Associate $442 - $799 Associate $334 - $443 (d) Tax Provision SOW: Hourly fee arrangement, exclusive of expenses, with estimated fees as follows and pursuant to the rates below. Pre-petition, QVC paid PwC US Tax a total retainer of $250,000, of which $59,406 remains as of the Petition Date to be applied against the allowed postpetition fees and expenses under the Tax Provision SOW. December 31, 2025 $250,000 March 31, 2026 $25,000 June 30, 2026 $25,000 September 30, 2026 $25,000 Partner $591 - $739 Managing Director $521 - $651 Director $462 - $578 Senior Manager $438 - $548 Manager $394 - $492 Senior Associate $331 - $414 Experienced Associate $262 - $327 Associate $251 - $314 (e) TDS Compliance and Reporting SOW: Fixed fee arrangement, exclusive of expenses, of $150,00 for each of the tax years in-scope. Pre-petition, QVC paid PwC US Tax a total retainer of $150,000, of which $57,743 remains as of the Petition Date to be applied against the allowed post-petition fees and expenses under the TDS Compliance and Reporting SOW. (f) Tax Compliance SOW: Fixed fee arrangement of $1,323,500, exclusive of expenses. If all information necessary to prepare the 2025 federal tax return is received from QVC by April 3, 2026, and no changes to federal taxable income are made by QVC (including changes that could come from other third parties such as the IRS to QVC to PwC) after June 26, 2026, a 10 percent credit ($132,500) will be provided to QVC for such services. Pre-petition, QVC paid PwC US Tax a total retainer of $750,000, of which $560,991 remains as of the Petition Date to be applied against the allowed post-petition fees and expenses under the Tax Compliance SOW. (g) German Audit Response SOW: Hourly fee arrangement, exclusive of expenses, at the rates set forth below. Pre-petition, QVC paid PwC US Tax a total retainer of $100,000 to be applied against the allowed post-petition fees and expenses under the German Audit Response SOW. Partner $945 - $1,181 Managing Director $851 - $1,064 Director $757 - $946 Senior Manager $711 - $889 Manager $666 - $832 Senior Associate $547 - $684 Experienced Associate $428 - $535 Associate $400 - $500 (h) Documentation Report SOW: Fixed fee arrangement, whereby PwC US Tax has agreed to be paid $156,500, exclusive of expenses. Pre-petition, QVC paid PwC US Tax a total retainer of $75,000, of which $62,419 remains as of the Petition Date to be applied against the allowed postpetition fees and expenses under the Documentation Report SOW. (i) Pillar II SOW: Fixed fee and variable fee per jurisdiction arrangement, exclusive of expenses, as set forth below. Pre-petition, QVC paid PwC US Tax a total retainer of $100,000, of which $32,229 remains as of the Petition Date to be applied against the allowed post-petition fees and expenses under the Pillar II SOW. (i) 2024 Fees (Fixed): (1) Data Acquisition/CE Analysis, Safe Harbor Calculations Using PwC US Tax Pillar Two Engine for QVC's 2024 year - $45,000 (2) Preparation of GloBE Information Return - $35,000 (3) Pillar Two global compliance coordination with QVC - $25,000 (4) Qualified CbCR assessment - $20,000 (ii) 2024 Fees (variable) (1) GloBE Calculations using PwC US Tax Two Engine (per jurisdiction not meeting Safe Harbor: Barbados, Luxembourg and Switzerland based on 2024 tax year provision calculations; (estimate): $8,500 (2) Preparation of QDMTT Returns for entities and jurisdictions listed in Exhibit I (per jurisdiction) (estimate) - $3,000 - $8,0000 per; (3) Preparation of IIR & UTPR returns for entities and jurisdictions listed in Exhibit I (per jurisdiction) (estimate) - $5,000 - $8,000 per; (4) Pillar Two Registrations; coordination with QVC - $5,000. In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $1,323,500 from the Debtors. Leah Alfonso, a partner at PwC US Tax, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Leah H. Alfonso PwC US Tax LLP 300 Madison Avenue New York, NY 10017 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. QVC GROUP: Taps Holtz Slavett Drabkin & Warner as Tax Counsel ------------------------------------------------------------- QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Holtz, Slavett, Drabkin & Warner, APLC as special tax counsel. The firm will advise the special committee regarding tax related matters in connection with: (a) the investigation of potential intercompany claims by and against QVCG; and (b) the resolution of those claims as embodied in the Chapter 11 Plan. The firm will be paid at these hourly rates: Principal $850 Senior Attorney $650 Of Counsel $650 Associate Attorney $500 Tax Specialist $210 Enrolled Agent $210 Litigation Assistant $130 In addition, the firm will seek reimbursement for expenses incurred. David Warner, a shareholder at Holtz, Slavett, Drabkin & Warner, also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did the firm agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the firm's professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If the firm represented the Debtors in the 12 months prepetition, disclose its billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If the firm's billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Answer: The firm represented the Special Committee pre-petition pursuant to its engagement letter. The billing rates and material financial terms have not changed post-petition. Question: The firm expects to develop prospective budgets and a staffing plan for the projects it anticipates undertaking in the Chapter 11 Cases and plans to share its prospective budgets and staffing plan, tailored to the specific projects outlined in the budgets, as and when those services are needed. Mr. Warner disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: David J. Warner, Esq. Holtz, Slavett, Drabkin & Warner, APLC 10940 Wilshire Boulevard, Suite 2000 Los Angeles, CA 90024 Telephone: (310) 550-6200 Facsimile: (310) 774-3904 Email: dwarner@hsdwtax.law.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. QVC GROUP: Taps PwC US Business Advisory as Valuation Provider -------------------------------------------------------------- QVC Group, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ PwC US Business Advisory LLP as accounting advisor and valuation services provider. The firm will provide these professional services: (a) Accounting Advisor Services: QVC requested the following services in connection with its evaluation of certain accounting and financial reporting matters that may apply to the Bankruptcy and QVC's preparation of financial statements and other financial information for the applicable annual and interim fiscal year-end periods required: (i) trainings and example - Advise QVC on the scope of accounting and financial reporting changes introduced by its Bankruptcy pursuant to ASC 852-Reorganizations ("ASC 852"). If requested, advise QVC in its preparation and facilitation of technical training for certain QVC personnel (selected by QVC) to enhance QVC's understanding of the scope of changes introduced by the Bankruptcy; (ii) accounting advice - Analyze and advise QVC on certain accounting and reporting issues related to its Bankruptcy, based on information and facts provided by QVC; (iii) financial reporting and disclosure - Advise QVC on certain potential financial reporting and SEC filing matters that QVC may consider related to its Bankruptcy; (iv) bankruptcy business processes - Advise QVC on the potential impact of the Bankruptcy on certain of QVC's current accounting and financial reporting policies, procedures, systems, and processes, based on authoritative guidance. (v) court dockets - Read the listing of court dockets and advise QVC on certain potential accounting matters that QVC may consider related to the Bankruptcy; (vi) enterprise value reconciliation - Advise QVC with its analysis of its enterprise value reconciliation; (vii) transaction agreements - Read QVC's transaction agreements and comment on certain accounting considerations. The other services that may be include as requested by QVC: (a) assist the Debtors with their evaluation of the potential impact of the Bankruptcy on their existing accounting policies, identification of the accounts that may be impacted, accounting and disclosure requirements that may be impacted, and potential changes they may require to their systems and processes; (b) aggregate general ledger information into financial statement line items, or providing schedules, summaries or other account reconciliations; (c) prepare draft adjustments to specific accounting transactions or accounts and any related journal entries. QVC is responsible for reviewing, approving, and posting such journal entries to QVC's financial systems; (d) construct and present QVC's financial statements for each year or period presented to reflect the potential impact of the Bankruptcy; (e) draft financial statement footnotes or other financial statement disclosures, or components thereof, that reflect the potential impact of the Bankruptcy; (f) draft internal accounting policies, manuals or other accounting or financial reporting documentation and guidance; (g) assist with QVC's preparation of financial and other information in Securities and Exchange Commission (SEC) filing documents; (h) aggregate general ledger information into pro-forma financial information that QVC has identified and may evaluate for inclusion in its disclosure documents, or preparing schedules, summaries or other reconciliations of QVC determined financial or other information. QVC is responsible for the determination, identification, and definition of any pro forma financial information. (viii) Claims - Advise and assist QVC with its accounting for claims received; (ix) Rejected Executory Contracts and Leases - advise and assist QVC with its assessment of its accounting treatment for rejected executory contracts and leases; (x) Fresh Start Reporting - advise and assist QVC on its application of fresh-start reporting pursuant to ASC 852- Reorganizations; (xi) Accounting For Emergence (4-Column Balance Sheet) - advise and assist QVC with its analysis of certain transactions related to its emergence from bankruptcy, including transactions included in its 4-column balance sheet; (b) Project Management Advisory Services - QVC has also requested project management advisory services related to QVC's management of Bankruptcy and emergence. QVC will designate a member of its management team to be the leader of the project and associated workstreams. QVC's project manager will oversee, review, and take responsibility for all activities performed by PwC BA in connection with such services. PwC BA will perform the following project management advisory services: (i) provide to QVC an illustrative Bankruptcy project plan template containing illustrative individual tasks and timelines for each of the functional areas: accounting & reporting; reorganization, intercompany transactions, acquisitions and goodwill (including impairment), pension and other employee benefits, segments / reporting units, treasury (including debt, interest, and derivatives), and taxes (collectively, "Illustrative Bankruptcy Project Plan"); (ii) provide advice and assistance to QVC on its development of project plans; (iii) assist in preparing and collating status reports, making project status updates to QVC’s project plan and other project management tools, provide observations on project status, potential completion risks and interdependencies; and (iv) provide advice and assistance to QVC's project manager on their development of a structured change management process. (c) Valuation Advisory Services: In connection with QVC's evaluation of the financial and tax reporting impacts of the Bankruptcy, PwC BA will perform the following valuation services to estimate the value of certain of QVC's assets and liabilities as of the date determined by QVC (the "Valuation Date") for QVC's consideration in their accounting, financial and tax reporting. The firm will be paid at these following hourly rates: Partner $683 - $1,242 Managing Director $646 - $1,174 Director $584 - $1,061 Senior Manager $516 - $939 Manager $453 - $823 Senior Associate $373 - $678 Associate $258 - $469 In addition, the firm will seek reimbursement for expenses incurred. Robert Swartz, a partner at PwC US Business Advisory, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Robert Swartz PwC US Business Advisory 300 Madison Ave New York, NY 10017 Telephone: (646) 471-3000 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. RACE RANCH: Hires Summers Compton Wells LLC as Bankruptcy Counsel ----------------------------------------------------------------- Race Ranch Wear LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire Summers Compton Wells LLC as its bankruptcy counsel. The firm will represent and assist the Debtor in carrying out the duties of a debtor and debtor-in-possession under the Bankruptcy Code. The firm will provide these services: (a) advise the Debtor with respect to its rights and obligations as a Debtor-in-possession and regarding other matters of bankruptcy law; (b) assist in the preparation and filing of any petitions, motions, applications, schedules, statements of financial affairs, plans of reorganization, disclosure statements, and other pleadings and documents required in this Chapter 11 case; (c) represent the Debtor at hearings, including plans of reorganization, disclosure statements, confirmation, and any adjourned hearings thereof; (d) represent the Debtor in connection with debtor-in-possession financing arrangements, if any; (e) represent the Debtor in adversary proceedings and other contested matters; and (f) counsel the Debtor on other matters arising in connection with the Debtor's reorganization proceedings and business operations. The counsel will charge these hourly rates: Principals and Of Counsel $425 to $500 Associates $325 to $375 Paralegals and Legal Assistants $200 to $250 Law Clerks $180 to $200 The firm will seek reimbursement of out-of-pocket expenses. Summers Compton Wells 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: Andrew R. Magdy, Esq. Brian J. LaFlamme, Esq. Sarah E. Tomlinson, Esq. SUMMERS COMPTON WELLS LLC 903 S. Lindbergh Blvd, Suite 200 St. Louis, MO 63131 Telephone: (314) 991-4999 Facsimile: (314) 991-2413 E-mail: amagdy@summerscomptonwells.com blaflamme@summerscomptonwells.com stomlinson@summerscomptonwells.com About Race Ranch Wear LLC Race Ranch Wear LLC operates an online apparel and merchandise store based in Jackson, Missouri. The company sells racing- and ranch-themed products, including hats, T-shirts, hoodies, crewnecks, decals, diecast cars, gift cards and merchandise for drivers, teams and manufacturers in late model and modified racing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 26-10320) on May 8, 2026, with $1 million to $10 million in both assets and liabilities. Matthew E. James, member, signed the petition. Andrew R. Magdy, Esq., at Summers Compton Wells, LLC represents the Debtor as legal counsel. RAD DIVERSIFIED: Affiliate Seeks to Minnieola Property at Auction ----------------------------------------------------------------- RAD Diversified REIT, Inc., and its affiliates, along with Applicable Debtor, DDH Fund LLC, seek approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors' Property is located at 11501 Minnieola Drive, New Port Richey, FL. On March 27, 2026, the Office of the United States Trustee appointed an official committee of unsecured creditors. The Debtor is the record title owner of the Property, which is more particularly described on Exhibit A. The Property consists of a residential lot improved with a 1,816 square foot single family residence. The tax assessed value of the Property is $360,066. The Debtor, in consultation with the Auctioneer, estimates that the fair market value of the Property is between $385,000 and $521,000.00. The Debtor, by and through its Chief Restructuring Officer, Katie Goodman, in an exercise of her reasonable business judgment, has determined that it is in the best interests of the Debtor and the estate to sell the Property at public auction. The Debtor employs Soldnow, LLC d/b/a Tranzon Driggers (TD) as auctioneer. The Debtor seeks authority to sell the Property through an Auction and related sale process, subject to the Debtor’s right to seek an alternative course of action to maximize the value of its estate. The Property is not subject to a mortgage and is generating no income. The value of the Property will be tested through the Auction conducted pursuant to and according to the bid procedures in the Auction Motion. The only lien against the Property is the Mortgage, which will attach to the proceeds of sale. The sale of the Property should be found to be in good faith if the Debtor can demonstrate the transaction occurred at arm’s-length and without fraud or collusion. The Debtor believes that the sale of the Property pursuant to the auction procedures will utilize a competitive and transparent marketplace that facilitates an arm's-length sale without fraud or collusion. About RAD Diversified REIT Inc RAD Diversified REIT, Inc are a group of entities engaged in acquiring, managing, renovating, repositioning, and operating real estate, primarily single-family residential properties and vacant lots across Florida, Pennsylvania, Texas, and New Jersey, with certain affiliates holding other types of real estate. RAD Diversified OZ Fund, LP, a Delaware limited partnership, focuses on investments in Qualified Opportunity Zone properties, while RAD Diversified REIT, Inc., a Maryland corporation, is structured to qualify as a real estate investment trust under U.S. tax law. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March 1, 2026. In the petition signed by Katie S. Goodman, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents the Debtor as legal counsel. The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant, financial analyst and financial advisor, EPIQ CORPORATE RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS, LLC as operations advisor. RAD DIVERSIFIED: Affiliate to Sell Belle Haven Property at Auction ------------------------------------------------------------------ RAD Diversified REIT, Inc. and its affiliates, along with Applicable Debtor, DDH Fund LLC, seek approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors' Property is located at 11639 Belle Haven Dr Port Richey, FL 34654. On March 27, 2026, the Office of the United States Trustee appointed an official committee of unsecured creditors. The Debtor is the record title owner of the Property, which is more particularly described on Exhibit A. The Property consists of a residential lot improved with a 3,564 square foot single family residence. The tax assessed value of the Property is $551,530. Debtor, in consultation with the Auctioneer, estimates that the fair market value of the Property is between $585,000.00 and $715,000.00. The property is currently vacant and is not subject to any lease or occupancy agreement. The Debtor, by and through its Chief Restructuring Officer, Katie Goodman, in an exercise of her reasonable business judgment, has determined that it is in the best interests of the Debtor and the estate to sell the Property at public auction. The Debtor employs Soldnow, LLC d/b/a Tranzon Driggers (TD) as auctioneer. The Debtor seeks authority to sell the Property through an Auction and related sale process, subject to the Debtor’s right to seek an alternative course of action to maximize the value of its estate. The term “Surcharge Amount” shall be an amount equal to the greater of 10% of the winning bid or $10,000.00. Provided, however, that in the event that the sale price is not sufficient to pay the Mortgage in full or the Mortgagee acquires the Property by way of a credit bid, then the maximum Surcharge Amount shall be $10,000.00. The Property is not subject to a mortgage and is generating no income. The value of the Property will be tested through the Auction conducted pursuant to and according to the bid procedures in the Auction Motion. The only lien against the Property is the Mortgage, which will attach to the proceeds of sale. The sale of the Property should be found to be in good faith if the Debtor can demonstrate the transaction occurred at arm’s-length and without fraud or collusion. The Debtor believes that the sale of the Property pursuant to the auction procedures will utilize a competitive and transparent marketplace that facilitates an arm's-length sale without fraud or collusion. About RAD Diversified REIT Inc RAD Diversified REIT, Inc are a group of entities engaged in acquiring, managing, renovating, repositioning, and operating real estate, primarily single-family residential properties and vacant lots across Florida, Pennsylvania, Texas, and New Jersey, with certain affiliates holding other types of real estate. RAD Diversified OZ Fund, LP, a Delaware limited partnership, focuses on investments in Qualified Opportunity Zone properties, while RAD Diversified REIT, Inc., a Maryland corporation, is structured to qualify as a real estate investment trust under U.S. tax law. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March 1, 2026. In the petition signed by Katie S. Goodman, chief restructuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents the Debtor as legal counsel. The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant, financial analyst and financial advisor, EPIQ CORPORATE RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS, LLC as operations advisor. RAD DIVERSIFIED: Court OKs Philadelphia Properties Sale at Auction ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, has permitted RAD Diversified REIT, Inc. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors' Properties are located at 144 Barrington Dr., Brandon, FL, 264 Van Gogh Circle, Brandon, FL, 40 Walnut Lane, Clementon, NJ, 1008 Snyder Avenue, Philadelphia, PA, and 880 North 66th Street, Philadelphia, PA. The Property consists of 5 separate parcels of real property, each of which is improved with a single-family home, located in Florida, New Jersey, and Pennsylvania. The Debtor, through SoldNow, LLC dba Tranzon Driggers, is authorized to sell the Property pursuant to the procedures set forth in the Motion and on the terms and conditions set forth in the Auction Application. Any Encumbrances for municipal liens shall be paid in full at the closing to such municipality as a condition to closing and, in the event the same are not paid in full, such municipal liens shall survive such closing. All Encumbrances that are not paid at closing, if any, shall attach to the proceeds of the sale of the Property with the same extent, validity, and priority as existed on the Petition Date. The Debtor shall file a report of the auction results within five business days after the date the auction of the Property is concluded and shall subsequently file a motion to approve the sale of the Property and determine disbursement of the proceeds from the auction of the Property. About RAD Diversified REIT Inc RAD Diversified REIT, Inc are a group of entities engaged in acquiring, managing, renovating, repositioning, and operating real estate, primarily single-family residential properties and vacant lots across Florida, Pennsylvania, Texas, and New Jersey, with certain affiliates holding other types of real estate. RAD Diversified OZ Fund, LP, a Delaware limited partnership, focuses on investments in Qualified Opportunity Zone properties, while RAD Diversified REIT, Inc., a Maryland corporation, is structured to qualify as a real estate investment trust under U.S. tax law. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 26-01636) on March 1, 2026. In the petition signed by Katie S. Goodman, chief structuring officer, the Debtor disclosed up to $100 million in both assets and liabilities. Judge Catherine Peek Mcewen oversees the case. Joseph Pack, Esq. and Jessey J. Krehl, Esq at PACK LAW, represents the Debtor as legal counsel. The Debtors tapped KAPILAMUKAMAL, LLP as forensic accountant, financial analyst and financial advisor, EPIQ CORPORATE RESTRUCTURING, LLC as noticing and claims agent, and GGG PARTNERS, LLC as operations advisor. RAISING CANE'S: S&P Rates Proposed Term Loan B Due 2033 'BB-' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to Raising Cane's Restaurants' proposed $500 million first-lien term loan B due 2033. The company will use the net proceeds to repay borrowings under its revolving credit facility (RCF) and for general corporate purposes. This transaction is consistent with its prior expectations for debt issuance to refinance RCF borrowings used to partially fund growth capital expenditures and shareholder distributions. S&P said, "The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. Our recovery estimate remains unchanged despite higher debt levels, as the recent expansion of the company-owned restaurant base provides a larger asset base. "The 'BB-' rating reflects our expectation that Raising Cane's will maintain S&P Global Ratings-adjusted leverage below 5x." This is consistent with its financial policy of maintaining credit agreement rent-adjusted leverage of 3.0x-4.0x, which is typically equivalent to S&P Global Ratings-adjusted leverage of 3.5x-4.5x. Raising Cane's continues to navigate a challenging environment for quick service restaurants. S&P forecasts that persistent consumer budgetary pressures, general negative consumer sentiment, and heightened price sensitivity will drive lower visitation and limited pricing power, resulting in low- to mid-single-digit percent declines in comparable restaurant sales for 2026. However, new restaurants are expected to drive mid- to high-single-digit percent revenue growth. In first-quarter 2026, new restaurant openings offset a 4.7% decline in comparable sales, yielding a 6.1% increase in company-owned restaurant sales. Our base case assumes guest traffic will begin to stabilize in 2027 as visitation patterns normalize, allowing limited same-restaurant sales growth through pricing. Margins in 2025 improved beyond our previous expectation due to the company managing overhead and labor costs and realizing economies of scale. S&P said, "However, we anticipate a contraction in 2026 as a partially fixed cost base weighs on results amid an accelerated decline in comparable-restaurant sales. As a result of the lower margins and a debt-funded dividend, we forecast leverage will increase to 4.4x in 2026 from 3.8x in 2025. Leverage is forecast to improve to 4.3x in 2027, supported by a gradual margin recovery due to modest comparable-sales growth and economies of scale from new restaurant openings." S&P said, "We forecast that internally generated cash flow will be largely sufficient to fund new restaurant development, maintenance, and other capital requirements. We also expect annual dividend distributions of about $550 million, a reduction from our prior forecast of about $650 million." RCMBGNY INC: Nat Wasserstein Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 2 appointed Nat Wasserstein, Esq., at Lindenwood Associates, LLC as Subchapter V trustee for RCMBGNY, Inc. Mr. Wasserstein will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Mr. Wasserstein declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nat Wasserstein, Esq. Lindenwood Associates, LLC 328 North Broadway, 2nd Floor Upper Nyack, New York 10960 Telephone: (845) 398-9825 Facsimile: (212) 208-4436 Email: nat@lindenwoodassociates.com About RCMBGNY Inc. RCMBGNY Inc. is a New York-based restaurant operator with location at 120 E. 39th Street in New York. RCMBGNY sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-11110) on May 13, 2026, with between $1 million and $10 million in both assets and liabilities. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by Vivek Suri, Esq., at the Law Office of V Suri. RED RIVER: Beasley Allen Loses Bid to Undo J&J Talc DQ ------------------------------------------------------ Adrian Cruz of Law360 Bankruptcy Authority reports that a New Jersey federal judge refused to reverse the Beasley Allen Law Firm's disqualification from the Johnson & Johnson talcum powder multidistrict litigation, ruling that the firm failed to meet the legal standard necessary to disturb the earlier decision. The court found that Beasley Allen did not provide sufficient justification to overcome concerns raised in the original disqualification order, which involved issues tied to litigation strategy and access to confidential materials. The talc MDL remains one of the largest mass tort proceedings in the federal court system, the report states. Johnson & Johnson continues to face extensive litigation over allegations that its talcum powder products caused cancer, while related bankruptcy and settlement efforts remain heavily contested by plaintiffs and creditors, according to Law360. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REKOR SYSTEMS: Lack of Quorum Adjourns Annual Meeting to Sept. 11 ----------------------------------------------------------------- Rekor Systems, Inc. announced in a regulatory filing that it convened its 2026 Annual Meeting of Stockholders on May 15, 2026. Because a quorum was not present, no business was conducted, and the Annual Meeting was adjourned to September 11, 2026 at 10:30 a.m. Eastern Time. The Reconvened Meeting will be held in person at the Company's headquarters, 6721 Columbia Gateway Drive, Suite 400, Columbia, Maryland, and virtually via a live video webcast at www.virtualshareholdermeeting.com/REKR2026. The record date for the Annual Meeting remains the close of business on March 25, 2026, and there has been no change in the matters to be voted upon. Proxies previously submitted will be voted at the Reconvened Meeting unless properly revoked or changed. Stockholders who have previously submitted a proxy need not take any action in order for their shares to be voted at the Reconvened Meeting. Stockholders who have not yet voted are encouraged to do so promptly by following the instructions in the Company's proxy materials. About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. Morristown, New Jersey-based CBIZ CPAs P.C., the Company's auditor since 2019 (such date takes into account the acquisition of the attest business of Marcum LLP by CBIZ CPAs P.C. effective November 1, 2024), issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $78,501,000 in total assets, $44,033,000 in total liabilities, and $34,468,000 in total stockholders' equity. REMEMBER ME: Court Extends Cash Collateral Access to June 25 ------------------------------------------------------------ Remember Me Senior Care, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Tennessee at Chattanooga to use cash collateral to fund its operations. The court entered its 11th interim order extending the Debtor's authority to use cash collateral from May 13 until the final hearing set for June 25. As adequate protection, Andrew Johnson Bank and other secured creditors will be granted replacement liens on the Debtor's post-petition property to the same extent and priority as their security interest in the Debtor's pre-bankruptcy property. In addition, the Debtor was ordered to make cash payment of approximately $89,000 to Andrew Johnson Bank on the due date set forth in their loan agreement. The 11th interim order granted the Debtor a carveout and authorized the Debtor to pay from the cash collateral fees and disbursements to bankruptcy professionals, and any fees payable to the Clerk of the Bankruptcy Court. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/TA4qK from PacerMonitor.com. Andrew Johnson Bank is represented by: Harry R. Cash, Esq. Grant, Konvalinka & Harrison, P.C. 633 Chestnut Street, Suite 900 Chattanooga, TN 37450-0900 423-756-8400 (Phone) 423-756-0643 (Fax) hcash@gkhpc.com About Remember Me Senior Care Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers personalized assisted living and memory care services in a homelike environment. The facility provides a range of services, including help with daily activities, medication management, and specialized care for those with Alzheimer's or other dementias. Remember Me Senior Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February 18, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $10 million and $50 million in liabilities. Judge Nicholas W. Whittenburg oversees the case. The Debtor is represented by: Jeffrey W. Maddux, Esq. Chambliss, Bahner & Stophel P.C. Liberty Tower 605 Chestnut Street, Ste. 1700 Chattanooga, TN 37450 Tel: 423-757-0296 Fax: 423-508-1296 jmaddux@chamblisslaw.com RMA CA: Gets Interim OK to Use Cash Collateral ---------------------------------------------- RMA CA, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral to fund operations. Under the interim order, the Debtor is authorized to use cash collateral for expenses set forth in its budget, subject to permitted variances. The U.S. Small Business Administration and other lenders will be granted "adequate protection" liens, with the same validity, priority, and scope as their pre-petition liens.; and superpriority claims to compensate for any post-petition diminution in the value of their collateral. As additional protection, the court approved the monthly payments of $906 to the SBA pursuant to a separate stipulation between the agency and the Debtor. The order is available at http://bankrupt.com/misc/RMACA_ICCOrder.pdf The next hearing is set for July 14. Objections to continued cash collateral use are due June 30, and replies are due July 7. The SBA holds a perfected security interest in substantially all of the Debtor's tangible and intangible personal property. It became a secured creditor through a COVID-era Economic Injury Disaster Loan. The Debtor initially borrowed $91,000 from the SBA under the disaster loan program in 2020. In 2022, the Debtor modified the loan and obtained additional funds, increasing the total principal amount to $178,800. As of the bankruptcy petition date, approximately $193,853 remained outstanding on the SBA loan, including accrued obligations. About RMA CA Inc. RMA CA, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-13916-VZ) on April 22, 2026. In the petition signed by Rayan Aydinian, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Vincent P. Zurzolo oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as legal counsel. ROOF EZ: Gets Extension to Access Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Fort Myers Division, issued a fourth interim order authorizing Roof EZ, Inc.'s continued access to cash collateral. Under the fourth interim order, the Debtor is authorized to use cash collateral to pay court-approved expenses, including Subchapter V Trustee interim compensation, and other necessary business expenses listed in an approved budget. The Debtor may exceed individual budget line items by up to 10% or exceed them further as long as the total additional spending across the entire budget does not surpass 10% of the overall budget. Any additional spending must either be approved by the secured creditors or qualify as administrative expenses. As adequate protection for the Debtor's use of their cash collateral, secured creditors will receive a replacement lien on the Debtor's post-petition assets with the same priority as their pre-petition lien. The creditors that may have pre-petition secured claims against the Debtor's cash collateral are ReadyCap Lending, LLC, Lead Bank/FundBox, Forward Financing, LLC, Newco Capital Group VI, LLC, and CHTD Company, as representative for an undisclosed creditor. Meanwhile, the Debtor has also scheduled the following entities as secured creditors: First Western Bank & Trust, Navitas Credit Corp., Trio Capital, LLC and Ford Motor Company, LLC. However, the nature of their lien (i.e. purchase money security interest) does not provide them with pre-petition secured claims against the Debtor's cash collateral. The court scheduled the next hearing for June 3. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/wVY6r from PacerMonitor.com. About Roof EZ Inc. Roof EZ Inc. is a Florida profit corporation, founded in 2022, that provides residential and commercial roofing services throughout Southwest Florida. Roof EZ filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02539) on Dec. 19, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Ruediger Mueller of TCMI, Inc. serves as Subchapter V trustee. Judge Luis Ernesto Rivera II presides over the case. Michael R. Dal Lago represents the Debtor as legal counsel. SABRA HEALTH: S&P Alters Outlook to Positive, Affirms 'BB+' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Sabra Health Care REIT Inc. to positive from stable and affirmed all of its ratings, including the 'BB+' issuer credit rating on the company and the 'BBB-' issue-level rating on its senior unsecured notes. S&P said, "The positive outlook reflects our view that Sabra will continue to expand its senior housing operating property (SHOP) portfolio while maintaining disciplined leverage and strong tenant coverage metrics. Furthermore, we expect its operating performance will continue to improve, supported by accelerating same-property net operating income (NOI) growth, a majority private pay revenue payor mix, and a robust investment pipeline over the next 12 months." Sabra's accelerating SHOP expansion and growing portfolio diversification have modestly improved our view of its business while it has managed a relatively conservative balance sheet. S&P expects the company's net investment activity in 2026 will materially exceed the approximately $500 million it deployed in 2025. Sabra expanded its managed senior housing portfolio to 90 consolidated properties from 60 over the past year, generating same-property cash NOI growth of 14.4%. It funded this through a disciplined combination of forward at-the-market equity issuance and borrowings under the company's revolving credit facility. Its S&P Global Ratings-adjusted debt to EBITDA was 5.4x as of March 31, 2026, and S&P expects it to improve to about 5.0x at year-end, with the company funding growth in a slightly deleveraging manner. Sabra has already closed or been awarded $400 million investments year to date and maintains an active pursuit pipeline of an additional $690 million of managed senior housing opportunities. S&P said, "We expect Sabra to continue growing its gross investment base, supported by consistent deployment of capital across skilled nursing and SHOP assets. We expect it to fund continued investment activity through debt and equity." Furthermore, for the first time in company history, over 50% of its payor mix will comprise private pay revenues due to the continued build out of the SHOP platform. This shift has reduced Sabra's structural exposure to government reimbursement risk and sensitivities to Medicare and Medicaid reimbursement policy. The company invested approximately $96 million in the first quarter of 2026, bringing total gross investments to roughly $6.6 billion across 395 properties in 40 U.S. states and Canada. S&P said, "The positive outlook reflects our view that Sabra will continue to expand its SHOP portfolio while maintaining disciplined leverage and strong tenant coverage metrics. Furthermore, we expect the company's operating performance will continue to improve, supported by accelerating same-property NOI growth, a majority private pay revenue payor mix, and a robust investment pipeline over the next 12 months. We project its S&P Global Ratings-adjusted debt to EBITDA will improve modestly to the low-5x area over the next 12 months." S&P could revise the outlook back to stable if: -- Its S&P Global Ratings-adjusted debt to EBITDA approaches 6x, perhaps due to a large, debt-financed acquisition; or -- Its operating results deteriorate significantly, with material rent cuts provided to its top operators, potentially due to sustained low occupancy levels that cause its tenant-level rent coverage to decline sharply. S&P could raise the rating by one notch if Sabra: -- Maintains a steady investment strategy that further strengthens its scale and asset mix, with a greater proportion of senior housing assets; and -- Sustains lower leverage such that its S&P Global Ratings-adjusted debt to EBITDA remains comfortably below 5.5x, with debt to undepreciated capital below 40%. SAMYS OC: Court Extends Cash Collateral Access to June 30 --------------------------------------------------------- Samys OC, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. The court issued its 14th interim order extending the Debtor's authority to use cash collateral through June 30 to pay operating expenses set forth in its budget, subject to a 10% variance. As adequate protection for the Debtor's use of their cash collateral, secured creditors Dream First Bank and the U.S. Small Business Administration will be granted replacement liens on all post-petition cash collateral and other property of the Debtor, with the same priority and extent as their pre-bankruptcy liens. As additional protection, Dream First Bank will continue to receive a monthly payment of $59,913.90. The interim order provides for a carveout of up to $125,000 for attorney fees and expenses, and up to $25,000 for other professional fees and disbursements. Events of default under the order include the Debtor's failure to make payments to secured creditors; unauthorized use of cash collateral; dismissal of the Debtor's Chapter 11 case; obtaining credit secured by a lien on collateral that is equal or senior to liens held by secured creditors; and failure to keep the collateral insured. Samys OC owes approximately $8.35 million to Dream First Bank and $500,000 to the SBA and had about $131,000 in total cash collateral at the outset of the case. About Samys OC LLC Samys OC, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Kansas Case No. 24-11166) on Nov. 14, 2024, listing up to $50,000 in assets and $10 million to $50 million in liabilities. The petition was signed by Amro M. Samy as managing member. Judge Mitchell L Herren presides over the case. Lora J. Smith, Esq., at Hinkle Law Firm is the Debtor's bankruptcy counsel. Dream First Bank, as secured creditor, is represented by: Scott M. Hill, Esq. Hite, Fanning & Honeyman, LLP 100 N. Broadway, Ste. 950 Wichita, KS 67202-2216 Telephone: (316) 265-7741 Facsimile: (316) 267-7803 hill@hitefanning.com SNAP INC: S&P Upgrades ICR to 'BB-', Outlook Positive ----------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Snap Inc. to 'BB-' from 'B+'. S&P said, "At the same time, we raised our issue-level ratings on its unsecured notes to 'BB-' from 'B+'. The recovery rating on these notes remains '3'. "The positive outlook reflects the potential for a higher rating over the next year if the company successfully completes cost savings initiatives and continues growing revenue around 10%, giving us greater line of sight toward leverage improving below 3.5x." Snap Inc.'s S&P Global Ratings-adjusted gross leverage declined to around 4.7x for the last 12-months-ended March 31, 2026 (from 6.7x in the prior year period) and free operating cash flow (FOCF) to debt increased to 16.2% (from 8.5% in the prior year period). S&P said, "We expect revenue will continue to grow, particularly from subscriptions and its recently announced cost savings program, supporting accelerated deleveraging to around 4.0x in 2026 and 2.5x in 2027. "We expect Snap's S&P Global Ratings-adjusted gross leverage to improve to around 4x, with FOCF to debt of 16.5% in 2026. We expect revenue to grow approximately 10% year over year in 2026, primarily driven by continued expansion in small- and medium-sized business (SMB) advertisers (which, in the first quarter, was 30% of global ad revenue and up 30% in North America) and growth in its subscription offerings such as Snapchat+ Lens+, and Memories (other revenue, which includes these offerings, grew 87% in the first quarter). "While nascent, we also expect new ad inventory from offerings such as Sponsored Snaps and Promoted Places, will contribute to growth. Large advertisers remain a headwind, but the company is starting to see early signs of improvement as performance is better reflected in third-party measurement tools. We expect Snap's strategic shift toward focusing on profitable user growth over pure user acquisition (announced last fall), will result in relatively flat growth in daily active users (DAUs) but continued improvement in ARPU and EBITDA margins in 2026 and 2027. While this shift in strategy had a negative impact on global DAUs in fourth quarter of 2025, global DAUs returned to growth in first-quarter 2026." The company is actively targeting GAAP net income profitability and targeting adjusted gross margins of 60% or better. In April, the company announced it would reduce its annualized cost structure more than $500 million in the second half of 2026, including reducing its full-time employees by 16% (over 1,000 personnel). The company also announced in its recent earnings call that it would not be moving forward with its expected partnership with Perplexity. While this would have contributed $400 million of revenue over one year (through a combination of cash and equity), now removed from our forecast, S&P does not think this impacts the company's competitive position as the company offers other AI-powered conversations in Chat, such as with AI Sponsored Snaps and MyAI. S&P said, "We expect solid revenue growth and material cost actions will accelerate deleveraging below 3x in 2027. We forecast Snap's S&P Global Ratings-adjusted gross leverage will decline to around 2.5x in 2027 while FOCF to debt increases to around 30.2%. We expect healthy revenue growth of about 8% in 2027 combined with a full-year benefit from cost actions taken in 2026 and a material reduction in restructuring costs (which we do not add back to EBITDA), will result in S&P Global Ratings-adjusted EBITDA margins increasing to 22.9% in 2027. The company expects to incur approximately $95 million–$130 million of restructuring charges, the majority of which will be recognized in the second quarter of 2026. However, we believe Snap faces risks that could prolong the pace of deleveraging. This includes ongoing macroeconomic headwinds related to the Middle East conflict, which the company noted as having a $20 million-$25 million negative impact on revenue in the month of March, potential variability in advertiser demand among larger North American advertisers, and the company's ability to execute on its strategic initiatives (i.e. newer monetization initiatives, projected cost savings, etc.). "The positive outlook reflects the potential for a higher rating over the next year if the company successfully executes its cost savings initiatives and continues growing revenue around 10%, giving us greater line of sight toward leverage improving below 3.5x. "We could revise our outlook on Snap to stable if we expect leverage will remain above 3.5x on a sustained basis." This could occur if: -- Macroeconomic conditions deteriorate, leading to advertising revenue declines and limited adoption of its subscription offerings; -- Competition intensifies, thereby leading to a loss of users and/or advertisers and declining revenue; or -- Changes in data privacy or regulation limit the company's ability to effectively target consumers for its advertising partners. S&P could raise its ratings on Snap over the next 12 months if: -- S&P takes a more favorable view of Snap's business, which could occur over the next year if it accelerates advertising revenue growth and continues growing revenue from its subscription offerings, with EBITDA margins improving above 15%; or -- The company reduces leverage below 3.5x on an S&P Global Ratings-adjusted gross basis. SONSHINE REAL: Seeks to Tap Pioletti Pioletti & Nichols as Counsel ------------------------------------------------------------------ Sonshine Real Estate Investments LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to hire Pioletti Pioletti & Nichols as its counsel. The firm will render these services: a. give Debtor legal advice with respect to its rights, powers and duties as Debtor-In-Possession in connection with the administration of its bankruptcy estate and the disposition of its property; b. take such action as may be necessary with respect to claims that may be asserted against the Debtor and property of its estate; c. prepare applications, motions, complaints, orders and other legal documents as may be necessary in connection with the appropriate administration of this case; d. represent Debtor with respect to inquiries and negotiations concerning creditors of its estate and property; e. initiate, defend or otherwise participate on behalf of Debtor in all proceedings before this Court or any other court of competent jurisdiction; and f. perform any and all other legal services on behalf of Debtor which may be required to aid in the proper administration of its bankruptcy estate. The firm will charge $300 per hour for legal services. Prior to the date of filing these proceedings, the Debtor paid the attorney the $1,738 court filing fee and a $3,262 retainer. The firm will also seek reimbursement for out-of-pocket expenses. Joe Pioletti, Esq., a partner at Pioletti Pioletti & Nichols, 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: Joe Pioletti, Esq. Pioletti Pioletti & Nichols 107 E Eureka Ave., Suite 1 Eureka, IL 61530 Telephone: (309) 467-3213 Email: joe@piolettilaw.com About Sonshine Real Estate Investments LLC Sonshine Real Estate Investments LLC is engaged in real estate investment, acquisition, and property management activities. The company sought Chapter 11 protection under Bankr. Case No. 26-42065. In its bankruptcy schedules, Sonshine Real Estate Investments LLC disclosed estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is being administered in the Eastern District of Missouri bankruptcy court. The Debtor is represented by Joe Pioletti, Esq. of Pioletti Pioletti & Nichols. SPANISH BROADCASTING: June 25 Plan Confirmation Hearing Set ----------------------------------------------------------- On May 11, 2026 (the "Petition Date"), Spanish Broadcasting System, Inc. and its debtor affiliates, as debtors and debtors in possession (collectively, the "Debtors"), each commenced a case under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Court"). On the Petition Date, the Debtors filed the Joint Prepackaged Chapter 11 Plan of Reorganization of Spanish Broadcasting System, Inc. and Its Debtor Affiliates, dated as of May 11, 2026 (as it may be amended, supplemented, or modified from time to time, the "Plan"), and a disclosure statement for the Plan, dated as of May 11, 2026 (as it may be amended, supplemented, or modified from time to time, the "Disclosure Statement") pursuant to sections 1125 and 1126(b) of the Bankruptcy Code. Copies of the Plan and Disclosure Statement may be obtained free of charge by visiting the website maintained by the Claims and Noticing Agent, Kroll Restructuring Administration, LLC, at https://cases.ra.kroll.com/SBS. Copies of the Plan and Disclosure Statement may also be obtained by calling (888) 411-8178 (USA/Canada Toll-Free) or (332) 230-1128 (International). Information Regarding the Plan On May 11, 2026, prior to the filing of the chapter 11 petitions, the Debtors commenced solicitation of votes to accept the Plan from the holders of record, as of May 7, 2026 (the "Voting Record Date"), of Claims in Class 2 (Existing Notes Claims) (the "Voting Class") via physical and/or electronic mail. Following the Petition Date, the Debtors intend to continue solicitation of votes to accept the Plan from holders of Claims in the Voting Class. Only Holders of Claims in Class 2 are entitled to vote to accept or reject the Plan. All other Classes of Claims and Interests are either presumed to accept or deemed to reject the Plan and, therefore, are not entitled to vote. The deadline for the submission of votes to accept or reject the Plan is June 18, 2026, at 5:00 p.m. (Prevailing Eastern Time). A combined hearing to consider compliance with the Bankruptcy Code's disclosure requirements and any objections thereto and to consider confirmation of the Plan and any objections thereto will be held before the Honorable Brendan L. Shannon, United States Bankruptcy Judge, at the United States Bankruptcy Court for the District of Delaware, 824 North Market Street, 6th Floor, Courtroom #1, Wilmington, Delaware 19801, on June 25, 2026, at 10:00 a.m. (Prevailing Eastern Time) (the "Combined Hearing"). The Combined Hearing may be adjourned from time to time without further notice other than by filing a notice on the Court's docket indicating such adjournment and/or an announcement of the adjourned date or dates at the Combined Hearing. The adjourned date or dates will be available on the electronic case filing docket and the Claims and Noticing Agent's website at https://cases.ra.kroll.com/SBS. The deadline for filing objections to the adequacy of the Disclosure Statement or confirmation of the Plan is June 18, 2026, at 4:00 p.m. (Prevailing Eastern Time)(the "Objection Deadline"). Any objections to adequacy of the Disclosure Statement and confirmation of the Plan must: (a) be in writing, (b) comply with the Bankruptcy Code, the Bankruptcy Rules, and the Bankruptcy 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 Plan that would resolve such objections be filed with the Court, together with proof of service, and (e) be filed with this Court with proof of service thereof and served upon the following parties so as to be actually received by the Objection Deadline: (a) the Debtors, Spanish Broadcasting System, Inc., 7007 NW 77th Ave., Miami, Florida 33166, Attn: Richard D. Lara (rlara@sbscorporate.com); (b) proposed counsel to the Debtors, Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York 10004, Attn: Jennifer L. Rodburg (jennifer.rodburg@friedfrank.com); (c) proposed co-counsel to the Debtors, Morris, Nichols, Arsht & Tunnell LLP. 1201 N. Market Street, 16th Floor, Wilmington, Delaware 19801, Attn: Robert J. Dehney, Sr. (rdehney@morrisnichols.com); (d) counsel to the Ad Hoc Committee, Milbank LLP, 55 Hudson Yards, New York, New York 10001, Attn: Adam Moses (amoses@milbank.com), Michael Price (mprice@milbank.com), Andrew Harmeyer (aharmeyer@milbank.com); and (e) counsel to the Office of the United States Trustee, 844 N King St. #2207, Wilmington, Delaware 19801, Attn: Jane M. Leamy (jane.m.leamy@usdoj.gov). UNLESS AN OBJECTION IS TIMELY FILED AND SERVED IN ACCORDANCE WITH THIS NOTICE (THIS "COMBINED NOTICE"), IT MAY NOT BE CONSIDERED BY THE COURT. If you have questions about this Combined Notice, please contact Kroll Restructuring Administration LLC. Telephone: (888) 411-8178 (US and Canada Toll-Free) or (332) 230-1128 (International) Email: SBSInfo@ra.kroll.com Website: https://cases.ra.kroll.com/SBS Non-Voting Status of Holders of Certain Claims and Interests Certain holders of Claims and Interests are not entitled to vote on the Plan. As a result, such parties did not receive any Ballots or other related solicitation materials to vote on the Plan. The holders of Claims in Class 1 (Other Priority Claims), Class 3 (Other Secured Claims), and Class 4 (General Unsecured Claims), are Unimpaired under the Plan and, therefore, are presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Holders of Claims and Interests in Class 5 (Intercompany Claims) and Class 6 (Intercompany Interests) are either Unimpaired or not expected to receive any recovery on account of their Claims or Interests (as applicable) and, therefore, are either presumed to accept or deemed to reject the Plan (as applicable). Holders of Interests in Class 7 (Issuer Preferred Equity Interests), Class 8 (Issuer Common Equity Interests), and Class 9 (Section 510(b) Claims against Issuer) are Impaired, will receive no distributions under the Plan and, therefore, are conclusively deemed to have rejected the Plan pursuant to section 1126(g) of the Bankruptcy Code. Upon request, the Claims and Noticing Agent will provide you, free of charge, with copies of the Plan, the Disclosure Statement, and this Combined Notice. Important Information Regarding the Discharges, Injunctions, Exculpations, and Release If you (i) vote to accept the Plan, or (ii) affirmatively opt into the releases provided by the Plan, you shall be deemed to have consented to the releases contained in Article IX of the Plan. YOU ARE ADVISED AND ENCOURAGED TO CAREFULLY REVIEW AND CONSIDER THE PLAN, INCLUDING THE RELEASE, EXCULPATION, AND INJUNCTION PROVISIONS, AS YOUR RIGHTS MAY BE AFFECTED. Section 341(a) Meeting A meeting of creditors pursuant to section 341(a) of the Bankruptcy Code (the "341 Meeting") has been deferred. The 341 Meeting will not be convened if the Plan is confirmed and becomes effective by September 25, 2026, or such later date as may be ordered by the Court. If the 341 Meeting will be convened, the Debtors will file, serve on the parties on whom it served this Combined Notice and any other parties entitled to notice pursuant to the Bankruptcy Rules, and post on the website at https://cases.ra.kroll.com/SBS not less than 21 days before the date scheduled for such meeting, a notice of, among other things, the date, time, and place of the 341 Meeting. UNLESS AN OBJECTION IS TIMELY FILED AND SERVED IN ACCORDANCE WITH THIS COMBINED NOTICE, IT MAY NOT BE CONSIDERED BY THE BANKRUPTCY COURT. About Spanish Broadcasting System Spanish Broadcasting System Inc. operates Spanish-language radio stations and media properties serving Hispanic communities across the U.S. and Puerto Rico. The company's business includes radio broadcasting, digital advertising, music programming and live entertainment initiatives. Through its portfolio of stations and online brands, the company delivers music, news, talk and cultural programming tailored to Latino listeners. Spanish Broadcasting System sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10708) on May 11, 2026. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Robert J. Dehney, of Morris, Nichols, Arsht & Tunnell. Fried, Frank, Harris, Shriver & Jacobson LLP was retained as general bankruptcy counsel, while GLC Advisors & Company is serving as investment banker. Financial advisory and chief restructuring officer duties are being handled by Riveron Management Services LLC and Jesse York, and Kroll Restructuring Administration LLC is serving as claims agent. SPECTRUM BRANDS: S&P Affirms 'B+' ICR on Oaktree Joint Venture -------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on Spectrum Brands Holdings Inc. because it continues to expect S&P Global Ratings-adjusted leverage sustained below 4x. Additionally, its rating incorporates uncertainty surrounding the separation of HPC. S&P said, "We also affirmed the 'BB' issue-level rating on Spectrum's senior secured revolving credit facility. The recovery rating of '1' is unchanged, reflecting our expectation for substantial (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. "We also affirmed the 'B+' issue-level ratings on its senior unsecured notes, although we revised the recovery rating to '4' from '3', indicating our expectation for average recovery (30%-50%; rounded estimate 30%) in the event of a payment default due to the loss of collateral from the HPC assets. "The stable outlook reflects our expectation that Spectrum will reduce its S&P Global Ratings-adjusted leverage to the mid-2x area in 2026. It also reflects our view that a sale of HPC is unlikely over the next 12 months." Spectrum recently entered into a joint venture (JV) agreement with Oaktree Capital Management L.P. involving its home and personal care (HPC) business for $127 million. Spectrum will retain a 73% ownership stake and control of the JV, with Oaktree owning the remaining 27%; as a result, HPC will continue to be fully consolidated in Spectrum's financials. However, HPC will no longer guarantee or provide collateral support for Spectrum's debt, and Spectrum does not guarantee the HPC JV borrower's obligations. Pro forma, Spectrum's S&P Global Ratings-adjusted leverage will increase to 2.9x from 2.5x for the last 12 months ended March 31, 2026, due to Oaktree's $67 million convertible preferred equity investment and a $60 million first-lien term loan, which S&P includes in Spectrum's S&P Global Ratings-adjusted debt. Spectrum's credit metrics will weaken following the transaction but remain within the bounds of the rating. Spectrum's S&P Global Ratings-adjusted pro forma leverage will weaken to 2.9x from 2.5x as of March 31, 2026, reflecting incremental debt at the JV, including a $67 million convertible preferred equity hybrid instrument and a $60 million first-lien term loan. Spectrum will receive net proceeds of about $122 million, which will increase its balance sheet cash, as we don't anticipate that Spectrum will use proceeds for debt repayment. S&P said, "Strategically, we view the JV as both a platform for additional household and personal care acquisitions and a first step toward exiting HPC, which Spectrum has been exploring since 2024. We treat the convertible preferred stock as debt-like. In our view, Spectrum was likely unable to execute an outright sale given HPC's weak operating performance, structurally low margins, and limited brand equity. "We now forecast S&P Global Ratings-adjusted leverage of 2.6x in the fiscal year ending Sept. 30, 2026, and 2.4x in fiscal 2027, versus our prior expectation in the low-2x area. While Spectrum's 73% retained HPC ownership will likely continue to weigh on near-term performance, we expect leverage to decline over time, supported by EBITDA growth in global pet care (GPC) and home and garden (H&G). "A sale of Spectrum's majority stake in HPC is unlikely over the next 12 months, in our view. Our rating incorporates a negative one-notch comparable rating analysis modifier reflecting the uncertainty surrounding a potential separation of HPC. Ultimately, we think it remains Spectrum's intention to divest HPC and become a pure-play pet and home and garden company. However, we believe it will take time for Spectrum to sell HPC because of its weak operating performance, which we expect to persist over the next year because of higher inflation and weak discretionary spending. Furthermore, performance could be weaker than expected if supply chain disruptions arise or if consumer sentiment weakens as a result of the war in the Middle East, particularly in international markets, where HPC generates more than half of its revenue. "We expect growth in GPC and H&G to offset continued weakness in HPC in fiscal 2026, leading to stable EBITDA and free operating cash flow (FOCF). We forecast Spectrum's S&P Global Ratings-adjusted EBITDA to be relatively in line with fiscal 2025. "Our forecast reflects high-single-digit percent sales growth at GPC and low-single-digit percent sales growth at H&G, offset by high-single-digit percent declines at HPC. It also reflects modest gross margin expansion due to lower tariffs, offsetting higher input costs due to inflation, and modestly higher operating expenses to support future growth. We forecast reported FOCF of about $143 million in fiscal 2026 compared with $165 million in fiscal 2025 due to elevated capital expenditure (capex). "Furthermore, we expect share repurchases to moderate relative to historically high levels. Through the first half of fiscal 2026, Spectrum repurchased only $42 million shares compared with $233 million the prior year. Therefore, we forecast positive discretionary cash flow in fiscal 2026. We think Spectrum wants to conserve cash for potential future bolt-on mergers and acquisitions (M&A) in core pet care and home and garden categories, given total pro forma liquidity of about $720 million. Ultimatley though, Spectrum could transact significant debt-financed share repurchases or M&A. "The stable outlook reflects our expectation that Spectrum will reduce its S&P Global Ratings-adjusted leverage to the mid-2x area in 2026. It also reflects our view that a sale of HPC is unlikely over the next 12 months. "We could lower our rating on Spectrum if its operating performance declines such that it sustains S&P Global Ratings-adjusted leverage above 4x." This could occur if: -- Demand weakens across Spectrum's core categories due to intensifying competition or greater macroeconomic uncertainty; -- Profitability is pressured due to input cost inflation, tariffs, or supply chain disruptions; -- Spectrum faces difficulty separating the HPC business, leading to elevated restructuring and other one-time costs; or -- Financial policy becomes more aggressive, including debt-financed M&A, elevated shareholder returns, or a reduced commitment to leverage reduction. S&P could raise its rating on Spectrum if: -- S&P gains greater visibility into the medium-term business prospects related to the potential divestiture of its HPC business and its M&A strategy; and -- The company commits to less aggressive financial policies, such that we believe it will sustain S&P Global Ratings-adjusted leverage below 4x. SPIRITS OF THE USA: John Whaley Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley of John T. Whaley, CPA, LLC as Subchapter V trustee for Spirits of the USA, LLC. Mr. Whaley will be paid an hourly fee of $440 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA JOHN T. WHALEY, CPA, LLC P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Spirits of the USA LLC Spirits of the USA LLC is an American distillery company that produces the Legends family of spirits, including bourbon, vodka, gin, and tequila products. It operates from Cumming, Georgia, where it opened a large-scale distillery and tasting facility in 2020. Spirits of the USA sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20785) on May 15, 2026. In its petition, the Debtor reported between $500,000 and $1 million in assets against liabilities estimated at $1 million to $10 million. Honorable Bankruptcy Judge James R. Sacca handles the case. SPORTS LEADERSHIP 2026A-B: S&P Assigns 'BB+' Rating on Rev. Bonds ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' long-term rating to the Public Finance Authority, Nevada's $49.7 million series 2026A (tax-exempt) and $420,000 series 2026B (taxable) charter school revenue bonds, issued for Sports Leadership and Management Academy of Nevada (SLAM). The outlook is stable. S&P said, "We analyzed environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation that SLAM will maintain its healthy market position and continue to increase enrollment in line with projections, while generating positive operating margins, sufficient lease-adjusted MADS coverage, and a liquidity position consistent with the rating. "We could take a negative rating action if enrollment or demand unexpectedly deteriorates, or if financial performance weakens, leading to a trend of lower lease-adjusted MADS coverage or liquidity. We could also lower the rating if the school issues additional debt that pressures financial metrics. "We could consider a positive rating action should SLAM demonstrate a trend of improvement in its financial metrics, producing stronger lease-adjusted MADS coverage and liquidity consistent with that of higher-rated peers and medians, while successfully managing the balloon payment on the series 2026 bonds and maintaining its healthy enrollment and demand profile." STOLI GROUP: Kentucky Owl's Trustee Gets OK to Use Cash Collateral ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, entered an agreed final order authorizing Claudia Springer, the Chapter 11 trustee for Kentucky Owl, LLC, to use the cash collateral of Fifth Third Bank, N.A. Kentucky Owl is a debtor-affiliate of Stoli Group (USA), LLC. The final approval followed arm's-length negotiations between the trustee and lender and found that the arrangement was fair, reasonable, and in the best interests of the estate and creditors. The lender consented to the use of cash collateral in accordance with a court-approved operating budget and related conditions. Under the order, the trustee is authorized to use cash collateral only through the designated termination date and solely under the approved budget. The trustee is prohibited from using cash collateral for purposes outside the approved terms without lender consent. The lender may transfer funds to support approved operating expenses and professional fees, while retaining rights to periodically apply excess cash above an agreed operating cushion toward repayment of pre-petition debt after providing notice. All cash collateral proceeds, including inventory sales and account collections, must be deposited into Kentucky Owl's account at Fifth Third Bank. As adequate protection, Fifth Third Bank retained and received additional protections for any decline in the value of its collateral. The lender remains entitled to protection of its interests set forth in the court's final cash collateral order. As additional protection, any sale or disposition of the collateral by the trustee must be for cash consideration, unless the lender agrees otherwise, and must occur on terms acceptable to the lender until the pre-petition debt is paid in full. Upon a termination event, the lender may obtain relief from the automatic stay after notice and exercise remedies against collateral while requiring turnover of cash collateral, subject to certain authorized post-termination uses. The order also created a carveout for trustee compensation, U.S. Trustee fees, court fees, and approved professional fees, including up to $100,000 in post-termination professional fees. The carveout has priority over the lender's claims to ensure payment of essential administrative expenses. A copy of the court's order and the budget is available at https://shorturl.at/tZizU from PacerMonitor.com. About Stoli Group (USA) LLC Stoli Group (USA), LLC is a producer, manager, and distributor of a global portfolio of spirits and wines. Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions (Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At the time of the filing, Stoli Group (USA) reported $100 million to $500 million in assets and $10 million to $50 million in liabilities while Kentucky Owl reported $50 million to $100 million in assets and $50,000,001 to $100 million in liabilities. Judge Scott W. Everett handles the cases. William R. Patterson and Claudia Z. Springer serve as Chapter 11 trustees for Stoli Group (USA) and Kentucky Owl, respectively. Mr. Patterson tapped Thompson Coburn, LLP as bankruptcy counsel; and HMP Advisory Holdings, LLC (doing business as Harney Partners) as financial advisor. Ms. Springer tapped Hughes Hubbard & Reed, LLP as bankruptcy counsel; Ferguson Braswell Fraser Kubasta, PC as local counsel; NOVO Advisors, LLC as accountant and financial advisor; and Stretto, Inc. as claims agent. Fifth Third Bank, N.A., as lender, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 brent.mcilwain@hklaw.com chris.bailey@hklaw.com -- and -- Jeremy M. Downs, Esq. Steven J. Wickman, Esq. Goldberg Kohn, Ltd. 55 East Monroe Street, Suite 3300 Chicago, IL 60603 Telephone: 312.201.4000 jeremy.downs@goldbergkohn.com steven.wickman@goldbergkohn.com SUBTERRA ENERGY: S&P Assigns Prelim 'BB-' Rating on Secured Debt ---------------------------------------------------------------- S&P Global Ratings assigned its preliminary 'BB-' rating and '3' recovery rating to Subterra Energy Borrower LLC 's (SEB or the project) senior secured $325 million term loan B (TLB). The '3' recovery rating indicates S&P's expectation for substantial (50%-70%; rounded estimate: 50%) recovery in a default scenario. The project will use proceeds from the TLB to partially pay for I Squared Capital's acquisition of Spire Inc.'s (Spire) natural gas storage assets in Oklahoma and Wyoming. The total acquisition price is $650 million. S&P said, "Based on our view of industry factors and market-driven variables, such as natural gas storage demand as well as seasonal spread and commodity pricing, we forecast a minimum debt service coverage ratio (DSCR) of 1.82x and a median DSCR of 2.04x for SEB (including the post-refinancing period). "The stable outlook reflects our expectation that SEB will generate at least a minimum DSCR of 1.82x through the project's life, which includes the post-refinancing period (2033-2045)." SEB is a natural gas storage platform composed of Storage West and Salt Plains, with 34 billion cubic feet (Bcf) of current working gas capacity, ramping to 46 Bcf run-rate capacity across key Western, Rockies, and Mid-Continent markets. Currently, Storage West and Salt Plains own and operate 23 Bcf and 11 Bcf of natural gas storage assets in Wyoming and Oklahoma, respectively. Storage West connects to five pipelines and Salt Plains connects to two, supporting access to multiple end markets. Post transaction, the project will be fully owned by I Squared Capital. I Squared Capital will acquire SEB, using the TLB to fund the acquisition. In April 2026, Spire signed a definitive agreement to divest its storage assets to I Squared Capital for total consideration of $650 million. This portfolio includes two assets: Storage West, which operates 23 Bcf across the Clear Creek and Ryckman Creek fields in Wyoming; and Salt Plains, which operates 11 Bcf in north-central Oklahoma. The $325 million TLB will be raised to partially fund the acquisition, with the remainder funded through equity contributions. The project will also establish a $50 million revolving credit facility. Storage West and Salt Plains are relatively small compared with other storage operators in the U.S., which limits their ability to withstand significant market shifts and reduces opportunities for geographic arbitrage and economies of scale. However, connectivity to multiple pipelines in a market with limited competition partially offsets this lack of scale. In addition, total capacity is expected to increase to 46 Bcf by 2029, primarily spurred by the expansion of Storage West. Performance has improved over the past three years due to higher contracted rates and increased capacity. Since 2023, the financial performance of Storage West and Salt Plains has strengthened as a result of higher recontracting rates and the capacity expansion at Clear Creek. The assets generate three revenue streams: FSS, optimization, and miscellaneous services, which comprised 75%, 20%, and 5% of revenue over the past three years, respectively. FSS consists of take-or-pay contracts with utilities and marketers in the servicing markets. The average contract duration is approximately 50 months for Storage West and 41 months for Salt Plains. Optimization revenue typically stems from short-term park-and-loan contracts and wheeling services. Both assets' contracting rates have increased. Growing intermittent demand for natural gas provides a tailwind for the storage market, as LNG exporters, power generators, and pipeline operators bid up prices for flexible injection and withdrawal capacity. Storage West and Salt Plains have benefited from this trend with increased FSS rates. Spire acquired Salt Plains Storage from Rockpoint Gas Storage in 2023, adding 10,000 MMcf to its portfolio. In 2024, Spire placed the Clear Creek expansion facilities in service and completed an open season for the expanded capacity, increasing Storage West's capacity to 23,000 MMcf from 14,000 MMcf. In 2025, Spire completed the Clear Creek expansion and began operations to ramp up utilization. Due to improved contracted rates, greater capacity, and higher utilization, reported EBITDA for Storage West and Salt Plains rose to $68 million in 2025 from $11 million in 2023. S&P said, "We expect moderate cash flow visibility in the near-to-medium term from FSS contracts, supported by recent market dynamics. Both assets have a robust historical re-contracting rate of almost 100%. Given the increased need for flexible natural gas facilities driven by data centers and LNG demand, we expect recontracting will continue at similar rates, providing cash flow visibility into the early 2030s. "In the long term, we believe gas storage assets will remain essential due to renewable energy penetration and the necessity of natural gas for grid reliability. We expect the project will maintain a DSCR above 1.82x, including the refinancing phase. Due to the volatility of the gas storage market, seasonal spreads, and the expected development of battery storage, we have assumed that FSS rates will eventually revert to historical averages. "Based solely on the draft credit agreement, we applied a one-notch downward adjustment to the preliminary stand-alone credit profile (SACP) to reflect structural protection weaknesses. The project may increase indebtedness through specific baskets, subject to individual limits. Some baskets are not subject to rating affirmations; for those that are, the affirmation of at least one rating agency regarding such incremental debt will suffice. Investments in foreign subsidiaries and similar businesses are permitted up to a specific percentage of EBITDA, although these investments are required to be funded by cash flows remaining after cash flow sweeps. Furthermore, net proceeds from the general asset sale basket (up to $20 million) will not be paid to the TLB lenders. We believe these conditions regarding asset sales, additions, and further debt represent a weakness in structural protection, and have therefore applied a negative notch. "The stable outlook reflects our expectations that SEB's DSCRs will remain above 1.82x throughout the asset life. "We could consider a negative rating action if the project is unable to sustain DSCRs above 1.80x or if its ability to withstand adverse economic and operating conditions weakens." This could stem from: -- Recontracting rates and volumes are meaningfully lower than S&P expects, which could be a result of changes in market and weather conditions; -- Optimization and other ancillary revenues are meaningfully lower than expected; -- The project experiences technical challenges that prevent it from operating efficiently; or -- The project takes on additional debt. S&P said, "Although unlikely, we would consider a positive rating action if we believe the project will achieve a minimum DSCR of at least 2.50x throughout the life of the debt, including the post-refinancing period (2033-2045). We would expect this to occur via meaningful increases in debt paydown if the project's contracting profile improves significantly, combined with favorable market and weather conditions." This would result in higher cash flow available for debt service, leading to a lower-than-anticipated TLB balance at maturity. SUPERNOVA MANAGEMENT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ SuperNova Management, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. Under the interim order, the Debtors are authorized to use cash collateral for ordinary-course operating expenses in accordance with the budget through the final hearing. As adequate protection, lenders holding valid liens on the Debtors' collateral retain the same liens, encumbrances, and security interests in post-petition cash collateral and its proceeds, products, accounts, and profits as existed before the bankruptcy filing. Upon request, the Debtors must provide lenders with reconciliations of budgeted amounts and updated revenue and expense projections before the final hearing. The Debtors are required to maintain full insurance coverage on lender collateral consistent with historical practices and provide copies of insurance policies upon request. They must also keep lender collateral free from post-petition liens or encumbrances, except for claims such as accruing taxes, though they retain the right to seek additional financing under Bankruptcy Code section 364. The adequate protection liens are subordinate to a carveout covering court clerk fees, U.S. Trustee fees, and court-approved professional fees for Debtors' counsel. All lender rights under loan agreements, non-bankruptcy law, and the Bankruptcy Code are expressly preserved. The court scheduled a final hearing for June 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PyNUB from PacerMonitor.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. TEADS HOLDING: Three Key Proposals Passed at 2026 Annual Meeting ---------------------------------------------------------------- Teads Holding Co. announced in a regulatory filing the final voting results from its 2026 Annual Meeting of Stockholders. At the Annual Meeting, stockholders voted on the following matters: Proposal 1: Election of Directors To elect Dexter Goei, Yaffa Krindel, Mark Mullen, and Arne Wolter as Class II directors of the Company to serve for a three-year term until the 2029 Annual Meeting of Stockholders and until the director's successor has been duly elected and qualified: (a) Dexter Goei: * For: 66,203,787 * Withhold: 6,229,369 * Broker Non-Votes: 12,464,010 (b) Yaffa Krindel: * For: 66,084,710 * Withhold: 6,348,446 * Broker Non-Votes: 12,464,010 (c) Mark Mullen: * For: 66,205,225 * Withhold: 6,227,931 * Broker Non-Votes: 12,464,010 (d) Arne Wolter: * For: 64,825,702 * Withhold: 7,607,454 * Broker Non-Votes: 12,464,010 Proposal 2: Non-Binding Advisory Vote on the Compensation of our Named Executive Officers To approve, on an advisory basis, the compensation of our named executive officers, described in the proxy statement: * For: 64,163,830 * Against: 8,225,154 * Abstain: 44,172 * Broker Non-Votes: 12,464,010 Proposal 3: Non-Binding Advisory Vote on the Frequency of Future Advisory Votes on the Compensation of our Named Executive Officers To cast an advisory vote on the frequency of future advisory votes on the compensation of our named executive officers: * 1 Year: 72,126,473 * 2 Years: 28,848 * 3 Years: 262,992 * Abstain: 14,843 * Broker Non-Votes: 12,464,010 Based on the outcome of this vote, which was consistent with the recommendation of the Company's Board of Directors, the Company will hold an advisory vote on the compensation of its named executive officers on an annual basis until the next vote on the frequency of holding such advisory votes. About Teads Teads Holding Co. (f/k/a. Outbrain Inc.) and TEADS combined on February 3, 2025. The combined company has been operating under the new Teads brand and the corporate name was changed from Outbrain Inc. to Teads Holding Co. (Nasdaq: TEAD) on June 6, 2025. Teads is the omnichannel outcomes platform for the Open Internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes for branding and performance objectives, Teads drives value with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 30+ countries. As of March 31, 2026, the Company had $1,201,762,000 in total assets, $1,151,503,000 in total liabilities, and $50,259,000 in total stockholders' equity. * * * In November 2025, Fitch Ratings has downgraded Teads Holding Co. and OT Midco. Inc.'s (collectively, Teads) Company Default Rating (IDR) to 'CCC+' from 'BB-'. Fitch has also downgraded the senior secured instruments to 'CCC+' with a Recovery Rating of 'RR4'. The downgrade reflects delays in successful merger integration, which prevented Teads from achieving its projected EBITDA of $180 million for 2025. Consequently, the company's financial risk profile has materially deteriorated. The downgrade also reflects the possibility that the company may not be able to realize substantial revenue growth and cost optimization in 2026, which could delay deleveraging prospects and result in further negative rating actions. TEMSCO INC: Gets Final OK to Use Cash Collateral ------------------------------------------------ Temsco, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral to pay the expenses set forth in its monthly budget (plus 15% per line item and 15% overall). The Debtor's cash collateral consists of funds that may be subject to security interests held by the Internal Revenue Service and Advantage Leasing Corporation, both of which claim liens on its cash and accounts receivable. As adequate protection for any diminution in value of their collateral, both lenders will be granted replacement liens on and security interests on post-petition assets of the Debtor co-extensive with their pre-petition liens. The court also addressed adequate protection for Advantage Leasing Corporation. Beginning this month, the Debtor must make monthly adequate protection payments of $2,970 until confirmation, dismissal, or conversion of the Chapter 11 case. The order is available at https://shorturl.at/ylxZP from PacerMonitor.com. Advantage Leasing is represented by: Mark W. Stout, Esq. Owen C. Babcock, Esq. Jessica N. Alt, Esq. Padfield & Stout, LLP 100 Throckmorton Street, Suite 700 Fort Worth, TX 76102 Phone: 817-338-1616 Fax: 817-338-1610 abp@padfieldstout.com obabcock@padfieldstout.com jalt@padfieldstout.com About Temsco Inc. Temsco, Inc. is a Texas-based corporation that provides energy management solutions for commercial buildings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 26-41319) on April 15, 2026. In the petition signed by Mitchell Cook, president, the Debtor disclosed up to $10 million in both assets and liabilities. Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC, represents the Debtor as legal counsel. TPI COMPOSITES: Court Confirms Second Amended Joint Chapter 11 Plan ------------------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, approved the Disclosure Statement and confirmed the Second Amended Joint Chapter 11 Plan of TPI Mexico V, LLC and TPI Mexico VI, LLC. The Disclosure Statement is approved on a final basis as having adequate information as contemplated by section 1125(a)(1) of the Bankruptcy Code. The Plan and each of its provisions, including the Sale Transaction and all other transactions contemplated thereby, are confirmed pursuant to section 1129 of the Bankruptcy Code. Any objections to final approval of the Disclosure Statement or confirmation of the Plan have been settled, withdrawn, resolved, or overruled on the merits by this Court. As shared by the Troubled Company Reporter, the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, permitted TPI Composites Inc. to sell Property, free and clear of all liens, claims, interests, and encumbrances. The Debtors are wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. The Debtor sought approval for the sale of certain Transferred Assets of a Debtor, including the assignment of Finished Goods Inventory and accounts Receivables by APAC II. The Court authorized the Debtor to sell the Property to Vestas Wind Technology India Private Limited. A copy of the Court's Findings of Fact, Conclusions of Law and Order dated May 21, 2026, is available at https://urlcurt.com/u?l=5x3oDd from PacerMonitor.com. About TPI Composites, Inc. TPI Composites, Inc., is a global company focused on innovative and sustainable solutions to decarbonize and electrify the world. TPI delivers high-quality, cost-effective composite solutions through long-term relationships with leading OEMs in the wind markets. TPI is headquartered in Scottsdale, Arizona and operates factories in the U.S., Mexico, Turkiye and India. TPI operates additional engineering development centers in Denmark and Germany and global service training centers in the U.S. and Spain. On August 11, 2025, TPI Composites, Inc., and several subsidiaries sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-34655). TPI disclosed $591,709,000 in total assets against $1,077,146,000 in total debt as of June 30, 2025. The Hon. Christopher M Lopez is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, Jefferies LLC. is serving as financial advisor, and Alvarez & Marsal North America, LLC is serving as restructuring advisor to TPI. Kroll is the claims agent. Sullivan & Cromwell LLP and Moelis & Company are serving as advisors to senior secured lenders. The official committee of unsecured creditors tapped Lowenstein Sandler LLP as counsel, Munsch Hardt Kopf & Harr, P.C. as co-counsel., and Berkeley Research Group, LLC, as its financial advisor. TRILON GROUP: S&P Assigns 'B-' ICR on Proposed Refinancing ---------------------------------------------------------- S&P Global Ratings is assigning a 'B-' issuer credit rating to Trilon Group LLC, a U.S.-based infrastructure design and consulting services provider. Trilon plans to issue a new $1.125 billion first-lien term loan B, $100 million delayed draw term loan (undrawn at close), and $275 million revolving credit facility, and use proceeds to fund its existing debt. S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to the proposed first-lien term loan (the other debt is not rated), indicating meaningful recovery (50%-70%; rounded estimate: 60%) in its simulated default scenario. The stable outlook reflects S&P's view that credit metrics will remain commensurate for the rating in 2026 and 2027 as Trilon executes on projects in its backlog. S&P said, "The rating reflects the company's modest scale, leverage that we expect to remain high due to future acquisitions, and limited track record as a consolidated entity. Trilon caters to end markets with favorable growth prospects, though it has a modest scale of operations as a design and consulting services provider within the broader engineering and construction (E&C) sector. Its backlog was nearly $1.5 billion as of the end of the first quarter, which provides good near-term visibility for earnings. However, its gross revenues are at the lower end of the range of rated U.S.-based E&C issuers. In our view, Trilon's scale, scope, and diversity ranks behind that of AECOM (BB+/Stable/--) and TIC Solutions Inc. (B/Stable/--), and modestly stronger than Geosyntec Consultants Inc. (B-/Stable/--). "We view the company's consolidated track record as limited (it was formed in 2022) despite brand ages of certain partner firms exceeding 50 years. Its S&P Global Ratings-adjusted leverage was above 6.5x for the last three years, in which it generated meaningfully positive free operating cash flow (FOCF) for only one, in 2025. "We forecast leverage will rise above 7x (inclusive of transaction expenses) in 2026, with minimal FOCF generation. We estimate improvement to around 6x in 2027, with FOCF rebounding to $65 million-$75 million. However, we expect the company to deploy excess cash generation toward acquisitions. The company has a fully integrated back-office system that should assist with future integrations--it made acquisitions of nearly $150 million on average over the past two years. That said, we believe the company is highly sensitive to unexpected integration issues from prospective acquisitions that we expect through at least 2030 due to its relatively high debt levels and modest earnings base." Competition within the highly fragmented E&C sector and a constrained U.S. engineering labor market temper growth prospects. Trilon benefits from favorable exposure to well-funded U.S. transportation and water infrastructure projects. Amid a landscape of aging assets and significant capital deployment, the demand for infrastructure improvements remains robust. However, the highly fragmented nature of the E&C sector drives intense competition from regional, national and global peers and limits pricing power. S&P expects total revenue to grow 20%–25% in 2026 and 2027, driven by mid-single-digit organic growth and supplemented by acquisitions. S&P Global Ratings-adjusted EBITDA margins are projected to be in the low-teens in 2026 (calculated based on gross revenue), improving to the mid-teens percent area in 2027 as transaction expenses roll-off and Trilon benefits from marginal productivity improvement. The company has some customer entrenchment, evidenced by an 80% historical contract win rate and repeat business, including over 100 active engagements with certain clients. While customer-specific pre-qualification requirements are barriers to entry, we consider these protections are less relevant against larger-scale peers with established service offerings and similar access to skilled labor. Trilon has long-standing relationships with certain customers, which provides a degree of repeatable business. However, its ability to grow market share may be limited due to customer interests to maintain a diverse contracting base. Trilon faces additional operational challenges from a highly competitive U.S. engineering labor market. Limited availability of skilled engineers creates the risk of wage inflation and may constrain expansion into new markets. To remain an attractive employer, the company intends to maintain utilization levels of approximately 70%. S&P believes this strategy for stable utilization could limit margin expansion and, consequently, constrain the cash flow growth available to reduce leverage or fund strategic acquisitions. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA will remain well above 5x given Trilon's financial sponsor ownership and acquisitive growth strategy. Trilon is a roll-up of 42 acquisitions over the last five years. It has 14 regional partner firms focused on providing services across the U.S. The Aspen Forest business model highlights management's focus on developing cross-selling opportunities, and we expect it will gradually increase services provided through acquisitions. We forecast total acquisition spend of $150 million-$200 million per year, likely requiring the company to raise incremental debt to fund future acquisitions. Notwithstanding a corresponding increase in earnings, leverage will likely remain above 6x on a sustained basis. "The stable outlook reflects our view that credit metrics will remain commensurate for the rating in 2026 and 2027 as Trilon executes on projects in its backlog. We anticipate S&P Global Ratings-adjusted debt to EBITDA of low-7x in 2026, improving to around 6x in 2027." S&P could lower its ratings on Trilon if: -- The company engages in debt-funded acquisitions substantially above S&P's expectations; -- Liquidity becomes constrained; or -- S&P believes its capital structure will no longer be sustainable over the outlook horizon due to limited prospects for reducing higher leverage, even if it does not expect a near-term payment default. S&P could raise its ratings on Trilon if: -- S&P Global Ratings-adjusted debt to EBITDA improves and sustains below 6x; and -- S&P Global Ratings-adjusted FOCF to debt approaches 5%. TRINITY PUBLIC: S&P Affirms 'BB+' Rating on Electric Revenue Bonds ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' long-term rating on Trinity Public Utilities District (TPUD), California's outstanding series 2017 electric revenue bonds. The outlook is stable. S&P believes the district faces acute physical risks, which are negative within its credit rating analysis given the substantial amount of power lines and customer meters within elevated fire threat areas, the history of wildfires in the service area, and now TPUD's inability to maintain wildfire insurance. Given the electric system's inability to maintain this insurance, the district has significantly increased mitigation efforts to reduce the likelihood of a spark. TPUD has various improvements in its wildfire-mitigation plan including interphase spacers, aerial patrols, infrared inspections, disabling automatic reclosers during wildfire season, and frequent vegetation management. It is working on replacing standard fuses with non-expulsion fuses and adding radio communications with its reclosers and believes the most effective enhancement could be its work to increase rights of way to 130 feet from 20 feet to reduce tree contacts and wildfire risk, for which the district has received a grant to fund a portion of the easement project. In addition, the history of drought conditions in California can exacerbate wildfire risk. S&P said, "In our opinion, governance, risk management, culture, and oversight are also negative to credit quality given management's expectation of maintaining a low level of liquidity in the face of operational risk stemming from potential wildfires. Management's policies and procedures include a cost pass-through mechanism on TPUD's electric rates, long-term financial planning, and capital planning. We also view the district's cybersecurity practices favorably. "In our view, rate-affordability risks are low because of the district's extremely low rates, suggesting solid competitiveness. Because of the high unpredictability of federal policy--along with the economy's stressors and the associated financial pressures that consumers are facing--we are monitoring the strength and stability of utilities' revenue streams for evidence of delinquent payments or other revenue erosion. "The stable outlook reflects our expectation over the next year that the district will maintain its rate-flexibility underpinned by a low-cost, non-carbon-emitting power supply. In addition, we believe the district's new PCA mechanism will allow TPUD to maintain robust margins and FCC commensurate with recent levels within the outlook horizon, especially given lack of additional debt plans. "We could lower the rating if wildfire mitigation costs, particularly increasing the right of way to 130 feet, resulting in an increase in leverage and a decrease in FCC given that these costs are excluded from the current capital improvement plan. We could also lower the rating, potentially by multiple notches, if TPUD faces wildfire claims beyond its financial capacity, and if it is unable or unwilling to raise rates or access to external liquidity through capital markets or other sources to fund said damages. Lastly, we could lower the rating if we come to believe that chronic wildfire risk increases materially or is no longer being prudently managed. "Over the next year, we are unlikely to raise the rating because the risk from wildfire will remain considerable. Potential mitigating actions such as forest management may reduce exposure to wildfire but will require significant investment from both the state and TPUD and will require sustained effort over multiple years." TRINSEO PLC: Gibson Dunn & Howley Assist OpCo 2028 Lender Group --------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Trinseo PLC and its debtor-affiliates, Gibson, Dunn & Crutcher LLP and Howley Law PLLC filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firms represent the OpCo 2028 Ad Hoc Group of lenders. According to the Verified Statement: 1. In mid-2023, the OpCo 2028 Ad Hoc Group was formed and retained attorneys currently affiliated with Gibson, Dunn & Crutcher LLP to represent it as counsel in connection with a potential restructuring of the outstanding debt obligations of the above-captioned debtors and certain of their subsidiaries and affiliates. In May 2026, Gibson Dunn contacted Howley Law PLLC to serve as Texas co-counsel to the OpCo 2028 Ad Hoc Group. 2. Gibson Dunn and Howley represent the OpCo 2028 Ad Hoc Group, comprised of the beneficial holders or the investment advisors or managers for certain beneficial holders in their capacities as lenders or holders under: I. a Credit Agreement, dated as of September 6, 2017 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "OpCo Credit Agreement"), by and among Trinseo Luxco S.a.r.l., Trinseo Holding S.a.r.l., Trinseo Materials Finance, Inc., Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the lenders from time to time party thereto; II. an Indenture, dated as of January 17, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Super HoldCo 2L Notes Indenture"), by and among Trinseo Luxco Finance SPV S.a.r.l., Trinseo NA Finance SPV LLC, The Bank of New York Mellon, as trustee, Alter Domus (US) LLC, as collateral agent, and the holders party thereto; III. a Credit Agreement, dated as of September 8, 2023 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Super HoldCo Credit Agreement"), by and among Trinseo PLC, Trinseo NA Finance LLC, Trinseo Luxco Finance SPV S.a.r.l., Trinseo NA Finance SPV LLC, Alter Domus (US) LLC, as administrative agent and collateral agent, and the lenders from time to time party thereto; and IV. a Credit Agreement dated as of January 17, 2025 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "RCF Credit Agreement"), by and among Trinseo Luxco S.a.r.l., Trinseo Holding S.a.r.l., Trinseo Materials Finance, Inc., Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the lenders from time to time party thereto. 3. Gibson Dunn and Howley do not represent or purport to represent any other entities in connection with the Debtors’ chapter 11 cases. Gibson Dunn and Howley do not represent the OpCo 2028 Ad Hoc Group as a committee (as such term is used in the Bankruptcy Code and Bankruptcy Rules) and do not undertake to represent the interests of, and are not fiduciaries for, any creditor, party in interest, or other entity that has not signed a retention agreement with Gibson Dunn. In addition, the OpCo 2028 Ad Hoc Group does not represent or purport to represent any other entities in connection with the Debtors' chapter 11 cases. No member of the OpCo 2028 Ad Hoc Group represents the interests of, or acts as a fiduciary for, any person or entity other than itself in connection with the Debtors' chapter 11 cases, nor is any such member an insider of the Loan Parties or the Debtors. 4. Upon information and belief formed after due inquiry, Gibson Dunn and Howley do not hold any disclosable economic interests in relation to the Debtors. 5. Nothing contained in this Verified Statement is intended or shall be construed to constitute: I. a waiver or release of the rights of any of the members of the OpCo 2028 Ad Hoc Group to have any final order entered by, or other exercise of the judicial power of the United States performed by an Article III court; II. a waiver or release of the rights of any of the members of the OpCo 2028 Ad Hoc Group to have any final orders in any non-core matters entered only after de novo review by a United States District Judge; III. consent to the jurisdiction of the Court over any matter; IV. an election of remedy; V. a waiver or release of any rights that any of the members of the OpCo 2028 Ad Hoc Group may have to a jury trial; VI. a waiver or release of the right to move to withdraw the reference with respect to any matter or proceeding that may be commenced in these Chapter 11 cases against or otherwise involving any of the members of the OpCo 2028 Ad Hoc Group; or VII. a waiver or release of any other rights, claims, actions, defenses, setoffs, or recoupments to which any of the members of the OpCo 2028 Ad Hoc Group are or may be entitled under the Credit Agreement or the Indenture, in law or in equity, applicable law or under any agreement or otherwise, with all such rights, claims, actions, defenses, setoffs, or recoupments being expressly reserved in all respects. 6. The OpCo 2028 Ad Hoc Group reserves the right to amend or supplement this Verified Statement in accordance with the requirements of Bankruptcy Rule 2019 at any time in the future. 7. The information outlined is based on information provided to Gibson Dunn and Howley by the members of the OpCo 2028 Ad Hoc Group and is intended only to comply with Bankruptcy Rule 2019 and not for any other purpose. The names and addresses of each of the members of the OpCo 2028 Ad Hoc Group, together with the nature and amount of the disclosable economic interests held by each of them in relation to the Debtors, are: 1. ABRY Partners LLC 888 Boylston Street, Suite 1600 Boston MA, 02199 OpCo Credit Agreement $9,550,000.00 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 2. AGF Investments Inc. CIBC SQUARE, Tower One, 81 Bay Street, Suite 3900 Toronto, Ontario, Canada M5J 0G1 OpCo Credit Agreement $25,000,000.00 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 3. Blue Owl Liquid Credit Advisors LLC 399 Park Ave, 37th Floor, New York, NY 10022 OpCo Credit Agreement $2,567,046.16 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 4. Calamos Advisors LLC 2020 Calamos Court Naperville IL, 60563 OpCo Credit Agreement $2,921,002.46 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $1,724,804.00 Other Disclosable Economic Interests $0 5. D. E. Shaw Galvanic Portfolios, L.L.C. Two Manhattan West, 375 Ninth Avenue, 52nd Floor, New York, NY, 10001 OpCo Credit Agreement $60,353,508.00 RCF Credit Agreement $0 Super HoldCo Credit Agreement $82,742,640.00 Super HoldCo 2L Notes Indenture $2,054,250.00 Other Disclosable Economic Interests $0 6. Five Arrows Managers North America LLC 1230 Rosecrans Avenue, Suite 660 Manhattan Beach, CA 90266 OpCo Credit Agreement $2,883,151.26 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 7. Greywolf Loan Management LP 4 Manhattanville Rd., Suite 201 Purchase, NY 10577 OpCo Credit Agreement $19,775,551.02 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 8. LCM Asset Management LLC 399 Park Avenue, 22nd Floor New York, NY 10022 OpCo Credit Agreement $39,126,246.52 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 9. Northwestern Mutual Investment Management Company, LLC, on behalf of and solely in its capacity as portfolio manager of 720 East CLO 2022-I, Ltd. and 720 East CLO 2023-I, Ltd. 720 East Wisconsin Avenue Milwaukee, WI 53202 OpCo Credit Agreement $4,358,035.07 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 10. Nut Tree Capital Management, LP 55 Hudson Yards, 22nd Floor, New York, NY 10001 OpCo Credit Agreement $217,934,281.08 RCF Credit Agreement $67,046,189.27 Super HoldCo Credit Agreement $106,244,506.00 Other Disclosable Economic Interests 3,027,280 Shares 11. Oaktree Capital Management, L.P., solely on behalf of the US Senior Loan Strategy 333 South Grand Avenue, 28th Floor, Los Angeles, CA 90071 OpCo Credit Agreement $25,026,350.42 RCF Credit Agreement $0 Super HoldCo Credit Agreement $0 Super HoldCo 2L Notes Indenture $0 Other Disclosable Economic Interests $0 Attorneys for the OpCo 2028 Ad Hoc Group: Tom A. Howley, Esq. Eric Terry, Esq. HOWLEY LAW PLLC 700 Louisiana St., Suite 4220 Houston, TX 77002 Tel: 713-333-9125 E-mail: tom@howley-law.com eric@howley-law.com - and - Stephen D. Silverman, Esq. Keith R. Martorana, Esq. Jonathan M. Dunworth, Esq. GIBSON, DUNN & CRUTCHER LLP 200 Park Avenue New York, NY 10166-0193 Tel: (212) 351-4000 E-mail: SSilverman@gibsondunn.com KMartorana@gibsondunn.com JDunworth@gibsondunn.com About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- 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. The 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. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also represents the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. TRINSEO PLC: Paul Weiss & Porter Hedges Advise 2L 2029 Noteholders ------------------------------------------------------------------ In the Chapter 11 bankruptcy cases of Trinseo PLC and its debtor-affiliates, Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019 to inform the Court that the firms represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. According to the Verified Statement: 1. The Ad Hoc Group of 2L 2029 Noteholders retained Paul Weiss to represent it as counsel in connection with a potential restructuring of the Debtors. Subsequently, the Ad Hoc Group retained Porter Hedges to serve as local counsel with respect to such matters. 2. No member of the Ad Hoc Group has or is a party to any agreement to act as a group or in concert with respect to its interests in the Debtors, and each member of the Ad Hoc Group has the unrestricted right to act as it chooses in respect of such interests without respect to these actions or interests of any other party. In addition, neither the Ad Hoc Group nor any member of the Ad Hoc Group: (a) assumed any fiduciary or other duties to any other creditor or person; or (b) purports to act, represent, or speak on behalf of any other entities in connection with the Chapter 11 Cases. 3. Nothing contained in this Verified Statement is intended to, or should be construed as: (a) a limitation upon, or waiver of any right to assert, file, and/or amend its claims in accordance with applicable law and any orders entered in these Chapter 11 Cases by any member of the Ad Hoc Group; or (b) an admission with respect to any fact or legal theory. 4. The Ad Hoc Group reserves the right to amend or supplement this Verified Statement as necessary for that or any other reason in accordance with the requirements outlined in Bankruptcy Rule 2019. 5. The information outlined is based upon information provided to Counsel by the members of the Ad Hoc Group and is intended only to comply with Bankruptcy Rule 2019. The names, addresses, and disclosable economic interests as of May 27, 2026, of the Ad Hoc Group's members in relation to the Debtors, are: 1. Hotchkis and Wiley Capital Management, LLC 601 South Figueroa Street, 39th Floor Los Angeles, CA 90017 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $15,243,995 2. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by BlackRock Advisors, LLC or a subsidiary or an affiliate thereof 1 University Square Drive Mailstop PR2-04-D Princeton, NJ 08540 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $6,836,946 3. Certain funds and/or accounts managed by, advised by or for which J.P. Morgan Investment Management Inc. or JPMorgan Chase Bank, N.A. serve as trustee 1 East Ohio Street, Floor 6 Indianapolis, IN 46204 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $64,547,924 4. Nomura Corporate Research and Asset Management Inc. 309 West 49th Street, 24th Floor New York, NY 10019 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $19,552,000 5. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by Wasserstein Debt Opportunities Management, LP or a subsidiary or an affiliate thereof 420 Lexington Avenue, Suite 1626 New York, NY 10170 Total Principal Amount of 7.625% Second Lien Senior Secured Notes Beneficially Owned $30,124,821 Counsel to the Ad Hoc Group: John F. Higgins, Esq. Megan N. Young-John, Esq. James A. Keefe, Esq. Joanna D. Caytas, Esq. PORTER HEDGES LLP 1000 Main Street, 36th Floor Houston, TX 77002 Tel: (713) 226-6000 Fax: (713) 228-1331 Email: jhiggins@porterhedges.com myoung-john@porterhedges.com jkeefe@porterhedges.com jcaytas@porterhedges.com - and - Andrew N. Rosenberg, Esq. Sung Pak, Esq. Karen R. Zeituni, Esq. Gary Kavarsky, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP Lindsay A. Wasserman, Esq. 1285 Avenue of the Americas New York, NY 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: arosenberg@paulweiss.com spak@paulweiss.com kzeituni@paulweiss.com gkavarsky@paulweiss.com lwasserman@paulweiss.com About Trinseo PLC Trinseo PLC, headquartered in Wayne, Pa. -- https://www.trinseo.com/ -- 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. The 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. Paul Hastings LLP and PJT Partners advised the Senior Secured Lenders. Gibson, Dunn & Crutcher LLP and Howley Law PLLC represent the OpCo 2028 Ad Hoc Group of lenders. Lazard Freres & Co. also advised the group. Gray Reed and Pallas Partners (US) LLP represent the Ad Hoc Group of Excluded OpCo Term Lenders. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter Hedges LLP represent an ad hoc group of holders of 7.625% Second Lien Senior Secured Notes due 2029. UNIVERSITY STONE: Commences Chapter 11 Bankruptcy in New Jersey --------------------------------------------------------------- On May 22, 2026, University Stone Living LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on June 24, 2026 at 12:00 PM at Telephonic. The deadline to file Proofs of Claim is July 31, 2026, while Government Proofs of Claim must be filed by November 18, 2026. About University Stone Living LLC University Stone Living LLC is a New Jersey-based company engaged in residential property ownership and real estate management activities. University Stone Living LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-15833) on May 22, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. The Debtor is represented by Karl J. Norgaard, Esq. of Norgaard O'Boyle. VILLAGE HOMES: Seeks to Sell Aledo Property at Auction ------------------------------------------------------ Village Homes, L.P. seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor’s properties are located in various subdivisions in Tarrant and Parker Counties, Texas. The Debtor has in its portfolio approximately 117 single family real property lots. Some of those Lots have completed Single-Family Homes on them, some have homes under construction, but the majority are vacant Lots. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Simmons Bank, and Huntington Bank (f/k/a Veritex Community Bank). The Lenders are granted liens in the Lots for which they make advances for the acquisition thereof or for construction of homes thereon, or both. The Debtor asserts that VilHom defaulted on the Asset Sale Contract and the Debtor validly terminated the Asset Sale Contract before the Petition Date. The rejection of the Asset Sale Contract makes clear that VilHom has no valid or equitable interest in the Contract Lots and will support the expungement of the Lis Pendens, clearing the way for value-maximizing dispositions. The Debtor entered into a Village Homes Purchase Agreement (Walsh Agreement) with two prospective buyers (Walsh Buyers) for the sale of an almost-completed townhome with an address of 14404 Walsh Ave., Aledo, Texas 76008. Neither of the Walsh Buyers is related nor known to the Debtor and its principals prior to the Walsh Buyers’ offer to purchase the Walsh Property. Therefore, neither of the Walsh Buyers is an insider of the Debtor The Walsh Agreement was negotiated between the Debtor and the Walsh Buyers at arm-length and in good faith. The Walsh Buyers are providing value to the estate by paying the Purchase Price as set forth in the Walsh Agreement. Therefore, the Walsh Buyers are entitled to the protections provided by section 363(m) of the Bankruptcy Code. The Walsh Property is one of the Contract Lots included in the Lis Pendens. As a result, the Walsh Buyers conditioned the effectiveness of the Walsh Agreement expressly upon the Debtor obtaining an order from the Court approving the sale of the Walsh Property and providing that the Walsh Property shall be sold free and clear of liens and lis pendens of VilHom. The Debtor proposes to sell the Walsh Property free and clear of the lien asserted by Valliance Bank. Valliance Bank does not oppose the sale of the Walsh Property and is not opposed its liens attaching to the proceeds of the sale provided that at closing there is a payoff of the funds Valliance Bank advanced (along with any accrued interest, costs and fees) related to the Walsh Property in exchange for Valliance Bank releasing its lien on the Walsh Property. The Debtor seeks the authority to allow the closing agent, at closing of the sale of the VWP Property, to pay Valliance Bank the VWP Release Price in exchange for the bank's release of the VWP DOT. The Debtor believes Valliance Bank consents to the Debtor retaining the net sale proceeds from closing of the sale of the VWP Property after payment of the VWP Release Price and after payment of the normal and customary closing costs, and that the Debtor is authorized to use such net proceeds for business operations and administration of this Chapter 11 Case. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for it inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE HOMES: Seeks to Sell Texas Properties at Auction -------------------------------------------------------- Village Homes, L.P., seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor’s properties are located in various subdivisions in Tarrant and Parker Counties, Texas. The Debtor has in its portfolio approximately 117 single family real property lots. Some of those Lots have completed Single-Family Homes on them, some have homes under construction, but the majority are vacant Lots. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Simmons Bank, and Huntington Bank (f/k/a Veritex Community Bank). The Lenders are granted liens in the Lots for which they make advances for the acquisition thereof or for construction of homes thereon, or both. The Debtor asserts that VilHom defaulted on the Asset Sale Contract and the Debtor validly terminated the Asset Sale Contract before the Petition Date. The rejection of the Asset Sale Contract makes clear that VilHom has no valid or equitable interest in the Contract Lots and will support the expungement of the Lis Pendens, clearing the way for value-maximizing dispositions. The Debtor entered into an Unimproved Property Contract with Hark Homes for the sale by the Debtor of five vacant lots located in Aledo, Texas. Pursuant to the Lot Contract, Hark Homes proposes to purchase the Five Lots with the street addresses identified below: -- 2021 Grey Birch Place (2021 Grey Birch); -- 2229 Heather Hills Dr. (2229 Heather Hills); -- 2236 Rolling Oaks Dr. (2236 Rolling Oaks); -- 2213 Heather Hills Dr. (2213 Heather Hills); and -- 2216 Rolling Oaks Dr. (2216 Rolling Oaks). The purchase price for each lot is $140,000 for an aggregate sale price of $700,000. Hark Homes is not an insider of the Debtor. Hark Homes proposed the purchase of the Five Lots in good faith and at arms length, and the Debtor believes the value to be given by Hark Homes in the form of the sale price under the Lot Contract is reasonable for similar transactions. The effectiveness of the Lot Contract is expressly conditioned upon the Debtor obtaining an order of the Court approving the Lot Contract and providing that the sale proposed thereunder shall be free and clear of any liens, lis pendens, or other encumbrances of VilHom. The Debtor seeks the authority to allow the closing agent, at closing of the Proposed Transaction, to distribute the sale proceeds to pay the ordinary and necessary cost of sale, including commissions, tax prorations, make-ready costs, and homeowners' warranty premium costs. The Debtor requests that the net proceeds from the sale of the Five Lots, net of closing costs, the Simmons Payoff, and the Huntington Release Price to be distributed to the Debtor for the Debtor to use in its business operations and administration of the Chapter 11 Case. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VILLAGE HOMES: Walsh Property Sale to John & Karen Mittenthal OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Forth Worth Division, has permitted Village Homes LP to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, acquisition of single-family residential lots and options to acquire lots, and in the marketing and sale of the completed homes. The Debtor's real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Valliance Bank. The Court has authorized the Debtor to sell the almost-completed townhome with an address of 14408 Walsh Ave., Aledo, Texas 76008 (Walsh Property) to John and Karen Mittenthal for $575,000. The Walsh Property shall be sold free and clear of the liens, held by Valliance Bank, with such liens to attach to the proceeds of sale. The Walsh Property shall be sold free and clear of all rights, claims, and interest, if any, of VilHom, including all rights, claims, and interests, if any, pursuant to the Asset Sale Contract or the Lis Pendens. Neither of the Buyers of the Walsh Property, as identified in the Walsh Agreement, is an "insider" of the Debtor. The Walsh Agreement was negotiated in good faith and at arms-length between the Buyers and the Debtor. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VOLITIONRX LTD: Board Shrinks to Seven Ahead of 2026 Annual Meeting ------------------------------------------------------------------- VolitionRx Limited announced in a regulatory filing that Mickie Henshall notified the Board of Directors of her decision not to stand for re-election to the Board at the Company's 2026 Annual Meeting of Stockholders. Ms. Henshall has served on the Board since August 2022. Ms. Henshall's decision not to stand for re-election did not involve any disagreement with the Company on any matter relating to the Company's operations, policies or practices. In connection with Ms. Henshall's decision not to stand for re-election at the Annual Meeting, the Board will reduce its size from eight to seven directors, effective immediately prior to the 2026 Annual Meeting. About Volition Henderson, Nev.-based VolitionRx Limited is a multinational epigenetics company. It has patented technologies that use chromosomal structures, such as nucleosomes, and transcription factors as biomarkers in cancer and other diseases. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2011, issued a "going concern" qualification in its report dated March 31, 2026, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, citing that the Company suffered recurring losses from operations, negative cash flows from operations, and minimal revenues, which raises substantial doubt about its ability to continue as a going concern. As of March 31, 2026, the Company had $9 million in total assets, $42.4 million in total liabilities, and $33.4 million in total stockholders' deficit. WEST MARINE: Hires Verita Global as Claims and Noticing Agent ------------------------------------------------------------- West Marine, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to employ Kurtzman Carson Consultants, LLC, doing business as Verita Global, as claims and noticing agent. Verita will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the Petition Date, the Debtors provided Verita a retainer in the amount of $50,000. Evan Gershbein, an executive vice president at Verita, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Evan Gershbein Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 About West Marine Inc. West Marine Inc. is a U.S.-based marine retail company specializing in boating, fishing and marine maintenance products. Established in 1968, the company operates one of the country's largest networks of boating supply stores, offering products ranging from marine electronics and navigation tools to fishing accessories, apparel and safety equipment. West Marine Inc. and certain of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 26-10794) on May 17, 2026. In its petition, the Debtor reported estimated total assets of $500 million to $1 billion and estimated liabilities of $500 million to $1 billion. The petition was signed by Paulee Day as chief executive officer. The Debtors' restructuring counsel is Young Conaway Stargatt Taylor, LLP and their co-bankruptcy counsel is Kirkland & Ellis LLP. The Debtors tapped Triple P Securities, LLC as their investment banker. FTI Consulting Inc. is the Debtors' restructuring advisor. The Debtors' claims and noticing agent is Kurtzman Carson Consultants LLC dba Verita Global. Hilco Merchant Resource LLC and Hilco Real Estate LLC is the Debtors' real estate advisor and liquidator. WISER SOLUTIONS: Gets Court OK to Tap Additional $2MM DIP Funds --------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy court on Tuesday, May 26, 2026, approved Wiser Solutions' request for interim access to more than $2 million in new Chapter 11 financing, giving the retail analytics company additional runway as it moves through its restructuring process. The debtor-in-possession funding is designed to support day-to-day operations and preserve business continuity while the company prepares for a final approval hearing on the proposed financing structure, the report states. A final decision on the financing package is expected after further court review, as part of the company's ongoing Chapter 11 proceedings, according to Law360. About Wiser Solutions Inc. Wiser Solutions, Inc. is a U.S.-based technology company specializing in retail analytics and pricing intelligence solutions for brands and retailers. Wiser Solutions Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-80002) on April 26, 2026. In its petition, Wiser Solutions reports assets in the range of $50 million to $100 million and liabilities between $100 million and $500 million. The case is jointly administered in Case No. 26-80002. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtors are represented by Katharine Battaia Clark, Esq., at Thompson Coburn LLP. Epiq Restructuring, LLC is the Debtors' claims, noticing, solicitation and administrative agent. WORTHINGTON STEEL: S&P Rates New $900MM Senior Secured Notes 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BB-' issue-level rating and '3' recovery rating to U.S.-based steel processor Worthington Steel Inc.'s proposed $900 million senior secured notes. The '3' recovery rating indicates significant recovery in the event of payment default (50% to 70%; rounded estimate: 60%). The company will use the proceeds from this debt to fund its previously announced acquisition of German-based Kloeckner & Co S.E. Worthington Steel's capital structure will comprise a new $1.2 billion asset-based lending facility (not rated; $550 million initially, eventually $1.2 billion after the deal closes and the accordion feature kicks in, to replace the $650 million Kloeckner ABL), a $500 million term loan B, the new proposed $900 million senior secured notes and approximately $970 million of Kloeckner debt, which will be rolled into the new entity. The combination with Kloeckner will create the second-largest steel service center provider in North America, and S&P anticipates the combined entity could benefit from material working capital synergies. [] BOOK REVIEW: PANIC ON WALL STREET ------------------------------------ Author: Robert Sobel Publisher: Beard Books Softcover: 469 Pages List Price: $34.95 Review by: Gail Owens Hoelscher http://www.beardbooks.com/beardbooks/panic_on_wall_street.html "Mere anarchy is loosed upon the world, the blood-dimmed tide is loosed, and everywhere the ceremony of innocence is drowned; the best lack all conviction, while the worst are full of passionate intensity." What a terrific quote to find at the beginning of a book on a financial catastrophe! First published in 1968. Panic on Wall Street covers 12 of the most painful episodes in American financial history between 1768 and 1962. Author Robert Sobel chose these particular cases, among a dozen or so others, to demonstrate the complexity and array of settings that have led to financial panics, and to show that we can only make; the vaguest generalizations" about financial panic as a phenomenon. In his view, these 12 all had a great impact on Americans of the time, "they were dramatic, and drama is present in most important events in history." They had been neglected by other financial historians. They are: William Duer Panic, 1792 Crisis of Jacksonian Fiannces, 1837 Western Blizzard, 1857 Post-Civil War Panic, 1865-69 Crisis of the Gilded Age, 1873 Grant's Last Panic, 1884 Grover Cleveland and the Ordeal of 183-95 Northern Pacific Corner, 1901 The Knickerbocker Trust Panic, 1907 Europe Goes to War, 1914 Great Crash, 1929 Kennedy Slide, 1962 Sobel tells us there is no universally accepted definition if financial panic. He quotes William Graham Sumner, who died long before the Great Crash of 1929, describing a panic as "a wave of emotion, apprehension, alarm. It is more or less irrational. It is superinduced upon a crisis, which is real and inevitable, but it exaggerates, conjures up possibilities, take away courage and energy." Sobel could find no "law of panics" which might allow us to predict them, but notes their common characteristics. Most occur during periods of optimism ("irrational exuberance?"). Most arise as "moments of truth," after periods of self-deception, when players not only suddenly recognize the magnitude of their problems, but are also stunned at their inability to solve them. He also notes that strong financial leaders may prove a mitigating factor, citing Vanderbilt and J.P. Morgan. Sobel concludes by saying that although financial panics have proven as devastating in some ways as war, and while much research has been carried out on war and its causes, little research has been done on financial panics. Panics on Wall Street stands as a solid foundation for later research on the topic. [^] BOOK REVIEW: Go Directly To Jail ------------------------------------ The Criminalization of Almost Everything Editor: Gene Healy Publisher: Cato Institute Hardcover: 160 pages List Price: $12.21 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1930865635/internetbankrupt Is everything a crime these days? Are we making a federal case out of everything these days? In a new Cato Institute book, legal scholars warn that the increasing use of criminal penalties and the constant creation of new federal crimes are making ordinary citizens vulnerable to arrest and imprisonment for behavior that no sensible person would consider a crime. As editor Gene Healy explains in GO DIRECTLY TO JAIL: The Criminalization of Almost Everything, published by the Cato Institute, the criminal law was once society's last line of defense, reserved for behavior that everyone recognized as wrong. But it's fast becoming Congress's first line of attack-just another way for legislators to show they're serious about the social problem of the month, whether it's corporate scandals or e-mail spam. While violent crime often goes unpunished, Congress continues to add new trivial offenses to the federal criminal code. These additions have significant costs, in terms of wasted resources and lost liberties. Citing scores of disturbing cases, GO DIRECTLY TO JAIL condemns three particular trends: (1) Overcriminalization -- the use of the criminal law to punish behavior that used to be handled with civil lawsuits or fines and to outlaw behavior that's simply none of the government's business. As the book's contributors note, businesspeople have gone to jail under federal wetlands regulation for putting clean dirt on dry land. Others have been sentenced to long prison terms for packaging lobster tails in plastic bags rather than cardboard boxes or for failing to understand the thousands of pages of complex regulations governing Medicare. (2) Federalization -- the creation of federal laws for crimes already covered by state laws. There are only three federal crimes in the U.S. Constitution. But today there are more than 4,000 federal crimes on the statute books and thousands more buried in the Code of Federal Regulations. Church arson, drive-by shootings, and the possession of recreational drugs are but a few commonplace examples. (3) Excessive criminal punishments -- the use of heavy-handed criminal law enforcement tactics, such as handcuffing and jail time, against people guilty of minor offenses and, in some cases, people who aren't guilty of crimes at all. Case in point: a 12-year-old girl was arrested and handcuffed for eating french fries in a Metro station in Washington, D.C. The contributors also discuss mandatory minimum sentencing guidelines and habitual offender statutes, which curtail the discretionary power of the judiciary in individual cases and have dramatically increased the number of prisoners serving time for nonviolent offenses. GO DIRECTLY TO JAIL proposes reforms that can help rein in a criminal justice system at war with fairness and common sense. About the Editor Gene Healy was senior editor at the Cato Institute. He holds a J.D. from the University of Chicago Law School and is a member of the Virginia and District of Columbia bars. He has appeared on PBS NewsHour and NPR's Talk of the Nation, and his work has been published in the Los Angeles Times, the New York Times, the Chicago Tribune, the Legal Times, and elsewhere. He holds a BA from Georgetown University and a JD from the University of Chicago Law School. ********* 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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